harrison and won in a landslide. you learn a lot on the show. leave time for microsoft, forgive me. i'm grinding my axe. microsoft at 322 all-time high. it actually hit a 324. tesla powering ahead some more, up 3%. musk is now worth about $300 million, more than all but 21 of the s&p 500 companies. how about that? neil. it's yours. neil: he is already sounding off on that, elon musk, the billionaires tax. he is not a fan of it. stuart: good. neil: rationale different from what you hear from others. stuart, thank you very much. footnote, stuart, on grover cleveland. he has the rap for being the heaviest, fattest president we ever had. william how hard taft gets rap. it is actually grover cleveland by second term, it was separate non-concurrent term was huge.

no carb diet. stuart: i knew you would get in sooner or later. you would come up with a lovely little nugget. that is a good one. neil: fascinated me. he is counted as two presidents which is kind of interesting two. i'm done riveting your audience. thank you very much, stuart. we have a lot to follow up on here. not just weight of presidents former and otherwise. october 31st deadline is getting a lot of scrutiny. the self-imposed deadline congress has to get something together for the president what is now looking increasingly like a lean and mean one and three quarter trillion dollar plan. i say lean and mean. it started off a 3 1/2 trillion dollars. it is getting more into the range that some of the moderates want. part of the strategy is calling for different way of raising taxes targeting billionaires. we'll get into it in just a second. suffice it to say they're a long way getting this thing done.

this kind of coincides with all highway funding lapsing again on halloween, the 31st. so there is a lot going on concurrently. chad pergram following the latest on capitol hill. chad. reporter: neil, senate majority leader chuck schumer declared an agreement is within, quote, arms reach but there is aggravation about members not knowing what is in or out. >> is it perfect? you've been around covering us for a long time. you know we don't live in a perfect world. we'll not going to give you a perfect answer but i will give you another p and it is called progress. reporter: tensions between liberal and moderate democrats are boiling. one senior moderate democrat groused what they called the blanking progressives asking for unreasonable things. they are pushing for expanded medicare coverage and specific clean energy provisions. liberals pushed back against the moderates. >> we're not having people in the same room both from the

house and in the senate negotiating this out. that if you want to make a to keyget the key senators on board you might ultimately lose members on the house side which we can't afford to do. reporter: liberals are worried that joe manchin will push to subsidize clean coal. the hope to get an agreement before the president heads to the climate summit in scotland. >> it will be ready. [inaudible]. understand when we understand. reporter: fox is told family leave may be out but one source noted that family leave has been in and out of the bill multiple times this week alone. one senior aide complained there are lots of people in the dark regarding the bill's specifics. neil. neil: chad pergram, thank you very, very much. brac to the billionaires tax the means which democrats hope to pay a good chunk of this, all said and done maybe all of this,

although looking at corporate basic flat tax that at a minimum all companies would have to pay in this country but leaving that aside, because those are details yet to be ironed out, the idea of raising so much dough from billionaires on investments that they haven't sold is something that could be at the very least constitutionally, to say nothing of legally tricky. bill hagerty, republican tennessee senator with us on that. senator, i know you're not a fan of the whole package, let alone however they plan to pay for it but it does seem to me early read this wealth tax, it's going to be a tough sell legally to fly. what have you heard? >> well, first, neil, wonderful to see you back and looking healthy. always good to be with you. in terms of what we're hearing they're talking about fundamentally new type of tax. this wealth tax, they want to get this passed in martie of days where they will rewrite fundamentally the way the tax code would work.

i agree with you. it is unconstitutional. it will not pass legal muster. been tried before in sweden and france. they had to pull it down. operationally as you mentioned it will being extraordinarily difficult to implement something like this. think what they're talk about, it will hit 700 people. go back to the 1913 when the income tax was imposed. the highest rate was 7%. targeted to people in modern terms, modern dollars $14 million, an enormous sum back then. you know what happened to the income tax. this will be the camel under the tent, the camel's nose under the tent if this were to allowed to happen and will certainly be used as tool the democrats will use to find more and more revenue until we're right into the pockets of the middle class. neil: they haven't hid the fact it could go beyond billionaires. interesting, senator, elon musk responded to this, maybe now that he is worth more than any other human being on the planet, $300 billion, eventually referring to the effort on capitol hill to seek out taxes from the rich, they run out of

other peoples money, then they come for you. back to your point this would try to ensnare others, with the amt, the alternative minimum tax that was meant to zero in on the uber wealthy, has 1/3 of americans paying. is that the strategy of fear? into i think that is exactly what we would anticipate if they were to get, i think it is unconstitutional, if they were to get a tax like this in place i think exactly what we would see, the same type of creep as you mentioned on the amt. what happened with the income tax over the years. it has gone far beyond the 7% and reached to every american. this is just the beginning of something that will be very, very bad for our economy, very, very bad for the american citizens and i think it is going to make us again less competitive as a nation, neil. it will push more jobs overseas, more investment overseas at a time we desperately need to see our economy coming right back strong. neil: are you getting a sense from your colleagues, i know all republicans are against this in the house and the senate, i get

that, but there has been a sense overall figure of 1 and 3/$4 trillion is the sweet got for all democrats to be on board in the senate. do you agree with that? >> i do not, neil. we're in jeopardy focusing on a top line number. bernie wanted 6 billion at the beginning. 3.5 billion was focus for months. they're adjusting the number. they can use washington budget gimmicks to do that. shorten time from 10 years to five-years to shorten it. there is all types of budget gimmickry to get it done, we have to look what is in the bill. if you look at this are very disturbing aspects in the bill. we found in this 2500 plus page bill on the house side, we found a piece there that was buried, bernie sanders and i had exchange over this. it's a green card situation where they blow the cap off of green cards in america.

it would allow big tech companies to have unlimited access to foreign workers for a 10-year period, whole generation that we would be telling kids here in america you don't have access to the types of high-tech stem jobs that i've been encouraging kids in my state for. i've been encouraging middle school, high school students to get ready for tech jobs. this is something the corporate lobbyists are thrilled to have. it allows unlimited foreign workers to come in with green card status. permanent residency status. this is a 10-year giveaway. these types of things democrats don't know what is in the bill. i don't want to see us in a situation nancy pelosi loves to talk about, you have to pass it to find out what's in it. that is where we're headed. neil: there will be a lot we will sort through beyond the price tag. ultimately, senator, thank you for the meantime for that. the backdrop of all of this is deflation. a lot of people say additional spending that congress is

considering won't help the matter any. along come a number of companies say that cuts both ways. kraft, the big consumer products giant it improves things for them. they can charge more for basic food staples. people pay for that. might not pay for other items. food and things they like. make they will. that is like the wind at kraft's back. that is more the exception than the rule. edward lawrence at the white house with how these various issues including supply chain issues which are exacerbating those inflationary issues are all sorting out for a very worried president. edward. reporter: very, big conversation here at the white house, neil, and some of those companies they might see that revenue, they might see their bottom line hold up because they're increasing prices passing it on to everyone else n is the backdrop of inflation the highest in 13 years. you add in the labor shortage that has been going on, as well as the supply chain issues and the white house continues to say they're working to fix that

supply chain problem. here is national security advisor jake sullivan from yesterday's briefing, how the president plans the g-20. how that plays into this solution. listen. >> he will be laser focused on supply chain and energy prices because he knows these issues impact working families here in america. reporter: asking other countries to try and help. now the fact that gas prices though are up 24.8% year-over-year. home heating oil, look at that, 42.6% in the past 12 months. in fact thanksgiving could be the most expensive in history according to the american farm bureau federation. all food prices are up 4.6% over the past 12 months. these numbers affect everyone in america. the administration believes by asking opec to produce more oil that would be a big part of the solution. the biden administration puts pressure as they put pressure on regulations and other things in the fossil fuel industry the u.s. has become now more rely ant on foreign sources of oil.

