will spoil it. you didn't tell us. we appreciate that. >> do i get anything for winning three weeks in a row? stuart: kudos? >> i have a gift basket for you. [laughter] stuart: i'll buy some spam, and i'll bring it in for you -- [laughter] ♪ >> i knew i loved my job. my dream job. stuart: time's up. neil, it's yours. neil: i have no way to top that. [laughter] all right. the spam thing i agree with, the right to left, i don't know. finish thank you very much, my friend. have a good, good weekend. all right. we are taking a look at the corner of wall and broad where the dow is sprinting ahead right now despite some pretty serious news on the inflation front, now running at least on the retail level, at the you and me level, the highest clip since ronald reagan was president. we're going to get into that, but that is getting people nervous, again, as they say, the market has a funny way of showing it. of course, this was well telegraphed that we'd get a strong number, and it's living

up to that hype. edward lawrence now with more from the white house. >> reporter: hey, neil. the president, the white house is downplaying those inflation numbers, no shock there. they are trying to, well, understand americans' pain. they're also asking for patience related to this. now, in a statement, the white house released this from the president of the united states. he says even with progress, prices increasing continue to squeeze family budgets. we are making progress on pandemic-related challenges to our supply chain which make it more expensive to get goods on schells. i expect -- shelves. i expect more progress in the weeks ahead. there's no denying the numbers and that president biden's policies leading to this number is where we are. the cpi, the last time it was 6.8% was june of 1982 when the movie "e.t." was released. the last time core cpi inflation, without food and energy costs, was 4.9% was june of 1991. so white house economic advisers trying to point to the fact that wages are up.

>> one of the things that we like to point out though in that regard is if you actually look at people's incomes, they're about $100 per month above where they were a week ago, and that has a lot to do with many of the relief measures that this president has signed into law. >> reporter: only issue is that wages are rising 4.8% over the past 12 months, but inflation is up 6.8%. so just look at what we're seeing in the grocery store. cereal, bakery products up 4.6%, meat, chicken, fish, eggs up 12.8%. fruits and vegetables are up 4%, and if you want to go out to eat, full-service meals, well, they're up 6%. republicans saying there is one cause for all of this, president biden's policies. >> this administration is failing across the board. they're failing in our immigration policy and in securing our border and just insuring our own sovereignty, they're failing when it comes to the basic checkbook issues for american families, and then they're failing on the international stage. >> reporter: things don't get

better when you're trying to heat your home. home heating oil is up 59.3% year-over-year, and i don't have to tell you, neil, it's winter. neil: indeed, it is. and it is that kind of intrepid reporting that sets you apart. [laughter] from everyone else. edward, i love you, my friend. edward lawrence, very good sense of humor too. in the meantime, we have gerri willis taking a look at why stocks are up as inflation's up so much. it doesn't make sense, but help me with it. >> yeah. just when you think you understand everything about stocks, right, they go and move hire on a big economic data day. they are higher today as investors express relief that the inflation numbers weren't worse. it's all a game of expectations, and the fact the data wasn't higher than expected, well, that was a good thing. there's also this, today's high inflation numbers show that consumers are still competing for goods, buying, that is, and sending prices higher. that's also borne out by the

university of michigan's gauge of consumer sentiment. the index rose 3 points to 70.4, beating estimates and lifting, get this, off a 10-year low. leading the way in the markets, technology. apple shares hitting an all-time high, on pace for a record close if it's above $175.08, and i believe it is above that right now. we, of course, will keep an eye on apple shares. other top dow performers include microsoft, honeywell, salesforce, cisco and procter & gamble as investors opt for these names. dow losers include goldman sachs, amgen, caterpillar and disney. consumer discretionary and financial sectors lower. today's inflation reports show gas prices up 6.1% for the second month in a row. and, look, there's no guarantee that stocks will continue to rise as prices rise. in fact, it's a bit of an anomaly today, and remember, the

cpi report is only likely to push the fed to move more quickly to tighten down the reins. neil, back to you. neil: charles payne is here, "making money," host. that fine show comes up right after ours. i'm sort of like your opening act. [laughter] you and i are probably the only -- >> yeah, yeah. neil: what do you make of the market's reaction, first off? >> i think part of what gerri was saying was participant of it. yesterday the nasdaq got shellacked, the anxiety it was going to be a much higher number. i was thinking 7, even higher. is so i think some of it was, this is sort9 of a sigh of relief, you know? if listen, powell's already said he's going to, you know, move toward a quicker tapering, we know that. that's not news, per se. it's news for changing of narratives that really moves the market. i think the other thing too, not just the stock market, i think the more curious is the 10-year buying yield. neil: incredible. >> neil, this is so crazy.

i'm going to go through this on my show with michelle gerard. forever the 10-year and inflation moved in tandem. it's like watching two squirrels chasing each other up a tree. right? it's a wonderful thing to see. inflation has gone parabolic, and there's the 10-year yield -- neil: do you think it's short-lived or what? >> i don't know. so even as curious as stock market is, what the heck is the bond market telling us in i'm really kind of worried, and i'm not an economist. every time they tell me to shut up and be quiet -- [laughter] because i'm wondering if the bond market is saying we're going to have a dramatic slowdown next year with respect to the economy. and i think that's ironic because it's going to put jay powell, if it does happen, in a pickle, you know? raising rates in an economy that's already on the way down. neil: i'm wondering too if they're factoring in the possibility, maybe hope for them, that build back better never comes to pass --

>> right. neil: -- and that all that extra spending inflationary pressure never materializes, what do you think? >> i think that's a large part of it, no doubt about it. and every time we hear more about true cost and the true adds to the deficit, the further away it comes to being to fruition. i do want to point out gerri also brought up the consumer sentiment report. that's an amazing report also. i went through it, and what was amazing about it, we had a nice bounce in it. it all came from the lower third of household incomes. the biggest spike it's had since going back to 1980. and so, and what that kind of says is, you know, lower-end folks are getting raises, and they're feeling a little bit more optimistic about where they're going. but they have to get it because, you know, real wages -- and jared bernstein, you've got to love him, hat and all, he's one of the smartest guys out there, and he's praying none of these reporters ask him the real question. okay, you're brag about nominal wages going up, but real wages

we learned today last month went down 1.9%. neil: in other words, paychecks are going up, but so too are the prices for people to pay for stuff. and i'm just wondering, you hear in these various reports, i think there was an article in the times today outlining the fact that the stag nation argument is -- stagflation argument is wrong. the slowing economy is not. how does that reconcile with the 10-year? >> i'm not sure. i do know that the real, the real yield for stocks, the real return, and bank of america made this point yesterday, is sharply negative, right? and that this is only the fourth time that this has happened in history. right after that we had bear markets in the stock market. neil: right. >> that's what i thought about because the 1970s is one of those periods, a stagflation period. but it just kind of comes down to the idea you go into a store,

you get more money, but you come out with fewer bags. even the federal reserve, how much, how aggressive can they be right before midterm election? neil: yeah. >> i think the stock market might be rationalizing things that the experts aren't, that the fed won't be as aggressive as a advertised -- neil: well, that's their history. they talk a good game. >> and, by the way, that's a tool in their box, possible ato jaw -- possible able to jawbone to a degree. maybe we should give jay powell for getting us to a point where we're expecting these numbers. neil: things different now, protected for another four years, he can kind of, you know, do what he wants. >> there's to -- no doubt about that. i don't know if they had him in a vise grip when he went to visit the white house -- [laughter] i'm not sure. but if you read his statements when he was renominated, you would have thought, you know, the moscow-trained economist

