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tv   Cavuto Coast to Coast  FOX Business  October 21, 2022 1:00pm-2:00pm EDT

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neil: thursday i don't care about you. i wonder if liz truss listens to that. tampa bay, las vegas, some beautiful parts of the country, we are coast-to-coast after all. we have yet soaring based on the notion rates are going down but there is a mindset building leaked by the fed itself we don't know the source of this that future races may not be as much or as big as we thought, consensus building at 3 quarters of one% but of one% but the one in december will be half a point. that's the latest gossip anyway
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and buyers are seizing on that and ashley webster with the latest. ashley: gossip, what is the fed going to do? the dow gaining ground after wall street journal supports fed officials concerned about over tightening with rate hikes, it is enough to boost equities, dow 30 only two stocks, american express and verizon on the earnings front, american express reporting profits and revenue that eat estimates, raised its full-year guidance but investors taking their own profits, down 3 and one 12:45%, verizon reporting profits and revenue that beat the street but reported a smaller number of net phone ads, enough to push stock down 5%.
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back to the report on the fed. the central bank is expected to hike rates by 75 basis points but what about december half of 1%, some fed officials hinted, 3 quarters of 1% beyond next month believing there is danger in raising rates too high. some officials say they want to see proof inflation is falling before easing up, the possibility of a debate, to give markets a boost today. that could change as a rumor starts to surface. neil: i want to go to aishah
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hasnie, republicans on the same page are excited about taking over the house, in the senate, doesn't mean they are on the same page themselves. >> reporter: a couple days ago we were talking more money for ukraine, whether republicans were all on board. kevin mccarthy isn't even house speaker yet, the house speaker hasn't won the house yet and we are seeing signs of the house freedom caucus may be able to influence him quite a bit in the coming months. on thursday the caucus sent a 52 page congressional guide to gop hopefuls nationwide notably this guide tells future members they are not required to vote for the party's speaker nonmoney. scott parry writes this, some
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will urge you to be a team player by falling in line with leadership and doing what you are told, warned not to rock the boat by raising questions or concerns. the caucus isn't trying to put pressure on future leadership, they are trying to rally around any person to challenge mccarthy but it has been laying the groundwork to recruit members and to increase its influence for months, gop house candidate tells me she has gotten help campaigning and fundraising from caucus members like lauren boebert and marjorie taylor green and is committed to joining the caucus if elected and as you know a bigger caucus means they can whip their own votes, further weight around and shape the
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topics that the party is interested in, the agenda moving forward. the house freedom caucus. neil: if you are kevin mccarthy does that worry you? >> he would tell you he's focused on winning the election. a couple different times on air, on a different channel, has been asked to point blank do you think you will win speakership or be speaker and he has been coy about it, focused on winning seats and making sure the gop is able to take majority in the house first and we will talk about that later. no one has come out to oppose or try to set themselves up as a potential opponent in case he runs for speakership.
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neil: i want to go to the real clear markets editor for economic director. if you don't mind i want to pick up on what aishah was saying, not everyone is winning from the same choir but some in the freedom caucus and elsewhere to the right of the general party and even with directorship to the party who will put pressure on kevin mccarthy or anyone else who entertains the leadership role to steer quite a conservative path. >> thank goodness for that, the more we can shift the republicans into a stance of trying to reduce the burden of government, doing what republicans are sent to washington to do conversely if they move into centrist notion of getting along to get along and basically going to drive themselves out of the majority they worked so hard to get. . 20 don't repeat the sins of the tories in britain.
