tv Cavuto Coast to Coast FOX Business January 7, 2022 12:00pm-2:00pm EST
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building. it is jeannette rankin. stuart: you are right. it is jeannette rankin, the first elected to the house of representatives, first woman the republican from montana, 1916 four years before the nineteenth amendment granting women the right to vote. fascinating, you spent years in montana. ashley: loved it. thanks for a great week. my time is up and neil cavuto, it is yours. neil: we are following the same development looking at a turnaround on the dow industrials side. the nasdaq under selling pressure again but we have been looking at the curious response to the latest jobs report disappointing as it was, 3.9% unemployment rate but the fact of the matter is wages and key component continues to move
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4.7%. that has markets thinking it has done little, this report, to determine the fed from hiking interest rates may be as soon as march. it is a mixed bag. the white house is digesting this. i imagine they are focused on the 3.9% unemployment rate. >> he was narrowly focused on the 3.9% rate, last time it was lower was a record. a good number for them. inside the number you see weakness in the job growth, the 3-month average for jobs added back to the -- fall into 360,000 per month. you see the growth here, it has been up, down, up since june, not a steady trend that
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president biden believes he's driving one of the best economies in history. >> historic day for economic recovery. today is national unemployment rate fell below 4%, to 3.9%. the sharpest one year drop in unemployment in united states history. >> let's take it where the jobs were, leisure and hospitality added back 50,000 jobs, manufacturing 26,000 jobs added back, construction, 22,000 jobs look at healthcare losing 3100 jobs in retail, in december losing 2100 jobs. even the labor secretary brushing over the fact wages went up 4.7% the past 12 months, but inflation up 6.8%, he raising those gains. >> focus on inflation as well, working on supply chain issues and getting product on the shelves and asking companies not to pass prices on to
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consumers. we are doing what we can to speed up and get goods and products in stores. >> the federal reserve made its pivot to focus on inflation, we are here from st. louis federal reserve president jim bullard that he believes march will be the first rate hike to get inflation or start to get inflation back under control. neil: i'm curious about the fed guys you talked about, prior to the employment report by this aggressive timetable to start moving sooner rather than later, that hasn't changed. if anything it is confirmed. >> exactly. it has been confirmed they need to move faster. the feeling i am getting related to the federal reserve and in the federal reserve is they are behind the curve and they need to move aggressively as the fed does but aggressively in order to get
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inflation back under control which they believe they can do with rate hikes starting early this year. stuart: edward lawrence. adam: were telling you the 10 year note is in and out of one.8%, keep in mind it began this year under one%, it has effectively doubled in that time. perspective is everything. i will explore this with charles payne. those of a certain age, ridiculously low rates and others, it jostles of them, a tenure, 30 or fixed-rate mortgage, 15 year mortgage, they are backing up, 30 year fixed-rate mortgage city back 3% but as recently as five weeks ago, mid 2s, that adjustment is jarring to some and will change their perspective on how big a leap you are looking at. the supreme court reviewing oral arguments on the
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president's plan to make sure everyone gets vaccinated, the vaccine mandate taken up by the highest court in the land. >> a big day at the supreme court, two cases, dealing with vaccine mandates, policies put forward by the biden administration, one being argued right now, the second case expected to go until 1:30 or 2:00. this affects more than 100 million, that is why the supreme court took this so quickly. arguments began promptly two hours ago. the white house mandate requires companies with 100 or more employees to become vaccinated or submit to weekly testing and requiring mask wearing at all times. justice alana kagan made clear in the first eight minutes where she stands with the
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mandate. >> more and more people are getting sick every day. don't mean to be dramatic but stating facts and this is the policy that is most geared to stop all of this. there is nothing else that will perform that function better than incentivizing people strongly to vaccinate themselves. >> attorney scott keller representing small businesses across the country had a different view. >> why should the court grant immediate release? >> the short version is as soon as businesses put out their plans and this takes effect workers will quit is that itself will be a permanent worker displacement that will ripple through the national economy.
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you can talk about billions in nonrefundable costs the government concedes. >> reporter: the second case calls for workers in healthcare setting to receive medicare or medicaid money to get fully vaccinated. do not expect a ruling to come today but 8000 people died from this pandemic expected to come soon and this is something you don't hear a lot in the supreme court, from justice alito in the last 40 minutes, he said to the federal government does the federal government object to our taking a couple days to digest the arguments before people start losing their jobs. the supreme court will be turning around a decision quickly because the stakes are that high. neil: try to stay warm. the mandate, private companies take action on their own. citigroup says it will
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terminate unvaccinated employees as of january 14th. if you haven't had the shot you are out. we will keep you updated on that and if company will in a similar policies, by a certain time everyone must be vaccinated with without a reading from the supreme court of the united states. jonathan is following the cdc director's remarks, wrapped up the briefing here. where is she on the latest spikes in cases and the guidelines, rampant confusion on this issue. >> she and the cdc have taken a lot of criticism from some health experts including the president of the american medical association saying the guidance has been confusing if not dangerous. particularly when it comes to policies on quarantines and testing. the cdc director responded to
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the briefing, take a listen. >> at the time with the speed of omicron cases rising and we are working hard to get information to the american public, balancing that with the realities we will all be living it. >> reporter: to reduce the 4-day quarantine period to five days for an vaccinated children, and boosted adults by the coronavirus. students, teachers and staff who become infected with covid 19 should isolate for five days following the onset of symptoms, down from the previous 10 days. persons coming out of isolation after five days are advised to wear a mask in public for an additional five days. california has extended a statewide indoor mask mandate through mid february. a test site detected los angeles county's first case of
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fluron is a, the unofficial term for beginning infected with influenza and the coronavirus at the same time. the patient is a child who returned from travel to mexico and developed mild cold-like symptoms and breaking news today, the cdc director has just signed off, the interval between the primary doses of the moderna covid vaccine and the covid booster, took similar action on the pfizer vaccine several days ago. adam: i think i am more up to date. i to go to charles payne, best-selling author and all-around great person. we've known each other for decades and both survived that. let me get your take on the employment report that seals
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the deal for rate hikes charles: how do they lower their balance sheet? a lot of people learned the term quantitative easing. the question is quantitative tightening and that is where you'll see the market grapple with a lot of things in the san francisco fed saying hike a couple times and then assets that normally expire and let them run off the balance sheet and wall street is getting a little bit of anxiety. last time they started hiking they went to a tightening regime that took two years to let the balance sheet runoff and they will do a lot sooner and they are not sure what to make of that and the knee-jerk reaction is take a more
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cautionary action with respect to stocks. neil: i also wonder about the idea that the fed will almost always find an excuse not to do the tough thing, raise rates, more aggressively taper and all that. they might resort to what they've done several times before and go back to printing money. neil: charles: it is inevitable, like doctor frankenstein he created something. are assets in this country are 5.6 times gdp and it is mind-boggling. it is enormous and you cannot dismantle that or try to tinker with it. the wealth effect which that reflected the federal government approaching $30 trillion so do you want to
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make is where we are spending $1 trillion on interest? i was listening to president biden before i got wired up and he actually mentioned the fed today. i felt like it was sort of a nudge. he talked about the mandates, the federal reserve, got to take care of employment and inflation but we also -- he is worried about take away the punch bowl because almost everything he brags about today was a result of artificial money. the fed printing money out of thin air or all the fiscal programs including the last $2 trillion deal from the president. you take away accommodation and all bets are off. we are so dependent on artificial money pumping us up that a lot of folks wonder if we can do it on our own and the stock market is telling you we can't.