wrote it. he put climate change in there, he had social justice in mr.-- neil: you're right about that, yeah. >> so he's saying the right things. the word on the street is jay powell will change, to your point, after he's confirmed. but remember, jay powell came into this job, he's not an economist. he went by the old federal reserve playbook. okay, i'm just going to follow the playbook from 2008, and he followed that, almost wiped us out. neil: hiking rates. president trump was all over him. >> i think he said in an interview he walked past a homeless person and something changed within him. he changed his mind about a whole lot of things, and he became the jay powell 2.0. so jay powell 3.0, no one sure who he's going to be, but i don't think he's going to go crazy, back to the first version. i don't think he'll be raising rates on things normally a fed -- neil: he could speed up tapering, right in. >> yeah. the tapering thing is in the books. neil: the market seems fine with

that. >> we know that it's coming. it's not a surprise. it's only the surprises or bigtime changes and, you know, the sort of macroeconomic things that the market worries about. neil: where are you, finally, and i'm going to raise this with gary kaltbaum, who's here -- elvis is in the building. >> i walked out, five bodyguards -- [laughter] neil: oh, yeah. his people have people. i'm going to ask him the same thing i'm asking you right now, there's an argument this is not an obscenely rich market because earnings have been so strong that it justifies -- >> right. neil: -- where we were even after three years of double-digit advance have. to you agree with it? >> it's a fact. if you use the pe ratio, it was around 24, now it's closer to 20. neil: that's still high. >> it's still high. i think the big story of this market and it's not told because t not reflected in any of the major indices is that we are in the middle of a massive crash unseen in technology stocks since the tech selloff.

i'm talking postally though nonprofitable -- mostly nonprofitable technology, peloton is one you would talk about -- neil: do you extend that to the amazons? >> no, no. that's why -- they're not in the s&p, they're not in the dow, we don't see them in the major indices. it is aen monster -- neil: wouldn't that spread? >> that's what i think they're worried about a, but it hasn't spread. i think it's overdone, and we could actually -- so what i'm saying is that the market is using traditional valuation metrics, cheaper than at the beginning of the year, but there's parts of the markets that have actually boil down to, you know, they're getting crushed, annihilated. neil: all right. i can is you this all the time. i'm a new investor, seeing all the excitement, it's ard to repeat for a fourth year, but i want in. what do you tell me? >> get in, maybe baby, get in. right now eq is far more important than iq. it's all about emotion. when this whole thing was coming

up with drones, and we used to talk about it especially on "varney," i told everyone to buy this stock, amp rell la. the stock went straight down and sideways, and last week it popped bigtime. i sent my broker an e-mail, do i own this? he sent me an e-mail back, yeah. i'm up 300%! neil: wow. >> and i forgot about it. but i loved the story, and i believed in the value proposition, so i bought it and put it on the shelf for a reason, and i think that's what people have to do with a lot of these names, particularly the sexy names -- neil: you're not one of those that see checks every minute of every day -- >> the stocks i own, i try not to. if i really plan to own it, i don't have it on any screen, i don't think about it, and i forget about them until i get a phone call. neil: that's called wealth. [laughter] >> or craziness. [laughter] neil: you are so wealthy. up 300%. >> he sent me back an e-mail, you forgot you owned it?

[laughter] neil: can i buy a country? charles, one of the best human beings on the planet. and the aforementioned gary kaltbaum also in that category. he is here. i didn't with even know that. looking toward to that and gary after this. ♪ ♪ excuse me me while i kiss the sky ♪♪

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neil: all right, we have been followig the spike in crime going on across the nation. with by the way, in chicago has been blame for not doing more to combat it. ing kelly o'grady is taking a look in san francisco with what's happening now to counter all of this. kelly. >> reporter: hi, neil. yeah, i'm in san francisco in union square, heart of the city here, and these retailers have been the victims of some of the worst instances of retail crime in the country. last night i was walking around, grabbing dinner, and it's eerie. you've got armed guards in front of the stores, you can see the

boarded-up windows at the louis vuitton behind me, barricades on a number of streets, and in chicago mayor lori lightfoot is blaming businesses for not doing enough to secure their stores. but critics put the blame on anti-police policy which has spurred a wave of retirement among veterans. here in san francisco they're outsourcing to private security firms and spending hundreds of thousands of dollars to do it. we actually embedded ourselves in one of these private security units this week and went on a ride-along with some of the officers. they tell us this is the worst crime they've ever seen. the problem was bad before, but now they don't know what someone would be capable of. >> when i first arrive on properties i've seen people have weapons on them when i approach them at nighttime in parking lots, it's pretty unpredictable at times. yeah, you can never really tell what you're going to come across as security or police nowadays. >> reporter: while big retailers can afford to hire

private security, small businesses not, you know, can't always afford that a luxury, and they're being left to fend for themselves. they're not only losing money from theft, but they fear for their staff and consumers. bp security services are telling us a lot of their retailers don't want to provide an in-store experience with armed guards, but for now even according to big city mayors, that is just a cost of doing business as sad as that may be, neil. neil: kelly, thank you so much. she's been all over it, following it from san francisco. in the meantime, the markets' resilience today is all the insider selling by some of the richest people on earth. you probably heard elon musk has sold another $963 million of tesla stock. i think that brings his total over the last month to or better than $10 billion worth of selling here. still, he has quite a few shares, so don't cry for him here, and the stock is obviously

doing fine on word that he also exercised some stock options to purchase an additional little more than 2 million shares. so it's offset by that. but i was actually doing homework for this knowing that my buddy gary gary caught back up would be here. between -- gary kaltbaum would be here. collectively, gary, they have sold about $63 billion of stock since last year at this time. so that's up about 50 percent. should we worry about that? the rule of thumb seems to be9 if the insiders are selling, you should be worried. >> one of the biggest characteristics of approaching rough markets is insider selling, but it's not just the individuals selling. it is the massive amounts of ipos. that's companies selling. the record amounts of secondary offerings. i can't even keep up with the amount of secondary offerings in the market with companies that are already public putting out more stock. the spacs --

neil: right. >> i could go on and on. this is all what i call late-stage bull market characteristics, and when you throw in the rocket, it's a rocket ship of leverage, straight up, people borrowing money to get into the market, it's eighth, ninth inning. and charles is right, he's worried about next year. i'm pretty sure we've got a bear market in '22 which would not be the worst thing in the world -- neil: we've had, like, 10 minutes of bear market, right? >> exactly. and you really need it. bear markets do something very important. it wipes the smiles off the bulls' faces, it brings valuations down to the norm, it takes froth out, and a lot of the craziness, you know, charles talked about all these stocks that are down so big this year. there's tons of stocks not being talked about down 70-90%. neil: half of the s&p 500 already close to bear market,

