tv Cavuto Coast to Coast FOX Business September 14, 2022 1:00pm-2:00pm EDT
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neil: we are trying to avoid the nation's rail system from shutting down, getting goods transported over the rail system. the people involved on those passenger trains does control the tracks we are talking about so it is anyone's guess but they are trying to avoid that we are talking to elaine chao,
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the labor secretary. speaking of labor, that department, representing rail concerns gathering in washington and those talks were ongoing so we will see what happens. let's go to jackie heinrich because the backdrop is the president rather than addressing are dealing with the crisis at the moment is talking electric vehicles, going to detroit to champion that cause, timing seems awkward but maybe you can update us. >> reporter: planes, trains, automobiles, all the same. the president is at the detroit auto show to announce this $900 million investment in your neck vehicle charging stations they want to set up along highways across 35 states but first the self-professed car guy is getting a tour of the latest models.
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>> president biden: my secret service detail. >> is an incredible? >> reporter: the white house wants all new cars to the electric by 2030 saying ships act funding for semiconductors, they can't say when americans will be able to buy a car with those chips and there's the issue of charging them. jennifer granholm said the us should look to california as a model for clean energy, they asked residents not to charge their evs not to charge in the midst of a brutal heat wave, the president announcing more funding for charging stages, buying an electric car is too expensive for most americans dealing with inflation, one of the cars the president's test driving costs $63,000. >> the religion in the democrat party is religion climate. they worship the sun god, the wind god, the god of wishful thinking. >> reporter: yesterday the white house took some heat for celebrate in the inflation reduction act as the new
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inflation reading showed an increase and key inflation metric and also experts agree the spending is not going to reduce inflation at all. officials point to tax rebates. >> this includes a 30% credit to cover the cost of installing rooftop solar, 10% credit to cover the cost of insulation materials and other improvements like energy savings, windows and doors because rebates are available, tax credits available today. >> reporter: spending money in order to save money is not the same as bringing prices down. they are up across the board. groceries nearly 14%. energy up 16%. neil: thank you for that. we are getting tentative word these ongoing talks, this
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back-and-forth that workers have rejected initial offer on the part to benefit days and benefit balance, we don't know the details but the talks will be ongoing and they hope to hammer out something when all this ends, 10,000 more workers could be out on strike, jeff flock is following this and the impact potentially from something like this is in philadelphia with more. >> the first indication people are starting to take this seriously. usually there's a lot of truck activity at the rail terminal on the banks of the delaware river, the greenwich truck terminal here, this is where trucks come in to pick up the shipping containers on the delaware river, there is a huge backup of trucks at this inference suggested to me that
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shippers typically would put their containers on rails are now saying i have an important shipment. don't want to change the rails now. i will send a truck to get it. it may cost more money. you are seeing this intersection here, a little bit of a free-for-all, folks trying to get in. and auto carrier you see going past here to go down to the next entrance and it is a huge jam up. a huge line of trucks, some indication shippers are stuck, that this really may happen, there was always the hope that it wouldn't. incidentally, today we just got a reading from folks who do an index which shows demand on a monthly basis, the office demand was up almost 4%. the highest level it has been in four years, this potential
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strike couldn't come at a worse time because you have to mentis demand and supply-chain problems. the biggest loser in addition to the american consumer would be folks in the food business because most of the grain from corn to soybeans to wheat usually goes on rails. the numbers if you put them up over the course of a year, 630,000 shipments, railcars of corn get shipped the year, 320,000 of wheat, 250,000 of beans, this comes at a time when we have the harvest about to kick off. most of the grain we export overseas, important because of ukraine. 40% of it goes on the rails before it goes overseas. we've got a bit of a mess that will only get worse if we --
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neil: we lost our audio, uptake go, the talks are ongoing, this is about freight that would be impacted. amtrak which owns a lot of these rails is starting to warn passengers that interruptions could begin tuesday if a strike were to happen. to avoid possible disruptions, the passenger railroad is pulling trains so this, for those who take trains on amtrak rail, quite a few of them. even though this is ostensibly about freight, and higher prices for that, the longer you can't get it moving and it impacts passenger line services, the latest ongoing talks, elaine chao, former us secretary of labor, ideal expert to weigh in on this.
