tv Cavuto Coast to Coast FOX Business October 25, 2022 12:00pm-1:00pm EDT
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where were french fries created? we got to bring in mike murphy and ashley webster to decide on this one. gentlemen, your guesses please. >> ashley, to you first? >> thank you, mike. france seems a trap, right? french fries. i'm going with germany. bell had the waffles. going with germany. >> i'm a french fry expert or my wife is, going with number four, u.s. stuart: i will sable -- belgium. the answer is belgium. it is believed in the 1680s locals in belgium fried potatoes to eat after the river froze in winter, they couldn't go fishing. that is pretty good explanation. >> god bless them. stuart: thank you, my time is absolutely up. it will be in two seconds. neil, it is yours. neil: thank you very much, for that, stuart. we're two weeks away from the
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elections in the united states. there is a great deal of passion running high. any thought of a wave? that is anyone's guess. debates are happening fast and furiously now. no fewer than big ones tonight. nicety ones we've already seen. >> you're the most anti-business governor i've ever seen. >> the old worn out old donkey i'm looking to put out to pasture is charlie crist. >> cities are being destroyed by crime. other police are not, supported. >> in that slew of a response you didn't hear anything about gun violence. >> senator lee, you advised spurious legal efforts to mislead tens of millions of americans. >> you know that is not true. you sir, owe me an apology. neil: they have been going pretty well, warm, friendly, getting into the holiday mood here, not quite. but it is going to continue right now because a lot of these debates have sort of been backloaded if you will. some of them are one and done.
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for example, tonight we have four more big ones in the michigan gubernatorial contest, in the new york gubernatorial contest out in colorado for senate and the pennsylvania senate candidates going at each other tonight. whether that moves the needle on this and gets people beyond the fence, off the fence anyone's guess but alexandria hoff is keeping track right now of where this race stands particularly in power rankings, looking for example at the house and the senate. what are you finding out, alexandria. reporter: good to be with you. democrats have a small pathway to holding on to the house but that is getting slimmer. fox news power rankses best case they could achieve a two seat majority. for republicans walking awith 32 seats. forecasts republicans take a 16 seated majority. that is one seat increase. four northeastern shifts in favor of republicans. three of them in districts in
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new york. a lot of factors at play there, but also a potential trickle-down effect from the tightening race for governor. big news in a state with highly populated democratic areas. remember governor kathy hochul was not elected to the office. she was bumped up to the position upon resignation of andrew cuomo. his administration policies are proven hard to break out of here. think of strict covid-19 regulations and sweeping criminal justice reform measures. with crime the top voter issue in the state where republican congressman lee zeldin found his footing this race moved from a solid d to likely d. big news out of new york. another interesting shift comes out of ruby red oklahoma a democrat used to be a republican, joy hoffmeister. she was largely written off in the race for governor but made strides, capitalizing on a strained relationship between republican governor kevin stitt and the state tribal nations.
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that moved from solid r to likely r. no change in the senate status. all eyes on tossup states, pennsylvania, nevada, arizona, georgia. nevada, no debates especially on senate side. pennsylvania tonight will be very decisive. nevada, people either made up their minds or two weeks to do so. neil. neil: especially one and done events. thank you very, very much. that will be the case in pennsylvania as it will be in new york but in pennsylvania that gets the attention of the nation right now because it is close as a tick in that senate race between jon fetterman and mehmet oz. bryan llenas in harrisburg, pennsylvania, with what is at stake tonight. bryan. reporter: neil, good afternoon. this is the one and only debate in the senate race. dr. mehmet oz and john fetterman will be in a rao mean that tonight. it will last one hour. they will be in a local tv studio here in harrisburg. there will not be live audience
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inside. there will be live closed-captioning because fetterman requested it as he continues to recover from the stroke back in may. fetterman would only agree to do one debate which is why we're here. his campaign is now downplaying expectations heyed of tonight's battle writing in a memo to the press and others dr. oz is likely to win the debate. we'll admit this isn't john's format, acknowledging oz's decades long experience as a tv host means, oz clearly comes into tuesday night with a huge built-in advantage. >> i think the big question for fetterman is his health and, how he is going to perform and whether there is any limitations that could keep him from representing the state. reporter: for dr. oz, he has got a likability problem. polls consistently show that a majority of likely pennsylvania voters view him unfavorably. can oz come off as a relatable
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person after months of attacks his wealth, tv shows and his new jersey roots? on substantive issues expect both candidates to cast one another as a extremist. dr. oz painting fetterman as too far left on issues like crime, and taxes. fetterman paints oz as flip-flopper too far right on abortion rights, guns, the legitimacy of the 2020 election. 43% of mail-in ballots, over half a million votes have already been cast in this election, in this commonwealth so far before this one and only debate. how democrats feel about this president obama is coming to pennsylvania as well as biden. reportedly november 5th, just three days before the election. neil? neil: thank you very much, my friend. bryan llenas following all of that. steve harrigan what happened last night with fireworks at the big florida debate between the two gubernatorial candidates including one man who might have his sights on the white house.