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they started diluting tax cuts, calling the latest tax-cut package, liz truss will soon be primer -- former prime minister but talking about tax increase. >> it is staggering. if republicans are not cutting taxes, they are doing things they are doing but reducing the burden of taxation, and reduce it on those who produce the most wealth you produce the most amount of economic growth and freedom because the rich by virtue of being rich haven't spent well, no choice but to put to work that work -- it works anywhere is tried. how could the tories be so foolish as to side with labor on keeping the tax rate high? neil: if you look at the environment in which we live now, there is a push to
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stimulate economies but don't stimulate them too much, every act is inflationary and that is what ended liz truss. her tax cuts were equated with spending. that could boost economic activity. weird as it sounds and welcome as it would sound because it would further inflationary pressure and i wonder if markets come into play as a punisher and could conceivably punish republicans if they try to do the same. >> at risk of insulting you these arguments were made in the 1970s, that is how lamebrain foolish they are, this notion that economic growth, people prospering and creating new businesses could cause inflation, so counter. neil: you wouldn't be raising rates in this environment. >> raising rates is a non sequitur, the notion the fed can ignore how credit reaches
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productivity but if you want to beat inflation it is having a stable currency. inflation is a currency phenomenon. the idea you do it with a plan to put investment, is so backwards, it is mistaken in england and the united states. at what point do tories act like tories and republicans act like republicans, we want to reduce the burden of work, reduce the flow of dollars to washington. wouldn't scare markets, investors want to back countries that are growing, not those that grow in washington. neil: it is a snapshot in time on the notion that rate hikes in the future won't be so big. do you find that? >> the idea of the fed could
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prop up markets with its rate fiddling, banks that are increasingly irrelevant to tow global credit just defies common sense. of the fed could prop a porsche rink markets, the economy would be so wrecked right now it would not be worth discussing. the fed is not that important, never has been. the reason we attract so much investment in the united states has nothing to do with central bank and stop pretending central planning failed and all other ways but works from the federal reserve. neil: i will put you down as a may be on the federal reserve but we will watch it closely, good seeing you again. in the meantime tom brady and the news saying he has no intention of early retirement at least in the near future, not in this future. payment this season but what do i know? after this.
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neil: when i hear about cheating at chess i couldn't get my arms around her, as a pretty accomplished chess player in my own right, not really, i didn't know you could do that. i remember the skit, just give them the king but i thought it was just for laughs. apparently this is not for laughs. i am thinking how is this possible but apparently it is possible. >> 19-year-old american grand master hans neiman is accusing that there has been fouled player. he was accused of cheating and is now suing world champion magnus carlson and chest.com and others for $100 million in damages tweeting the lawsuit depicts an alleged conspiracy between the online chess platform and carlson the bar
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neiman from competing after neiman defeated carlson, the world's number one player last month at the st. louis cup so in a statement neiman's lawyers say, quote, this is not a game, defendants have destroyed neiman's life because he had the talent, dedication and audacity to defeat the so-called king of chess. let's bring it back. after his upset, carlson hinted there may have been cheating on neiman's part. neiman then admitted to cheating in matches on chess.com but it happened a long time ago at age 12, and 16. he has strongly insisted he has not cheated since but in a statement to fox business chess.com points to that as they argue the alleged comments have no merit saying he confessed publicly to cheating online in the wake of the cup and the resulting fallout is of his own making. in the background of all this,
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neiman is alleging the relationship between magnus and the chest.com has led to the coordinated attack on the grand master in august, the platform play magnus is an acquisition offer by chest.com worth $83 million so in this lawsuit we just got, neiman is accusing them of slander, lawful, unlawful boycotts and interference with neiman business. checkmate, we will have to see what happens. neil: this could be a big paper deal. you are going down, brother. really. >> probably not but it is interesting. neil: will chess be the same again? >> that what they are upset about, you defame the game of chess by admitting to cheating in some instances, no credit. tarnishing the name of chess for the world and neiman just
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wants to play chess and make a lot of money because he has been kicked out of chest.com's tournament which $1 million is the jackpot so upset if you were unable to compete. neil: someone is getting -- >> could be what i'm saying advance our ponds. i am out of my analogies here. that is wild, thank you very much, you did the legwork on this story. madison allworth, got to bring in jim gray because i want to talk to tom brady, but as a sportscaster extraordinaire, one of the best out there this whole chess thing has got to be another rumble in the jungle to you potentially. what do you think? can you hear me now? >> i hear you. neil: talking about this chess controversy, talking like another rumble in the jungle,
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we are showing brady, i wasn't going to do that right away. take it down and goes away. i want to talk about this chess thing madison wrote, it is more. but it rises to expectations of a potential sports event in your life. >> i think you're going to be knighted. i don't know anything about this but didn't know you could cheat in chess. this one is beyond me. i guess we have to get to the king and queen involved. neil: that is what i expected you to say. our other big story, something you are familiar with is tom brady's future, felt compelled to announce he's not looking at retiring anytime soon but what does that mean? this year? after this year? i thought this was the wrap up