>> amazing that joe biden thinks the economy is on the right track. goes to show you how out of touch he and democrats are. they have not spoken to folks paying three and four dollars a gallon to fill up a tank. families stretching their budgets each week to pay for higher prices at the grocery store. reporter: you see where republicans are on this. secretary janet yellen, the treasury secretary, says inflation could last into mid or late next year. back to you. neil: edward lawrence thank you my friend. jared levy, delancey strategies president. jared was noticing inflation was bubbling. it will bubble for a lot longer. i wonder if that alters your market forecast? >> you know, neil, again there is two sides to this argument. you just talked a lot about how companies like mcdonald's. mcdonald's had a banner year in sales because they were able to hike prices here

domestically. we're seeing that across the board. there are two things happening. price hikes that consumers are digesting. why? we're flush with cash. a lot of stimulus. the other thing happening right now inside of the corporate, if you look at the inards of the corporation, okay, people don't want to come to work? we'll retool. look at microsoft. look at google. look where earnings are being der required from cloud services and a.i. companies are retooling, figuring out ways to work, with less employees, not without employees but with less employees. they're retooling. they're cutting the fat. they're getting margins in figure. spending tech with tech companies reaping rewards. what happens if inflation keeps going as american savings drain down, we could have a year from now a major issue. but in the short term, neil, i'm still market positive. i know it is crazy but you have got to realize this is a euphoric situation and you have to kind of ride the ride.

neil: i wonder, things change maybe when market rates go, much, much higher. competition for dividend yield in stocks. i get that but that doesn't appear to be happening anytime soon. not saying it can't. until that happens stocks seem to be the place to remain? >> yeah. that is probably the major catalyst i would say, right? so, again, i mean you get back to, right, stock alternatives. you get back to housing which again has been a source of great wealth and great income for americans over the past decade. when you start to hike rates, which again our models, they will start to taper. we're buying in november but we don't see dramatic rise in rate hikes. politically that won't look good. it may accelerate. we may get a surprise first quarter, second quarter next year when the dot plot shifts higher. we're continuing to watch it. we really want to see how this holiday season plays out.

supply chain woes ease, maybe so, if it needs to creep higher that could shift that could certainly spook the markets. again right now, it is creep higher. neil: yeah. today notwithstanding, technology stocks are generally holding their own. i'm wondering if part of that is this notion that the tax hikes they were fearing might not materialize? they might be zeroed in on the billionaire crowd and 750 to 1000 individuals with that bill, maybe, maybe basic corporate tax rate that will not be higher than the one we have now. and that is something that's beginning to gain traction in these markets. what do you make of that? >> yeah. so i think that the tact, the argument you just made is fair. i do believe that you know, the initial talk we were hearing about taxation on a lot of these tech giants is probably going to be not as great when it finally comes to fruition but again my argument for tech right now is the retooling of america to deal

with, employees demanding higher wages, employees not wanting to work. a lot of money is flowing to innovators of a.i. and cloud and enterprise services that upstream line business. tech will continue to do well especially the big ones, the amazon, google, microsoft obviously, tessa, these companies i think will continue to do well. yeah, it's a lot going on right now, neil. it's a real interesting landscape. deflationary fears i have late next year when, maybe beyond. so it is a complex puzzle for sure. neil: thank you, my friend. we'll monitor closely. jared levy with those developments here. the big news here in this country is continued improvement on vaccination front right now. reports that florida is one of the country's lowest covid rates. also we're seeing new infections

in america drop more than 50% in just the last couple of weeks. all of this with a backdrop of merck saying it will share its formula for covid pill that can help out poor countries. then there is the issue with pfizer, approved by an fda panel to go ahead and for emergency use offer its drug, its vaccine, if you will, for kids as young as five years old. we're told moderna is right behind pfizer on the verge of similar fda approval. we're on top of that after this. ♪. it's another day.

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neil: all right. a vaccine for kids as young as five years old up to 11 years old? pfizer says it's ready. an fda panel says it is good enough for them for emergency ruse right now. is it recommended by our next guest? a infectious disease doctor joins us up from the johns hopkins school of public health. great to see you, doctor. how do you feel about that, a vaccine for kids as young as

five? >> i think it's a great thing. we know children a have been put on hold during the pandemic. many parents want the children between ages of five and 11 protected. this is going to be something that allows them to resume their lives. increases resiliency of schools. i think a lot of parents will take advantage of it. it looks safe and effective this is something i recommend when it gets fda emergency use authorization. neil: next in line, not far behind, doctor, moderna. i believe theirs goes down to six years of age. you like this whole idea. do you think it would be helpful? >> i do think covid-19 even though it is not a major threat to children in terms of hospitalization or death, it is something if you can avoid a child getting it, why not? especially if you have a safe effective vaccine. when you think about in person schooling and priority on in-person schooling, vaccinating the student body as much as possible will make schooling much, much easier. this is a good development.

it will increase the level of immunity in the population. this vaccine looks really good in children. so i think this is something that parents should take advantage of, not over unwill but i do think those that do are going to see the benefits of it with their children. neil: you know, when a lot of people in this country were encouraged by u.s. new infection rates dropping more than 50%, the trend has been going that way upwards of four weeks in a row right now, doctor, the world health organization is warning that globally the pandemic is far, far from finished and could be very problematic this fall and winter. what did you think of that? >> it is definitely true that when it gets colder, when people move indoors, you will see acceleration of transmission. if you're a country that doesn't have a lot of people vaccinated, a lot of immunity, you will still get hit hard. the world is on very different timelines when it comes to the pandemic. that is why it is very important to make sure resources are available to countries with who don't have enough vaccines or don't have enough antivirals and

treatments needed to keep this pandemic from crushing their hospitals. i think well into 2022, 2023 we'll see covid-19 flaring up in certain countries of the world because they don't have enough vaccines in arms of their populations. neil: i don't know whether it helped or hurt but ever since i tested positive for the virus, doctor, i've been urging people to go ahead and get vaccinated. depending on your point of view you welcome that or get an earful from those who don't welcome that. a lot of people come back, well, it is funny, after you have been vaccinated, that you came down with this. you know other conditions that would you know, mean i'm immunocompromised. i come to find out a lot of break through cases about half of that subset of the population who have compromised immune systems. so how do you explain to people that that is not a reflection on a vaccine as much as it is a vulnerable group that is still

