pie then. i was going to pass it down. stuart: 4500 calories for the average american on thanksgiving. that is amazing. many, many people who live on, make sure they consume more than 1200 call race in a day. they think that makes them long lived. i don't know how true that is, 1200-calories a day. that is a tough goal. david asman for neil. david: save those pieces of pie for me. i'm david asman in for neil cavuto on cavuto "coast to coast". president plans to keep jay powell as head of the fed. meanwhile some other stories watching for you, democrats

headed home for the holidays, headed for an earful over constituents over the massive spending plan. michael goodwin is coming up. a crime wave on top of a crime wave in california. high-end retailers getting attacked by slash mobs. retailers a lot of them are heading for the exits. first while house democrats take a victory lap over the passage of the build back better plan their constituents are dealing with rising costs ahead of the holidays. fox news congressional correspondent aishah hasnie is in washington, d.c. with the very latest on all of this. ashiah. reporter: hey there, david. well the numbers don't lie. the american farm bureau federation reports that this year's thanksgiving feast will cost you average 14% more than last year. that is about $53.31 to feed

about 10 people. take a look at this, the price of fresh turkey is up nearly 9% from a year ago. frozen turkey is not any better, also up 9% from last year. now democrats like senator dick durbin say they are hearing about all of this, rising prices at the grocery store from their constituents and their families. he was saying he was getting complaints from his wife but they believe the president's massive tax-and-spending plan which by the way is not fully paid for, they think that is going to fix all of this but others like moderates, senator joe manchin says he is worried. >> higher i know that my whole family told me turkey prices are high. so everyone is concerned. they should be concerned about inflation because it real. inflation is real. reporter: republicans are issuing a very stern warning that inflation will only get worse if there is any new spending. >> inflation that the democrats unleashed in this country is

large and growing larger. this bill by spending trillions of dollars encouraging people not to work is only going to make it worse. reporter: david, getting to thanksgiving dinner will cost you more too. you heard about it. aaa reported gas prices are averaging 3.41 a gallon. that is about a dollar higher than a year ago. everything is high. david: you cannot avoid it. that. democrats are looking to fix ugly poll numbers to avoid headaches from con stitt wants ahead of holidays. "new york post" columnist, michael goodwin is with us. you're saying biden is testing patience with his cold-hearted bumbling. is the powell continuance the president announcing he will continue with powell at the head of the fed, is that kind of a recognition of their fumbling on inflation?

>> david, thank you. it could be in the sense that i think that brainard, the other contestant for the top job would likely have been a little more radical in terms of the green new deal and things that really don't help inflation, make inflation worse. so, you can argue that powell is the safer choice in terms of what the fed is going to do and whether it is going to make some move to pull back on inflation. because i think even the white house although it doesn't repeat it publicly they have to know that this inflation issue is a very big deal when it comes to midterms elections. if democrats lose one or both houses of congress, that would be end of joe biden's presidency at least on domestic issue. i think it is a probably a safe choice to stick to powell. david: they were relying to a certain extent the media running cover for them on the issue of

inflation. there were a whole bunch of articles recently, i think kind of shameful, downplaying, mocking the importance of inflation in people's lives. i will quote one but it is typical of ones in "the new york times" this is from bloomberg. store shelves are emptying and it can take months to find a car. if this continues we may need to gasp, live more like europeans. it is about time. i don't think the democrats, i think they were smart enough to realize, they couldn't get away with that. you can't mock the pain that americans are going through? >> right. i'm reminded of jen psaki, the press secretary saying that the rising gas prices would hasten electric vehicle movement. well, by that measure we should all cheer and celebrate when gas hits $10 a gallon. you can't think like that and be a successful president. you have to pay attention.

what i said in the column he was cold-hearted, they had first said it wasn't a big deal. then they said it was transitory. and finally biden began to talk about it as she though it was a real problem. they still haven't done anything about it. the talk of pushing through this big piece of legislation, on no planet is that going to help inflation. quite the opposite. david: even though we hear janet yellen suggesting that it is not really a problem. she did revise her calculations originally she said we're not going, we're going back to 2% inflation by the end of this year. now it will be the end of 2022. i don't know if people have confidence in those predictions anymore. >> why should they? i'm not even sure the government has confidence. that old cartoon character, i will pay you tuesday for a hamburger today.

david: that's right, wimpy. >> that is what this is about. this is pushing the projection off into the future where in a year-and-a-half nobody will remember what she said today. david: michael, i got another one for you. the nomination of professor omarova to be the head, essentially the chief regulator of our nation's banks, that would be the position of comptroller of the currency, has to be approved by the senate. she wants essentially the fed to replace private banks. she recently wrote and i'm quoting her here, there will be no more private bank accounts. and all of the deposit accounts will be held directly at the fed. i just wonder, isn't she a step much too far for the senate to confirm? >> i would think so, david. i mean her, this was not something that was out of the ordinary for her. she has a long track record of these kinds of arguments that would vastly expand the power of

the federal reserve at the expense of the privatebanking system. i don't know that we want to go down that socialism road. i mean maybe the people at bloomberg who like empty shelves think that is a good idea but i think for most people they don't want to have washington bankers making decisions about their checking accounts. already, already having the irs look into more people's accounts, i mean, the sense of government getting bigger and bigger, more intrusive, more controlling, it never ends well. david: it is pretty obvious but capital is the lifeblood of capitalism and if you put capital in the hands of government you're destroying private enterprise, right? >> well, you just have more cronyism. someone said there is no such thing as crony capitalists. they are cronyists. that is what she is talking about the government will pick all the winners and losers.

that is right. that is not capitalism. that is not free markets. that is government control. david: very quickly you don't think she will pass through the senate? >> i would be hard-pressed, i can't imagine she will get a single republican vote. so once again it comes down can the democrats hold all of their own. i would think somebody be alarmed by some of the things she has said and written. david: michael goodwin, thank you very much for being here, appreciate it. the director of the white house national economic council brian deece insisting that the build back better act is fiscally responsible and it will truly pay for itself over time. >> no question inflation is high and affecting american consumers. that is why we need to build on the build back better bill. it won't increase inflation, it is paid for. when you pay for investments you don't add aggregate demand. david: reaction from former obama economic council chair,

austan goolsbee. >> thank you. david: as you though know the cbo disagrees with janet yellen and brian deece that it is paid for. a $1.7 trillion build back better plan will lead to a 367 billion-dollar deficit over the course of its existence, that is if you don't include the irs supersizing, if you do, there will still be a 160 billion-dollar deficit. that is lot more than zero, isn't it? >> i don't think it's a lot more than zero in that context. david: $160 billion? you got a richer bank account than i do. >> 96% paid for or is it 101% paid for that. is what the argument is. so that is spread over 10 years. so, in the context of the u.s. economy. that is pretty modest number, in the context for example, of the

