stuart: where were the 1992 olympic games held, let's go fast. susan? >> barcelona. >> seoul. stuart: ashley? ashley: barcelona. stuart: i say barcelona as well. i'm convinced i am right. the answer is indeed barcelona, spain. thanks for everybody for taking part and great show today. that is it for "varney" & company. "coast to coast" starts now. pete: all right, it looks like we are going to finish this week on an up-note. again we have to maintain this

the dow up ahead, the nasdaq also advancing this is something the markets have been craving and a lot of it is built on the idea that maybe we worried a bit too much about rate increases. that might be a little bit too s anguine too soon. a 10 year in and out of the 4% mark but one of the things we're looking at this being march is what was happening a year ago? we were still a couple of weeks away, actually would start on st. patty's day, march 17, rates at essentially 0%, would move only a quarter percent up on that first hike, to bring us to where we are today as we run through all the hikes right now, a fed funds overnight bank lending rate of about 4.5% to 4.75% a lot of people say it goes a lot higher i know steve forbes, the forbes media ceo, much more has some thoughts on that. always good seeing you, my friend. >> good to see you. neil: it's interesting when you think and i love to look back a year ago at the press and what

it was covering and the ukraine war had just started, just a bit before, but the attention was on the expectation that the federal reserve was getting ready to hike. we had no idea just how much and how far that would go and how it would last to this day, what do you think? >> well i think it shows a couple of things. one the federal reserve is always behind the curve. transitory inflation. neil: i remember that very well. >> the notorious phrase now, and they are probably overdoing it now. the only way they know how to fight inflation is by depressing the economy instead of the real way which is stabilizing the value of the dollar, so you have an unstable currency, you have an economy that is going south, slowly, but going south, stalling, and the federal reserve all they know how to do is depress it more, so whether the next month or this month they raise it 25 basis points or 50 they are still raising interest rates, and so you get a little blip good news on housing that's crushed again, and then when the economy does go down,

unmistaking, they will say maybe we should cut rates and then they panic in the other direction. neil: right now, they seem to be holding on to the notion that they aren't high enough. i don't know what your expectations are in the meeting later this month, but there was a consensus building for a quarter point hike and then some are saying maybe given the strong numbers of late or stronger than expected it could be a half point and the next hike after that could be a half point and they don't cease and assist for a long time. >> again they are behind the curve, unmistakable signs out there you see in the consumer spending and business investing, you see credit card debt rising up and all of the signs that things are not as rosey as some people think they are. so they are overdoing it and again, that gets the fundamental point. the only way they know how to fight inflation is depressing the economy which is what they did consistently in the 1970s, depress the economy and bring prices down because people couldn't buy anything. neil: that seems even with paul

volcker when raising rates, the idea was stamp out inflation , a lot of people will lose their jobs in that fight, but you'll get the inflationary beast under control. but only for a while, right? because then things pick-up again. if the economy gets active again , rates go up again. >> well what happened after volcker wasn't so much the crushing of recession that conquered the inflation is what he and the fed did afterwards. unlike the 1970s they brought about especially greenspan took over for a while, relative stability in the dollar. they started to do things right. the great moderation. greenspan said in the 90s, he's got a sloppy and he didn't use those words but a sloppy gold standard look at commodities prices and gold price to see if things were getting out of line and then lost sight of it but there was a thing they did after volcker that mattered. cutting taxes, cutting regulations, so you get the economy -- neil: we forgot about the reg on one-two punch. >> yeah, they did things right, so they stay relatively stabilized the dollar, put

incentives to get the economy moving and boom, we had the boom of the 1980s and 90s. neil: and 20-plus million jobs. just the opposite message we're getting in washington right now where the president has been toying with some tax increases. he hasn't spelled them out but i did raise it with democrat joe manchin. i say democrat for the time being, who wasn't too kobe bryant. keen. this from joe manchin yesterday. the president indicated yesterday, senator, quoting, i want to be clear, i'm going to raise some taxes. he didn't outline what taxes he's going to raise. you limited those he wanted to increase a couple of years ago. where are you on that and what do you think he's talking about? >> i don't know. i'll probably hear something today hopefully of what direction they want to go but i can assure you, you can't basically just tax your way out of debt. you can't borrow your way out of debt and you can't cut your way out of debt. neil: all right, well, they relaxed because they aren't doing any of the above for the time being. no action on the debt of