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year anyway. >> he hasn't said that. everyone assumed that but he came back to play with tampa bay again this season saying it would be the last season but only 6 weeks into this marathon at 17 game season, there's a long way to go before he would make that decision and that is what he tried to say yesterday, no retirement plans he has. he could come back and play next year and statistically he has the best touchdown interception ratio in the national football league. the team has not performed up to what he thought they would do and many in the tampa bay organization thought they would do and they are still in first place, they will play this weekend in carolina and possibly be back in first place depending on what the atlanta falcons do but there's a long way to go, he's not retiring in the middle of the season. this report that he might
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consider it or quit and it was taken out of context and so on and so forth, being bantered about. felt the need to answer the question that was asked yesterday. it is a possibility he could play next year. he doesn't know. anybody saying that is guessing. neil: let me get your take on whether the distraction with his marriage is impacting his play? >> don't think it is impacting his play. i think he's committed to playing football and anything going on in his personal life is personal and he has kept it that way and whatever else is being speculated upon has nothing to do with it. neil: do you know if tom brady plays chess or would be interested in playing chess? >> he would like to have his first game with you, don't know if he plays chess but like all
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of us counted at some point but don't think he is a grand master, trying to perfect how you throw a perfect spot and hasn't done that with football championships but i will see if he's interested in games. neil: i remember the whole deflategate thing comes on, cheating in chess, we live in the storied times but you are a very good sport. >> deflategate was the biggest bunch of nonsense in history. neil: someone is protecting someone. >> a bunch of garbage, don't ever compare anything with anybody cheating output tom brady and that sentence, that is wrong, don't do that. neil: someone is protecting someone. i am kidding. >> don't go down that road. neil: thank you very much. how he would do it. more after this. what do you mean?
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neil: the dow jones industrials up 544 points buoyed by the possibly that while prices might be climbing the rate of increases in interest rates will not at the pace we've seen, that is the hope at least and pouncing to buy. keep an eye on that and those price hikes that are dominant issue, the issue in the midterm elections, 2 and half weeks away, grady trimble in chicago with more on that. >> interesting because if you think back to a couple years ago before the 2,020 election inflation wasn't a thought on most voters minds, now it is one of the top issues if not the top issue and you can see why as we rode through the prices and how much more expensive everyday items are compared to two years ago just
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before president biden took office. we start with a gallon of milk, used to pay $3.38 for that in october of 2,020, now you're paying $4.18. a pound of chicken is more than $0.30 more expensive compared to two years ago, eggs, the cost of eggs has more than doubled in two years time. when you look at these it is a few cents here and there, might not seem like huge increases but look at the percentage increases in the keep in mind these are the groceries we are buying every week so it does add up over the course of one or 2 years not to mention utilities like electricity and natural gas up 21% and 63% respectively from two years ago and expect to keep climbing as we head into the winter. recent survey from salary finance found 2 thirds of americans feel they are worse
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off financially compared to a year ago even more than that, 3 quarters say there are less in savings compared to a year ago. we know where the money is going, it is going to these everyday items and we can imagine voters will be keeping that in mind as they head to vote a few weeks from now, less than three weeks. stuart: neil: hard to believe. the president crowing out to much about progress on the price front but the deficit front. lauren: >> president biden: the deficits fell by $1.4 trillion, the largest 1-year job in american history, it declined in the deficit and let me repeat that, the largest ever decline in federal deficit. it went up every year and the trump administration, every year he was president, went up before the pandemic, went up
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during the pandemic, on my watch things have been different, the deficit has come down both years i have been in office. neil: the deficit is down to $37 trillion which is still a big number and a lot of comparisons at the height of covid when there was a lot of spending to deal with that lockdown, record amount of spending. when you wean off of that, we are still talking, staggering deficit levels, where we go from here, the fact of the matter is $31 trillion plus, the combination of those deficits whether they are down a little bit or not, still a lot of red ink. what do you think? >> the president knows we are going down because of covid, which is gargantuan.
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he's got something to market and an election to worry about so just say anything at that is how you get 30 one trillion dollars and i said this for years, not just one party, both parties, both are guilty, that is how you get here, the amount of interest being paid on a daily basis as a taxpayer is gargantuan and i believe all these numbers are time things on markets long-term, taunting the economy long-term and with interest rates spiking, the cost to keep these deficits paid off is going to be immense and it is worrisome going forward and there is nobody in dc doing anything about it, no republicans are speaking up about it but they did nothing the last four years before biden so one of the big deficit hawks out there, i have no hope at this juncture.