trump tax cuts where you added $2 trillion to -- david: no. >> again very modest. david: i don't, other people disagree with your figures about the trump tax cuts but the $1.7 trillion figure is very often disagreed with. we have the wharton school and others suggesting that the actual cost, because of all the trickery involved in how they calculate that 1.7 trillion will be closer to $4 trillion and of course then you're talking even more. then you're talking trillion dollar deficits if it comes to 4 trillion in spending. >> if you're talking about something that is other than what is in the bill i agree, it could be a bigger number. david: you know what i'm talking about when i talk about trickery. i'm talking about the idea that they don't include the full length of spending, the full 10 years of spending assuming that it is going to trail out which a lot of these programs clearly

won't. once they're embedded in the system they will stay for the full 10 years. >> well i don't know, like i say, you're talking about something that is not in the bill. if you're, if that upsets you, i'm kind of surprised, david. i would have thought you would be upset about the trump tax cuts which did exactly what you're describing. david: no, actually the figures were pretty good at the end of 2019 for the amount of revenue it came in. >> it laid out exactly this thing of, cutting taxes, scheduled to expire and then president trump said he didn't want them to expire. david: as you correctly pointed out when you have a strong gdp growth, that all of these issues, that you had with the trump tax cut are kind of resolved because you have so many more people working and so many more people contributing to the tax base. >> would be, i think that is a cod point. the only thing the fastest gdp growth rate we had under trump

was 2.9% for the year. david: which is better than under 2% which is what you had during the obama terms. >> no. you mad, you got to 3 under obama. david: average was under two. >> counting the recession. david: okay. i just have to bring up janet yellen's comment about the cbo scores because she said the combination of cbo and jct, the joint committee on taxation scores over the last week and treasury analysis make it clear that build back better plan is fully paid for. she's assuming that you can come to the right figure by combining the treasury's figures with cbo. that really isn't the way it is done. congress has to depend on the cbo for scoring, does it not? >> well, no, the official score doesn't come from the cbo, the thing they do for the budget

comes from the jct but like i say, there is a honest dispute between budget analysts, is it 96% paid for or is it 102% paid for. the bill is not going to remain what it is now that came out of the house. david: there i agree with you. >> joe manchin said he can't support what that is. so i think we'll just have to see, when in the round, if they can get something through the senate with 50 votes, will that be smaller, what will the revenue side look like. david: i'm getting a wrap. i know politics is not your forte as far as economics what do you think happens? you think manchin cuts it down to the point where the progressives, for example, in the democratic party can't accept it? >> i think he cuts it down. i think they will accept it. that's the whole, the whole point that the white house has got to do is figure out what will joe manchin support that

when you go back to the house they would support. definitely narrower than where they are now. david: exciting times. austan goolsbee, thank for being back with us. >> always fun, david. david: i appreciate it. federal reserve chair powell to return for another term. coming up the other economic shakeup. charlie gasparino is hearing about. that's next. ♪.

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♪. david: well president biden tapping fed chair jerome powell for another term. charmly gas joining me what he is hearing. what you did hear is right on target, you said it would be him. >> i said they would split the baby. this was the consensus on wall street. why do they know about this? they have a lot riding who is the fed chair and shape of the fed. they had lobbyists. the lobbiests were coming back, that essentially there would be a deal here. progressives wanted lael brainard right, for a lot of reasons including she is a dove and she is kind of a lefty. you see her talking about

climate change and rest of the such. markets kind of want powell. they think it is stability, something good for the markets. david: you can see it today with the market reaction. you split the baby by doing this. you have, essentially you basically say to the lefties it is your fed to remake but we want to keep our figurehead in there. the reality the fed is in least's independent position it has ever been. biden will have at least three more selections to the fed board. they will probably all going to be doves to the left including, powell, i don't know why everybody says he is a moderate, he is a lefty when it comes to monetary policy. david: buying up 60% of all treasurys. >> amazing we have come from paul volcker and alan greenspan. this is a fed literally an arm of the white house right now. if you're worried about inflation, markets don't care, generally markets don't care you might see it into the bond

market you have to be worried. just in time for christmas, you have all these people who will never dane to raise interest rates ever. wonder where the taper will go? will they continue taper? david: he announced earlier this month he would come back on bond buying by just a little bit. right? >> yeah. here is the other thing. all the machinations in washington what it sets up. brainard wants to run something, we know that. does she, you don't run something if you're vice-chair. you have a say, a big chair. david: right. >> do they flicker in as treasury secretary? treasury secretary-general, these guys, gals, it's a woman running it right now, janet yellen, you know, except for geithner and mnuchin a lot of treasury secretaries filter out after couple years. it's a burnout job obviously. does she filter out- david: she was suggested before janet yellen got the job as one of those nominees. >> does she get flicked there?

a lot of people are saying where this is going. david: interesting. >> i cannot tell you if it is true. wall street is buzzing about it they don't think gary gensler has a shot at the treasury department like he wants because she is set up per perfectly. if you're worried about inflation, the markets don't seem to be. david: not now. >> average people are. these are the least inflation, these are not the people you want to flight inflation. these are, what did you call them, doves? head in the sand? david: right. >> they -- david: is it fair to say this fed is monetizing the debt. >> it has been forever and doing it now more than ever. remember paul krugman says the fed doesn't monetize the debt. you know why? the fed doesn't buy at auction. the fed doesn't go in when treasury buys and sells. they don't have to do that. the fed buys in the secondary market. the auction is freed up for other foreign buyers. think of it there is really no

difference. so the fed literally paying for build back better. david: the bottom line is, that leads to inflation. >> the last time they did that, this directly, listen professor krugman may correct me or professor asman here, i think it was world war ii when the fed literally monetized all the debt to finance the war effort to keep interest rates low as we had inflation because we had to buy the debt. david: look for brainard as possibly treasury secretary if yellen -- >> maybe not. maybe it will be you. i hope not. david: charlie, thank you very much, with market reaction to all of this as fed chair jerome powell prepares for second term, capitalist hedge fund manager jonathan hoenig. jonathan, let me look at gold first if you don't mind. that went way down when this announcement was made, indicating, not that the fed is going to be tightening anytime soon but that it is not going to have the wholesale monetizaton of the debt that brainard might

bring? >> yeah. i mean certainly brainard is, as charlie pointed out a real lefty. here is someone talked about explicitly using the federal reserve under the influence of aoc as a arm of climate change and redistribution so powell is a little bit safer, at least from the market's perspective. for the choice, david, he has given lip service to the so-called tension between inflation and which is the fed's number one charge to protect against inflation and jobs. he at least acknowledged that. he has shown willing to taper to raise interest rates to ward off some of that inflation. this is a trend that left the station. you have to wonder, certainly not brainard, even if powell will stop it before it gets out of hand. david: charlie mentioned a lot of times corporation carry more about low interest rates which is a big part of their costs than they do about inflation. look what is happening in the market today. i think the market, investors were beginning to worry about long-term effects on the economy of inflation and of their, maybe they won't be able to pass on

the costs of inflation if it continues to grow the way it has been growing. >> often time inflation is food for stocks, david. especially top tier companies, able to borrow money at exceptionally low rates, unlike most of us are able to pass on to costs like customers. inflation is a hidden tax. it hurts companies but what really hurts is the every day americans, for whom, extra five, 10, 15% at the grocery store is a heck of a lot of money. there is no such thing as a free lunch. we talked about this over and over again. even powell a little more hawkish than other choices for the fed will keep this inflation train running. david: yeah. >> we dodged a bullet to some effect. if brainard had gotten in, we could see a real federal reserve transformation this is a slow and steady race. the market at least seems to like it for now. just as in the '70s, david, '80s inflation started in the early '70s. at some point this starts

hurting average guy but market and economy writ large. we're not there yet but heading that way. david: jonathan, quickly, only 20 seconds. i want to switch to spending. is the market hoping what happens with the build back better plan it will be cutaway down by senator manchin and senator sinema? >> well hopefully, david. as you pointed out, all that money spent, they say it is invested by government. it is really wasted by government. textbook what they call malinvestment what we should not worry about the immediate spending, that is of course a waste, long term impact spending, we're dealing with negative programs started in the new deal and the great society. these programs are still impacting the our economy today. don't underestimate the long term negative impact of all these democrats programs to so call fix the economy. david: jonathan hoenig, the great jonathan hoenig, i should say, thank you very much. a christmas parade turning deadly over the weekend.

