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♪. ♪. ♪. neil: sorry, kids, don't look now, but the party is over. we're not saying the dance floor is closed. you better hurry if you want to squeeze in one last twirl. cannonball, any of the other hugely popular tiktok dances all the rage with gen-z, millenial users the world over. on this side of the world maybe just over. sure is looking that way. because the days could beticking down for tiktok. its ceo finding out the hard way, desperately trying to dance around questions before a very angry congressional panel convinced tiktok's china owner is spying on users. let's say they choose charm offensive is not hitting the right tune. he could be there for hours trying to hit that right tune.

ain't working. let's also just say while millions of young kids still might be tiktok fans. this bipartisan group of d.c. politicians not so much. suspicions run deep, support for once hugely popular app do not. simple as that. even on the titanic the band famously played on. not here, not close. we have you covered with donald trump's former chief of staff of the defense department, kash patel. what is it about music. paul reilly on what is going on in the markets is way bigger than chinese companies. welcome, everybody, i'm neil cavuto you my have missed me in couple of distance videos. not so seriously t would be a nightmare if they were such videos. grady trimble in the rumble in washington over maybe nixing them entirely. grady? >> reporter: neil, tiktok's ceo is getting hit by lawmakers on both sides of the aisle. they're worried that tiktok user data here in the u.s. could end up in the hands of the chinese

communist party. neil that is not their only concern. they have also asked a lot of questions about the addictive nature of the app and the content on it. republican congresswoman kat cammack showed a tiktok video apparently threatening members of this committee that is meeting right now. she then questioned whether tiktok can actual monitor and remove harmful videos from the app? >> this video has been up for 41 days. it is a direct threat to the chairwoman of this committee, people in this room. yet it still remains on the platform. you expect us to believe that you are capable of maintaining the data security privacy, security, of 150 million americans where you can't even protect the people in this room? >> reporter: republicans and democrats on this committee are discussing videos on the app that appear to encourage suicide, drug use and violence. tiktok's ceo has been trying to reassure lawmakers that the app does not allow that kind of

content on it. that it is not a backdoor to the ccp. >> what we are offering is third party monitoring of our source code. i'm not aware of any company, american companies or otherwise that has actually done that. because we are saying we want to give you transparency, rely on third parties to make sure that we get all the comfort that we need. >> reporter: tiktok's ceo, chew trying to make the case his company is more transparent than other tech companies i should say but lawmakers are frustrated when they ask him question yes or no questions he is not giving them, one even accusing him of being evasive. neil? neil: all right, grady. thank you for that. you ever wonder if it goes to the full wishes of some of these politicians to just shut tiktok down, period? that it can't operate or run or play in the united states? what happens to a lot of

creators and folks who are on that site, hugely popular? amber has a home for them, ltk. is that home. that website. that business. she is the founder and president. amber, good to have you. >> thank you for having me, neil. neil: maybe tell us a little bit what ltk is all about? >> i'm a blogger myself. i started in 2010. in 2011 my boyfriend and we started a company to make money online as fashion bloggers. we created a tremendous business that helps creators all over global level to put their unique skillsets to use on our platform so it can become a business. today we have 200 ltk millionaires on the platform. thousands of peel who are supporting their families through the resources that we're able to provide for them here. you know, the tiktok story is one that we candidly seen before

but just a different flavor. neil: interesting. you know, they have just taken a break in washington at this hearing featuring the tiktok ceo. it is not going well for him. could last hours more. the bipartisan sense you get these politicians want to shut it down. what do you think of that? >> well, we know that platforms come and go. the last 10 years of our business tell us about every two years there is a new social platform. some of them dissipate over time. some of them are turned off immediately. think back to vine for example. others make engineering changes to the platform that make it very difficult for creators to extend businesses or businesses to grow. in this case it would be the first time we're seeing immediate shutdown driven by government action creators are so resilient. over the past 10 years they have been through five plus platforms. influencer marketing budgets continue to grow. i'm confident creators built a business on tiktok are very talented individuals can translate that skillset to new

