tv Cavuto Coast to Coast FOX Business November 22, 2024 12:00pm-1:00pm EST
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keep its extinct. brian: i will go on the other end of that. they got a little verbose, when in the course of human events. i will say 1665. show is the answer. madison: that's awesome. >> it was adopted on july 4, 1776, and it was brief. a quick programming note, tune in to "the big money show," weekdays at one p.m. right at one pm right here on fox business and we would be remiss if we didn't note that stu was supposed to bring madison a bottle of wine for her birthday. in fact he has delivered so well done to you. a great day. that is it for "varney and company". it's yours right now.
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neil: it beats the cheap cupcake he gave her yesterday. i mean if it is a twist off cap, that , that tells you all you need to know about the big expense he forwarded to you but happy birthday to you and happy bitcoin day to those who own the cybercurrency. we are keeping a close eye on bitcoin, 10,000 w, it was just over $91,000 a coin, we are coming under it right now, 0. 9%. this is an incredible climb if you think about it, up 40% since the election of donald trump a couple weeks ago. it has been up appreciably, one hundred 40% this year alone so the drive to that level is akin to the dow hitting a nice round level of 40,000 or 45,000 but this is something a lot of folks are following because it seems to be buoyed by optimism the economy is going to pick up steam and inflation comes with
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that if you invest in bitcoin. lauren simonetti is following that closely. you might recall this manhattan bar famous for all things bitcoin when donald trump visited it during the campaign. what is it like there? >> reporter: that was back in september. then and now we are on bitcoin one hundred thousand watts. it could happen today. the all-time high earlier today was 99,500 and change. the people here are watching this live ticker closely. this tells you about it. people have come here watching a little more in the middle because of what you just said. this is the bar that donald trump came to back in september. he ordered a burger and then he paid for it in bitcoin. that's a huge deal because on the campaign trail he was promising deregulation for the
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industry and now that deregulation is about to happen. fox business is confirming the crypto currency council will be housed in the white house. it will do two things. it will set policy and the strategic bitcoin reserve. that essentially acknowledges bitcoin is a long-term store of value and puts it on par with something like gold. since the election, bitcoin prices as you noted are up 40%. as i said, we are watching if the 100 k level as possible today. but key patrons are saying told you so. >> it's one of those psychological levels that makes a key difference for all of us. >> this is a serious technological movement that happening, it's about doing finance different, approaching money differently. there's a lot ahead. >> reporter: one hundred k to the haters who said it wasn't
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going to happen. obviously bitcoin is bringing a lot of value to a lot of people and so many have doubted it but it is becoming a reality. time to get in now. >> reporter: as it becomes a reality is there a use case for bitcoin? i'm sitting at the bar, 90% of the people that come in here love bitcoin, love crypto currency but use their credit card. 5% of people pay with cash and guess what, 5% pay with bitcoin. bitcoin and cash at least where i am sitting are on par. that says a lot. neil: they were trying to bury it come many people said the securities and exchange commission would leave office when donald trump assumes office, many argued he was trying to bash and kill it in the crib, didn't seem to work.
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we are back over 99,000. sam callahan is among those who call this before anyone else, the author of the news block newsletter among any other skills he brings to the table so sam, the world is going your way. some are saying hitting one hundred thousand coin is going to be an inflection point but may be a selloff point as well. what do you say? >> we are just getting started and thanks are having me on the show. it is an exciting time to talk about wanted k for a long time, people laughed at us but what we knew is bitcoin adoption would continue because ultimately what bitcoin is is a barometer of global liquidity as government continue to spend and deficits continue to widen, as they continue to borrow money and print money, bitcoin will be a big beneficiary of that. i did a report that looked into exactly is this, it moved in the same direction as global liquidity 83% of the time on
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every 12 month period for the last we 10 years and so as the money printer goes up, bitcoin will go up and that is what we are seeing here along with positive regulatory environment, pro bitcoin administration taking office, congress turning bitcoin positive. this is an exciting time for bitcoin adoption. ashley: do you where you are in a bit of a melt up? regular market averages, go very far very fast and this has been a precipitous a run better than 40% since donald trump was elected. it's already up a lot substantially, 140% and some pullback is in order no matter the fundamentals. what do you think? >> bitcoin is volatile in the short-term. we can all agree on that but in the long term the trend is clear and if you look at what i mentioned with a administration taking office, we also have 276
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pro crypto candidates take office in the house, 20 pro bitcoin candidates take office in the senate. they are going to elect pro bitcoin leaders at regulatory agencies as well as the infrastructures in place to get exposure to bitcoin with the launch of the bitcoin etfs. we got options trading approved on those products so i think what we are seeing is the and tire wall street and main street catch up and realize bitcoin isn't going anywhere. to me this isn't that crazy to see bitcoin at these levels. it's just getting started from here. we are seeing the tip of the iceberg with wall street and main street. neil: countries and a number of firms building bitcoin reserves, the fact that you can trade etf options on bitcoin.