what does that normally predict? we've had those periods where this happens, but it usually doesn't last very long. what makes you think '22 is the year, you know, we meet our fate? >> just everything coming together at once and the forcing of jay powell to make some moves he doesn't want to do. believe me, he doesn't want to taper. he'd rather print more money, but the inflation if scenario, i think they've gotten to their little boardroom and decide after they played galaga and space invaders, they decided we have to do this or else because i've got news for you, inflation's up there. you do not want a leg up from here, inflation, or heck breaks loose. neil: there's another camp that says we're going to be -- forget about the 2020s, it's going to be like the 1920s. and we know how the 1920s ended, but it was a hell of a ride prior to that for decades. so there's a camp that says look at what's happened to all those who doubt the longevity of this bull market. they've had their heads handed

to them. so this will continue because now as charles payne was saying, you know, the valuations are not that extremely out of whack. what do you make of that? >> my answer to that is go look at a chart to have the nasdaq from 2009 when we started the money printing to today. it's pretty much straight up. neil: yeah. >> so i think we're overdue on a -- neil: isn't that isolated in some big names? >> yes, but it is what it is. and, again, i like bear markets. it really isolates the strength. you get to tell what real -- what companies really stand out. then you get the fly by nights go by the wayside. and, again, once you wipe out the froth, it sets the stage. every time we get a bear, we come out of it and then another bull market. neil: what to you tell clients? at this point you tell them, all right, i see some clouds, and you sort of guide them based on their lifetime frame or how soon they neat the money? what do you -- need the money? >> my money is taking me into

mega cap tech which is still hanging in there like a rock. the problem is i or worry that all this selling of everything, that's the big institutions parking their money in the most liquid areas of the market so when they need to sell, apple's got 16 billion shares outstanding. it's easy to sell that off. so i think there's a component of that going on. neil: an all-time high day in and day out. is that a separate story? >> they're just category killer, magnificent companies. neil: so if you're in those, stay in those. >> for right now. tesla i'm not so sure because musk, i mean, says some weird stuff. but god bless the guy. he has created a massive amount of wealth. neil: sorry to jump on you, but accountants always say, well, this is for tax purposes. you think there's something more going on. >> that's the decision making. when you see a few of them, no biggie. when you see a bunch of to them, you think. and when you see everybody --

and i mean everybody -- the amount of selling, i get the ftc records every day that come in, there's hardly any buying. that's number one. that's another part of the equation, and just massive amounts coming out of not just directors, but ceos, cfos, chairmen of boards, things like that. again, one of the components of late stage. but we'll just keep playing the market until it goes bye-bye. the one thing i've done best in the last year, i'm a growth guy, i couldn't buy any growth stocks. they all started breaking down left of and right whether it was the covid-related like the pelotons, but there's a lot of mid cap towards -- neil: what about small cap? i had a guest on the other day who said he was buying the russell 2000. what do you think? >> they're still lagging of. neil: yeah. >> i'm a big believer in what's happening now, and the small caps can't get out of their own way, and they've just been sitting for 11 months. they tried breaking out a few weeks ago and failed. the big money's been made in the big caps, and all you have to do

is overlay a chart of the s&p and nasdaq versus the russell, you'll see a stark difference. neil: that's very interesting. gary, thank you very much. good seeing you, my friend. gary kaltbaum, good to keep track of his people who keep track of their people. in the meantime, we have the former top adviser to barack obama, what he is seeing on the inflation front that he says bears watching, after this. ♪ ♪ dependent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

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♪ neil: all right, we have only a couple of weeks in this city before bill de blasio goes. now, depending on your point of view, that's reason to celebrate. others are saying we just don't know about the guy who will succeed him, eric adams, a 20-year veteran of the police department, but the mayor-elect has made it clear he wants to get this city back hopping and fast.

charlie gasparino has been following all of that, joins us now. >> i've been combing the commercial real estate sector. i have sources that know a lot about what's going on, and and here's the amazing thing. even -- despite the fact that jamie dimon at jpmorgan, james gorman at morgan stanley, david solomon at goldman sachs are saying we want you back in the office, you would think the city would be -- commercial office space would be filled right now. it's not. from what i understand, it's up to at this point right now, it's still up to 80% vacant, okay? now, if you look outside, looks pretty crowded, but apparently in the offices it's not. neil: reinstating some of these pretty tough rents, right? it depends where. >> well, it depends where. and on the commercial, the commercial problem is a little different than the residential. neil: understood. i was talking commercial. you're saying finish. >> by the way, here's the problem that eric adams has, without people fully back to the office, the service sector in

new york suffers dramatically. tax revenues go down, and he knows, so he is redoubling efforts to try to get people back. he's running into the various variants of covid -- neil: i think crime. he gets that under control -- in a's the last thing i'm going to say. the second thing is he's running into the fact that people just like working from home now. and here's the problem with wall street and any of these service sector businesses, there's such a need for talent they can negotiate work from home conditions. neil: right. >> so you can go to your boss and say i want to work from home for two days a week at least. they might say yes, and that hurts them even more. on top of that, it's crime. if a homeless guy can walk in the middle of midtown and light a tree on fire like happened to us a couple of days ago, you have a huge crime problem in the city. by the way, it's not a homeless problem because these people are, most of them are mentally ill, to be honest, or drug

addicted or both. and unless adams gets that under control, it's all bets are off because people just don't want to get mugged on the way to office. now, if he gets crime under control, big plus, obviously. neil: huge. >> he's going to have to convince people, because people got used to working from home, to come back to the office. neil: absolutely. >> and i'm telling you, if you talk to executive recruiters and the commercial real estate people, this is a bargaining chip. if you're -- listen, if you're a hot sort of advertising exec, you could work at any place, a lot of places that you want, and you want to work two days at home, if you're a really to great broker and you tell james gorman i want to work from home two days a week, he'd probably let you. neil: as long as the money keeps coming. right, right. >> so that's the problem they have. and how does this cascade to the economy? just one more point, banks have exposure to commercial real estate because they make loans,

they lend to people to build these things. if they remain 30% vacant after the leases expire which is in 3-5 years, you could have a debt crisis with banks. so that's how important -- neil: one thing feeds off the other. charlie, very good seeing you. have a wonderful weekend. going to any restaurants? >> i'm cooking tonight. i'm making eggplant parm -- neil: what time do you want me over? if. >> oh, and i'm making spaghetti with marinara sauce. neil: yeah, understood. it's got meat in it. remember judge napolitano? i'm inviting him over on sunday for dinner. rigatoni and sausage. neil: okay. i don't know if jason furman is on charlie's list of invitees, but that would be an interesting round table. the former barack obama economic adviser with us now. jason, good to see you again.

