tv Cavuto Coast to Coast FOX Business November 1, 2022 1:00pm-2:00pm EDT
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♪ neil: as walter cronkite would say, that is life. it is the final countdown. a week to the big day and we have had 15, 20 million who already voted, sent in mail in ballots. that's the staggering sum. the midterm elections, it is their right now, they are trying to close the other one, democrats and republicans, the president doing his part, not traveling as much as other presidents have but look at their success and figured doesn't move the needle much but we are seeing the president
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move the needle in a week or so before this all ends. edward lawrence following travel plans including today from the white house. >> reporter: i want to journey to be my opening act so i appreciate it. the president on his way to florida. he just announced he will be headed to san diego and is starting to wrap up, latest threats from the president have reeked of politics, accusations he's making, he is in florida to talk about medicare and social security, over the past few days the president has been making accusations against republicans. they want to take away security or the vote every 5 years on it. he's throwing everything against the wall to see what sticks and now accusing gas companies of war profiteering when the ftc found none of the oil companies had been price gouging.
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>> president biden: oil companies, record profits are not because there is something new or innovative. the prophets are windfall of war at a time of war any company receiving historic windfall profits like this has a response ability to act. >> reporter: the president wants to ata profit windfall tax on oil companies unless they increase production. former treasury secretary larry summers agrees with oil industry groups tweeting i'm not sure i understand the argument, windfall profit tax on energy companies. if you reduce profitability you will discourage investment which is the opposite of our objective. listen to the senior vice president of policy for the american petroleum institute. >> they talk about the need for more supply but respond by shutting down production. they talk about the need for more infrastructure but cancel pipeline projects. they talk about the need to reduce costs and raise taxes.
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the political rhetoric is one thing but the policies actually matter. >> reporter: there are no changes in policies from this white house, a lot more finger-pointing from the president. neil: this is the first time we've gone to you without that leaf blower. i would like to bring it to you. it is a first. good stuff. very good stuff. let me get through this. jackie deangelis feels the same way. looking at the markets now. the possibility of another 3-quarter point hike, all that coming into play. >> reporter: it is. good afternoon. look at stocks across the board, kicking off a new trading day of the month. it is mostly caution around
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this week's fed decision on rates. the expectation is the fed will raise rates tomorrow by 75 basis points. that would take the funds rate to range 3/4 to 4% and that would mean mortgage rates will be higher, it is 7.08%. can only imagine if those rates move more people will be locked out of the market. the 75 basis point hike is in december. inflation is high. and net loss of one. $2 million and beat on its revenue, analyst expectations and strong guidance. the ceo said they are doing travel, easing lockdowns and consumer spending, quote, with continued rigor around discipline and headcount and
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balanced l location, and supported by operating capabilities. we are well-positioned for expanding profitability over the coming quarters. it is bucking the trend higher today. intermediate trades under $90 a barrel, threatening the oil companies and his remarks, what he's trying to get at, the oil companies to arbitrarily work with the refineries to set the price of gas which is not something they do. they are benefiting from higher oil prices but that is set by the market and a lot are scratching their heads about this. neil: what we can expect from the fed, the training market watch are very smart people.
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we are in this bandwagon in the month of october. if it is in the process of rethinking the need to be as aggressive than -- along came us job openings. the 10.7 million, all bets were off. what happened? >> job openings, the metrics that jay powell has been leaning on in public remarks. this gives more ammunition to continue saying, and will keep plowing away and raising interest rates and tightening through 2023. the persistence in quality, this morning's data, real-time indicators, suggest the economy is slowing. less lagged data, what matters
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is what powell says at the podium tomorrow and what we know he is focused on. neil: how do you play this as an investor, you presumably had it in october. what do you think? >> i think jay powell keeps his word to raise interest rates and the reason is simple. what he is doing hasn't worked so far and seem motivated to continue, inflation is under control. it will not get under control quickly, based upon energy policies. do you look at how president biden is handling this? he doesn't have a good relationship with saudi arabia and is battling with american oil. if you have this bad will with who is producing oil, how will you get energy costs down? you will not.
