tv Cavuto Coast to Coast FOX Business November 25, 2024 12:00pm-1:00pm EST
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four, the answer is three days, you want, the first gaze into thanksgiving from plymouth massachusetts was sometime between september and november in 1621, additionally turkey likely was not on the menu at the first thanksgiving, now you know, three days. >> that's interesting. >> one day of solid eating is what we do these days, thank you for being on the show, good stuff indeed, congratulations to brighton for the siegel's wanted a boring day. they lost at home to the spurs, what a week it was time is up, look who's here edward lawrence from "coast to coast", what you got. >> we're going to talk turkey this hour also. >> happening now stocks soaring to kick off this thanksgiving week in the trading week o
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november, bitcoin on the other hand selling off after another boom late last week that the crypto currency ever so close to the record 100,000-dollar milestone, we will dig into every corner of the market i am edward lawrence and for neil cavuto, you are watching "coast to coast". first investors digesting president-elect cabinet pics and what they mean for economic policy in 2025 and beyond let's go to hillary vaughn live at the white house to give us more details for the pick for treasury secretary. >> scott bessent is going to be the man that helps deliver on every aspect of president-elect trump's economic agenda, trump saying that bessent is going to usher in a new golden age in america from supercharging
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ecoeconomic growth from cutting taxes for energy dominance and obliterating government waste and getting america's debt under control. >> scott is definitely someone that the market like they will be out with the monetary policy, cutting pro-growth policy and obviously on the presence agenda with tariffs as well, that is going to make the market triple. >> best as a three, three, three approach with the economy to cut the buof gdp and push economic growth to 3% and 3 million barrels of oil a day republic is on capitol hill are cheering trump's pick. >> would have a vibrant economy when you cut taxes and exporting energy and have all the energy in america then you will have a better and stronger country and everyone will be better from the billionaire down to the guy
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breaking his back working every single day for the union, this is an exciting time. >> some democrats don't like his ties to wall street, senator elizabeth warren with her expertise is helping investors make more money not cutting cost for families squeezed by cafeteria and i do not know mr. bessent will transfer his loyalty from wall street investors to america's workers. willing to work with anyone to advance the interest of working families, the energy plan 30 taking shape the transition team is already prepping a massive energy package, the plan includes increasing export permits for lng projects and increasing oil drilling offshore and on federal land with the energy package they say plan to rollout in the first few days after trump takes office. >> a gorgeous looking data on the north on. here to discuss asset management partner in wealth manager mario vander resto and hedge fund manager in fox news contributor
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jonathan hoenig. the market seem to like the pickup scott bessent as treasury secretary the house speaker's office told me what are the first bills they plan to tackle is expanded trump tax cuts are the tax plans what the market reacted to in the pick. >> absolutely, the market had a paradigm shift when donald trump came in. before donald trump came in the market was propelled by interest rates and a.i. now is to trump trade, if you look what trump did the first time around with his repatriation lowering of corporate taxes from 30% down to 21 by him cutting taxes is very simple was going to stimulate economic growth and in term a driver and a catalyst for the stock market. we seated today and at the beginning of the month the market having a phenomenal blood up 6% since the beginning of november, that's because of the policies the first time around
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2016 - 2020 what did the stock market do it did very well by him lowering corporate taxes and by have scott bessent very smart approach he is more of a safer bet more middle-of-the-road approach i think this will bode well for the markets. >> i want to bring jonathan in on this talk to me about terrorists scott bessent will be a big boy simple bitty the 10% across-the-board the president-elect wants to do in the 60 - 1 100% tariffs on chinese goods will that push prices up to that in the raleigh. >> the best thing bessent has is it seems to suggest they will be used as a tool but in all a gelato long-term policy tariffs or taxes on america in tariffs on china, it's american importers that pay that tear of and there is so much opportunity
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for corruption when it comes to tariffs who gives exemptions et cetera. if bessent could do anything to not only tackle tax cuts but more importantly spending were spending as much of the interest as national defense is great to cut taxes but we have to cut spending for everyday americans. >> how do you deal with the federal debt it seems president trump wants to use income from tariffs to fund the savings account waste from the federal government, exactly to be en enough. >> absolutely a tall task but between buyback at elon musk and their goals of cutting $2 trillion that could be instrumental in cutting down our spending. if you couple that with tariffs who are bringing in muddy it's a two-pronged approach that i think trump has a game plan for and getting her deficit under control and lowering and
