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tv   Cavuto Coast to Coast  FOX Business  August 22, 2023 12:00pm-1:00pm EDT

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weight. go to go low .com and see how goal can change your life. that's g o l o .com. how many states do the appalachian mountains run through? there is your choice laura between 10 and 13, but i will go with the number 13 lucky 13. i'm going with the tent. i'm going with 10 on the grounds that the appalachians are not that big, are they? the answer is 13. i didn't know they ran all the way from mississippi all the way up to new york. i did not know that are they called the appalachians that entire distance they are i'm challenging this challenging? yes we got it wrong. okay 12. seconds to go on. this program will tell you on the left hand side of the screen. the dow's down 120 nasdaq's up 34 that is it for volume company coast to coast starts wait for it now. alright well ahead of the big debate tomorrow, debating the
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mindset of the american consumer today. still buying does not as much not a major concern. but as macy's just reported. a note of caution and predict sporting goods more than just caution. the stock tanking on news that a whole lot of its merchandise is disappearing. theft is a major concern, and it's eating into profits end the company's outlook. we heard that before and where have we also heard all this thievery is likely to boost already pricing goods and stores. not a lot yet. but enough to make some consumers and shoppers pause. that is not to say that the recovery still is in on. it's just not as on as many hope. hence the mixed reaction not only to lowe's and macy's sales, but bj sales as well. most are sticking to generally okay guidance again. just not off the charts, which kind of sums up the markets as a whole today whole lot different than the unbridled optimism we saw in the markets are month or so ago. worried but not whacking out anxious
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about s and p, joining moody's and cutting more bank ratings, but hopeful so far, just a handful of bank ratings could explain why americans are worried about the economy and no doubt an issue republican presidential candidates will be pounding tomorrow because donald trump might not be there. but this issue will be and if today's retail numbers are any indication, we suspect right and center. welcome everybody. i'm neil covid. oh, so glad to have you, you know, what do you think? in terms of earnings? there are probably no better or more telling than retailer earnings and no better poll on the american psyche, either, because if you think about it as well, these numbers reflect what folks what you and me are paying, not just saying here we let our wallets do the talking. so what are we? what are we saying about where we stand? let's go to kenny polcari and can be read of the markets. and human psych, kenny . good to have you, my friend.
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you know, the real i'm always been fascinated by retail sales because this is where we could, you know, cut to the chase. if you're inclined to buy you buy and you see it in their numbers , if you're not you don't and you see it in the numbers. what do these numbers collectively tell you? well you know what it tells me is that the consumer, in fact, is starting to feel the pressure as much as they want to tell you. the consumer feels great wages going up and everyone's good. some of these reports today are being the cut. the guidance going forward has been cautious, and i think that does make sense because look what's happening right? it's getting more difficult. inflation is not going away. wages are not going up. interest rates are going up and that goes right to revolving credit card just going to heal a clones that's going to auto loans, and so it's getting much more expensive. she looked the revolving credit cards. basically bloomie's look at them. they're better than 30% if you're not paying off your balance every month, and so, therefore it's a problem and you're starting to see some of that in the forward guidance that we heard today from, uh,
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from some of these companies. you know, it's funny dicks sporting goods stood out for having a problem with thievery and all that we heard target dealing with some similar issues. and so that is an issue here. but that might be like pond skipping among retailers, but the fact of the matter is that's the sort of thing that keeps prices for those goods up , and i'm wondering if that's what consumers are facing as well. right i think that's part of it. and then we all end up paying the price for that right because they keep the prices up, and it causes us all to have to continue to pay those higher prices, which just further and trenches inflation , and i think that's part of that's part of j. powell's concern is that it's going to become more and more entrenched in. you're starting to see that you know if i could switch gears because another word for the markets, though, so far, not a out of control. one is what's going on with banks, moody's s and p between them are looking at about a dozen banks whose credit ratings they have downgraded that in the scheme of more than 4000 banks . that's a small number, and