thanks for coming. >> good to be here. neil: we were just talk earlier about the troubles with this post-pandemic world and the accompanying inflation, looking at how the biden administration is responding to that. what do you think? >> you know, there's two things that are happening simultaneously. last week we got news about the unemployment rate falling dramatically, labor force participation picking up. this week we learned about the lowest unemployment claims in 50 years. that's all really good news. and then today we got some really bad news about the very high inflation rate and very broad inflation rate that is hurting families across the board. neil: do we need then -- you hear this a lot, particularly from republicans, you know, $2 trillion worth of additional spending that could worsen that inflation aggravation? >> i like build back better because i think investments in preschool, childcare and clean energy are important. i respect that a lot of

republicans have a different evaluation of those programs. i don't think anyone should really be debating the inflationary impact of that. it's going to be relatively small over the medium and long term. the fed can offset it. it's largely paid for. so i think the whole inflation debate is a red herring that's being used because it's the most convenient argument. let's debate on the merits, is a good or a bad way to invest in children, for example. neil: yeah. people look at other parts and whether it really will make that much of a difference, but leaving that aside, i am curious what you make of how this has progressed under the biden administration, first dismissing the inflationary problem or seizing on what could be just a temporary drop in energy prices owing more to do of late with the omicron virus and the skittishness that resulted from that. and now recognizing that americans going to the grocery store and other stores are seeing it for themselves.

i mean, have they mishandled this on an eq front? >> maybe on an eq front they have. you know, six months ago i think they could have been doing more to talk about the pinning of inflation and less to talk about how inflation was transitory. in fairness, most forecasters did expect it to be transitory. i didn't expect it to be transstory -- transitory, but a lot of people got it wrong this past year. i don't see what they can do about it right now. it's really at this point the fed's job. the fed needs to pivot, the fed needs to stop loosening and start moving towards tightening if we're going to get inflation under control. neil: i think you right about that. god knows i hear from viewers when i say you can't blame all of this inflation on joe biden, and, of course, having said that again, i'll get still more. but my point was and is when you come out of the pandemic when essentially the whole economy was in park, any pick-up in

activity is going to seem jolting and with it, you know, the commensurate pick-up in demand for limited supply. so that is neither this administration's fault or that of the prior one in the middle of the pandemic. having said that though, the question then becomes what, if anything, can be done, you know, within the executive branch or the legislative branch, or is it all on monetary policy to reverse this? what do you think? finish. >> i think it's mostly on monetary policy to reverse this, and monetary policy can work on a kale of 1-2 years -- scale of 1-2 years, and people are feeling pain on a scale of 1-2 months -- neil: i'm sorry, are you saying that this inflationary situation goes on 1-2 years? >> i'm i saying the fed makes changes now, that that would affect inflation one year from now -- neil: i keep jumping rudely, i apologize, but you have the 10-year now 1.46%, and a little

more than three weeks we were around 1.70%, the bond market seems to be saying it's not inflation that's the problem, it's the slowdown that could be. what do you think? >> yeah. i mean, the bond market is a strange creature always, especially true right now when the fed is still playing such a big role in the bond market to make it harder to interpret the signals. but definitely when you have the short end of the curve has gone up, the long end of the curve has come down, that's a reason to be a little bit scared -- neil: usually presages a showdown. usually. do you think we're in for a slowdown? >> i hope not. look, we're going to have some slowdown, right? this year is turbo-fueled growth. we're not going to have this level going forward for this very good reason. we're going to be closer to where we want to be. i'm worried about riskings to the economy, but broadly speaking on the real economy i

feel good. it's inflation where i feel bad. neil: i always say inflation is in the eye of the beholder, jason. if you're an old fart like me, you do remember the '70s, a 21% plus prime rate. but for a younger generation, much younger, going from a 3% to a 4% mortgage is cataclysmic. so impression is everything. do you think americans are prepared for that? the impression of rates that go up not to the point that i can remember, but higher than where we are now? >> yeah, that's a very self-serving view that anyone who was born before 1970s is overly scared of inflation. they think the 1970s might be coming back again. anyone born after 1970 just doesn't appreciate inflation, doesn't worry that it could be real. it's really only me, neil, that actually understands it -- [laughter] understands it could be a problem but isn't too worried about it. neil: well, you're not alone on

that. jason furman, thank you very much, the former top economic adviser to barack obama, following that. we've got the dow, nasdaq and s&p racing along, bond market racing along, so if you're worried about anything that jason and i just discussed, we're not seeing it, are we? more after this. ♪ ♪ ♪ ♪ no two dreams are the same. but there is one van equipped to handle them all. for over 120 years, mercedes-benz vans have been built, upfitted and ready to go.

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neil: when my staff told me cream chee was in short supply, i said, all right, what's the big deal? if they pointed out to me it goes into everything including some of your favorite cheesecakes and since that is the principal business of junior's cheesecake, we thought we'd touch base with the big cheese there. see what i did? anyway, he's the owner, alan rosen. alan, very good to have you. this is a big deal, isn't it?

>> it's a very big deal. it's 85% of what we put in our cheesecake, is cream cheese. neil: wow. what is the problem? why is it hard to get? >> as you've read and heard, the supply chain, obviously, has had some issues and i believe what's going on specifically is there's a labor shortage in some of the plants. a few months ago one of the larger manufacturers in the country that i don't do business with had a small shutdown, and command, quite frankly -- demand, quite frankly, has gone up. our demand is up over 43% this year. neil: so how do you counter that? what do you do? >> you pray -- [laughter] because there's really no substitute for us. so we missed two production days last week, we missed one production day yesterday. we, our people are so wonderful, they're coming in sunday to make up for what we lost yesterday. so that's basically what we do. it's a day a by day thing. ream c c c cheeseesne i day, we' w t u

yndy t ds a a yr.r. m sosoounow,nononos touchouch a ag neil: w it itha i i iavavoyallo f f op tt tt' p pbl p underatt.emat at ibu'm jtustusondeon ioufou oocecece ro en like s, butour you cuerst bcuecuairl loy,al, reactinctin aise rd rd r r price phi ar,e', raisingaing pri p t p p p somefmememeur whole wlers tin f f qerua of of o n ntt thehehe boardrdrdriri besides dairy on plastics and packaging material, everything in the last 12 months has gone up tremendously. neil: well, keep us posted, alan. i wish you well. alan rosen, the junior's cheesecake owner, that's an exact example of when one commodity or precious resources like cream cheese goes up, it has a reverberating effect. also keeping an eye on the push of the part of so many states to get into crypto in a

big way including what's going on right now in the state of florida with a guy who was an independent presidential candidate back in 2020, brock pierce, on leading the charge to make this happen sooner and faster, after this. ♪ ♪ ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back. and goes out of its way to help. ♪♪ when you start with care, you get a different kind of bank. (vo) what's better than giving a better phone truist. born to care.