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interest rates in december of 52% probability rate that we will cut rates and if we cut rates that will bode well for the market. i believe in totality and cutting their own spending and finding out where our government waste is and cutting the waste and implementing tariffs. more so i agree with the sentiment in end-all and be-all and having the layered approach with that. >> the markets love free money or cheaper money every week i get to boost. let's stay on inflation the favor inflation rate comes out on wednesday overall the trend coming down but core inflation is stuck for the last treatment to 2.7%. >> the most interesting thing since september the said cut rates twice but interest rates are higher than they were when the fed started cutting rates, i don't figure out of the woods
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particularly because of the spending would keep in mind president ford and carter thought they had inflation in the mid-1970s rates went up over 10% until president carter and reagan cut spending and regulation trump is right this can thrive in the lower taxes and lower spending the lower regulation to shift into high gear. >> i heard that people make the connection. mario, jonathan stick around were coming back to you in a little bit an audit pushed by joni ernst found more than 800 irs employees over millions and back taxes let's turn the fox business grady trimble who is here in person and in studio tell me about this. >> standard is calling these employees that work for the irs tax evading tax collectors the irs submitted a letter that at one point within 2000 employees
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in november 8, 860 employees still had not paid up. on top of the at the time of the original investigation over the summer 1700 contractors of the irs had balances due totaling more than $17 million, since then only 600 of them have paid up, that's where doge comes in the department of government efficiency not only cutting waste but making sure people are paying their taxes. vivek ramaswamy says this is another example of rules for the not for me it is working with senator to his head of the senate doge caucus. >> i sat down with vivek ramaswamy this last week and provided him with the blueprint of $2 trillion of savings nearly immediately, those that are pushing against cutting the waste out usually, the fatcat that are actually enjoying this government waste.
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>> and fairness we should point out, more than 96% of the irs employees and contractors are tax compliant but here's another staggering number is not just irs employees who are paying their taxes when they're due, across the federal government federal employees owed $1.5 billion in unpaid taxes. >> nobody's checking the checkers. >> imagine if we did that. >> there is a doge caucus. >> is also a subcommittee of the department of health oversight they have republicans on board with this it's good to be harder to convince the democrats to get involved. >> let's bring in o'leary ventures chairman and shark tank investor kevin o'leary to react to this there is so much to ask you about let's start with thesd that nobody soldering the irs and what they do 1.5 billion in unpaid federal and employee taxes are out there.
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>> the context of taxes 1.5 billion is a drop in the bucket it is an embarrassment no question about it, they will have to fix it. obviously if this was done intentionally by the employees you have to whack them, we have to make it example, i bet a lot of this falls through the crooks and is another example of inefficiency in government. as someone does business you look at the market positive attitude among business owners that i talked with is a rally in the market all around help or are we in the honeymoon period for the president-el >> every president get the honeymoon . . . it's not very long it's an ambitious agenda, the benefit for champions the majority mandate for two years to implement what's driving this market is a sense of uncertainty being removed. you have to remember two different visions of the economy
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what was 28% tax with price control and this is a vision with lower tax and less regulation. the real stephen the market is the confidence of small business and large business leaders saving going to pull the trigger on x-uppercase-letter i'm ready to do the next project i feel the burden being taken off my back. , this is very good and the little tweak on energy i bobby not that is fantastic, 3 millior 8 million barrels, that would really give our economy complete independence of energy. >> it might lower the price of oil around the globe iran might not be able to afford what they're doing in russia might not be able to afford the illicit activities there's no dispute the tariffs are tax on every product we sell president-elect trump used
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tariffs without price increases in the first term could this plan backfired this time around? >> no exactly to backfire most of the tears being put in place are level playing field tariffs if someone is terrifying like germany and cars were doing the same thing get 10% canada and mexico it another one next year it is china we have to bring them to the table. i think we're going to crank the tariffs upon them to bankrupt their businesses. if the supreme leader knows he's going to get a diploma because of tariff policy in the u.s. because it'll get access to our markets he will come to right away the only thing that keeps him as the supreme leader is everybody gets employed. when you cut into his economy and cause pain in his economy was that the chinese people, nothing wrong with him, the supreme leader only understands
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pain. as soon as you give him pain he wants advil, the waiting advil is to fly to washington and cut a deal. >> do you think the chinese have learned from the last time dealing with president-elect trump and they're going to do things a little differently this time around maybe there counter move will be a little bit more fighting for the u.s. >> the hate trump they're scared of him, he's so unpredictable maybe that's what you need with the supreme leader, this focuses on economic war i live every day in the businesses i invested, they cheat, they steal, they copy, they fled markets, these guys play dirty, they have been doing that since 1999, not just for the u.s. market, the european markets as well everybody is getting screwed by the chinese as long as we let them continue to do it and give them the treatment which the last administration did it's time to change all that do the
