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tv   Cavuto Coast to Coast  FOX Business  June 9, 2022 12:00pm-2:00pm EDT

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thethe numb doubled in two mill. tvs were big in 49. send your comments to varneyviewers@fox.com. we also want your fan friday videos. record yourself, tell us where you're from, say you're watching "varney & company." who knows, you could be on television. neil, it is yours. neil: thank you very much, stuart. we're following developments from the white house on inflation by the way. we have a new culprit behind rocketing from ising apparently shipping costs. president tweeting out, one of the reasons prices have gone up because a handful of companies who control the market raised shipping prices by as much as 1000 percent. it is outrageous he says. i'm calling congress to crack down. how widespread of this problem or sort of a head fake for us. edward lawrence with more from
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the white house. heed ward, what is going on here? reporter: that tweet was posted with an edited video talking with a number of folks with farmers as well as shippers. it is edited together to make look like things are very, very bad. as you said, that tweet, i want to show it to you, you read it out. this is actually what it looks like. it says a handful of companies who control the market raised shipping prices as much as 1000%. when he got into office inflation was 1.4%. this was not a problem. now 8.3%. we'll get a new cpi number, tomorrow, the white house reaching out ahead of that number. not expected to be good. last night the president calling inflation the bain of your existence. he talked about gas prices something representative james comer says is the president's fault. >> i think every american, even registered democrats realize that biden's energy policies have created the situation where we are with record high gas
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prices with no end in sight. so what we're doing on the oversight committee, we are asking for their plan to refill the strategic reserve which they do not have one. but at some point, they're going to have to do that. reporter: much like the shipping costs president biden back to blaming oil companies now for the higher gas prices, not his policies. it is corporate greed. listen. president biden: oil companies everybody says biden won't let them drill. they have 9,000 drilling sites that they already own that are there. they're not doing it. you know why? because they make more money not drilling and buying back their own stock. it. >> it is all screwed up. that is the thing. president biden: it is screwed up. we're only a few votes away from being able to straighten it out. reporter: republicans may agree with that for their side, not for democrats. back to you, neil. edward lawrence thank you very much at the white house. jeff flock with a separate push on part of the white house.
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actually powers that be in washington for electric vehicles. where does this stand, jeff? reporter: $7.5 billion in the infrastructure bill, neil, to build out infrastructure. they released new standards for those charging stations they want to put across the country to take away the charging anxiety. i tell you, i'm at a charge station that i go by all the time this is a tesla supercharging station. usually, two, three cars. look at that behind me. the cars, there is not, not an empty charging port. biden administration pushing electric vehicles right now. there are two problems with it though. yeah, they're saving a lot of money on gas right now. the problem is finding one and affording it. look at average transaction price for average vehicle right now. it is $46,000 in april according to kelley blue book. what was for an ev? $65,000. wyoming senator john barrasso was on with stuart this morning.
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he said for most people that just doesn't work. >> they say you don't like high fast prices buy an electric car. the fact they're costing over $50,000 on average for an electric car, families cannot afford that. reporter: now ev prices, neil, do figure to come down. in fact they already are. gm cut the price of bolt ev 18%. 26,959 for msrp. roughly comparable to the average compact. that is good news. jim farley, ceo of ford, our old friend he thinks because of so many offerings out there the ev industry is heading to a huge price war. that would be a positive as well but we're not there yet. in fact we aways to go. ford, for reference, sold 413 roughly thousand vehicles in q1. of which 6800 were the mustang mach e, the electric version of
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the mustang. it is coming. it is coming slow. right now if you have an ev, you're sitting pretty. if you don't, tough luck. sir. neil: jeff, those guys behind, packed for charging their batteries, what do you do if you come in and you're waiting? just search around outside of crowded shopping mall to get a chance or how do they decide who is next? reporter: first time i see it so packed. somebody was waiting. they got a space. it is by the wawa convenience store, they go in have some food. that is probably what you would do go in, have some food, kill some time. neil: a lot of food in time takes to charge. these are things you won't know about, jeff, it is called junk food. jeff flock, great reporting as always. again this ev push comes at a time we're talking a few years, all major consider manufacturers
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will be all electric. looking at numbers, how we go to four5% of all car sales now that are electric to 100% in just a few short years? i'm thinking to myself, self, that is a leap. that is a big leap. go to luke lloyd on all of this, strategic wealth partners, dan geltrude, geltrude and company. dan, you're accountant by training as well. help me with the numbers. whatever the popularity, they're getting popular with hassle of long charging times but to get all electric vehicle world in a few years, i don't know. >> into the going to happen, neil. we may want that to be the end result. we're a long way from that happening. even if we could produce all the cars and put them out in the market the real issue is how long these batteries last. so you can go a couple hundred miles or so on a battery charge.
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that is simply not enough for many people. so we are talking about, we need more charging stations everywhere across the country. that is not going going to happn within the next few years. it will take time for infrastructure to be able to support basically the entire nation going to evs and that is a big part of why we can't get there. neil: if you think, if dan's right, luke, you think of all, for example, even if you wanted automakers on promise, some of them, particularly ford, will make a full considered effort on ev front, all the investments attached from the battery makers to the other players, even decides tesla, rivlin, some of these others, what's the payout and how long before you see it? >> i don't think the payout is very big at all. i think payout is 15, 20 years down the road. i think -- neil: 15, 20 years. >> i think a lot will go out of
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business. it will take a long time to play out as dan was alluding to. infrastructure takes a long time to play out and invest hundreds of billions of dollars or trillions of dollars over a long term to build this out. on couple sear side, i get impatient waiting ten minutes to fill up my car at gas station. 30 minutes for ev, that takes up a long time. especially going on long road trips, if you can find a charging station. it will get build out but take a long time. evs are part of the future, i don't get focused what is mainstream 10 or 15 years down the road with inflation. nobody will be able to afford a ev in 10 years. maybe start focusing getting oil spigot turned on here in america first and bringing down gas prices rather than pushing evs on the people when less than 10% of the united states owns an ev.