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that became a very big subject in the debate. steve has more. steve? reporter: that's right, neil. it really was a battle in florida last night. they asked the audience members to keep quiet but they were cheering for both sides. this was the debate that was delayed by hurricane ian in fort pierce, florida. it went 60 minutes, charlie crist, one-time republican governor of florida, now he is a democratic challenger, he went on the attack early. he said his opponent, ron desantis, the current republican governor of florida, is more interested in becoming president than in running the state. >> i have a question for you. you're running for governor. why don't you look in the eyes of the people of the state of florida and say to them if you're reelected you will serve a full four-year term as governor, yes or no? yes or no, ron. will you serve a full four-year term if reelected of florida. it is not a tough question. >> we did not agree candidates asking questions, governor. >> it is your turn.
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>> i think charlie talking about 2024 and joe biden, i want to make things very clear. the only worn out donkey i'm interested in putting out to pasture is charlie crist. reporter: two the sides sparred on a number of different issues, clear each side wanted to bring one point home for chris. he was working abortion issue into every question. desantis kept referencing what he calls biden-crist economy, economy of high inflation. the past four governor races in florida come down to the wire. desantis won four years ago only after a recount. but in the four years since his status and his war chest have grown considerably. neil back to you. neil: indeed they have. like a whole different world to your point. steve harrigan, thank you very, very much. one interesting development we're seeing in polls coming out of florida, they're not worth the paper they're printed on until he can election day two weeks today, what is happening with the latino vote. in florida, for example, we're seeing something that has been
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going on across the country. latinos moving increasely toward the republican side. in the case of ron desantis 51% preferring him over his democratic opponent and that is something playing out again and again in state after state. this goes back to around 2016. picked up considerable steam in 2020. now in the midterms it could be a real game-changer in a lot of these battles. sarah westwood, "the washington examiner" back with us. love to have you on. this latino development to say nothing of final burst of activity in the last two weeks has a lot of republicans thinking you know, maybe we can widen our lead in the house, pick up a couple of extra governorships maybe even the senate. are they getting ahead of themselves? >> you know it's possible, neil. i think that the level of support that ron desantis has among latinos in florida is reflected in the poll you put up on the screen is an a bit of outlyer. republicans are making gains with latino voters certainly are
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not winning a majority of them but thing is the republicans don't have to cut that far into the democratic share of support with hispanic voters to really have a significant boost from that at the ballot box. already because they were performing so low at least before 2016, obviously trump improved on that, with hispanic voters. if you move the needle, especially states with heavy hispanic populations like arizona, nevada and texas, all three states have battleground races on the ballot this year, then you might see a significant shift towards republicans because again that needle doesn't have to move that much with hispanic voters to put a republican over the edge. neil: you know i'm curious what you make, sarah of polls that tend to hear a lot of republicans say undercount conservative support. i don't know if that's true or not. haven't really research i had it to the degree folks like you have. they say if a favorite 2 or 3 point race favoring democrat, it is republican.