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only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ ♪. david: turning horribly tragic, at least five people dead, more than 40 injured, many seriously, after an suv plows into a christmas parade in waukesha, wiig. grady trimble is live in waukesha. reporter: police have detain ad 39-year-old darrell brooks. he has a lengthy criminal history. early reports he may have been fleeing another crime scene, possibly a fight at a nearby park when the red suv he was reportedly driving breached the perimeter along the parade route, then plowed through the crowd. you saw the video posted to social media by people attending

the parade where the suv just now plows into and over people marching in the parade. school and dance groups were among the community groups performing in the parade. at least one police officer tried to open fire on the vehicle to stop it. it was a chaotic scene in the aftermath as items like shoes and musical instruments were scattered along the route and parents were calling for their children. five people have been killed. more than 40 have been injured including 18 children. >> my heart goes out to all of those affected by this senseless act. my heart goes out to those injured as well as to their families. my heart goes out to those who were witness to these events. my heart goes out to those who lost a loved one tonight. reporter: classes at all schools in waukesha have been canceled. today you can see the downtown area along main street where

this happened is still blocked off. all the businesses here are closed. we're expecting an update in the next couple of hours, david. police are still investigating trying to figure out a motive in this horrific incident as the town mourns the loss of five people. david: grady, thank you very much. meanwhile at least three arrests have been made after 80 people ransack ad nordstrom store over the weekend in san francisco. claudia cowan is in walnut creek, california with the latest on this, claudia. reporter: well, david, that's right. this nordstrom actually outside of san francisco in walnut creek in the east bay area. knew police are beefing up patrols around this store as well as other shopping areas following a string of looting incidents this weekend around the bay area. cell phone video shows dozens of people flooding into the street after ransacking the nordstrom here.

many wearing masks and carrying crowbars, carrying thousands of dollars in merchandise to a line ever cars waiting at the curb. now this happened just before closing time saturday night. the story was busy. witnesses say as many as 80 people swarmed in, as you mentioned. three people were arrested, including a suspect who had a gun. two employees were assaulted. one was pepper sprayed. the looting here coming a day after shoplifters hit a dozen stores in san francisco including louis vuitton, bloomingdale's and burberry, stealing a million dollars of clothing, jewelry, handbags, goods they know will sell quickly online. police were on site in seconds. they managed to stop at least one of the get away cars and arrest eight people. they also seized several firearms. investigators are combing through surveillance video and say they are confident more arrests will be coming. organized retail crime in

san francisco has only gotten worse, despite the viral videos and recent closures of cvs and walgreen stores where brazen. nothing will change critics say. repealing of a state law theft of under $950 a misdemeanor. in less than 24 hours, police are reporting additional large-scale looting incidents in the bay area. the fight in these attacks, very deliberated, very coordinated so all the stolen goods can be resold online black friday, way below retail price. back to you. david: unbelievable. claudia, thank you very much. reaction from retired las vegas police lieutenant and wounded blue founder randy sutton. good to see you. what is going to stop this? >> what we have seen is a complete breakdown in the criminal justice system by

design and that is what is so disturbing. statutes have been changed. there have been moves made by the stated legislature to decriminalize a number of crimes in california. the laws in states like washington have prohibited real true law enforcement to even take place because of the new social norms that are infecting parts of our country. now you, let's look at, let's look at the situation in san francisco, in los angeles with retail crimes. you have, you have soros-backed district attorneys that have been put into place. gascon in los angeles. jessup bowden in san francisco, clearly don't want to prosecute criminals. if you don't want to prosecute them, then you have toothless laws put into effect by the

state legislature and then you have a governor who just wants to release every criminal that he can. david: right. >> so it's a recipe for disaster. david: lieutenant, caught in the middle are the police. the police, i mean, how are they supposed to enforce a bad law, a law that makes theft of 1000 bucks essentially a misdemeanor, that these criminals, they have long rap sheets, a lot of these criminals that are captured. they don't care if they have a misdemeanor on their rap sheet, they will not spend anytime for it. you have prosecutors who will not prosecute. stuck in the middle are police. what are they supposed to do? >> well, what we're seeing is a such an incredible lack of support of law enforcement, not just in california but across the nation, and my organization, the wounded blue, deals with the psychological trauma that police officers are experiencing and i got to tell you, i deal with, i deal with law enforcement

officers every single day. i have never seen morale as low as it is now. i've never seen the psychological traumas taking place on the scale that we're seeing now. they literally feel helpless. and they're being, they're being forced to not be police. you look at what has happened in the state of washington where laws have been put into effect that literally, police officer can watch a crime take place and not be able to do anything about it. david: right. >> it is insanity. david: only, perhaps comparable to what the police are going through are some of these retailers, many of whom are, just looking for the exits. they're leaving. you had cvs closing down hundreds of their stores, largely because of the fact that they're doing the same in pharmacies all over the country. these flashmobs. so it is, you wonder how long the retail establishments of this country can put up with

this. the answer is probably not much longer. we have to leave it that. lieutenant, thank you very much for being here. i appreciate the work you're doing with the police. >> my pleasure. david: inflation son the menu. we'll speak with the ceo of ocean spray how much more you can expect your cranberry sauce to cost right after this. ♪. our retirement plan with voya, keeps us moving forward. hey, kevin! hey, guys! they have customized solutions to help our family's special needs... giving us confidence in our future... ...and in kevin's. voya. well planned. well invested. well protected.