substance, but i'm wondering where you see all of this going? >> well, i think him putting down the marker and other democrats like tester, senator from montana, coming up for re-election in 2024, there are a lot of democrats coming up , and so they are suddenly worried. how are voters going to react to this , not the far left, how they react. neil: and not things like invest ing but on raising taxes, always going back to that. >> so i think you're going to get a little bit of common sense on the part of these up for re-election democrats, and in terms of the -- neil: but enough to overcome and no doubt presidential veto. >> they won't be able to overcome a veto, but they at least will stop the imposition of new taxes, and i think you'll see regulatory pushback. the dumbest thing they did was go over gas stoves so the kitchen wars have started, and people are saying this is ridiculous. you wrecked my dishwasher, my washing machine, you've wrecked my bathroom. neil: i always thought about that you go after gas stoves

fine whatever but i'm saying there are so many more important things right now, including this underlying economy and all that issue but let me get your thoughts on the market impact by this. did you picture a year ago when all of this started with the rate hikes, we see little progress on inflation. i mean, its been a year and i know it depends on the inflation indicator, steve, but it's still very high, still very high. how long does this take? >> well one of the problems is they didn't fully recognize the devastation of lockdowns on supply chains. you pull out one little piece of that and everything goes crazy so they underestimate how sophisticated those things were and they keep putting in new regulations. last calculation i heard over 300 billion in the last year and a half or so. we're going after fossil fuels, which obviously impacts transportation and the like, so they are putting sand in the machine, putting sand in the gas tank, and they want to get rid of gas tank tanks, and

so instead of nurturing the economy, the democrats should go back to jimmy carter and the late 1970s and he and ted kennedy led the charge fundamentally reforming transportation in this country. neil: completely deregulating it >> and so we have the best transportation system in the world, by far, when you look at various countries and that started under the democrats. why don't they go back to that? why don't they go back to john kennedy on cutting taxes? there's no patents on those things. neil: you remember jon kennedy was getting more support from republicans at the time than democrats. sadly he died before a lot of those tax cuts were realized but it's a sign that if you just look beyond the locked position of your party, you can get stuff done. >> and you can ultimately change the party. neil: absolutely. >> so biden if he wants to be a real great president, should realize, he's on a path to destruction. the economy, they keep saying oh , prosperity is just around the corner sort of the hoover-es

que thing of the 1930s and they are setting themselves up for a fall and people don't trust anything like health officials anymore, crime is rising, the real revolution in chicago the incumbent mayor 16% of the vote. never happened before on that kind of scale, so voters are pushing back. they want things that work, and kennedy can come up with credibility. here is how we go ahead. here is what's worked in the past, like a stable, tax cuts, putting less rules on instead of more, and the country prospers, and then the democrats can pat themselves on the back of creating prosperity. they did nothing except leave the economy along to look like heros like roosters in the morning saying we'll bring up the sun up with our cock-a-do odle-doo. neil: i like how you've summed up where things are going like k ablooey. that hit the nail on the head. always good seeing you my friend >> thank you. neil: steve forbes one of the

best economic minds i know and the best market mind is mark tepper strategic wealth partners the president and ceo. mark he was echoing a lot of things that you've been talking about as far as market factors. stock market factors too, and i'm wondering the stock market and what it's dealing with now, of course once these rate hikes started, it was the great swoon, particularly in technology, and while technology has come back a long way, this year, still has some ground to makeup. how do you see things going as we look back at the start of all of this , almost a year ago? >> look, the market is a function and in it's most simplest terms the market is a function of two items. it's a function of earnings and a multiple and whenever rates are going higher, and we do believe that the fed is going to stay the course, they are going to continue to raise rates, when rates go up the multiple has to come down. we're almost 100% of the way done with fourth quarter earnings season, pretty darn