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they seem to be limited in this latest wave with valley associated bank and america, keycorp. others like that, but but they're not saying it's a contagion yet, um, what do you make of it? and i don't think it's a contagion. look at it's funny that it took s and p three weeks to jump into the fray here, right back, same thing. right and then moody's and then you know, we can have flatter recipe has to jump in, and i've got a little bit of an issue because all these all these three ratings agencies, they sold their soul out back in, you know, right before the crisis when they marked all that stuff up, triple a and triple a plus and you know, quadruplet and everything was fine until the world fell apart. so i think look at today's s and p downgraded these key banks. these banks are under some pressure as a result of that, but i don't think it's a contagion. i'm not getting the sentence of contagion rates going. up yes. is it going to be you know some pressure on these banks? yes, but we know that right? and i
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would imagine the fed has to understand that as well. i was you know, i follow a lot of big investors, especially those successful yourself included kenny. but ken fisher was among those saying, i'm not deterred by any of this, so just paraphrasing here. this is sort of what you get in a bull market. that's just sort of coalescing. the bull market is still on. don't be concerned or shaken off by these developments. what do you say? yeah i'm in that same camp. i don't think you know when i said in my note this morning. i'm not really fazed by yeah, we're going to see pressure in the stock today. sure but is that actually going to create some longer term opportunity as money comes out of incidents. you gotta do your homework. you got to make sure that the bank is in fact solid and stable, and it's not going to have further problems online. but that just requires. you know, some analysis some homework, but i'm in the same campaign as ken fisher on this one is i'm not overly concerned about this. alright ken. thank you very much. a smart ken in your own right? my friend kenny polcari. the aforementioned can fisher my special guest on this show. tomorrow to expand on a
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little bit. what can was just mentioning. meanwhile let's go to grady trimble out in milwaukee. the sight of the big debate you might have heard a thing or two about but now, of course, absent one major player , but grady, how are things looking there? despite the fact that former president trump won't be here. the voters we've talked to want to focus on issues and one of their top issues, neil is the economy. they want to hear what republicans are going to do to bring down inflation and turn the economy around. in fact, some of the eight candidates who will be on the debate space stage tomorrow night are already here in milwaukee, pitching their plan to fix it. so i understand what has to happen, and that is the foundation of a growing economy is reducing the regulations, making sure we can have a pro growth energy policy and then control federal spending. those kitchen table topics like the
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economy could be winning issues for republicans, and that's because 80% of voters say it isn't bad shape right now, according to our latest fox news poll, more than half of voters blame president biden for making it worse. and some here tell us they feel it every time they go to the grocery store or gas station. how do you feel about the current state of the economy? if you had to, you know, rate it like i had to rate it on 1 to 10 by, like four. i don't know. i mean, right, cause it's not. it's not good. things are very expensive inflation. definitely i see all the prices go up. gasses up just came out of the grocery store. inflation is a big one. where this whole economy has gone is not good. it is worth noting that president biden was just here in milwaukee exactly a week ago trying to sell by the gnomic. so now, neil, it's going to be
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republicans turn to pitch their alternative to biden nomics. we will see which candidate stands out tomorrow night, neil. alright, grady. thank you very much. we have just learned by the way that the former president, maybe disrupting the news cycle here will the day after the debate turned himself into georgia authorities on that multifaceted indictment under the two whether he was trying to influence the georgia recount election thoughts from joseph opinion that gop strategist crystal night here as well. democratic strategist , joe what do you think? first off of the timing of the former president turning himself in? you could say that that takes the wind out of the room from a candidate who might have done very well the night before the debate or scored some points. what do you think? well, look, i'm sure president trump would much rather not be turning himself in on any day, so i think it's just the nature of where things are today. president of former president facing 1/4 indictment and so yes, it's going to be that much
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more challenging for those contenders on that stage to get the message out, but i think that beyond that they should stick to their perspective scripts remembering reagan's 11th commandment also not speak ill of other republicans should focus on the issue specifically that kana me the $1 trillion in personal credit card debt. the fact that we've got over a half million americans the wink wink. on car payments over 60 days. the downgrading of those banks. all of it is the perfect storm for americans on main street feeling like it doesn't matter how many ads joe biden wants to run, he can run from the truth, and the truth is that the economy is not working for everyday americans. you know, joe he could have that is the former president turned himself in on friday. could i think? look at some basic level , it's a bit of gamesmanship subscribed to the notion that this is some type of political witch hunt, then certainly you have to use the politics to your advantage. when it may i think at the end of the day