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susan lee following this. this impact on the economy and supply-chain disruptions reported for quite some time. apple and these other big players trying to deal with that sort of thing, this is a different vision, not a welcome development. >> exactly right, especially for cost $2 billion a day, you see this play out in rail stocks. we are seeing a little bit of recovery because retail investors have gone interested, $2 billion worth in retail dollars, one of the best days in 2022. they are buying teslas, apple, tech stocks they liked and and during the selloff. there were bargain hunters, two bys for every cell, and the
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huge decline. neil: this economy doesn't need it right now nor do americans need to price goods that are already eye-popping lehigh anyway. the ramifications are significant. >> think about what is going on, the fed is doing what it can to slow the economy. now have a strike, wage inflation on the back end, factors that are head wents in the economy. we will see the notion of wage inflation is more pernicious, which is energy and food. that is administration policy about making energy more affordable and cheaper and we all want sustainability but the question is that in 20 or 50 years. the timeline is wrong at the
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moment. neil: your specialty is technology stocks, may be taking get disproportionately on the chin. i wonder in this environment weather that continues, no saving grace here so the better part of valor is to sell into that. >> i think susan is completely right. people bought the dip and this is the interesting thing. stocks like microsoft, apple and tesla and amazon are the ones people are looking at because of growth options. neil: may be this was overdone and there was this anomaly i heard you talking about looking for a chance to see tesla and others that have gotten beaten down. where do you see that >> i was looking at tech layoffs, cloud communications company that helps make the call, you can't find your ride
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on uber, they are cutting 11% of their stat, with netflix and snap and goldman sachs and pink slips later this week, people talking about white-collar jobs recession. that will show up in job openings and that means with the federal reserve raising interest rates by 75 basis points, they may be overdoing it when you cut rates by next year. neil: we are told these talks are ongoing at the labor department. i want to bring you up-to-date, 5,000 railway workers with the international association of machinists and aerospace workers voted to reject a tentative contract agreement that authorized a strike. they are among several unions, one of the biggest saying we don't deal as proposed and the
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1-800-217-3217. that's 1-800-217-3217. neil: stocks taking the heat, kelly o'grady on what is at stake, the latest from la. >> reporter: big tech may be the one thing that can unite democrats and republicans in a rare act of by part in cooperation as lindsey graham, elizabeth warren and josh howey are creating a tech regulatory regime. during whistleblower hearing, what that could look like including the idea to license social media platforms. writers require license to operate warranting quick content regulation come in different consequences in the current protection afforded by section 230.
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he underscored the need for limiting what speech copies can take down, arming the ftc, requiring platforms to be tougher with connectivity and foreign interference, point of grave concern during the hearing. >> regulatory environment. if you're in the space you have to harden yourself against foreign interference, protect sites against commonality and if somebody takes your content down you will have an appeals process outside the group who did it. >> reporter: the nod to europe, cracking down on big tech, the recent digital services act aims to increase transparency and require platforms to take down harmful content. failure to comply can result in fines of 6% of global annual revenue. more screwed he continues with a senate hearing were social media leaders testify for homeland security issues despite the campaign donations
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and lobbying efforts, the tide is turning against big tech but whether that frustration translates into bipartisan legislation remains to be seen. neil: charlie gasparino with us. other things, republicans take over the house or the senate the treatment of tech executives isn't going to change. it could get worse. charles: they are coming at it different ways. they need to be broken up. and too much data. the republicans are coming at it more from the political standpoint, your too big but not that your stealing data, your stifling free-speech. either way, i wonder how long section 230, the exemption, without consequence to the
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social media platform, tech survived in the future, you have a republican president, republican congress they may seek to get rid of that bit if you think of it we don't have that protection. if we print something that is libelous we could get sued, that does happen. if something gets printed or posted on twitter twitter can't get sued. they have section 230. that is where we are going. sooner rather than later. the other person, in the crosshairs if republicans get congress particularly if they get the senate is gary gansler. tomorrow will be a hearing before the senate banking committee, democrats control the committee now. republicans on the committee are telling us this is a dry
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run if they get a majority and control the committee. gary gansler will be public enemy number one. we 20 wise that? charles: they despise his agenda, over regulate in crypto, crypto has a huge following with conservative libertarians. neil: has he done that? charles: he is -- as they would say regulation by enforcement going after companies, going after securities like x rp and taking what used to be problems in the regulatory agenda of the cftc, providing more heavy hands to crypto. the other thing is stifling innovation, the other thing is esg. his whole agenda of forcing companies to disclose these
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woke things as they would see, environmental stuff, stuff that veers away from shareholders want and need. we see some of that tomorrow, look at pat toomey, the leading senator leading the charge from where i understand. see what they do tomorrow to give you an insight if republicans get the majority and control the senate banking committee which is the oversight committee for the securities and exchange commission. gansler's rear end will be on a seat. neil: thank you very much, updating you on this possibility of a railway strike, one of the largest, the first to say we don't like the deal, that is not stop the talks, made them a little bit more heated right now, 10,000 representatives talking about the one particular union
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representative but overtime issues, vacation issues, workers on hold issue, they have to be frozen in place in 20 some protection so that gets into the weeds. suffice it to say the ongoing negotiations are not going well. they are trying to avoid a friday strike. the former secretary of labor, the person here to assess what is at stake. these negotiations are happening at the labor department, more after this. (vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life.