close, 95-plus percent of the way done. we're in a profits recession, so earnings are coming down, so when i look at everything going on, i'm surprised that the markets positive on the year , given that it's only a function of two items and both of those items are trending down , so i think that it says a lot about investor optimism. investors want to be optimistic. we all want to see the market go up. none of us want to be bearish. we all want to have more money. we want our 401 (k) to go up month after month, but the reality of the situation unfortunately is the fed is likely going to hike us into a recession because they have to destroy the labor market if they want to control inflation. neil: so this soft landing that a lot of people are, you know, hanging their hopes on, you just don't see that panning out, as things stand now. >> yeah, i don't see that panning out at all because when you look, you know, you just mentioned as you were talking with steve forbes, you talked about how something along the lines of how inflation is still stubbornly high. no matter which indicator you're

looking at, yes, we're past peak inflation but inflation is not coming down fast enough, and so you try to figure out what's the culprit at play there? whose guilty? and it's sticky inflation. it is rents, wages, and food. those are all sticky components of inflation. neil: we're a long way from 2% the goal of the fed to get us down to that inflation rate. that will take a very long time, wouldn't it? >> yeah, and that has me wondering, is the fed really going to stick with that 2% target? come a year from today if we're at 3.7%, today starting to recalibrate. that's kind of unheard of. it's like the unthinkable, but do they ratchet those inflation expectations a little bit higher so that they can say mission accomplished because we are far away from mission accomplished when it comes to fighting inflation neil: all right, don't go anywhere, my friend, because i do want to pick your brain about what we're doing regarding china

and sort of getting out of dodge there and looking at alternative manufacturing sites in light of the heightening tensions between our two countries, but mark, great seeing you. thank you for your help here. meanwhile, there is talk about addressing entitlements, social security and medicare and stuff like that. there are a few brave politicians out there who have some ideas, particularly when it comes to social security, and they aren't outlandish ideas at that. it's all depending on your time horizon. louisiana senator bill cassidy on what he is thinking about that maybe you should be thinking about, next. ♪ ♪

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neil: all right, do woke go broke is oversimplifying the opposition to so-called esg investing and the like but its gotten to be a rant repeated by republicans even a few democrats who are saying enough is enough with this. the white house meanwhile sticks to the view that it's fine with them to continue to push this. lucas tomlinson is there at the white house. lucas? reporter: well, neil, there's a growing number of americans who agree with that. they don't want to see politics in their 401 (k). they are focused on the bottom line and don't want to see their

tax dollars going to each pensive electric vehicles. you interviewed joe manchin yesterday, neil, who seemed to agree with that. >> let the private market do what it's going to do. if somebody wants to invest their money only have their retirement plan invest in certain accounts, that might be environmental or might be whatever, they can find people that will invest in what they want. that's fine. reporter: in recent days some democrats have joined manchin pushing back on his economic policies despite biden's trip to capitol hill earlier this week. joe manchin, montana's john tester helped republicans block a new labor department rule allowing retirement plan manager s to factor in non- financial expectation factor s of course those environmental, social and governance factors to make investment decisions. this could setup the first potential veto of biden's presidency and many republicans have issues with biden's pick for labor secretary, julie sue, because she was the california labor secretary when the state lost between 20 and 32 billion, with a b to unemployment

insurance fraud. likely 2024 in mind president biden will sign a measure to block d.c. from changing criminal justice sentencing laws as the nations capitol sees a 40 % rise in homicide and five straight years in carjacking increased. here is what many are calling woke investing. >> what i can say is if this bill reaches the president 's desk he will veto it and i'll leave it there for now. reporter: and as dianne feinstein remains in the hospital, neil, it's another potential vote that is lacking on capitol hill. neil: thank you for that lucas tomlinson at the white house. there are brave politicians out there who recognize the fiscal elephant in the room, are entitlements and a lot of people like social social security and medicare but when it comes to try to shave even their growth, they are looked upon as sort of like the old videos and films we saw a guy who looked a lot like paul ryan, at the time, speaker of the house pushing people off a cliff enter louisiana senator bill