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if momentum is for the republican, it is enough to cinch it for the republican. there that there is undercount, some argue 2016 the year donald trump surprised everybody by getting the white house and that undercounted his support, not only nationally but in these battleground states. what are you seeing, hearing, what? >> yeah. i think we have seen a consistent undercount of republicans support in 2016, in 2020. in 2021, for example, in the new jersey governor's race, the "realclearpolitics" average of polls, the night before election day had the governor, phil murphy up 8 points. he ended up winning by less than three. so that was a significant undercount. you've seen that across the board. it is really hard to believe that the national political landscape could be so bad for democrats that democrats are on defense in oregon, for example a deeply blue state in the governor's race. in new york, the democratic governor is now embattled what
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is increasingly a close race. yet in swing states where republicans have much higher levels of support we're seeing situation where democrats within one or two points of republicans. hard to believe those polls when nationally you see the landscape is so you ever feignable to democrats -- unfavorable to democrats. neil: we talked about this before, i wonder about the last burst of energy. everyone expected republicans to do well in 1994. they were expected to take 30 seats. that was a famous election. they ended up picking up 54 and a lot was based on the a surge in the last week we were told at the time. i can even go back further than that to 1980. i mentioned this before you about it bears repeating hard as believe it is today, ronald reagan and jimmy carter were statistically tied going into that final weekend. we all know what happened in those final days. i'm just wonder something there any hint of that, any burst or suspected burst of momentum? >> i definitely think you're
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seeing that. first of all you can look at early voting numbers. you can see they're far exceeding expectations in georgia and some other states that are releasing the totals of people who have cast ballots early. you also have right now the parties moving money around the board for the final two weeks. for example the republican party slashed ads in new hampshire senate race. they put six million dollars into the pennsylvania senate race sensing an opening there potentially that john fetterman is weak enough to be defeated. when you look at those dynamics look at the fact republicans have the opportunity to pour millions of dollars into the close races i think you could see some movement in the last few weeks. neil: democrats are banking on you know, the abortion anger over the roe v. wade, you know, change out of the supreme court. we don't see a lot of evidence of that but it could materialize and whether it is galvanizing enough votes to tip it for democrats in some of these close battles but, i would imagine the economy, if we just trust face
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value the issues dominating this race it is still the economy? >> yeah. i think democrats were hoping that the abortion conversation would substitute for conversations about crime or about inflation. i think a lot of those candidates in those tight races, the democratic candidates are realizing perhaps too late that voters aren't willing to only have a conversation about abortion, right? even suburban woman who are concerned about preserving access to abortion, they still want to have those conversations about crime and the economy. now you see democrats pivoting last minute. kathy hochul talking increasingly about crime when she and other democrats ran a campaign focused heavily on abortion because they're realizing abortion can't substitute for the broader conversations about voter concerns. neil: thank you, sarah, very much. "the washington examiner" sarah westwood on these developments right now. the dow meanwhile is up 281 points. bond yields coming down a little bit. stocks going up more than a little bit. we'll get into details of that.
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we're waiting to hear what the president of the united states plans to do about saudi arabia. remember he was very angry when they decided to lead the opec wide effort to cut oil production by two million barrels a day. he is reassessing our relationship with the saudis. that message didn't get to u.s. bank ceos who are going to saudi arabia for a big ol' convention, a summit they call it, no matter what the president says, after this. ♪. thinkorswim® by td ameritrade
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neil: president biden might be reassessing his relationship with saudi arabia but some of the top banking ceos on the planet, most of them from the united states of america, are already there right now for a big summit that, well, they're conducting whether the president of the united states likes it or not. let's get the latest from edward lawrence on what this all could mean, edward? reporter: 6th annual future
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investment forum, davos in the desert they like to call it. the u.s., did not speak or send a representative to this but the tone was set earlier by the energy minister. the energy minister making a veiled threat towards president joe biden. this is how he started by setting the tone. listen to this. >> people are depleting their emergency stocks. >> yes. >> have depleted it. used it as a mechanism to manipulate markets. it is my profound duty to make it clear to the world that losing emergency stock may become painful in the months to come. reporter: painful. the u.s. strategic petroleum reserve, what he is talking about at its lowest level since 1984, the last july president biden went to saudi arabia to see about adding more oil production. opec went the other direction, cutting oil production by two million barrels a day while the
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u.s. did not have a presence there you mentioned the head of america's largest bank spoke at a roundtable in riyadh. there was optimism in their discussion with jpmorgan chase ceo jamie dimon saying the u.s. and saudi arabia have been allies for about 75 years and the two countries will eventually work out the differences but for right now both sides seem dug in. the white house is in a review process of the saudi relationship, hinting there could be punishments for the oil production cut with no change in the president's policies. now the saudis with the energy minister making that threat or that veiled comment you heard there about a warning for the critical energy supplies getting depleted and pain to come. back to you, neil. neil: i'm wondering if it was in response to what the president did that got them cutting production the first place. wild stuff, edward. thank you very, very much. want to pursue that with victoria coates, former deputy national security advisor to president trump. victoria, very good to have you back with us.