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what's going to come down to? what are the facts of that case and also, what is the temperament of the republican electorate? i think right now the republican electorate by and large, saying that they are rallying behind president trump that does appear to be the case right now, crystal. i'm just curious, and joe had touched on it. this idea where the president does plan to showcase this improvement going on in the economy that has this great disconnect with the american people. i guess they're going to go full throttle with this, you know, in september, and that will be a prominent theme things are picking up. things are turning around. what do you think of that? well, i agree with the administration that the economy is stronger, however, you know, there's the juxtaposition that americans are feeling the rate of inflation when they go to the grocery store when they go to the pop. but if we look at the numbers, just raw as they are, gdp is up. inflation is down. you know the president with the american rescue plan 1.9 trillion into this economy, and so factually it is stronger is
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how the president and his team messages this how they go into each stage. and say, this is what's happened. small businesses have grown in their respective states and your respected communities. although inflation maybe high when you go to the grocery store, you know, crystal. you're right on all technical counts. the numbers are well off their worst levels, inflation as well off, it's worse, you know highs , but it is still high, and these numbers are still problematic and the mood of the american people is what it is, and it's pretty foul when it comes to the economy, and they seem to be reflecting that and taking that out. on joe biden. do you think he is up to the task of responding to that? or that he doesn't seem to be doing any of that? well i think we have to give the president and his team time. this is a critical moment where there are , you know, testing their messaging going out really trying to sell this plan you mentioned at the beginning of this segment that the president was already in wisconsin,
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talking to voters talking to constituents about what his economy is doing. he's announced the safe plan for you know, student loan borrowers. that's something that's new. that's coming out that hopefully he'll roll out and that will be a big sticking point for many americans who are feeling the pain. or the you know. problems in their pocketbooks when they go to the stores. you know, joe, if i can switch back to republicans right now, and you know donald trump not being there for the debate. he seems to be saying, i'm not going to go to any debates anytime soon. i don't know whether he means that, but this could cost him. i mean in iowa has refusal, i think back in 2016 to go to an iowa debate. he later lost that state to ted cruz, of course, is a different debate is an opening debate in wisconsin. i get all of that. but do you think that approach i can afford to do this belies the fact that historically, those who put off regretted it. look, i will say this. i think that if you're looking at where the president is, i meet the
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comparison to what happened with barack obama and hillary clinton back in 2007 into 2008 were yes. the national numbers were quite large for hillary clinton. but if you look on the ground, it was very much a single point race. and if you juxtapose that were president trump is right now it is a tale of a much different tape, where he has a commanding lead nationally, but he also has a fairly commanding lead. those iowa caucuses as well. so i think again, competitors are running out of time. if you're looking at trying to put those timelines side by side and they're running out of opportunities to step up to the plate. and certainly with president trump. i think he has the advantage of being able to say in a pre covid economy, there were 7 million jobs created and now we're looking at people in the biden administration trying to explain macro economics to americans living paycheck to paycheck and hiding their car from the repo man. of course, i don't know. it's quite as dire but one thing that comes through again and again. is the
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concern among a number of prominent democrats with whom i chat. i don't know if you're among them crystal that the president might have a good message, but he's a lousy messenger. that concern is an aging and increasingly befuddled one. what do you say to that? well i've heard that was saying, you know, complaints or, you know, cripples if you will, and you know, i always say there's no appreciable difference between 80 76 were comparing president biden and donald trump. i think you know there are some challenges around the messaging again, and i always say this administration has to go out and do message testing to see what resonates now when we talk about the messenger being joe biden. that's where he has to tap into surrogates. he has vice president kamala harris he has a number of people in his cabinet that he can utilize on the campaign trail to sell his message to the american public. and so if he's the problem, less less joe, though, don't rely so much on the president remind reliable service. use all your tools in the toolbox.