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workers reject a tentative agreement that authorized a strike. that is just one union and talks are ongoing but it is looking dicey and these are happening at the labor department so we are lucky to have my next guest, secretary of labor, elaine chao. good to have you with us. talks are ongoing, i'm not going to go over the likelihood of a strike, we know it would be disruptive but how disruptive? >> the majority of freight in our country is carried i trucks or rail, trucks can take 70% of the traffic and are responsible for the last mile. 30% of the freight is carried by railways and they are the long-distance hollers as well. there will be major disruptions not only to the freight
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movement in the country but passenger rail as well so amtrak has most of its activities in the northeast core door but also long-distance passenger rail traffic and already canceled some of them and afraid going across the country amtrak which uses freight, rail tracks, will also be impacted by what is happening with potential strikes and everything. i wish the current secretary great luck in trying to find a resolution because it is essential the freight movements with productivity and economic vitality of the country. this discussion, negotiations, has been ongoing for two years, it has been 18 months based on the 29 -- 2019 set of agreements. it is about time, the two sides of had a hard time coming together.
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neil: lawmakers could intervene. they don't want to do that but there has been history in our country to force that issue with ronald reagan, airport controllers. i am wondering how far should they go. >> the only people who connect and make things happen is congress if negotiations are not successful by the expiration date and time. we had the emergency board and acted by the president in july, the expiration date on friday so all avenues of resolution on management, labor and executive branch is done. if nothing is resolved, by friday, basically it is up to the congress and they have the authority to do several things, they can extend the deadline
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which i don't think is going to be a viable option for both sides or they can cram down what was agreed upon. that would be difficult, the third option people are hoping and thinking is basically arbitration. a 3-member panel was selected by labor, management and the third by mutually selected by both sides but the threat of arbitration panel whose outcome may be uncertain. could be enough to send both parties back to the bargaining table because to be faced with such uncertainty can be quite frightening. neil: if such a strike were to go into affect and go on a while, you rely on our supply-chain problems, a lot worse at a time when americans are being told you might want to start your holiday shopping
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early, or get what you are planning to get now just in case. >> a strike would not be good. there's another layer of dispute that we also need to watch, that is the west coast situation. the president and this administration have been very prolabor and they are not wanting to anger their labor allies but understand that any kind of strike would be detrimental to the fragile state of the economy. there is still a chance this administration might be able to persuade their labor allies to be more cooperative right before the november elections but the specter of some kind of a strike is i wouldn't say more
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than 50/50 but pretty strong. i do not think the strike will last very long. neil: given the administration's close ties to labor the president any moment will talk about those union ties and making sure any jobs are union jobs. he's in a bit of a bind. he forced himself into a corner. >> right now the strike funds of these unions are not very high either. a strike of 5 to 7 days, $2 billion a day in economic damage, damages big enough already, would be something that if it were to go on to the stage, would be something like that. i don't think labor could manage much further beyond that and don't think management would want it. this administration would not want that. i'm looking for a short strike if there is one.
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the presidents of the two largest union this are under a tremendous amount of pressure, escalating their rhetoric for quite a while. they have to produce for their members and one of them is coming up on reelection next june. neil: i would be remiss, your husband, mitch mcconnell, senate republican leader has expressed his concern about the quality of candidates in the senate and it is a lot tougher for republicans to seize that than it would be the house. might have gotten another reminder the trump favored candidate got republican nomination. i'm wondering whether you share the view of your husband's that the quality of these candidates could get in the way of the victory? >> that is what he does.