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the fed can make some adjustments for inflation but cannot go too far. a lot of people predicting, i will not be surprised, don't be surprised if somewhere midyear you see the fed reverse course. neil: seems to me they are following the market, i am talking the stock market and if the stock market goes into freefall they will do an about-face. will that be the catalyst? "cavuto coast to coast" charles: i saw stock market and equity markets, they are watching these markets like a hawk. they know they need the wealth effect, even if you're not in the market, when the market is at an all-time high even people who are not directly, i told everyone everyone watching the show, if you are watching the show you are directly or indirectly in the market.
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they know just hearing the market is down 20% people pull back and that have a psychological impact on the economy that they understand. it is very real and they create this monster, they can only team it from time to time but cannot be constructive. the last benefit that had those nerves, paul volcker, we had serious pain in those days. can you imagine people having to pay 20% or 18% interest to buy a house, the kind of pain we took and accepted between paul volcker and ronald reagan that first year was ugly. it was devastating but that is what they had to do to get us on a glide path to many years of prosperity. neil: i am way too young to remember that but you are right. i remember most of it. a full point rate hike had time
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to slap down this inflation. it was painful and the trek. charles: can we endure that kind of pain these days? don't know of any benefits. don't think any president can. neil: they like their candidate. looking forward to see you, 45 minutes from now, the best of the best. i don't think the fed has any control over the weather, it snowed a lot across the east coast of the united states and a reminder something as simple as that can grind and economy and much of the population of the united states to a stop after this. ♪♪ a beautiful sight ♪♪ we are walking in a winter wonderland ♪♪ gone away ♪♪ is the bluebird ♪♪ here y ♪♪ is the new bird ♪♪ he sings a love song ♪♪ as we go along
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♪♪ let it snow ♪♪ it doesn't show signs of stopping ♪♪ neil: it is good to sing about it but this arctic blast that has melted much of the east coast of the united states people are still digging out and it could be a preview of coming attractions in new york city. >> don't know if many people are singing this morning as they were trying to get to and from work, we are dealing with that winter blast so temperatures dropping and the visibility will drop as well with high wind in the area, new york got in front of this thing and they had 600-1600 plows out, 700 salt spreaders, take a look at this from earlier this morning. in manhattan people clearing off their cars and conditions in the sea triggering a travel advisory. new york's governor advising people to avoid unnecessary travel is heavy snow and wind could cause dangerous road
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conditions across the state and there have been dozens of accidents reported through the northeast. one fatal crash already so far today in massachusetts. and long island, heavy snowfall leading to a 0 to traffic delays, the hudson region seeing 6 inches or more of snow in that area. some parts of connecticut breaking -- waking up to a foot of snow. buffalo hit hard, schools had to cancel due to that heavy lake effect snow they see every winter, buffalo breaking their daily snowfall record on their third day with 17 inches of snow recorded near their airport. the winter storm system is expected to bring frigid temperatures through new england. new york city schools stay open today so parents are happy about that, parents and kids making their way through the snow this morning, one teacher saying she supports having kids back in class today. listen.
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>> it is great. of the commute is too bad for the parents that is okay but for the most part i think it should be getting up, enjoy a snow day and there's no reason you guys shouldn't be in school today, not bad out there. >> reporter: the continuous sanitation crews making sure the claims in manhattan are clear because so many people use those on a daily basis and laguardia, jfk and newark canceled hundreds of flights or had major delays due to this weather. neil: casey steagall as alexis was saying, hundreds of flights were canceled today. i think we are over 20,000 flights canceled over the holiday period going back to right before christmas but casey would know these numbers better than i. what is going on there?
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>> it is pretty quiet for the international terminal so typically one of the busier ones that you see not a lot of lines behind me and looking at the flight boards, the cancellation, delays you see in your neck of the woods, new york city area and chicago, minneapolis, nashville but we are reaching closing in on 15 consecutive days where more than 1000 domestic flights have been canceled. two primary reason for the mess, number one, covid 19, number 2 as we have been hearing, mother nature, snowstorms keep coming so that is forcing aircraft to remain grounded in those impacted areas but omicron has seeped through the airline, and airport worker ranks causing staffing shortages but analysts say people can hang on while longer, nightmare is almost
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over. >> the virus is going to peek in a week or two coupled with less travelers, hopefully improve the situation. >> the latest stats at flightaware.com constantly changing at this hour, more than 2000 delays in the united states, 4500 cancellations. neil: casey steagall following all that. we have some green for the dow, 60 points. what has captivated me is what is going on with interest rates. if we could take a peek at the 10 year note because this has been a dramatic development early in the new year, looking at one.782% backing up a little more and this is double where
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we are, 98% felt again a low rate and i hasten to add, in that period the third player but right now between the markets interpreting that kind of strength that we can deal with its. maybe we can't. stay with us. but when it comeso my insurance i don't. i use liberty mutual, they customize your car insurance, so you only pay for what you need. wooo, yeaa, woooooo and, by switching you could even save 665 dollars. hey tex, can someone else get a turn? yeah, hang on, i'm about to break my own record. yeah. only pay for what you need.
