arlo? arlo? multicultural name. best definition, between two hills. number one name for baby girls, eloise. goat to get this back in, ash, send in "friday feedback". varneyviewers@fox.com. keep them coming. stuart, it is yours. neil: thank you, stuart. we have the selloff continuing here. the dow down 91 points. what is fascinating with me, back up in interest rates, pick up more steam today. as high as 1.5%. we're just under that at 1.74, thereabouts, to put it in some perspective a year ago. below 1%.

at .906%. today as you can see, we effectively almost doubled rates in that time. perspective is everything. they're still very, very low. we should also point out here that mortgage rates right now at a nine-month high. they're 3.22%. now they had gotten as low as about 2 1/2%. also roughly a year ago. they are moving up. as i like to say, perspective is everything. they got as high as 16 1/2% in 1981. 10% in 1990. moved under double digits in 2000 when they got down under 8%. last year, as low as 2.6%. the trend of late is up. we're keeping an eye on it because your age and your experience is very important here. that's a big adjustment for you if you're looking to buy a home for refinance the one you're already in, what you've been used to is extremely low rates. they're still very, very low you about for another set of potential buyers and borrowers,

those still look like screamingly low rates but again, that adjustment, that switch, it is something we'll have to watch very, very closely. we will as the next two hours ensue. meantime, we are looking at the importance of this date a year ago, the storming of the capitol. the president spoke on it. the vice president. chuck schumer. we're waiting to hear from nancy pelosi a little bit later. republicans also have spoken on this as well. let's go to jacqui heinrich right now how the white house is addressing this day. jacqui. reporter: neil, this was as forceful a speech as we've heard from president biden since taking office. at the outset, he framed january 6th as a day that must be commemorated to insure history doesn't repeat itself. >> first time in our history a president had not just lost an election, he tried to prevent the peaceful transfer of power as a violent mob breached the

capitol. but they failed. they failed. and on this day of remembrance we must make sure such an attack never, never happens again. reporter: but then the speech took more after turn towards the political. while biden did not ever call out former president trump by name, he certainly called out his role in the insurrection. he got personal. he used terms that trump hates the most like failed and defeated and depicted the former president as a continuing threat to democracy and the rule of law. >> bruised ego matters more to him than our democracy or our constitution. he can't accept he lost, even though that what 93 united states senators, his own attorney general, his own vice president, government and state officials in every

battleground state have all said, he lost. reporter: former president trump responded very quickly in a statement. doubling down on the debunked claim that the election was stolen, he wrote, why is it that the unselect committee of totally partisan political hacks whose judgment long ago made not discussing the rigged election of 2020. they don't have the answers for justifications what happened. they got away with something and leading to our country's destruction. vice president harris also gave remarks. she framed the event the of january 6th making a case for the voting rights legislation that the democratic party has been trying to push forward, has been unsuccessful in accomplishing so far and linked those two issues together, neil. neil: got it, jackie. thank you very much for that. jacqui heinrich, following a busy presidential schedule today. it is not done. other events are being planned.

chad per fram, significantly go to chad, i remember quite well what he was dealing with. time flies, right? reporter: it was a doctor 3459 i can scene on capitol hill, nerve-wracking scene, being on the air 15 hours that day. we finished with the last live shot 4:00 in the morning the next day, when they finally retook the capitol and came back in the house and senate and certified the electoral college. today democrats made it clear at the start of the week they would use the anniversary as a fulcrum to pass voting rights. the senate majority leader chuck schumer says it is imperative senate approve a voting rights bill to protect the nation. >> unless we confront the big lie, unless we do our part to fortify and strengthen our democracy the political violence of january 6th risks becoming not an aberration but god forbid the norm. reporter: but the problem is

that democrats must likely alter the filibuster and it is unclear if democrats pledged too much to their voters about voting rights. >> the democrats are going to have to demonstrate to their voters that they have made every effort possible, that is why they find themselves in a situation of potentially having to modify the filibuster rule with respect to this voting rights legislation. reporter: however one thing which is on the table is updating the electoral count act. that is the law which dictates congress must certify the electoral college. >> change that i would like to see personally is to make very clear that the vice president does not have the power to overturn the electoral counts of the states. reporter: even senate minority leader mitch mcconnell suggested looking at the electoral count act there are

concerns that states could send multiple slates of electors to congress. schumer says changing that law is not enough and is a cynical approach. neil. neil: chad pergram. thank you very much, my friend. want to go to steve forbes right now. steve on that day a year ago, what were you thinking? >> i thought it was a disgrace. it was a shock. one of the shocking things that this commission neil is not going to examine is why wasn't there that fence that normally goes up before an inauguration, that creates a perimeter around the capitol. why wasn't that up there? these demonstrators, these rioters shouldn't have gotten near the capitol. part of that some democrats didn't like they were militarizing the capitol. so if they're going to have a examination, examination of everything. it was obscene. it was a bad thing. the president reacted too slowly. they should have a thorough investigation. why isn't that the fence up there that is always up there before an inauguration. neil: is it up there as early as

january 6th. >> oh, yes, because the inauguration is january 20th. usually several weeks before they start doing those kind of preparations. it was not done this time. neil: in retrospect do you think president trump at the time thought this would unfold the way it did? >> that what? that it would unfold the way it did? i don't think anyone expected to have happen what happened. but as one of those mob things. people started realizing they could get in. they did. and again why wasn't that security there? you would think after especially 9/11 that there would always be high security, whether you had the fence or not to make sure nobody gets near that capitol or in that capitol who isn't supposed to be there, who has not been vetted, gone through the usual protection procedures, security procedures. and that wasn't done. so this thing took on a deadly life of its own and we're paying the price for it obviously to

this day. bad stuff. neil: steve, karl rove wrote on this in "the wall street journal" today that republicans should have and have not spoken out more against what happened a year ago, whatever your thoughts on whether the capitol should have been better protected at that time -- go ahead. >> no i think a lot of republicans did. mitch mcconnell was very, very forthright about it. many republicans were shaken by the idea that a loose mob was inside of the capitol, especially on a day like that. neil: after that, after that they forgot about it, right? i'm addressing squarely those republicans for a year excused the actions of rioters who stormed capitol, disrupted congress as it received electoral college results and violently attempted to overturn the election. he says we're told that these harmless, ordinary americans are being persecuted as political prisoners. that is simply not the case of what he was waking.