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that's what i'm saying. i don't know. i mean, look blocks, but i've heard of how important they are. i want to thank you both seriously and jones. sorry to jump on you there, but we're out of time. but let's see how it all closes up tomorrow night. and, of course, have it reverberates the next day, even though that is the day that the president plans to be formally arraigned in georgia will be hearing a little bit more. their take on that. in the meantime here, the dow down about 168 points were also waiting for big news to come out tomorrow and nvidia. of course, the artificial intelligence play the stock down a little bit right now, but great expectations that it will be seeing great earnings that could send that easily to a new high. we're on that after this. i'm gonna pop some tags only got $20 in my pocket hunting, looking for a come up. out of something. $20 in my pocket. i wasn't looking forward. come up. this is this program is brought to you by
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and lead the nasdaq higher nasdaq under some pressure today, scott martin king's you asset management, joining us out of madison, wisconsin, madison, wisconsin. that's a little over an hour, i guess from milwaukee. okay? about an hour from milwaukee, neil a couple hours from chicago and in one of the most beautiful places in the midwest, i probably ever seen beautiful place. so let me ask you a little bit scott about whether it will be a beautiful place for technology stocks led by in video tomorrow. a lot of people are looking at that as sort of a chance for a tech to regroup . not that this year to date and they need much regrouping. but what do you make of it? but they don't need much for grouping. in fact, they need tech to keep leading. and i think that's something that you talked about there in your lied about how the nasdaq is feeling pressure because nasdaq my friends off considerably from the highs earlier today, and that's really the concern. not only interest rates is kind of the backdrop. we're going to have the fed talking from jackson hole on friday, but also the fact to neil that we need companies like nvidia, the googles the apples, the
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microsoft, the amazons to keep doing what they've been doing, which is raising guidance, exceeding expectations and talking about a i possibilities in the future. oh, it seems now that it's an a i played for many, of course, has been around long before the whole ai phenomenon and gaming. what have you but some cynics who short the stock say it just locked out. it just sort of relabel or rebranded itself as an ai play, but it genuinely is least partially in a i play. so what do you think of in videos , a stock the ai phenomenon in general, that we go too far with it. what i think we have got a little far with it as far as the expectations. i mean, sometimes, neil, i wake up in the morning and i feel like i'm a i myself so maybe that could get me some higher prices in the future, too. but there is a nice see proposition with a i in the future. but these stocks like you said, have just rallied considerably ahead of what they really delivered. i mean, in video has these chips and some of the other businesses that they do. besides a i have been very good
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and part of their business for years and years. like you said, so the fact that a company comes out on an earnings report mentions a i and talks about how great these capabilities are gonna integrations in their systems and things with respect to what they're going to output that has taken those stocks up, say 10 15 20% in a day or two. so looking at how these expectations lineup within video, we do own it. we voted in the past. we've sorted as it's rallied high and then bought it as it's come back down low again, but i think in videos one to watch here, as they say, proponent of the market going forward and how we behave here at the end of the third quarter, going into the fourth quarter at the end of the year with these lofty expectations for an video, i mean what? what it it's still trades at what 50 times earnings. and i'm wondering what the earnings either have to go way way up for the stock has to come way way down where they meet in the middle. what do you think? i think they meet in the middle. i think that's probably the sad story is there's a lot of late money that's gone into a video that may be disappointed. now if you're holding video for, say, three years versus three months, i think your outcome is
