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tv   Cavuto Coast to Coast  FOX Business  December 30, 2021 12:00pm-2:00pm EST

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we'll done. let's take a look at the markets quickly before we end the show. modest gains, the dow hanging in there up 26 points. the nasdaq up 56. the s&p also up about .2 of a percent. we should also point out that the s&p had a record close again yesterday, the 70th of the year. same story for the dow a record close yesterday. can we hang on? we shall see. david asman in for neil today. david, take it away. david: we do hang on, don't we ashley. good to see you my friend. ashley: we do. david: hank on down there in florida. i'm david asman in for neil cavuto own "coast to coast." the president biden ringing the year into wilmington, he closes out the year with another kind of messy message if you can say that. the president tweeting about the best economic record in 50 years. meanwhile inflation is running rampant. a lot of americans are concerned about that.
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we have a top economist to break down what is true and what is about the state of our economy. the nightmares of travel drudge on for the 7th straight day. we have a report what you need to do before planning a trip to the airport. the ball getting ready to drop in new york city, closing out 2021, thank goodness, and mayor bill de blasio's tenure. thank goodness to that as well. eric adams is set to take office with the city realing from covid, crime and mandates. we have the man who ran against adams, curtis sliwa is here a little later this hour. you don't want to miss that. to our top story today economists warning the coronavirus pandemic has led to a new era of inflation and inequality. saying poor households are bearing the brunt of high prices. lydia hu is lear to break it down for you. lydia. reporter: david, they always say inflation is a tax on the poor and really that is what this study shows.
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it is by the penn wharton budget model. they found low, middle, income households spent about $3500 more this year for the same products they bout last year or in 2019. that is about a 7% increase. for comparisons, spending in a wealthy household went up only by 6%. the experts say there is a disparity because a larger portion of a low income earner's budget goes towards categories that increased in costs. food for example, is up almost 6 1/2% over a year ago. gas up 58% according to the consumer price index. higher earners by contrast, they spend less of their budget on these categories the experts say. now with the extra spending caused by inflation, some experts worry poverty will rise early next year as federal benefits and the child tax credit payments are phased out. but as lawmakers we continued social spending in the new year,
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many republicans warn it is the spending that is causing the inflation and continued spending will only make inflation worse. therefore exacerbating and continuing the pain in the wallets that low and middle income earners are feeling. david: finally the report points out that median wages were lower. sadly, david, we know that is not keeping up with inflation running at a 40-year high. 6.8% year ago on inflation. david: it may get worse. wholesale is up almost double digits, 9.6%. thank you very much, lydia. 'tis the season, american retail sales soared this holiday season but guess what? so did consumer debt s that a problem? jeff flock in lancaster, pennsylvania with more on this. hi, jeff. reporter: at the park city mall here, the biggest mall between pittsburg and philadelphia. beautiful. we're at center court with a
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beautiful tint. the rouge more of the demise of the american mall probably exaggerated t was a great christmas season here and at other malls around the country as well as online but a lot of us went into pretty heavy debt in order to make that happen. look at numbers from wallet hub. 36% financed christmas with debt this year. that is compared to 31% last year. the amount per person was down a slight bit. lot of people did it in the new way you heard of, bnpl, buy now, pay later. we heard that before. but this is a big business with companies like affirm, klarna, after pay, zip, paypal being probed by the consumer financial protection bureau. they are concerned there are some problems with the business model where people get the peel their payments out overtime and buying things they really can't afford and wind up in debt they can't pay. of course retails think it's a
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pretty good idea to people get something sooner than they would otherwise. we talked to the folks at lebdbuy, folks who founded that because it was a great christmas because of that. >> people were traveling, seeing families, buying presents for large groups of people and going to events. a lot of that last year was personal electronics for your home. now it is for things i need to be out in the world interactive for people. reporter: of course the other big post-christmas thing is retail returns. take a look at the numbers on this. everybody seems to think it will be a huge return time. a lot of retailers extended their return policies, more days and so consequently the prediction is, there will be over $100 billion worth of worth of returns. not so much at the mall. a lot online.
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i love the mall, david. i'm nearing retirement. come with me here if you would, mark. look at these fellows playing cards in the mall. i love that. that will be me very soon. david: wait main, hold on, jeff, jeff, you're going to rhee tire at the age 40? i don't understand. that is pretty early to retire. >> talk to me like that and i want to marry you. david: don't get your hopes up, my friend. i'm happily married. thank you for that report. enjoy your stay at the mall. despite the ongoing rise in prices, president based touting the state of the economy, tweeting out quote, we're ending 2021 with what one analyst described as the strongest first year economic track record of any president in the last 50 years. i try to say that without laughing. i'm afraid i giggled a little. reaction from deek news chairman, dave maney. dave, come on, 50 years?
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who is that one analyst, by the way, do you know? >> i don't know. joe biden's mom. no, i mean, look, david, there was, we're living in a badly disrupted economy no matter how you slice it and it seems that the president's economic policies have been pouring fuel on a smoldering fire and as a result, those disruptions are now turning into high inflation and amazingly, as we all know, he is working harder and harder every day to try to jam through more programs that will make it worse. it makes very little sense of those, very little sense to those looking at it from outside the beltway. david: the big picture is as follows. the third quarter gdp annualized is 2.3%. that is kind of a mediocre gdp for the third quarter. inflation is running at more than twice that number. that means that the economy as a whole is underwater.