had not used that as a badge of honor? >> no. it should be denounced. those who don't denounce it are doing a huge disservice. you don't storm the capitol. you don't have a mob roaming through the capitol. again, how that happened, it shouldn't have happened. the people who were demonstrating who turned into a riotous mob where death resulted should not have happened. those who perpetrated it should be opinion issue about the punishment. talk about individual cases you did wrong. you do something egregious like that you pay a price for it. that kind of thing will not happy again. should never happen in the first place. so yes, denounce it. it is a bad thing, stain, and a hopefully it will never have something like that happen again neil: probably aware in "the new york times" today jimmy carter is worried it could happen again and that you know, with maybe the extremism and

volatility and everything else that we're in the brink of something. do you believe that? >> no. i think the very fact that something like this did happen is an innoculation so to speak that it won't happen again. that there will be proper procedures there, especially if you want a demonstration especially before an inauguration. that kind of storming of the the capitol will not happen again. other things can hurt the country in recent years on various fronts but that kind of thing, no. the american people won't stand for it. i don't think the capitol police or others let that situation arise where you have a potential mob that could storm something, not going to be allowed to happen. they will break it up before anything happens, period. neil: got it. steve, great catching up with you, steve forbes, the forbes media chairman, editor-in-chief, former presidential candidate, a lot of things he has done in his illustrious life. meantime we continue to monitor

developments on capitol hill as they recognize this day what we could have learned from it, going here to avoid it. keeping you updated on omicron, still spreading on wildfire. we're at a third day in a row of a better than pa million new cases recorded. you know in britain, one out of eight britons have already gotten omicron, one out of eight. that is staggering. i don't know what the numbers are in this country. the good news on that is, as many as plentiful the cases are, they're not deemed to be too serious. what is happening in chicago where the teachers are in a battle with the mayor over keeping classes online for a second day running. parents aren't happy. neither is the mayor. the latest after this. ♪

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♪. >> it its 100% the union posturing and holding our children hostage. the union is not helping us. >> there is no reason for them to be at home. my kids are being held hostage

at home. neil: chicago parents are not really happy that their kids have to continue doing things remotely for classes, second day running. even the mayor said enough is enough. we need the kids back in class, with the teachers union fighting it. grady trimble following it in chicago. what is the latest? reporter: actually, neil, they're not even doing virtual classes right now. classes have been canceled all together both in person and online. the school district says it wants to reopen as many schools to in-person classes as it can tomorrow. that is only if they can get enough teachers to actually show up and teach the kids who who want to be in class. the yesterday the district says 10% of all ct uteachers came into the classroom. joe is one of them. he is a middle school math teacher and chess club coach. he has not participated in a work stoppage put on by the ctu since 2005.

he will not participate in this one. he wants to be in the classroom despite he has cancer. he has 82 students out of all of them, he is not aware of single case of covid this week. >> there are ways to fight city hall. there are ways to make those demands without putting the kids in the middle of the fight. reporter: mayor lori lightfoot said those teachers who do not show up in person will not be paid. she echoeses what the parents are saying is that the chicago teachers union are holding kids hostage. >> enough is enough. we are standing firm and we are going to fight to get our kids back in-person learning, period, full stop. reporter: democrats, republicans and public health officials are in rare agreement on this one, that schools inside the classroom, that is one of the

safest places for students and kids in general can be right now. and federal government gave school districts billions of dollars, more than $122 billion to make sure schools can stay open. chicago, neil, got $1.8 billion of that. and yet across the country 4700 schools are either closed or fully remote right now. neil? neil: grady, thank you very much for that. grady trimble following these developments in chicago. well these spikes of omicron cases, three days running million new cases today, everyone seems to be getting this thing, but the good news is not as severe, hospitalizations are up but they're running about 50% lower than they were a year ago. let's get the latest on states like mississippi, also seeing a spike in cases but i must preface here, not the dangerous cases that we were seeing a year ago. tate reeves the governor of mississippi kind enough to join

us, governor, good to see you. happy new year. >> happy new year neil, thanks for having me on today. neil: could you update us where things stand in mississippi with the whole omicron thing? >> i can. we've seen as you mentioned earlier, a significant uptick in the total number of cases. in fact just about 15 days ago. we had a seven day moving average of about 200 cases per day for seven days. as of yesterday that number had risen from 200 cases on a seven day moving average, to 4800. with today's number, what i expect to be reported by the department of health it is probably going to exceed 5000 cases which will be the most cases that we have seen throughout the life of this pandemic but, as you mentioned earlier, that is the bad news. the more positive news is that a lower percentage of those who are testing positive are actually ending up in the

hospital, even amongst those who are ending up in the hospital, a much lower percentage of them are ending up needing to be in icu beds and or on the ventilator. so, this particular variant seems as, as was suggested when it was in south africa as we saw in england and other countries, clearly is highly contagious but it is less severe than previous strains. having said that, of course, when you're getting a, the number of cases that we're seeing today, even at a much lower percentage ultimately put trains on the health care system. -- strains. neil: governor, i'm serious with hospitalizations, they have in fact doubled over the last couple weeks. still a relatively low number. but those who are going in the hospital in your state what is their condition? can you tell us? >> well, it is hard to do that without talking about individual

cases by and large in my conversations with physicians across mississippi, what we're seeing is that those individuals that have been treating covid, that the docs who have been treating covid now for almost two years, what they tell me is that the severity of what's happening inside of the lungs of these individuals is not as severe as what we saw say, for instance with the delta variant. as you know the delta variant was very, very cruel in the state of mississippi. it just happened some four or five months ago when we reached our peak. the other really challenging thing about this particular variant, we talk about the good news and the bad news, that is always the case. one of the things that helped us get through the delta variant surge is the massive amount of monoclonal antibodies and distribution system that we set up in our state where the everyone within the state, they got the virus, could get monoclonal antibodies, they could get it quickly because we

had a large number of facilities that were doing it, unfortunately that regeneron monoclonal antibody treatment so effective versus the delta variant, doesn't appear to be effective at all with the omicron variant. that caused some challenges. neil: it is hard to get besides, right? so you raise a good point. how do you think this goes? you have intended no lockdowns, no mandates as far as i've seen lately, governor. so what are you doing, going to ride this out? what is your approach to this? >> well, we're monitoring the hospitalizations and the icu bed capacity very, very closely. i actually spoke with our state health officer multiple times earlier this year, monitoring, we believe we can certainly take precautions. we have over 1.6 million mississippians have taken a vaccine. we can certainly take

precautions but we're not going to completely eradicate this virus. but what we can do we can make sure that we protect the integrity of our health care system. insure every single mississippian can get the virus, get better with quality treatment, receives that quality treatment. so that is why we're focused on hospitalizations. focused on individuals in icu beds. quite frankly focused on the staffing shortages that are occurring in not only our hospitals but our long-term care facilities. this is not unique to mississippi but certainly something that we are dealing with that the lack of health care workers is a challenge in this country right now. it is a long-term challenge that we'll have to deal with but we're monitoring monitoring than very closely. neil: governor, keep us posted. be safe yourself. governor tate reeves of mississippi. speaking of this approach even on national, federal level. we're getting word via "new york times" report, the

administration is poised to change its covid strategy. some of the top health advisors according to this report are saying that the administration needs to step back, take a broader vision, by now recognizing that covid-19 is here to stay. one of the doctors, dr. emanuel, and an epidemiologist at the university of minnesota note that back in july mr. biden proclaimed that we have gained upper hand with the virus which in clearly in retrospect was not the case. they advised him at that time this was not the case. this would be a long battle. the battle ensues. we'll keep you posted. ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back.