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political stunt. chad program has the latest from washington on this. >> reporter: democrats made no bones about making what they characterize as voting rights legislation. republicans criticized the bill as an effort to nationalize elections but the gop cracked the door to reforming the electoral counteract, the law which dictates congress greenlight the electoral college in order to decide who won the presidency. >> it is vague and ambiguous, contributed to some of the confusion on january 6th. >> scholars worry the two or more presidential candidates could make competing claims to the white house. that is when it falls to congress to sort out the electoral college. >> what does congress do two documents from georgia for
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example or arizona say we are the elect oral votes from the state? congress has to make a decision which of those documents is the correct document. >> reporter: democrats contend the mohammad omar baradar assault underscore their case to bolster voting rights but chuck schumer described a semi-endorsement by senate minority leader mitch mcconnell to change the law as, quote, cynical. >> mcconnell's plan would do nothing but codify the vice president's ceremonial role in counting the electoral college votes effectively guaranteeing partisan state legislatures could overturn the elections without fear of recourse. >> reporter: congress passed the law in 1887. it was a response to the disputed 1876 election between president rutherford b hayes and samuel tilden. neil: i remember covering that election.
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you were there, you are everywhere. >> colorado became a state in 1876 right before the election. they did not have the wherewithal to actually conduct a vote, sent in 3 electoral votes for hayes, hayes won the electoral college by one vote. neil: you are an encyclopedia. i would certainly put jerry baker, wall street journal and large host at 7:30 p.m. on this fine network. jerry is an amazing writer but he can say a very few sentences what takes me pages to get to the point. this past week he talked about what is going on, an interesting piece in the journal to save america the gop has to save itself. i won't go through the whole thing but i was intrigued that
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you were saying in the end, democrats had may be overblown some aspects of this ultimately it was the responsibility of the instigation of the president at the time, donald trump, that said this. i'm sure you got a lot of heat for that but your premise was what? >> thank you for the kind remarks and a belated happy new year to you. i was interested in your conversation about the 1876 election, things were easier back then. the premise of my argument and should be for the republican party, the republican party has an extra ordinary opportunity. we've seen the last year, the first year of the biden administration when democrats controlled congress has been an unmitigated disaster but not just a disaster but exposed the craziness and implausibility and in the end failure of
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progressive ideas and this year 2022 which is a promising one for republicans but the country is deeply divided. everybody knows that. if we are going to move beyond one party takes control of the other party takes control and marine corps and partisanship gets worse, a party does need to seize the opportunity, to genuinely heal the country, not do what president biden has done in the past year but if the republican party is to do that it does have to allay the fears a lot of people have rightly that what happened a year ago and i completely agree with you and everybody else who said the democrats are milking this for what it is worth, they don't have anything else but they do have this and they have this opportunity to continue to say the republican party, the way it lined up behind donald trump's rejection of the election results does represent a particular, that represents a particular threat to democratic
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continuity and the stability of american political institutions and does need to repudiate that. it does need to move on from that. democrats can talk about january 6th all they want and will continue to do so but they will do so as long as there are suspicions among many americans that the republican party signs on to the idea the 2020 election was stolen and there is, we've been through this 1000 times. there were concerns about the election but it wasn't stolen, there is no evidence to show it was stolen and the party does need to acknowledge that i think and to move on and say we've got a lot of policies and ideas that can put the country to rights but you have to trust us, we do accept the election results, we accept the law, we abide by the law, we respect the constitutional -- the party does need to do that if it is going to succeed. neil: despite the hypocrisy among democrats who had the same questions, reservations
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and worse about the 2016 election that saw donald trump win the presidency, having said that a plurality of republicans still think, one out of 3, the donald trump won the election and i am wondering if we are going to re-fight these battles going into 2024. is that going to be helpful? >> it is not going to be helpful. there are a lot of reasons to be concerned about that election. the election was conducted in unusual circumstances, laws were changed, i think donald trump had a good case to make about the 2020 election but not the one he tried to make, the craziness about venezuelans running voting machines and all that kind of stuff. the case he could've made was the election laws were relaxed to such a degree that it did raise questions about the
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security of the voting and the actual whether or not it was conducted properly. those weren't the arguments that were made and in the end begot a result, went through the courts, the courts will there wasn't sufficient fraud to overturn the election so if we are going to relocate that i don't see that as being helpful for the party because significant number of republicans believe the election was stolen but the majority of people in the country, 60% of people believe the election was properly decided. you are not going to win an election, you're not going to advance your argument fifth your telling the 60%, solid majority of the country that they are wrong and the election was wrongly decided so it is time to move on and i think there's plenty of opportunities whether is donald trump himself or another candidate plenty of opportunities for the party to move on and presented agenda to the country in a way that will convince people not only that they are the right policies but the party is committed to the constitution and the way -- the institutions of the country.
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neil: more important in your column that you said in the beginning when you told the overall tone in the country, the country's future won't be secured by appeals to partisanship or owning your opponent. thanks to extremism and the ineptitude of the democrats republicans have a historic opportunity to redeem the nation but to convert an electoral victory in the midterms into genuine progress toward national regeneration will require persuasion. we are not at that point. >> we are not. that is what worries me. about the state of the country. the shrillness, the partisanship, the division. look at these poles, people have a more negative opinion about their political opponents in this country that may have about the country's enemies. you can look at polling that says that. that is not a healthy condition in the right way forward, this is the greatest country on earth, it succeeded by being a largely united country where
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people are committed to its ideals and values and i have a lot of corals with democrats because a lot of what they are doing suggest they are not committed to the country's ideals but there's a large majority of people in this country who want the country to succeed, who believe the country can succeed as the united nation and it needs, the republican party is the party with the best ideas to move that forward and what i was arguing, not enough to win a majority, 52% of the vote and say we are in charge, we are going to push the country the way we want. there is an opportunity to really bring the country together in the republican party is the only party that has the opportunity, the chance to seize that opportunity. neil: i look forward to your show tonight. jerry baker, i worked with him, his preparation is unrelenting. he deeply cares about getting it right. we don't see a lot of that today. more after this.