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if the economy is growing less than a half of what inflation is growing, the economy is unwater. just by that alone we're in trouble, no? >> look, we're in trouble because you cannot, an economy, a market economy, a global market economy, is a fairly, think of it as a precision high speed instrument and it is spinning at amazing speed. when we shoved these lockdowns and these, these grotesque regulations on top of that economy, that machine splintered into a billion parts and the idea that we could just reassemble it, that we could have hit pause on that machine and everything would go on as normal, you could see from march 13th, 2020, you could see that the actions that were being proposed were going to disrupt the economy badly. the idea that, that simply is it going to come back smoothly and predictably and without bad
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hiccups and without bad pain to people like the lower income households as was discussed in the opening segment, that is just pure folly. it is amazing. david: it goes across all class lines, all economic lines. we did a "fox business poll" recently. 67% of americans say that inflation is caused them financial hardship over the last six months. 67%. i mean that's, it is hard for the president with a straight face to say this is the best economy in 50 years when 67% of the public doesn't believe it. >> it is hard, not hard for him apparently but it is peculiar and i'll tell you what is very peculiar about it. everybody feels the pain, pinch behavior, no question that lower income people and households in lower skilled jobs have
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overwhelmingly born the brunt and pain of these lockdowns. it is joe biden's imagined constituency of the working class has been crushed by this and it is amazing to me that, that in effect you can herald himself as a champion of the underclass when their policies are crushing them. david: exactly. a big issue for democrats is income inequality. income inequality actually decreased after the trump tax cuts as of february 2019. wage growth was $6,000 greater per family over a year. 4 million people left poverty as of february 2019. february, excuse me, february 2020. this is just before the pandemic really kicked in. seven million people came off of food stamps. blue-collar workers had bigger gains percentage wise than white-collar workers. income inequality was better
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dealt with by the trump tax cuts than by the policies of the biden administration. >> absolutely so. hey, look, this, you want to know how much economic pain biden caused the last two years? you know, arguably, not that much. you know how much economic pain has been caused to working mom or a guy who works in a bowling alley? incredible amount. david: right. >> so again, there is a different impact of letting the laptop classes you know, stay at home and do their thing while you shut down the rest of the world. it is not sustainable. david: then a couple of more facts from this poll that we did couple weeks ago, it was december 11 through the 14th. on getting inflation under control, biden's actions, 47% say biden's actions are hurting our attempt to get inflation under control. only 22% say they're helping. and then biden's social spending bill, if we go to the social spending.
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that is of course the bbb plan, 46% of the public think that this would push inflation higher. only 21% say it would get inflation lower. as the president said. the president hasn't made the sale with the public. >> well, because it is unsellable. the fundamental premise that you know, inflation is too much money chasing too few goods and the "build back better" is to throw multiple trillions of additional dollars chasing the same amount of goods. that formula doesn't work. by the way the other hidden kind of whammy in the biden administration policies, as for driving inflation, is the entire, the entire green revolution. we're going to find out because without question those gas price spikes and what is going to continue is propane and natural gas and an electricity rate is
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all due to those highly, hyper aggressive green policies. we're going to find out which kind of green matters most to the american people, whether it is that green or the green of dollars that they have left over to buy something for their kids at the end of the day. david: that is a good comparison. dave maney, good to see you, my friend. happy new year, dave. thanks very much for being here. >> thank you. david: coming up more flight cancellations continue as omicron outbreak cause as staffing shortage for a lot of airlines. >> i like, have a dog i want to get back to. so i'm really scared. >> to get a new flight. there were no flights. >> this is disaster. a lot of families are incan convenienced. i've been here at the airport since 9:00 p.m. >> 50 people spent the night here i was counting in the terminal. >> find exactly the -- [inaudible] ♪.
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first psoriasis, then psoriatic arthritis. even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. ♪. david: jetblue is announcing they will cut hundreds of flights through mid-january, expecting more staffing shortages of course because of omicron. fox news correspondent david lee miller is live at laguardia airport with the very latest. reporter: david, as the day
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progresses so too does the bad news for airline passengers. as of now there are at least 1,000 plus cancellations today, plus 2000 delays in the u.s. especially hard hit because of covid-related staff shortages in addition to winter weather problems is seattle sea-tac. flyte aware says a quarter of the flights there are canceled. looking at carriers, you mentioned, jetblue, today canceled 1% of its flights. according to -- 17%. the airline issued the warning to get passengers time to consider other options. other airlines reporting cancellations including alaska air, 14%. it is asking travelers to postpone non-essential travel. united 8% cancellations they issued a statement in part the spike in omicron cases had impact on our flight crews and people that run the operation.
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as a result we unfortunately had to cancel some flights and notifying customers in advance coming to the airport. after seven straight days of flight disruptions, many passengers are going increasingly anxious. >> we're nervous getting back home. we saw the cancellations and with increased cases of omicron. >> i don't know what i would do? i would have to rent a car, travel 1300 miles across the country. i can only imagine what they're going through. reporter: for tomorrow, new year's eve, already thousand now more than 500 flights have been canceled. what the airlines are saying it looks like we'll see more of the same at least in early 2022. david? david: wow. i'm glad i'm staying home. i imagine a lot of people though are forced to travel and they're in a tight spot right now. david lee miller, thank you very much. also in a tight spot a lot of restaurants around the country. chicago restaurants are asking
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for help calling on mayor lori lightfoot to delay a new vaccine mandate. a family-owned business says it is too much to police and has shifted to carry-out service entirely. co-owner jessica. jessica says here, i would pronounce it the spanish way. jessica joins me now. do politicians, jessica, realize what businesses are going through with all these mandates? >> so to be honest i don't think they're putting themselves in our shoes. right now it is very difficult for us to even find a cook and for us to now then put somebody at the door to ask for these vaccine cards does put a strain on our business, because i have to personally ask myself, what is more important? is it going to be somebody at the door or somebody for cooking
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for us? in order toe shorten cooking times it will have to be the cook. david: this mandate would essentially require you to hire new personnel to police your customers, right? >> correct. it would because we're already short staffed. we have, our team pack orders, taking orders and we are in a very tight space. so it doesn't make sense for us to hire that person to just keep them at the door checking these cards. david: it also doesn't do a lot for the hospitality aspect after restaurant, you know. first thing you do, how are you doing tonight, stand up against the wall, let me check you over for your vaccine passport. >> yes, i understand where you're coming from. i want to make sure it is very clear that i have to as a business follow the rules to make sure that we stay in business. i have 14 people that i employ
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so, yes, is it going to be insane to ask them for these cards? yes. but at the same time, as a business, we're already asking them for masks. so we absolutely have to follow those rules in order to stay safe. david: of course you do. >> in order to continue to keep employees. david: of course you do. i know the fines here in new york are just extraordinarily high. have they told you what the fine president in chicago if you don't follow their rules? >> no, honestly i haven't looked into it. i would have to look into it a little bit more to understand what those fines are. i don't want to, i have heard messages from people saying, well, don't comply, but it is very hard to do that, going back, to these are people i have to employ. they need to feed their families. david: what about your workers, and their own, are they, do they have to adhere to a vaccine mandate as well? >> yes. so they have to be either vaccinated or they have to then take the test weekly.