better off having been vaccinated and then had they not been? >> you just did a really good job of that. we know people that are immunocompromised don't respond to vaccines the same way somebody with an init being immune system response. that is why we protect them with additional doses. vaccines are not magic force fields around people. they are not bug zappers. there will be break through infections. breakthrough infections are generally mild. they don't require medical attention. that is win for the vaccine. the virus cannot be eliminated or eradicated. we're trying to make it like every other day respiratory infections. that is what vaccination does. for immunocompromised keep up to date with additional boosters and doses they need because they don't respond well. for the healthy population, vaccination is way to put it through the rear view mirror. these vaccines are smashing success. walk through the hospitals. i was walking through the

hospital. unvaccinated people getting hospitalized, dying in the icu, icu is meant for others who need it presenterly. those with serious heart conditions or surgeries necessary, they're getting squeezed out as a result of that. doctor, very good having you. thank you for taking the time. >> thank thank you. neil: all right. two very, very closely watched races going on. in less than a week we'll know whether virginia can survive what has been a conservative onslaught and whether new jersey can as well. very few were paying attention to that race well, new jersey is overwhelmingly democratic and recently as this past summer phil murphy had a 26 point lead. now that lead is down to five or six points. there are no gimmes anymore. we're on top of both after this. ♪.

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gold. your strategic advantage. ♪. neil: all right. the virginia, new jersey gubernatorial races are getting disproportionate share of attention. normal these off year contests don't get that much scrutiny, the fact they're close, more so in virginia which is a dead-heat, new jersey but not a dead-heat but closer than the 26 gap the incumbent governor enjoyed. it does bear watching. rich edson on the latest for the virginia race in roanoke. rich? reporter: good afternoon, neil. glenn youngkin, the republican candidate is about to take the stage here at a event in front of an early voting place. they have really early voting in virginia, started mid-part of september, going through election day which is now less

than a week away. terry mcauliffe, glenn youngkin, both candidates are here in southern southwestern virginia throughout the day. a region of the state largely republican with pockets of democratic strongholds throughout. they're all trying to turn out the voters, trying to get folks to vote early to get all of this done. yesterday terry mcauliffe was in the northern part of the state appearing with president joe biden. there have been questions whether that has been an asset to his campaign, whether or not given that the poll numbers for terry mcauliffe and joe biden have been falling in the state of virginia, how much campaigning that campaign should undertake putting those two together but they did so yesterday and tried to tie the republicans into president, former president trump. >> this guy starts, calling for election integrity. now why did he do that? because he wanted to hear donald trump? there was a price he would have

to pay for the nomination. and he paid it. now he doesn't want to talk about trump anymore. well, i do. reporter: youngkin team's counters, mcauliffe is acting like he is running for senate instead of governor trying to nationalize the race. the republican is gaining momentum because he is focused on state issues like education, eliminating the grocery tax, and crime. >> internal numbers we're surging ahead. terry mcauliffe is clearly seeing the same thing because he is acting like a desperate candidate. he is bringing everybody he can possibly find to campaign with him to get the spotlight off his failing campaign. reporter: mcauliffe had a pretty comfortable lead in the summer that turned into a dead-heat between the democratic and republican candidates in this state. you have also got a significantly tighter race in new jersey as you had mentioned,

neil. two off year races. only two in the country, virginia, new jersey go to the polls, less than a month. actually they're going to the polls but that will end up, finish up on tuesday election day next week. neil? neil: thank you, my friend, very much. indeed you're right. what you're going on in new jersey bears watching. not nearly as tight happening in virginia. this is overwhelmingly blue state, as reason as this past summer, phil murphy, the incumbent democratic governor, led by 26 points. one poll has five points away. one poll says the opponent and has them separated by 10 points. the trend is not the governor's friend. as blue as new jersey is, if, if the governor pull out reelected, would only be the first democrat reelected since brendan burn in 197 when jimmy carter was president. all those reelected in new jersey have been republican governors. for example, chris christie.

christine todd whitman and thomas kaine. they were all reelected in very heavily blue state. bears watching. tom bevin, "real clear politics," cofounder there. tom, amazing in this bluest of blue states, democrats have a devil of a time getting reelected governor. what do you make of that? >> yeah. i mean new jersey is one of those states like massachusetts and others which is very, very blue but doesn't have a problem electing republicans at the governor level but this is you know, murphy is running for re-election and his approval ratings remain pretty high. this is a state again that biden won by 16 points just a year ago. virginia was 10 points, a little closer down there and murphy is, again, terry mcauliffe isn't the incumbent there. sort of the defacto incumbent but murphy is running this race, i think biden is, his agenda is drag. why you're seeing this race become a lot closer than we

would have normally expected. you mentioned emerson poll with 6 points. a monmouth poll came out early this morning has it at 11. and the trend as you mentioned is in ciattarelli's favor. still a long shot for republicans but it does give you a sense where the national mood is, where the trends are going. neil: here is the proof that i have maybe democrats in both states are worried because they're doing the, you know, gavin newsom thing, that he did, in recall election in california, attaching everything to donald trump, mentioning donald trump's name, donald trump's influence. i don't know if in either of these states, again i can't or new jersey that works but obviously that is a strategy. what do you make of it? >> it is absolutely a strategy but it will only get the democrats so far. that is where i think mcauliffe has run into trouble. he spent so much time attacking youngkin as a trump acolyte.

why would he want his old job back? what will he do? what is his plan. murphy is in a different position. the other big difference in the two races mcauliffe said this thing about parents in schools. he has this exploding issue in loudon county over the school boards, what is being taught and rape of a student there that was covered up and that is hitting him in literally the beating heart of the democratic coalition in new jersey. you can't win without winning big in those northern virginia counties. murphy isn't dealing with that kind of an issue that is really galvanizing voters. for that reason i think he is in a much better position. neil: the economy and inflation, they don't want to talk certainly about inflation, either democratic candidate but it weighs on average voters. i'm just wondering how much of an impact you think it could have next week? neil: i think it is a huge issue. it is a kitchen table issue. the price at the pump, what things are costing at the grocery stores. recent fox poll had 87% of

people said it was a inflation was a major concern. and the other piece of that was that also in that fox poll asked whether they thought the biden agenda if it passed would make the economy better, worse or not make a difference, more than 2/3 of people said it would not make a difference for make things worse. i think that is where these governors, these races are nationalized are really struggling on the economic piece because the proposals coming out of washington aren't, voters in those states are not necessarily buying it as a remedy to inflation and what is going on again, what they're seeing at their kitchen tables. neil: all right. we'll know next week. some, thank you very much. meantime, tom bevan following those developments. we're following what is going on in sante fe, new mexico, now, authorities are trying to get to the bottom of a shooting on the a movie set. they're saying there was a live led projectile that was fired.