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it is getting widespread exposure. thanks very much. taking a look at it whether today's the day, just a matter of time as bitcoin hovers close to that $100,000 a coin level. charlie gasparino has been following, don't know if any of the candidates are being rumored, like a president-elect himself, our bitcoin enthusiast or embrace the technology. joining us with updated names and some are familiar. charles: dislike hunger games and mar-a-lago. and it is going on as we speak. i have heard that it is coming today. i heard it is coming yesterday when the gates news broke, this is everybody jockeying for position. one of the candidates.
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apollo's mark rowe indefinitely called trump this morning to try to make his final case that he wants the job. scott besson is a hedge fund manager, followed trump on the campaign trail and he spent two hours and mar-a-lago yesterday meeting with the transition team and he came away feeling very good about his chances. kevin worsham economist at the hoover institute, smart guy, nice guy, his name is still in the mix. he is being pushed by howard lutnick and. the transition chief tried to be treasury secretary, got commerce because they didn't want him in treasury secretary but he is pushing worsham on the theory that worsham will eventually, this according to the bessont people, the hunger
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games going on here, he is pushing because worsham couldn't take over jay powell's place as fed chair and howard lutnick could slide into treasury which is what he really wants. the guy who headed the transition team picked himself to be treasury secretary. he's at commerce now but that the jockeying and what i am hearing as of right now. dark horses could always emerge at the last minute because this is donald trump. senator bill haggerty's name has been out there. a lot of people like him. he has been a staunch conservative. all the guys you mentioned, they are all guys, will be pro crypto. i think the market, all these people pounding their chests about crypto being the next, replacement for the dollar or
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the reserve currency or whatever, i still don't know many people who purchase pizza using crypto. this could be, if you are involved in this, could be very volatile. any of those candidates would tell you that. who gets the job? if i had a gun to my head, this is just may. not saying i'm going to be right, i would say it is scott besson, he is around the hoop long enough and not out that he should be there. mark rowe one runs a big equity firm and there's a lot, when you run a big private equity firm with deals in china and all this other stuff, kind of think that is sticky to unwind. he runs a hedge fund which is not sticky to unwind and worsham is better suited as the fed chair but here's the problem. i love kevin but kevin is a traditional republican. if you're thinking of him for treasury to be powell's
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replacement, kevin is against, he's a hawk when it comes to monetary policy. that's not amaga. so just using my logic, my logic also said kamala harris would be elected based on her ground game, full disclosure, the odds are bessont. it was a close election, thousands of votes either way but i thought the ground game will put kamala harris over the top and it didn't. neil: they have to be on board with tariffs, they all have to be ready to barnes storm, that's something you normally don't see in the treasury secretary position but different treasury secretary in this administration. charles: that's why i think
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bessont is the odds on favorite. mark rowe when is not for tariffs and does business in china. worsham traditional republican. can't imagine he is for tariffs. a senior advisor, fed watcher for a hedge fund, not a tariff guy. bessont runs a hedge fund and has put out papers supporting the maga agenda of tariffs using them as a tool. neil: the boss is keen on this, you are. george bush senior when he called reagan tax cuts voodoo economics ended up being his running mate, fully endorse him. charles: they are like silly putty when it comes down to it. i'm giving you my odds and i could be wrong. i've been wrong in the past, can you believe that? neil: that hard to believe but that's probably just a one off. keep us updated on that. we are keeping you updated on what's going on with bitcoin on