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if they're not. david: have you gone through the books and just done the math and figured out if you can survive and how long you can survive without in-dining services? >> i think i would give us a good, i mean, we are a place that people go to that, we're very fortunate to have that business but i believe that if we turn away business, we'll be turning away 25% daily. so i would say maybe couple months, couple months. everything you have been through, i can only imagine the lockdowns, first of all. of course the crime situation unfortunately is not getting much belter in chicago either. it is one thing on top, by the way, we talked in the break, you have this optimistic attitude. has this cut into the optimism you have as an entrepreneur? >> i don't have the mentality.
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i have the mentality that i have to be agile. that is something i learned a long time ago. david: yeah. >> so i have to go with the punches, roll with it and, whatever is thrown at me i have to see what else i can do to keep going. that's all, that is the only mentality i have. david: you know what the marines say. improvise, adam, overcome. you've got attitude of a marine, jessica. i wish you the very best. hopefully this omicron outbreak will pass through quickly. that is what is happened in other countries where it hit hard and you can get back to business as usual but god bless your entrepreneurial spirit. you're doing a great service to the city of chicago. tacoland is the name of restaurant. if you're in chicago, they have the best tacos in the world. >> that's right. check us out. david: appreciate it, jessica. coming up president biden and vladmir putin are expecting to be having a call today. we have the latest what we're
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♪. david: president biden is expected to speak with russian president vladmir putin today which marks the second call between the two leaders this month apparently this one initiated by putin himself. fox news correspondent rich edson in wilmington, delaware with more on the call. rich. reporter: good afternoon, david, and president biden will take that call. he is here in wilmington, delaware, at his home, ending out the year. white house officials claim it was the kremlin that initiated this conversation. white house officials are also saying that we are at a crisis moment here when it comes to what's going on in the ukraine
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area especially on the border between ukraine an russia that russia has about 100,000 troops on its border with ukraine. russia, remember, invaded, annexed parts of ukraine back in 2014. putin also invaded neighboring georgia in 2008. top biden administration officials say the united states is prepared to hit russia with sanctions that the kremlin has never seen before. >> we are, having direct conversations with russia. we are very clear that that russia should not invade the sovereignty of ukraine. we must stand up and we are standing up for its territorial integrity. reporter: republicans have criticized the white house for its russia policy including the decision earlier this year to waive congressionally mandated sanctions against the kremlin-backed pipeline project in germany. analysts say the nord stream 2 pipeline would strengthen russia's position in europe at
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the expense of american allies like ukraine. republicans are also pushing the administration to send more weapons to ukraine. >> president biden has to make clear that there will be costs and consequences to whatever putin does with the ukraine. a lot of people commentating that, these, warmongers are just trying to get us into war. hold up a little bit. there is a lot of options in between doing nothing and in between war. reporter: "the wall street journal" reports that the administration's considering redirecting weapons to ukraine once meant for the now disbanded afghan army. senior white house official says the u.s. is prepared to provide ukraine further assistance to defend its territory though the specifics on that are unclear. now u.s. and russia officials are expected to meet january 10th to discuss all of this. security concerns and problems. the white house officials are now saying that the president, both presidents, putin and biden are not expected to be directly
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involved in those january 10th discussions. david? david: rich edison, thank you very much. rich. russia's gazprom energy company said it filled the nord stream 2 pipeline with gas. it is ready to begin operations, leading many in the west to wonder how russia will use the pipeline as leverage for all these political affairs going forward? joining us is independent women's forum foreign policy fellow, former "wall street journal" moscow bureau chief, claudia rosette. great to see you, happy new year to you. joe biden really gave up our chief bargaining chip with the russians on all of these issues when he essentially released all the sanctions put on this pipeline by the trump administration. how big of a mistake do you think that was? >> it was enormous. this was back in the spring, in may. it was a green light to putin to keep pushing. what it said was, america is in
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all-out appeasement mode. it was a completely unforced error. he handed putin this tremendous leverage over europe without contesting it, without anything. here, go ahead. similar to how we got out of afghanistan. handed it over to the taliban in august. david: yeah. >> putin is pushing an probing at every weakness. right now is has a feast spread before him. everywhere he looks the biden administration backs down. david: germans love it, because they get money through it with all the gas flowing through germany. they are about the only ones in europe who like it. particularly the smaller states. you look up estonia, latvia, lithuania, all the baltic states are really nervous about this tell us why. >> well of course, look, putin, vladmir putin's grand ambition is to reassemble the old soviet empire under his dictatorship, not as a communist state but as a putin state, okay?