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i'm curious what that energy minister meant, obviously not a fan of this president tapping strategic petroleum reserve. it got me wondering whether that cutback in saudi and opecwide production was in response to that? what do you think? >> well good to be with you, neil. i think you're absolutely spot on. prince abdullah aziz is one of the most powerful people on the planet and he knows petroleum and knows supply and what he says there, the united states is a major producing nation. the strategic reserve is a tool of a consuming nation. the president is using it if we have no capacity to surge our own production if we want to bring prices down and for him you know, that's a toy. that's not actually working with the markets to insure a stable, reasonably priced supply. neil: so going forward, you had president biden talking about reassessing the saudi
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relationship, you know, some have talked about, victoria, as you know far better than i, maybe not sending weapons anymore or for a good long while. a number of democrats are leading that initiative. what do you think of all of that? >> i think it's terrible. i mean the saudis who have been on the front lines of the war in yemen basically being fueled by iran and they have been taking incoming fire. there has been a cease-fire. it has been shaky. they need their defenses to be secure right now. we need to be clear-eyed about the threat from iran and not leave them alone to have to deal with it with maybe god forbid russian or chinese weapons. neil: so if we go through with this, of course the fear seems to be the saudis will go to china or russia for that sort of stuff, maybe more chinese days than russia, but it is in their interests to stay tight with us, is it not? >> absolutely. i mean there is a reason, there is a m in aramco.
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i think, it is true, the u.s. saudi relationship going back eight decades, 14 presidents, seven kings, this is something that can definitely be bree preserved and and secured over time. the administration needs to wake up to the strategic value of that relationship, the location of saudi arabia, the resources and reassess their reassessment, if you will. they need to take a very, very clear look what this means for the security of americans. neil: i just wonder what happens when a leader or one of the crown princes doesn't get along with a president? bin salman was of course never a fan of things that joe biden said as a candidate about the killing of this american journalist, "the washington post" journalist and that just stuck in his craw. all of this is sort of a follow-through on that, just doesn't like the guy, makes fun of the guy, apparently really
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tacky impressions of the president, they just don't get along. i'm sure we had that with past presidents, other countries leaders, maybe the saudi kingdom itself but it is off to a pretty bad start here. >> it's grim and unfortunately it is really going to fall to congress to keep the relationship warm and there are a number of senators and congressman made it a priority to reach out to saudi counterparts on a state by state level, to try to keep channels of communication open because this is, this is ridiculous. if you look at president trump's statement on the killing of jamal kashoggi from december of '18, he decries the killing. he calls it reprehensible, just the people responsible have to be held to account but that he, as the commander-in-chief does not have the luxury of destroying a key strategic relationship over one incident like this. that he has to take the overall
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security of the american people into consideration and president biden doesn't seem to be doing that. neil: all right. we'll see how this all sorts out. we're waiting for that response as i'm sure you are, victoria, to see what the president has up his leave. how damaging it could be going forward from here. thank you for joining us. victoria coates served in the trump administration. we've got the dow sprinting ahead. all major markets sprinting ahead and we're in the middle of earnings season. this is a very big one with premier tech names but by and large this very early process shows they're beating expectations. now i hasten to add that a lot of these expectations were ratcheted down when companies started lowering their estimates for growth, revenues, profits all of that, even their forward guidance. so they're coming off of that and they're beating that. but that is good enough after this. ♪
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neil: all right. they say write it down in pencil but it doesn't necessarily gain traction but this the last couple days has gotten a little bit of traction, dow jones industrials sprinting ahead. some earnings coming out surprisingly to the upside. i don't know how many earnings were ratcheted down anyway. i like to keep track of this. it is difficult for me to see things, read colors, every morning if i could share there with some of you. it's a secret, don't tell anyone at cnbc or bloomberg. what you can see, maybe my floor director knows very well, i color code things, green things,
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things like red, it is muses of a lunatic. i went into this looking at earnings so far. gm better than expected. popping up unexpectedly. coca-cola with good guidance even in the face of higher prices, doing better than expected. not so jetblue. not joining the airline industry, we're celebrating whooping it up. ge also disappointing. by and large i went through the earnings, more green, more numbers better than expected. some of those numbers like i stress were ratcheted down on the belief they would enter headwinds. that is a popular wall street firm. sure enough they beat the headwinds or a little ahead of the headwinds. let's get the read from two very, very smart guys a huge help to me all during covid. they were dealing with the same thing, when it comes to dan geltrude going to the office every single day, which i learned he was doing that every single day. mark you would assume he is at the office in this gigantic