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♪. neil: not only stocks taking it on the chin, not as much of a chin earlier. look what is going on with bitcoin right now.

in and out of the 43,000-dollar a coin level. of course we've always said this is not for the faint of heart but this is a reminder that it is a volatile ride. lauren simonetti with the latest how the ride is going. hey, lauren. lauren: neil, good to see you. we're seeing selling across all cryptos today. they're considered risky and growth assets, meaning they become less attractive in a higher rate environment. so like the tech sector, the nasdaq, those stocks, future earnings take a hit with higher rates, crypto is getting hit as well. bitcoin, you were talking about that range. it has been a very tight range for the past month. we're seeing selling act accelerate today, you have a catalyst which is the fed. i have two more reasons. the firsthundred million dollars of worth of -- $800 million bitcoin contracts were liquidated when it broke the 46,000 level.

some exchanges closed traders leverage positions as a safeguard. institutional selling, hedge funds tamped down their risk. has the price peaked when 2 hit 69,000 november? could get a new catalyst. i could offer one. regulators approving a spot bitcoin etf that could get it to 69, even higher. goldman came out saying in five years bitcoin could hit $100,000 because they're taking market share away from gold. one more for you today, neil. bank of america is upgrading coinbase to buy. they see revenue diversification beyond crypto to services and subscriptions, nfts. that could be a new catalyst for coinbase, although the stock is down about two dollars today. t could be a catalyst for crypto in general, neil. neil: a lot of potential ones out there, lauren, great job as always, my friend, lauren

simonetti following all of that. i want to talk about interest rates with mitch roschelle, macro trend advisors. mitch, i wanted to talk a little bit what is going on with bitcoin, all of this, maybe in response to the fed's tightening signal here and the fact that it might be faster and bigger than we thought, what do you think? >> i think that lauren nailed it. i think it's a risk asset. right now a lot of investors are a little concerned about risk in a rising interest rate environment. bitcoin isn't for everybody and i think the amount of speculation for bitcoin is driving it up. speculates are stepping back, including the hedge funds t will be a bumpy ride for bitcoin for quite a while. neil: when the firms talk about getting to $100,000, it would come out of gold as a result, as a hedge, do you buy that? >> no. i haven't, the way investors behave in times of uncertainty

and rotate towards gold, that is not speculation. that's safeguarding assets and protecting wealth and you can go back to biblical times see people preserve wealth in precious metals. i think bitcoin is viewed as a proxy for gold by some in the modern era but i think reality the volatility of the price in bitcoin isn't giving investors warm and fuzzy feeling a physical asset like gold does. i don't buy it, i don't own it and i think in times like this you will see the roller coaster that will give you ajita. i know you love when i say that, if you're a bitcoin holder. neil: i'm going to make you an honorary italian with that. mitch, i was mentioning earlier in the show, i don't know how you feel about this, inflation, you know, interest rates are in the eye of the beholder or, depending usually on their age. someone my age can remember you

know, when rates were a lot higher. my wife and i bored audience once or twice with this story, when my wife and i got our first mortgage it was 13%, we thought we were geniuses. we're so lately seeing two something mortgages and news they will be three something now, for a certain generation that is a jolt, big jump where they were, and they are not ready for that. how do you think this all sorts out? >> well you listen, a couple of things, my first mortgage was 13 1/2. that was a three-one adjustable when three years were up it adjusted higher. neil: yes. >> so i feel that pain. i predicted on this network mortgage rates would hit two and they never did and so they could potentially hit four before they will hit two. that is twice as high of an interest rate. so for some in this generation that suck as lot of you know the wind out of your sails but the

reality is i do fear, housing is an industry that i cover, i do feel that the prices in house having gotten a little high. some argue it's a bubble. i don't think so. i think it's a boom. so higher interest rates that take some people out of the market because they were doing it because of cheap money isn't a bad thing because it potentially prevents a bubble from bursting in housing and we've had multiple recessions that were caused by housing market booms and bubbles bursting. i don't think it is so bad but i feel for first-time home buyers scraping together in inflationary period and other costs are driving up the ability to make mortgage payments. now interest rates are going up. i worry about first-time homebuyers because i think the american dream is important. neil: do you think this uptick in rates could help housing at least in the near term or even refinancings, i better move now before i'm too late?

>> it definitely will help refinancings. i think we'll see a spate of those in the first quarter. again i think it helps housing because it cools down the rate of inflation. a little high school calculus for but what is going on with housing, the rate of change, the rate of growth in prices is slowing and i think that is a good thing because we don't want it to overheat. a little bit higher interest rates are okay but if we find ourself in the 5% mortgage rates, i think that could be problematic but that will be a bigger problem for our economy if interest rates got that high. that means the fed around free market are rising on interest rates because inflation is out of control. we certainly don't want that. neil: you know the market reaction to what the fed detailed in its latest minutes did surprise me a little bit, mitch. we knew rates are going to be raised. maybe there was this sense that they might be raised sooner and faster and the rate hikes themselves might be bigger than we thought. i'm not sure that is the case but let's say the first move is

indeed half a point hike as some have thought, how would the markets respond to that? >> you know i think the markets probably priced in a quarter-point move so at this point a half-point move would scare the market a little bit. one thing i will say about chairman powell and some of the other members of the committee, they have done a pretty good job about being transparent on the speaking circuit. so i think they're going to telegraph it well. but if they do that, it is in response to a higher inflation but the other part of their policy lever is their asset purchase program and what they are doing with asset purchases, when they raise rates, that is the short end of the treasury curve. their asset purchase program has been manipulating the treasury curve in general on both the short end and long end. neil: rite. >> if they have to start manipulating the treasury curve in a way that traders don't anticipate, that could spook the markets.

let's remember, look at sell-off in big tech because because interest rates went up a quarter of a point, you're seeing a selloff in big tech. there is a langeage between what the fed does as it relates to interest rates, what happens with interest rates in the free market. what happens in the stock market. i do fear that anything that's unexpected could very well spook the market an cause a significant selloff in the short term. neil: yeah. it does seem technology to be out of proportion to the reality but again, when you hear that hedge funds are unloading these very quickly, there might be some of that but it's a little weird. we'll watch it closely. mitch, great to see you, knowing that you and i have the same financial prescience buying our first home wn we did. thank you very much. i feel better now. be well, my friend, mitch roschelle following those developments. we're following the consumer electronics show. a lot of big players, apple,