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neil: if you ever read anything about the melting pot, the ceo starting at the lowest of the low, worked up to being the big cheese, nope unintended, kind enough to join us now because now the boss has to encounter all the labor problems, find workers and everything else but getting through it but i am sure it is not easy. how are things looking now? >> thanks for including the melting pot in the conversation. i don't think being in the restaurant business or any small business, harder than on any given day across our 100 locations nationwide. we need 200 to 400 more
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employees than we are able to find so it is challenging for the staff that is with us and working hard every day, challenging for management, challenging for franchisees who are independent owners of these. neil: how is it for customers? vaccine requirements and the like, how have they been dealing with it? >> very understanding and patient, they know how difficult it is to run a business whether it is a melting pot or another, any business so they have been very kind which we appreciate. if you know the melting pot you come to our restaurant to have a good time, not just a week but to escape and create memories, pursue dreams and that is what people want now more than ever and that is what the melting pot delivers. neil: reading about your background, moving a little up
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to where you are now, it is pretty clear but is it hard to find workers like you? >> our team members, hard-working individuals that believe in our mission, we could just use more of them and i will tell you i don't find any of our team members to be any more hard-working than i was at 14, i got involved in this. neil: don't know how you play so thin. thank you very much. have a happy new year. bob johnson, great. you have a lease that is coming
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>> welcome back to coast to coast in a chilly willow grove, pennsylvania. the lexus dealership behind me, a lot of leasing but these days they typically have dozens of cars you can choose from. these days right now on the lot six new lexuses. as a result of that the deal you have on your lease right now could be gold. look at this example. say in 2019 you at least a chevy tahoe, 49,$000 at the time. after three years of depreciation it figures to be worth 28,$000. the reality because of the shortage of new cars, still worth 46, almost 46,$000. if you buy it out for 28,$000 and sell it the next day you would make a profit of 17,$885. a special situation right now
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but according to a longtime detroit auto writer and correspondent you better jump on it now. >> people are considering this buyout. it is a very temporary situation because what the automakers crank up production again and fill the dealer lots, the situation isn't going to exist anymore. >> reporter: a lot of people are not leasing anymore. this time last december, a third of people buying new cars, now it is down to less then a quarter. not enough cars out there and the ones that are available, the new cars, do they cost a lot of money! $6,000 more this december than last. that is up 14% but if you leased you are in good shape. neil: thank you very much for that, jeff flock in willow
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grove, pennsylvania. them fox on this, luke lloyd, investment strategist, maybe that is one pocket to look at when it comes to an aspect of inflation we don't appreciate but for car owners or those who have leases coming up that might be a welcome development. >> i did the opposite. i sold my used-car indentured a lease agreement because used car prices are so high right now, three years down the road i tend to have options so i entered a 3-year lease agreement where the car market does come down, i can buy a used car or get out of my lease agreement your 2 down the road there is some profit. a lot of things going on with inflation, the supply chain is messed up, always money out there, people wanting to buy cars. the thing with inflation in general there are ways to head yourself but most middle-class
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america can't hedge themselves so they are paying high prices for cars, high prices everywhere and that's not a good situation and if you have to figure this out, it will be long-term lasting effects on this inflation environment on the middle class. neil: i was noticing two out of three americans by an electric one, traditional fossil fuel vehicle and i am thinking of a push by automakers to go electric for the next two years and is that the reality? do people want it? >> don't know if they want it. it is being pushed upon us. right now gas prices are really higher so it seems like the biden administration is pushing us towards electric. by not turning the oil spigot on in america. concern for investors in general is a lot of these
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companies will be here tomorrow. these players will be bankrupted decades from now and the fact of the matter is it will take decades to make it into society. one reason for that is there just isn't the infrastructure buildout yet to support evs. most countries around the world don't have infrastructure to support any evs. it is important to stick with them from from an investing standpoint like ford and gm. neil: thank you. i apologize for the truncated time with all the breaking news. reports out of the cdc, to speak with a consistent voice on recommendations for booster shots and the like. some are saying this is the kind of thing you will need an annual shot for, regardless of what you're dealing with at the time like the flu. the president said this is not something that will be part of our life and the fabric of our life for the rest of our lives.
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where are we going with this? stay with us, more after this. 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, ... at fisher investments we're clearly different.
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incorporate a good close friend of manchin's and the one widely respected virginia senator mark warner, the latest on that, well they don't give up on this , do they, edward lawrence. reporter: no, they really don't and senator mark warner in virginia and right next to west virginia good friends and politico is reporting that's exactly who the white house is reaching out to to thaw the relationship with senator joe manchin but senator joe manchin still steaming after the personal attacks from the white house here on his no stance on the social spending package before christmas, when the white house press secretary jen psaki unloaded in a statement on him. now, the new year brought back a softer tone, from the white house in talking about joe manchin. here is the press sec this week about it. listen. >> well, we can walk and chew gum at the same time, and i can assure you that we are in touch with a range of senators and their staff and committee staff about build back better. reporter: but the damage may
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have been done as the posturing continues in public. senator joe manchin not biting. listen. >> i'm really not going to talk about build back better because i think i've been very clear on that. there is negotiations going on at this time, okay? and there's an awful lot of things that had a lot of things that were very i think well- intended, and there was a lot of things that was pretty far reach on some things. reporter: and he's been consistent and clear about where he stands and he also says he will not go for the gimmicks in a bill where the bill creates programs funded for one year when everyone knows the intent is to keep them going, so right now, the social infrastructure package is about as stuck as a dry run on i-95 in virginia in a snowstorm, back to you. neil: okay thank you very much a very good analogy. let's get the read right now on the supreme court hearing, oral arguments here on the president 's vaccine mandate, for the country, brian claypool joins us right
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now, the civil rights attorney. brian, where do you think this is going? >> oh, hey, neil, great to see you again and happy new year you know, a lot of people have politicized this vaccine mandate and the supreme court ruling on it, hopefully today, but this really isn't about politics this isn't about red or blue, because remember, you and i talked a couple months ago about a case in texas that affirmed the vaccine mandate and that's a red state. this also is not about the supreme court reeling in the president biden and the executive branch. there's been a lot of talk about that. what this is really about is public health, and given the comments that i heard from chief justice roberts today, and justice kagan, i believe that the u.s. supreme court is going to affirm implementation of these vaccine mandates, neil. i mean, did you hear what roberts said? he asked point blank one of the lawyers, roberts asked one of the lawyers point blank, hey, don't you think osha is in a
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position to mandate what's best for the workplace? i mean, that's a signal, right, that the court is leaning toward implementing the vaccine mandate , and then kagan came out and said point blank, hey, isn't the vaccine the best way to curb this pandemic? neil: yeah, i expected that from her. i didn't really expect that comment from roberts to your point, so you think they will up hold the mandates themselves? >> yeah, well just so your viewers are clear. the supreme court is not ruling technically on the merits of the vaccine yet. they are ruling on whether the vaccine mandate should be implemented while the lower courts are ruling on these issues that are pending in the fifth and sixth united states court of appeals but that said, neil, i mean, their decision today is going to be a precursor to what they're going to do inevitably down the road when they have to rule on the merits, and i think you're right.