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neil: in interest costs alone we are paying $500 million each year to carry that interest and that gets added to the debt by 2030, looking at $1 trillion in interest related costs and that is where interest rates are now but quite right to mention, what worries me the most is using that improvement in the deficit to finance other things like student loan debt forgiveness that it will come out of the savings, saying if you have a credit line with visa of $10,000 and is down to 5000 and you can spend another 5000, the debt ceiling on that has come down. it is asinine. >> that is a word and 3 card monty and con game and the taxpayer continues to be the victim. i say on my radio show if ever
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we get 5 million people on the lawn of the capital to yell and scream about what they are doing to the future of the country and kids and their kids maybe we could get some movement but they have set it up where the actual costs that have to be spent is so big right now that it is tough to change what we are seeing. to put it on a daily note, every day, one. $6 billion of tax dollars is going towards interest, every day. imagine if we didn't have that what it could do for communities and the elderly and the children in need and people that are starving, no interest into nothing and nobody doing anything about it and the rewards coming out of them is a lot of bs and again, does everyone have somebody, steps up, everybody that gets there
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is new same thing, same words and it continues on a daily basis, look at a chart of the deficit and you will see what i'm talking about. neil: it is staggering. i can't emphasize enough we are following the numbers, no one cares what my opinion is but when you cut a deficit down 3 trillion and now it is 1.5 trillion, you think that savings is money you can spend, financing for individual activities, a little bit of an opening on visa credit limit and fighting to spend that. that is the problem. it is your money. more after this. ♪ ♪
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neil: charlie gasparino, i want to pick your brain, the fed continues hiking rates, that is what they are clinging to. charles: there was a. shift when britain had a near meltdown. liz truss is gone now and cut taxes without budget cuts. and in that moment, the pension funds, the fed started and there was a debate, the fed talks to people. neil: this was deliberately? charles: not just focus on
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inflation which is bad, we worry about rate hikes and impact financial stability. neil: might be pivoting a tad. i am telling you this came to me from fed watchers, will who worked at the fed and sweeting it out. we are looking at financial stability, i do know that something beaux-arts the last 3 years. the most money printed in mankind, the us has debt to gdp, 96%. we have bubbles in the market, vomiting stocks worth what they are worth, you put that to get
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there is a wicked balance, balance -- neil: it is precip potato by the british thing. charles: gary gensler is ambitious and confidential and looks to force corporations to disclose esg stuff and governance stuff, huge regulatory burden. on top of that making noise he will come out with rules that drastically change us capital market structure. the retail orders flow to the exchanges or lid exchanges. it is a big change, kind of works, republicans taking aim at that. they think they will win, at
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the financial services committee. they are planning to lead the charge against gensler and the sec and will hold full committee hearings and goes before the state committee, planning from my understanding significant uptick in the hearings, and take the back bench, subcommittee hearings focus on sbc directors and this agenda. the end result, looking to throw a monkeywrench, to publicize what they are doing, and ipo document, see where
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amazon's carbon footprint is, this is what he is proposed to but that is where we are going with this. neil: following elon musk, hunting on big changes, kelly o'grady, what is going on. >> it is cast by 75%. in text released during the trial run up and the current structures not in line with other tech companies, and 8000 would be 1.6 million for
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industry standard, insane potential and on news of the 75% cut employees are spiraling, the source shared job postings are openly passed around on message boards and folks tell me those who support content moderation believe it would destroy the platform and having fewer moderators expose hacks of material. he is taking on $12 billion of debt to finance this so this would help with that leverage. just because he will fire people doesn't mean he won't higher more. he shared his intent with investors to bring more effective workers that fit with a strategy and culture and people in the company are up in arms and want to make sure you have a loyal staff. these post merger -- this is the tough part because people lose their jobs but he's not buying this because he thinks it is a great platform, they don't have anywhere near the profit margin so you come in and clean house and double down on areas you want to grow.