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terms that mean as real bullet although the official confirmation will come after analysis at the fbi in quantico, virginia. then from the d.a., i asked her if this is the case that it was a live round? alec baldwin was the man who pulled the trigger. alex baldwin was a producer on this movie. therefore, does he face the real possibility of criminal charges? listen here to that exchange. >> all options are on the table at this point. i'm not taking, i'm not commenting on charges whether they will be filed or not or on whom. so the answer is we cannot answer that question yet until we complete a more thorough investigation. reporter: potential for alec build win to have charges but you have not ruled him out? >> no one has been ruled out at this point. reporter: interesting as well, neil, to note that the sheriff used the word, complacency when he was talking about the attitude to weapons being used on set.

there are of course reports that some crewmembers were using live rounds for target practice to essentially amuse themselves during a break in filming. now the d.a. and the sheriff said this is an extremely active investigation. it is likely to go on for sometime. there were 100 people in total on the set. only a handful of those were in the area that this shooting occurred. we know now from an affidavit previously released by the sheriff a small chapel on set which alex baldwin was rehearsing a scene which he drew the gun from his holster. they had to reposition the camera. as he drew it a second time that is when the bullet fired, killing halyna hudgins, the 42-year-old cinematographer. flying through her, lodging herself in the director joel souza. neither the d.a. or the sheriff

would be drawn on charges here but they clearly said in answer to our questions, neil, that all options are on the table. they also say hanna gutierrez the armorer, on the set, david halls, both of whom handled the weapon immediately before given to baldwin are cooperating. alec baldwin himself has been also cooperative but this is going to be quite a long investigation. a lot of moving part here, neil. neil: jonathan hunt in sante fe, thank you very much, jonathan. the meantime the pressure building on china. the president is tried to make that the centerpiece of addressing climate change but already a big u.s. investment house is flouting the president's moves to isolate china. we'll explain after this. ♪.

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♪. neil: the administration certainly has toughened things up with china but that doesn't mean that all of u.s. companies ha directly or indirectly do business or invest in china are going along, particularly when it comes to blackrock. charlie gasparino has much more on that side of the story you're not hearing much about but i think you should.

charlie, what is going on here? >> thanks, neil. this is a firm with deep ties to the biden administration. senior executives of blackrock were on the biden campaign. tom donlan, very close to the biden people. brian deece head of esg investing head of nec at the biden administration. also a senior advisor to larry fink, of blackrock is in the treasury department. one firm linked to the biden administration is blackrock. larry fink is a very political ceo. he is one of the most woke ceos in america. one of the guys saying if we invest in a company we want to make sure they file strict governmental rules known as gse. otherwise we may not invest in them or proxy the board to make significant changes in this record. as it is doing all of this we should point out blackrock is

facing some significant criticism both from people you might say are right-wing activists but a lot of other people are starting to notice that blackrock has significant dealings in china and kind of, in a dealing that i think is may be, at least according to the critics pushing the envelope. blackrock, for example, they're worried about corporate america's esg invest something providing funding for two surveillance companies in china critics say basically surveil and provide, help the country enforce oppression of ethnic minorities and dissidents. this is a 15 million-dollar investment in something called hic vision, i might be mispronouncing it. that is how it looks phonetically. hik vision, and nine million in something called eye fly tech. plus blackrock has a 43 million-dollar china opportunities fund. again, i don't think this would be getting this much heat or this much notice if it weren't for the fact that here at home

larry fink has been on a tear about forcing companies to adopt esg standards, board diversity standards. good government standards, environmental standards but they're investing in china. china as you know follows none of those standards. there are no uyghurs on boards of major chinese companies. as a matter of fact many of the uyghurs are in gulags now. that sort of hypocrisy is catching the eye of people. the biden administration has been essentially silent on this. the only thing you can assume because blackrock has so many ties in there. we had a call into white house. we had a call in to blackrock. if they get back to us, those are the blackrock people with ties to the white house. it's a pretty extensive list. by the way major players. michael, see if i get his name, michael powell, by the way is the chief of staff for kamala harris, the vice president.

neil, back to you. neil: all right, yeah. wild stuff. thank you very much. charlie gasparino. which brings us to gordon change, china expert. china could ruin all the financial ties doing anything to taiwan and islands around taiwan. it must know that. that the argument people use, it would never do anything like that or tempt economic disasterous fate by initiating something that blatant. do you agree with that? >> no, i don't, and the reason is we have to look inside of the chinese political system because that is what is going to drive xi xinping, the chinese ruler, that is what is going to drive the chinese military. right now you have a ruler with

near complete accountability. he has raised the cost of losing political struggles. he has a very low threshold of risk which means he can surprise us. we shouldn't be surprised he is being blamed for a number of policy failures and debacles. we don't know that xi xinping would act according to our logic and when we say china shouldn't invade taiwan, what we're doing, we're looking at china the way we would run the place, not the way that the chinese xi xinping rules the place. neil: but certainly, gordon, china would know any such military provocation would spoil everything else, right? i mean this economic juggernaut they built up. >> sure. neil: maybe they have calculated we're in fine enough shape, we could weather that and we're going to do this? >> you know the chinese central government and the chinese communist party are both large. there are elements in both, no, china shouldn't invade taiwan, china shouldn't invade india,

china shouldn't do all these other things. these are not uninfluential elements but nonetheless we don't have visibility the way the government and the party are operating themselves now because they are closing themselves off from the world because that means we should take more and more precautions because we have less and less visibility into that system. neil: i think of invasion of taiwan, this has been raised, chinese go after the islands administered by taiwan, i'm not quite sure what the heck that means, gordon, but it would be a provocative step nonetheless. would we equate that with an invasion? >> we certainly would because those islands in fact are administered by taipei. if you want to look at legal technicalities you can go back to the treaty of san francisco or the cairo declaration but taiwan does administer those and that would be an inflation. neil: all right. wild stuff. gordon, thank you very, very much. gordon chang, the expert on

china. a lot of this before anyone did. when we come back you heard about supply chain disruptions, you heard about the more expensive thanksgiving meal, things could be missing from christmas, and wine, good luck you might not be able to get wine and if you do you will pay through the nose. what? ♪. i promise - as an independent advisor - to put the financial well-being of you