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your screen, might be the day, 100,000 the coin, a little north of that right now or south of that, 99253 in that range, keep an eye on that. lydia, keep an eye on donald trump and the hush money sentencing that could be delayed maybe indefinitely, what's the latest? >> reporter: it seems that way because today we are hearing from judge merchan who is indefinitely's postponing the sentencing for donald trump, the new york city kernel case brought by da allen bradley resulted in the jury finding trump guilty of falsifying business records. until recently that sentencing was scheduled for this coming tuesday. now it is postponed, trump spokesperson and incoming white house direction, steven cheung says in a statement, quote, in a decisive win for donald trump the hopes manhattan case is now fully stayed and sentencing is adjourned. all of the laws about fair attacks against donald trump
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are destroyed. making america great again. i'm sure you will member this case in manhattan started fast and furious but appears it is swerving but is not over yet. chad pergram is giving lawyers until the summer second to dismiss the case, trump as president-elect cannot face criminal prosecution and continuing this case would be they say destabilizing to the government. we know that out and brag, the da is going to oppose dismissing the case. he said in paper ciardi filed with the court that the court should consider delaying all matters in this case until after trump's presidency. coming up next after this delay in the sentencing, expect both sides to take it to court filings, maybe even a hearing where they battle about what should come next. should this case be dismissed, should the stay remain in place which of the standards remain in place, for how long, it is
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possible to revisit sentencing perhaps before inauguration or maybe as the da has alluded to keeping this case open so donald trump will have to deal with it after his presidency. all those remain open questions although today we are finding out sentencing has been delayed. neil: keep an eye on bitcoin as the fed makes that approach to 100,000 the coin. also following some equities that are getting a good deal of attention, the gap is among them taking a look at what is happening is there. that stock is jumping because passengers are buying a lot, after this. ♪
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♪ ♪ with so much great entertainment out there... wouldn't it be easier if you could find what you want, all in one place? my favorites. get xfinity streamsaver with netflix, apple tv+, and peacock included, for only $15 a month. neil: still focused on bitcoin as it approaches $100,000 a coin. you might call these abnormal eyes the advances because of
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some normalized developments in bitcoin, no longer the rodney dangerfield investment. it is getting respect among a lot of countries that are storing it and building reserves with it right now. a lot of banks including epf funds and the rest including what started this week for option funds that have bitcoin as a key part of the normalization process leading to these abnormal gains of 40% since the election of donald trump, we are keeping an eye on it, 1% advance. the same advance gap is enduring today, the big retailer, 11%, it would be pushing one hundred 10,000. what is behind what the is doing? playing second fiddle to what we see going on in the crypto world. that could be a significant development with a busy consumer, one of many reasons why we are seeing almost all benefit from this rise in activity.
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madison: gap is really in the midst of a major turnaround. the apparel giant which is behind old navy, banana republic, gap, it passed wall street earnings estimates after a tough quarter affected by unseasonably warm weather and hurricanes. gap is expected to be up between one. 5, and 2% compared to previous guidance which had it up only slightly. sales also rose to 3. $83 billion up to% there. that is ahead of the 0.4% growth analysts had expected and bodes well for the all-important holiday shopping season which is very much under way. ceo richard dixon is leaning into better marketing to drive cultural relevance for the brand. he took the helm of the company a little over a year ago and has been working hard to turn the business around after years of decline.