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stick and pain, i say four 100% tariffs on the industry that to play a lot of chinese workers. the minute that they see that coming, they will be in washington. >> it was president trump in the first administration the brought the chinese debate to the forefront, i would ask you about bitcoin is been flirting with $100,000 level we seen a selloff, down 3800, is a sustainable or do you see this coming back down to 60 or $70000 range. >> is sustainable hearing correction portfolios there are many mandates that are not allowed to go past 1% in any one sector the same thing happen as last week bitcoin blew through all of her expectations, it's way overweighted in many portfolios we had no choice but to treatment, everybody's doing that around the world it will settle it but it's when we get compliance to regulation whether
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the cftc or what chancellor has gone out of the ftc with better policy we will find institutional investors buying a bigger waiting in about bitcoin, i see this way past $100,000 next year rapidfire on topics. you are hired who. edward: we will be back on airbnb host are planning still ahead, israel is inching closer to a cease-fire deal with hezbollah how the energy markets are responding to that right after the break. (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.
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>> this happening israel's cabinet expected to be on it has below deal tomorrow over the weekend, all sides moved a little bit closer, israel has reservations about certain it items, the white house and busy spokesperson told me we have clearly made significant progress we are not there yet, we continue to work with reaching a diplomatic resolution to allow civilians on both sides of the blue line to be able to safely return to their homes, the oil market defense stocks reacting to this, let's bring back mario barroso, why would oil a defense stocks be moving
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down on this news. >> absolutely defense stocks and oil trade counterproductive to peace in the world, if we have peace in the world and were not on the verge of world war iii and there will be a cease-fire deal and there's going to be peace, guess what defense stocks will retrace as far as oil, iran and oil that's the number one exporter, the fact that there's good to be a cease-fire and we have oil prices, west texas, $69 a barrel that's good be good for the u.s. consumer, that's good to be good for every lay investors every american. at the end of the day when oil is lower it is deflationary that means more dollars in your pocket. >> i want to ask you where do you see oil said it engine settling we know the plans from president-elect trump to bring
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oil prices down and produce more energy, you add supply with the same amount of demand, reducing the settling. >> right now if you look at oil in the chart of oil i think we will have support around this level at $69. i think oil can settle between 69 up to $75 a barrel that will be enough for companies to be profitable and that will be enough to have deflationary aspects of our economy, any product that you buy in the store and how to get there somewhere. it's a good chance that a doctor through oil and transportation and lawyer until lower gas prices, i can't believe thanksgiving is on thursday were going into the colder months on new york, oil is a big proponent of heating of having lower oil prices will be good for the economy it is settling between 70 and $75 a barrel makes a lot of sense. >> under the first trump administration oil average $50 a
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barrel why do you see it $10 more than that this time around. >> just with anything there's inflationary pressure if you compare what happened four years ago to prepare endemic levels to today i was reading the report that the price is year-over-year down 5% for turkey and mashed potatoes there at 25% from pre-pandemic levels and i think a lot of that has to attribute to oil. when i say 75 - $75 i mean in the short term the next 12 months but if trump and bessent implement these plans and i agree with kevin o'leary sunday but with 3 million barrels of oil a day would be absolutely wonderful for the economy. i think short-term that's where it settles but long-term it could go back posted pre-pandemic levels i don't know if we will get to 58 but if we get to 68 that is a win to. >> thank you i appreciate it,
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families of americans who died the fentanyl overdose are calling for crackdown on china lauren simonetti is here to explain, what are these families telling you. >> for one thing they're sick of telling their stories and nothing changing. they filed a petition with the u.s. trade representative to pursue an unusual route which is sopping terrorist of $50 billion a year on china this is a counter subsidizing the fentanyl allowing them openly on the world wide web and shipping to the united states, 97% of fentanyl that comes here is made in china to hundreds of combinations of precursors that render it lethal, the drug is killing 204 americans per day including andrea thomas' daughter ashley, she is hoping this will finally make a difference. >> addressing this economically we have a very good chance for
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china to wake up and listen in to address these policies, diplomacy is not working but hitting them in their pocketbook might work. >> economic justice, the ustr tells us they are reviewing the petition and they have until sunday to decide if they will initiate an investigation and they said china acts like a cartel, they are killing americans without firing a bullet this is a call for justice, tariffs enclosing the de minimis loophole which makes it pretty easy for imports to get through customs. >> at the heart wrenching story, thank you. >> a huge interest in coming to washington, d.c. for the inauguration and residents are encouraging aaron be host not to rent the place is out for those days we will have a live report coming up after the break.