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and that's what he is working on, pushing toward. he is already grabbed crimea seven years ago from ukraine. he is threatening the rest. the ball sticks, estonia, latvia, lithuania, which were part of the soviet empire he wants them back. he doesn't have right to that but that is where this is going. russia holding joint military exercises with its sidekick dictatorship in belarus. there are threats going on all over the place. this crisis, david, is entirely of putin's making, believe me, he is not worried that nato is about to invade russia or that ukraine is about to invade russia. this is all sort of inverting the whole thing. david: yeah. >> president biden just keeps chatting on the phone, looking for a diplomatic path. he has got to really stand up to putin right now. this is critical. david: well there is not much sign that he will. there is a move by some
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democrats in the senate, bob menendez has a measure to reimpose sanctions if putin goes into ukraine. there is a republican senator who said about that, senator james risch about idaho. the menendez's bill the one democrats behind, telegraphs to putin to wait to invade ukraine after the pipeline is complete. does the senator have that right? >> unfortunately that is the pattern here. the thing the biden administration keeps saying if putin does this, we may do that you give putin a road map. you don't wait until after the invasion to do something. the point where vladmir putin is threatening to invade ukraine. he said he is not, but he has 100,000 or so troops amassed there. this is really what this is about, it's a became -- game of
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chicken. you don't wait until that happens. if you go ahead we might do something. you will pay for threatening us. instead the biden administration secretary of state antony blinken we're looking for senior officials there, i don't know who said it, are pushing for, we wanted to give putin a diplomatic path to resolve this crisis. well, putin wants to resolve this crisis by seizing ukraine and the baltics and reexpanding russian hold of central asia. he wants the soviet empire back. this would not abbey nine empire. they're partnering with china. i'm very concerned about how putin and china's dictator xi xinping might sequence their threats to ukraine and taiwan in order -- david: i'm getting a wrap. we got to go. we haven't talked about how much money putin will make out of all of this and how little money our liquified natural gas program which would feed a lot of europe would lose as a result of this pipeline there is a whole
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another economic sphere to this issue. claudia rosette, thank you so much. great to see you. have a wonderful new year. coming up, we'll hear from the man who ran against eric adams for new york city mayor around what he is hoping the new mayor will do for the big apple. curtis sliwa, the famous curtis sliwa is here next. ♪. i'm searching for info on options trading, and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. so it's like my streaming service. well except now you're binge learning. see how you can become a smarter investor with a personalized education from td ameritrade. visit ♪
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david: incoming new york city mayor eric adams announced he will keep the private business vaccine mandate and support as mandate for the city's public school students. our next guest campaigned against eric adams. so is he optimistic where things are headed. curtis sliwa joins us. great to see you again. the most often heard expression
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i heard around manhattan he couldn't be worse than de blasio. de blasio had horrible record with crime increasing, businesses going down. what is your take on eric adams? >> first off, you're right, comrade bill de blasio, part-time mayor is giving a big f-u to everybody on its way out. taking a miley cyrus wrecking ball to the city we love over eight years. i've known eric adams over 40 years. i know what he is capable of, i know what his rhetoric is. if he can do just a little bit of what he campaigned about it would be much better than bill de blasio but unfortunately he is inheriting a hot mess. he not only has to deal with rampant, out of control crime problem, we have emotionally dissed persons everywhere, homeless everywhere and workers don't want to come back to work. the ceo's demand they come back to the work place. they say i don't care if you cut
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my pay by a third. i have a better quality of life in suburbia. i'm spending my money in my neighborhoods, in my marketplaces. it will be very tough to get them back to work under any circumstances. david: we're looking by the way as you're talking, at sixth avenue, the week between christmas and new year's. usually wall-to-wall traffic of people from out of town, et cetera. it is like a ghost town. of course omicron has a huge thing to do with that, but even before omicron, you had this increase in crime and crime i think more than any other issue maybe with the exception of the pandemic is really hurt this city bad. even if eric adams a former policeman, has the best intentions, through what he is saying he has to deal with a new district attorney. his name is alvin bragg. he got a million bucks from george soros. that tells you a lot where his head is at, he is one of the defund the police guys, how does he deal, eric adams with a d.a. who is of the george soros ilk?
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>> he already has been in the sandbox with the new d.a. he said that they, they agree on a lot of the issues. which is specious because alan bragg, basically anything you want to do other than murder, rape, stabbing something right in their gut, you're going to walk loose. get what we call on the streets, a disappearance ticket, a desk appearance ticket for a court date sometime in the future. so if eric adams does not confront, not just this d.a., but the d.a.s in the other boroughs who are cutting loose these offenders, it doesn't matter. you can't keep locking people up, turn them loose. he has to take a stand against men and women in his own party. he talked the talk. as mayor he will have the opportunity to begin this confrontation. i will support him on that with every fiber of my soul. david: i know you will. >> these d.a.s are the reason criminals are walking the
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street. david: look at any of the perps mentioned in the press, they have a violent crime history. they were let out much too soon. there was a person in upper west side of manhattan just a week ago who smashed two ladies, crazy guy. it had been a violent criminal. he shouldn't be out on the streets. smashed one woman so bad her jaw is pushed over. permanently disfigured. let out the same day he was arrested, same day. it was two women he attacked. people like the comptroller of new york, guy named brad lander, who is a big defund the police guy, well guess what? brad land hears his landerhas own personal detail. >> he has 12, 14 different cops in different cycles protecting him. a police officer who is chauffeur and taxpayer-funded suv. this guy hates cops. wants to eliminate prisons. and he is not alone. there is a guy running for
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governor, junami williams not only like a partner with brad lander in this capacity, defund the police and prisons, lives on a military base north hamilton. you have to show idea before you can get on the base. when i was republican nominee i was afforded security detail on nypd the day i needed security detail i need to move to broke a can tone or get a job hanging wallpaper. to eric adams credit, he didn't accept the police detail, although now as mayor he will have to have some police around him. david: one thing i guarranty you 100% about everything you said, curtis sliwa does not need a police detail. he knows how to prothey can himself. great to see you, my friend. thanks very much for being here. we'll be right back. >> let's hope ur sound engineer. you need to hire.