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neil: i don't know. i do know that the perfect alternative seems to be hybrid vehicles that are gas powered but have the electric feature. they have a gazillion miles per gallon. that seems to be promising and profitable middle ground, what do i know. but, dan, when we were looking at this issue, whether these prices come down or not, whether americans will buy them because right now we get a sense that some, not all americans are retrenching in light of these higher prices and more reminders that inflation is still with us. might see it in the consumer price index report. i think they're looking at annualized rate at 8 to 8.3% year-over-year so that's not going away. >> no it's not. inflation will not be retracting, neil, anytime soon. i think we're looking at a year or more before anything even
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starts to become what we would say normalized? so when you have that type of situation people are going to be operating on a strict budget. that means they are not going to be able to allocate 50 or $60,000 to buy an ev. it is just not realistic. now, ultimately, what we want to have happen is all these car companies are going to get in competition with each other and that's the way that we'll be able to lower the cost of these electric vehicles and be able to have widespread use. but again, we go back to, we have an infrastructure problem because we simply can't support it. so right now i think you're right in saying those hybrid models are the answer but you know something? hybrids are even more expensive. so you're not leaving people any option except try to deal with the circumstances way they are right now, which is paying a lot of money at the pump.
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neil: a lot of money else are. on that point, luke, we heard at the outset of the broadcast here, the administration is looking to crack down what it says are exorbitant shipping costs disproportionately lifting prices. is that is what is going on? is this another attempt on the part of the administration to say it isn't all on us? >> well definitely it is an attempt. there are so many different variables go into the cost of products, right? labor costs. goes to shipping costs. goes to input prices for products with supply chain issues. there are all kinds of inputs. the thing with who suspicions they are all hypocrites when it comes to everything including evs, gas prices whatever it be. say all this stuff, safer for the environment when it comes to evs but almost all the electricity produced comes from coal and natural gas, right? the gm ceo literally admitted a few days ago showing off ev it was being charged by natural gas
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and coal. all politicians use the blame game, right? it is not our fault. it is somebody else's issue. they refuse to look at short-term issues we're dealing with to try to fix that. instead focusing on long term issues, 10, 20 years down the road. not fixing current issues. why should we focus on long-term issues or long-term things down the road. neil: guys, we have a lot more coming up down the road. i don't want you to wander too far. i want to pick your fine brains what is going on with twitter. elon musk interested with it, is it not. twitter opening books, to try to keep whatever questions he wants answered, answered. i do want to go back to that in a little bit later in the show. and we will. going on with the primary battles across the country, particularly shut down of soft on crime prosecutors which seems to be all the rage. what started in san francisco could extend to los angeles. could even extend to new york where you can't fire the prosecutor but the governor can fire the prosecutor. that is unlikely to happen.
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what if i told you there is a distinct possibility that these safe, reliably blue states turn red. why george pataki, former governor of new york. three-term republican governor in bluest of states, says it could happen after this. ♪.
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♪. neil: if you don't like masks, the good news versus bad news in new york city, where for adults, there is still no push to wear masks where there is small spike in cases. two to four-year-olds right now, they're releasing requirements that they wear masks, throughout the schools are safest place as far as children, beginning on monday june 13th, referring to mayor adams will make masks optional two to four children in all early childhood settings. that kind of loosens it a little bit here. required at adults anyone at
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broadway show has to wear a mask. they tell you when you go the shows, cover your nose and mouth. they go line by line in each aisle with flashlights. like the gestapo. two to 4-year-olds at parents discretion. i don't know if a two-year-old will say, no, i'm fine. anyway, moms and dads will find that a relief. meantime go to george pataki, former governor of fine state of new york. three-term republican governor was, actually remains traditionally blue. governor, good to have you. i was thinking you were coming, there is a lot of talk that safe blue states might not be so safe or blue. i'm thinking in new york, i think last time a republican won the state, presidential contest, maybe that goes back to george h.w. bush, right? i mean it's been a while.
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>> it's been a long time, neil. although i did carry the state three times. neil: yes, you did. >> i think that observation blue states could go red this year is absolutely true. it is the case in new york. you need a number of things. you need people having a sense the state is headed in the wrong direction. you talk to anybody in new york. there is the overwhelming sense we're going in the wrong direction. it is not republicans or conservatives, it is democrats, liberals, everyone which is what we need. second you need incumbent democrat that the voters are questioning whether or not she's up to the job. i think we have that as well. when you see what happened in san francisco, when you see what happened in los angeles, i think there is a very good chance a republican could win in new york this year. neil: all right. now, issue seems to be crime, on top of everyone's mind. a lot of people expected that san francisco d.a. to get tossed. they didn't think that it would be by roughly 63-37 margin.
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that might be tipping off how things could go in los angeles for gascon and others there. i know in new york, a little different, governor. you can't fire someone but the governor could intervene and do that. i guess you don't see that happening? >> absolutely. the governor could do that. you know, when i was governor i had an attorney general, district attorney in the bronx who refused to uphold one of the criminal justice laws and i removed him from all those cases and replaced him with a special prosecutor. neil, you can't have a society where the prosecutors decide they will uphold the laws they agree with and ignore ones they disagree with. that is no longer democracy. that is rule by one person. that is what we're seeing in manhattan with bragg. this governor has the power to do something about it. she has not. one of the reasons crime is through the roof here. it is an issue that crosses party lines and give as republican a chance to win.