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justice roberts comments is really telling, because in order for this mandate to stay in place you're going to need two conservative justices to go with the three liberals and roberts seems like he's headed in that direction, and you need one more one other quick point, neil. you made a great point a couple months ago. you asked me a question, something like hey, don't these mandates determine, aren't they determined by how bad the vaccine is, or how bad the pandemic is? you said well, if the pandemic is not that bad, maybe these mandates won't holdup. that was a great point you made because guess what? we're in the middle of this omicron rage. we have 37,000 cases in la county yesterday, and i think that is going to weigh heavily now on the minds of the justices and just so your viewers know too, 66 million people in the u.s. don't have a single vaccine, so i think the climate is right for the u.s. supreme court to uphold the implementation of this
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vaccine mandate. neil: that's really wild, thank you very much, brian claypool following these developments. oh, real quickly, brian. we might get a decision on this fairly soon, right? this is not one of those that could take months? >> yeah, absolutely. this is what's called an emergency docket and i would expect a ruling, i think there was a delay now in the second part of the oral argument and if there was, i think you're going to get a ruling no later than monday or tuesday of next week. neil: wow, all right well you're right about everything, so i'm just going to put money on it, brian claypool, thank you, we'll see what happens here. in the meantime you probably heard about the disappointing jobs report today only 19 9,000 jobs gained in the latest month that was far less than half the number thought, the unemployment rate went to 3.9% but it's a good point to pick-up with my friend and stellar host, larry kudlow because larry, i'm wondering
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where all the workers are. i really am because we've had better than 4 million quit in the latest month, four million plus the month before that, 11 or 12 million jobs go begging and some at top dollar and no one is taking employers up on it where are they going? where are they? larry: well lang on a second. i think there's a couple things here. first of all, the quit rate, which is 3%, that's historically very high, that's a sign of labor market strength, and tightness, and what i call worker power. that doesn't mean people are leaving the workforce, neil. that means they're going from one job to another, lower paid job to a higher paid job. this was labor market indicator that was made famous by alan greenspan many many years ago. actually janet yellen used it when she was the fed chair too,
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so i think a lot of people don't understand the quit rate, people are not dropping out. they are just going for higher wages, and today's employment report, i think you have to read this very carefully, neil. you had 651,000 increase in the household employment survey. that's from the , that's where you get the unemployment rate. the unemployment rate has fallen again to 3.9%. that is historically very very low. the lowest we got during the trump years was 3.5%, and the federal reserve thinks full employment is probably 4% plus so wages are rising also. if you take average hourly earnings, plus hours worked, neil, you've got big numbers here the last three months up 9% and the last 12 months up nearly
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10%. these are very strong numbers. i acknowledge that the so-called payroll survey came up short, although there's 150,000 or 140,000 upper division but that's seasonal adjustment anomaly. this is a much stronger report than is being reported. neil: so we've had, i guess, we're up about 6.4 million jobs, larry, from the end of 2020 but we're still shy by about 3.6 million the jobs we had pre- pandemic. do you see that narrowing? larry: yeah, well look. you never get much below 5 million, okay? so you're really much closer to something called full employment than these numbers might expect. i mean, look. my point is it's not a political point. it's a statistical, analytical point. we had a very strong jobs run. we've had a very strong recovery
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from the depths of the pandemic a year ago, so forth, and the unemployment rate is very low, employment is very very strong. i know these numbers seem mixed but you have to parse through them very carefully. i'm just telling you it's a pretty strong report. the federal reserve is going to look at this as more evidence of tight labor market and rising wages and they are going to be moving probably more rapidly towards ending the balance sheet increase and raising the fed funds target rate. they're going to move faster, neil, right now, than almost anybody believes, at least that's my take. they're going to move faster than even they believe today, because of the inflation problem the overall problem right now is inflation. it's not employment. the overall employment number is pretty strong. look, 3.9%, but why would you have a negative fed funds rate and you'd have the fed still
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adding reserves every month with the 3.9% unemployment rate doesn't make any sense at all, and i'm worried, neil, that behind the eight ball, steven mnuchin was on my show earlier this week and he said they're behind the curve, they need to start moving faster and faster, and i'm just kind of worried this may not end well. neil: yeah, rarely does when you want to go for a soft landing or do whatever you have to do, to go through the proper adjustments without spooking the markets of the economy, so what really happens this could be a first, but let me get your gauge. in the report itself if i'm hear ing it correctly, larry, it was that wage component running at a 4.7% clip that confirmed at least in your eyes that the federal reserve is going to go ahead and raise rates and maybe as soon as march? larry: yeah. look that's what jim bullard said, the st. louis fed. the futures market is pricing in march.