cassidy, who has some very basic ideas to address this , to keep social security going because he's a fan of social security, but at the rate we're going doesn't think we're all going to be having it. senator, great to see you. >> thank you, neil, good to be with you. neil: one of the things that you propose is eventually raising the full retirement age which you can get social security from 67 as it is now to 70. that is also the age at which a lot of people even today if they push it off until then would get the most benefits but how soon would you roll something like that in? maybe explain your position on just the age thing. >> that has not yet been definite because we don't have an agreement from everybody we need to have an agreement from. neil: right. >> but you can do what reagan did, tip o'neill and ronald regan and not let it affect anybody for decades. neil: right. >> no one who is close to

retirement be able to do it, but neil, let's just stop for a second. people start talking about that. let's talk about some other things you could do. one thing you can do is actually make the program more fair. you can actually increase benefits for many people, and the way we do that, and this is the principal part of it. we create an investment fund separate from social security. we don't touch any social security dollars, and an investment fund that we hold in escrow, and you allow the strength of the american economy to build a bridge to sustainability for the social security trust fund. we end up under our plan with enough money overtime in order to increase benefits for million s of americans. indeed, under our plan, millions of americans will see increased benefits when the law is passed, and no one will see a cut, and

no one will see their age of eligibility increase if they are close to retirement at all. neil: so you have to define what is close to retirement, i get that and you're referring to ronald regan and tip o'neill, the speaker of the house to come up with a plan that later became the basic part of the grace commission that did extend social security for decades, but didn't president bush, george w. bush look at doing just this , and of course it was the third rule and he was just electrocuted. >> a great question. what george w. wished to do was to create private accounts. each individual would have his or her own account. neil: it be open t ahead. >> and the fear of some was that the risk was borne by the beneficiary. under our plan, the risk is born e by the fund, not by the beneficiary, and the beneficiary is guaranteeed

to get the benefits which have been promised to her or promised to him. she is at no risk whatsoever. the risk is borne by the fund but over the time horizon we're talking about that, that'll be a minimal risk. neil: senator, there's another issue that keeps coming up, whether we limit the social security taxes to really around a thousand and a half and there are a lot of people who get paid a lot more than that and that contribution into social security should be paid at a set rate no matter how much you make what do you think of that? >> yeah, so what we do, we don't raise the rates, period, end of story. we don't raise the rates but what we do is what we would do is if we can get people to buy into it, if we can get people to choose to preserve, strengthen social security as opposed to let it go insolvent if we can get people to choose, over 40 years, we gradually increase the

percent of wage income to which the social security payroll tax applies. returning it to where it was in 1936 and where it was in 1983 when reagan and o'neill did their proposal, and so -- neil: but i know though, senator , when we first got social security, 16 workers were paying in for every one person getting social security. now, of course it's almost dead even, or close to it. how do you change that math or can you? >> yeah, absolutely you can. we pattern after something that was done under george w. bush has been for 30 years or so if i have my math right. the national railroad retirement system which had fewer workers and more retirees and was going insolvent. sound familiar? they created a fund kind of what we're talking about. they created a fund, in which they began to invest separate from their, you know, a fund and they've got an 8.9% return every

year, a system that was going in solvent is firmly in the black paying the benefits that were promised. if we had done that with social back then, we wouldn't be having this conversation. well, the best time to plant an oak tree is 50 years ago and the second-best time is today so listen. jump on it now to choose to preserve and strengthen the program and not do what say president biden is doing, choosing to let it go insolvent and when it goes insolvent, people get a 24% cut in their benefits. neil: yeah, it's unsustainable to your point. i admire the guts of you and others looking at this because it's not crazy ideas what you're traying to do is sustain something, so that it doesn't go belly-up at the rate it's going it's going to go belly-up. senator i'd love to get updates from you on this how it's going, wooing some of your colleagues over. bill cassidy the beautiful state of louisiana. a lot of you have been commenting especially when we put it out to you online when we said what do you think of hiking , for example, just the