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that's why inflation will remain in place. neil: donald trump's former budget director mick mulvaney worried the federal reserve is hamstrung, wants to be aggressive on inflation but looking at $31 trillion in debt we have, he knows any incremental hike will add billions to that the rate we are going. and still higher. that's going to be -- they are not going to want to do it but they have to because the alternative is to take a debt that is already explosive and really explode it. >> shame on congress. on lake great britain, they use the lowest interest rates in years to extend the maturities and end up with lower interest service costs for the country. in the long-term the united states for generations has
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chosen to keep the shortest rates which means we will be rolling over the debt quickly and service costs will tie the new congress's hands even if the economy falls into deep recession, they will be hard-pressed to spend more money because it cost so much to service it and that does indeed put the fed in a quandary. neil: if the fed eases up it will be for the wrong reasons, right? >> it would be, because this should not be the fed's problem. what danielle was just saying, it's because congress, republicans and democrats have spent wildly. if they weren't doing that, reason they were doing it is they essentially had free money all this time. interest rates are going up. what should be happening is the spending should get curbed. it shouldn't be the fed thinking about that. it is all wrong. neil: i will chat with you
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later on the show, following up on these subjects. following up on this race that is now in its final week, final days, georgia, real tight contest in pennsylvania, arizona. where does this end up and what could decide it after this? as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com
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once-in-a-lifetime. sometimes it's about cheering hard enough to shake the stadium! sometimes, it's as simple as movie night right here at home, on us. you mean the world to us. so we're bringing you closer to what you love. kinda like this. welcome to 30 rock! join xfinity rewards for free on the xfinity app today. our thanks, your rewards. first psoriasis, then psoriatic arthritis. even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me.
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neil: in these midterm races it is not the seat you keep about the ct pickup and georgia up close and personal in the senate race, democratic seat. republicans are hoping they find a way to win that seat, put it back in the republican column and are on their way in the united states senate, a lot of details and other races. aishah hasnie following from madison, georgia. >> reporter: good afternoon to you. herschel walker got hit by another attack on his character. an interview with one of his accusers accusing him of forcing her to have an abortion. water had a big campaign event in madison and did not address that all. the camp without a statement
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this morning but a team appears to be unfazed by the latest accusation as do his supporters. watch. >> doesn't matter to you if it is true or not. >> as long as he has had a change of heart, we all do things when we are young and naïve. he's an adult now. >> is what happened. walker's second accuser showed her face on good morning america, double down on her claim saying she had a years long affair with walker in which she got pregnant as walker forced her to get an abortion. >> he came to my house and picked me up and drove me to the clinic and i went in alone and he waited in the car. i had the procedure.
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>> reporter: walker hit back with this. this was a lie a week ago i did is a lie today. 7 days before an election, democrats taught out gloria allread and an opponent i don't know. interestingly enough, democrat incumbent rafael moreknock, his opponent responded at his own campaign rally. watch. >> he lies. you don't have to take that from me, taken from his own staff, his own campaign staff said that he lies like he's breathing. >> reporter: we expect a response from the walker camp. a really messy in georgia as we are neck and neck in the senate race. >> the lead changes every day. want to go to oklahoma, oklahoma city where you find the governor of that state.
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he has a comfortable lead in the polls to hang onto. the republican governor of oklahoma. you have seen what is going on with the battle back-and-forth not only for governors mansions including your own but statehouses across the country. a lot of interest in midterm election year, they have that kind of allure regardless but the big issue in your state, energy has come front and center. explain why that resonates? >> thanks for having me on, to have energy independence model, every president since 1973 had energy independence policy. what we don't understand is why are you trying to stamp out oil and gas industry and big russia or opec to produce more oil.
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we have oklahoma companies, north dakota, pennsylvania, texas we meet the needs of americans with our own resources and that is what we push in oklahoma. i love explaining this in oklahoma. we are number foreign oil production, number 3 and natural gas, number 2 in wind energy. we need more of everything in america and oklahoma and oklahoma is leading the way, the cheapest electricity costs and most reliable energy grid in the country and washington dc needs to sake some pointers from oklahoma. neil: you are all in on everything. what if we have exploited here, that appeals to a number of people. what did you think of the president going after trump saying they have been making too much money, they need a windfall profits tax, we have to go after them. your thoughts?