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i am concerned about the potential railroad strike that could develop. what is going to happen is the unions are politically astute. they know if one of the chambers of congress turns republican that they will not have as easy a time in some of the things they want, so that will weigh in on their assessment and analysis as to what they want to do going forward so they don't want congress to intervene. if after the election, one of the houses or both chambers of the senate and congress, senate and the house turn republican that is not good for them. neil: interesting that they might as well try to hammer a deal while the getting is going because they will be less receptive. finish up. >> the other thing i would caution, there could be a
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strike because as much as secretary walsh is trying, the partisan nature of congress these days made for fast action on the part of congress, increasingly difficult to accomplish. last time this occurred their needs to be a lot of waivers that need to be enacted because there are a lot of procedural steps and in 1971 this happened and all the waivers were agreed upon by republicans and democrats and i think we are no longer in that of comedy, com it why. neil: we will see how it sorts out. it is different to put it mildly. former us secretary of transportation, former labor secretary, the individual to
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whom she was referring was the president, secretary of labor, overseeing these negotiations, railway management itself, better than one hundred 15,000 workers could walk off the jobs on friday at midnight if a deal is not put together. after this. dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones
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neil: the table is set for the midterm elections. the big primaries, getting the final vote out of new hampshire. hillary vaughan has more on that. >> reporter: this strategy democrats used in the new hampshire primaries to boost the far right candidate and barry the moderate, republicans say is going to blow up in their face. when you look at new hampshire's first congressional district, the primary there,
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there was a huge upset, caroline levitt the winner, two trump staffers were against each other. she will face congressman chris cavett's in november and if she wins she will be the youngest woman ever elected to congress. >> washington establishment and the democrats counted us out. they said i was too young, we were outspent but we were not outworked. >> reporter: new hampshire, lieutenant general -- he beat chuck morse who was backed by new hampshire's governor who thought morse was republicans best shot at flipping senator maggie has on -- hassan's senate seat. >> we have successfully protected ourselves. you sent the biggest signal to
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the establishment. >> reporter: senator maggie hassan only gearing up for the general election saying in a statement, if don bulldog had his way in the senate he would vote to ban abortion nationwide, don bulldog is too extreme for new hampshire but bulldog tells me he doesn't support nationwide abortion ban. >> i will support no legislation, 0 legislation at the federal level. we don't belong in the abortion arena. that is the states. we will do the right thing by that. >> reporter: why do you think she keeps pushing this abortion issue? >> it is the only thing she has got. >> reporter: important to note donald trump did not endorse anyone in these races but he is separating the fact that the trumpest won but granite stateers made up their own
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minds and they chose not to play it safe by going with the moderate in the race. neil: thank you for all of that. we have more coming up including the latest on the ongoing, looking back at the life of the queen and get ready for the king to come so interesting to balance on the family, we will ask piers morgan what he makes of that after this. ♪ e're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq
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neil: taking q2 london, the westminster hall of parliament, the oldest building in parliament where the late queen will repose for the next four days before a formal state funeral, if who's who of world leaders, but in 200 expected to attend, let's get the latest from jonathan hunt in london. >> reporter: i think we hit a peak of national pageantry today and peak family poignancy is the queen's coffin left buckingham palace thanked by the household cavalry, carried
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on a gun carriage. it was an emotional moment for everybody, the thousands who gathered outside buckingham palace, thousands who lined the route. along whitehall and ultimately to the palace of westminster. it was a particularly poignant moment for the royal family. following the coffin on foot, king charles, the queen's other three children, princess anne and princes edward and andrew and her grandchildren, princes william and harry, interesting to note that prince harry was in civilian clothes, not allowed to wear the military uniform he actually wore during two tours of afghanistan but is no longer considered a working royal and was not given the honor of being able to wear a
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uniform, same for prince andrew, mired in scandal and related to the jeffrey epstein affair. all of that forgotten as the royal family followed the coffin in a solemn procession. we have gun salutes that were fired, 38 rounds, one for every minute it took to travel from buckingham palace to the palace of westminster, than the coffin was taken into westminster where the queen lies in state, and will lie in state for four days, tens of thousands, ultimately hundreds of thousands will line up to view the queen's coffin to get a last chance to say goodbye, the line right now waiting to go into westminster to see the queen is some 2 and a half miles long and it will get
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longer as we approach the weekend. people get time off to travel to london, 21/2 miles right now. they expect it to be 5 miles, it could be 10 miles long by the time we get to sunday and on monday this nation will gather here in london and around their tv sets and tv sets around the world will be glued to the funeral service and the final journey of queen elizabeth ii from central london to her burial pl. in windsor castle. neil: thank you. i want to go to piers morgan, always good to have you. jonathan laid out nicely the world is watching, we are told in the united kingdom very few are doing anything else, this is a huge deal isn't it?