retirement and social security benefits age from 67 to 70 and no matter when you formal ly do it or phase it in. well a lot of you had different reactions. ken tweets, it be nasty, difficult political fight but it makes perfect sense given the change in life spans. i support it. what i don't support are leaders that deny the math of the situation. well good for you, ken, because a lot of people are denying the math. we have andy who writes, can't just keep raising the age and hope for more earlier deaths to save social security. well actually some people do. they actually hope more people die, so that we don't have to pay it, but you're right to raise that point. robert says your generation, guess he's referring to my generation, has taken all of the upside and very little of the downside in benefits and stock market gains. if you raise the retirement age for social security, then anyone who has over $1 million in personal wealth who is currently on medicare should have to pay more. all right, well that's an idea, but throw it out there. you're all coming up with great

ideas. alfred writes at least do it for people who have not entered the workforce yet, maybe age 18 and younger. you have to start somewhere. we can quibble over the age 18 or whatever but obviously this wouldn't affect people, let's say 50 or over who might be getting close to retirement who don't want to all of a sudden say you're doing what? and finally, it should be abolished all together. we can invest for a future better than the government can. well, that's probably true, but that's not going to happen. we'll have more after this. is e a million different ways i should be trading. look! what's up my trade dogs? you should be listening to me. you want to be rich like me? you want to trust me on this one. [inaudible] wow! yeah! it's time to take control of your investing education. cut through the noise with best-in-class education resources that match your preferred style of learning. learn your way. not theirs. td ameritrade.

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we'll keep an eye on that. also keeping an eye on developments with cpac. the big conservative pow-wow going on in maryland that's where you'll find our mark meredith on whose there, and interesting enough whose not there. what do you have for us, mark? reporter: neil, good afternoon to you. well the next few minutes we are expecting nikki haley to take the stage here behind me. she's the first of the three declared republican presidential candidates for 2024 to speak to cpac's audience. all three are going to be speaking over the next two days but as i mentioned hayley of course will be the first one and i'll be interested to see what kind of reception haley gets when she takes to the stage. of course she served in the trump administration and this is of course a very pro- trump crowd. i'm wanting to know whether or not they are willing to engage her on her presidential bid or whether or not they say their minds are already made up. cpac's organizers have been facing questions as you were referencing there about whether or not this conference still has the punch as it had in years past, because there are some

notable names that decided to skip this year cpac event we'll be looking to see whether or not that has any impact on voter's minds. we did have a chance to catch up with some earlier today here in the convention halls and they tell us they are doing their best to keep their minds open. >> i think that it's good that we look at all candidates. at the end of the day we need to rally around one, even if, you know, maybe they may not be the perfect candidate. >> i've heard of other people supporting other candidates and i'm all for that but just me personally i support president trump in 2024. reporter: and i would imagine trump is going to be thrilled to hear that when he takes the stage tomorrow night. you see some of the people we saw in the conventional. these people are trump supporters likely to dominate the straw poll when it gets announced saturday night and also taking his campaign to iowa , the first time he made this stop in the first battleground state. that's happening a little bit more than a week from now.

cpac's organizers tell us though they are trying to make it clear that they aren't focused on whose not here. yes there's been a lot of talk about desantis not being here, about mike pence not being here, glenn youngkin not being here. i also to say i've covered the cpac the last few years. the buzz in the room feels a bit different. hard to pinpoint exactly what that could be this year, and we'll be looking to see if hayley gets a warm reception. donald trump jr. just left the stage a few minutes ago and people ran out of the room after he left so i don't know how many people are here to listen to nikki haley, but we should point out in the next few minutes. neil: i like the fans who wear in this case donald trump's initials, you have to get a lot of staff member toss spell out meredith but they do. >> i couldn't even get my wife to do the m. she wouldn't support me on that. neil: you and me both. great job, mark meredith, at that cpac. it is a whole different world this particular year, isn't it? all right, in the meantime here, you've been hearing about how a lot of businesses knowing the

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where do you see this going? >> 100% agree, and it just seem s like more and more companies are now coming to terms with how difficult it is to do business in china, and how dangerous it is to be dependent on china, and if you think about it, some of these companies, some of them kind of made a deal with the devil. they went to china, they built the factory, or they started working with a manufacturer there, just so they could gain access to the chinese consumer and now they are seeing that maybe it's a little more difficult than they originally anticipated, and neil, this is just something that makes sense for any business to do, and i don't care what kind of risk we're talking about. i don't care if you're foxconn or apple or if you own a website design firm and you're a small business owner. we all need to diversify away from our risks and that means customer concentration, over reliance on suppliers, employee concentration risk, all of those things.