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neil: stepping back from temperment of the nation as you know, governor, these hearings what happened on january 6 go down tonight. republicans say they're a waste of time. people are far more worried about crime, about inflation, worried about this, they hope it secretly embarasses donald trump that another figure emerges with a shot at the white house. what do you think of that? >> i think the democratic leadership in the house made it plain, this is all about november. this is not about figuring out what happened january 6th two years ago. it is trying to impact what will happen in november of 2022. we have a country and a world in crisis. it is not just inflation and gasoline. it is now threats against, not threats, actions taken against a supreme court justice. i would suggest to speaker pelosi, pass the legislation to provides protection for our supreme court justices and their
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families that passed the senate unanimously. then you can blame gapes about next november's election. -- games. the what the consequences will be. media will play it up. it will be prime time. i never heard of congressional hearings being deferred to prime time for maximum viewership. that tells but the seriousness of what they're trying to do. neil: finally i know you're heading off to ukraine. you've been very involved in relief efforts there. but if you think about it, governor, ukraine is less and less in the major daily news feed it. was all ukraine all the time a little more than a few weeks ago. does that worry you? >> it worries me enormously, neil. the ukrainian war isn't just a war between ukraine and russia, it is between right and wrong. we've been on the correct side. biden has been really slow providing the weapons that ukraine has needed but what we're focusing on, i'm going back to ukraine for the third time in the next week or so, is
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humanitarian aid. you see congress passes billions for this and billions for that involving ukraine. i have had volunteers there almost continuously, we see no humanitarian aid helping the seven million ukrainian refugees displaced within ukraine. so we provided some housing pods, some food, some medicine. going back to do more with housing. we're doing this with all donations and volunteers. george pataki center.com. every penny helps ukrainian refugees with humanitarian aid in ukraine. neil: we'll see you later. always good saying you again. >> always good to see you, neil. neil: former three-time governor. i keep repeating that. it is unusual to see a republican do that in a state as blue as this one but he did. anything is possible. anything is possible. we're focusing on a down dow. some of the oil thing
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♪. neil: sometimes when companies encounter bad news hike shares of target take it on the chin. when companies say a lot of goods sticking on the shelves we can't unload, as a result we will see slowdown in sales and activity. before they run away from the stock, they promise something boost the dividend to keep them emom more with the stock or at least try. gerri willis with that and more big news. reporter: that's right, target is trying to romance investors as you say. the stock was higher earlier, flattish to down. the company boosting quarterly
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dividend by 20%. as can he cutout look, high inventories weighed on profit. 98 to 1.18 a share. 2.76% of the share price. campbell soup's shares were zooming higher earlier this morning after the company reported strong quarterly earnings driven by price increases, even as sales volumes fell 3%. now sales were up 9% year-over-year excluding a divestiture better than estimates and campbell raised its sales outlook for the full fiscal year. investors like that. retailer five below, trading lower after announcing first quarter sales up 7% year-over-year though comp store sales were down 3.%. ceo there, joel anderson saying, sales were softer than expected. so, lots of detail in these reports on what consumers are doing, neil.
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always interesting to read the tea leaves. neil: exactly. keep those investors coming if you can. at least don't lose them. thank you very, very much. gerri willis on all of that. some housing news to share with you today. we heard the other day that mortgage demand led to lowest level in 22 years. interest rates backing up after kind of holding their own, actually sliding for a little while with surprised folks. average 30-year fixed 5.23%. jerry howard, national homebuilders association ceo. this has been kind of a weird week for housing data, jerry. no surprise mortgage demand would slip, i don't think to the degree we saw. no surprise interest rates would back up after sliding a little bit, given what has been happening in the general market. where do you see housing right now? >> neil, we are, we're staring into the face of a perfect storm. you've got interest rates going up consistently past few months.
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cost of housing construction has gone up 19% for the building materials over the course of the last year. we've got a labor shortage. we have transportation costs, energy costs. it's a perfect storm. unfortunately looking like middle of next year or so we're going to see a recession. neil: you know, jerry, you and i talked about last time, i'm noticing fewer and fewer builders, this is anecdotal observation building spec homes or a home get sense of community at all. they want money in hand, commitment in hand before they do that. what's going on there? >> well, the builders don't know how much it will cost to build the home, so they can't build it on spec. you have such a breakdown in supply chain that everything from lumber to steel, to appliances, we don't know when we're going to get them, we don't know how much they cost when we get there. guys are getting more and more
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afraid. our observation is anecdotal but dead on. neil: what do you see for your industry and your colleagues. >> i'm afraid we'll see a slight recession sometime in the middle of next year. i think we'll see for the first time in years a decrease in housing production coming into 2023. very concerned right now. neil: you separately got to compete, or at least your colleagues do with existing homeowners who are rushing to get their homes on the market to take advantage of maybe this last gasp, however you want to interpret it. that also could cut into or add to the competition, right? >> well it does but the housing market is an interesting ladder and while new homes, homes play a huge part in it you have to have replacement homes out there on the market as well. we're down, some economists are saying we're short of over five million houses in our country right now. our economist is more conservative than that saying
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we're a million short but still, a million homes not on the market makes it difficult for somebody in an existing home to found something he may be looking for in any given place in any given time. neil: do you think we'll have anything, jerry, like the bust we had in the last housing crisis? you know, before the financial meltdown where there would have been a lot of frenetic activity, people buying properties, new homes, often times sight unseen? it was very devil-may-care, very crazy. that was the time of the no doc mortgage and it was just nuts. i don't see that, so what do you see? >> i completely agree with you, that the circumstances of this time around are vastly different than they were. mortgages have been more properly underwritten during this last cycle. you have a much more stability in the financial sector. and i just don't see it. what is causing the problem now is a supply shortage with high
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demand. that is going to be the situation for a while to come. unless the government changes its policies. neil: always good talking to you, jerry, even when you're sharing some distressing news. i wish you well, industry well, heartbeat of america so to speak. we'll see how things sort of pan out. gerri, good seeing you again. >> good seeing you. thanks for having me back. neil: meantime you know the hearings on the january 6 committee work is prime time, that alone is historic. that is big difference between similar hearings over the iran-contra affair in the 1980s or the watergate hearings in the 1970s. what do you think that big difference is? i tell you a hint, something to do with the occupant of the white house after this. ♪. (vo) while you may not be a pediatric surgeon volunteering your topiary talents at a children's hospital —
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♪. neil: all right the january 6
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commission committee will have its first prime time, first public hearing period here, but it's not quite like other big hearings you've seen in the past in this country like iran-contra of the 1980s, of course watergate of the 1970s. the big difference there, not really a trick question, they were involved with presidents still in office where hearings are going on. this involve as president who has been out of office for quite some time. what will impact be? is it about making sure that president donald trump doesn't even think about returning to washington? let's get read on all of this for mike emanuel, ahead of the big event tonight. mike? reporter: january 6 committee aides say prime time hearing will be an opening statement to the american people and a preview of their upcoming hearings. committee aides say there will be multimedia presentations throughout the 90 minute or so hearing. fresh video, audio, not publicly
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released before. they willlous clip pro videotape depositions the committee has done. aides will remind people what happened that day. initial findings about the january 6 attack and causes and connect the dots for the american people. house speaker nancy pelosi offered this preview a short time ago. >> tonight will be sort of an opening of narration, the narrative of what happened as an assault on our democracy, on our constitution, on our capital, on our congress in a very violent way, for a specific purpose to undermine the constitution of the united states. reporter: democratic chairman bennie thompson and republican vice-chair liz cheney will give opening statements a capitol hill police officer, documentary filmmaker expected to recount experiences from january 6th, what they saw and heard during the riot. this morning a leading republican said it will be purely political. >> we can expect a circus.