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edward: less than an hour bio and eric menendez are said to appear in the court for the first time in 28 years for hearing on their bid to be released from prison. the brothers are serving a life sentence after being convicted of the fathers or parents killing in 1989 escorted jonathan hot does the outstanding of the district attorney change things in this. >> it may change things there
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are so many streams of this from the hearing which is underway and about an hour today the resentencing hearing which will be part of today's proceedings that actually takes place on december 11 and the clemency campaign which governor gavin newsom said he will not grant at this point of the legal process plays out. we may see the brothers today we expect to see them in a virtual setting they will be appearing by video from the present where they have spent the last 30 years in san diego, the attorneys meantime will argue as they have done over the last few months that there is no evidence that backs up the brothers eric and lyle's claims of abuse and there is new societal attitudes toward the abuse, they say that the brothers should be released and never sentenced to life without the possibility of
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parole, that is supported by some members of the menendez family, listen here. >> their actions while tragic were in a desperate response of two boys trying to survive the unspeakable cruel of their father. >> the counter argument to that is best expressed by l.a. assistant district attorney john lewin he is perhaps the most famous cold case prosecutor in the country having brought belated justice to the serial killer robert durst, even if the molestation and abuse allegations were true, that did not give the brothers the right to essentially execute their parents, listen here to john lewin. >> in your view their cold-blooded killers they got the sense that they deserve. >> in my view there absolutely cold blooded killers. >> they didn't get the sense that i think they deserve the
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sense that i think they deserve for those murders of their parents for money would be the death penalty. >> if you want to hear a lot more about the case against the menendez brothers being released, tune into the vaccination special it is available right now at vaccination, it's an interesting counterpoint to the tiktok arguments in the netflix documentary that brought so much attention to this, john lewin lays out a very detailed legal argument as to why the menendez brothers should never be released from jail. an interesting counterpoint checking out of vaccination. >> fantastic case i cannot wait to watch that this case has intrigued me for years, i appreciated in van nuys meanwhile airbnb houston d.c. telling other host either blackout the dates around terms inauguration or hike their prices fox business grady trimble is back with us. what's going on a distinct
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possibility of what these host are doing is illegal it can violate d.c. human rights act that bars discrimination based on someone's political affiliation here's the e-mail that an airbnb host to fellow dc-based host trying to get them to show trump supporters who are coming into the dmv that we don't welcome hate, misogyny or intentions to take over d.c. that calls for owners to r d.c. that calls for owners to blackout or cancel the rental properties on the day before and the day of the inauguration or to jack up the rates and donate a portion of the proceeds to a nonprofit that supports liberal causes we reached out to airbnb and this is a hasn't seen a notable uptick in host initiated cancellations that would be host blacking out the rental properties and they say nightly rates for the inauguration are typical for periods of increased demand, here is more from the statement from airbnb is as we
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connect guest and host of all political perspectives and we welcome them visiting washington, d.c. from an aggravation and committed to ensuring that this is her experience on the platform are policies and terms of service make this clear in we learn of instances where these are violated we take action, airbnb point is to reporting from the washington post that says only four people signed up to this host solicitation. as of right now it seems like a small but vocal work group that tends to be the case. >> in putting up your house for rent. >> they want people to donate of the most valuable event every four years in d.c. >> kevin o'leary we cannot get enough of them, should airbnb worry about the optics of this. >> i've always felt that the market be the market, the individual people decide what they want to do, the prices are determined, however, i will tell you someone planning to attend the inauguration it's really
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difficult to get a hotel room obviously this is a celebration of democracy the peaceful transfer of power and this time i guarantee you it'll be peaceful and i think it's a wonderful thing to attend to ac and of course you hope for good weather we had it all over the map and past inaugurations. i'm excited i may get there one way or another i don't know how far out of town i will be staying but i think the event is something that you put in your calendar and you have the memories of rest of your life, i love democracy. >> motors in washington, d.c. and maryland but for vice president harris in the selection, you think it's a sour grapes in their smaller group being more vocal, we did not see the subtraction when the iranian president spoke with the un later this year in new york. >> no question, obviously the iranian ambassador speech, again this is a demonstration of