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bullard, for my money, is just about the smartest guy on the fomc. i think, look, neil between you and me, i think they should move right now. i think again, they're behind the curve. again that's what mnuchin said the other day, i couldn't agree with him more. they need to move rapidly and got an inflation problem. look let me just knock this out one more time. the household employment was up 651,000. last month, it was up 1.1 million. the month before that it was up over 400,000. with an unemployment rate of 3.9 % and wages rising, look, hourly earnings were up 6.2% at an annual rate the last three months, 6.2%, and neil, when you tack on hours worked times earnings, you got yourself a 9% total wage increase. those are big numbers, and that's why i emphasize that side of the story. neil: you know, larry, i always
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wonder, we're told that the federal reserve doesn't get obsess about the markets but i always tend to disagree with that because so much that they release to the public and the statements they make, they do refer to the markets and i would imagine that if they are as aggressive as they hinted they might be and they start hiking sooner and more often, then i wonder the effect it will have on the markets, especially if one of those hikes is a half point hike, or followed by yet another half point hike, or a series of hikes, what do you think? larry: uh-huh, i think you're on target. i think your worries are very justified. i'm not smart enough to know the timing of these things, but i think you've got some bumps in the road. i mean, you were talking about this a second ago. in your long career and my long career, and we've had great long careers and it's a blessing, how many soft landings, neil, can
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you remember, really? how many soft unpainful landings can you remember or maybe you and i should think about that and share back and forth. i don't know that's tricky business, so yeah, i'd be a little bit on guard. i mean, the 10 year is about 170 today, i don't know what exactly it is today. neil: 178, yeah. larry: steven mnuchin, it's almost to 180, good point, steven mnuchin said to me the other night, is going to run up to 3%, all right? now, that's a pretty big move. how fast? he said 18 months. timing is very difficult but i'm just saying a lot of complacency should be less complacent and these job numbers today, this is not a soft job report, i beg to differ. this was really a strong jobs report, with low unemployment and rising wages, so it's tricky business, and neil, look. that's another reason, we don't need, you know, we're talking
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about joe manchin and so forth and others. we don't need four, $5 trillion spending package, which would add more inflation . that's manchin's biggest issue. i mean look, mark warner of virginia, whose a friend of mine , he's a good guy. he's a friend of manchin's i think the world of senator mark warner known him for years, interviewed him, talked to him and so forth, but the issue isn't so much personalities, neil. it's that manchin believes, and i think he's right on target, that after the $2 trillion spending package last winter, having another 5 trillion that's what the cbo scored it over 10 years, would just create more inflation and as you know, the cpi overall is running hot at about 7% for the past 12 months, and now you've got wages rising rapidly and you've got unemployment falling, so, i mean , i think manchin is correct to be concerned about the
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inflationary consequences. he has other concerns, but i'm just saying, he's been right on his inflation worry. neil: he has. larry: and the federal reserve is finally, yeah, and i give him a lot of credit. i don't think it's personalities is what i'm saying. i don't think the white house staff played manchin very well. okay, but nonetheless, it's the fundamentals that joe is worried about and i'll bet you mark warner, senator mark warner , is concerned about the inflation fundamentals too. warner is a smart guy. he's an ex-businessman, you recall. i believe warner was a successful software guy before he went to the senate. neil: very successful. almost as successful as you, larry. so very good seeing you again, my friend. hope your wonderful new year continues see you at 4:00 p.m. today a little less than three hours from now. larry: thank you, neil appreciate it very much. neil: larry kudlow. all right we have a lot more coming up including wrapping up the consumer electronics show a
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lot of big names opted not to attend but that didn't really stop some of the big developments we're seeing in the coolest things that could dominate the headlines this year we'll detail them for you with liz claman, after this. ♪ feel stuck with credit card debt? ♪ move your high-interest debt to a sofi personal loan. earn $10 just for viewing your rate — and get your money right. ♪ your record label is taking off. but so is your sound engineer. you need to hire. i need indeed.
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neil: all right, the consumer electronics show wrapping up and even so, some big names didn't make it, many others did, and well, they scored some big dramatic developments and trends that we're all going to be talking about this year. liz claman in las vegas with more on all of that. hey, liz. liz: hey, neil. who needs big names? all of the smaller start-ups internationally are here at the venetian in what's called eu reka park. i want to show you this one getting a ton of buzz, a sky drive, a japanese company that has already pulled off a manned sky taxi drive, no pilot, okay, i'm climbing into it right now. they are going to lower the top. right now it only seats one, but
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eventually, by 2030 it will seat two, the top goes down, and if you look down at the skids, you'll see it only needs a space of about two parking spaces for cars. there are four different propel lers on this , and what i was asking them, so why don't you have a pilot in this , they said we don't want people pilot ing them. we want them to be able to, what is it? they don't want flying under the influence but i want people to sit in the back, have fun, maybe have a wine cooler which is more my style, and you know, there you are. this thing, yeah, the range is about five to 10 kilometers, and neil, by the time it unveils in osaka, the price will be about $50 per ride, but this is really cool. i want you to come see the most advanced robot at all of ces, and all through the years i've been coming 14 years, i've seen all different kinds of robots. this is amica, that's done by a uk company called engineered art s and let's walk right up to
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her. hi, amica, i'm liz, what do you see when you look at me? >> i see you, liz, i see your lips and your eyes and your red hair and jacket. liz: oh. thank you very much. i see your beautiful manicure, this is so cute. >> thank you. liz: okay, can you lift your left arm and wave to me? >> i can lift my right arm and wave to you. liz: go for it. >> be careful. liz: hello hello. now, i'm going to ask you some questions because i find it very fascinating. are you enjoying ces? >> i do not enjoy, but i am here. liz: sounds like a lot of journalists, we're all working, really exhausting we're working. you know, we're on a show right now called cavuto "coast to coast" and my colleague, neil cavuto, i want to ask you a question about him. maybe you'll know the answer. how many canoli can neil cavuto
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ingest in one sitting? >> i have heard that probably more than joey chestnut, maybe around 86? liz: i don't know, neil, 86 in a single setting? neil: that's about right. that's about right. liz: neil says that's about right. so, talk to me about what you can do. can you blink your eyes? there you go. >> i blink my eyes the way you do. liz: excellent. oh, you are just the best party toy ever. it is so nice to meet you, amica , but neil, these are the kinds of things you can see this has a huge crowd around it and it's not just the big names that of course have gotten traction for dropping out it's the smaller names the companies from israel, japan, korea, we've seen people from all over and this is their opportunity, smaller booths, but big, big splash, especially considering
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this is their opportunity and they all came, despite the thinner crowds and we're waiting on numbers for the crowds, neil, but i'm hearing around 50 to 70,000. neil: that's not bad at all. liz, the robot did a little, it creeped me out just a little bit though but that's the future i guess, so liz, thank you very much. how she knew about the canolis blew me away. >> hello, again. liz: [laughter] neil: great job, liz, thank you very much, liz claman following all of those developments at the consumer electronics show. we have a lot more coming up including the trend away from public schools, if you think chicago's gotten to be such a problem and parents have had it, you should see , they're acting with their feet and leaving, after this. ♪
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neil: all right, its been a trend long before some of the band aids and the mask requirements and the online learning, all of a sudden out of the blue in the middle of all of this , grady trimble is right in chicago. parents have long been fed up to the point that there's been a better than 7% drop in enrollment in public schools, so they're seeking out alternatives. grady has the latest from chicago. grady? reporter: hey, neil, and we are at one of those alternatives. we're at humbolt park montesorri and this is smaller class sizes, fewer students and more one on one-time with the kid. let me show you the numbers in terms of public school enrollment because you're right. its dropped pretty substantially in chicago specifically over the last couple of years.