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the democrats have been shameless. the fact that they are booking this on prime time tells you everything you need to know. most of the committee business in the house starts at 10:00 a.m., through the regular working day. they're trying to get eyeballs. they're trying to change the narrative. reporter: committee aides the intent is lay out a narrative of events before the 2020 election through januaryth. neil? neil: mike, thank you very much for that. mike emanuel. what can we expect to this? former senator joe lieberman former connecticut senator, former vice presidential candidate back in 2000. senator, always good seeing you. do you have any expectations for these hearings tonight? >> well, i mean i think the big challenge for this committee is to, at a time of enormous partisanship in our government to deal with an intensely political matter in a way that is bipartisan and that, basically tells us what
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happened, how did it happen on januaryth. i don't think anybody, no matter who you are, could have taken any satisfaction from watching fellow americans attack our capitol, threaten the life of the vice president and other elected officials. so, truthfully, my preference was that this work be done by a independent, out of government, non-partisan, bipartisan commission like the 9/11 commission after 9/11 but that wasn't to be and i think the great challenge now, really important to our country, is that this commission conduct this in a way that factual and not partisan. one way to do that, i think they're going to do it, to make clear these hearings are not about who won the 2020 press lendings -- presidential election. what happened on january 6th, to make sure nothing like that ever happens
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again in our country because it never happened before in american history. neil: yeah. so, you always have to ask the question as well, i can see each side politicize it, sometimes republicans say nothing to see here, having covered events, it was carry. principle players say it was nothing to look at. at the time with phone calls, conversations back and forth with the white house, they were pretty scared for good reason. should it just be sluffed off? >> no. i mean, this is got to be factual instead of being like a investigation, presenting the facts of what happened. i think that one of the things the bipartisan committee or the commission, january 6th committee could do to gain credibility i gather they may do bring on witnesses or tonight tapes of people who were actually in the white house, who
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are not anti-president trump, who will describe a situation that clearly got out of hand and was contrary to the rule of law, which is one of the basic protections of america. so, they have got a challenge ahead of them to make the situation better and not worse but i think in bennie thompson and liz cheney you have a very effective and responsible duo at the top. this can't come off as anti-trump and that's all. it has got to be how the heck did our government of laws turn out to produce some mob that attacked capitol and threatened the lives of people in our government, just to stop the constitutionally mandated counting of electoral votes? it was outrageous. the nightmare really for me and most other americans i'm sure. neil: you start looking at what's at stake tonight and
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present the argument, the big difference with prior hearings whether they were during the day or not, i think this is the first time in prime time, in the evening, watergate hearings were largely during the day but it was gripping in the summer of 73. >> right. neil: richard nixon was still in office. during the iran-contra hearings ronald reagan was still in office. now it's a different president in office and people have now gone on to worry about crime, they have gone on to worry about inflation, what is happening at the gas pump. >> right. neil: the moment the democrats might have hoped for here, and others, isn't now and in that it seems to a lot of people who formed strong opinions whether they like the president then, they still like him, whether they hated the president then, they still hate him, will it change any minds? >> well, i think if they, look, what we saw with our own eyes, on television, on january 6th, left an impression on everybody and i
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hope and believe whether you thought trump won the election or biden won the election you were horrified by what we saw. that is not america. that is not an america we love. so i think the ail of this has to be the set out the facts. it is different as you said in the sense that watergate and iran-contra were about presidents who were in office. this one is about a president who is out of office but this president obviously is at least thinking about running again. so the other cautionary note here is that this can't be seen as an attempt to stop trump from running again. whether that happens or doesn't, as a result of these hearings or anything else, the focus of these hearings again really has to be on a bipartisan basis. americans standing together. how the heck did january 6th happen and what can we do, with can we learn about it to make
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sure that we never let anything like this happen again to our great constitutional democracy. neil: joe lieberman, good catching up with you, what is at stake. you summed it up very nicely. before we take a quick break, talking about hearings, an interesting item we want to pass along, 35 five republicans defied president trump to vote in favor of independent bipartisan investigation into those attacks the only one of the 35 thus far lost outright primary. 10 of 13 incumbents survived primary challenges. nine of the 35 voted for the panel opted to retire or resign. if you were republican, let this thing get going down the road to sign an article of impeachment, by and large you have done okay. we'll have more after this.