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♪ neil: you know, a childhood actor, famous actor, you know him from the first kid, mighty ducks, so much more, anyway, what does brock jeffrey pierce have to do with the crypto currency front? he is a mover and a shaker and paying close attention to what the florida governor wants to do, he was ahead of that curve when we didn't even have a curve. brock pierce with us now. very good to have you, thanks for coming. >> so glad to be here. thank you for having me. >> what's going on? it's been a very volatile week for cryptocurrency enthusiasts, not a very enriching week, couple of weeks. what's going on, first off, in this arena? >> well, i mean, if you've been in this market for a while, and it's good for anyone that hasn't, it's not for the faint of heart. neil: true. >> this is a bit of a roller coaster ride. and as you -- if you haven't heard, it's a volatile market, and you have to go in with that

understanding. and these are the things that ultimately test our conviction. it separates the strong from the weak. and so if you're going to be in this market, you have to know how to hold, as they say. neil: so part of that is also giving it some legitimacy. to not that it's a bad investment, i'm just saying when state or local governments get serious about it or companies accept it as a means of paying for things as it's going in that direction in florida, that's a good sign to you, right? >> i mean, i think we're definitely past that point of is this real. absolutely. speaking of florida, you know, where the miami heat plays that stadium is now called the ftx arena which is the name of one of the cryptocurrency exchanges. staples center in los angeles is now called crypto.com. i mean, the evidence is there.

finish all the signs are present. you don't even need to be paying attention to see what's happening. clearly, what we're seeing in florida, starting with mayor suarez, the mayor in miami, basically saying miami is going to be part of the future, we're going to be a 21st century, more recently mayor-elect eric adams announcing he's going to be taking his paychecks in bitcoin. el salvador as a nation, dubai, there's no question we are seeing government adoption. and the really smart politicians are recognizing that voters in the future care about the future. and if you want to be, have a role in the future, you need to be part of the future. neil: you know, obviously, a lot of governments, ore own included, want to crack down on this. i think the sec chief has referred to it as the wild west of investments, so he's going to do something. does that worry you? >> it doesn't, and i actually love the temple wild west

because -- term wild west because it is a correct description. but it's also important to note that the wild west became california. and so, you know, yes, in the beginning it's a little bit wild. but in the future, it's -- [audio difficulty] and it matters. and i understand the role of regulators. remember, technology is changing the world. we're living through this digital transformation that's affected all of our lives, all of our businesses, and it's affecting all of our institutions. and the rate of change is moving faster than legislators or regulators can keep up with or even understand which is why i've gotten into politics. we need people in our political system, in our legislature that understand what's happening not only in the present, but in the future and where we're going so that we make good decisions for our collective fife you -- futu. neil: you've got a lot of people's anticipation on this, and you were way ahead of the curve. brock pierce, 2020 presidential

candidate, great actor in his own right. we'll follow this. cryptocurrencys are having a tough day. stocks so far are not. this could be a win week for all three major market averages. we'll see i 40 it goes -- see how it goes off -- after this. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire (vo)d get started today. t-mobile for business helps small business owners prosper during their most important time of year. when you switch to t-mobile and bring your own device, we'll pay off your phone up to $1000. you can keep your phone. keep your number. and get your employees connected

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(judith) in this market, you'll find fisher investments is different than other money managers. and finish this year strong. (other money manager) different how? don't you just ride the wave? (judith) no - we actively manage client portfolios based on our forward-looking views of the market. (other money manager) but you still sell investments that generate high commissions, right? (judith) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money? only when your clients make more money? (judith) yep, we do better when our clients do better. at fisher investments we're clearly different. >> everything is getting so expensive. i don't know how we are going to make it to. >> from a fruit stew

vegetable, dairy, like pretty much everything. >> i'm retired and live on a fixed income. what do i do? >> prices are so outrageous i can afford it. neil: very very real what's going on on the price front particularly feeling a pinch at grocery stores and that's not ending. lydia is seeing it firsthand in new jersey where meat prices are out of control. what's going on there cracks. reporter: we are learning it's happening across the country, consumer price index shows us prices for beef are up almost 21% over a year ago and i want to show this sign at john's meat market because it really tells the story. it's a sale: 3 pounds of ground beef is $17.99, but if you look closely the sticker over the $-- over the dollar mark because they had to jack up the price over the past year. it used it to be $10.99 a year ago. we have the owner of john's meat market, vincent.

then you, thank you for being with us. when you see prices like that, 1099 to $17.99, how do you explain that to your customers? >> the price since covid and labor brought-- raised prices in the wholesale prices up. the labor shortage, hopefully maybe when the labor shortages over it will start to settle, but the customers i tell them things are going up and they say i can see it on that sign. all of the meat went up. they say that's their barometer and they understand prices are high. reporter: we have an example because you say your filet is one of your most popular items and last year it was about $30 a pound and now it's $49 a pound. when you talk to your wholesaler, do they give you any indication of when conditions might get better and when prices may improve? >> they hope and they have told me with the supply demand and the labor shortage with

bringing trailers from nebraska and they don't have the labor. once they get this back and they are exporting somewhat beef which is keeping the price up and hopefully it will level things off because these numbers are very high. reporter: you said you had the sticker shock from your own prices and you are worried about what this could mean for after the holidays because right now people are vying for the holiday season, but come january and february if prices are still high will you be worried? >> our customers want the best and i tell them it's expensive and shocking me more than them. they said we understand. we know what it is. we are lucky. i don't know if it's like that all the way around. reporter: vinnie, you have been in business a long time as your store was started by your dad and they have seen a lot over the more than 80 years they have been in business and he often tells me he was making more money when prices are lower just because when prices go up doesn't mean he's making more.

it's going to be an expensive holiday meal again for consumers and a tough one it looks like for vinnie here at the meat market. neil: i wish him well. customers seem to be coming in droves and they still love his stuff so hopefully that continues for him. thank you very much. in the meantime, edward lawrence following this. this is one of the concerns is certainly for people like joe manchin, i mean, he's already said i don't want to do anything that would contribute to still more inflation, so hence his concern about this big build back better plan. reporter: exactly and i will do my best to follow meat inflation. again senator joe manchin is what he's concerned about. it's interesting, the summit for democracy ends today on president joe biden will give his speech. he opened the summit by saying we need to pass his of social spending package. now, that spending package is in doubt because of the record

inflation we see. senator joe manchin part of that he's concerned more spending would increase inflation higher and he doesn't want to see that in this massive spending package and he also doesn't want to see it rush to a vote before christmas which is what democrats want so white house economic adviser is working on this and say the president wants to pass as soon as possible. listen. >> building back better is absolutely at the top of this president's agenda and in no small because it's directly relieves cost to american working family, housing, prescription drugs, child care from the biggest cost of their family budget relieved and significantly so by building back better. reporter: regardless of inflation democrats are rushing to the finish line even as the true cost of the plan remains in question. in new score asked for by republicans as a that with the existing tax revenue extending on the programs in the social spending package out over 10 years would add $3 trillion to the federal debt over the same time.

the democrats are saying that the score doesn't account for the fact of a promise that if any program continues it would be paid for. republicans added that means tax increases. >> inflation is the enemy of working people in america. build back better aids-- aids and embeds the enemy of inflation will drive the number of higher. reporter: senator lindsey graham saying you spend more money than you get more inflation. senator joe manchin worried about that and he's one of the key votes for that package. neil: edward lawrence, thank you senator is not the only one concerned about the spending package at this stage in a recovery. do we really even need it with jobless claims that record loads and everything else that seems to be on fire right now. larry kudlow is the host of kudlow 4:00 p.m. on this fine network. i've known this guy for decades and you know

larry, i was watching the other day and you are talking about all right it's one thing to have a big spending package when you desperately need that. you are calling into question if we need this. you said no. >> i mean, the problem is these packages both the spending and the federal reserve money creating, these were designed for emergencies the emergency is over. it's been over for six or eight months. we poured a lot of money in and 2020. i was part of that and i think that was necessary. i don't think the bill last april was necessary at all and i agree with larry summers, democratic friends and i sure don't think, i mean, cbo price out on the tenure basis, i have to look at this carefully. it could be as much as 5 trillion i think they are saying 3 trillion less tax estimates, but