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others. most of the large marquee names are there. interesting names as day two kicks off. we have kelly o'grady with the latest. hey, kelly. reporter: neil, yeah a lot of big names pulled out that just means that the focal point can be on a more diverse set of innovators this year. one of the big focal points is autonomous vehicle. i'm about to take my first drive ever in a autonomous vehicle, which is pretty exciting. i want to bring in paul parone of parone electronics. when can we see this own the road. >> we're autonomous today. this is a autonomous transit van, we're fully in autonomous mode. there we go. reporter: we zoom ad way here. where will we use most of these in the near future? >> these types of vehicles you will see in downtown business

districts, circulators, campuses. also the type of vehicles we outfit in logistics yards for materials handling. reporter: logistics dealing with supply chain crisis, truck driver shortage, labor shortage. how are some of your vehicles tackling tackling that to alleviate that stress? >> we handle environments where we go driverless today. we don't handle the great american highway driverless problems. we bring autonomy and driverless operations to those types of facilities now. reporter: i would be mystified in ask, a lot of people have nerves about autonomous vehicles. how are you dealing with some of that trepidation selling this to consumers? >> well it is super important that we have a safety, verifiable approach to autonomy. we've been in the space for 18 years. there is a lot of faking it until you make it. we've been baking it and our verification process is key.

reporter: neil, i survived my first autonomous ride. i will send it back to you. a lot more to see at ces. neil: very cool, kelly. it scares me a little bit. but we'll see where it goes. kelly o'grady with the self-driving car. they came up with that. now they're all pushing them. we have a lot more coming up including virginia getting ready another snowstorm. the governor issued an emergency order to be careful out there. he has another chance to avoid the nightmare of couple days ago. we're on it after this. ♪. at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan

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>> the truck is up the little. black ice up there. >> we were on our own, wondering what woe happen if we get out of here. >> this way every way you go. streets are not plowed. there is i.c.e. trees are down. cars are stuck and broken down. people need help. neil: all right. a lot of frustrated drivers in

virginia over the weekend here who are now wondering, can we avoid that debacle again? the governor is already declared a state of emergency ahead of another approaching storm. it will be pretty big one. not just the virginia area. rick reichmuth has more. ribble. rick: neil, all right, so i don't think it is as bad as the last storm where we saw the worst of that pile up or all of those cashes on the road in interstate 95. this storm down across parts of the tennessee valley, you can see the snows in area of tennessee, areas of kentucky. zoom in closer here. get the idea. nashville you have snow. clarksville, 23 degrees and snowing. this is the storm that will move over where we currently have the snow cover for the last storm. this is the snow cover on the ground because of the storm we saw the last couple days. still have snow around the d.c., baltimore area. southern parts of maryland as well into delaware. temperatures, however have come up above freezing.

ahead of this next storm coming in tonight. this is the future track. it goes across the d.c. area, along the i-95 corridor into new york city. first real measurable snow for new york city during overnight hours tonight and tomorrow morning. eventually a little bit after stronger storm across parts of maine. for the moist part we'll see heaviest of the snow across southern appalachians. they saw snow from the last storm. this is how much storm. five to 8 inches across the appalachians. northeast it will be heavier snow farther east you go. six inches in rote island. cities three to five inch snow from philly, new york a little up towards boston. first time we've seen this snow. very heavy snow across the great lakes. because it has been so warm they will get lake enhanced snow. look what is coming behind us, real cold air for monday and tuesday.

it will be the coldest temps so far this year. 15, 25 degrees below average by the time we start the next work week. neil? >> got it. thank you very much, rick reichmuth following the latest snow threat. it is a threat if you own electric vehicle and electric vehicle batteries, they can freeze up. i want to go into this a little more with gary gastelu, foxnews.com automotive editor. gary, always great having you. you familiar with charles lane in "washington post" this is a revelation for a lot of ev drivers who discover their battery can kind of freeze up and he said imagine virginia's icy traffic catastrophe but with only electric vehicles. is he on to something. >> well look, i tell you get stuck in electric car with full battery, it is pretty good. tesla has the camp mode, let you

sleep on, music on with the lights on. you don't have to open the windows because there is no exhaust fumes to worry about. people in the storms are not prepared. they have a, not a full gas tank so you have a major problem on your hands. hundreds of thousands of cars broken down without fuel and power trying to get them off the road. it is easy with a gas car. you throw a couple gallons take as minute. same amount of energy in electric car takes an hour if there are remote charging vehicle. there are not any. aaa had a pilot program it suspended because it is easier to toe cars away. hundreds of thousands of cars stuck on a highway. there is no metro area clearing up with tow trucks in short amount of time. they have problems building out of regular infrastructure for charging. this is a edge case. it will not be addressed. it will be years and decades before the cars charge fast

enough and vehicles come to charge them in an emergency situation quickly enough to really clear the roads in this kind of situation. neil: you know i know car batteries of all sorts are taxed in very cold water. charles lane of "washington post," batteries of all kinds lose capacity in cold weather including sophisticated lithium ones used by tesla and other evs he seems to say they are more vulnerable to this than standard gas powered vehicles, is that true? >> gas cars lose fuel economy in the cold. electric cars much worse. it is not that terrible if you're in the vehicle and it is running, really more of a problem when you leave them not running for a while. they get cold because of self-heating systems. you will lose range. you will lose capacity. and the colder it gets the worse it is. for instance one of these people tried camp mode in finland when it was 34 degrees.

lasted a couple days. when it got down to 10 or 12 degrees, it barely made it overnight. it really has an effect on that long term. hopefully in these situations you're not stuck more than 24 hours but again, once that battery is dead, there is really not much you can do except to the vehicles out of there. neil: have extra blankets. gary, thank you very much. gary gastelu following those developments. we pared significant our losses on corner of wall and broad particularly the dow. nasdaq individual stocks have come back. bitcoin is having a rough day of it in and out of 46,000-dollar level. interest rates backing up. 10-year, 1.5%, not even 1% a year ago at this time. stay with us.

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♪ i've been running through the jungle, to get to you, to get to you ♪ neil: all right, here we go with maybe more stimulus on the way, it's a familiar song i think to people who over the last couple of years now have seen wave after wave of covid relief and ways to stimulate the economy. doesn't appear to be an urgent need for the time being but a lot of small businesses, restaurant owners, bar owners and the like are saying it is important that they get that help and the white house is at

least considering it. edward lawrence with more from there. edward? reporter: hey, neil, yeah we're starting to hear that grumbling up on capitol hill about possibly more support, more free money, for small businesses on this front. the sources familiar with the talks that are going on have said that democratic senator ben carden and republican senator roger wicker are working on a bill that would re-up the restaurant revitalization fund that would give food and beverage companies up to $10 million per-company and up to $5 million per-location. the white house full speed ahead on the social spending package pushing trillions in more programs, but non-committal about this stimulus. listen. >> we're in a very different place than we were a year ago, or six months ago. historic records of job creation , historic economic growth across the country. 200 million people who were vaccinated, so we're in constant conversation but in terms of a prediction of a specific request