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♪. neil: all right. we told you about all of these major golf pros who are leaving the pga going to this new saudi-backed golf league and now
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the pga is coming back, all right, for those of you who do that we're suspending your heinies here. going after the likes of dustin johnson, phil mickelson, among 14, 15 others, saying right now as long as you're sticking with the saudis you're not sticking here. it is a bit of a conundrum. some of these guys are getting oodles of money for doing this they probably don't care one way or the other. but that is the punishment mete the out by the pga. i want to go to luke lloyd on this. dan geltrude on this. i don't know if they're golfers. i do miniature golf. >> i hear you. neil: let me ask you the pga's view on this is a little weird, whatever you think about the saudis, royal kingdom, particularly the crown prince, china is isn't exact acquire boy in all of this, yet the pga has a very tight relationship with china, so it just doesn't seem consistent. what do you think? >> well, listen, we talked about
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it in the last segment about how politicians are hypocritical. people in general are sadly hypocritical when it comes down to things. the fact of the matter is money talks all the time. you have these golfers leaving the pga to go to liv. what is interesting is, tiger woods turned down$50 million -- $750 million. for not going to liv. why is he doing that? to keep his brand? fact of the matter pga has a good relationship and saudis coming here to create liv. xfl, that didn't last very long. i wouldn't be surprised if liv doesn't last very long either? neil: what do you think, dan. >> i don't think you can blame the golfers for taking that type of money, neil. listen, wherever they play golf. the courses are the courses. if they're going to make so much
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money getting paid to play for the saudis, the players standpoint -- neil: not necessarily playing in saudi arabia or the middle east. it is playing all over the world. this saudi-backed group is a rival to the pga in essence, is it not? >> yes its, of course. i still don't blame the players cashing in on their skills and abilities. there is nothing wrong with it. it is what luke said. it all comes down to the hypocrisy, okay, we can be aligned with china. neil: yeah. >> they're not exactly the good guys but the saudis are the bad guys? i think it just goes to show you that china's tentacles into the united states in so many areas is so deep that nobody will stand up to them. that is what it tells me. neil: it is weird. part of me understands where the pga coming from, like me working at fox and also working at cnn. there were a quite quite a few
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viewers who highly recommend i do so instead of fox. i don't see where this goes or they force the issue. guys, i want to move on to a separate issue and this concerns twitter. right now they're opening up the books for elon musk, luke. they're trying to assure him, no hanky-panky going on. we are doing nothing negative fair just. we have the customers we say we do, and users we say they do, no bots here. i get a sense he might be trying to wiggle out of the deal. what do you think? >> i don't think so. i think he wants the truth. elon is essentially a whistle-blower from twitter. heck, maybe he gets money from the sec like most whistleblowers do for exposing twitter. if the bots are real, over 5% of twitter's accounts it won't be elon musk going to jail. it will be twitter executives going to jail for false reporting and misinformation, right? i still think the deal gets
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through but might come at a little discount from the $54 a share price offer in the first place. knowing elon musk he is intelligent and he is direct, right? i wouldn't be surprised if they reduce the price of offer by percentage of bottoms on twitter platform. if twice the offer, reduce offer. elon doesn't have time for bs. the guy works like 100 hours a week. neil: dan, real quickly. does this deal happen? >> if it is going to happen the price is coming down. i think that elon musk's whole angle here is to get that price down. 54.20 per share, neil, he is overpaying by everyone's standards. he is not the type of guy that would want to do that. so he is looking for an angle. maybe he will get it. maybe he won't. if he doesn't go through, billion dollar penalty. neil: there you go. he can play golf with the saudis. guys, thank you both very much. more after this.
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neil: this is going to be around. you might have one less problem without that but are not vote -- a lot of other problems, that song is a very good song but imagine what a put down my
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have one less problem without you. pretty strong stuff, just as you are breaking up. without you my world is perfect. that's my interpretation of the song but i digress. a busy day for me. i follow rocketing prices and how much of a problem that is because that is a constant problem. we've got you covered on all ends, from the surge of gas prices and ashley webster looking at the surge in car prices and all of the sudden with all the canceled flights we have something going on, the surge in ticket prices. many high prices, so little time. let's talk with madison allworth. >> reporter: as these gas prices rise, drivers are running out of options for cheap gas. cost go announcing in new
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jersey you will have to be a member in order to fill up at their pump starting july 5th. in most states that is already the policy but in new jersey drivers for a long time have been able to fill up without the costco card, no more, cost go gas is typically $0.15 cheaper, $0.18 cheaper than the state average so it is a real blow for nonmembers who rely on that gas. it comes at a time when new jersey in 19 other states plus dc are dealing with gas over $5 a gallon and even states that are not quite there yet are getting close. national average price of gas $0.03 away from $5 a gallon. it is putting families in tough positions. >> reporter: most commuters don't have a public transportation alternative. to get to and from daily
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errands. $5 a gallon poses a problem. they take away from other parts of the budget. >> reporter: this is the 13th straight day of record high gas prices. talk about problems that have been plaguing americans for some time, no sign of it slowing down either. neil: it doesn't limit itself, try getting a car or vehicle of any sort these days, inventory, dicey if you can find it but ashley webster found the inventory, not what you think. >> reporter: it is interesting. you ask me to look for your new italian import and i found it and unwrapped it, first quarter bonus.
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you have a better agent than i do but these are a few of the thousands of vehicles here at the port of brunswick, the second busiest importer and exporter of vehicles as a port in the country but the volumes coming in from 20 automakers has dropped off because there's a huge chip shortage. we know that and it is continuing to hurt the car industry. not only is there like of inventory but prices are going through the roof. we spoke to the owner of a local ford dealership. how many cars do you have on your lot. this is what he told me. >> a year and 1/2 ago, 125 new vehicles on the ground, right now we have four. ashley: can you believe that? four vehicles and they go later in the day because they were
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preordered, same story for used cars. in this inflationary period, the average cost of a new vehicle in april of this year came in $46,526, up 13% year over year. look at used cars, those prices have been on the rise, average pricing april 17,030, that is up 23% year over year. if there's any bright light for those who want to buy a car, ford thinks the chip shortage issue. to ease by the end of the year but we could see it going into next year. even if you want to buy a car there aren't any to buy, that is the message from here. charles: it is amazing when you think about it. neil: they cost about electric vehicles costing $60,000 but the average traditional cars
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rocketing up as well. ashley: another factor, the guy at the ford dealership said to me a ford f 150, most popular truck in america has 1400 chip senate. when there's a chip shortage it is difficult to get that car out to the customer. neil: if you don't mind wiping your fingerprints off the maserati i appreciate it, there you go, perfect. ashley webster following all that on the car front. even if you want to fly you will find it on the airplane ticket front, those prices rocketing is a lot of airlines cut back on the number of flights to avoid any nightmares of passenger stuck airport, the end result is they are paying more for that. at newark liberty international airport with more on that. >> the mystic airline tickets up 25% this year.
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rising prices have to do with that. the pilot shortage, 12,000 pilot shortfall, short 12,000 pilot and there's not enough pilots to meet the pent-up travel demand. what does that look like? the majority of airports offering fewer flights, 303 airports, 188 airports lost 25% of their flights, 9 airports have no flights to offer, that according to the regional airline association. reduced air service is hurting the economies of small and midsized communities like williamsport, pennsylvania the most, home to the little league world series population 30,000. >> no commercial service at all in williamsport.