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they've been leaning into not static marketing and celebrity partnerships to reclaim cultural relevance with shoppers. everyone is doing better on this news. look at the retailers, macy's, kohl's, abercrombie and fitch are all up, it is helping to boost these other retailers because we are looking at a strong shopping period. they are all doing better after gap beat their annual forecast. back to you. neil: a few are a retailer and use a lot of stuff and approaching the holiday season you want to see that wind at your back but madison outlined the, the president and ceo of the association, the iconic global company. good to have you. do you see what's going on with gap and other big-name retailers, target has its own problems but by and large most are saying things look good and
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expecting very strong holiday season. what about you? >> great to see you. thanks for having me on, love the show. we are seeing strong sales. i would say we have a $2.5 billion global retail footprint in one hundred 90 countries worldwide so we really have a global view of how the consumer's shopping and like you talked about gap, we are having a strong holiday season. year-over-year, we are up 5% to 10% depending how the last month goes but it will be another record year for the brand. holiday sales have been up roughly 5% to 7% so far around the world. what we've seen the us has been strong, india has been great. asia has been great. western europe has been a little bit soft, more economic pressures than other parts of the world but looks like it will be a good holiday season and we are happy about that. neil: you know more about this is an ideal, there might not be
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any long-term connection but retail stocks in general have soared and i am wondering if that is built on economic activity for the world's largest economy, the united states to pick up steam. that's the hope anyway and they are beneficiaries of that. >> the consumers felt the pinch at the high end, working class families, lower income. there is more of a relaxed nature, sense of confidence. people are feeling the pinch. the economic challenges will continue but i see more optimism with purchasing. the holiday season, they will be looking at, the deals to send so many out there. there is brand loyalty but
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consumers, if you look at what we just presented everything is in the green, lots of good feedback, we partnered closer to walmart, they had a monster quarter, and at the lower end of the pricing opportunity. neil: all of those are the model continuing to follow that. cycling in and out of the dow, the s&p, and this could be an unsettling moment. and it essentially doubles to $100,000 a coin. is getting close. we will have more after this. ♪
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of all jobs, to trim $2 trillion in spending. already raising some hackles, you are not elected to to a cabinet level position to do this but it is on and they've got their plans. grady trimble on the latest. >> reporter: we are looking for clues as to what areas they might target or make more efficient. elon musk posted on x that doge will improve the efficiency of defense spending, that is an area that never touched other than to increase its budget. we will see if they target it to cut defense spending. musk and ramaswamy right they will use the constitution as doge after northstar referencing two supreme court rulings when making the case that donald trump will cut
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government spending through executive action, they point to those two cases, west virginia versus epa from 2022 earlier this year, that's the ruling that rolled back the chevron doctrine. agencies can't impose regulations dealing with economic or policy questions unless congress authorizes it. with that in mind, musk and ramaswamy right the use of exec in order to substitute for lawmaking by adding burdensome rules is a constitutional fund but the use of executive orders to rollback regulations that bypass congress is legitimate and necessary to comply with the recent mandates. they have plenty of republican allies as they try to cut regulations and reduce spending. >> he can help with government efficiency. i think he can go through that with vivek ramaswamy.
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cutting regulations was a key formula in donald trump's first term. >> there is resistance to sweeping changes they are going to propose by mid-2026. the resistance is house democrats and unions that represent federal workers, gearing up for a fight. you can expect challenges in congress and the courtroom to vote proposals. neil: i want to give you a developing concerning matt gaetz so he could come back to congress, telling a podcast or he has note intention of rejoining congress in january telling charlie kirk i intend to be in the fight but it will be from a new perch. i don't intend to be in the one hundred nineteenth congress, a number of fantastic florian stepped up to run from ict.
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he is also being considered as a possible candidate for governor when that opens up next year. we will be following that. reaction from dan news--muser what do you make about the fact that matt gaetz is not considering returning to congress? >> i served with him for six years, super smart guy, articulate, very driven, he is a patriot. controversial. as he was pursuing the attorney general rall they decided it was too much of a distraction and he voluntarily bowed out. he is a disruptor. you could count on him and he would do the things he wanted
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him to do, they need some cleaning up but the idea he' s not coming back next term, a disappointment because he does add, we could use the vote. it will be a gap that minimizes the majority from a couple of months. with desantis as governor i am sure they will fill the seat as soon as they can. neil: pam bondi, former attorney general is donald trump's ultimate picture this position, has an easier shot at confirmation. do you agree with that? >> pam is an amazing person, she's really smart, she has been a prosecutor for 20 years. 8 of those years as attorney general, third-largest state, florida, the focus of substance
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abuse, opioid abuse, medicaid fraud. fit so perfectly into the doge and dealing with the epidemic of substance abuse due to open borders throughout the country. she will be great. neil: we've been talking about bitcoin on the verge of hitting a seminal point, one hundred thousand dollars a coin. $45,000 of this run-up has come since the election of donald trump but under his presidency and the republican house and senate it will be a more receptive environment to crypto currency and other players. do you agree with that? >> we are looking at it holistically and not fighting against it. i'm on the financial services command we set up some practical pragmatic sensible reforms and rules surrounding bitcoin for the united states,
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falling behind due to the democrat leadership that was fighting it. largely because it is difficult for the government to control. there's two sides to an argument, things need to be done late. donald trump is leaning in on it. it is important and its value and very positive development that will have oversight. neil: a lot of breaking news you handled flawlessly. great thanksgiving, congressman dan meuser keeping an eye on a lot of investment possibilities. turkey is never an insult to my next guest who is very into turkeys. after this.