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they're on track to do 200 tons of fish this year. look the all the fish around me. with rising demand they're seeing rising inflation. prices up 11% since last year. the biggest increase with crabs clams, all popular additions for holiday gatherings. this fish market sees increases 3-x. they are paying $300 a gallon for clams, twice as much as during the regular season. prices are so high they are pulling them from the menu all together. that is due to factors, particularly shortage of fishermen, many leaving the industry when the pandemic fell. supply chain crunches on fuel, bait, parts for commercial fishing vessels is driving prices as well. those affected not large corporations that can easily weather the storm. these fish markets are small businesses like the family owned one i many am at. it has been a institution in california for 65 years. >> the price of everything is so high.

we're stuck, how do we build and strengthen our brand in this unexpected supply chain shutdown that we never anticipated, and i don't think most people did. reporter: look at that, 72.99 for lobster. the good news, the san pedro fish market has been able to lock in number of prices. mike told me the phone is ringing off the hook for thanksgiving weekend. i might doordash one of the shrimp trays for holiday season. i will send one to you. david: by the way crab meat, here in new york, i know it is new york, crab meat, $99 a pound. that is a 500% increase over a year ago. it is extraordinary. kelly, thank you very much from seafood to thanksgiving sides will the side of cranberry sauce cost a lot more this holiday? let's bring in ocean spray ceo tom hays. great to see you. how much more are we paying for cranberries this thanksgiving? >> definitely more, david, thanks for having me. this is a period of the year

that our growers are just trying to do everything they can to make sure we keep costs low but like every single food company, supply chain issues causes prices to go up. exact amount will vary by retailer. there are costs we haven't incurred we had a long time. this is the first time to increase pricing in over 10 years. we're doing a lot to keep costs low but we have to balance the need for our grower owners, 700 family farms to put food on the table to keep value for the consumer. david: what is causing this? primarily the labor shortage? >> there is a number of different factors. labor is certainly is. we've done a good job of ocean spray with our own labor in the plants. certainly, there is a lack of labor with transportation, getting truck drivers, causes all departments. raw materials, ingredients,

almost every single ingredient in ocean spray has increased and material like cans, steel cans were not available for a large part of this year. the ones that we get are more expensive. so it feels like it is just about everywhere. and yes, so from, raw materials to labor, transportation, all moving in the wrong direction. david: for example, i don't want to just focus on one thing but the cans, for example, the other raw materials that you use to package your stuff, is that because they were outsourced and they were caught in this supply chain problem? >> you know, it was just an overall demand issue at the up front, david. what is happening people are getting with their families. they want more and more time together. as we look what is happening with people coming back to the thanksgiving table, maybe not been there for two years, demand is surging. there was, everybody was asking for more cans. so for us, we had to go find other can suppliers. when you do that, there is changes in the supply chain that need to happen on a production

line in order to accommodate those. so its complexities that go along with just not the rise in cost but also supply chain changes that come aabout when you have to use different materials. david: do you get a sense we're kind of leveling out now, that the supply chain issues are getting better or is the same as couple months ago? >> i wish it could be for thanksgiving week, super bowl season, wish for better news. don't see it abating anytime soon. a lot of our products we had a bit of a down crop. we're seeing pressures increase prices. don't see light at the end of the tunnel right now. we're tremendously hopeful, resilient, 700 family farms. we've done this before. we'll get through it. hopefully everybody will have a fantastic thanksgiving to have cranberry sauce on their table. david: i have a home in cape cod. i see a lot of those farmers. they are good people. i wish them the very best. tom, thank you. happy thanksgiving.

tom hayes from ocean spray. after the break, luxury going electric. the head of bentley usa, how his company is planning to go all-electric in just a couple of years.

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david: so bentley is joining the push for ev the british carmaker is planning to introduce its first electric car in the next couple years. joining me bentley motors president and ceo of the americas region, kristof george. how long before you are 100% ev? is that where you want to go? >> good morning and thank you for having me. our goal as we have announced it to be by 2030 the most sustainable luxury mobility company and at this point our fully electric. the full electric car coming on the market in 2026. we'll have a little more optimistic what we can do but in 2026 we will have the first full electric bentley. david: now we have 2%, if anywhere two to 5% of americans are driving electric cars. that means you have to have at

least 95% of american car drivers transitioning in that period of time. do you really that i's possible? are you just kind of waiting to see if americans do transition from what we have now to electric? >> no. we are not waiting to see this. what is absolutely key to us is to refer to electric as technology, when the technology is strong enough to accommodate our customer needs and fit our motivation. we see power an performance with a bentley. but at the same time you need range. so we alert coming into this time but 2026, we feel the full electric car because we believe the technology will be by this point much stronger batteries to accommodate our customer niches. david: as you know the electric grid is a big problem here. many people say, particularly

with the emphasis on wind power and solar not as reliable on fossil fuels we may not have an electric grid that could support going 100% electric for u.s. cars? what do you make of that, how do you deal with it? >> i believe such is going to become more -- [inaudible]. but there is bentley we honored to manufacture, we're setting about 4,000 cars in america which for us is a very good level of success but 4,000 cars acquiring in the future, but in the future, electricity is not a big ask. david: very quickly, the chip shortage, i know its affecting automobile -- automotive industry worldwide. is it affecting your company? how soon before that is solved, that problem is solved? >> i mean this has been there

quite some time because of the supply of factories needing to shut down so there is a shortage in parts and semiconductor more specifically. so far at bentley we have managed that quite well with support of our goal -- [inaudible]. meaning so far we have been able to produce a car at the plants. david: good luck to you. geraldo rivera will help buy up half of your supply. at least you have one client you can count on. good to see you. thank you for being here. coming up on the second hour of "cavuto: coast to coast" jerome powell is set to make remarks at white house after getting another nod for head of the fed. we'll take you to the white house when it happens. ♪.

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♪♪ it has our back. and goes out of its way to help. ♪♪ when you start with care, you get a different kind of bank. truist. born to care. david: president biden says jerome powell is the man for the job, welcome back to the second hour of cavuto "coast to coast" i am david asman and for "coast to coast". we are waiting at comments from the white house as president biden taps jerome powell to lead the fed once again. edward lawrence is at the white house with what we can expect to hear in moments. >> the president will speak in 20 minutes or so along with the current fed chairman who wants

to be the next fed chairman jerome powell to keep the spot. he's also president elevating lael brainard from governor to vice chairman of the fed. that is the second position. the president told both of them about his decision last friday. sources familiar with the president tell me that he spoke with progressives and moderate democrats. the sources say that he met recently with elizabeth warren to get her input and in regular contact with the senate sure are brown. there is enormous pressure from the progressive side of the democratic party to replace powell. he highlighted the appointment of brainard. at this moment when workers are starting to see more power in our economy we need a vice chair who understand the economic

recovery must strengthen our communities and put workers first. brainard will likely be pressed by republicans about how far she wants to go to regulate banks over climate change and powell's corner. janet yellen and attract record of leading us out of the pandemic. she worked closely with powell when she was fed chair and the commerce supports powell's renomination. they are saying this. respected at home and abroad chairman powell help the u.s. in her economic partners successfully navigate the challenges from the pandemic. powell must be reappointed or reconfirm by february 28 when his term ends so the continuity from the federal reserve level. one interesting note, the harassment she was the senator she voted no on powell in 2018. david: thank you very much, market watchers luke lloyd and michelle. investors like lower rates but today the market is up despite the fact that they will not get rates as low as low as fed chair