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>> god help us when we start attacking certain industries because they are making a profit which they should. they have a responsibility to their shareholders and it is unbelievable. we believe in capitalism and free markets. the heavy hand of government tries to put their thumb on the scale and move the needle all they are doing is costing average americans more at the gas pump, more at the grocery store, you can see it in 40-year high inflation so this nonsense of trying to do a windfall tax on this industry, tomorrow is a different industry and this should not go on and the liberal democratic party and president biden's party that proposes this nonsense, we are a capitalist society, socialism does not work. president biden needs to think about that before he makes
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those offhanded comments that are not going to work, americans need to get out and vote and let our voices be heard and regain house and senate and put some pressure and bring some common sense back to washington dc. neil: how does it fall in oklahoma, incentives to get more jobs, but the president says what he's doing on the national level, this backdrop of job gains, expecting 200,000 more, the october report, he's the reason for that. not you. what do you think? >> you see where people are moving from. oklahoma is number 11, true numbers of people moving to the state and the number one status california. when i meet those people may tell me it is because of your
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pro-business pro-freedom policies, we are taxed at 13% in california. oklahoma, i have a plan to 0 out, people are moving to places shutting their schools down, don't have a heavy hand of government, dictating a mandate every part of their lives. i talk about regulatory bodies, we are clear with the rules but let businesses compete, never play gotcha, trying to rig to get -- the regulate those things and smaller government, less regulation and that's the reason people are moving to the state. it is nothing biden is doing. his states are losing population. unbelievable he would say that. neil: we did reach out to the governors opponent, we've not heard back. that's the case with every race all the time we reach out to
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(limu squawks) he's a natural. only pay for what you need. ♪liberty. liberty. liberty. liberty.♪ neil: it is happening in england and europe where utility bills are doubling, in some countries tripling. we are seeing something similar in new england and new york, they are beginning to start rationing, that might be a preview of cutting -- coming attraction. madison has more from new jersey. >> reporter: just in time for temperatures to go down you are seeing prices go up. heating oil has seen a huge
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jump year-over-year, looking at increased cost of 70%. home retailer even though they keep prices low they have seen a big jump not just over the course of the year but in the past month where they see an increase of $1.30 a gallon. that extreme swing up leaving customers we've spoken to feeling nervous and frustrated. >> cuts into your profits. you have no choice. you have to heat yourself or you have to heat your business. >> reporter: not just home heating oil, no matter the utility, prices are up. national grid has increased electricity costs 64% starting today to their customers. ever source, around 4.2 million customers, they've gotten
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approval to have increased prices go into effect, the ceo tells us it is a change that will likely stick around. >> customers are facing incredible increases in energy costs and it goes back to supply issue and the fact of the matter is we will be in this difficult and delicate situation for the foreseeable future. >> reporter: it is one thing that costs are up. it is another that the supply is so low. the two main companies concern is the supply and having enough inventory to get to their customers so they reached out to the president asking him to open up more access to oil and electricity and here they are starting to think about limiting how much each customer can get because of the supply issue. stuart: imagine being my next guest witnessing in his own state and his own city what is
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going on where the whole state wants to move away from fossil fuels by 2035 and electric vehicles by that point but in some towns around the wine country they are looking at banning new gas stations out right. sounds out of sync with the times we are living in but it is what it is. mayor, i thought when i read this it had to be wrong but apparently it is real. what is happening? >> it is very real. thank you for having me on the show. originated, to start banning construction of new gas stations and limiting the gas stations we have, start phasing them out. neil: the goal as your whole state goes to weed out fossil fuels this is another step in that direction but what do residents and citizens do?
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>> that is the hard part. we are in a low to middle income community. if you are banning gas stations or suppressing the market is going to drag demand up and price up and harder for people to go to work, to the grocery store, to take kids to school or sports. in my opinion this is a virtue signaling and being pushed on the entire state. i think the demand for fuel will dictate whether we need to build more gas stations or phase them out. neil: how do you oppose it? it is one thing for towns to prefer to go in this direction but if you protest to the state knowing who is in power in the state you will run into her roadblock so what do you do? >> it is difficult. i try to use a common sense approach as the only elected republican in my county, that's all i can do, show stats and facts and how it will affect community members because my
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job as the mayor is to pursue policies that will help my community and not add burdens on them and have real benefits for them. neil: what reaction do you get? >> i have to push hard to have it to where we maintain the gas stations we have currently and not lose those on top of adding new ones. neil: you are the mayor of a beautiful neck of the world, you don't need this turnout. keep us posted on this. it seems beyond incredible but i've learned not to be so incredulous when i see these things. it is one thing not to like gas or fossil fuels but to ban gas stations, they call that jumping the shark. i don't think the shark needs gas but it is what it is and it is out of control. out of control when it comes to