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first psoriasis, then psoriatic arthritis. even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. ♪. david: well is time up for tiktok? the growing influential social media platform is under more scrutiny from parents claiming that the app is jeopardizing their child's health. mark meredith is here with the latest. reporter: good afternoon, david. tiktok helps one billion users to share short videos which go
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viral but sometimes the virus videos get picked up in places like amazon alexa. one mom said it could have hurt her daughter. she was horrified after of the challenge tied to an he would other ticktock video encouraged people to plug a phone charger halfway into an electrical out let and touch a penny to the exposed prongs. the good news the 10-year-old kiddied not do it but of course it could be a real disaster. amazon said when it learned about the dangerous challenge it took it down. child safety advocates said it's a reminder to monitor what is spreading online. >> parents need to be cautioned how seemingly may be funny or we might process as adults something we can blow off, globe would try that, is exactly what a kid would try. reporter: not just consumers questioning what tiktok is up to, a woman who helped moderate content on tiktok suing them because it harmed her mental
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health. she was mentally exhausted after watching videos of graphic sexual content, violence and animal abuse. we reached out to ticktock to get reaction. it is not commenting on the specific case but we got a statement that our safety team partners with third party firms critical work to helping protect the tiktok plat platform to help services so moderators are supported mentally and notion alley. the woman says she was not supported at all. we seen other companies come under fire where facebook settled a lawsuit for $52 million from complaints about its moderators. david: unbelievable. don't do what they said about the outlet. that is a bad formula. more people are struggling to keep the faith in troubling times especially millenials. according to a new pew research study, growing number of u.s. adults are not affiliated with
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any religion. theologian, former parish priest jonathan morris here to discuss from paris i understand. thank you for making it all the way to new york through the satellite. i was actually surprised, jonathan, that 63% still consider themselves to be practicing christians but it is interesting that number was 78% in 2007. so there has been this big drop. why do you think that is? >> oh, why do you think it is, that is a tough question. you know i think there is a prevailing relativism which is both moral and religious and the relativism that i speak of says that there is nothing that is more true than something else. so your truth is your truth but there is no such thing as the truth. that has come through us through academia which is predominantly very liberal. it is come to us through hollywood and come to us unfortunately through our own parents who bout into this, especially in the '60s and the
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70's. the good news, david, we see over and over again, even among the unaffiliated, those who say they are agnostic or just not connected to any religion they say they're still seeking, they believe, they have a spirituality. spirituality means we are eternal beings, we are connected to something greater than ourselves. those are the seeds of religious beliefs. david: right. jonathan, sometimes faith is strengthened in times of crisis. i think it happened after 9/11 but it hasn't, it seems to have gone in the opposite direction during the pandemic. that is to say, rather than being drawn closer to their faith a lot of people, particularly a lot of churches bout into the lockdown mentality, including the catholic church itself, they received a lot of criticism a lot of catholics wondering why priests couldn't go to live as
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rites for people dying in hospitals. it has been a very difficult time for faith during this pandemic. >> yeah, you touch on two great points. one is, in moments of tremendous pain and difficulty and persecution it is always been the institutional church that has stood up and said, hey, government, you can't determine what we're allowed to do when it comes to faith an -- and worship of god. catholic churches, main line churches, evangelical churches, protestant churches made a mistake. the bout into the sense the government can dictate. the reason during the pandemic was a loss of hope related to faith is faith in our own personal hope are connected to community. when we get isolated, completely, there is something in us that dies. the lesson here is do not allow yourself to be totally locked
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down ever, ever, again. don't do it. don't allow it. of course we have to be careful healthwise, right, especially those who are most vulnerable but don't buy into the lie that being isolated in quarantine forever is actually healthy. it's not. david: absolutely. we only have literally five seconds, will faith make a comeback? what's your guess? >> oh absolutely. the faith has survived much worse times than this. but it comes down to each and everyone of us. what do we do about it. am i going to pursue truth, god, goodness or see what happens? david: jonathan morris, wonderful to see you. very happy new year to you and your family. appreciate you coming in. >> pair press live. david: new study shedding light on possible inflation inequality issues as americans brace for higher prices in the new year. details coming up. ♪.
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david: and welcome to the second hour of cavuto "coast to coast" i'm david asman in for neil cavuto today, a busy hour ahead as the biden administration facing two major headaches ahead of the new year holidays. first, the rise of the omicron variant, catching the white house off guard as cases hit record levels and tests remain
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in short supply. we have the very latest on when americans could expect to see at -home tests arrive at their door. and the president's agenda also facing some challenges ahead of the new year, why democrats are worried a short list of legislative successes could mean major problems for the mid-terms coming up next year but first, new york city residents facing a new twist in vaccine rules as the new incoming mayor announces plans to keep at least for the moment, the private sector mandate on vaccines. fox business gerri willis is here with all of the details hi, gerri. gerri: hey, david, that's right. lots of twists and turns here, eric adams, new york city's mayor-elect will keep new york city's vaccine mandate for private sector employees, this is a surprise turn of events for employers who expected the first in the nation mandate to be deep six or at least watered down by the mayor- elect. adams health commissioner dr.
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david chuckshe saying this. the private sector mandate will stay in effect in the new year, he says, with a focus on, get this , compliance, not punishment. so deblasio's vaccine mandate announced december 6 was assumed to apply today cities 184,000 private businesses, many private sector business leaders have been complaining about this , they chased the mandate and now today, the reveal of a nasty little surprise for residents. they'll have to make sure that their babysitters and housekeepers are vaccinated. in other words, new yorkers who hire any soul proprietor like a handyman, a dog walker, nanny, plumber, mover, private tutor, will have to fill out paperwork to confirm their status. new york city residents taking to twitter, to air their displeasure. one woman tweeting this. she says, so basically, the more evident it becomes vaccine mandates are useless, the more tyrants like deblasio double down on them, issuing more and
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more absurd vaccine requirements please, get me out of this black episode that's been going on so long. well, the only difference between deblasio's vision of the mandate and adams, apparently, is that the new administration will not focus on penalties, the original roles levied thousand dollar fines plus more cash for subsequent violations. adams is saying he will not focus on those penalties. now, as all of this plays out, caseloads are mounting, of course, the city has a one day case record for the third time in a week. wednesday meanwhile, the city shuttered an entire subway line and the fire department is saying hey, don't call 911 because so many of our paramedic s are out of work, called in sick. david? david: all right, well, we may see a change of policy in the month of january as the new mayor debts settled in, but we will see. it is discouraging to a lot of businesses thank you very much. gerri: fingers crossed. david: appreciate it, gerri
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well democrats looking to ring in the new year with a long list of accomplishments, might be looking at not too much to celebrate about fox news congressional correspondent aishah hasnie has the detailed. aishah? reporter: david, good morning to you so the president's tax spending plan ate up a lot of the democrat's attention this year but they also had plenty of those inner-party fights going on that at times got really personal, so let's take a look and start with their wins this year. so the $1.9 trillion american rescue plan, they passed that alone at the start of the year. the $1.2 trillion bipartisan infrastructure bill and the national defense funding bill, they got both of those done with the help of republicans, late in the year. the list is longer though for what democrats failed to accomplish, so let's take a look at that. starting with the president's massive tax and social spending plan, that one blew up, done, right by their own, one of their
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own, senator joe manchin right before christmas. still no voting rights legislation, no immigration reform, no police reform, or gun reform. democrats facing a lot of pressure right now to deliver in the new year, starting with build back better. >> we know that there's still work to be done. that's why we want to pass this important initiative to help families, you know, in the ways we've just talked about also, we're pushing ahead with the freedom to vote act. reporter: meanwhile, republicans feeling pretty good about those mid-terms. >> well, i feel pretty confident about it, especially now with the far left controlling a lot of the democratic agenda. remember, these people all ran on being moderates, and if you look at their actual voting record, there isn't a moderate among them. they have far left records which have been driven by the squad and a lot of it driven by aoc and those on the left. they are so afraid.