if you want a good business, diversify. neil: you know, there's a hot and cold relationship, there's the political view with china that they take advantage of us, they lie to us, they spy on us, so we want nothing to do with them. now a lot of businesses and the ceo's who come on this show say well not so fast. if they are back coming after covid that's good for the world, good for us so it's a delicate dance. i like how you did not put a delicate spin on this though. >> [laughter] so here is the delicate part of it. i believe that all of these businesses want to sell to the chinese consumer but when it comes to operating your business in china, that's where things begin to get more difficult and that's why we're seeing supply chains get diversified, india, vietnam, mexico. i mean elon musk and tesla earlier this week and we know he has that big shanghai gigafactory, neil. neil: that's right. >> they just committed to

investing $5 billion in building a factory in mexico, so even they're doing it. everybody has to diversify if you want to make sure that if there's ever another pandemic. china shut everything down, so it became very difficult for all of the companies that were manufacturing in china, and/or if geopolitical tensions continue to rise. look at what china responded elon's tweet with, earlier in the week or last week, you know it was something free speech- oriented. i forget exactly what it was about but they did not like it and they basically said you probably shouldn't tweet something like that. neil: yeah, i don't understand mandarin, but i think the english translation is you will sleep with the fishes or something. >> [laughter] neil: it's a joke. it's a really bad joke. mark always good seeing you. thank you very very much. i guess always it's very rational, just looks at the big picture here, tries not to play the political extremes. i think both parties should do that more often, anyway,

congressman jarod moskowitz of the beautiful state of florida with us right now. we were just mentioning what's going on with china and some of our companies just in case pulling out, not relying as much but we know tensions are getting worse. do you think others should be doing the same? >> thanks, neil, for having me again . yes i do think they should be doing the same. listen, you're seeing a bipartisan voice coming out of congress that we need to not just be tougher with china, but more competitive with china. your last guest mentioned the pandemic. you know, the former emergency management director of florida during the pandemic, i can tell you trying to get goods out of china became extremely difficult and we had to turn to china because the overwhelming majority of the things we needed came from china, and so there's no doubt that all companies should be looking to diversify which was the word your last guest used. neil: indeed, we're already see ing signs that the economic tit-for-tat, congressman, china

going after a couple of our technology companies, of course we expanding the list of chinese and russian technology companies , that this is clearly escalating. does that worry you about where this is leading? >> yeah, no look. it concerns me, but it also points out that we have to give china less control over u.s. corporations, and so listen i'm not against globalization. it's know the that we need to pull out from china, but we need to diversify. we can't depend on them 100% which is really what we were close to during the pandemic and there were almost no goods coming from anywhere within the united states once we depleted our early reserves. everything had to go to china, come from china, so i think this diversification that companies are looking at, not to give too much control to one foreign government is no different than, you know, not relying completely on russian oil. we're seeing how difficult that was for some of our european allies. if you rely specifically on one

country who is not, you know, always been a good actor. neil: yes, congressman, while i still have you here. you had joined a number of your republican colleagues as of last count more than a dozen democrat s i should point out who want to require the white house to look at the inflationary impact of some of the executive orders that come out of the white house. be it this president or republican president, could you explain what that's about? >> sure. that's just going to require that they do a study and pass that information on to congress that anytime the president whether it's this president or the next president or the president after that, any time they do something that might have an inflationary impact they do a study to figure out, to do an executive order with an inflationary impact they do a study and tell congress what the rut is. quite frankly the reason i voted for that, neil, is that i believe that there's been too much power that has shifted from the legislative branch to the executive branch. now by the way that's our fault. that's congress' fault.

the more we can't get along the more we can't be functional, the more power is going to shift to the executive branch. democrat and republican administrations have used more executive orders because congress has not functioned so that's why i voted for that piece of legislation. it's time that congress tries to take some of that power back and show we can function. neil: not a bad idea. congressman, always good seeing you thank you very very much. >> thank you, neil. neil: all right, want to go to brian brenberg what's coming up right now less than 15 minutes on "the big money show." brian: neil, republicans trying to give biden an edge on china as america pushes the president to find his backbone. plus, the ceo of the wounded warrior project joins us, more "coast to coast" after this. with the money we saved, we tried electric unicycles. i think i've got it! doggy-paddle! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ a ballet studio, an architecture firm... and homemade barbeque sauce.