, i would say there constant conversations but nothing new to report at this point in time. reporter: as some republicans say instead of government hand outs the government needs to get out of the way, stop imposing mandates, stop talking about shutdowns and they also want to see accountability for the money that's already passed under this president, without a single republican vote listen. >> it has everything to do with the biden administrations and the democrats policies. they dropped $11 trillion on the economy before biden took office and then they dropped 1.9 trillion in his american rescue plan which hasn't rescued anybody from covid because we're seeing highest numbers we've ever seen in our nation's history. reporter: senator john brasso wants to know where that money has gone from the american rescue plan so on the stimulus' latest round of possible stimulus, just in the talks phase at the moment. back to you. neil: edward lawrence at the white house, thank you, edward good seeing you again. in the meantime here, there's a new variant to tell you about i'm not talking about omicron, but it's one getting the world

health organization's attention, so far, nothing alarming, but lydia hu has more on this and other developments on the vaccine and virus front. lidia what are we talking about here? reporter: yeah, hi there, neil. this particular variant is called ihu, but as you mentioned the agency, the cdc, it's saying it is not a variant of concern at the moment. it was first detected back in november around the same time that omicron was first detected and since then, there have been about a dozen cases found in france. one case in california, that person is said to have traveled to mexico. now researchers believe this variant originated in kamar oon, and while it is being monitored the researchers emphasized it's too early to know much about it. they do know the shear discovery of it is not a cause for alarm, still they add vaccination remains the best fight against covid spread. meanwhile, to switch gears, the super bowl is scheduled to be played at sofi stadium in los

angeles on february 13, february the nfl is already considering alternative stadium sites amid the surge in covid cases. a spokesperson for the nfl told the associated press that finding alternate sites is part of the routine planning process, so they conduct for all regular and post-season games. also according to the associated press, the league is looking at the home of the dallas cowboys, at&t stadium, in arlington, texas, as a possible replacement. finally, neil, here is some encouraging news for bars and restaurants in new york. the governor wants to bring back to-go cocktails. now this program was one of the very few bright spots in the early days of the pandemic when indoor dining was so severe ly restricted. it allowed people to buy cocktails with their take-out and served the critical revenue stream for small businesses. the program stopped in june, but now with the spread of omicron, many bars and restaurants are

suffering once again. it's not a completely done deal yet, because the state legislature still has to pass the measure first and then the governor can sign it to make it a permanent to-go program but the hospitality industry in the state of new york are cautiously optimistic and to that, neil, i will say, cheers and send it back to you. neil: thank you, lidia, very much for that. the problem and lidia touched on it as well with all the spikes in cases to get a test just to see if you have it or not is simply over-taxed system as i said three days in a row of better than one million cases a key player in that is the diagnostics that offers a broad array of a diagnostic and testing services to help deal with just this. ted carcass joins us right now the company's ceo. ted good to have you. >> thank you, neil thanks for having me on your show. neil: where do we stand on these tasks, people having a devil of

a time getting them, and finding places where they do have them, but is that somewhat stabilized? how would you describe it? >> so it's interesting. i came across a question recently that if we've had covid with us for a couple of years now why would it be so difficult to get a test? the issue is, we built out this fabulous lab in garden city , new york, 25,000 square feet, enough equipment to test 50,000 people a day. the problem is covid comes in waves, and it's not a linear relationship. when it comes it comes hard. for example, over the summertime , the incidents was very low, we had waves up and down and then recently out of nowhere, there was just an enormous spike over the last few weeks, and the incidence of covid for instance in the state of new york went from the peak last year which is when everybody was in a panic was about 15,000 tests a day, whereas recently, in new york it was about 65,000 nationwide, we went from a peak in january of

250,000 to currently about 400,000. there's an enormous number of people getting covid everyday. everyone out of nowhere particularly in the state of new york wants to be tested, so what happens is we have the equipment , we have the supplies, the problem is if they labor intensive business, so the number of people we might need to test a thousand people might be 30 people, but all of a sudden if we have 10,000 people, that want to come to our lab to be tested in a day, we need 250 people, so, just last week i reported that our employees in our lab went from maybe 50 to 200 just in the last week. since last week we've hired another 50 employees we're ramp ing up as quickly as we can but in the meantime we then get jammed up with specimens that we have to make the decision do we cut back on the number of specimens or do the turnaround times increase. historically our turnaround times were 12-24 hours. two weeks ago things got really crazy our turnaround times were probably four, five, six days and now it's normalizing a

little bit, but it's normalizing more around two to three days. i really want to get back to that 24 hours because the sooner you find out if you have covid the sooner you can get to be quarantined which is critically important if you really want to slow the contagiousness of this disease. neil: i know this is very contagious virus, i get that, but in the testing process, what percentage are testing positive? >> oh, my i haven't looked at the numbers, and it depends on whether you're talking about in the state of new york or across the country. neil: right, right. >> and where our specimens are coming from, but 10% number is probably normal, and i seen as much as 20%. there's a variable, there's a confounding variable in there in that you have to ask yourself are the people being tested being tested because they have symptoms or just everybody wants to be tested? so the percentages are going to be changed depending on the psychology at the moment of when the patients and who the patients are that want to be

tested and why they're being motivated to be tested. neil: do you think we're in the final like blow-off stage of this , ted? i know it's more a general question than a scientific one, but that this is the final throws of it. what do you think? >> so you know, it's a good question. i hate to be depressing about this , but i argued a year ago, covid is not going away any more than flu goes away. each year it mutates each year we develop a vaccine. it takes six, nine, 12 months to develop a vaccine, based on the flu virus that we had the previous year, which mutates and the case of covid, it mutate s faster and it's more contagious, so in our lifetime we've never been able to cure flu, how are we going to cure covid when it's simply similar to the flu virus except it's more deadly. the positive news though is over time, even though it's more deadly, it's becoming less dangerous and less deadly, omicron is less deadly than

prior versions of the flu; however, it's also more contagious so i don't see it going away. and the best way to cut down on the spread of it, really is quarantining and quarantining and accurate pcr test results. neil: got it, it all goes back to that ted karkus, prophase ceo following these latest developments and the rush to get tested. it's easier said than done, ted thank you very very much. i want to go look at the economic fall doubts with ann be rry, the wheel house chief investment officer, dan geltrude , and ann and dan if you don't mind i do want to look at that because i think ted karkus mentioned something very interesting that we're hearing separately in a new york times report on the administration's new strategy dealing with covid to recognize that it's going to be around, it will be apart of us, it will be in our society and maybe much like the flu, as ted was saying, it's just part of who we are as a country

now. have we gotten our arms around that? what do you think, ann? >> i think that we haven't quite yet, neil and i think that's because we're still seeing variants are coming out showing new characteristics and in this case with omicron it's the speed and level of contagion of it so i think we've will get our arms around it but we need to see these new variants look a little bit similar to each other before there's a level of comfort that we have with a community with something like the flu and hopefully it won't be there quite yet. neil: you know if you think about it, dan, all these businesses that are now telling their businesses, their workers to continue working remotely if they so wish, for at least another couple of weeks, as you know, the new new york mayor, eric adams, had said not so fast on that, that's not good for the workers certainly not good for our city, but it's falling on deaf ears. these guys who had very very tight reigns on keeping their people in new york, are now