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♪♪ neil: a little bit electric light orchestra, what, four decades ago when that song was all the age, that it would really be address supply issues in this country, supply chain really disrupted. anything trying to get to america is not getting to america. so we sort of pick this crisis apart here and look at it from a variety of avenues. you already heard how it's going to make your thanksgiving dinner probably the most expep if we

pencive -- expensive, butter christmas presents you want -- fewer christmas presents will be under the tree given the delays we're talking about and maybe the problem could extend to the christmas tree itself because they, too, are in short supply or stuck on a container ship somewhere. we've got fox team coverage from a multitude of new angles as this crisis spreads with kelly o'grady, madisonal worth and lydia managers u. i want to begin with kelly looking at your wine, yeah, the stuff you drink. it's getting pricier and harder to find. lydia, what's going on? >> reporter: well, neil -- neil: starting off on that. [laughter] reporter: that's all good. california's wine industry is at the center of a perfect storm. the demand is there, right in the pandemic certainly fostered an increase in consumption as we all worked through that, but not only is wine country grappling with a supply chain crisis, it's

also dealing with a severe drought. after an already very dry 020, california -- 2020, california is experiencing the worst year on record, production down an average of 20%. in some vineyards it's as much as 60%, and in many cases the vines have died which is impacting harvests for years to come. droughts aren't new to small businesses that define the wine industry. the supply chain crisis is. >> you know, that's difficult to come by, fertilizer prices are up through the roof. we have attar shortage of bottles -- a shortage of bottles. as simple as that might sound, you know, it's millions of dollars of investment these folk folks have made over many generations. hopefully, it'll be resolved soon. >> reporter: listen, the poor backlog in the truck driver shortage are leaving many vineyards short of products, you're left with empty shelves and higher prices. as of september, the average

cost of a bottle had risen 5.4% since last year. and, listen, as the holidays approach, there's likely to be little upside for producers, distributers and, of course, customers. and is as the backlog grows more dire, it's becoming harder for small businesses to plan when they already make so is little profit. time to stock up on your wine, neil. neil: yeah. kelly, again, i'm very, very sorry for that. i'm going to blame the covid thing. i can't smell, i can't taste, apparently i can't read either. you were a great sport, i apologize for that. e i'll never listen to varney again. bad joke. i want to go to madison alworth because she's in fort lauderdale, the demand -- [inaudible] what's the latest there, madison? >> reporter: yes, neil. the latest is that the yacht industry is heating up. i mean, it's gorgeous weather here at fort lauderdale at the international boat show, and i'm sitting on a perfect, beautiful

yacht selling for $120 million, and it's expected to sell, all of them will likely sell because demand is so high and supply is so low. this is a hot industry since june of 2020, they've seen a 35% increase. i'm going to welcome you inside while i tell you what's going on with the industry right now because they are facing a lot of the supply chain issues that we've seen across the board. if you already own a boat, it's going to be hard to get your hands on a new motor. that's one of the things we're seeing backed up in the supply chain. when it comes to new yachts like this one, you're going to see chip shortages. some of these ships are completely built but are not shipping out because they do not have the chips needed. inventory is down 20-60 on average. not only can they not make them fast enough, they also can't get them to their destination because of shipping and cargo delays. take a listen. >> so the shipping thing's a big deal. a lot of the boats over 80 feet,

motor yachts, are built outside the u.s. today. so they've got to get on a bigger ship, a container ship. so as we're seeing, they're sitting off coast, and they're mothballed, perhaps. i would expect that amazon would get their own container ships soon, wall hart would. our -- walmart. our industry's not big enough. >> reporter: right now there's a cargo ship outside of this boat show that has eight yachts still on it. it was supposed to get here a month ago, it's a arriving today. and those will probably still be sold. one of the reasons being we can work from anywhere. i mean, how nice would it be to have your office on a yacht? that's why people are spending big bucks. they don't expect the industry to correct this next year, neil, when things kind of calm down again. neil: i wonder if you're someone giving it to a spouse and say, lovey, i ordered it, it's just not in yet. man, oh, man, that's beautiful stuff. thank you very much is, madison

alworth. here's something i could represent to because coffee prices are rocketing. you've probably been noticing. what you're not prepared for is how much they will continue rocketing. lydia hu with more in newark, new jersey, with that sort of supply chain nightmare. lydia. >> reporter: hi there, neil. yeah, you know, about a third of the world's supply of coffee beans come from brazil like these right here. so when an unusual frost swept across the country earlier this year, that really decimated the world's supply of coffee, and that's why we're seeing coffee prices go higher right now. for insight, we have david mendez, you say it's actually a lot more than just the weather in brazil that's driving coffee prices higher right now what else are you seeing in. >> we're seeing a lot of different types of logistical issues whether it's shipping container shortages where we can't get coffee to the ports,

so that's creating a supply and demand issue as well as several other countries are having different issues as well with shortages on cop -- coffee. >> reporter: and the labor shortages is driving prices at least for you here locally. let's took take a look at some of the thattist thetickings because we know the retail price on average up about 5.5% over last year. and when we look at the futures market, that's high too, up around 95% over last year. coming down a little bit today but, david, you say these future prices is an indication that prices for what we're paying on the shelves could go even higher in the coming months. >> yeah, absolutely. the coffee that we're actually seeing on the grocery store shelves or the restaurants and cafés are based off of purchases that roasters bought six, nine months ago. all those supplies are being depleted, and we're having to buy more expensive coffees which will hit the shelves sooner rather than later.

>> reporter: i did have a chance to speak with analysts with rabo bank, neil. they tell me the crop right now planted in brazil looks great, so they expect that to bring some level of surety to the commodity market. but with the volatility that remains with the supply chain, we can still expect to see the prices for coffee remaining elevate ised. back to you. neil: it's amazing how this just spreads into so many areas, you know, wine and yachts and coffee, on and on. thank you very much for that, lydia hu. my next guest knows firsthand how much of a bottleneck we're looking at. he's trying to do his art p robert sanchez is the ceo of ryder, we talk about these disruptions, we talk about whether it's on the west coast or the east coast, it's hard to get goods out there. do you see any improvement? >> well, neil, it's improving a little bit, but i've got to tell

you, it still probably has some time to go before you really start to see things get better. i mean, we definitely have a series of issues going on. one is the semiconductor issue which you talked about that's impacting yachts, but it's the also impacting automobiles and truckings. the production of trucks, you have the log jam that's happened at the ports, and then you have the shortage of truck drivers and trucks to move the products around once they do make it to the u.s. so there's different issues going on here. each of them has a different timeline and solution. i think the semiconductor issue's certainly going to carry into next year. the port if issue is going to get resolved as we get enough resources to the port and maybe divert some of those ships that are coming into the west coast to some of the other ports. and then, ultimately, the truck and driver issue is going to take a while to get resolve ised also because -- resolved also because we just don't have enough truck drivers in the overall market today. we believe there's a shortage

right now of about 80,000 truck drivers in this country. neil: and there are very generous pay packages being offered and not getting much of a response. that ease kind of -- that's kind of endemic of the entire economy where we have all these jobs that go unfilled. i am curious though why so many were caught off guard. i could see, you know, in the early days of the pandemic not anticipating the, you know, the comeback in the economy, but when you go from park to even 30 or 40 miles an hour, it's a big, jarring adjustment. i get that. but it's been a while thousand, and it drags on. is there something we're missing here beyond chips that are largely in asia and china that stifle what we want to get or just the paucity of workers eager to fill these jobs? >> well, there's a couple things going on, neil. one -- and we play in a lot of these supply chains. we're a logistics provider, we have trucks that we lease and