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last segment but there's an issue standing out among candidates and people we are talking to and that is gas prices. they settle on the east coast but supply and demand issue has wreaked havoc in nevada. around $5 a gallon depending on where you live and republican senate candidate adam alaxl has settled on cortez masto and what filled the tank will win him this race. >> it is almost $6 here, every other battleground status 3 and change so it is already so -- people were supposed to keep their thermostats at 78 °. this is a huge problem. >> reporter: the state's former attorney general who ran unsuccessfully in 2018. cortez masto replay dentist --
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replaced senator harry reid. according to the latest college ball the two candidates are in a dead heat tied so later today former president barack obama will hold a rally to make a voter turnout push for democrats. senator bernie sanders did the same last week. >> this election is not about open politics, it's not about anything else other than where we go forward. >> reporter: former president obama will speak later this evening and will be joined by singer john legend. neil: what is at stake? you hear it's the economy, stupid but with growing sentiment building, bad night for democrats, we could be wrong about that are understating that. former dc democratic party
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chairman, leaving aside the fact that even in losing a midterm year we learn about the parties that when that they can't keep the mojo going two years later in a presidential contest. we see that a number of times but that's getting ahead of ourselves. is it your sense democrats lose the house and the senate? >> i hope they don't lose either, the house is looking more challenging for the democrats because it is a midterm and 12 seats the republicans need to. on the senate side, your lead in peace, interesting close race, all the numbers in the republicans favor, that is the economy is number one, gas prices are up, one of the polls i looked at in preparation for this piece, more excited than the democrats are except one problem. the democratic nominee,
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democratic incumbents are still more popular in nevada than those challenging the democrats in the race so that, even abortion is lower on the list of what is important to the voters so it is a tossup which is why the dems are bringing out there big guns. i expect republicans to do the same but in the end it is about getting out the vote. who has the better organization? who is more passionate and going to the polls? neil: you are savvy at this political thing. if you were to advise fellow democrats after the election, as you often remind me, what kind of post peptalk would you give them? what would you tell progressives? how would you get the clinton message across to pivot?
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>> the biden message, you've got to keep fighting, believing what you believe in but more importantly, you got to remind the voters, and it doesn't matter, why they should vote for democrats and independents, tell the story of success, legislative success whether you feel it or not, you will feel it because of these legislative successes and stand work with us and help us lead you into 2024 because we are concerned about the economy, healthcare and education and we have a plan because we are in office, they are the party of no. got to pound away at the message, get a great democratic nominee in 2024 for president and get organized. as soon as i said i knew you were going to cut back with
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that question. whoever the democratic nominee is, democrats are going to support them whether it is biden. neil: what he be a great nominee? >> if he decides to run, based on his leadership as president he would be a great democratic president. neil: if the record of performance were so good, not casting aspersions at you but by these polls americans feel otherwise. you had your chance and botched it. >> look what he inherited, the covid economy, had to pump millions into the economy. neil: you can't blame that on the predecessor. >> that's not true. you had to pump more money into the economy to save in and for people to get unemployment benefits. he inherited a mess. neil: wasn't donald trump reviving -- for either of those guys -- wasn't donald trump
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pouring a lot of money and wasn't that the criticism? that he was pouring too much? there was no shortage of money to get us out of covid. >> the president did it too late and begrudgingly and denied there was a covid epidemic and denied people should wear masks and what have you and people were dying. i think president biden had to do on top of that what was important, we didn't know -- neil: how did he botch it with inflation? taking credit when gas prices go down, the oil companies and ukraine. doesn't it get long in the tooth? >> this is a weird potential recession. it is down every country and you have high gas prices because of the war,
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unemployment -- neil: just because of the war? you are quite right, we have a bifurcated economy. >> the stock market is up. how could we be heading into a recession -- neil: for all of that americans are in a foul mood. >> they are paying higher food prices and gas prices and democrats are in office and despite the legislative successes -- neil: they are talking about roe versus wade. they are on the wrong issues. >> not the wrong issue. what democrats passionate and go to the polls we ought to be talking about roe versus wade. this is about winning, not being right. neil: what about the same time? you are -- you outlined, to say with these issues we can pound but they are not and then
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things are really bad with prices but they will get better. >> we are working to make them better. you may not feel it. democrats and republicans are not feeling great about the economics or the economic future of the country but there is a cyclical, we go through hard times whether you believe in leadership, republican or democrat like biden to lead you through it and is giving you a legislative record of success to make life better that is what you've got to pound away at. neil: showing his age, i'm old and showing my age. i'm not anti-old but you think he is showing -- >> i'm 60 years old, my partners think i'm showing my age. my daughters think i am showing my age. can he get the job done? i think biden is getting the job done with support from the democrats and we have to see.