changing their minds saying well for now you don't have to come into new york. what do you make of this and how that's going to impact the economy? >> the problem here, neil, is the mixed messaging that people are getting, so for a while, it was we need to get back to work, now it's not so fast, it's more contagious but it's not too bad, so you can't blame people for being totally confused. now, that confusion is going to trickle down to what's going on with the economy, because right now, i would say people have that attitude of we're heading into another bad streak here, keep people at home, let's slow things down. there, comes,es, busines r ry,eaeal, is entntnt, andat problemt wm wm hav i i the now now n shge,sh w is d dririy virirndreg

tus f a ayolicyic ized a i'tan wto ge aadge mel d hitngs liknflanfti iring ses, im maybe more rateutbohe hikes than we figured and bigger rate hikes than we figured, where are you on this? >> i think that the fed minutes that came out yesterday, neil, were incredibly instructive, there was an instinct in the market the fed would start to raise rates and it's a surprise how hawkish they are, and its been coming for a long time. it is overdue to get this level of clarity and i think what we're seeing at the moment is the financial markets re balancing that portfolio to be ready for this moment they knew it was about when, not if, now they are getting that clarity, and i think more broadly, businesses can start focusing on things like unlocking that

supply chain the more normalized environment, planning in a more normalized environment and touch on the market again, neil, huge thing here has been how to get kids back-to-school so parents can go back to work so the education and other sectors that hopefully will look at normalizing in a slightly more stable economic environment as well. neil: but you know, one where the rates are backing up, dan, 10 year note now around 1 and three-quarters percent a year ago was up 1%, still very low, but going higher. what do you think? >> well, that trend, neil, may very well continue, especially if what the fed is signaling in terms of increases in the interest rate, well that's certainly going to have an impact on the market. we see that the market kind of reacted in that they didn't expect the fed to be quite as hawkish, so i think they will settle in a little bit now but if that trend continues, neil, we're going to see those bond yields continue to rise and

we're going to see more adjustments going on in the stock market and those equities. neil: all right, well, we'll see how those adjustments go, as long as they aren't too jarring but recent history suggests they can be. guys i want to thank you both, ann, and dan. in the meantime here, you've noticed that we dramatically paired our losses the same applies to the nasdaq, right now and technology stocks, they have been taken disproportionately on the chin as i've been saying here but this issue of inflation is still a very big one here, because that inflation and the higher rates to deal with it could be hitting a lot of stocks , and the impact on communities goes far and wide. you'll get the latest from connell mcshane and of all places, scranton, pennsylvania, the birth place of the president of the united states, after this ♪ my fight song, take back my life song ♪

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neil: all right, we're just getting from our edward lawrence some of the latest views from st. louis fed president bullard, on the market committee so he

has a say in interest rates and where they go. mr. bullard saying the fomc could be getting the increasing policy rate as early in the march meeting and subsequent rate increases during 2022 could be pulled forward, or pushed back, depending on inflation developments. he noted that he is following a number of factors including the price index, something that gets a good deal of attention here, it's a measurement about where prices are going, and it's running about triple what it should be right now, so again, with that being the case, it should be at 2%. it's at 5.7%. seems to be saying unless they get closer to that the rate hikes could keep coming so we'll see. connell mcshane meanwhile following the fallout from potential higher rates and certainly the inflationary environment that is prompting them. he's in scranton with more. connell? connell: hey there, neil. yeah there could be political

fall out from all of that the mid-terms coming up later this year and you know how pennsylvania is, big state, diverse economy, but inflation is that one concern that we hear over and over again, even in the president's hometown that people are talking about, and could be the political story of 202 when you think about it. the best way to get a gauge of this type of concern, you stop by the local hot dog joint, right? we did that, a place called coney island lunch its been around almost 100 years, a family business, started by peter ventura's grandfather. >> when i first started working for my grandfather, a hot dog was $0.30, so when he raised it to $0.35 he put big signs all over the restaurant, $0.35 for a hot dog and i said grandpa why do you have the signs up because everybody that came in the door was screaming at him. now, the $0.05 increase was like 12, 13% and i could understand but now, it's now no lingerie shock, i mean, i think people are just used to getting beat up

and this is the way it's going to go forward. you know? connell: as much as people might be resigned to it these days it is tough for a guy like peter because it's not just the hot dogs, he says the latex gloves he was wearing used to cost $50 you'd get a thousand of them and that went up from $50 to $150 at one point. >> it can't keep going on, because, you know, i retained all my staff but when i see mcdonald's offering $20 an hour i can't compete against that and i'm going to, i can't. it's impossible. connell: yeah, it's impossible in some point he said it's just going to have to shut the place down and retire which he would hate to do because he loves it so much and i mentioned politics at the top, neil. former congressman lou barletta is among those trying to take advantage of this , more than a dozen republicans running for governor this year, and the senate race, it'll also be huge, in pennsylvania this year, senate pat toomey is retiring so all kinds of candidates trying

to replace him i had a conversation with barletta about all of this and his basic take was you see an environment like this , and the party in power normally takes the blame for it if there's an economic issue like inflation, so he and other republicans are growing in their confidence, neil, that they can take advantage of it and make 2022 a big year. neil? neil: all right, connell mcshane thank you very very much. appreciate that. tom bevin is with us from real clear politics the co-founder. tom inflation is a real issue, americans know it. the administration is very confident that this is all going to level out by the second half of the year, some of these year-over-year comparisons we got in the midst of the last wave of the pandemic will start to be more favorable. that's what they're hoping any way. what are you hearing? >> [laughter] well, yeah, i mean their initial explanation was this , was going to be temporary, it's transitory , and it turns out, it's lasted longer than the administration thought it

would, and so we'll see. i mean, we don't know the future , we don't know what's going to happen but certainly it is the case, neil. it is the number one issue, major concern on the minds of the american people like 75-80% as high as you could possibly imagine, and they are in their daily lives price of gas, food, you name it, and so to the extent that that remains the same, then certainly the biden administration and democrats who control the house and the senate will pay for it in november. there's just no question about it. neil: you know, you're talking about the house and the senate. it doesn't look like build back better is going anywhere even in this new year. that could change, but i'm just taking the signals i'm getting from joe manchin who does seem to be open with the filibuster for voting rights measure but that's the extent of it. where is all of this? >> yeah, it looks like build back better is still in the zombie phase but instead of being headed toward revival is headed toward dying off again, and you're right.

manchin has been a little coy on the voting rights. chuck schumer has said there's going to be a vote. senators are going to have to take a stand and vote on januars suggested that he might possibly be open to making some changes but he did call it a heavy lift last week. quite frankly the democrat's biggest problem is kyrsten sinema who said repeatedly that she's not in favor of changing the 60 vote limit in the senate and so you've got without her, i mean, they need both manchin indocible to make this happen so it doesn't look like this is going to go anywhere either. neil: tom i'd be curious to get your thoughts too on this january 6 reflection issues today in the speeches and everything else of democrats including the president and using this opportunity to push for action on the voting rights measure but more to a point to remind people of what the country went through a year ago. will it have any political impact? >> i doubt it, neil. we're so divided as a country.

i suspect 40% of the country or democrats in general think that have their mind made up that this was a coo and democracy is hanging by a thread and you've got 40% of the country that are republicans who say look it was a riot, it was bad, but it was the democrats are making political hay out of this and maybe there's 20% of the country that are somewhere in between but i think by and large like we seen with most other issues people have already made up their minds about what they think happened on january 6 and the significance of it, the historical significance of it, and so some speeches by biden today, i doubt is going to change very many minds, if any at this point. neil: all right, thank you, my friend, tom bevin following these developments. by the way we'll get the latest on that january 6 investigation and we're hearing increasingly that a lot of it will play in primetime. more after this.