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democracy, they are an adversary we are at war with and they get to come to new york and speak openly, freely and put out their ideas and we welcome them and we protect them and make sure they're not assassinated, they're trying to kill our president on errors again you gotta love democracy. i want to throw one more off-topic, because i can what are the thoughts would we see an uptick of mergers over the next four years and maybe some of them held off on the passive administration. do you think more mergers will be a good thing. >> mergers are a good thing if they drive fnc's. there's many industries that are fragmented and would like to merge particularly for an example in regional banking where there is a pressure to have fewer smaller banks for a
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bunch of reasons. the regulatory environment in the previous administration was punitive downright putative. pursuing a big tech companies and trying to break them up and sell off assets is not the right way to go, technology has proved itself over and over again. it's really innovation that changes the market so quickly, just when you think google can't lose something else comes along or you thought taking on facebook was the only social media platform look at what tiktok did in three years. i would really like to change management and the regulatory agencies to a more open i want to use that word. i love the way that the market works and self corrected itself i'm a market-driven guy everybody knows that but i hate a single individual deciding what is right and wrong for the market that in itself is un-american. that's what i think the market senses and the trump administration for two years we
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will get rid of all those people and we will get a different tonality to m&a and it will be a good thing for everybody. edward: in many cases those regulators are not voted into office in many cases they are there at the moment that is what doge will get maybe identifying the folks there. how effective do you think president trump is going to be this next time around the first time you saw pushback from the establishment that has been there. >> i think he is a lot smarter, i think trump to point no is going to be a far more stable trump if you look at the pics that he's brought in there is a lot of loyalty but really good talent, if you think trump to point no is going to be better, you also have the doge factor which i think is intriguing everybody to the left and right
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the idea of saving money getting rid of waste in government is really a interesting idea no matter who you are. if you can save dollars, your tax dollars and put them into a productive use autocare for liberal or conservative, i don't care who you are you have to like that idea, it's a bipartisan idea. i would really love where he's going with this and it could be a great legacy for him there is a lot of excitement in business ceos and they represent a lot of small businesses to the 5 - 500 employees, they are loving this. >> we feel in the market so far we will see how long this last appreciated, we thank you for your time, have a great thing skimming. the weather might be the big challenge should you decide to travel for thanksgiving we will tell you about it coming up after this. ♪
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the best way to bring folks together. >> don't be afraid is a wizard that should be afraid of me. >> weakening gladiator to having record-breaking debuts at the box office bringing in the collective 200 million, $270 million worldwide is the first of two films based on the broadway play that hit theaters next november, gladiator two is a continuation of the 2001 academy award best picture gladiator it's a fresh breath of fresh air for the box office, you can tune into liz claman at 3:00 p.m. where our very own liz claman will dig into all of this with imax ceo richard, tonight you might want to skip the movies and stay home, winter
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storm is expected to hit the northeast impact holiday travel, meteorologist ari sarsalari is here to throw a wet blanket on her thanksgiving. >> that sounds fantastic, we are two different storm systems one that's going on right now that's going to peek in the northeast tomorrow this is a fast-moving system overall is not could be that big of a deal we will get ice accumulation and high terrain up in northern new england and upstate new york, that is something we will have to watch out for very late tuesday and early wednesday the worst of the rain it didn't out pretty quickly. could be that big of a deal i don't think it'll cause to be problems but the worst of it will be mid day or so be prepared for that check your flight status here's the second storm system this has the potential to be stronger it takes a dive to the south in the u shape inspires the direction and the track of the center of low pressure, that allows it to strengthen a little bit more it'll be heavy rain longer-lasting elizabethan