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>> it is the biggest deal and it is perfectly fitting, the monarch reigned for 70 years, the most popular american presidents, none of them served we 8 years, and this is a country in morning. everyone taken aback by how moved and emotional we've been because she was 96, wasn't a terrible shock, wasn't like when princess diana was killed in a car crash in her 30s and we had to wake up to the realization we no longer have this woman on the throne it was a huge blow to the country and we are seeing that throughout the country in the whole world is seeing that. of the 20 i wonder about these perceived encroachments between we harry and megan, what do you make of them?
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are they real or is this a temporary truce? harry has a book coming out, $20 million deal, you famously said junk it but doesn't look like he is. where does that stand? >> i think it is a mess behind the scenes. they are putting on a show because they recognize this is about the queen and paying tribute to her commemorating her extraordinary rain and don't want distractions but let's be clear. if you watch the body language between william and harry or kate and megan markel there is very little contact between them. the royals are good at doing that over the gears, when times get tough or behind-the-scenes. one of the biggest problems king charles iii is going to have is what to do about his son harry and his daughter-in-law megan. a rival royal family-based in
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america trading off of royal titles and making themselves extremely rich and in the process constantly criticizing the royal family the monarchy. the question is should they do this while keeping titles? if he wanted to strip them. what is it like when prince harry's book comes out if as we have been told, spray guns camilla, the new queen concert, over what harry perceives to be a damaging role in the breakup of his parents marriage. if that happens now and camilla is the queen that will be damaging. i urge prince harry to get rid of his book, to cancel it, do what he can to stop it coming out because i can't see anything but bad coming from that book and more tolerant obligations against his father who has been repeatedly criticizing and against camilla who has to be honest become
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incredibly popular in this country but it could be undone with this book. neil: you have written yesterday some advice for prince harry that he should, quote, rain in his royals trashing, that doesn't seem likely but i am wondering where you see this whole thing going? to your point this is a short-lived moment of truth and the prince andrew situation and all that, back to the fighting drawing board. >> william and harry don't talk to each other. are you need to know is when the queen was dying harry got on a plane, stayed the night at barmoral endeavor can exchange the word with his brother, these brothers are unbelievably close and this is a shakespearean tragedy with the breakdown of this relationship of these two boys. it would break their mother diana's heart but where does it go? here's the problem.
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megan markel in particular, but also harry, they set out to ruthlessly and in my view cynically exploit their royal status to the tune of one hundred million dollars with huge deals with companies like spotif dagen: but there only currency is attacking their own family. what are you left with? a couple people living in california, the easy life with chickens and kids, pretty limited appeal to any broadcasters so they keep doing what they've been doing ever since they left the country and the royal family and continue to criticize the royals and moan about the monarchy and how they retreated and without providing any real evidence to support these allegations and we are supposed to just sit here and accept it. i don't think king charles will accept. i think he is hurt by what is going on. when this funeral is a huge
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event, quite right that the focus should be on the queen this week, but after that, the king has to sort this out. you can't have a renegade pair of royals doing what megan and harry are doing. it is incredibly damaging i think to the institution of the monarchy and it is bad optics for them to be lashing out at their family all the time. neil: speaking very directly, and we say that. >> it is very sad. i would feel this way about any family. neil: we will have more after this. buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, . .
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neil: all right. the dow is down. nasdaq down. again, we were hoping for a rebound. we still might get it after yesterday's drowning but i think charles payne can handle that. -- drubbing. charles: i hope no more routs. this ain't looking too good. i'm charles payne. this is "making money." say the market is meandering after yesterday's drubbing. also for policymakers including how to stop wage driven inflation when wages are not keeping up with inflation. that is gordian knot. before you check it all you need to know what history says the market could be one year from now. president biden is in detroit touting evs today. with billions and tens of
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