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down about 25,000 students from the 2019 school year, to now. kristin ediger is the director of this school and you also have some kids here and you started this because you're a parent yourself, so tell me about, you know, why you think enrollment might be increasing, especially now during covid. >> i think parents were just looking for different options and what might fit their kid better and having this shift with covid brought that about so they look for a school like ours that might have more outside time, more hands-on instruction, and different methods to the educational system. reporter: we were here this morning with some kids arriving, they got tested. you can kind of keep an eye on the kid's symptoms and make sure they are tested every day maybe moreso than a massive public school system can? >> yeah, that's right. we're a really small community so we really know if a kid come in with a cough or were exposed we're able to keep track of that reporter: talk about some of the concerns of parents when they're deciding whether to switch over to a micro school or a private school. >> well i think cost is a factor, so just figuring out
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tuition and also, it's a different way of thinking about school. we give the kids a lot more freedom in choosing what they learn and that's different than the traditional school system. reporter: certainly something new, not what i experienced as a kid, but it is a trend, neil, that we see a lot of parents going toward especially now when a lot of schools are virtual this school and many other smaller schools, were able to stay open for in-person learning throughout much of the pandemic. neil: all right, grady trimble thank you very much, my friend. this is something that is changing behavior on the part of parents pretty much across the country right now, especially when it comes to mandates of another sort like school mask mandates in new york , to the knoxville county executive fighting that brew blakeman joins us, executive very good to have you back with us tell me what you're doing here. you don't think that parents should have to honor that, right >> well, we've heard from so many parents that they have mask fatigue, they are worried about
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their children, their children don't want to wear the masks, and basically, businesses too, they don't want to be the mask police anymore, and masks, especially the paper ones, have a minimal effect on controlling covid-19. they're much more important things the government should be doing such as providing free vaccinations which i'm doing here in nassau county, free testing, i'll give out 160,000 tests to residents this weekend, and i'm providing k n-95 masks to teachers who want them so that we can keep the schools open. i agree with new york city mayor eric adams that the safest place for our kids is school. neil: so where is this going? it sounds like the governor wants the mask thing indefinitely. i could be wrong, but she's going to keep pushing that, you're going to keep fighting that, where's this going? >> well basically, the governor
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is painting the whole state with a broad brush. nassau county is larger than nine states. we have our own health department. we have the healthcare network of amazing hospitals such as northwell, mount sinai, nyu l angone, winthrop, the catholic hospitals, basically we don't have the issues that the rest of the state has. we have plenty of capacity, the icu units are not full or even close to being full, so why make this mandate on our children, why make it on people who want to patronize stores and restaurants without having to wear masks, and why make our restaurants and business owners mask police? it doesn't make sense. there are so many more important things we could do, and i wish the governor be a little more open-minded on this and realize that it should be done in a regional approach, not just a broad brush for the whole state where circumstances might be different where she lives in buffalo which is closer to for
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toronto, canada than it is to nassau county so i'm hoping she'll reconsider and understand that local control is better, especially leaving it up to our local school boards to determine what their mask policy will be in their schools: neil: bruce blakeman, keep us posted the nassau county executive. in the meantime here, drawing your attention to the corner of wall and broad where the dow is up about 7..5 points interest rates are the big story today because nothing in that employment report we're told to dissuade the federal reserve from acting as soon as march to raise interest rate, a wage component in it moving at about a 4.7% annual clip, that is way too high for the federal reserve preferring it be closer to 2% of course its not been anywhere near that, foreclose to a year now, but now given this report, the expectation is that rates are going up, and in a market that's exactly what's happening. we'll have more
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neil: all right, well, donald trump was not a fan of new york attorney general's effort to, you know, look into his various business dealings, said it was politically motivated and now, he's moving very quickly to slap it down, charlie gasparino has more. charlie? charlie: neil, that new york attorney general general is tish james, a very partisan democrat and what's interesting is that the trump adminitration is trying to get her essentially gets the courts intervene to get her to back off her investigation and presumably a case that she's looking to develop against the trump organization, whether he inflates improperly inflates assets for to get bank loans and other reasons. what's interesting is the evidence that they're compiling. we have some of this. in her own words saying that she's doing something political ly motivated.
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listen up. >> my soul right now is trump. >> will you sue him for us? >> we're going to be a real pain. >> going into the office of attorney general everyday, suing him and then going home. >> they are going to know my name personally. charlie: [laughter] just a little taste, neil. there's more, i hear, to come. interesting case, the new york attorney general's office has always been a political stepping stone for people like elliott sp itzer, for andrew cuomo, where they they are bringing big cases and usually against local politicians, hence new york state, often wall street because it's located in new york city. i can't remember the attorney general's office veering off into federal, stuff that basically, is left with the justice department. this is a political office, the highest federal political office, the presidency, and, you
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know, going after trump now is a lot of people think it's politically motivated. the trump organization believes it has really good evidence to show that it is politically motivated using her own words, so this is just the opening, neil. it's going to get really ugly and it could be kind of fun to watch. back to you. neil: [laughter] good stuff there. all right, thank you very very much. charlie gasparino following those developments. we've got democratic texas congressman henry cuellar facing a primary challenge the last time he was facing this challenger, he apparently won, but he's not taking anything for granted right now, he'll be joining us and he's been quite critical of the administration on border issues but he's putting up the fight of his life, after this. ♪
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available now for comcast business internet customers with no line-activation fees or term contract required. see if you can save by switching today. comcast business. powering possibilities. neil: all right, never too early to get preparing for the mid-terms right now and both parties are sort of orchestrating their strategies in case you think that the
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democrats are just giving up on this , well you might want to think again. mark meredith has been looking at what both sides are up to and they are busy, are they not, mark? reporter: neil you're right about that one good afternoon to you. the anniversary of the capitol riots has certainly come and gone but voters will be hearing a lot more about january 6 between now and november. there's a memo out from the democratic congressional campaign spelling out what the party is focusing ongoing forward. democrats are expected to highlight the riots especially as the house committee continues its investigation. democrats say ahead of next november the party is going to remind voters just how house republicans have spent the last year trying to gas light the american public and just how dangerous they'd be if they were in charge of washington. a recent associated press poll found a majority, 71% of people, do want to see congress continue to investigate the attack, but some high profile republicans say that the longer this investigation goes on the more likely it's going to become solely focused on political gains instead of