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we lost our service, when does this end? when does the price of oil come back down? when do pilots come back to work? when do they have enough pilots? >> reporter: 43% of passenger departures nationwide are operated by smaller regional airlines impacted by the pilot shortage and increased gas prices. republic airways opened the flight school called lift academy, a specialized pilot training program which promises military level training. republic says they're training is so good they petitioned the faa to allow their pilots to graduate in half the number of flight hours required of commercial pilots. >> we find a way for more pilots in the industry, the only way is to expand retirement age and attract additional folks to the
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industry, we will continue to see an infantry supply the doesn't keep pace with the economic demand for air travel. >> united airlines said they rounded 150 of their regional jets. when asked what the future looks like they see no improvement, quote, at all over the next few years. neil: thank you, i think. great reporting as always. a public policy, we have to get used to this sort of thing going on for a few years and we have to get used to this auto shortage that produces these delays if you can get them at all. i would imagine that is something consumers are not going to like. they are getting used to it but not prepared for this. >> not at all in here to stay for a little while yet and
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those are big purchases when you talk about buying an airline for summer vacation especially when you talk about investment in a new vehicle but consumers and households are getting hammered on a daily basis because prices at $5.74 a gallon, you thing about transporting goods across the country by cargo and freight, and by truck obviously, these costs are getting passed to the consumer so they are getting hit by home depot and everything they pay for on a daily basis too. neil: people think this is the 70s all over again. having lived through that i don't think it is. it could be down the road. we are not there yet. consumer demand is relatively strong and dipping under 400,000 new workers, still averaging 400,000 or better,
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that is slowing down no doubt but the backdrop is a little different. the issue then becomes when this backdrop changes and how dramatically it changes. prices get so high people stop buying. >> the economic theory of demand disruption, people reach up critical price point where it is too expensive to purchase certain things and go out and travel as much as they normally but especially during the summertime when traveling for vacation so that will be demand destruction and it will increase, increase supply to catch up with higher consumption we've seen throughout the pandemic so that is going to take time and be happy supply chain bottlenecks, a lot of refining capacity shutdown over the past few years so there are still some
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bottlenecks that even as we increase crude oil production and become the world leader even more so in crude production, time for those prices to adjust. neil: the administration sents mixed signals. the latest example when the president tweeted he wants to look at shipping costs, some companies seized on uping those cost to stick it to the consumer. another villain, the oil companies are behind gouging americans, and food companies gouging them at the grocery store. what do you think of this. >> it is frustrating and disingenuous of big oil and shipping company's control the price, why wouldn't they keep them at these prices over the long-haul. oil companies didn't do a lot
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when prices dropped to $35 a barrel. these are again driven by supply and demand as your previous reporter mentioned so blaming companies are trying to do everything they can to increase supplies to reduce supply chain bottlenecks and provide affordable goods and affordable energy to consumers and businesses is disingenuous and we talk about increasing supply, sending the right signal that if you are making an investment in new exploration in the government and the pipeline or refining, that is not regulated out of existence if they make those investments so the regular tour policy and regulatory uncertainty a lot of business is facing, chilling investment when we needed for new energy supplies. neil: we are following that closely and nick will follow that tomorrow when we get the
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retail inflation report. it is expected to show your of your increases north of 8% but don't know how much north of 8% but those hoping for a slow down, the rate of increase in surging prices a report like that could be a bummer after this. ♪♪ it■s hard eating healthy. unless you happen to be a dog. ♪ ♪ we believe there's an innovator in all of us. that's why we build technology
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>> we have the fastest growing economy in the world, the world, the world. we have 8.6 million new jobs since i got in office. and employment down to 3. 6%. we reduced the deficit last year by $320 billion, and introduce it by $1.7 trillion, trillion dollars. we are the strongest economy and that has allowed us to stay on top of and a little bit ahead of what is happening around the world. second thing is inflation is the bane of our existence. neil: a quick correction. we do not have the fastest
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growing economy in the world. the numbers speak for themselves coming india is running up and 8. 2% cliff% cliff, china 4.4%, bangladesh 4%, 3 or 4 more countries you get to before you get to the united states, relatively flat at 3% growth and that is projected growth. without that, the decline in the latest order, some say we are in a decline right now, we would not be in the top 10 list of countries in terms of growth. it is not where president biden got that. we might get back there. the chairman and ceo, the world is heard author of many wonderful books, good to have you. >> great to be back. neil: let's get a sense, what he is saying, the us is in a good position to come back, i
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get that but we are dealing with this inflation problem but do you see this going away anytime soon? >> i look at the news headlines and it is always about inflation and interest rates and whether there is consumer demand. nobody ever mentions the dollar. nobody mentions international financial system. that could be a real hornets nest. it is complicated but i'm willing to go through it but when the dollar strengthens as we've seen it do this year and if it continues to strengthen that will present enormous problems for the rest of the world particularly emerging markets because of the debt. neil: a lot of countries have a lot of debt, nothing like our debt or the growth rate of our debt and i am wondering when you talk about interest rates
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rising, what is the impact? >> it will be more expensive. there is almost $15 trillion of dollar done nominated debt swirling around the world. that has to be paid back in dollars. most of it held by emerg markets, a lot of it by china, $2.5 trillion by china. what that is is half-hour gdp floating around. it has to be paid back pretty quickly in terms of debt servicing. i look at that and say every time the dollar strengthens, emerging markets will have a tougher time paying zach debt. neil: how do we get out of this? if you are looking at the data and it is screaming at you the administration even though it is no longer saying anything is transitory it is saying we are through the worst of it. are we through the worst of it? >> i think we haven't seen the complications having to do with
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rising interest rates and rising dollar on the rest of the world, we haven't seen it. it is coming. a real hornets nest, i look at china as 2. $5 trillion denominated debt. they have a lot of debt but that's a big number but they have service and the service is 600 billion a year. their current account surplus is 370. on math doesn't add up. the stronger the dollar debts, the tougher it is to pay back the debt. they can't inflate their way out of it, neither can the rest of the markets. they have to pay back and of the dollars keep rising we steel up with an international crisis and that is the thing that worries me as much is the affect of recession. even if we go into a recession as we probably are going to, we
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are going to be the least ugly person at the ugly person beauty pageant. we are going to get a lot of global capital sloshing around the world, is going to come to the us and that will strengthen the dollar further. there is a secondary element to supply chains. if you think they are complicated now, insert a stronger dollar, you are talking about real problems with countries not being able -- can't afford to purchase the supply chain. i would say i would love to hear janet yellen and our fed chairman talk more about what happens if the dollar continues to strengthen. i will tell you one other thing you don't hear a lot about. the fed and the fed chairman,
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the fed chairman has changed in the last couple months. he's much more a loner, much more independent given the advice given to him about inflation has been wrong. and i think he is operating from the standpoint of the history books. he does not want to go down as the guy who squandered 40 years of central bank produced price stability. he is going to be a lot tougher. for the history books. those who think he is going to stop tightening even though he hasn't seen the result on the inflation side are going to be surprised. he does not want to be arthur burns or any of the other federal reserve chairman inflation club members. neil: he wants to look like the
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cut the inflation monster but in so doing drag this into a recession. >> if the choice will be the long-term interest of the country would be to bring down inflation, that is what volcker did and heard a lot of people when it was over quickly and i don't think at this point it is operating the way jay powell might have operated a year ago with the balance, the price stability with other factors. right now it is his history, where in the history books come down. one of these fed chairman that failed or is he part of the greenspan, been burning key --ben bernancke club? they are not looking at the
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dollar or the potential the fed chair could be a lot tougher than we think. neil: that flies in the face of a lot of people on wall street. you become who you are because use it while they zag and see things when they miss things. i hope you are wrong. david smith, thank you for joining us. i was mentioning the fastest growing economy on earth, the imf put out its own statement on the fastest economies in 2022 and i told you president biden said it is one of the fastest-growing on earth, nowhere near that, india growing out of 8.2%, saudi arabia 7.5%, spain 4.8%, china 4.4, australia 4.2, united arab emirates 4.2, singapore 4%, canada 3.9%, a few other players, the us 3.7%. we are not the fastest growing. more after this.