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reporter: bottom line, david, democrats need to figure out their own issues, if they want to get anything done in the new year. david? david: the picture of the moderate democrats who are leaving congress is huge. reporter: a lot of them. oh, yeah, more to come. david: thank you very much good to see you well president biden touting the state of the economy even amid rising inflation and what appears to be a slowdown in the pandemic economy. he tweeted out the u.s. has made "historic progress" on jobless claims. joining me now is strategic wealth partners investment strategist luke lloyd and optimal capital director of strategy frances newton stacy. good to see you both. luke, inflation. let's start with inflation because he didn't, of course talk about the 11 million un filled jobs that we have out there that's killing a lot of small businesses, but inflation is the most regressive tax that you have, and we have a fox business poll out, 67% of
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americans say that inflation is caused financial hardship over the last six months. 47% say specifically that biden 's actions are hurting them in terms of inflation, only 22% say biden is making it better and about the build back better plan, 46% do not buy the president's message that it will help inflation. 46% say the bbb plan would push inflation higher, so he's making a tough sell here. >> yeah, david, i mean, inflation is the biggest tax on the middle class and the lower class, and the worst part is is that it's a silent tax. i find it ironic. joe biden tweeted yesterday about having the strongest first year track record of any president. well that tweet should have read that it's the biggest wealth gap created by any president in the first year. biden needs to go talk to the middle class. all biden said while running for president, was he was trying to help the middle class but every policy he's trying to implement is making inflation
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worse, which destroys the purchasing power for anybody that doesn't own stock, and now he's trying to nominate three doves to the federal reserve, that's going to try to keep interest rates low and not combat inflation, that's not good. anybody that says putting more money into build back better plan won't make inflation worse, doesn't know what they are talking about. david: and francis, again, to luke's point, 5% increase in wages sounds great, and it is but then you consider that inflation is almost twice that, so people are underwater even with their wage increases. >> no, absolutely the wage increases are lagging the rate of inflation, and luke's got excellent points. if you look at the split with the 67% saying it's causing financial hardship, about 60% of people are in the lower half of what we call the haves and the have-notes, and they're not participating in stock market gains for those participating in stock market gains, the s&p is up almost 28% this year, which is well-above the rate of inflation, and for those who are not participating in the stock
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market, then obviously, they're falling behind and the wealth gap is getting wider and wider and that's going to be one of the biggest problems of our decade, and so yeah, whose biden talking to? you almost have to send a different tweet out to the upper 40% versus the lower 60%. david: and luke, i've gotta talk about the trump tax cuts because up until the pandemic, of course the pandemic changed everything. it really did. we had to lockdown the economy, we really never have done anything like that before, but as of february 2020, 65% of all americans had received a reduction in their taxes, so it wasn't just for the rich. 65% of all taxpayers received a reduction. the wage growth was 6,000 dollars per family from the time the cuts went into effect until february 2020. 6,000 per family that was with low inflation so that was a real income wage. blue collar workers actually had much bigger gains percentage wise than white collar workers so it was, it helped income and
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equality. it made income inequality less burdensome for americans. >> yeah, lower taxes and lower regulations create wealth for everybody. not just the upper class, for the middle class and for the lower class. actually i just sent a tweet out i think it was yesterday that, you know, wealth redistribution does not work and when you raise taxes, that's what you're doing. you're taking money from one person and giving that $1 to somebody else and that doesn't work because there's no incentive. when you have incentives to create a business, generate more wealth, that money flows down to the employee that creates wealth for new opportunities, innovation for america, it creates all kinds of things and that's what trump's tax cuts and low regulation does. david: francis, we haven't seen part of the benefit of not passing bbb in this year is that we didn't see the tax increases which would accompany the spending increases as well. what do you expect will happen? i mean, even without a bbb plan, do you think that democrats will go through some kind of tax
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increase that could slow down the economy? >> i think they will, because that's the traditional thinking around the amount of debt that has increased since the trump tax cuts, so at some point we're going to have to kind of confront that, and interest rates, i mean the fed can't raise interest rates too too much, right? because we're all servicing debt out there and if they raise interest rates too much, too quickly, then that threatens credit markets and things like that, so they're going to have to raise taxes through that traditional thinking. i actually think the system could use a bit of an overhaul. the amount of spending going forward necessary to keep the economy liquid after this record amount of debt surge is higher probably than most people think, and i think that's the more productive conversation but of course it's an apolitical conversation so i do think we're going to see higher taxes coming in 2022. don't know what it's going to look like yet. david: the scare there of course is that we have higher taxes with higher inflation, which of course could lead to stagflation, something that
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we've seen in the past that's not a pretty picture. >> exactly. david: gang, we'll see more of you coming up later in the hour thank you for being here. coming up forget her staff. why kamala harris is reportedly working with wall street to combat challenges over policy. how can she do that? we've got details when we come back. ♪ you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit - i served in the korean war. - vietnam. - afghanistan.