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answers. >> january 6, okay? they are going to take this and milk this for anything they could to try to be able to smear anyone whoever supported donald trump. reporter: meantime republicans are shifting their focus to the ongoing pandemic. republicans slamming the biden administration over its covid strategy, especially the lack of testing right now. republicans putting out their own statement this week saying after forcing americans out of jobs as authoritarian mandates crushing small businesses, restricting the abilities of therapeutics and failing to deliver tests and closing schools for children, biden has now waived the white flag on fighting covid. there was another poll out this week finding 55% of the people disapprove of the president's handling of the pandemic and neil the reports from the top advisor s from the white house urging the president to change his messaging on covid because as we seen this thing is just not going anywhere. neil? neil: all right thank you, mark meredith following this from washington d.c. my next guest is the middle of this whole re-election drama and
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see how the mid-terms go, congressman henry cuellar, the beautiful stay of texas, a democrat but very much his own man. he parts with the party on abortion rights, parts with the party certainly on the border, kind enough to join us now. congressman good to have you, happy new year. >> happy new year to you, too, neil. neil: now, i know there's been some redistricting in your district. i don't know whether the general election how that would affect you. i do no one way or the other you are facing a primary challenge and for the march contest, you're facing the same woman who came within just a few points of you two years ago. are you ready this time? >> yeah, absolutely. i mean, we've fundraised we're certainly working the district. the state legislature did make it about four points more democratic than it was last time , but it's the rule democrat s i think align with me and so many ways, and certainly, you know, we feel very very confident but we're going to
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work it to 7:00 on election day. neil: now, you're facing within the democratic party, this resistance that you're not, you know, sort of carrying the democratic party water on issues like abortion rights and certainly what's going on at the border, you've been very critical of the president, certainly to those in your district it's an important issue , i understand that, but you know, you've made some enemies along the way. does that worry you? >> you know, president lbj said many years ago, i'm an american, i'm a texan, and then i'm a democrat in that order, and i certainly believe in those words look, i'm a democrat but i'm going to vote what i think is right for my country, for my state, and my district and i'll just let the chips fall where they fall and i did that when i was a state legislator and i certainly haven't changed as a member of congress, and again, i'm a democrat but i will always put the best interest of my district in mind and put it
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first. neil: you know, i always wonder, you know far more about this than i, congressman, but your parties been overtaken by progressives. i mean, i could have that wrong, but certainly, it's their bid ding that the president seems to do and i'm just wondering how that puts you in the mix here, because they don't like a lot of the things, for example, that you stand for. >> well you know, certainly i think both parties have had extremes. the republicans have their extreme caucus, the democrats also have the extreme left, and i think what we need to do is to make sure that we continue doing our job, you know. i know what it is. i've got some of my folks that are trying to purify me, that is , they don't feel like i'm in the same mold as them but again i will vote by my district and that's what i want to do, but i think that's what's wrong with
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the american politics right now is that we're letting the extremes on the far left and the far right have the big mega phone and i think people are just very tired of extremes and they want us to come up here to washington and find real solutions to the real problems that we have facing our country. neil: you know, i'm wondering though with 25 democratic congressmen not looking at getting re-elected, quitting now , they must see something happening in november. does that worry you? >> you know, certainly we're going to lose a lot of institutional memory. some of the folks that we're losing have been around for many years, 30-plus years, we're going to lose a lot of that institutional memory, but you know, we'll win. if you look at some of the seats that they're leaving our seats that democrats will win, some are competitive, and again, i
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still feel that the democrats, we will win in november. i know what the head wins are i understand all of that but i'm still confident that we will win in november. neil: the border issue you've made in pushing the president to act on this and see it for what it is, i could be missing something, congressman but it's not exactly picked up the baton and the role that was the vice president was supposed to play. i don't know what she's doing, so does that worry you? >> well, you know what i want to do is to make sure that i have a say so and certainly want to work with people that are willing to work and especially the career people that we have in homeland security. what we, you know, my constituents and the way i feel also is look, we want to treat the immigrants with respect and dignity, but at the end of the day, we need to enforce the law. we need to enforce the law, and
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that's what we need to do. we don't want to see open borders. i don't believe in open borders. i don't want to see that, certainly i want to treat the migrants with respect and dignity, but if a immigration judge and you know the numbers, you and i have talked about this if you have 100 people asking for asylum, a immigration judge will usually grant 10-12% and the other 88-90% should be sent back with all due respect, and that's what we want to see up here, and especially not only urban areas but especially the rural areas, the ranchers, farmers, that are out there by themselves they want to make sure that we have security especially in the rural areas. neil: you know, the administration by now was supposed to release, you know, numbers on apprehensions, those who have been sent back to mexico, they've not made those numbers available. do you know why?
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>> i don't. i have seen some numbers and certainly the last fiscal year, we had a 1.7 million individuals that were encountered. that does not include the people that got away, and you know, that could be maybe 10%, maybe 15%. nobody really knows. this year, we still see high numbers. i was looking at the numbers in the valley, that is south texas, and you know, we are getting there from about 450 individuals to 600-plus a day. a week ago there were about 5,200 encounters, two weeks ago there were about 9,300 encounter s in just one week, so the numbers are still high there , and again, if you don't show any consequences and that's what i say is that if people feel that they can come into the united states, they're going to come in because they're going to see the border as a speed
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bump and we have to show consequences for the ones that, you know, the law says are not supposed to be here. neil: congressman cuellar very good chatting with you again, of the beautiful state of texas, thank you, sir. >> thank you, and happy new year to you, neil. neil: to you as well. by the way we are getting confirmation right now norwegian had said it was going to call off some voyages because of a spreading virus here. it is now gone ahead and called off voyages on some eight planned outings right now, because of covid-19 spikes, so that is eight ships that are not going to go off as planned. we'll have more, after this.
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neil: all right, interest rates continue to backup, stocks continue to move up, here is charles payne. charles: neil, thank you so much have a great weekend good afternoon, my charles payne this is "making money" breaking right now, december jobs number, only 19 9,000 jobs, in fact that was a miss by more than 50% of consensus while president biden is cherry picking certain reports, jerome powell really has a major conundrum on his hands, how far will he go to fight inflation? really, he's gotta make a choice between main street and wall street, meanwhile gamestop is your stock of the day, soaring on news they are entering nft and
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