brainard would have them. >> the market loves that jay powell got reelected. the biggest thing the market hates is uncertainty. if he didn't get reelected, it becomes very uncertain out there. the fact of the matter is jay powell is accommodative and probably over accommodative in the market loves that. they should love in the long term. the most important thing the office will remain on politicized. the fed chair position as this was to be influenced by politics. brainard was the chair and climate change will become front and center which is something the fed should not be influenced at all, that is not their job. david: michelle, is the market afraid of all the regulations that might come in with the chair brainard? >> not necessarily, i think the market is going to be more concerned with the rate of change. the rate of the taper and how quickly our interest rates might rise. what happens with inflation, the

supply chain issues, the labor forces. these are things that said powell has addressed an address calmly and coolly and brainard right now will continue to take a backseat with that because the market is going to be looking at the leadership in terms of how fast things happen. right now the transitory conversation of inflation continues to take hold. when they're looking at brainard to get to be focused on whether she has influence in terms of regulations as luca said before. but i really think it might now we may see a shift back into the areas that the market needs to hold like the inside sectors in the transportation and the small caps in the retail sector and not necessarily just the big pic. david: larry summers, former treasury secretary for president clinton was concerned about the wellness of the federal reserve and what that has to do with its

original intentions and even evolving intentions. what does climate change have to do with what the fed responsibilities are? >> has nothing to do with the david if i'm being completely honest. that was my biggest concern heading into this. if brainard was elected she would politicize the office and we are to live in a very divided polarized world out there, left versus right, liberal versus conservative, that's the fed is supposed to operate their supposed of a dual mandate to control inflation in employment. we are controlling employment very well, were not controlling inflation very well. i think doubts what the bond market is telling us right now, rates are going up because they're likely to be a rate hike with powell into the second half of next year. we got brainard she would be focusing to probably let

inflation run extremely high. that would raise interest rates the second half of next year but at least with powell we know that. i think the bond market and assets you need to stay away from. there's no alternative, rates rising you need to focus on the stock market, there's no alternative. it's pretty bullish for stocks. david: just to put a fine point on it administration argues it's a result of the pandemic the fed buying up 60% of all the debt that the treasury issues. it does have something big to do with inflation, does it not? >> absolutely the surging money supply and all of that. it's also been the thing that told of the market. very dicey situation for the fed for sure and certainly what we are going to see going into 2022 is the hope of an economic recovery in the hope that the supply chain issues in the labor

market comes back. until we see those things i don't think that we have to worry about the interest rates too much. but you want to look at what the interest rates are doing particularly in the long bonds versus the s&p 500. the s&p 500 is still outperforming, if backflips we have trouble. if it stays the same i believe that we can see some positive changes for the market going into 2022 unless we do see the inflation go out of control, at this point other than food seems to be somewhat steady. david: it is now november 22, the beginning of november when powell said he was going to pull back on the bond buying. he is buying up about $120 billion a month in bonds and a lot of those bonds, you wonder why the fed is buying any like the mortgage-backed securities. is there any real sign of tapering in the bond buying?

>> absolutely signs of tapering down from $120 billion to $100 billion but going forward before the pandemic we essentially were not buying bonds. artificially inflating the economy. my biggest concern the longer we have anywhere close this bond purchasing and inflating all the markets in the world economy, the bigger the bubble gets. i don't think there's an immediate concern about five or ten years down the road to get scary the longer we do this. eventually the stimulus has to stop we cannot do this forever we have to let the economy grow naturally and take the phone off the pedal soon. with powell being in there and brainard not going in there, powell remaining in office as more likely to happen. david: michelle, very quickly, charlie gasparino was on talking about the possibility that brainard might replace janet yellen issued the partition

treasury secretary, are you hearing anything about that? >> i've heard some rumors of the kind but there looking at her as a vice chair, not only the vice chair of the fed but the whole vice chair entered the dealing with the regulation, i'm not too worried about treasury secretary. i don't think she would be confirmed for that. david: will get more of you coming up in the later part of the hour. gas prices soaring ahead of the busy holiday travel season. the body administration saying don't look at us, look at the oil and gas companies. joining us now price future group senior analyst and fox news contributor phil flynn. we've been talking to each other about this for the past weeks and the president came out and

said. i want to put a quote on the screen. this is what the president said last week at the pump remain high even though oil and gas companies cost are declining. is that true? >> it is true that they are becoming more efficient but that's what businesses are supposed to. the real reason why gasoline prices are going to the roof because oil and gas companies can't get the type of investment that they need. the reason they can't get the type of investment is because abiding a administration and coherent energy policy which is been a antiphospholipid situation. they have been saying we will put you out of business, we want you out of business, we will become more rely on opec and russia and when things go bad will blame the energy company. they are using a bunch of false comparisons to find somebody to blame. if you can't blame opec and that doesn't work, blame the oil companies and free enterprise, we vice will blame capitalism why were added.

david: is coherent, his energy policies as is causing prices to go up. one of the first things he did was shutdown pipelines, increase regulation, particularly for fracking. he cut exploration and drilling, doesn't this increase cost? >> absolutely. if you have less supply and more demand, the costs are going up. i think a larger issue what's going on today is he declared war on opec plus russia and oil work today. there is a lot of talk and speculation along with other countries from the strategic petroleum reserve. that's a band-aid and raising opec in russia which is signaling that they do not, they will cut production. were getting into a war with opec in russia and the biden

administration are depending on us producers hit is going to cause prices to go up even more. biden administration really does understand how these markets work it's making one miscalculation after another in your pain for out of the pump and higher inflation. david: one thing that concerned a lot of people, they may be moving towards price control. a great way to deflect attention from their own responsibilities for prices to go up to blame the oil companies. then to put price control and as we know when you price control, we seen it before everywhere in the world and the united states in the nixon time, it leads to shortages. we would have shortages on top of shortages. >> absolutely that's the first war with price gas. you show me price cast also use shortage. maybe not today or tomorrow but that's a bigger issue of what's going on, you have a party in there that has made decisions

that has disrupted the free market, it disrupted investment, is trying to demonize oil and gas and then you try to fix it with failed policies, it's only going to make the situation worse and were already seen at the pump. david: biden we talked about his attacks on natural gas which has made the air a lot cleaner over the past decade or so. we now have a switch back to coal, we had been down to 20% and providing for energy needs. that has gone up to 24% in the past year a lot of people say because of the attacks on fracking and increase regulation on fracking. america's air could become dirtier as a result, ironically of green energy policies. >> is paved with good intentions, absolutely. not only here in the united states but around the globe you

look at the fast conversion to wind and solar in england, if you look to the closing down natural gas production field in europe, their short supply and they can't get enough clean natural gas, the rely on dirtier fuel like cool, to keep the lights on, the environment is getting worse. when you don't plan up energy transition correctly, you end up making the environment dirtier than it would've been if you let things the way they were. you gotta get back to everything above energy policy. that the markets work they will determine what they're doing is more harm than good. david: if you like the markets work, natural gas came along with the new fracking in our air became cleaner now it's dirtier again partly because of the policies. good to see you, thank you very much. coming up any delay in the spending has alexandria