rent. if you think about retail, you've got suppliers in asia, you've got great companies and shipping companies that bring them over to the u.s., and then you've got transportation and distribution networks that really distribute them out to the stores and to your home. very sophisticated, complex. but those supply chains have been running for years, and everybody kind of knows their part. and when covid happened, they got off the whack. and it's hard to get everything back in sync again especially as demand has really spiked. so i think that's what you're seeing, and is you're still seeing the carry-on effect of covid in other countries. semiconductor issue is being impacted by covid spikes in that laze ya and thailand -- malaysia, thailand and taiwan. it is a global issue, it's a global supply chain, and it's going to take a while to get out of it. but you also have the demographics of what's happening in the u.s. you've got an aging work force, especially around truck drivers. the way the regulations work today, it's very hard to get a

young person, an 18-year-old, to become a commercial if truck driver because they really can't drive across state lines until they're 201. so kids that are coming out of high school are probably going to pick some to other trade rather than become a professional truck driver. we need to change some of those rules to make it more attractive to help against the economic headwind withs -- i'm sorry, the demographic headwinds that we're seeing. but it's really the combination of the start and stop of the supply chain and then the overall demographics of this country and an aging work force ask really a lower labor participation rate. neil: you know, my biggest fear, robert, you're the expert, but the whole china thing and our discovery that china is responsible for so many of the things not only that we want, that are vital even to our national security from chips to so much else. and i just wonder, you know, out loud if things remain very frosty with china, couldn't that keep this going for quite a

while? >> well, neil, i think one of the things you're going to see, we're seeing a little bit of that already with some of you are clients, that they're really looking to shrink their supply chains where possible because this long supply chain that goes all the way to asia, although it is very cost effective, what a lot of companies have found is during covid it's very difficult to react. and it's slow to react in a supply chain that long. so, you know, this idea of more near-shoring and onshoring of manufacturing and suppliers, i think it's a longer term trend. it's not going to happen overnight, but i do believe that you're going to start to see some of that as companies look to open up their next plant or open up their, you know, find their next supplier, try to find somebody in north america versus in asia. i think that is, that is really a response to what's happened with covid but also, to your point, the geopolitical issues with china and, ultimately, the risk that the, the escalating risk that we're seeing there. neil: all right.

fascinating, robert. ryder has a front row seat. robert sanchez, the ryder ceo. as he was speaking, we're getting some flashes from joe manchin when asked about where things stand this these overall budget or spending talks more to the point. he's saying he wants to make it clear that he's okay for a tax on wealthy americans who end up with zero tax liability, so that seems to be his endorsement of a so-called wealth tax. he is concerned right now about the overall head care trust fund and its -- medicare trust fund ask is its solvency before we start increasing benefits on everything, so he seems to be tabling the notion we have to dramatically expand medicare for younger individuals. bernie sanders is pushing it for everybody. that seems to be a nonstarter for joe manchin. we'll keep you posted on those developments, also keeping you posted on the fda, at least a clear panel, clearing the way for your kid maybe as young as 5

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♪ neil: all right, vaccine for kids as young as 5 years old, well, parents, it's now up to you. the fda panel that recommended this is also toying with a similar drug that moderna is proposing. jonathan serrie with the latest right now from atlanta jonathan. >> reporter: hi there, neil. the approval process for these younger kids takes a little longer because we're looking at smaller doses. smaller doses for smaller bodies. but they are coming much closer to reality. the fda advisory panel recommended pfizer's two-dose vaccine for children ages 5 through 11. the kid-sized shots now await emergency use authorization by the fda, and if they get it, there will be a similar advisory and approval process by the cdc. >> sometimes as early as mid to

late next week that we see sort of a final approval and recommendation for covid vaccination in 5 to 11-year-olds. >> reporter: the federal government says it already has 15 million child vaccine doses that will be ready to ship within hours of cdc approval. the majority of shots will go to pediatricians and other medical providers. infection rates are declining in louisiana, once a hotbed of covid activity. governor john bel edwards announced he is lifting most indoor mask mandates in the state, that includes restaurants, bar, retail establishments and colleges. however, k-12 schools, at least most of them, will continue their mask mandates. the exception is schools that have very stringent quarantine policies in place. they, too, will be able to lift their mask requirements. neil, back to you. neil: jonathan serrie, thank you, hi friend. now is this a good idea with to you, mom or dad, to be

considering this? let's ask dr. janette nesheiwat, fox news contributor, much more. doctor, good to see you. so what do you do if the you're a parent? you're concerned but you're also worried. >> hey, neil. so i think the host important thing is to get the data and get the facts, and you do that by speaking to your'd tradition. and it's also important -- your pediatrician. it's also important to understand that the fda voted yes, that the benefits outweigh the risks when it comes to giving this vaccine. the trials out of pfizer showed 91 is % of effectiveness this preventing severe disease among children. they had about 2200 children in their trial. 1500 got the vaccine, about 700 were in the placebo group. out of all the children that got the vaccine, there were only 3 breakthrough cases. but in the group of children that did not get the vaccine, there were 16 cases where the children became ill. so that's clear evidence that the vaccine worked. it's safe, it's effective.

but now we have to look at who is it going to be more beneficial for. we know the benefits outweigh the risks, but we're going to look to see is it best for children, for example, with underlying medical conditions? if your child has type i diabetes or if they have asthma or, you know, if they have a lung, another lung problem or heart disease, if they're overweight, then they're likely going to be in the top priority group that will probably are have that high recommendation to be vaccinated. but overall, the good news is so far benefits outweigh the risks of potential side effects from the vaccine. neil: you know, moderna is contemplating something like this as bell. you know -- as well. is that similar to pfizer's? >> yes, yes. so moderna is coming out with information that shows their vaccine also for the younger population gives a very robust immune response to the vaccine. it still has to go through its finalization and also needs to

be, go through the fda's advisory panel and then from there to the cdc. but they're looking like they're going to have a success rate with their vaccine as well. so we'll likely have two and even a third, maybe johnson & johnson. so far it is looking like we're on our way to having is two effective vaccines for almost all of the age groups. neil: i know moderna also has an offering that can take care of not only covid, but the common flu. i wonder if that's the direction we're going this, you'll get yearly vaccination shots or semi-yearly to deal with both of these. >> it's looking like that. possibly, we might need a yearly covid vaccine as we do with the influenza vaccine. fortunately, moderna is working on a combo two this one where you can get your flu and is your covid in one, which is fantastic. but it is important to know you

do need both vaccines. the covid vaccine does not protect you against influenza and vice versa. the data we we have tells us that the antibodies levels wane and go down over time, approximately six months, which is why a booster is recommended especially if you're in a higher risk group, if you have underlying medical conditions or if you have an occupation like hospital worker, doctor or thursday that its you at high risk of exposure on a daily basis. neil: doctor, just when we were getting kind of relieved to hear that the numbers in the united states look pretty good, i guess for weeks now we've seen new infections dropping more than 50%. it'll, which was seeing a spike in cases -- florida is now among the lowest case statements in the country. i think most of the states now we're seeing the numbers improve, but the world health organization reports for the globe it's a very different situation, that the pandemic is far from finished, quoting a report they it out today.