platforms to engage, really entertain audience. there will be opportunity set for them with or without tiktok. neil: so for you, tiktok's demise could actually be your gain? you could offer safe haven away from any thought of the chinese spying or looking up data or looking up material information on any one of those creators. are you getting any folks biting, fearing that is exactly what is going to happen to tiktok? >> ltk is a shopping platform. we provide a place specifically focused for creators to take their followers shopping. it is really an expansion of what a creator already does. some of our creators started their businesses with blogs. maybe started on pinterest, snap or tiktok for younger generations. this is a platform that really puts them in business. when accepted to ltk, invitation only platform. they're put into business with 6,000 retailers a commercial relationship they can start

earning from day one. that allows them to moving a no, sir i cannily across the platform to earn. allows to future proof our creator businesses. we know platforms come and go whether because of popularity, policy, business failure. this sets them up for long-term success. businesses that use them, customers bought 3.$6 billion worth of products from our creators on the ltk platform just last year. we're a dominant source of traffic and sales of retailers of all sizes, all budgets. this will be definitely be a safe haven as we continue to see changes in thises space. neil: keep us posted, amber. sounds fascinating. you're offering cover, protection right now at least a lot of politicians don't feel they're getting with tiktok. we'll watch it closely. thank you, again. meantime the overall national security interests at stake here, to that we go to kash patel, former chief of staff at the department of defense under president trump.

very good to have you. just how big of a threat is tiktok the way you see it? to hear the ceo tell it today but it seems to be falling on deaf ears, they got hours to to, china's role is distant, if there at all. do you believe him? >> it is great to be with you, good afternoon. i don't believe it for a second. what the ceo could have done if he was making a truthful statement to congress was the ccp has absolutely no affiliation to bytedance and tiktok, has no ability to collect the data that is mined through the tiktok application. from a national security standpoint when i was deputy director of national intelligence our focus was on the intelligence and data collection apparatus of the ccp, how they were tunneling into american homes literally in devices. tiktok we found was their largest method of data gathering for almost no money. for him to go say that is a false reassurance and he can't

say that the ccp doesn't collect it. because we went back, if you wind the clock back, neil, three years or so ago, why we tried to stop tiktok. we tried to ban them. there was a social and media outcry against it. but we were acting on the intelligence of the day. that intelligence was true then. and it is truenow. neil: the parent company is bytedances right and that is under direct control of china. now they could separate but that wouldn't mean anything because china could still be logging information on browsing history, location, all of that stuff. so he could say all he wants, that is a rampant phenomenon across a lot of high-tech companies, social media concerns. it gets a little bit more dangerous when it is china. your thoughts? >> no, absolutely. you're spot on. you don't have to be a cyber intelligence expert to see the way the ccp has infiltrated our ecosystem. tiktok would literally to build,

don't even look at it from a cyber infrastructure platform, they would literal have to build new bridges and tunnels across america to carry their information that is closed off from ccp access points. they don't want to spend the tens of billions of dollars to do that and if they did that, they would actually be shut down. that is not the option that the ceo is offering today. he is offering this fake, this head fake that says, we'll allow a third party to come in and monitor it. that's meaningless. that doesn't mean china doesn't already have backdoors in place. that is why we acted. they're already there. they can't shut them out. they don't want to build a new ecosystem. neil: it does show some, a matter of influence when china itself is aghast at the notion of spinning off tiktok from bytedance or anyone else. obviously they have some influence just to say that but i did want to get your take on the breakdown of bytedance ownership because i sometimes think that can give you an early indication