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going to be good. but you're right with respect to say even 1999 2007 1 of all of these stocks out there in the nasdaq, especially treated very expensively like you mentioned 50 75 100 times earnings those came back down to levels that were more reasonable, good money. long term money came into those names and took him eventually higher and higher, and that's something i think we're going to see with a lot of these stocks. here in the fall will watch closely, scott. always good catching up with you, my friend scott and beautiful madison. wisconsin we're so focused on hillary and the storms after hillary and all the flooding that's going on in places like i do. and oregon you know, there are five different storm systems. all the weather guys are watching some very close to the us, others that might never even hit the us, but we're on it after this. my dreams. we never just see the numbers. we see the people. my dad
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alright and the fallout of that disaster in maui continues right now the president promising yesterday on a visit that he'll be there and the government will be there to offer support for as long as it takes, but at the rate things are going, it could take quite a while as we get more revelations about deaths, and this year number of people still missing and for all this time, robert ray in maui with more robert neil? yes good morning to you, actually, good afternoon to you. good morning from hawaii's. the sun has just come up. president biden was on the ground yesterday spell actually a fair amount of time here doing an aerial tour and walking the historic town of lahaina, where there is so much death and destruction there because of the fires two weeks ago. here is the headline essentially right now, and this is what biden learned yesterday from the federal officials here . combing lahaina for human remains is that that situation could go on for at least two more weeks, searching for the remnants. unfortunately of
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human beings. we are told that that number of missing and unaccounted for is still into the 18 hundreds of though, neil , i talked to a federal source last night that tells me that that number will likely come down, perhaps even into the five hundreds. in the coming days. they just feel like there's the unaccounted for that have not checked in with fema and other sources here. also death count officially at 1 15. that number will also go up, and biden made remarks throughout the date and several different locations trying to assure the people here that the historic town of lahaina, which was the original capital of the hawaiian kingdom, that it will not have land grabs. there will not be high rises that will put up they will try to preserve it as they rebuild nonetheless, and meanwhile, the people here are very, very frustrated as to again why the sirens didn't go off two weeks ago why there was not warning there is litigation against the utility companies
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here being filed because they believe that the power companies are to blame that they should have cut that power . knowing that those winds were 70 to 85 mile an hour gusts at that point, spreading the fire around. the amount of personnel here. federal sources are on the ground or it's just tremendous over 1000 from the fda, fbi and fema, and they've got more people that just continue to come in and more coroner's federal coroner's that are flying in to try and go through these dna samples from human remains, and it is just gruesome. ah and the people here want more action. there are many people that are upset at the fact that they have only received $700 checks from fema. they feel like they need more and clearly, i think they have a point. i will say maui as an island. neil is open and they need people to understand that because they thrive on tourism. that's the business. here is people from around the world coming in. meanwhile this continues. this
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is very fluid. still two weeks after neil friend. thank you very much. robert ray in maui. well in if you are trying to keep dragging all of these storms and various tropical storms that develop an unnamed storms are really talking five or six that are being closely scrutinized right now. stephen morgan, here to figure out what we should be paying attention to and what he's paying attention to fox weather meteorologist steven what are we looking at? well, neil, you know what? we're still dealing with the remnants of hillary. that's been really the talk about in the west coast. but as the remnants still move through the intermountain west, notably a little closer to the divide in idaho and western montana, it is helping with some of the fires, especially around spokane that have started and grown quite a bit some moisture streaming in from the four corners. but the desert southwest not going to have that long of a break away from tropical moisture. i'll explain why, as as you had shown, we've got quite a bit of activity in the main development region specifically of the atlantic basin. it's almost as we head