what did you think of it? >> yeah. and we're only as strong as our weakest country. and this probably comes down to vaccine equity, neil. we have so many countries, africa, asia, you know, that are having a hard time of getting their hands on vaccines for their residents which is the opposite problem that we have here in the united states. so it's a matter of equal distribution of the vaccines to all countries, especially third world, oar countries who are poverty stricken. they need to be our top priority, and we need to continue to donate vaccine supply to these countries. we've already donated over 100 million vaccines which is fantastic, but we need to continue and donate more because, remember, the variant that is come to the united states, for example, the delta variant that start in india, made its way to the u.k., then to the united states, so we need to make sure we help our other countries to get their population vaccinated to help prevent the spread of the virus which is when viruses mutate

which will secondarily help reduce the number of variants that arise. neil: got it. dr. janette nesheiwat, very good seeing you again. thank you so much. >> great to see you too. thank you, neil. neil: all right. in the meantime here, we told you a little bit about this concerning joe manchin that he is open to the concept of a wealth tax, not open to an aggressive expansion of medicare for more folks, leapt alone all. -- let alone all. whether that's impediment now in this plan, it could if with setting the stage for some sort of a deal. we'll get the latest on that from hillary vaughn right after this. ♪ i don't want to work. ♪ i don't want to bang on the drum all day. ♪ i don't want to -- ♪ i just want to bang on the drum all day ♪♪ (vo) while you may not be running an architectural firm, tending hives of honeybees,

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is something going to happen? is it going to be $3 trillion or this paltry $1.75 trillion i've been hearing? i never know, but i always know that hillary vaughn knows. she's one step ahead of everybody. hillary, where is this thing going? >> reporter: neil, we've heard that democrats have been close to the deal for weeks now, that's been the line. even yesterday steny hoyer said they could have a deal within hours. obviously, there is still not a deal, but democrats are confident at least that they will be able at some point, be able to land the plane, to get biden's social spending package out the door and onto his desk. but right now democrats are in a really tricky spot because they are trying to figure out how to come up with alternative ways to raise tax revenue to pay for if all of this, and there is not consensus in the democratic party on how to do that. after senator kyrsten sinema essentially veto thed the idea that they could raise money by raising corporate tax rates or

raising the top tax rate for high income individuals and also after senator manchin said the idea that uncle sam would be snooping on your bank account to help increase audits was,quote, screwed up. today it clearly ticked off senator bernie sanders. every sensible revenue option seems to be destroyed. it seems to me almost every sensible progressive revenue option that the president wants, that the american people want, that i want seems to be sabotaged. so not a lot of confidence coming from sanders today. so democrats are clearly desperate to come up with cash this other ways. right now the two new ideas on the table, a 15% minimum tax on corporations, would impact businesses making over a billion dollars in profits. the second idea, an extra tax targeting billionaires themselves that would tax their tradeable assets, not income, to try to scoop up unrealized gains. but even the alternatives on the table are getting mixed reviews by some moderates.

>> i don't like it. i don't like the con nation that we're targeting different people. people, basically, they've contributed to society and create a lot of jobs and invest a lot of money, give a lot to philanthropic pursuits. there should with a 15% patriotic tax. that's me speaking. i'm not speaking for everybody else, but we've all agreed on a 15% corporate tax. >> reporter: neil, white house officials were here on the hill for about two hours meeting with manchin and sinema, clearly trying to get on the same page, and tried to close the deal. but progressives said they need not only the legislative text of the reconciliation package, but they need a vote on it first before they vote on infrastructure. but pelosi told her caucus today never made that promise to make sure that these two votes happened at the same time, and she's not really sure where progressives got that impression from her. neil.

neil: i thought she did. but what do i know? >> reporter: yeah. [laughter] a tape. we have that on tape. [laughter] neil: thank you, hillary, so much on the latest there. in the meantime, want to keep you up-to-date on this, you know, sly chain issue, and -- supply chain issue. we talked about it with ryder's ceo in the last hour. now a congressman says he has an idea that maybe, maybe we can improve things maybe by shifting things around. carlos jimenez, the republican of florida congressman, kind enough to explain. you argue we're putting a little too much attention and reliance on a single port out of california. right? >> yeah. i think, neil, we have over 40 days waiting for those ships to get offloaded in california. they have issues also with truckers in california. i would like to see us incentivize them to go around the panama canal and come over

to the east coast. i know that in florida we have the capacity to take some of these ships. my idea would be to pay for the transit for them to cross the an that canal. it's about a 5-day addition to their trip, but they can save a heck of a lot of time. a lot of our ports, most of our ports in florida are tied to rail, so you don't need as many drivers. we don't have the same laws as california does with trucks. also we can use the excess money that we have from covid relief, over $100 billion that states have, they can use that to offset or the costs, and i think that could be one with of the -- port costs, and i think that's one of the ways we could resolve this supply chain issue. neil: do you worry this lingers on a while? i had some experts talking about well into next year. that surprises me because already it's been dragging on for upwards of half a year. so i'm just wondering how long is going to be an issue? >> this could be an issue for quite a bit, you know, quite a

long time. we have a shortage of truck drivers, we have a shortage of port workers, we have a shortage of workers all around the united states, and then obviously what's happening across the world with covid-19. so, yeah, you may see, you may see shortages, and i think also the biden economic plan is also exacerbating the situation. and so we need some good ideas in order to start chipping away at the supply chain issue. i'm not saying that my idea is going to resolve it, but it certainly will help. so we need more ideas like mine to chip away at it and make sure that the american public has the supplies, the goods that they need. and then also, look, sly chain goes both -- supply chain goes both ways. with this bottleneck of imports, all those containers are not being used for exports of american goods, american products, agricultural products that are needed around the world. and so the supply chain issue

needs to be resolved, and we've come up with different ways to resolve the issue. neil: all right. now, i know you're a no vote on this legislation they're considering around $1.75-3 trillion, but army it will include none of the income tax rate boost that the administration if first wanted, it will focus on the corporations paying a flat or minimum tax and maybe 800-1,000 billionaires paying a tax on their capital gains without necessarily realizing those gains. how do you feel about the way they're going about trying to pay for this? >> well, look, they just don't look at the unintended consequences. so you have these 700 billionaires that probably have millions of shares of stock, unrealized gains, but when they have to pay the taxes on them, what are they going to do? they're going to sell the stocks. and what does that do? it lowers the price of the stocks -- no, i'm sorry, it hurts everybody who's invested in the stock market. and it's not just individual

people that are buying individual stocks. the you're in mutual funds, all those gains that the majority of americans are invested in will go down. so, look, it's just a heir-brained idea -- hare-brained idea, it's crazy, and just about anything that's coming off the democrats right now, you know, it makes sense to bernie sanders, a socialist, but it doesn't make sense to americans, capitalists. neil: all right. we'll see how it goes. congressman, thank you very, very much for that. we are hearing from the white house that it is the hoping to cobble together something maybe by week's end, anticipates that it will be able to do that. it seems line an uphill climb, but you never know. also following the fortunes of one fed chairman, jerome powell. this is about the time or close to it we're told that the administration will decide as to whether to reappoint him or someone else. so let's just say it's not him, let's say it's not powell. how the markets react to that? david asman, after this.