of who is controlling what. now bytedance, total investors, 60% are global investors. 20% we're told are employees. another 20%, chinese entrepeneurs who founded the company to begin with but a number of chinese entrepreneurs virtually all of them in that country are tied to the communist party, the ccp. so while they might not be directly involved you know ccp party activities they are part of the very party that is in question here, fearfully calling the shots. what do you think of that? >> you're right. look the percentages to me from an intelligence standpoint don't matter. the ccp will never reveal their true partnership. publicly we can't get into the details of it but i can tell you china's methodology of intelligence collection across the board. they have ccp operatives disguised in publicly-traded companies across mainland china and the world funded by the ccp doing their bidding so they can

collect intelligence against their adversaries like america. whether 20%, 2% they have stashed the pipeline, the funding line, mechanisms needed to collect not just against america but the other 80% of ownership out there on the bytedance platform. so all over europe, all over asia it is not just they're collecting against american interests. i'm surprised our european counterparts and allies are not having the same reaction we are here in the united states. i think that is going to come next after this congressional hearing. hopefully it raises awareness. more importantly tiktok needs to be banned period. neil: well, a number of those european allies to your point, you've been anything but quiet on it, warning folks about it, reining in government use of tiktok. whether that extends to average citizens, legally could is another matter. we're following it closely. good catching up with you again. >> thanks so much. have a great day. neil: all right, kash patel on

all of that. meantime we're keeping close eye on the markets right now. they seem to like the fact maybe the federal reserve found that goldilocks moment maybe one more interest rate before the end of the year but that's about it. make they're digesting that a little more favorably than they were yesterday on fears that maybe the fed was seeing something we were not. that might be a leap. we still have about four hours of trading to go but you never know. here and only here is the guy who is a very, very big player in all of this, perhaps one of the biggest, the ceo of raymond james after this. ♪.

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♪. >> to invoke the systemic risk exception which permits the fdic to protect all depositors and that would be a case-by-case determination. that is not considered or discussed anything having to do with blanket insurance or guarantyies. neil: you know my next guest

knows far more about market fluctuations than i ever will. he is an iconic figure but paul reilly, the raymond james ceo, i have to ask you, paul, i know a lot of concern yesterday was placed on the federal reserve, what it said, what jerome powell was inferring. i really think what sort of iced the selling waves were unexpected comments about janet yellen, look we didn't mean everyone would be limitless fed backstops here and that that rattled some folks, particularly folks who thought the banking crisis was easing. what do you think? >> well, i think that yes, people overread probably her comments. it takes congressional authority to insure all deposits. we're not at that point yet and i think what people misread the events. you know we're on one extreme. we're 94% fdic insured at raymond james bank and if you took everything marked it to market, we would have less than

a 7% hit of our capital, tangible common capital which is twice what we need to be well insured. silicon valley bank had less than 15% insured deposits and you know, their mark was over 90%. most of the banking systems is right where they should be. they're well-capitalized. they have good liquidity. they have good fdic insurance and what is happening in the system everybody is afraid the whole system is weak. i think a few outlyers caused this. it should be manageable. everyone wants the absolute assurance that i don't think janet yellen could give yet. neil: the fact she couldn't and didn't, i wonder if it says something about maybe even 15 years after the fact how burnt we are from the financial meltdown, always waiting for another lehman moment, merrill lynch moment. merrill lynch sold under duress to bank of america, and i wonder when you see that, a lot of

institutions, overwhelmingly majority, yourself included are in very good financial shape? but fear begets fear, if there is a selling wave it has no rhyme or reason. it is irrational, but it is clearly damaging. do you see anything like that? in other words even flight of money from some small, medium-sized banks to big ones? that is a phenomena picked up steam over the last week or so? >> absolutely has. we've been a beneficiary. i think there are a lot of really good banks lost some deposits to the bigger banks just as people flee to safety. they may flee to treasurys, what they think money market funds, prime fund the with government securities or fdic insured deposits, you know, so that is definitely, you know been a factor that looks like it has been slowing down. but again, the fdic, i can't remember when they haven't made all des to its whole. it may not have been explicit

but, i can't remember since maybe going back to 1980 maybe, but, they have always taken care of deposits. the banking system is really safe but you're right, if everyone takes money out of the banking system, you know, banks are based on having deposits that are stable and i really believe fdic insurance, insured deposits are safe. even takeovers, taken out the next, usually made whole the next day or after the weekend. and, the banks are well-run. we need, not just the global banks, the regional banks and community banks to do their job. they're well-run. you're right. fear is irrational. that is what has caused even some of these banks that weren't well-managed, should have been matching assets and liabilities better, they should have been. but if their deposits stayed they would have worked out over time the issues too. you're right. it is the fear in the system is the only problem right now.