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mansion and you saw all the picassos on the wall. all that stuff. i'm kidding. very nice and smart guys. mark, bank rate senior economic analyst, dan geltrude, geltrude and company founder. good to both of you. kidding aside, first on the earnings side, we have big ones to come, meta, amazon, apple, microsoft, for example, how important will those earnings be to you concerning the earnings thus far. >> they are all important. it is all about earnings, and as you said before expectations were brought down so that helps things along because we kind of changed the rules of the game a little bit there but listen, i think what it shows here is that there are a lot of companies that are still resilient in spite of what's going on economically. neil: -- still resilient, what is going on there? >> even though we see consumer confidence down, people are
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still spending, neil. restaurants -- neil: can't get in. >> can't get in. airlines packed. neil: usually drop mark's name you will have to wait mr. cavuto. he is right though. restaurants filled, movie theaters filled, planes are being filled. what is going on? >> well we're, you know it is very exciting to see new york so vibrant again. it is not quite so much where i work in downtown washington, d.c. you can hear a pin drop there. i think we need to be -- neil: that is on a busy day. >> you say how long has that been going on? first of all i think about the fact there is not a single consumer. there are array of consumers out there. we know many tailwinds powered them through the pandemic are now evolving into something that is potentially neutral if not negative, the lack of fiscal stimulus, high interest rates. i think you do have to come back to the don't fight the fed. we just don't know what exactly the fed is going to do but so far, they have given us a number
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of brushback pitches that sent the major averages lower and i fear with another fomc meeting coming up, we may have another stern talking to by chairman powell. neil: part of the stern talking to we're told is another 3/4 point hike. you assume that is given? >> that is a given at this point. what happens after that? neil: december, 50% chance, if you look at fed fund futures of another 3/4 hike. do you buy that? >> i think the fed is pretty much set on a course they will keep raising interest rates. neil: do you think they're overdoing it? >> they could be, neil. but i think their approach here is they're willing to err by going too far because they can always bring down interest rates. neil: by then we're knee deep in recession. >> no question about it. neil we have to think about what will happen in this upcoming election any believe a lot of what has been going on economically, self-inflicted based upon policy. if the republicans are
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successful as it seems like they may be, the last few days a lot of talk, neil, does that force the white house to change direction? neil: so you're saying a lot of this runup, i don't know if you agree, mark, has to do with them thinking that republicans romp in two weeks? in other words they take the house? >> i think that could well be, i think that could well be. i think the market could be looking at that and saying we'll have a reason to rally on those results but you still do have a democrat occupying the white house for two years. neil: yeah. but that means nothing gets done which in the past wall street has tended to like? >> yeah. you know, then you get into what happens with the debt ceiling. we don't want a repeat what happened a decade ago with that where the markets -- neil: [inaudible] do you think so? >> yeah. >> isn't that the game. it's a game of chicken. let's wait until the last minute to see how much you can get to compromise. neil: what do you think about the market itself as these levels? i talk to smart guys like you,
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is it rich now? to a man and a woman i would say, if i'm going off my memory here, about eight out of 10 seem to think oh, no, it is still a tad rich market, is it after all this? >> i think for most investors who are investing for the purpose of funding their retirements it's the question to ask, ultimately for them you're getting in at lower levels for the long term which for them is the most important thing f you're a trader you're finding opportunity from volatility, no shortage of that. neil: you had amazon, apple, microsoft, all tech names, now you're down 30, 40%, is it too late to cash out now, hope, keep fingers crossed? >> i would say it is too late to cashout. you don't know when to get back n you have to be right twice. neil: what do you do? >> i agree. ride it out. tech companies being down they're not going away. we don't know where technology will take us but these are the companies that will be on the
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forefront. therefore -- neil: not like the meltdown we had a decade ago? >> no, i don't believe that. i think there is opportunity, i would tell people you have to stay in right now. timing the market, you don't want to go there. neil: the average tends to be after you come out of a market like this, you go back to a norm. you take some time. you might see anemic returns of five, 6% if we're lucky for years. is that your view? >> neil, i go back to what we're saying about the results will be with these elections. neil: right. >> you have the midterms. then you have 2024. now if ultimately you get a flip to where you have all republicans again, well, that's going to change policy and that will potentially fuel the market once again. happened in the past. neil: average folks who have been looking at real estate, maybe having to forget selling a house or buying one, what is it like for them? >> golden handcuffs if you're in a house that has a 3% mortgage and would love to you know, go into something that has a
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smaller footprint. you're not going to want to give up something that you love at the moment that has that lower mortgage, you go into something with 50% of the real estate at a six, 7% mortgage. that's a big problem. it is weighing on the ability to free up inventory in the housing market. young buyers are frozen out. neil: wee have to sort that out. gentleman, thank very, very muc. another issue people few are talking about, but a big issue in this city, we're talking about crime. it is at least number two on some of these surveys, particularly in the battleground states that have key dates this week, including no fewer than four big contests across the country tonight. crime is a big deal. the subway shover is on iconic symbol of it after this. ♪. nking about the market and want to make the right moves fast... get decision tech from fidelity.
