the i.r.a. aims to unleash new energy technology investment, and accelerate the transition to a clean energy economy by unlocking transformative change. it not only builds on low carbon energy systems, but also delivers energy and good paying jobs, particularly, for communities that are underserved or overburdened by pollution. according to the department of energy, the i.r.a., in combination with the bipartisan infrastructure law, will allow the u.s. to cut emissions 40% below the 2005 levels by 2030. and, put the country on the path to achieving net zero by 2050, in line with the long- term strategy plan unveiled two years ago. as we have explained, we all know that success is not predetermined, particularly, plans as ambitious as the i.r.a., and the one-year anniversary, we think, is a good time for some stock taking. how was it working across the country? what are some practical on the ground challenges? how do we overcome them to maximize the potential of the i.r.a.? importantly, on whether

the to use on how effective the i.r.a. is and how financial market have been allocating those risks . we can leverage that. there were elements during the gestation and it looked like all hope was lost. >> excuse me. >> all hope was lost in major climate policies seemed to go to zero and then july 27, 2022, the i.r.a. was released. the entire build was released, and that was a surprise. that makes a great case study, typically, the climate policy comes out in dribs and drabs and is negotiated. they were tortured for a long time before it was put to death , so these are great studies and we see that in this research , where it's an institution and the hutchins institute, hutchins center with these co- authors, but we are looking at the stock market response to these events with climate policy with section 0, looking at the broad indexes and the individual firms and seeing the greener firms, or the low carbon firms, the low emissions firms on intensity, or by reading those scorers, that these greener firms did much better. t

the implementation of i.r.a. chose providing adequate resources of the irs dramatically improved services with people and the effectiveness of the overall mission. in the 2023 filing season, i.r.a. investments allowed the irs to create and adopt digital tools to process tax returns more efficiently. the agency greatly improved in- person service, service over the telephone and online customer service. we know a lot more needs to be done. i have a constituent who came in to see us in august. he and his wife had filed taxes in april. they got their refund from the state of maryland in two weeks. after five months in multiple attempts to get the irs to send their tax refund, they still could not get it. they reached out to my office in desperation and we were able to work with the taxpayer advocates to make it happen. nobody should have to go through that experience in frustration like that. we know that you are making improvements and moving in the right direction you are writing against the background of decades o

another negative narrative to add to the i.r.a.ont of an election year, which is already possibly confounding and complicating a sector that has been, you know, not the best, to say the least, over the past year or so. >> indeed, and jared, just to put a point on it then, does it make it uninvestable until 2024 until we get some clarity? >> it seems like farm, as a category, obviously other than a couple of -- that have been involved in the obesity space that we've spoken at length about all year. the multiples are very low, at multi year lows. the stock prices are at multi year lows. so i'm not really sure what takes the category higher other than, you know, a value trade, which is, you know, goes across industry groups. you know, hopefully at some point this narrative quiet down, but given the fact that the democrats seem bent on introducing new complexities into the sector. and then you've got the gop on the other hand that has been fairly active in terms of, you know, how they have been politicizing the company. it seems like t

there is an effort of treasury around the apple mentation of the i.r.a., representing for climate change. we also need to recognize that alongside these resources and alongside the consumer facing elements of the i.r.a., it is crucial to households to have information in the financial education that can help them plan for the future and react to disasters.this report is part of that and part of the overall mission of the financial literacy and education commission, which, as i mentioned, consulted with treasury throughout the production of the report. i want to take one step further and just note, you know, as secretary steele highlighted, in this report, there's a laser focus on vulnerability and exposure to hazard, communities that have been historically underserved or subject to disparities are disproportionate risk of physical and financial harm even though they are not the communities that have benefited largely from the activities that drive climate change. so, we know managing financial risk is not a new challenge, especially for low-income and underserved communities, and who are

i think the i.r.a. act hit the stocks hard in terms of government intervex. that may still continue in an election year, i don't think it will be as bad. >> you trimmed, tell us why. >> it was a trading position that went wrong. i still have unh. humana will come back. right now an election year, medicare, you don't know what they will do in terms of pricing. if i miss a slight recovery, that's fine. >>> when we come back, one commodity play has more than doubled the s&p. bryn talkington and that trade. we'll find out if she's locking any gains when we come back. power e*trade's easy-to-use tools, like dynamic charting and risk-reward analysis help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stan