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david: a new report suggesting that vice president kamala harris is turning to wall street for advice on various policy challenges at home and abroad, reaction from washington examiner commentary writer tiana lowe. good to see you. i looked at a lot of these names these are basically woke corporate, people in the corporate community that have bought into sort of the woke culture of microsoft president brad smith, citicorp ceo jane frazier but what is up with this? do you think that they're just afraid of regulations coming their way, and that's why they're working with kamala? >> oh, certainly, you know, especially these tech companies, they're concerned there is a bipartisan consensus, wrongly in my opinion, to breakup big tech
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in the same way with did with the oil industry. my concern, even moreso than woke corporateism is designed to conceal and that is deep corporate ties tethering the u.s. economy to china, and we know that biden has been willing to name what's going on with the weger muslims a genocide and we know that there is roughly now growing bipartisan consensus that china needs to be treated not as any other economic actor, or allie , or trading partner but rather as a mass human rights violate or but none of the companies she's meeting with have any interest in divesting. you're not going to have microsoft want to move factories out of china, which you know, we've already seen john kerry is trying to use the climate crisis as an excuse to whitewash these atrocities and that kamala is
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working with companies that have an interest in it, that's troubling. david: well the rule number one in journalism, follow the money and that's usually what happens, and then you look at even on an issue like immigration. the citicorp ceo jane frazier says she's actually optimistic about vice president harris' root cause, you know, going to the central american companies and paying them money. i mean, seriously, has she looked at what's happening at the border? does she realize that kamala harris has completely failed to stem the traumatic flow of immigration at the border? >> yeah, and it's bad enough that even the mexican president lopez has called out the biden administration for not doing enough, for creating this incentive structure, that allows these cartels not just to barrage the u.s. at our border but mexico at their southern border leading to these massive humanitarian crisis like
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the cartel where 50 people including children die because they were trying to migrate through mexico to make it to america, these illegal cartels and these companies, they thrive off of, you know, cheap labor. all they want to do is flood the labor supply and especially with, you know, the ongoing great resignation that the biden administration did implicitly encourage with the extended unemployment benefits. they want to curtail that and they'll use foreign labor to do that. david: well there's another point here which is that they don't care about government spending money. they've been very clear about that over the years, and one of kamala's so-called solutions to the root causes of immigration is to spend more money sending it to the central american countries like guatemala, honduras, et cetera. i spent 12 years cover covering latin america. i wrote a lot of stories for the wall street journal about how governments money that we sent down to these government s quickly ended up in swiss bank accounts. i mean, that's what happens.
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that's the real politic of what happens when we send money down there to fix these problems. the reason people are leaving these countries is because the countries are so screwed up and have such corruption, it's not going to do any good to fuel that corruption with more taxpayer money. >> yes, and you know, for instance if we're looking at root causes, one of the biggest humanitarian causes of northern triangle are the consequences of the guatemalan genocide. how are you going to fix that, and if we're looking at the american track record for fixing problems in central and south america, we don't do so well. you know, i think that in a lot of ways we're seeing that democracy promotion and a lot of the world, american democracy promotion, was a failed experiment and that's sad to say , but i mean, i'll put it this way, there's a reason why kamala harris is a less-popular vice president than dick cheney after he shot his friend in the face. david: oh, boy, [laughter]
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that's a tough comment. finally getting back to the money. you look at the nomination of professor omarosa, whose going to be in charge of all of the banks in the united states. not only local banks but foreign banks that have branches here. she had a plan to essentially de fund all private banks, put american capital in the hands of the federal reserve, have all of these government lending institutions come in and take over for the private sector. now, she pulled her nomination out by herself but there's still this sort of dark cloud hanging over the banking community that god, maybe we would lose all of our capital if somebody like her gets into one of those regulatory positions. is that why the banks are trying to make friendly with this administration? >> oh, certainly. i mean, biden made his entire staff walk the plank for nothing no one who understands washington thought this nomination was ever going to be confirmed and yet, still the white house officially has to defend the idea of handing
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over private banking to an institution that couldn't predict after 10 years of near- zero interest rates that we would have this massive inflationary crisis the second it's turned and so i do think that the banks, i mean, they understand that democrats, even moreso than being radical, they're also willing to be corporate as long as they can, you know, keep up not even just the exchange of donations but the exchange of policy. david: and their stock price as well, tiana, thank you very much for being here, appreciate it. good to see you. happy new year. well the biden administration is now taking its fight over the trump era remain in mexico policy all the way to the supreme court. fox news correspondent william la jeunesse has the very latest from la. william? reporter: good morning, david. the timing is out because agents will tell you the border is out of control and if this policy is overturned it effectively invite s more migrants to cross illegally because there's no consequence so the trump adminitration implemented remain in mexico to stem the flow of
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central americans and it worked. president biden, however, ended the policy to focus on the root causes of migration, that did not work. monthly apprehensions have doubled since he took office. now, after texas sued a federal court reinstated the policy, now biden wants the supreme court to overturn it, saying, mpp is not the best tool for deterring unlawful migration. it exposes migrants to unacceptable risks, and detracts from the executives foreign relations efforts to manage regional migration. so the policy requires migrants to remain in mexico until a u.s. judge hears their asylum claim, which can take months, even years, that's why critics say it exposes them to unacceptable risks. >> many of these acts of violence are undertaken with the complicit of corrupt officials in mexico but the corrupt border agents, corrupt police, national guard, and so it continues to be extremely worrying to us. reporter: migrants, however,