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reporter: welcome back to cavuto "coast to coast." we're talking about subway crime which is on the rise here in new york city. they made a new arrest of the case we're following of the snap shoved on the tracks. nypd says he has been arrested 15 times. he was back on the street in latest case. he shoved an innocent guy on to the subway tracks. that was mcray arrested yesterday by officers with the nypd. he is a career criminal charged with attempted murder, assault, reckless endangerment and harrassment in the subway attack. he was walking with the officers. he was yelling out quote, we're at war before he was handcuffed and taken off. nypd tells me his rap sheet started in the early '90s when mccray was 16 years old. he was charged with attempted murder and served 20 years without parole. remanded for bail.
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that is him there shoving this guy on to the tracks in the is surveillance clip. he was wearing the same yellow hoodie he was arrested in yesterday's date. he looks around, commuter shoves him. that is david martin, has a broken collarbone and doesn't want to take the subway anymore. >> i'm in too much page. immediately my face was on fire. my whole left side of my shoulder was on fire. at least i'm able to talk bit. people who were pushed into the train station like i were, were not able to talk about it. reporter: that is one of so many cases we've been highlight about subway attacks. not just police say the suspect say the suspect dangerous. his own family says he violently attacked people in the past, even their mailman. mccray will have a mental valuation and do back in court next month. the nypd worked hard to get that guy. neil: they did, got him, thank you very much, alexis mcadams. jack brewer, former nfl great.
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foundation, like the one here, there are some cases that go too far maybe even jack can't help. good to see you. what is going on here? we talk about the crime wave, people out on the street who shouldn't be out on the street, how do you balance that? >> this is time for america to take notice, neil. i'm in the prisons every week. i get to witness rehabilitation programs. i serve on the board of directors at the geo group. we focus on rehabilitation. we focus on real human rights but that starts with actually putting programs in. to see a man like that that spent 20 years behind bars, that was 20 years that the system had the opportunity to rehabilitate him. 20 years that the system had the opportunity to put programs in place to start to understand if he did have mental health issues, and address them. but when we're just putting people pack out on the streets, when we're putting hundreds of
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millions, billions of dollars into criminal justice systems across major cities in america but you're not teaching and putting programs into the prisons when you have these folks in custody, you're doing the public a disservice. so there needs to be some accountability in many of these justice departments. there needs to be accountability in our approach to criminal justice. we can't be soft on crime. we must be smart on crime. we must be able to go in, put the resources, taxpayer dollars into rehabilitation programs so that things like this don't continue to happen. we have a crisis in this nation right now. neil: i am just wondering if there are some people beyond rehabilitation a guy like this shoved someone on to the subway with a checkered record himself, there are some things even jack brewer can't fix, aren't there? >> yeah, neil, but when you're in a rehabilitation program you understand when people are not rehabilitated. neil: right. >> if you don't take the time to get that understanding, and it's
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a about spirituality. you can see and feel, witness the spirit of a person to be able to do something like this. this is, this is devilish to be quite honest with you. so if you have no rehabilitation programs, you're not going to be able to identify when people continue to have these type of criminal behaviors in these, really spiritually weak individuals who don't have any care for their brothers and sisters out on the streets. that is why rehabilitation programs are so important is because it at leasts gives you a chance to assess where these folks are at before you just put them back into our neighborhoods and communities. neil: yeah. get it early before it gets out of control, to your point. jack brewer, thank you very much, my friend, i appreciate it as always. meantime i don't know if you had any luck looking for christmas presents and the rest. we had some supply chain difficulties. we're told they're getting better, who would know better than a few who is in charge of the port of los angeles. he is here after this.