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toward the peak season. the atlantic basin has woken up. but harold of note just a couple of hours ago, made a landfall there in padre island. you've been there before. it's a beautiful island, especially south padre. those winds at 50 miles an hour. in fact, there were a couple of gusts in excess of that corpus christi feeling the wind feeling and experiencing some pretty heavy rain to it's the wettest day since april 23rd. so it's been some time south texas has really needed this rain and it's not just the southern part of the state. it's throughout the hill country, west texas and wouldn't you know that it's this sort of help from the tropics that will maybe put a bit of a dent in the ongoing drought that we've had in texas ? that's worsening here? a couple of the wind gusts as we speak nearly 50 mile per hour wind gusts in corpus christi, so it feels like a tropical storm and harold doing a number there. power outages a little more sporadic at the moment, but watch it as it crosses over northern mexico right along the rio grande valley and then eventually getting into west
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texas, where flood watches are in effect, so that's some good news too much of it in a short period of time, especially when you deal with topography. well, we saw what happened out in southern california, so we'll watch what occurs there in south texas. shouldn't be as extreme and then we head out into the caribbean. we still have tropical storm franklin that we're watching franklin could be making a landfall in the dominican republic, producing quite a bit of rain in excess of a foot. so that's the next one after harold to watch neil back to you, all right, thank you. i don't know how you keep traffic, my friend with a lot to keep track about stephen morgan. following all of that, we're also following the president's new plan to address student loan debt. i think this is like the third or fourth incarnation. this 1 20 million americans might be potentially eligible for whether it'll pet. of course munster or not, i have no idea , but but it's not quite that simple will explain and explore after this the world. tonight.
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ever evolving enabler of bold decisions and asset more relevant than ever before. gold your strategic advantage. alright 20 million students. former students on this is the time where they're going to have to realize a pause on their pay back. their student loans will effectively end but there is a reprieve, a potential one from the administration. it gets a little involved little in the weeds. edward lawrence is great explaining weeds joins us now from the white house. edward, what is this one about? yeah i got to bring in my weed whacker for this one. yeah so the president joe biden now is announcing now another plan to allow people to step up and get help with their payments. it will all cost taxpayers an additional $475 billion over 10 years, according to the pen warden budget model. now it breaks down like this $200 billion of it would be added to
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the federal debt this year in 2023, then another 275 billion over 10 years for the new loans were payments are reduced. the plans called saving on a valuable education or safe. and it would mean that people would pay 10% of their income after food and housing costs on student loans. the president reduce that percentage now to 5% so if you make $32,000 or less, you pay nothing on a student loan each month. say it again. president my administration will never stop fighting, deliver relief to borrow it and bring the promise of college to more americans. and that's a commitment. that's a new video from the president . he's touting that he has already forgiven $116 billion in student loans for 3.4 americans. this confluence of programs comes after the u. s. supreme court rejected the president's one shot plan to forgive 440 billion in student loan debt. they do not have the
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authority to do this. they just feel like that's an obstacle. they don't see that as the end of the conversation and what they are trying to do is find a way to write down these student loans for a lot of people who are high income earners. critics are saying this is just vote buying for that. all taxpayers are ended up paying for especially now that we're getting into this presidential election cycle, neil alright edward lawrence joseph heading joining us again at the gop strategist and crystal night the democratic strategist. crystal ended with you begin with you. this is for those who have you know, college loans. they have to pay him back. but what if i'm someone who never went to college? but you know, i want to go into plumbing or something like that. and i got all my equipment took out a loan to get that equipment to get going. i'm getting squat, and i'm pissed. well i don't