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's elder new this -- is -- his ability to get things done. he's not getting credit for it and that's part of the job? neil: i get nervous because my kids are trying to hook me up to oxygen. it is always good seeing you. neil: former dc democratic party chairman and a very good read of the big picture. it is possible in this crazy time. i felt like shouting, more after this but i will just say we will have more after this.
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don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. neil: talking about what is at stake ahead of the midterms. charlie gasparino is focused on the weeks after next week's election. he has more on all of that. charles: it could be interesting if republicans get the house and senate. the thing that fascinated the gentleman, touting the stock market is a great indicator how great things are. it is really not. the stock market went up before the financial crisis to
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historic levels. the real indicator is what is going on with inflation. that's why the democratic party is pulling so badly and why about everybody i know on wall street and republicans are looking at internal polls, not public ones but internal ones and thinking they have a really good shot at taking the house in the senate and if that happens the republicans are planning on the house financial services committee and the banking committee to defund parts of the biden regulatory agenda and something that will definitely happen is particularly if they get the senate no more controversial nominees will get through. the nomination to the fcc, and able, smart person, very controversial and progressive. that is not going to happen, definitely out. then look at the sec.
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cancer defund the sec, and this is during the obama years, attack -- attached riders to the bills, since the house, the senate is controlled by republicans, these get on their and the bills get before the president and it is his decision whether to sign them not with the riders, no money goes to gary gansler's chaff -- stafford disclosure work, they did that any obama years, political donation disclosure forcing companies to disclose how much money they give the chain of commerce and that is how they plan to go. this presupposes republicans win not just the house and senate, we don't know but
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internally, good ones, not public ones are talking that is a good chance of happening. back to you. neil: danielle, the notion that assuming republicans win next week, that's what polls are saying, they will change the way the hill operates or make life hell for president biden. play that out, what you would like to see in an environment like that. >> given my background and the biden administration managed to do something we thought was impossible made the federal more politicized institution than trump did. i would like to see pushback against intrusiveness on monetary policy making such the federal reserve is able to make monetary policy without any political influence, without
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having someone appointed to the federal reserve board who needs the vice president's vote to be confirmed in the senate. the federal reserve act dictates, on the federal reserve board, supposed to be nonpartisan. i want to bring that independence back and hope a gop win can accomplish that. neil: i had no idea you were referring to the federal reserve act. let me get your view on this because you are just as brilliant. what are we getting wrong or what might republicans get wrong if they overplay their hand? what do you suggest? what would you like to see? >> we are going to see gridlock. if the republicans control congress, they will make sure president biden is not going to get anything that he wants. the way the republicans can overplay that hand, they are
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controlling congress and nothing gets done which the market will like a lot, voters may see that as you guys have congress, you are not getting anything done. we get into 2024 the democrats are going to have something to run on saying the republicans didn't get anything done. we need to get back into power, people have a short memory. they may buy into that. neil: they say markets are anticipating this republican win, buying on the rumor and sell on the fact, don't know what they are selling. how do you play a mixed market, real quickly. >> by making sure you are diversified and don't have concentrated positions in any one camp. this is when you need your portfolio indemnified, i don't think we've seen the last of the downside in the market.
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neil: the dow is down, and the job report, 10.7 million available jobs reigniting the view the federal reserve might not be pivoting, and big ones. another 2 hours to go, more after this. at adp, we use data-driven insights to design hr solutions to provide flexible pay options and greater workforce visibility today, so you can have more success tomorrow. ♪ one thing leads to another, yeah, yeah ♪ . .
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♪ giorgio, look! the peanut butter box is here. ralph, that's the chewy pharmacy box with our flea and tick meds. it's not peanut butter. ♪ the peanut butter box is here ♪ i'm out. pet prescriptions delivered to your door. chewy. at st. jude, the mission is just something that everyone can truly get behind. look at our little st. jude pin there on the fridge! we're just regular people donating. yeah. and i think it's cool to be able to make a difference in someone's lives in a way that is meaningful. before... & bath fitter. before.. & bath fitter. if you have a "before" bath, now's the time to call bath fitter to get a beautiful "after." with our unique tub over tub process,
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there's no mess or stress. spend smart on a beautiful new bath done right, backed by a lifetime warranty. join over 2 million happy customers who know: it just fits. bath fitter visit bathfitter.com to book your free consultation. ♪ ♪ is it possible the only thought that comes to mind is... ♪ finally? this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪ neil: let's go to charles payne to take us through the next hour. hey, charles. charles: neil, the tension is so thick we can cut it with a knife. neil: you got it. charles: gte
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