3 trillion is bad, too trillion is bad, 1 trillion is bad. neil: say it will raise at least you know 400 billion less than the administration said so technically not paid for their. >> see this cbo thing i have to study it. i used to do this-- do this kind of work, but they are saying 10 years, not this program one year in this program three years, no gimmicks , that's what the model is a saying and other reputable models are saying look, with the inflation rate 7% nearly, by the way the three months is bigger than the 12 month inflation. that's a bad trendline. prices everywhere, not just a couple of prices, the diffusion of price hikes in-- is a norm is right through this report and the fed money supply i think neil, this will doom the bill back better bill. certainly, it will doom it between now and the end of the year.

it will be pushed off into next year, and i don't know. neil: question of the next year. >> i don't think it will happen and i think the reports are devastating to it and i think joe manchin and some other senators, you will see with this inflation number in the cbo price out, someone like maggie hudson of new hampshire, the gal from nevada, joe manchin is not alone. they will not be alone in opposing this. neil: does the argument for it and you mention the former barack obama advisor said he's not keen on all aspects but said remember it's over 10 years and so the impact isn't nearly as you know inflation jabbing as you would think. what you make of that? >> there's truth to that because the bill last winter mainline to $2 trillion immediately, but i would say as much as i love jason-- i really do-- it's a small truth, not a big truth.

over five years-- now i have to see the new cbo score, but over five years there is $800 billion of spending over the first five years of which is a big chunk of time. so, i don't think that is an effective argument. look, every single pull you and i look at inflation is public enemy number one, so just on a commonsense basis i don't need to be a supply-side or monstrous, just on a commonsense basis, if you're inflation is running very high, the hottest in almost 40 years you don't want to spend another three or $4 trillion, you just don't. also neil, it will put pressure on jay powell and the fed. they will have to move forward they are tapering. i think they should and qe. i think they should and qe. neil: what about speeding it up and getting it done in a couple of months rather than six

months? >> i think you are 100% right. i think they should and qe in january and raise rates in february. neil: it's really up to the fed to address this issue as things stand now. >> yeah. the biggest problem we have had in this inflation bulge, the federal spending has been financed indirectly by the federal reserve. money supply is exploding. the balance sheets, they have poured money into the banking system, so the feds got to stop funding anything and the bill back better bill should be paused and/or defeated. of course, i want the bill to be killed. i think it's a terrible idea in all this manifestation. these numbers today will have a big political impact. neil: what's interesting also is there is this conference and you have gotten into this, frommer's generous wage hike next year for a lot of american workers and the flipside is the cost of a lot of goods will go up more than the generous wage hikes and that will feed on that wanted, and fleet on the inflation?

>> it could. your number two with the fed finances the wage hike she will have a problem, i mean, wage hikes-- i'm all for worker wages going up, all for it and i will boast our tax cuts four years ago got the middle-class wages up. on the other hand, the best way in the long run is to have better productivity, better productivity and i don't see that in this bill, i might add. that's another issue because they are raising taxes on investment. you can't tax that so your labor point is correct. your wage point, all of these things, look, it's not going to be easy to turn this inflation ship around. neil: once it starts it's hard to even slow. >> we are old enough to remember. neil: absolutely. >> the 70s and early '80s and what a monumental task that was on not saying we are there again. neil: you know, perception is everything, i mean, i was talking on the show that those

of a certain age maybe like you and i, always young at heart, but we remember 21% plus prime rate and there's a whole generation that it's an alien concept but for whom 3%, up to 4% is a huge deal so even that reality is going to be tough to swallow. >> interesting point. you are correct 100 places points means a lot when you are at these low levels and they have a shock effect on expectations. neil: do you ever see it getting back to what it was in the 70s? would take a complex of a lot of events. >> my answer is i sure hope not, but i'm not sure. there's a lot of policy things happening that in my judgment should not happen, but let's start with the federal reserve , jay powell i think has robe to do what he needs to do. i certainly hope mr. biden gave him the rope. i'm not sure, but i hope so and then you have save america, kill the bill honestly this is no time for another

3 trillion or 4 trillion in spending. everybody knows that. everybody knows that. neil: so, if the markets are worried about inflation, you don't see it and trade. you certainly don't see it in stocks even economically sensitive stocks, those that would be hit hard if inflation got out of control, so it is the market telling us? that we will get a slow down and that's what will keep rates low, what? >> i think the bond market is living on borrowed time because all the fed bond buying, which continues has repressed these interest rates, i mean,-- neil: without that they would be higher? >> i think you would be talking about a two and half or 3% 10 year which is really where it ought to be, probably in fundamentals terms. neil: that would be the historic mean. >> on the other, stock market, you know in the shorter run inflation actually helps prophets

because you have got a strong economy as you pointed out, demand is very strong out there. that helps prophets. businesses are passing price increase for along to consumers, consumer spending is bonkers right now so the stock market someone once said prophets are the mother's milk of the stock market. i don't remember who that was, but that person was correct and as long as they hold up stocks and hold up, but i fear, neil, with these kinds of numbers, six, seven paris-- seven, 8% inflation i fear the story won't end happily in the longer the federal reserve weights or the longer the federal government messes around with the spending, the more unhappy we will be in a couple of years. neil: we will see what happens. larry, thank you. we appreciate you being here. >> my pleasure, always. neil: larry kudlow always the common whatever storm you are looking at.

bond market racing along, but some big news in the big apple, the governor here is now ready to impose a mask mandate for businesses that do not have vaccine requirements. here we go. ♪♪ what's strong with me? i know when i'm ready for a rest day.

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neil: new york's governor she will call what is an indoor mandate-- mask mandate for businesses that don't have vaccine requirements. reporter: groundhog day all over again. didn't we just hear this days ago? new york governor kathy hochul announcing cap mass must be worn in all indoor public places unless businesses or venues implement a vaccine requirement. this announcement as case in hospitalization rates in the state rise. the governor said: my two top priorities are to protect the health of new yorkers and the health of our economy, temporary measures i'm taking will help accomplish this through the holiday season. we should not reach the

point where we are confronted with a winter surge especially with vaccines at our disposal. the new rules extend to patrons and staff and will be in effect from december 13 to january 15, 2022, after which the state will reevaluate based on caseloads and currently the seven day average case rate is up 43% and hospitalizations in the state are up by 29%. neil, i would say i've been talking to some of my legal eagle experts and they say the problem with this kind of thing you know wearing a mask not very intrusive, but the problem is as the responsibility falls on the back of small and medium-size businesses to make this happen and they have had so many changing rules and laws that it's difficult to keep up, so they have to be the watchdog and if they mess up they could face fines of as much as $1000. neil: and ignorance of the law is no excuse, they still find

you never the last. jerry, thank you. ed rensi on this, former mcdonald's ceo. ed, this is for restaurants in general and to various points another hassle. is it justified? >> it's very difficult for me too understand why we are doing this. when you look across the united states and around the world, i have friends in sweden for example i talked to periodically and it does nothing and they don't have anywhere near the problems they have in new york city. florida is wide open. you know, it just seems so incongruous to see these different states behaving the way they are behaving. my background is chemistry and biology and these masks are pretty much ineffective. they do some good. if you are comfortable with it-- i'm vaccinated and have had my booster and i understand covid is nothing to be messed with, but the policies and procedures is that government is imposing on small businesses is almost impossible to