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neil: all right, this year after recognition of what happened on capitol hill, 365 days ago, an update and we're getting more of them, coming from the fbi, the justice department, on that investigation into what went down and how it went down, and who was part of it going down. david spunt has the latest now from the justice department. david? reporter: neil, good afternoon to you. attorney general merit garland spoke in this building yesterday in an address to the american people and he said that this investigation is not over. meanwhile, over on capitol hill, the house committee that's investigating the january 6 attack on the u.s. capitol has issued so far 50 subpoenas, more are expected. there's also a small group of people that have been asked to voluntarily appear before the group and give information. one of those , the most high profile at this point, is

stephanie grisham, the former white house press secretary under president donald trump. you see her last night leaving capitol hill. she has agreed to cooperate without a subpoena, and she said last night briefly before getting into an suv, that she fully cooperated when leaving the building but several big names that have been subpoenaed have ignored those subpoenas, including trump confidant steve bannon, neil he turned himself into the fbi in washington in november after the department of justice charged him with contempt of congress, if convicted he could face a year behind bars. he's fighting the charge in court. former white house chief of staff mark meadows is suing the january # committee. meadows has not been charged at this point by the department of justice. in addition to grisham in the no -subpoena category the committee asked the following to voluntarily appear. congressmen jim jordan and scott perry also shawn hannity whose attorney, jay seculo put out a

statement that reads we are evaluating the letter from the committee, we remain very concerned about the constitutional implications, especially as it relates to the first amendment. we will respond as appropriate. the committee looking for private conversations and text messages from hannity. meanwhile, former president trump asked the supreme court to block release of january 6- related documents from his white house. the committee wants those documents. the house committee is asking the justices to decide within the next week or so if they will hear the case. if the justices, neil, do decide to get involved with the case we'll see what they decide. if they decline to take up this case it is possible those documents, president donald trump wants to shield will be released to the committee and released quickly. neil? neil: david spunt, thank you very very much my friend. david spunt on all these latest developments. jimmy carter has commented on this anniversary day being an essay in today's new york times in which he says the u.s.

is on the brink of a widening abyss and unless we come together before it's too late, things could get worse. is he right about that? bob barr, the republican former georgia congressman, kind enough to join us he was the former house manager during the clinton impeachment trial. bob always good to have you. what do you make of jimmy carter 's worries that the extremism on both sides has gotten to the point that it could get nasty again. >> well, somebody should have advised jimmy carter to a place to call to joe biden before joe biden went on the airwaves and the congress of the united states and u.s. capitol and fanned the flames of hatred. joe biden's speech, which was by the way, way too long, was so partisan and so stride entertainment and so angry and so divisive that jimmy carter should, even if he didn't

apparently not call joe biden beforehand and tell him to tone it down, joe, should call him now, and say please don't do that again. neil: you know, karl rove has written on this as well, and while he says most of the protesters were just fine, most republicans behaved just fine, he did write i'm address ing squarely those republicans who for a year excused the actions of some of those rioters who stormed the capitol and disrupted congress to receive the electoral college's results and attempted to overturn the election and the failure of the party that is republicans to address that and come back to that isn't good. what do you say? >> i read his piece and it's very eloquent and i agree with the tone of karl rove's piece, but he does have a tendency, i noted, to exaggerate. in the middle of his editorial,

his opinion piece, he says there were several thousand, i think he says, people that day that were committed to use violence. i don't think, i haven't seen any accurate reports that indicate that there were thousands of demonstrators that were using force that day. certainly some of them did, and they should be and are being prosecuted, but every republican responsible that i have heard talk about the january 6 upheaval or riot, demonstration, whatever you want to call it, it wasn't an insurrection to me, always says those who committed acts of violence should be prosecuted. so even though karl rove is putting out a calming message, i don't see that there are many republicans that he needs to address that to. neil: you know, i want to get

your take also on adam kinzinger, he's leaving congress , one of two republicans on this committee along with liz cheney and he had faulted kevin mccarthy at the time and he said that history will remember him for resurrecting donald trump after january 6. that's why trump is still a viable political force today. what do you think of that? >> i don't think terribly highly of mr. kinzinger's political cabbies you men. i think that he made a serious mistake coming out, so anti- trump and he has refused to back down from that and has become a part of the democrat party's effort to continue to villify trump, which i think will hurt them in this coming election, but that's up to them, but i don't see that adam

kinzinger has much to say l of value to anybody. he realizes he's made a mistake, he hasn't backed down and now he has to step down from the congress because he be defeated if he didn't. neil: i'll put you down as a maybe, bob, on the congressman. it's always good seeing you. be well, have a happy new year, bob barr the former georgia congressman, former house manager during the clinton impeachment trial. it seems like yesterday, we have a lot more coming up including the latest on all these hedge funds we're getting word that is an unloading technology stocks in a rapid fashion, i mean, big sell orders, what's going on with that? charlie gasparino has more after this. whether you've enjoyed the legendary terrain in telluride, the unparalleled landscape of park city or the famed peaks of whistler, you face the hassle of lugging your gear through the airport. with ship skis, you're just a few clicks away from having your skis, snowboard and luggage shipped from your doorstep

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neil: all right, it's an interesting little development behind the scenes with the backup in interest rates hedge funds presumably dropping technology stocks in

huge waves, and really tanking them. now we don't know how long this continues, whether it has any particular significance, but we've not seen this type of activity in quite a few months. let's get the read from charlie gasparino, he's following this very very closely. charlie what's going on? charlie: neil if you look at say one year chart of all those stocks except for amazon, amazon is a little bit of an outlier here and i'll describe why in a bit, but one year chart, you made a lot of money on these stocks, you beat the markets essentially on these stocks, so in a higher interest rate environment, if you really think the fed is going to start tightening, and there's going to be a sell-off you generally try to book in the gains of the stuff that made a lot of money and that means tech stocks which as you know, outperformed during the pandemic and the lower interest rate environment and now we're getting a reversal of this. the only reason why i just sort of caveat amazon is that for the past year, amazon is up over the past year. it's just not beating the