neil: paul you mentioned a very good point i had forgotten, even when we were losing hundreds of s&ls in the '80s, not a single depositor was not backed up. that is a very good distinction, i'm glad you mentioned it, but can i get your view of the fed changing perspective making quarter-point move it did, seemingly hinting, my impression from jerome powell, maybe one more, that might be it, we're about done with this. my read seemed to be the market as read today. that could change. what do you think? >> yeah i think first jerome powell is a lot more data than i do, anyone does, right? so they're collecting information daily from the banks and flows. they certainly have a lot of views on the economy and i view that there is no way you would have raised rates unless you were confident that the banking system was in good shape. there was a lot of speculation, should he not raise rates to say, let's let it calm down?

would that create fear? i think the fact he did raise rates a quarter of a point showed he was confident that he thought the banking system was in good shape. that he would continue to fight inflation but he said he may slow it down. we may be done with the cycle. you know, but i don't have the data he has but i think he is pretty objective and straightforward. doesn't mean he is right every time. i think he made a informed decision the banking system was in good shape. it would with stand this. neil: but he still data dependent to your point. if data indicates inflation is stubbornly hanging on, god forbid worsening, all bets are off right? the markets wouldn't like that. >> that's been the mantra he had for a long time, inflation is stubborn but takes awhile for the data to catch up and frankly where we are right now if rates continue to go up, lending gets more expensive, lending gets

tightened in these kind of situations that will bring the economy down too because you will have less expansion. you're seeing the first major layoffs outside of the tech space. you could say the tech space overhired. they are starting to lay it off. starting to see it in some service spaces today. all that will slow the economy. so you know, when inflation tames out i don't know but certainly, for most people, keeping up with inflation when you're tight on mortgage payments, food costs, gas costs is important for society. the question, how do you do it? probably should have started a lot earlier but we are where we are. neil: we are where we are. paul reilly, thank you very much. paul is the raymond james ceo, very critical figure in this whole big picture here. he was referring to what is going on now in the inflation front. clearly if you look at the bond market what is going on with the 10-year note, back under 3 1/2%, the betting seems to be we have

a slow down here, not too. of one. that gets back to the soft landing they always talk about, wanting to orchestrate. maybe he still can. that is jerome powell. we'll see with the 10-year looking 3.43%. in the meantime here no grand jury action on former president trump out of the new york d.a.'s office. so a lot of people are asking, all right, so appears to be next monday they meet again? so is this arrest, indictment, whatever you want to call it, is it going to happen at all, after this? ♪ you'll always remember buying your first car. 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. (psst psst) ahhhh...

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so it's decided, we'll park even deeper into parking spaces

so people think they're open. surprise. [ laughs ] [ horn honks, muffled talking ] -can't hear you, jerry. -sorry. uh, yeah, can we get a system where when someone's bike is in the shop, then we could borrow someone else's? -no! -no! or you can get a quote with america's number-one motorcycle insurer and maybe save some money while you're at it. all in favor of that. [ horn honking ] there's a lot of buttons and knobs in here. ♪. neil: all right, no grand jury action in lower manhattan today concerning one donald j. trump and alleged payments he made, told he made back in 2016 before