deal with. small businesses in the united states represent probably 95% of all the businesses in the united states. employees have less than five headcounts per business. you note, you can't mandate this thing and expect the people will like to be managed. people want to be lead, show me the way, tell me why this will work better than what we are doing now. the government has no interest for that. the states that walk down the hardest are having the biggest problems. it's a very suspicious of circumstance. neil: i'm wondering due to the fallout on businesses, when rules are all over the map as you reminded me in prior visits, the better the position for customers to not even bother coming and i'm just wondering how pervasive that is. >> well, people are giving up, frankly. something is happening you know kudlow was talking about innovation , this business climate we are in today is driving innovation, believe me. i have seen the companies like alyce

kay, for example, a platform 5g cloud base that does lease management for small menaces, you know a company like bite ninja doing remote ordertaking from peoples home, again a cloud -based and 5g. these companies are all evolving and creating new platforms that are going to eliminate people in the workforce. long term it's a real benefit to business, but we don't need to have this kind of circumstance. this is government out of control demanding that small businesses do things they just can't do and customers are being driven away by this. it just isn't going to work long term. it's not a good solution. neil: when you talk to a lot of your restaurant industry friends and associates over the years, what do the tell you about the other side of the equation here, the higher cost, just finding good help you know, because a lot of them are offering pretty generous hourly rates and what have you some even unprecedented

benefits and distilled jobs go what are they telling you? >> well, it's a huge problem right now because in the hospitality industry it's people helping people enjoy their life. it's about me taking a little bit of me and helping you become a little bit happier and have some enjoyment. it's a very people to people business, and the restaurant operators-- i was with a guy yesterday that wants to put together a full-service restaurant and put together a new year's eve that package of lobster tail, steak and a bottle of champagne and he's looking $195 retail and he said a man and woman are going to spend that kind of money to go out to dinner on new year's. they will stay home, so people suffer because they don't have the business. he can't hire employees because they are making so much money not at work. the whole thing is just upside down and this is a classic example of government intruding

into something they know absolutely nothing about and passing these blanket mandates and directives saying you have got to do this or else and it discourages people. it brings the small business person down. i'm really concerned that we are going to see a major pandemic of small businesses just shutting their doors and giving up because it's getting too hard to survive. we have gotten through the last two years and i'm not sure we will get through another two years at. neil: on that i hope you are wrong. we will watch it closely. ed rensi, former mcdonald's ceo and other developments we are following in kind of the same arena is the move at a buffalo starbucks to unionize. no one saw that coming. others are saying it's been a preview of coming attractions after this. ♪♪ i promise - as an independent advisor - to put the financial well-being of you and your family first. i promise to serve, not sell.

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dad, we got this. we got this. we got this. we got this. life is for living. we got this. let's partner for all of it. edward jones

neil: starbucks shop that's going to be unionized surprised a lot of folks when we learned the starbucks was moving in that direction. another one where a vote is pending looks like it could be close. starbucks genesee street supervisor, carolyn, good to have you. welcome. >> thank you for having me. neil: this caught a lot of folks off guard who didn't think it would happen that starbucks pretty generous pay packages and benefits and yet it still occurred what happened to you, so. >> we have really been looking to make starbucks an even better workplace than it is. they do have you no health insurance and they offer different benefits whether it's college education, health insurance, stuff like that, but we wanted to be more assessable for all partners and did not have so many, i

guess, terms with it. neil: so, what was the biggest beef or the ones who voted for this with the starbucks or at least these two locations? >> i think it really just more of a say in our workplace. we are on the floor every day. we are creating the starbucks experience, so we have a really valuable input that we believe we can share with the company to make it a better workplace for consumers, for corporate and for hourly partners. neil: again, to your point they are very generous hourly wages right now and normally when companies do go union the workers hours and/or workers themselves are cut are you afraid that could happen here? >> we are prepared to continue this. it's just something that's really passionate for all of us whether

that does happen you know, we have heard a little bit about it potentially happening. we have seen in some places, but we all really are dedicated to seeing this through and really continuing on a. neil: what is the first thing you want from starbucks now that at least from this location, maybe another one will go union. >> right now we really want starbucks to come and meet us at the bargaining table to start negotiating. they don't have to-- neil: and negotiating for what? higher hourly rate i mean some go as high as $23 an hour what you want? >> so, we do want to send out a survey to the partners and the stores that will be negotiating to figure out exactly the specifics of what those stores are looking to improve on what their priorities are so it all differs store by store. you know, we could see more on his seniority pay, we could see more on health care benefits.

it's all over the place, but we do just want to i guess keep it on the up and up because starbucks is a really-- [inaudible] and we want to continue that. neil: keep us posted especially with the boat at the second location. supervisor again, this push extends to another starbucks nearby. you probably in the meantime have watched the movie it's a wonderful life. it's one of those that plays more than any other generally holiday film out there, but it's not really a wonderful life to hear some critics say. it has to go into the dumpster history because it's actually according to some, a wonderful misogynistic mass. we will explain after this. >> look, daddy, teacher says every time a bell rings an angel gets his wings.

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rely on prudential's retirement and workplace benefits. who's your rock? funny? yes, but for the calorically challenged, sensitive and that is why tim allen's the santa clauses on their naughty list. among some premier films, iconic names including on and off and then on with "it's a wonderful life" and a host of others that are now considered too risky and too well, everything else to be watched. let's get the read on this with todd piro, and madison.

madison, on the santa claus and tim allen it was deemed offensive on a variety of levels and i'm thinking alright, well might have offended some people, but it was funny and iconic and now they don't want people to watch it because-- ischemic it's a hilarious movie and the issue is the fat shaming, but santa eats cookies at every house in one night and we know what santa looks like and tim allen gained weight very very quickly. it's comical. i wonder when people make these comments when they are upset and if you watch the movie it's not realistic and its humor and can't we just laugh at things that are funny? neil: i guess we can't. >> we are approaching this from a somewhat comical prospective but i think there's a deeper thing going on and it's an overall attack on our traditions, not just at holiday or christmas time, but all over. breaking news everyone, santos fat. neil: we prefer calorically

challenged. >> calorically challenged, whether it's this, a wonderful life which is attacked for misogyny, it's a movie that was made in the 1940s. neil: one thing they attack that's misogynistic is pulls his wife over and kisses her. >> like the world war ii statue because there wasn't consent. neil: also he's misogynistic just because he's a jerk he's a jerk to his wife and all that stuff but we can overanalyze it. >> he's going through some stuff. >> that's the whole movie. >> to your point madison, is the context and the theme of the movie. we can take everything so literally otherwise we are going to have a more traditions and that's not how our society functions a. neil: i'm looking through the list of movies guys, and jingle all the way comes to mind where it's too violent and i'm just thinking well, are we overdoing it here? >> i mean, i think yes, we are. we write off any movie because there's violence because people gain