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♪ limu emu ♪ and doug. ♪ harp plays ♪ only two things are forever: love and liberty mutual customizing your car insurance, so you only pay for what you need. (emu squawks) if anyone objects to this marriage, speak now or forever hold your peace. (emu squawks) (the crowd gasps) no, kevin, no! not today.
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only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ neil: here's how get bad the gas price situation is getting one michigan county. they are advising those who don't have urgent calls to call the police or 9/11 to talk it through with the police because they can't deal with the expensive ride out to see yet. garrett tenney following this from chicago. >> reporter: when isabel our county approved this budget gas prices in michigan were around
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$3.45. today, those prices have gone up 50%. the sheriff's department has been tearing through their gas budget and now they are having to make some changes. in a facebook post sheriff michael bain said the sheriff's office is feeling the pain at the pump. instructed the deputy to manage whatever calls are acceptable over the phone. this would be non-life-threatening calls, calls the do not require evidence selection or documentation. deputies will continue to patrol all areas of the county and will respond as usual to any calls about crimes in progress. the goal is to have anything that can be done over the phone handled that way for the next few months until the new budget is approved. nationwide average gas prices have set new records for 13 consecutive days and for 30 of the past 31 days with an
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all-time high today, just under $5. ashley: thank you very much. i want to go to joe piscopo, former snl star, one of the best the show ever had but he's more popular today is the host of the morning show, weekdays 6:00 to 10:00 on the answer. it is called the answer but a lot of his answers don't add up to me but having said that he is brilliant. good to have you back with us. >> great to see you. if i may start, people ask why are you in that all the time? it was you so everybody knows right on the air i saw you. neil: it looked very very nice on you. >> we are hip, we are cool.
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neil: from your bruce wayne mention library, when i listen to your show, one of the things that has become a dominant theme for your listeners, crime, inflation, no big surprise but the crime stuff might have changed with progressive voters in san francisco saying enough already and that represents a huge turn, doesn't it? >> it is all the election will be about, inflation certainly, gas prices certainly, food prices, everything doubling and crippling but the crime is a real concern engine new york, everybody, we all route for mayor adams, he has got the swagger and looks comfortable but has got to go up again to what we call the regressive
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socialist policy, you can't if it is regressive and got to back the paul lease and not defund the police and mayor adams and all these democratic mayors, baltimore, st. louis, chicago, we back the blue and they will do what they have to do, crime will stop in a week. whichever party does that will win. neil: i was talking to security issues, nothing makes a conservative out of a liberal like -- obviously being facetious but that was going on in the san francisco vote, what could imperil gascon's career, new york's da can't be voted out but the governor could fire the guy, that is unlikely but do you sense that there is a shift here? safely blue states are not safe anymore.
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>> exactly right. you know me. we've known each other for so many years. i am a former. dog democrat. most of my life always democrats but i see what is happening. in new york, they are not embracing this. my mantra all my life, we have a mutual friend, raymond james. you want to keep folks in the city safe and when you go to the city want to be safe. will turn around and people will start voting for the republican candidates for the first time because of that but don't forget the gas price thing is ridiculous. we are at war. you know what we are worried about? we are on the precipice of a nuclear war. we push putin, talking to the great generals on fox all the time who come on my show, if
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you push putin enough, he's not causing the gas prices but he may cause a nuclear war, the low yield tactical nuclear weapon. neil: only kills 100,000. it is worrisome. i remember when you were considering a senate run, just reminded in the election the incumbent, phil murphy barely won. i am wondering if that was a preview of coming attractions, what could happen in new jersey, new york, california, many years since we saw a republican presidential candidate carry any of those things. >> that is true, the gentleman who ran and almost beat phil murphy, the boys and girls
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club, we were talking, you came so close, this is what the republicans have to learn. you can't say he's a rhino or this or that, you got to stick together. some people we are not sure, you go back in and he doesn't go back in, i will go back and but you got to awaken the sleeping giant of voters who don't show up and you can get that. the party, the republicans if they want to win in november, you got to stick together. it will be an interesting fight. neil: that is your way of saying i will step back, you will hold off on another post, is that what you are saying? >> i'm on the backside of my time on the planet. neil: you are on fire. you don't want to take a pay
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cut, and enormous pay cut. >> there's a little of that but the candidate is a great guy but sometimes we talked initially on your show, he is going as an independent. i think it is time, democrats who are blue dogs like joe manchins, people like joe manchin and had it with the democratic party is when the right wing go too right wing, maybe -- i am just saying. stuart: what i am saying is your show has come so far so fast you're getting great bookings. you are on fire and i'm not surprised so stay at it, be open to a pay cut if you want to run for office, you can help people. >> neil cavuto is always welcome on the radio show in the morning. neil: i call them and they say
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try another day. that's the way you put people down. i admire that. always good seeing you. good luck in your bruce wayne mention, you worked your butt off for a in the proof is in the pudding, nice shirt by the way. the dow down 135 points, nothing joe said, we will keep trying after this. ♪♪
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meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, you get a different kind of bank. neil: all right. it is all the rage across the
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country. weed as some people call it is booming particularly in oklahoma. who can we sends on the story who would know it inside and out? connell mcshane, of course, came to mind. he joins us in oklahoma. connell: thank you for that fine introduction which could be incriminating. may be you wouldn't think oklahoma off the top of your head where a business like this would be booming but it is, the low regulations for one, and one in 10, that is the number, one in 10 people in this state have a card that allows him to purchase medical marijuana, and to operate in a place like this all you need is $2500 and they will give you a license, other states, hundreds of thousands of dollars, the boom is on, state officials tell us they brought in $350 million in revenue the last four years, doctor stanley mills, one of the people we met here had a
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long career, decorated medical researcher but he retired when he heard about legalization, maybe that is a good business to get in but it was oklahoma and he didn't want to get his hopes up. >> it was never going to pass here. we are too read of a state. a lot of people realize there's people with children going to other states to get medical products to treat diseases we can't treat in traditional western medicine. connell: it did pass, he went to work in his lab. is running a profitable medical marijuana companies. josh blevins, owner of twisted room, fills all kinds of products, moved his family from texas to oklahoma a few years ago and think the boom could get bigger if recreational use is approved.