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they learned how on youtube. what will you learn? david: were back we broke out of the commercial break because we had something happening at the white house. president biden announced this morning that jerome powell is a person he wants to continue as chair of the fed. the vice chair would be lael brainard she's the person a lot of progressive folks in the senate say they would rather have as the chair. elizabeth warren said she would not vow to reconfirm jerome powell as the fed chair. let's bring back luke and

michelle. i might have to break at any moment to turn to the white house and get comments from the president. modern monetary theory i don't want to go into the complexities but it says you can. as much money as you want and it won't cause inflation, most people think is ridiculous. but there's some questions of what ms. brainard thinks about this. luke, d of the details in regards to that? >> essentially that is a theory, we can. as much money and don't have to worry about it. hi talk about this a lot to a lot of people over the past week or so, starting back in the 1940s we started social security, welfare and these other programs and printing more money, the 70s and 80s happen, the federal reserve got more involved in starting pretty money that way and we had 2008, 2009 happen naturally first all the stimulus check and

interest-rate and the federal reserve get more involved in and then we had covid happen to were reprinted trillions and trillions of dollars, the government has got bigger and bigger and it continues to get that way. eventually we have to pull back. the problem is the more sugar you get out you keep giving people sugar you can't take it away. that's the big issue. david: let's go to michelle, i'm wondering influence that ms. brainard will have on the said, on particular and jerome powell steering more to the lesson we have seen during the first year of the biden presidency. >> she's only democrat on the board. david: forgive me for cutting you off in midsentence but here's the president of the united states. >> tragedy that occurred last night during the holiday parade in wisconsin. we don't have all the facts and

details yet, we know this morning that five families entry and eight are facing fresh grief of a life without a loved one. and 40 americans are suffering for injuries, some in critical condition. an entire community is struggling, struggling to cope with the horrific act of violence. last night, people of tran aides were gathered to celebrate the start of the season of hope and togetherness and thanksgiving. this morning jill and i in the entire biden family, i'm sure all of us pray that the same spirit will embrace and lift up all the victims of this tragedy. bringing comfort to those recovering from their injuries and wrapping the families of those who died in the support of the community. we are all grateful of the

extraordinary work of first responders to emergency room doctors who are working around the clock to deal with the terrible consequences that happened last night. my administration is monitoring the situation very closely. but now let me turn to today's announcement. 20 months ago the covid-19 pandemic exploded in america creating the worst economic crisis that we face into great depression. wreaking havoc, not only on our economy but the economy across the world. and just two months, over 20 million americans lost their jobs. unemployment rate shot up to 14.8%. the highest ever recorded in america. all of you remember the scenes, major cities and small towns, main streets that look like ghost towns, boarded-up businesses, empty roads, empty highways and empty airports and empty train stations. offices were closed, schools were closed and hospitals were taken to the breaking point.

when you remember the depth of the crisis that we faced it's all the more amazing, the progress that we've made since then. we've gone from an economy that was shut down to an economy leading the world in economic growth. we've gone from small businesses being shattered to record number of new small businesses starting up. we've gone from a devastating job destruction to record new job creation. don't get me wrong we still have a long way to go to fully recover from all the pain and destruction caused by the pandemic. we are still dealing with a difficult challenges and complications caused by covid-19 because were driving up cost for american families. i know for a lot of americans things are still very hard. but if you look at all the facts, all the facts he could only come to one conclusion. we made in enormous progress in this country. first and foremost our economy

is creating jobs, lots of jobs. in fact we seen a record new job growth in america this year, 5.6 million jobs just sense i was sworn in january the 20th. more jobs created this point in a new presidency than ever before in american history. we have seen a dramatic drop in unappointed rate, from a high of 14.8% in april 20224.6% today. earlier this year end depend experts were predicting it would take until the end of 2023 to see an appointment at low. our economy is pretty new businesses, lots of new businesses. americans are starting small businesses at a record rate of 30% compared to before the big namic. economists will tell you an increase in new businesses is

one of the best signs of an economy and economy more innovative and dynamic. that is because small business owners are just the heart and soul of america, not just the bedrock of so many communities across the country, america's small businesses are the primary job creators, innovators and drivers that power economic progress. that's why it's a powerful statement that we have in our country where our country and our economy is heading. small business creation is surging in america today. it's why i'm proud to say if you look at my presidency so far, it is a job presidency. it's a small business presidency. if you look at the facts his with the record show. record job creation, record economic growth, record new small business creation, that is the story that should give us confidence about the economy we are building.

confidence in herself and in the future. now after years of wages being flat or falling behind, were also seen something else, things are getting better for american workers. higher wages, better benefits, more flexible schedules, balance sheets for american families are better as well. savings are up, home equity is up, credit card balances are down. if you can continue and combine the wage increases we see a direct relief my administration has provided to middle-class families. typical middle-class families disposable income has gone up 2% this year even after accounting for higher prices. that is the kind of recovery, one year after crippling worldwide economic crisis that is unprecedented. it makes us stand out from the rest of the world.

america is only a major economy. only one of the world where the economy is bigger today and families have more money in their pockets today than before the pandemic hit. that is even after accounting for inflation. none of our competitors can actually say that, none. it is a testament to the hard work and perseverance of the american people. it's a testament to the effectiveness of the vaccine and vaccination effort. it is a testament to the economic policy we fought so hard to pass and put in place especially the american rescue plan. it's a testament to the federal reserve, for all the progress we have made, we know we still face challenges, serious challenges. we know there's a lot of fear and uncertainty in the country. we know it's tough for families to keep up with the rising cost of gasoline, food, housing and other essentials. it is not just an american

problem, it's a worldwide problem. it doesn't make it easier for americans but it's a worldwide problem. every country is dealing with the same problems emerging from the pandemic. supply chain bottlenecks, disruption caused by spikes in covid-19. elevated prices, we are all taken a bite out of her family budgets. perhaps no entity plays a more important role in navigating these challenges in the federal reserve. it is the fed's job to kellan balance to key goals. first what is maximum employment, to get as many american working as possible. the second is to keep inflation low and stable. to meet these goals will require patience, skill and independence. that's why today i'm nominating jerome powell for second term as chair of the federal reserve. i am nominating lael brainard to take the position as vice chair

of the federal reserve. when our country was jobs lastyear end panic in the l markets j steady and decisive leadership help to stabilize markets and put our economy on track to a robust recovery. jay believes that the benefits of what economists call maximum employment. that's an economy where companies have to compete to attract workers instead of workers competing with each other for jobs. where american workers get steady wage increases after decades of stagnation. where the benefits of economic growth are broadly shared by everyone in the country, not just concentrated from those at the top. jay said it well last month, he said in economy is healthier and stronger when as many people as

possible are able to work. if entrenched inequities prevent some americans to participate fully in our labor markets, not only will they be held back from opportunity but the economy overall will not realize his potential. those who has historically been left behind stand the best chance of prospering in an economy with plentiful job opportunities. as chair, she took a landmark review to reinforce the mission toward delivering full employment. making strong progress toward that goal now. i believe jay is the right person to see us through and finish the effort while also addressing the threat of inflation that it opposes to our families and our economy. jay and i have had a chance to discuss his views and priorities for the federal reserve in the years ahead. he made clear to me at top priority would accelerate this fed effort to address and mitigate the risks that climate change poses to our financial system in our economy.