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i want to go to david asman on whether jerome powell is reappointed. >> well, a decision has to be made soon, his term expires in february. janet yellen, of course, the treasury secretary before, she prefers powell, and she said it as recently as last weekend. she put her confidence in owl as the man to take us through -- powell as the man to take us through another term. she likes the way he's been balancing the buying up of all the debt we've been issuing in order to pay for all the money that we don't have to spend, and that's a whole other issue. but 60% if of all the debt that the treasury's been issuing recently has been buyed up -- bought up by the fed, and that's powell's doing. that's helping to keep interest rates down, but it is creating inflation that's worrying a lot of people. his major competitor, somebody who at one point after the election was considered as the

treasury secretary, of course, janet yellen got the job, but janet yellen was the first female, there was another female, she is a fed governor appointed under obama's presidency, lael brainard is her name. she is a brainiac. she got her ph.d. there harvard, she was -- grew up overseas, she's really intelligent woman, but she's very far to the left, much further than what jerome powell is. and some people are worried she might be a little too anxious to do more than what powell has done in terms of monetizing debt spending. and that is a concern. there's also a concern whether she'd go whole hog towards this modern monetary theory which essentially says you can print as much money as you want, and there won't be that much of an effect, the public can survive that. a lot of people say that could lead to hyperinflation, even democrats like larry summers worried about that. he complained last week that there are too many central bank

figures who have this kind of woke idea that modern monetary theory is the way to go. and ms. braynard may be a part of that according to larry summers. so that's the concern, that she would take the fed even further to the left than some people say it has already gone under jerome powell. odds on faith, jerome powell -- favorite. the he doesn't get it, look to braynard. she's younger, she's more pleasing to the liberal element of the democratic party. remember, that's the part of the democratic party that joe biden has been most anxious to please since he became president. neil: yeah. you these 503 senators to write -- 50 senators to write off on it. if it is powell though, whatever the qualifications, wouldn't the markets be disappointed -- >> yeah. neil: would they be disrupted? >> i think so because of the fact that they would worry that

she would kind of lose sight of the power of the fed in terms of maintaining some kind of monetary stability. now, i should mention, by the way, i said nobody knows exactly how she'd be with modern monetary theory that aoc and the squad type of people in congress like so much. she has in the past, a couple years ago, written some things against it. some people say she's been more convinced than she was before that that might be the way to go. but i think the market would certainly feel more assured if it's jerome powell. they know what he's like, they know what he's up to. as you know under both donald trump and president biden, the market has been doing extremely well. they had the big bufferin when the pandemic -- bump when the pandemic first hit, but they've been going up ever since. if it's powell, i think the market will pretty much be steady as it goes. if it's braynard, i think there will be a big hiccup. new york knead got it.

dave, thank you very much. neil:. daifs asman. i can just tell you right now, we get the president saying this wealth tax is fine by him. that is a clear hurdle that the president is open to addressing and approving the means by which to pay for it. we learned from joe manchin that he's open to some sort of a wealth tax as well, so this could be coming together. we never like to jump the gun on this, but signs here that they're cobbling something. just don't know what in the end it will be. more after this. ♪ ♪ ♪ ♪ ♪ ♪

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♪ if. neil: all right. soming interesting back and forth here right now on the battle to try to get this huge spending package down or at least the framework of it done before the president hops off to rome on, you know, later this weekend and scotland next week for the climate change gig. we should tell you about the biggest impelledment is how you pay for it, and they all seem to have rallied around a wealth tax targeting about 800-1,000 billionaires and charging them for capital gains, even if they haven't sold the assets. never mind the legalities involved here, they think that is a key hurdle that they all

agree on including the president a few moments ago indicating that he was open to such a wealth tax. now, also onboard without calling it that or saying this particular plan is joe manchin, of course, the west virginia moderate democrat who has said that he thinks the rich should pay more, do the patriotic thing. so he seems open to that. fast-moving developments here even with some differences on other spending initiatives. the president apparently has head it clear through jen psaki that even if they don't get everything they want right now, he's still going to be president are. there are other provisions that might be sort of dropped here that could be revisited later. mark madsen on the impact this could have right now. mark is had seven money founder and ceo. mark, a lot to talk about here, but i'd be remiss if i didn't mention these breaking news developments, that they're cobbling together something. do you think they'll get it? >> well, i'm not sure if they get it, but if they do, it's going to be disastrous for the united states of america and our economy.

it's really simple. if you tax the rich, take from them, the people that actually earn the money, and distribute it to people who aren't working with a government social giveaway program, you reduce product it for everyone. -- productivity. you're seeing it already. you're seeing inflation going up, people not wanting to work because they have a lot of handout. we have trillions of dollars of deficits we're sitting on already, and this is a disastrous move towards socialism and redistribution in the united states, and it won't be just billionaires that'll pay. it'll be main street investors who will suffer losses in their portfolios potentially and who are paying higher and higher prices for things like housing, gas and health care. so bad idea for everybody. neil: all right. so i'll put you down as a maybe on this one, mark. [laughter] talking about technology companies, you're great following them, and i was thinking all the guys who run those companies, i think, are billionaires. so i just wonder how this impacts that area of the market. it's been on fire of late.

>> yeah, it has been on fire, and that causes a problem for if main street investors. one of the biggest problems investors have is herding. they want to do what everyone else is doing. when everybody's buying moth, they want to buy microsoft. but there were over 5,000 stocks over the last 12 months that were better than microsoft out of a potential 17,000. amazon, who everybody has, a lot of people have in their portfolio, they're over 10,000 stock stocks that did better. so people are making a huge mistake. they're doubling down on tech, they're doubling down on large u.s. companies, and they're forsaking global diversification, and it's a problem. we had the same problem in 2000. large stocks lost 50%, hedge stocks lost 75%. people would do well to remember that. neil: got it. mark, thank you very much. nancy pelosi is saying the house rules committee is going to hold a thursday hearing to advance this biden agenda, so they're close, or so she hopes. after this.

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neil: all right. so they're coming close to something. we just don't know what that is. progress afoot as they begin to agree on the massive spending

package we don't know how massive it will be. agree to the particulars on the wealth tax. maybe the medicare provisions won't be as generous as they thought but will still be in there, holding hope for the president of the united states, that provisions get left out now don't necessarily get left out in future efforts, future tries. we shall see, still early on, isn't it? go to lauren simonetti. i went to you late because i don't have a clock here that is right. good afternoon, everyone,. lauren: i'm lauren simonetti this is "making money." despite strong earnings in tech and consumers names the street doesn't seem too excited overall. what will it take to keep the rally going into the end of the year? plus even with control of washington democrats can't agree on the mt