his presidential run. we're told that regroup grand jury next monday. there are no guaranties there but where does this all stand? katie jacowski former federal prosecutor. where do things stand, katie? >> i think we're still in the same place. there is no guarranty the d.a.'s office will issue an indictment. now they might be second-guessing that. the worst-case scenario for a prosecutor to bring a lackluster case especially against donald trump. i think they're vulnerable on so many fronts i'm not sure the final decision has been made. neil: who makes that decision, excuse me for ignorance? we hear that dispute in the alvin bragg's staff, he got ahead of his skis here, pushing something that might not

materialize, donald trump ran with that, saying arrest is imminent, i'm going to be arrested but how does that all work? >> well alvin bragg does have the ultimate prosecutorial discretion whether this case goes forward, that is assuming the grand jury issues an indictment. if they come back to say there is no probable cause here, that will kill the case. they cannot proceed with a prosecution at that point because obviously if there is no probable cause which is a very low standard there not be proof beyond a reasonable doubt for all practical purposes. in terms of prosecutorial discretion alvin bragg retains that. whether the grand jury votes to indict is still up in the air and i think there is a lot of questions not only on the facts because there is plenty of credibility to go around for the prosecution's star witness, without the law i don't think they get past the basic issues, statutes of limitations, things of this sort that have not been highlighted this month.

there is a lot of vulnerability for potential prosecution here. i don't know that they want to take that step here. neil: you know, i wonder too, whether, katie, there is ever coordination or at least phone calls involving other legal issues that could come up for president trump? the january 6 thing, the classified document thing, the georgia, did he call to influence the election result thing, that maybe any one of the participants involved in any one of those could call up alvin bragg, hey, you're killing us here? we've got something far more substantial, you are sidetracking us? >> i have absolutely considered that. i think this prosecution is incredibly weak, not to say that the others are stronger but they certainly deal with more significant allegations and so that could very well be consideration because a failed prosecution of donald trump is going to do nothing more than energize his base energize him

as a candidate and potentially, see i am into the presidency again. i think that alvin bragg may have very well gotten ahead of his skies as you said, as you said there could be talk whether this is viable, whether it is a good idea, whether they could justify it under the law but i think ongoing investigations on the federal vied would certainly be implicated or impacted negatively with a failed prosecution by a state d.a. for something like that. neil: so this looks like an indictment that might not even materialize? >> i think that it's very real question about whether the grand jury will find probable cause with the evidence that we now have seen come out on the witnesses credibility front at all. i think there is a big question about it. donald trump might have whether intentionally or not, strategically gotten himself out of this announcing this so

prematurely. neil: that's interesting. katie, always learn a lot. thank you for joining us. katie cherkasky on that. those tuning in on what was to be a day where the special prosecutor would announce maybe, maybe an indictment today, maybe an arrest today, not happening today. the grand jury not even meeting today. they try again on monday. as katie said, that is no gimme anything will happen even then. meantime have you been noticing on the corner of your screen, you see stocks running up but have you seen what is going on with bitcoin? more than a little bit of coin after this. ♪.

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yields coming down. we've seen that reflected in mortgage rates within the latest period are down pretty low right now. you're looking at a 30-year fixed at 6.42%. 15 year at 5.68%. ashley webster, following all of that, impact on very hot markets, might be buffetted by other concerns. he is in west palm beach, florida. ashley? >> reporter: how are you doing, neil. i'm in a one bedroom, one bath lost condo. i checked the fridge. no cannolis i'm afraid. this one going for $625,000, neil. mortgage rates, down 6.12%, 30-year fixed double what it was a year ago. even here in florida where all roads led to during covid certainly for home buying, cooled off quite a bit here. let me give you niece numbers. these are in palm beach county, sales compared to a year ago, single family sales down 21%.