extreme weather has cost our economy over $600 billion over the last ten years. we have to make sure a financial system can withstand climate change and prepared to transition to clean energy. the fed must be a leader among central banks globally and addressing climate related financial risks. he is also underscored the importance of the fed taking a more proactive role in the months and years ahead making sure our financial regulations are staying ahead of emerging risks from innovation and crypto currency or the practice of less regulated non-bank financial institutions. having served as vice president during the depths of 2009 financial crisis, having workup president obama stronger financial rules of the road, i understand the stakes ever regulations falling asleep at the switch. jay along with the other members of the fed of the board that i

will nominate must ensure that we never get exposed our economy and american families to those kinds of risks. i respect jay's independence and i also trust that he will follow through on his commitment to prioritize these issues. with the skill that he is shown in his service to date. now some will no doubt question why every nominating j. with a republican predecessor why am i not picking a democrat why am i not picking fresh blood or taking the fed in a different direction, put directly, at this moment both enormous potential and in enormous uncertainty for our economy, we need stability and independence of the federal reserve. jay has proven the independence that i value in the federal chair and in the last administration he stood up to political interference and in doing so successfully to maintain the integrity and credibility of this institution.

it is one of the many reasons why jay has a support across the political spectrum. in 2018 he was confirmed with 84 votes in the united states senate. his approach as fed chair has earned the respect and support of groups from the afl-cio to the business roundtable which brings me too one more reason i have chosen to renominate j. i believe having fed readership with a broad bipartisan support is important. especially now and such a politically divided nation. i believe we need every thing that we can to take the bitter partisanship and take politics out of something as important of the independence and credibility of the federal reserve. this is vital to maintain public trust and independence intuition like the federal reserve. that is why i am so proud to nominate doctor lael brainard to serve as vice chair of the

federal reserve. by promoting doctor lael brainard one of the countries most qualified and dedicated public servants, she is one of the nations leading macroeconomists, she spent years at the treasury department representing american capitals around the world on international economic issues. she spent nearly the last decade as a member of the fed most recently working side-by-side with jay as the fed navigated historic economic and financial crisis. in reaffirmed his commitment to full employment economy. throughout her time at the fed lael brainard has been a steadfast voice for tough girls to protect the pensions and savings of the american people. she led the fed's efforts to make sure banking system serves everyone in the communities that they serve so regardless of where you live or your background, every american can have access to credit that they

need to start a business, buy a home and just have a fair chance in life. she has done pioneer work on how the fed should account for the emerging risk of climate change to our financial system. unlike jay her expertise in leadership has earned the respect and support of republicans and democrats alike. i'm proud to nominate her to the vital role of vice chair of the federal reserve. beyond jay and lael brainard i look forward to the coming weeks of nominated additional members of the federal reserve board of governors according the new vice chair of supervision. these individuals will safeguard our financial system and alongside jay powell and lael brainard's leadership to support historic economic recovery while jay powell and lael brainard bring stability to the fed my

additions will bring new perspective new voices. i also pledge that my additions will bring new diversity to the fed which is much-needed and long-overdue in my view. last year the pandemic shut down much of the goble economy. now there's a worldwide reawakening that is created an incredible opportunity and tough challenges. as economies across the world come back from this pandemic america is leading the way like every country in the world we have to deal with these issues of rising cost but we should remember we had the skills and tools to get under control while other countries are stumbling out of the spin to make we are racing ahead because so much of the rest of our economy is doing well. we have created so many new jobs as fast as we can. we are in a position to attack inflation from the position of strength, not weakness. in times like these, we need study tested principal leadership to the fed.

we need people with sound judgment improve encouraged to preserve the independence. and we need people with character and integrity who can be trusted to keep their focus on the long-term goals. for our country. i am confident jay and lael are those people. i would like to get j in lael to say a few words and we will start with jay and then i will turn to lael. j the floor is yours. >> mr. president, thank you for this extraordinary opportunity to continue to serve the america people. if confirmed by the senate i pledge to do everything within my power to meet the responsibilities that congress has entrusted to the federal reserve. i am joined today by my wife

alyssa, and her three children susie, lucy and sam and sam's wife. it makes it possible that i do. i am also grateful to the exceptionally talented and dedicated team at the federal reserve with whom it's been my great proliferates to serve over the last decade. my predecessor, secretary janet yellen left the fed in a strong position to meet every challenge and i'm thankful for her leadership, her example and friendship. when covid hit our shores, making families and businesses were ten years into historic economic expansion. with a robust jobs market reaching even those who had traditionally been left out. the pandemic, however, brought an immediate and painful recession. fortunately, american resilience along with strong policy actions and vaccines that enable the economies reopening cushion the blow to set the stage for strong recovery.

today, the economy is expanding at the fastest pace in many years. carrying the promise of a return to maximum employment. challenges and opportunities remain as always. the unprecedented reopening of the economy along with continuing effects of the pandemic led to supply and demand the balances, bottlenecks and a burst of inflation. we know that high inflation takes a toll on families especially those less able to make the higher cost of essentials like food, housing entrance for tatian. we will use our tools to support the economy in a strong labor market and prevent higher inflation from becoming entrenched. other key priorities include diligently regarding the financial system. addressing evolving risk from climate change in cyber attacks and facilitating the monitoring station of the payment system while protecting consumers. i look forward very much to continue to work closely with my colleague of the past seven

years lael brainard as the fed conference season other issues. lael brings talent, wealth of experience and good judgment to our work. inside the federal reserve we understand our decisions matter for american families and communities. i strongly say share that sense of mission and committed to making those with objectivity and integrity based upon the best available evidence and the long-standing tradition of monetary policy independence. mr. president, thank you again. >> now i would like to call one doctor lael brainard. >> mr. president, thank you. i am deeply honored that you're entrusting me with this responsibility at a critical time. i am committed to putting working americans at the center of my work at the federal reserve. this means getting inflation

down at a time when people are focused on their jobs and how far their paychecks will go. it means supporting a growing economy that includes everyone. ensuring that financial markets are thriving and resilient in the economy is sustainable for future generations. it means serving all americans in every community across the country and ensuring the federal reserve reflects the diversity of the communities we serve. i was privileged to work with chair powell as we made every effort to protect workers, businesses and families from the covid financial shock with the support of congress and i look forward to working with him in the months and years ahead to build a durable recovery. i also want to thank secretary janet yellen who i've been privileged to work. i am grateful to the many people that supported my efforts as a working mom, i'm especially grateful for the love and support of my three dynamic

daughters, kalin keira and coco who took the afternoon off from school. my deeply devoted husband kurt, aunt vivian, my sisters and my amazing mother joanne who is here with me today. i'm confident working together we will see a strong recovery for all americans. thank you. >> folks, that is it. i hope you have a happy thanksgiving. i think the families of the two nominees for willing to support their work and what they have to do will be long hours that you already know, long efforts and i think the families. thank you all. [inaudible] david: there you have the top of the fed jerome powell who is the head of the fed for many years now and lael brainard who will be his vice chair, she is a very