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center friday thanksgiving day black friday a good chance for wintry precipitation it'll be in lynn i-95 will be rain with this one but the wind will be very noticeable you see the black lines, those of lines of constant pressure, you know you have strong winds that obey homework of that system in lake effects on the backside, that is the second half of friday into the weekend in very cold air out behind that, real quick with atmospheric river event that's going on over the next day or day and a half the most moisture between the bay area in southern california, this is going to wrap up by the time we get into wednesday as we take this forward in time, the timestamp the top left, wednesday thanks a whole lot more quiet that the synopsis across the country. in the west the biggest travel day in wednesday, honestly today in the east is probably your
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best bet a little bit a break on wednesday in the east as well. >> we blame the rain on you always blame the weather guy. we appreciate it as we get to the last minute shopping done for thanksgiving you may have noticed all the christmas and holiday shopping sales have started as was decorations going up you're not imagining the black friday deals and holiday shopping season that started earlier companies keep in sales as consumers under pressure let's turn to the guy running the place to taste yummy goodness the melting pot ceo bob johnston we know prices have risen and is well documented, the consumer is under pressure how are you making this environment. >> it has been an interesting time for industry. i tell you what were doing at the melting pot to respond to that and were actually more franchises right now and we handle it more in 2025.
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>> the cost of cheese is up 10% over the past four years labor costs are upcoming piece of the proposed policies from president-elect trump what do you think would affect your business the most agile looking forward. >> i think it's going to be a very interesting time for our business in many businesses. you talked about the cost of product specifically in all tell you a gentleman this is to the right whose job to pay attention to what it is that we are paying for the most important products that we serve our guest. our outlook is very positive for next year. we fight hard every day to secure the highest quality products for our franchisees in every location, we always have and of course that won't change
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going into next year or the future. >> i am curious you don't have a melting pot new york city there is no melting pot in the city itself of d.c. the location seems to be on the suburbs, is that by design? >> we have locations in downtown areas like minneapolis and we also have one on long island closest to you and closest to the city right now, we had locations in both kinds of environments we do very well and were very corrective about that. >> when you talk about growth how do you grow in the environment what specific things are you doing to allow yourself to grow. >> as i mentioned the key to our success that we grow through strategic partnerships with franchisees, most of our locations are owned and operated by people from your community in they ventured into a partnership with the melting pot we support
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them a bed of the best measure of success that they can, that has been a key to our success. >> to see that continuing only 30 seconds without using a continuing going forward. >> is a good business environment. >> i really do i think franchising is a great business model and it allowed us to have a hundred locations across the country but there are locations that we have not reached and there's way to experience a melting pot either by purchasing gift cards which are a great gift to have somebody in another location where there is a melting pot or even retail if you would have a melting pot experience in your home and all of that as part of our strategy for future growth. >> organ have to get going, is it fair to say cheese fondue torres cheese implied when you
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say cheese fondue. >> fondue comes from a french word which means to melt. in our case people think about cheese fondue they think about chocolate fondue there's a whole another question between those which is experiencing of the restaurant. >> organ have to go we appreciated thank you for your insight i do love it with my k kid, i appreciate it, stick with us we will have more "coast to coast" after this. ♪ ♪ (vo) weight loss. for so long, i felt stuck. but zepbound means change. zepbound is for adults with obesity,
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again. if it finishes like this, that would be the second straight record close in the green. reports of a possible israel-hezbollah ceasefire deal as israel's cabinet will meet tomorrow to talk about this. take a look at bitcoin. bitcoin is below that magic $100,000 threshold at the moment, down 37, almost 3800 points here, well below -- it's close to 97 over the weekend but getting very close to that 100,000 mark. not quite there as of right now. we'll be back tomorrow, and we're going to have to send it over now to "the big money show" where brian brenberg will take us through the next hour. brian: thank you very much. hello, everyone, i'm brian brenberg -- jackie: i'm jackie deangelis. taylor: i'm taylor riggs, welcome to "the the big money show." brian: president-elect donald trump completing his cabinet
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