condo sales down 38%, not a great time for realtors you would imagine. guess what, i found one right here? her name is manned today glass. broker, owner of sanders realty group. we have bidding wars, especially here in the hot, not market of florida. things have changed. >> they are gone down a bit. gone were the days you put a property on market, multiple offers, everything within a cowell days it is gone. >> reporter: people wanted to list their homes right now are reticent to do so, if they want to get another mortgage they could pay down what they have right now? >> in addition, higher property taxes increased insurance, all play as factor into it. >> reporter: a lot of investors move into florida, hedge funds buying communities, renting them out. are you still seeing that? is that changed? >> that changed as well. cooled down as well as

substantial cash buyers have now left the market. >> reporter: very good. times are rough. even agents are quitting the business. you're not. >> i'm not. i won't. i'm sticking for the long haul. i've been doing it 19 years. i saw the same thing back in 2009, 2010, it is a tough market. you have to transition with it. >> reporter: neil, thank you, very much amanda. look quickly, average price of a home, single-family home in palm beach county, right what have we got 550,000. that costs 900 more just in mortgage costs as amanda pointed you out high taxes an insurance. market is off but cooling off rapidly. neil. neil: half a million bucks, that is just what your closet cost, ashley. >> reporter: [laughter] been in my closet? neil: check that refrigerator again because my grandmother used to be the cannolis in the

freezer. before you leave. >> reporter: my mistake. i'll check. neil: you never know. you negative know. great job as always, my friend, ashley webster, in the middle of all of that. you've been looking bottom of your screen, dow sprinting ahead very, very nicely. if you've been watching crypto right now, that has been sprinting along. it is very close to 29,000 bucks a coin. back in october this puppy was around 16,000. so if you look at it effectively doubled in that time. i don't know what is going on here. whether it continues here i have a feeling invest ceo crypto investing for dummies, much more. you were expressing a great deal of faith chatting last fall where crypto was going. you were prescient about things but as we went back and forth, you know, you reminded me it is volatile, it is not for the faint of heart. what do you see happening now? >> it is literally history repeating itself. bitcoin, cryptocurrencies in general are very, very volatile.

people don't understand it, people don't have faith in it shouldn't invest in it. we're seeing cycle happening again. it is very interesting, because the first edition of my book came in during the previous bitcoin winter and then from there we saw, i'm not saying i had anything to do with it. second edition is coming out literally right now, we are potentially getting out. the thing is, i'm eyeing, there are a lot of things, a lot of factors in play, right? one of them because of all the hype, all the fomo, people get super crazy about it, bubbles burst, goes down. every time is has gone down, it has found a floor above the previous winter, so we've seen the consistency over there. i was actually thinking the next bull run will start in april of 2024 after the halving, another pattern that bitcoin kind of

follows. i'm eyeing 29,000, 30,000-dollar level. if we see a break above that, there is a god chance that -- good chance this turns into a volatile bull run. that being said the past. neil: you mentioned april of 2024. you mentioned april of 2024. what is the magic of that time? >> the magic of that time every few years bitcoin has something called a halving, that historically basically, basically -- amount of bitcoins produced. for that reason supply and demand bitcoin prices soar right after or right about the halving. that has been happening over and over again as long as bitcoin has been alive. neil: got it. we'll keep a close eye on it. kiana, wish which had more time. we don't. that is the bottom line. always good chatting. thank you, kiana. taylor riggs looking at same

markets we have cohorts on her show. what is coming up? taylor: senator mark warner of virginia to break down the big tiktok hearing on capitol hill. the rate hike you've been all over as well. all that coming up 1:00 p.m. eastern. first more kos to coast coming up next. ♪.