important position in the federal reserve, she did before but now even more so. a lot of people suspected she may have been the pick for the chair of the fed but the president deciding to keep things the way they were. as you can see from the bottom right the marketer glad he did. let's bring back lou cloyd and michelle snyder to talk more about this. i had to say something in the form of a correction of what the president said. years of wages falling behind referring to the administration before his. the median real household income increased by 6.8% in the last year, 2019 before the pandemic kicked in, that was $4400 increase in 2019 not be the median real household income of $68000 a year one of the highest ever. so in fact things are doing

quite well before the pandemic, a lot of people argued because the tax cuts under donald trump and the regulatory cuts, et cetera. one must have to mention that wages have been going up but inflation is cutting the legs off with the increases of inflation being higher than the wage increase itself, go ahead michelle. >> certainly no one should be surprised of any president touting their accomplishments even if they distort some of the facts once in a while. i have to say listening to both of the speeches, all three of the speeches actually. somewhat of a clock enterococci optimist. if you have a diversion people can come to the table together, then hit his possible that we can have not only powell who has been very cool mind but we could have some ideas of some of the things that have hurt workers in

the country besides the statistics you decided. we know inflation is hurting. it is possible that could be a good balance. we hope i'm going to be an optimist. david: let me get luke in. we had doctor brainard come out and say inflation was one of her top priorities, cutting inflation was one of her top priorities. do you suspect that she will get serious about that with regard to rates? >> i think she'll get serious because powell is the chair. that's a fact of the matter. i think biden is tooting his horn too much. he is taking way too much credit for what is currently happening. we seen the small business that's not what i've seen why are we raising taxes on small business and why are they struggling to hire workers. he's administration of free money. looking about appointment benefits is given out and because the issues that are happening.

he said america is bigger than it was before covid. we did spend trillions of dollars and that's what happened when we do not have to pay for that down the road the taxes that he wants to rates, wages are up since last year, that is correct but just for inflation at the upper earners making more discretionary income. he said the word median if you take a look at the median you might have to present more discretionary income but the lower class and middle class are still hurting. one of the only positives come out of this administration so far is the reappointment of jay powell that currently happen. david: the president was touting his success and small businesses the creation of small business, he did not mention how many went out of business as a result of the pandemic and a lot of those are just coming back. a lot of small businesses are being killed by the allotted million unfilled jobs it so difficult for bigger business has more capital to increase wages.

small business does not have that leverage. in the 11 million unfilled jobs figures really cutting into their ability to hire the workers that they need. >> absolutely. i don't like to get so much into the blame game there has been so many factors out of his control. small businesses have been suffering for quite some time. even during the last administration because of automation and people trying to work from home is not something that just started it accelerated during the pandemic and the pandemic created the stimulus and people not wanting to go back to work in the hospitality industry in the nation bins coming in as well and not to mention the big corporations taking over a lot of small businesses, look at the booksellers, local booksellers got killed because the book companies like amazon. it's very complicated when you look in all the be situations you say this person is to blame

or this policy is to blame the bigger picture look what's going on in the market there was a lot of due sayers about what was going to happen with the stock market and we continue to rocket to new highs, even though there is a bit of distortion i'm not even talking about the economic disparity but in terms of retail investment they have increased. yet to look at the whole picture in making choices for yourself. david: anybody betting against the market in the last administration or this one i remember paul the night that donald trump was elected in 2016 say in the market is going to crash and never recover so people have been wrong on both ends of that. great to see you both thank you for sticking with us. more "coast to coast" straight ahead. we'll be right back.

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david: as president biden's agenda passes in the house the congressional budget office suggesting beefing up the irs may not be the multibillion-dollar lifeline democrats are banking on hillary vaughn his and capitol hill. >> the c.b.o. actually saying they will come up with $200 billion short because the white house is estimating a

$400 billion from beefing up the irs. that is realistically only $200 billion. republicans worry beefing up the irs means americans are going to get audited a lot more, biden is betting on part of this for his pay for the back better agenda by giving irs 80 billion and more funding for id 7000 more irs agents. >> the elements at agents making sure the irs has the tools to have americans pay the taxes that the area. these expert to decades of experience looking how the tax system works have said if anything there too conservative. if anything were likely to raise more revenue across time. >> house republicans say beefing up the irs means they will have to audit average americans to come up with the cash

republicans same with the beef up irs one point to million audits will happen every year end half of those will be on americans making up to $75000 a year, even lower income americans with seymour audits according to the estimates even those making less than $25000 a year. >> hires 87000 more irs agents to go after average hard-working americans bank accounts to make sure they are paying their so-called fair share. is it extremely intrusive whether a $600 or $10000.70's bank activity, they're coming after you. >> this is not a done deal the senate has to pass the legislation for this to become law. there many senators even democratic senators i have concerns with this idea. david: super sizing irs does not sound right. thank you very much, deadline day for thousands of tsa employees to get vaccinated ahead of the busy holiday travel

season. madison is at newark airport with what you need to know about this. >> the deadline is today for the tsa workers to be vaccinated during one of the busiest travel weeks of the year but we have some good news for travelers who will be taken advantage or getting home during this holiday season. tsa tweeting 93% of the workforce is compliant with the vaccine mandate. after those on compliant tsa telling fox business the unvaccinated employees will be educated on the vaccine hand for the time being will be paid and able to work. despite today being the deadline unvaccinated workers are still

in the job, this is all happening at the busiest travel time of the year tsa expects to spend 20 million travelers this thanksgiving week. the recommending arrive two hours before their domestic flights. people we spoke into at newark housing delayed flights and long lines. >> right now is pretty smooth, i checked in online and i have a bookbag because i did not want to do the lines, look how long it is. >> one more hour than i normally would and it smooth right now. >> we got here on time but our flight is delayed 45 minutes. >> for the travelers today they are lucky because the busiest part this season has not happened yet, the busiest travel day for thanksgiving are tuesday, wednesday and when everyone returns on sunday. if you are traveling during those days, you definitely want to make and more time to make sure you get to the thanksgiving table on time. david: by the way i see everybody including yourself wearing masks, i guess that goes without saying if you're traveling in the airport you have to have a mask on inside airport, right? >> yet mask on an airport and on the plane. those are the issues that have

delayed flights in the past so tsa urging people to follow the rule because if they had to deal with noncompliant travelers it will add more time. david: thank you very much, we appreciate it. good news for the housing market. existing home sales posting a surprise swing to the upside, up .8% to the highest level since january, that is great news. more cavuto "coast to coast" when we continue ♪ ♪ ♪ ♪ ♪ ♪

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truist. born to care. david: well the dow is jumping ahead today after posting two straight weeks in the red. nasdaq is just the reverse. nasdaq is in the red today. of course it did spectacularly well at end of the week. toss to charles payne it says right here. how but doing, my friend. charles: it is a wonderful time to be alive and always a great time to be an american. david: god bless you. charles: see you soon. i'm charles payne. this is "making money." the market cheering that he is sticking with president biden sticking with jerome powell as fed chair but jeering at inflation. could we be moving toward a period of hyperinflation? i will ask art laffer later in the show. what is good corporate citizen. taxes paid or jobs created?