we have structure tailwinds in fiscal spending whether it is the infrastructure bill or i.r.a. defense is part of that sector. there's a lot to like in industrials. they have been prey firm this year. they have not been up there with a.i., t they held in. i think industrials have the potential to out perform next year and provide other reasons for optimism outside of hope for a cyclical rally with the soft landing. >> geolitical tension giving boost to aerospace and defense. we will talk about tt later in the week. ross mayfield, thankou. >>> coming up, a cck of the top corporate stories. dives fromrail aer t whh antiompe al to ti-comtitive sale to shedtstake igrai byhe mide ofexye. illumi agrd to the deal for ail backhis 20 sing it froner idiagnoicedicin >>> in wasngton, aotenti deal on the funding for ukrae d israel alongith stnger u.s. bder protecons. speaking on "ste of e union" yesterday, joe manchin says a de could happen this week. >> i think our necessitgotiats doing a good job a the white house is committed to getting this border under control. that's wt i'm really ver

if it's an i.r.a., wake up. leadership rotation has shifted. >> the reason why in the environment you're describing next year microsoft could be down 10%. i'll give you that of absolutely. i still don't want to move away from it. in the following year you will see the recovery because the business is so strong and this isn't the end of the run for microsoft. and last year at this time, everyone, myself included, let's not own microsoft. let's move to the sidelines in 2023. where did that get you? you might be down 10% but it's still a core holding. >> microsoft is a permanent compounder. it may have periods where it's flat or even down. number two, it has a subscription model, recurring revenue. it has pricing power. number four, it has a brand name recognition you just don't get with many companies, very few. number five, they have the cloud. number six, they have ai. guess what, microsoft has a nice value. they show their smart, they have capital to expand their business. it's a perfect stock from that standpo

the reason why they're actually having to do this sale because the i.r.a.to do offshore oil and gas, so they're doing the bare minimum. they don't even deserve a participation trophy for something like this. they're basically phoning it in. will: by the way, just to clarify, that's the inflation reduction act. remember? designed to reduce inflation. and here you see the effects. it's to do the bare minimum in allowing new fossil fuel production of energy. and you alluded to it, tim, several times, one in five barrels taken offline, what economic impact does that have. well, some indication. here's the price of crude oil since the biden administration took over for west texas intermediate, it went from $52 a barrel, it's up to $72, til. >> yeah. and the problem, will, is these offshore leases take years and years to develop, so this has a really, really long tail of impact, how it's going to impact consumer prices well into the future. we have to have a rolling leasing program, and the administration let the prior one expire, and this is going to have impact

the i.r.a. charted of is that he knows it's speeches at best, but he's hoping that the more time he has to repeat it, perhaps it might take root, and someone, anyone, everyone, we'll start to believe whatever it is he sane regardless of what the law actually says. that is the nature of trump's legal battle. that's the nature of his gamble. as i said earlier, special counsel jack smith has not only coal trump's bluff, but he is raise the stakes in front of the supreme court. and, smith is right, his gamble on the nation's highest court might just pay off. somebody should probably q kenny rors the gambler. it seems like an appropriate tune here. now is thewashington post notes, the supreme court has already ruled for, or against trump, on this issue, on multiple occasions. they've even rejected his claim to absolute immunity, unanimously. that comes from a 2020 case that involved a subpoena from the manhattan d.a., for records from trump's longtime accounting firm, mazars usa. at the time, trump t

>>> i actually rolled over and called employee i.r.a., it's brooke's account, and have 20 to 30 years before i'll need the funds. right now it's sitting in the money market account, earning 5%. so would you recommend i put it in and s&p 500 -- >>> here's what i want you to do, i want you to take, starting, now every month, to get 12 of that money and put it to work. we're not gonna put it all to work in one level. 1:12. and then we get to, if we have a really bad month, i want you to double down and put one sixth in. and when we're finished and the third and fourth quarters, we'll figure it out whether you need to have a little more cash. but that's how i want you to invest that money, that's a long term money and that should be in stock, not bought. but overtime, not all at once. investing isn't easy, but it is enough to being miss fine. you just need to learn the language. forget the merriam-webster. i'm going to help you learn the language all of wall street speaks -- i'm crack-ing on the show to help you navigate more and take charge of your portfolio. that's what i want, so stay