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think that you should look at it that way. um, you know, i think that the american, the president has announced this new plan. we tell people to go to college. we asked them to go and get the american dream. and then once they do it, go to college, right and they do all the right things and they get their businesses set up or they're gonna go into a craft. what have you there getting none of this. well i do think that we have to look at it. as you know, we forgave ppe p loans. many of the republicans who are complaining about the president save plan are the same folks who got their p ppe loans forgiven. and so when we think about how we're forgiving things how we're forgiving loans across this country loans of other kids who just pursued things that didn't have to do with college. why stop there, right? well listen, i think that the president and his team they're trying to do the best that they can to deliver on a campaign promise again. this was a campaign promise. that was me get ready to run. and so
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this is something that is the second iteration because congress obviously black, the first one. and so that's why we have this second plan, which i think does help address you might be right. but but, joe, let me go to you. and by the way, pipe down, joe, when i'm trying to talk to somebody, but i am i'd be curious to so to get your read on this, and i understand the republican argument comes back and it's very sensible. look what you do for one group you're not doing for everybody, and it's unfair to those who didn't go to college or this is a you know something that's tilted in favor of even people who are more well to do than they are. so i'm just wondering where republicans take this because obviously the administration keeps pushing this because they either must poll well with their base or it must be very important. to their base. what do you think? look as my grandfather told me a long time ago. it's not what you do. it's how you do it. and when you do it we should all aspire to have an america where money is not an absolute kal to future academic success and opportunity, but we're not
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talking about future opportunity. we're talking about people that are currently benefiting from having the advantages of guarantee going to college. that puts them in a place where most americans are not. and now in the midst of what we know is a debt tsunami for all americans again a trillion dollars in personal credit card debt, the highest we've ever seen. we're dealing with credit card interest payments on average, the highest that we've had since we started tracking the statistic you're talking about americans who are looking at electric bills going through the ceiling because of this attack on everything from nuclear energy to natural gas, so the timing is not right. for most americans to be song, shouldering an additional burden on top. of all the other burdens brought to them by the biodynamics we know hasn't worked brought to us by crystal has a point on this so that you know you might be right on all the above. but the fact of the matter is there were a lot of those ppb loans that were doled out that were later forgiven. and i don't hear a lot of
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crying and moaning about that now. fair is fair. did we simply and are we simply going too far with this sort of stuff ? and if you are going to forgive loans like that, you might as well forgive loans like this. well, look, i think certainly the tpp loan forgiveness there is worth some republicans that were complaining about that. and i think the debate stage would be a time for somebody to bring that up. i think if you're looking at what we're not dealing with the people who do everything right, the people who in spite of that moratorium for the rent and mortgages emptied their savings account because it was the right thing to do the people who continue to make those car payments in spite of the fact that in the midst of that, once in a generational pandemic, they have an ad probably would have had every more real obligation to do so and chose not to. so there's all these people out there living their everyday lives who are struggling to do the right thing, and joe biden does not showing up for them. i would venture to say america is not showing up for them, and i think that is, in many ways the unique opportunity in this
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cycle. if you're looking at a potential rematch between joe biden and donald trump, or even somebody trying to kind of get in between that and pave their own way, it's about speaking to those forgotten americans as well. all right, we'll see how it all sorts out were long way from any of that electoral stuff happening that thank you guys very much on this. meanwhile is the dow corinne's a little bit more than on 13 points. we're keeping track of what the folks in the next fine show. we're getting the offering for us, brian bromberg to do that. hey, brian. hey, neil. well, parental rights. are at risk. new jersey moms and dads. fighting for the right to know what happens once the school bell rings and accused crypto crook. sam blankman freed says he can't focus on his trial unless he gets his vegan meals and 80 hd mats. okay that's all coming up at the top of the hour, but first our coast to coast after this baby.