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it's our son, he is always up in our business. it's the verizon 5g home internet i got us. oh... he used to be a competitive gamer but with the higher lag, he can't keep up with his squad. so now we're his “squad”. what are kevin's plans for the fall? he's going to college. out of state, yeah. -yeah in the fall. change of plans, i've decided to stay local. oh excellent! oh that's great! why would i ever leave this? -aw! we will do anything to get him gaming again. you and kevin need to fix this internet situation. heard my name! i swear to god, kevin! -we told you to wait in the car. everyone in my old squad has xfinity. less lag, better gaming! i'm gonna need to charge you for three people. is catherine, this turkey taste half as good as it looks, we are in for a very big treat.
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>> save the next for me, clark. >> okay, eddie. >> look at that. >> sorry. neil: that the exception. most have a good turkey. my next guest make sure that happens if you purchase one of his turkeys. the butterball ceo kind enough to join us. this is your season. very fit and all that, i generally like people who run gigantic food companies to look like me but you don't to. anyway, tell us about the demand that might be fostered, they are cheaper this year.
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>> thank you for having me. you are right. we are seeing better pricing at the retail level than we have in the past year and we track how sales are going on a daily basis, retailers have been strong ahead of last year already. the consumer is seeing a value for the turkey they are getting. neil: can't give away secrets with herbs and spices behind their iconic brand but there is something you are doing to those turkeys that are keeping them moist. can you tell us the secret so i can let your competitors know? >> appreciate your persistence. every year you ask that question. neil: i get you when you are a little tired. but you are not going to say. >> i appreciate your tenacity but we are proud of the product we provide and we know that it
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is a product that delivers for the consumers at thanksgiving which is the most important meal of the year. we are happy to partner with that. neil: if i can indulge this, i think you somehow managed to get real butter into the turkey. so as it is cooking, that butter is marinating. that is my theory. am i close? >> it's a great idea and would be great if the consumer does that but we don't put butter in. the butterball name is synonymous with the way the turkey looks and not what we put in the product. neil: other turkeys look like butterball. why would you put butter in the name? >> maybe they don't quite all look the same. it is a perfect bird every year.
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when prices were running high, really in the middle of inflation talking about people scaling back on the size of turkeys. i don't know how serious that got but with prices down what do you anticipate this year? >> we know coming into this holiday inflation is a big deal, we experienced it as the consumer has. because of that we work hard with retailers to make sure we could provide better value. turkey in general will cost one dollar a pound at the grocery store. incredible value for very good protein but we are constantly looking for ways to deliver to the consumer. they are looking to cut back in other ways but not on the turkey. for those elevating the holiday
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which is 86%, 87% will have turkey on the table and that is consistent with what we've seen before so we are proud to make sure we make good choices for the consumer, having a butterball turkey on the table is one way to have a fantastic holiday with friends and family and not break the bank to do it. neil: i wonder why it is associated mostly with thanksgiving or christmas. we've had turkeys in the middle of the summer. and i and outlier on the turkey thing? or do people concentrate on big holidays like thanksgiving? >> the whole turkey will primarily be thanksgiving, christmas, easter but we need you to be a spokesperson. i would love everybody to purchase a turkey in the summertime, that would be fantastic for the turkey business but we have other products we sell throughout the
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year. turkey at the holidays roughly 1/3 of our sales volume of the rest of the year we have every day product with ground turkey sausage and breakfast sausage and turkey bacon etc. so through food service and restaurants a number of ways we were to get turkey on the table for folks year-round. neil: i will do this for free, we can talk how many turkeys you can deliver to my house but i wish you much success. i don't think you need those. the guy behind it to get onto this the. in the meantime i want to talk about some other investments that are not fly on a wing and a prayer for looking like turkeys because they are not.