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neil: drones your kids plays with and that iran makes that look like planes and are lethal and all over ukraine russia utilizing them for all types of damage. jennifer griffin on a new threat that is getting ideas. >> defense contractors in a race to come up with anti-drone technology and the growing frustration in key event at the pentagon that there is no simple solution to stop these swarms of uranian made drones launched by russia with tehran's help that is terrorizing ukraine civilians, ukrainian police resort to firing their rifles at the incoming, kazi drones because anti-missile defense systems which already exist in israel and technologies in the us have not been sent to kyiv. >> we continue to see iran be
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complicit in terms of exporting terror not only in the middle east region but to ukraine. >> policy of supporting humanitarian aids and military equipment. >> reporter: israeli leaders face criticism for refusing to provide ground-based laser system that could stop these uranian drones for fear of angering russia but a new american technology involving microwaves called leonine us already exists. >> it is ahead of everything else. you turn off other electronics a mile away. the idea is in the future people control the electronic spectrum will control the battlefield. >> reporter: technology yet to be fielded by the u.s. army could not only protect kyiv but also us troops at outposts in syria and iraq who face swarms of uranian drums,
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electronic warfare weapons developed by american companies can defend a target from 2 miles out but soon that could grow to 30 miles. >> critical for defending any territory including taiwan against china. you could have a city state, small island and turn off any electronic weapons, missiles, ships, cars from miles away, make defense more powerful, exciting technology, harder for the bad guys. >> reporter: pentagon top naval officer warning china could invade taiwan by the end of this year, testing such defensive systems on the battlefield in ukraine could help the us defend taiwan. neil: where did iran get this technology in the first place? these are sophisticated drones that are second to none? >> i would say they aren't that
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technologically difficult but iran has been testing these swarming mechanisms of drones in syria and iraq. they have been targeting us bases and israel has been paying attention and they came up with laser systems to shoot them down but they have been unwilling to provide that technology to ukraine so far and the us has fallen behind and not fielded, what you find is the procurement process at the pentagon slows down getting these technologies which are built in silicon valley and elsewhere onto the battlefield. neil: former uss cole commander on this technology that iran has and is using it pretty much to russia's content all over ukraine, what do we do? >> we need to understand what
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the technology is, the us had an opportunity to look at them and how fortuitous the innovation board under michael bloomberg met the other day. we need to get those guys that can leverage this and open the aperture and not have that cumbersome long dod procurement process and acquisition process work but we need to open it up so we can spur innovation within our nation. there may be anti-drone technology that exists out there today, the larger defense programs are not allowed to come out because allowing some of these little guys to infect get the opportunity to show off their weapons to take down these drones. neil: we talk about military technology and reading this piece in the wall street journal that posits the theory that china is more ahead than we thought militarily, not only
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catching up to the us but when it comes to hypersonic missiles and the sheer number of aircraft carriers they lead throughout. what do you make of that? >> it is pessimistic but the one thing the chinese are doing is fueling capable and credible platforms and weapons systems and they work them on land or in the air more than the unit united states exercises are systems because of these budget constraints. by the same token, when china has the ability because of the strength of their economy to allow them to test these weapons systems, they perfect the tactics, techniques and procedures and gives them operational experience which would allow them in a battlefield scenario like projecting power across the taiwan strait to take on taiwan to be more effective and efficient in doing that which
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is a more lethal capability which means time. neil: if the timeline is right for china and it might have these advantages it could sort of increase their cockiness. they could go ahead and make that move against taiwan. do you see that happening that they are in a stronger position to carry it off? >> i don't think it is a matter of cockiness, they are on the timeline to take over taiwan. they say they want to do it peacefully but they indicated they are willing to do it militarily. a lot of people were operating on the timeline where they go after taiwan by 2,027. i think president xi in getting his third, 5-year term about to wrap up, once he gets that and finishes realigning those that are supporting him he could easily make that move. china views it as the longer he waits the more the world will
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build up against him. if he moves now they are willing to take the economic hit because they made so many inroads economically that so many countries are dependent on their manufacturing capability that he knows they may upset. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. ...
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emerson innovation helps make the world healthier, safer, smarter and more sustainable. go boldly. emerson. this... is the planning effect. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity. neil: all right, the dow closed at session highs knowing full well that charles payne is ready and at bat. charles? charles: they call it the cp effect, neil. i'll tell you about it one-day. thank you so much have a great weekend. neil: you too. charles: good afternoon, i'm charles payne and this is "

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