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>> we are in a competitive market that has borders and that is the state border. people can't just come in here without a medical card and by. once we got recreational it breaks down the borders. >> reporter: the idea is people come rushing across from texas if they didn't need the card anymore but talk about lax regulation, the state government just imposed a two year moratorium on new licenses. they have a license but you won't get a lou new license for two year starting august 1st because they are realizing this has gotten out of hand, they are behind on inspections and have to catch up and critics of the industry will tell you a criminal element has moved in, the cartels, they will try to crack down on that but for now business is booming in oklahoma. neil: connell mcshane, thank you. 24 hours after a guy talking
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about trying to take out a justice of the united states supreme court, protesters come to the guy's house, feet from the house. i'm talking feet from the house. ♪ ♪ we all need a rock we can rely on. to be strong. to overcome anything. ♪ ♪ to be... unstoppable. that's why the world's largest companies and over 30 million people rely on prudential's retirement and workplace benefits. who's your rock? another crazy day? rely o of course—you'retirement and a cio in 2022.fits. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered.
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neil: some things are too incredible for words. you see these protesters outside brett kavanaugh's house, he was target of a guy who was snooping around his place and wanted to kill him. he volunteered, he was picked up and apprehended and is waiting things out in jail but the very next day protesters gather outside his home, on the front lawn, these guys just feet from his home and all of this i think is illegal, you can't do it but i'm not the legal expert, the judicial crisis network president for justice, clarence thomas, this is wild. no matter how people feel about the justice or how he might rule on roe v wade this is dangerous stuff. >> yeah.
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before this event most americans agreed if you want to protest the court your first amendment right to do that, do it in front of the supreme court, don't go to people's private residence, especially justices like brett kavanaugh who have children, really outrageous. even, peaceful protests, how much harder is it for the police to do their job and watch out for a few crazy people that once their addresses are out there the door is open it with the draft opinion leak a lot of people are saying like this, maybe i should take this in my own hands, time to release that opinion and time for the federal government to start enforcing the laws against intimidation of justice. where is merrick garland? neil: they do have laws on the books but don't enforce them. forget the justices who are targets of this, what about their neighbors, the neighborhood, the kids, it is bedlam, it is crazy.
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>> their goal seems to be the message is we are going to make your life miserable unless you vote the way we do. that's not a good legal argument, not the reason we want our judges to be ruling, because someone will intimidate and threaten them. what countries would you be in if you thought i am a judge and have to be worried for my own safety if i rule a certain way and at case? that is what you might expect in cuba or venezuela but you don't expect that in the united states of america, that's not the rule of law or the system we want to have. we need to make sure we are protecting our justices. the house has a bill waiting, it passed in the senate, to say let's up security for the judges, make sure their families have security and nancy pelosi is sitting on it. it is outrageous more hasn't been done to protect them and you have people still marching, too soon, yes. he narrowly missed an assassination attempt
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yesterday, give the guy a breather and let them do their job as judges. neil: i find it interesting that the ones who have been quiet on this, justices should be protected, the ones who have quite a bit of security of their own, it seems a bit hypocritical. >> absolutely. she would not leave home without added security. i'm grateful you can see they had 2 amp up security dramatically. it is -- it used to be judges were anonymous and that's not the case anymore. i wish we could go back to a time when legal arguments were made in a legal forum and not via personal threats and intimidation but i am grateful we have judges like brett kavanaugh who are standing firm in the face of this intimidation and recognize their job is to interpret the constitution and the law. what is ironic is in this case the draft we have was -- put the power back in the hands of
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a american people rather than having judges, we shouldn't protest at judges houses, it should be talk to your legislators, decide how americans want this contentious issue to be resolved and he's giving it back to the legislature and elected representatives but some people want their way or else. neil: how people feel on this subject, we are all human beings at the core. let's think safety and bring it down a notch but thank you very much. i cover this enough to know we know in very hyperbolic times and we lose it and are crazy with each other but whatever your differences, everyone calm down. more after this. ordinary etfs. and strengthen client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.
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i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this.
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[kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones neil: all right. maybe a lot of people waiting for inflation report out tomorrow. 20032006 and between, down 91 points. see what charles payne can do. charles: there will be a nibbling before the close but you're right there is a lot of anxiety out there. good afternoon, i'm charles payne, this is "making money." breaking now, wall street is on pins and needles. main street, they're clip coupons and using less electricity. many people are frightened and upset. what should investors do ahead of tomorrow's inflation scorecard. record tax revenue but is the

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