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psoriasis really messes with you. try. hope. fail. no one should suffer like that. i started cosentyx®. five years clear. real people with psoriasis look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist neil: i always thought if you are the director of the port of los angeles it is a thankless job, right? if you have all the cargo freeze, all of sudden coming into covid, getting stuff back to normal. the pressure was on.
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i don't know if he had a box of excedrin with him at the time. he got through all of that kind enough to join us right now. he is usually es counseled on the west coast. good to see you in person. >> it is great to be here in new york, neil. neil: you and i talked about during the break, we seem to be coming out of the worst of the supply issues, not entirely, but what are you seeing? >> the port of los angeles is really wide open. we've taken from 109 ships backlog, moving near record amounts of cargo down to single digits by the end of july. neil: really? >> terminal tarmacs are clean. the numbers on the ground how long it takes to get a container off the ship out into the economy, almost at prepandemic levels, meaning good fluid. neil: what about cargo of china? >> that cargo from china makes 60% of our alreadiry begin of destination product and it keeps moving. neil: still at those levels? >> yes. it keeps moving. neil: we're hear about delays, response to covid, they shut
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everything down but how is that? >> even with the shutdowns we zemin maladies are up shun because the folks there prioritize the cargo in the long league and trans-pacific. it kept coming all the way through still to this day. neil: you and i are saying how you would advise holiday shoppers. when the supply chain thing people telling us back in july, start shopping now, is it it that bad? what would you advise people to do? >> this year looks a little bit different. our peak season was june and july compared to this time in the fall. we got goods in early. warehouses look good. inventory levels look good. neil: all the issues about toys, electronic items wouldn't be there or be under the tree if it wouldn't move fast it changed a bit? >> we i am purchased a lot, we learned a lot last year. we have backups on east and west coast, because those
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transitioned to those because of fears of. neil: is that still a problem. >> we have seasoned professionals working through the collective bargaining process. neil: i was thinking of that going on with the railway strike they hope to avert. they are not done striking. it would be a one-two whammy. >> i don't think so. on dock worker side. very low probability. both put out joint statements on two occasions. they will not alleviate pressure with the work stoppage. they will keep the cargo flowing. railroad workers are talking. neil: midterms, i'm sorry. we're told the railway workers they don't want to do anything before the midterms but they could after them. is the same pressure with your guys as they go back and forth. >> again, i don't think so. they're working at the table on the coastwide issue. with 29 ports on the west coast there are a lot of local decisions to be made as well. neil: right. >> collective bargain something tough. it is hard work t has a process to go through. neil: i'm wondering too, you can't tell necessarily from the cargo coming in how much is going out or how much is being
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bought, i understand that, but we're told that the consumer is getting kind of tapped out but i don't see that. i don't see '70s type thing going on. it might happen but i see all these booked restaurants. i see all the stores that are busy, particularly the demand for flights and planes and vacations and everything, that remains very, very strong. i don't know if it extends to cargo and goods people want. what are you seeing? >> i see it the same way. the consumer spend is still strong. july, august, september, flat. no big decline as some had predicted. it also means that that is elevated compared to 2019 levels. now we've got a way to go because there is still a lot of inventory in the warehouses nationwide. some of the big box retailers, home improvement stores will have to get that out into the market, probably through discounting. neil: if this is a global thing going on, i know we look at our economy looks pretty iffy right now with rates and everything else, do you see an outright
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recession that will put the kibosh on all of this. >> no, i don't because the variables look very different compared to what they used to. whale we've got some drag on the gdp, 10 million jobs are open nationwide. lowest unemployment since the '60s, the cone super continues to be resilient. neil: my wife couldn't carry it alone. i'm glad she has company. thank you very good to see you, the port of los angeles director. talk about a high pressure job. the dow up 232 points w very a lot of attention on inflation, economic news and what is happening on the housing front. we are starting to see some statistics confirming that the rally we saw in stocks is now reverberating to homes. we'll tell you how much after this. ♪. this isn't just freight.
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