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seeing bitcoin surge and gold surge, these are joined as alternative investments but in an environment where stocks are doing well as well. david wagoner is a portfolio manager, what to make of that. great having you. what do you make of this bitcoin run knocking on the door of one hundred thousand dollars a coin. gold putting in its best week of the year. what do you make of that? >> it tells you that investors right now are looking for any risk asset. if you go back to win the election happened, a better measure of risk assets are up 8%. the s&p is up 4%. %. bitcoin is up 45% but you bring up a good point about gold. gold hasn't played as much as one would think given the moving other risk assets
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specifically bitcoin at $100,000, irrational exuberance, and a banana duct taped to a wall for $6.2 million, it tells you risk assets, for any type of currency that will depreciate over time as we see the us debt, $36 trillion and in a monthly you have the debt ceiling come back in play. this is for people to play risk assets and a different way to do the debt ceiling. neil: this is an asset where
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stocks hedgers, bitcoin commodities led by gold, they can't be parting together. there will be a breakoff point. will be realization of that debt and the fact this dogthe commission is getting bigger. >> if you look at the yields like the 10 year yield at 4.4%. the market is telling you, the nominal gdp growth candidate. when it comes to debt, donald trump understands those three ways to get out of this debt situation, your currency go to the wayside which is not going to happen or inflate your way out of it or grow your way out of it. given immigration policies we will see structurally higher inflation at the 3% level but he understands that we need to grow ourselves out of this debt situation. he will push as much from an
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economic standpoint to make sure our gdp is growing at a faster clip than deficits right now. the congressional budget office stating debt to gdp percentage is 6.5%. a lot of people will bring that down to 5.5% which not because the deficit has been growing but receipts and growth are coming faster than expected which gives washington dc more fire power to put fiscal stimulus into the market and people own these risk assets. neil: that is very well explained. i will copy what you said and not attribute it to you but you explained that very nicely. have a great thanksgiving your self. david wagoner, all the major markets advancing, update, not a bad issue for bitcoin or gold or the dow. more after this.
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plans include dental coverage with $0 copays for covered preventive dental services. vision coverage that includes vision exams and a yearly allowance towards eyewear. even hearing benefits, including routine hearing exams and coverage towards hearing aids. there are $0 co-pays for in-network preventive services like annual wellness visits, mammograms, and prostate exams. and $0 co-pays for routine vaccines and telehealth visits. you get worldwide coverage for emergency and urgent care when you travel, so you can have peace of mind when you're away from home. and of course, you should be able to see the providers you like. that's why humana works with multiple large plan networks of doctors, hospitals and pharmacies. so, get the most from medicare with a humana medicare advantage plan. you can have more coverage than with original medicare with $0, or low monthly plan premiums, and a yearly cap on your out-of-pocket costs. it's called medicare advantage for a reason. so, call a
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licensed humana sales agent today to learn more, and to request a free decision guide. remember, annual enrollment for medicare advantage plans ends december 7th. humana. a more human way to health care. with dexcom g7, managing your diabetes just got easier. so, what's your glucose number right now? good thing you don't need to fingerstick. how's all that food affect your glucose? oh, the answers on your phone. what if you're heading low at night? [phone beeps] wow, it can alert you?! and you can even track your goals. manage your diabetes with confidence with dexcom g7. the most accurate cgm. ♪ learn more at dexcom.com
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meet the traveling trio. the thrill seeker. the soul searcher. and - ahoy! it's the explorer! each helping to protect their money with chase. woah, a lost card isn't keeping this thrill seeker down. lost her card, not the vibe. the soul searcher, is finding his identity, and helping to protect it. hey! oh yeah, the explorer! she's looking to dive deeper... all while chase looks out for her. because these friends have chase. alerts that help check. tools that help protect. one bank that puts you in control. chase. make more of what's yours. (grandpa vo) i'm the richest guy in the world. hi baby! (woman 1 vo) i have inherited the best traditions. (woman 2 vo) i have a great boss... it's me. (man 1 vo) i have people, people i can count on. (man 2 vo) i have time to give (grandma vo) and a million stories to share. (grandpa vo) if that's not rich, i don't know what is. (vo) the key to being rich is knowing what counts.
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julie: there might be attention on bitcoin, the dow and all that but keep an eye on oil right now it is up 4% of this week, we get indications from flatterer putin that he will continue using hypersonic ballistic missile tests, no one else has a weapon like this, these missiles can fly 8,000 miles per hour a mph and he's been hitting ukraine targets so book continue doing the same here as the west continues to drag as he says into world war iii but that is adding some buying of oil on a safe haven in something like that or up when something like that happens. taylor riggs and "the big money show" guys here.
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