weight or because men are aggressive, we are going to have any movies left to watch and here's the thing, you just don't have to watch. don't watch it if you don't want to pick love actually one of the movies that's been criticized, one of my favorites and it's so good with sony characters, but yet there is a unfortunate relationship where the best friend of a groom is in love with his wife if that was happening in our lives we wouldn't want to be friends with that guy and you would be like bill is a jerk but it's a part of the movie. you can watch or you can't. neil: i feel like people are trying to protect us from us like whatever your views of the subject, who were you to tell me what i can-- it just seems a little extreme, doesn't it? >> it's the nanny state gone amok in an area where there is no need for a nanny. i'm not getting into a discussion about vaccines or anything like that. there can be an argument on both sides. i'm not making that argument, but a christmas movie, come on. you have a dvd player,

netflix, you can watch these movies or not watch these movies and if they are a part of your holiday tradition-- neil: was pro- vaccine mandate. >> neil is pushing me hard. but, i know you have to stop with this. this agenda see folks trying to destroy all our traditions that people have enjoyed not just for years, but for decades. neil: she is not even jen z she's like in the greek alphabet >> she did roll her eyes when i came in here with my walker today. [laughter] neil: i'm just wondering, i don't know how far this goes, but sometimes people get nervous and think we just won't show "it's a wonderful life", we won't show the santa claus because some are offended and so a couple people get annoyed and then they are the loudest and you know how it is. >> it's just easier to not, which is a bummer because these are great movies, part of christmas tradition.

we watch a christmas story on most every single christmas and these are things you do as a family that everyone enjoys. neil: the gun, the gun, the gun. >> shoot your eye out kid, i mean right, gun laws, you can look at any movie and pick a bone and the bomber is the loudest voices are usually the minority and they pick some small thing like santa claus being fat. neil: calorically challenged. the reindeer and i didn't want to start there. i have that problem with a variety of other lee reasons. you are the lawyer, i mean, do they have a legal case ripping these down? >> i mean, if the company of nbc wants to not show "it's a wonderful life", they own the rights to "it's a wonderful life". they don't want to show it on christmas eve, they don't have to and i don't think i have a cause of action to demand to watch, but again to your point the smallest of small minority. this is not the majority and you are talking to your friends and

neighbors like "it's a wonderful life" must go, it's a few people making a stink and as a result we are in the situation we are in but i have a bone to pick with you on a christmas story. christmas vacation way better movie and i will take that to my grave. i will fight you, neil cavuto right now. neil: really? >> christmas vacation with chevy chase versus a christmas story with a red ryder? >> the scene where the kids are bundled up, so much better. neil: the example of a lawyer who is too deep into the books. >> it's the greatest christmas movie around. >> oh, my god-- well, "it's a wonderful life". >> we will go with said that one. neil: is your whole law profession that started this. >> is this becoming an argument for tort reform? neil: now, for tart reform. thank you very very much thank you on all of this in the meantime here we are following what's going on. we are getting wind of new treatments that deal

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neil: we keep telling you about the crime wave across the country and a dozen us cities that are out of control with the highest most rampant levels we've ever seen. further developments going on in boston right now that are getting nationwide attention. molly? reporter: thank you, neil. the u.s. senate confirmed rachel rawlins to be the next us attorney. it was done with but slimmest of margins with the typecasting boat passed by vice president kamala harris. recent data from the boston police department shows homicides in boston declined by

nearly a third in the first nine months of 2021. that drop, drop of nearly a third in homicide stands in stark contrast with nationwide crime statistics. reporter: that was a sound with massachusetts senator elizabeth warren. hold that in your mind while i go back to this, rawlins will be the next black woman to hold the post in the senate and republicans have emphatically fought the confirmation but senate majority leader mitch mcconnell criticized her soft on crime advocacy and senator ted cruz called her a lawless so-called prosecutor. the vigorous gop pushback comes at a time when smashing grabs and random attacks are grabbing headlines and other major urban areas, but during her run for suffolk county da she announced not to prosecute those charged with 15 lower-level misdemeanors including truss panty, shoplifting and certain drug charges and after taking out that she follow

publishing her default nonprosecution policy she and some of her supporters will point to recent local crime statistics aiming to show her efforts were hence the sound from senator elizabeth warren that we just shared. in january, rawlins was visibly upset in an exchange with a local news group that wanted to question her about a woman who accused rawlins of abuse of power related to a traffic dispute. >> who do you you are? get-- this is private property get out of here and you know what i will do i will call the police on you and make an allegation and we will see how that works with you. reporter: rawlins later tweeted about an exchange writing that aim at-- a white man walked to her, opening his truck, grabbing

something and aiming it to her and she said she was terrified and her children were there. she was recently investigated regarding a road rage accusation but in ethics commission ultimately dismissed the complaint. neil: thank you. this is a nationwide issue monday problem with my next guest retired nypd chief of department over former new york city office of emergency management commission and he knows -- i'm glad we are doing this remotely in case i asked tough questions so you can't belt me. it's always good to see you. you know this is out of control, joe. you have talked about it a lot and we see it play out in one city after another and i don't know whether it's just a matter of resources or things are so out of hand that criminals feel emboldened. what is it? >> it's both, i mean, things are out of control. can we bit-- get them back? we can, but people have to realize that they

have thrown the baby out with the bathwater. you know, do we need reform cracks of course we do, they'll reform, let's talk about bail reform, we talked about bail reform and there was definitely issues with it. people were in jail way too long for minor crimes while awaiting their court date, so as a result instead of fixing the court system they decide to have no bail, so they go too far with it what they should do is corrected the court system in new york. people are in jail waiting for a trial. there's the first deputy commissioner nypd trying to get people in court in a timely fashion especially with gun case and trying to get them resolved as soon as possible and that's what you have to do. you have to look at the whole picture, not just one aspect and corrected that. neil: what worries me and we are

showing incidents that have occurred over the last couple of days that show that criminals are clearly emboldened and they don't care if cameras are watching, they don't care if it's in the middle of the day. that's what's markedly and i'm wondering how you and change that. >> you and change it by getting back to the basics. you just talked about they are not going to prosecute x amount of crimes, that's the wrong message you know, we have gone from being the safest city in america, new york was the safest city in america by concentrating on the little things, broken windows, quality of life and that's absolutely gone now. that's why you see the grand larceny, smash and grab, the stabbings on the subway. we have gotten away from quality of life and they have taken the tools away from the police in new york decriminalizing so many of the crimes that it's tough to get back.

eric adams is talking great and saying wonderful things and he has to follow through now. i think we are on the beginning of a renaissance. i believe we are. if eric is telling the truth on what he wants to do we can bring this back but we got to get the tools back for the cops. neil: thank you very much, joe. you have been out there and a lot of people just want to feel safe. we will have a lot more after this. (vo) singing, or speaking. reason, or fun.

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neil: when we look at the dow jones up about 121 points, things that used it to move the market, and filiation not rattling the market and ever grand is all but in the fall right now china and investors had put it under strictly default. barely a whimper. charles payne. charles: we are so much more afraid of the rumor and then when it happens-- neil: you are right. charles: thanks, neil. i'm charles payne and this is "making money". we'll break you right now inflation is surging at the fastest rate nearly 40 years, but as neil said you cannot tell from the action in the stock and bond market. is it a sign that maybe inflation has peaked? if shut-- so, should you be buying? i will ask one of the best economists in the business along with one of the best market prose. ceos areas