in other words, your 401(k) or i.r.a. do not exist in a vacuum. if you are trying to save up for retirement, a stock like tesla might not be the most appropriate place to put your capital. on the other hand, if you already have a decent size nest egg set-aside for retirement and you just want capital appreciation, then high risk stocks start to look a little bit more attractive. in short, before we start making judgments about individual stocks you need to figure out what your own internal is going to look like. that's the foundation of good investing. knowing what you need so you can find stocks that suit there is needs. it is called suitability and it is important, maybe one of the most important parts of investing. let's put it another way in case that doesn't get 30. let's say you want to fly across the pacific ocean. you do it in an airplane, you don't try to fly across the pacific in a ford fiesta. if you want to pick up your kids from school, taxiing down main street in a 747 would be a little impractical. in that case, you are better off w

way to deal with pricing, and david, we have not talked enough about medicare negotiating as of the i.r.ahave medicare trying to put pressure on the drugs. you have the -- these major surance putting pressure on the drugs,nd is there any wonder that the drug stocks have been horrendous? >> except for eli lilland novo this year. >> bristol myers is terrible. >> you're right. and yocan take a look there. then there's pfizer, jim, which had the -- had a covid bump, obviously, given the both paxlovid and the vaccine itself, but as i pointed out many mes, really has not done much of anything over more than 20 years. you got a dividend, but you can take a look. you know, it's n pretty. >> dr. borla is trying. he's buying things. >> he's trying to buy cgen. >>ow is that possible? there's zero overlap. >> it's going on. i try to get a check in. listen, they're now talking -- it's already december, so next year, early next year is the and get the second request over and done with, and they are able to close. i've got no real updates for you. they thoughtt would have been some time ago, pfizer taki

. >> his audience was, or i.r.a.ublican voters that's where all of his hopes now are part resting upon he's the only social conservative left in the race so he was trying to get his record of high. >> he was attacking nickolay hilly. he >> had that remembrance. he >> was regurgitating not in the most poetic way but i think he's got his point across there. >> the talking to the iowa voters, who are our focus is on the caucus 40 days from tonight. there was another big match tonight in iowa, that a lot of republicans i were talking to are watching. that was the women's basketball game between i-states and, the university of iowa. caitlin color a stellar player hit the 3000 mark tonight. that's for some islands we're talking about not this race. >> listen we are here in alabama, they understand that sports trumps all. especially when you're talking about the college sports. >> the other thing that we have to talk about, is the trump factor. chris christie was so intent, like he's down on the campaign trail. much more on

they passed a inflation reduction act, the i.r.a., with basically nothing to do with inflation but that was nearly a $1 trillion bill. they thought maybe it was going to be $400 billion but now is estimated to be well over that. and make that bill was, was failed cylindra-type policy. it's accepted by democrats and republicans, the obama deal was a mini deal with the tax break given that was a major failure. it's largely accepted a $500 million bill was largely a failure. that's a lot of money and that's a big failure for a type of policy you're trying to create. that was $500 million. the inflation reduction act which basically mimics with what took place with cylindra where you're picking losers and winners in the energy world was in the range of $400 billion, which is far more expensive than what it was billed to be. so by being in the majority, we keep all this stuff at bay and keep that amount of monetary supply from ever reaching the system. that will -- with the addition of having to raise interest rates as high as we did would curb inflation. if i say nothing else, that's an eno

know whether it was a really 't quick flip-fp, but he flip-flopped and went and did back it and the i.r.ased and all the conservatives that liked him were furious, so he totally made the democrats mad on the way in, and all the people that were liking him, he had nobody left and had 10% approval in west virginia. >> yet, my issue is, and i've been thinking about what to address on this show, why is joe biden running? >> why is joe biden running? >> his support among young people is collapsing. >> you don't want -- i was talking about manchin. >> i realize that but that's more significant. the reason we're talking about manchin is because biden is so weak and the democrats are trying to kick all these independent candidacies off the ballot so they can't run. >> let me ask you a question, turn the whole thing around of the let's say the biden administration called you up and said, i want you to whisper in our ear on this side and say, tell us what is the message that we're supposed to deliver about the issue of age or the criticisms that you just made. if y were telling him how he shld go a