markets, and there's a lot of reasons for that including the fact that they won't do, they haven't done a stock split it's a $300 stock. excuse me, $3,000 stock, [laughter] investors are wishing it was split to 300 so they can actually afford buying it, but that's why you see this , so you see this rotation that hedge funds, which are, you know, these are some of the smartest investors in the world, they will unwind the positions that are basically, that made them money, and say let's see it pullback and see what happens and get back into it . the other thing that's interesting here though is the meme stocks and the cryptos. again, if you have a higher interest rate environment which we are likely going into, that is not good for the risky assets , then there's a risk-off trade investors start looking for balance sheets and predict able earnings, and amc is not that, and neither is gamestop, and neither is bitcoin

probably, so then you start selling those assets and you could see those assets trading, they're up a little bit today but bitcoin had a bit of a puke yesterday. amc had a tremendous puke yesterday, it was down 10%. it was up earlier today but i think it's back in the red right now, and this is a scary stock, because the company has all but said the ceo adam aron that he needs to somehow do something with its debt load and a way to get rid of debt is to refinance and it's know the that easy to refinance it, because you have to go to bond holders and beg them to change the covenants of the bonds and replace old bonds with new bonds but get creative and how do you do that? well you do a convertible bond which has lots of implications or maybe just do another stock offering which screws existing shareholders so that's why those stocks are trading off. very interesting time right now in the markets, neil. it could be an inflection point. let's see if powell really goes through with this , if we have

inflation, he has to go through with it and you're going to get a correction. can't tell you how much but it's coming. back to you. neil: yeah, especially if this is as aggressive as he has hinted so charlie great catching up with you, charlie gasparino on all of that. meanwhile, the supreme court is taking up the president's vaccine mandate plan, but a number of states are already taking matters into their own hands. we'll give you an update on that , after this. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire feeling sluggish or weighed down? matching your job description. it could be a sign that your digestive system isn't working at it's best taking metamucil everyday can help. metamucil psyllium fiber, gels to trap and remove the waste that weighs you down. it also helps lower cholesterol and slows sugar absorption to promote healthy blood sugar levels.

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neil: all right, the supreme court is going to be taking up the president's vaccine mandate. exactly where will that go, let's get the read from rich ed son in washington with more. reporter: good afternoon, neil and businesses were wondering whether they will soon have to start enforcing these mandates. the supreme court justices will hear emergency requests tomorrow , in two separate cases, challenging the biden administration's vaccine rules. the first, employers with 100 or more workers must ensure their employees are fully vaccinated. if not, businesses must test their vaccination workers on a weekly basis and require they wear masks at work. the second requires workers at healthcare facilities receiving medicare or medicaid money to be fully vaccinated. the white house says these rules

affect about 100 million american workers, and says the federal government may enforce them. arguing for the biden administration, the solicitor general, who filed a brief to the court that the occupational safety and health administration or osha properly determined that sars covid 2 is both a physically harmful agent and a new hazard. that exposure to potentially deadly virus in the workplace presents a grave danger to un vaccinated employees. though a group of republican-led states, business associations and religious groups have challenged these rules saying congress never authorized these mandates and the administration has acted well beyond its authority here. >> pretty difficult to understand what the governments trying to do and it really is difficult to articulate when you're trying to step around or step on the constitution and then try to say that i'm on solid ground. reporter: the administration is planning to roll these rules out

over the next month and a decision is expected soon. neil? neil: got it. rich edson thank you my friend, to james trusty on what that decision might be in the next few months james is a former doj prosecutor and law partner, james what do you think, how would the supreme court move on this? it's a gut call i know but i'm just curious what you think. >> my gut tells me that the administration's in trouble, that they're looking, the supreme court doesn't have to take any case, much lesson an emergency basis. they've chosen to take these cases, i think they're looking at it saying hey, the constitution pretty clearly defines the power to regulate for public safety, for public welfare, as a state power not a federal one, so i think these mandates are in a lot of trouble when they get up to the supreme court but i guess we'll find out in short order. neil: i always wondered, james, in the past whether the administration knew it was up against a legal wall on this , but the hope was that more people would get vaccinated

so it be net-net end development for them. 200 million americans now have been vaccinated, or at least one shot, so they might have succeeded on that front. >> yeah, i mean look. there maybe a politically and maybe health wise beneficial aspect to this no matter what happens in the litigation but from a pure litigation standard, you know, biden said way back when, i think it was president biden, might have been nancy pelosi or both, that these federal mandates can't be done. they won't stand so if you're a litigant in this thing, representing the states, you're going to be quoting the very people that are pushing these mandates as saying they are failures that they aren't constitutional under our system, so that could be an interesting bad moment for the administration as well. neil: i never thought about that always learn something, james. let me ask you a little bit about the legal battle back and forth on these mandates, city and state requirements to wear

masks and all this other stuff. a lot of people were surprised some of the sweeping moves that build did, for example, is taking in new york but only days left in his administration, and the almost autonomous power he had to do all of that. can that be fought? >> it can be fought. i mean, it's a real difference, i think what your viewers have to keep in mind is theres a fundamental difference between federal action and state action in this context, and states and cities have a lot more authority to push for mandates or for some sorts of restrictions with a lot more from the courts because again this falls into their policing powers. it falls into the ability of the state under the constitution , there's the supreme court case that gosh , maybe in the 1930s, it said the state of massachusetts can mandate smallpox vaccination s across-the-board because smallpox was such a serious disease and the outbreak was so serious so again that's been established law, that's not going to change,

and the change, when it comes to whether we agree to these types of state actions, is really a political change, you know? when adams comes in, does he upheld end what deblasio had to do or do voters get sick of restrictions on a state and local level and take action by way of referendums or by electoral process. neil: do you think throughout this whole pandemic, james, we've opened the door for more government oversight, whatever you want to call it, using the excuse of the crisis, and now, having this experience will continue to do and build on it in the future. >> that's a legitimate concern. i think we're seeing all sorts of erosion of notions of federalism from the department of justice, and this attorney general, from this administration, and it's emergencies are always the justification to take extraordinary action, but then when you look back 50 years later or 100 years later you say oh, that's where we lost our freedoms so i think there's

going to be a lot of people that have an idea of looking harshly and maybe fairly at the actions of different political figures over these last couple years and deciding, you know, when was it too much? when was it not justified by science and when was it pure politics at its worst? neil: well put, well put, james great catching up with you, thank you. >> you too, thanks, neil. neil: all right, some sad news to pass along to you, peter mcdo novich directed films like the last picture show and paper moon, and then he had that public fall which is a separate issue, anyway, he died and he was 82 years old an iconic figure in hollywood and a controversial one at that, we'll have more, after this.

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neil: all right. the real story today is the backup in interest rates, bit by bit. they have effectively doubled from where they were a year ago. 10-year note at about .96, 7. 1.74, upward the trend continues. charles payne. charles: the plot thickens. see you soon my friend. good afternoon, everyone, i'm charles payne and this is making money. breaking now there is epic battle between wall street and the federal reserve. unfortunately your portfolio is caught in the middle. i live for these moments. i'm champing at the bit to share my thoughts and wisdom from the street. should you dump your tech stocks