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ability to fight them may occur. tell your doctor if you have an infection or symptoms, had a vaccine or plan to or if ibd symptoms develop or worsen. i move so much better because of cosentyx. ask your rheumatologist about cosentyx. >> neil, i tell you, i will say something draconian. i think this federal reserve period should all resign right now. i think they blew it so bad. >> my views on jay powell are well-known at this point. he has had two jobs, one is to deal with monetary policy, one is to deal with regulation. he has failed at both. >> right. would you advise president biden to replace him? >> i don't think he should be chairman of the federal reserve. i have said it as publicly i know how to say it. neil: all right. ken langone and elizabeth warren

are not on same political page they think the fed chairman has overspent his time. he said it is time for the entire fed to step down. that is ken langone's view. elizabeth warren take it's little rich when shy supported the federal spending he is trying to fight right now. that is whole another story. we have the chief white house economist under the president trump. vance always great having you. i find it a little rich for someone backing a lot of big spending in washington to target the federal reserve for trying to deal with the inflation problem. a good deal of that spending created. that is a separate issue though but they're not big fans of jerome powell. a lot of big business titans like ken langone, big investors like kin fisher are in that camp as well. where are you on this? whether the battle on rates is complicated now by this bank situation.

the fact that he is seemed to indicate this might be it for a while this latest rate hike? >> neil a pleasure to be with you. i think we're in agreement that jerome powell has not done a great jock over last couple years. i would like to see him raise interest rates more last year, 50 basis points, something like that. start pulling down on the balance sheet. that is what is going on out there. adding all the liquidity, manipulating the overall economy. too often we look at boom period, excess government spending massive increase in the deficit, increase balance sheet of the fed, keeping interest rates too low, too long, that will eventually bust, we'll see at this point in time, something break with silicon valley bank, signature bank, others, that was a couple of shoes to drop. so many liquidity into the economy. it will start to break down here after. neil: you know if the federal reserve has indicated that maybe

because of the tenuous nature of the banking situation that this latest hike may be one more is it for a while, or that we're coming to the end of the cycle all together, you could read into that, if you're worried about inflation still, that that is a worrisome development. what do you think? >> neil, i think it's worrisome development. i mean inflation is still running around 6%, highest in 40 years. at the end of the day americans are ones that are suffering. they're facing all the massive inflation of excess government spending, money printing over last couple years. 60% of americans are living paycheck to paycheck. credit card debt is over a trillion dollars. just one thing after another they're getting hit on from this progressive, sort of modern monetary theory approach which is more of an ideology than an economic theory. we're seeing, we're seeing what happens when ever you do this sort of thing. we've seen this time and again. the boom and the bust. we got to understand the boom

period, too low interest rates, too much government spending. now we're facing a bust. unfortunately americans will have to deal with the consequences of bad actions by those in congress, the president, and federal reserve. neil: it is easy for me and others to play monday morning quarterbacks on this. there was a moment in the trump presidency where jerome powell earlier than his actions last year at this time, was looking to raise interest rates. he go the a lot of grief from lot of people including if i remember the president himself who regretted, you know, choosing him to run the federal reserve. do you think in retrospect, there is no wrong answer on this vance, had the fed chairman started and continued that process then, we wouldn't be in this kind of a conundrum we're in now? >> i mean it is possible, neil. i mean there were a lot of other factors at that time. look during 2018, 20179 we had

booming economy wasn't based on fake mon any at this policy and excess government spending even though there was ex-set government spending at time. we had highest median household income on record. lowest poverty rate on record. lowest unemployment rate across dem everything grays. that is not because people were dropping out of labor market. people were getting real jobs. we need to get back to that situation, pro-growth policies, cutting government spending, cutting taxes, cutting regulations that way we unleash the american economy. americans are like, what will happen next. what is the next shoe to drop. we can't look to policy. it has to be about the private economy. that is where productivity happens. that is where jobs happen. ultimately where prosperity happens. neil: got it. vance, good having you again. thank you very much. that little trip back in history, would have should have could have, we will never know. we'll go to have a quick break,

one thing i found interesting when vance was speaking. you know obviously the tiktok ceo is speaking before congress. it is not going well for him. but i have noticed a lot of social media stocks, meta platforms, alphabet, snap, they're up 2 1/2% to almost 9% in the case of snap. so, his misfortunes or fears or worries about tiktok, bytedance, parent company are one thing. to say that there is spillover, it is hitting all social media stocks, not at all today, quite the opposite. stay with us.

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