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18334580113 or visit homeserve .com. could we be looking at a new covid wave in this country ? i don't know about that. but there are a number of variants and they're always referred to in terms of letters and numbers . egypt five fl 151 b a 2.86. i
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don't even know it, but i think i just got bingo anyway. dr marty makary joins us. johns hopkins professor bestselling author. doctor, should we worry about any of these? well, look, i think we should always be concerned about respiratory viruses that are seasonal and covid is now one of them. we've got flu. we've got rsv and covid is now a seasonal virus. we are seeing from wastewater data because many people are not testing for covid that there are an estimated half a million u cases a day, so it is rampant. my expectation is 30% or so of the population either has it or it's about to get it. so these are prevalent strains, but they're causing generally mild disease because while the virus has changed. our immune system is has not changed, and it's recognized many of these alright, but there's a pocket of americans who would be vulnerable. how do you address and what do you recommend for them? yes so it's going to be on a case by case basis, and the question is, you know
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there's not a lot of great options. first of all, these are highly contagious viruses, and you either risk profound social isolation and avoiding them or you bite the bullet and you live your life and you accept the fact that there's very little you can do to avoid it or not avoid it. now there is a booster shot that the government is going to be promoting heavily starting in three or four weeks. all three major companies novavax, moderna and fighter will become coming out with a booster shot. that's designed for a virus that was circulating a covid strain that was circulating earlier this year. it's different from the current strains that are circulating now, whether or not a crosses over and works is a complete unknown. i would recommend they do randomized control trials to prove the efficacy of this new booster shot before they push it hard. we saw that mistake, last time with the big booster shot. only 17% of americans took that booster shot last fall. and it's because they didn't run a randomized controlled trial to prove its efficacy. so those who are recommending you get this
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latest booster shot. um, what do you say? look, i think it's not a one size fits all i think for older, vulnerable people who are high risk. it may make sense. if you've had covid this year, you've got natural immunity, and that's at least as effective. we gotta stop talking about the vaccinated and unvaccinated. it's not a appropriate distinction. it's those who have immunity and those who don't those who are high risk in those who are not. i never liked the three or four weeks spacing of the doses that never made sense. the complications are primarily after the second dose. so in young, healthy kids, it never made sense to give those doses three or four weeks apart. got it, doctor. thank you very much . doctor marty mccurry on all of that at johns hopkins. in the meantime, have you been looking at bitcoin lately? for those, of course, who were getting excited when it just sort over $30,000 a coin in and out of the $26,000 level? what's going on? a guy who was sort of as a center stage role in all of this after this.
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position as crypto per coin right now, which is hovering at around $25,000 something for coin now, just over the $26,000 level. what to make of that, with grant middle in the middle group ceo, the big purveyor of all things crypto grant. good to have you back what is going on here? i know great to see you. so what we've seen is some macro economy. we're seeing ban yields at record high since 2007. we're seeing just simply investors shifting away from risk your asset classes and you know, as you're looking at crypto, obviously, we've been in a bear market for almost two years now, and i don't see the market shifting until the fed reverses course and starts dropping interest rates and i think as soon as. oops. we lost them here. opportunity finish that you were freezing out on me finish that thought. you're good. yeah. so i think we don't see a reverse into a bull market again into the fed
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starts dropping rates again, so i think it's a buying opportunity for investors in the time that they can take advantage of it if they're going to hold long, but if you're looking for short term stabilization, looking elsewhere might be better for this exact time. you know, the whole laura bitcoin and some of the other crypto plays has been this idea that, you know. have some insurance for world that just sort of blows up on you where everything that's you expect to happen doesn't happen , and we have sort of like an international crisis or just a big domestic one. and they're you know, these type investments will soar. but if you're waiting for that that can be dicey to can it. it can but realize this is this is a 3 to 5% of your portfolios as a long term investment over the last 10 years, bitcoin has exceeded all expectations and be pretty much every single ask. and we have to realize that there's going to be massive short term volatility that's going to happen, especially when you have
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extremely high interest rates and there was an influx of more capital into the economy than we've ever seen before. and about 3 to 4 year span, and now we have to kind of come back to earth and realized that's not normal. it's going to take some time for interest rates to go back down and reverse course to create another bull market. so this is just another buying opportunity. it's a long term investment. there's going to be continued volatility. and it's going to take some time before . obviously the fed reverses course because the kana me has done a lot better than you know, people have imagined november last year or so true. alright grant. that depends on your definition of long term long term for me is probably lunch sometime tomorrow, but we'll see how it all goes. always good catching up with you. i appreciate it great seeing you, neil, thanks. meantime but before we go to brian bromberg and those brainiacs on the big money show show you where the dow selling off about 134 points. we're still waiting. to get a good gauge on where interest rates go where crypto goes, where a lot of things go to you, brian. i heard you call them brainiacs. you didn't have the same thing for me. i heard you on that neil and i'm noting it

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