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neil: all right, as you know the president wants to tax stock buybacks & companies that do them saying that it's useless and really doesn't benefit anyone except shareholders and fat cat ceo's but forget 1% try 4% to the princeton economics professor says that's a bad idea and could hurt average folks too , particularly those with a 401 (k). burton malkeel is his name from princeton. professor this doesn't add up to you, right? >> no, it doesn't. i think what this suggests is

that it will make the whole capital allocation system much less efficient. what should happen is one wants to invest in high return project s. you don't want companies just putting their cash into investments whether they're high return or not, and if a company does not have high return investments available, they should return the money to shareholders so the money can be repositioned into the companies that have the high return investment opportunities available. neil: the carryover, if the president were to get his 4% wish and tax such buybacks at 4% , that's obviously less money, or it's meant to be a disincentive for companies to do this period. what happens? >> well, what happens is that the companies that don't have

the investment opportunities that are attractive will either invest in investments that have lower returns or will simply sit on the cash. this is not the way an efficient market system works and as i've said, i think that it will hurt the small investor just as well as the large investor. i think that this myth that because rich people earn most of the stock, that all you're going to do is hurt the rich stock owners but in fact, most stock is held by mutual funds, by union pension funds, by state pension funds which owns enormous amounts of common stock by making the market system less efficient, you are, in fact, hurting the very retirement

systems that ordinary people depend upon for a comfortable retirement. neil: and the backdrop for this is going after companies that maybe make too much money, oil companies and considering a winfall profit tax and the rest. there's definitely a trend here, professor. >> well, it's ridiculous if you think that the oil companies, in fact, the administration would like the oil companies not to invest in drilling for new wells wouldn't you like to have the oil companies reduce their cash by buying back their stock so that it can be repositioned into the chip companies and the various things that we would , and the alternative energy companies that we would like to suggest do better and have more capital to invest. neil: that's a very very good point. professor, thank you. we'll watch this one closely,

because that is a trend to your point. in the meantime, here, you saw this tesla launch earlier this week. again, and those astronauts from all over the world up to the international space station. now there's another rocket getting ready, but it's a 3d printed rocket. kelly o'grady has more on that. kelly? reporter: hi, neil, yeah, today you find me at a rocket lab. it's a in long beach, and we're making rockets. we'll tell you more on how, after this. ♪ ♪ .. t stare at these payroll forms...

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but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. adam: i really get caught up on the 3d technology thing. it has gotten to the point where they have a rocket, the first 3d printer. rocket not rocket, this thing is for real and ready to make it. what are we looking at here? >> reporter: it will be the first 3d printed rocket. it is carrying the hopes of making space exploration more economical. this is the nosecone of that rocket.

hard to wrap your mind around a 3d printer can make something that big. it is one hundred 10 feet tall, 7 and a half feet wide. the biggest barrier to space exploration is cost. we are learning how 3d printing can make rocket building more efficient. >> 3d printing is an automation technology. you are replacing what were many human operation steps, with automated production system. >> reporter: this is the 3d printer you see behind me, makes less labor needed, costs less, less time, normally a rocket take 24 to 30 months to build, they's cut that by double-digit percentages and the process is american-made, in-house. >> if you look at a normal

aerospace factory you see hundreds of thousands of parts from across the globe. with 3d printing we are producing the primary structures of the launch system moving one feedstock. >> reporter: next week we will see if this structure can get into space, withstand the heat and the pressure and if it does that doesn't just mean taking a run at a company like pace x but making it to mars cheaper and faster, pretty neat technology. neil: are they looking at man missions down the road? >> reporter: yes, this one is just data gathering, no passengers but eventually it will be with passengers and go into space, 3 the printed rocket. neil: incredible, what will they think of next? we now have a 3d printer version of brian brenberg