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know those risks when they choose to migrate to the u.s. , and because most are not fleeing persecution, staying in mexico, frankly, wasn't worth it. illegal entries fell under mpp until biden reversed it. >> what we've seen since january is an administration that's willing to break open and dismissal of the policies that we're working with control that border in favor of some kind of open border. reporter: so in the last 24 hours, agents in just two areas of texas apprehended almost 2,000 illegal immigrants, most will claim asylum, and under president biden's preferred policy, they would get released into the u.s. , that is not the case right now because of covid and because remain in mexico is in effect. david? david: wonder when they start hitting those root causes, we'll have to watch out for that, william thank you very much. well, after the break, why the world's largest crypto exchange is now looking to get friendly with the french. also, as 2024 approaches, we
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david: well, welcome back, bitcoin rebounding from earlier losses after it fell 7% over the past couple of days. kelly o'grady joins us with a look at some of the other top business headlines hi, kelly. reporter: hi, david. well, listen you mentioned cryptocurrency, so let's start there. even with december being a tough month for the digital currency, there's still an appetite to expand in the space. now binance is bolstering its presence in france after a choppy year of regulatory scrutiny. the largest cryptocurrency exchange in the world is financing $100 million euro initiative with the group france fintech to establish a research and development office in the country, and collaborate on an incubator program for start- ups and training programs. the crypto giant has expressed interest in france as an
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official headquarters so this move maybe a step towards w oo'ing the government. next up elon musk is in the news again as always the billionaire has been on a selling spree of tesla stock partly to pay his looming tax bills. this week he sold another 1.02 billion worth of his holdings, which brings him near his target to sell 10% of his stake in the company. he also exercised options to buy 1.6 million shares at a strike price of just $6.24 a share. let's remember the stock is currently up, trading around $ 1,090 a share and to round it out, the flight cancellations continue. we have been all over covering this one, with airlines canceling more than 4,000 flight s since christmas eve due to bad weather and a wave of covid infections among flight crews and new jet blue will cut 1,080 flights from its schedule to get ahead of even more expected omicron cases amongst its staff so those planned cuts represent
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about just under 10% of the airlines daily schedules so travel is going to continue to be tough as we round out the holiday season and kickoff 2022. david, i have a flight to my in- laws tomorrow night so i'm saying my prayers. david: [laughter] good for you i hope you have champaign in the new years eve as well kelly thank you very much. meantime, markets look at the closeout 2021 at records as the dow and s&p hit all-time intraday highs today, again, let's bring back market watchers luke lloyd and frances newton stacy. francis, do you trust this particular christmas or santa claus rally? >> well, volatility has once again fallen off of a cliff, and basically the buy the dip mentality has been working since the pandemic low, but the things that kind of threaten that are the fact that the catalyst to having this excess liquidity that's been so resilient against other economic pressures is, you know, a record amount of monetary stimulus, a record amount of fiscal stimulus.
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both of those are slowing the next year, so that liquidity is going to readjust and we're going to be watching very carefully. from a technical level there's a lot of resistance on the s&p at 48.43 if you are looking at a chart large enough, going back far enough, to see the pandemic low, so i'm going to be looking for any kind of resistance there , any kind of up-tick in volatility, and we're just going to continue to watch to see if buy the dip continues through the first and second quarter of next year. david: luke one thing that we didn't have in 2021 was certainty about whose going to be heading the fed. we now know it's going to be powell. question is whether that gives him the freedom to deal with inflation as he might need to. if he has to hike rates even higher, of course you might see a lot of money moving from the stock market to bonds to the security of bonds if that happens, if rates go up and have a kind of interest that appeals to investors who might want to take some of the risk off the
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table with stocks. could that scenario play out in 2022? >> i any it does give powell more freedom, now that he's elected and he doesn't have to worry about getting re-elected from a democratic president. the one thing that does worry me is the three federal reserve members, fomc members that president biden is trying to elect to the fomc, because they're more doveish than anybody on on the fomc currently and if that happens they have to keep rates low, and i think they really need to keep rates higher and hike interest rates to combat inflation. i think that's actually the best option for the stock market and for the economy, because i'm a long term thinker, david. yeah, in the short-term, if we keep rates low and we keep on pumping money into the economy, and don't taper the bond purchases you'd think that's going to keep the stock market higher and it will but in the long term we're going to pay for that so i'd rather have a little bit of short-term pain right now and hike interest rates and i think that's what powell is looking to do which is actually a good thing.
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david: but francis if that happens, if in fact powell comes to be more hawkish on rates, might a lot of money move out of the stock market into the safety people might have like 80% of their money in the stocks right now, and might that grow in terms of bond purchases, shrink ing market cap and stock markets? >> well, this has a lot of nuance, because really, what's going to happen is if equity starts to kind of break down you're going to get a lot of interest on the shortened of the curve which is, you know, bonds that mature very quickly which is sort of almost like cash; however, we've gotta remember that bonds trade inverse to yield, right? bond prices trade inverse to yield so if yields go up that's going to put more pressure on the bonds so it's going to be about getting the right place on the curve where you have relative strength in the fixed income when equities start to breakdown, but as inflation continues, obviously, equities are the biggest hedge against
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inflation, right? doing 28% this year when inflation was doing six- something percent and now as market participants we see a peak in inflation in the rate of acceleration, which means it's going to continue to go higher but at less speed and markets are so anticipatory and they price things in insofar in advance, we could see a preempto ry sell-off planning for peak inflation and peak growth. we don't really expect to see that maybe until the end of the first quarter into the second quarter of next year but we are watching very closely david: all right so first quarter looks pretty good. francis, luke, good to see you, thank you both appreciate it. happy new year. coming up some major changes to the white house plans to mail out covid tests, details, when we return. ♪ limu emu... & doug ♪ ♪ superpowers from a spider bite? i could use some help showing the world how liberty mutual customizes their car insurance so they only pay for what they need.
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omicron. steve harrigan is live in atlanta with more, what's going on, steve? reporter: david, record numbers everyday now, the seven-day average is over 300,000, the single-day yesterday almost doubled the previous high, almost half a million cases, and 15 different states have set records. now the cdc had cautioned that hospitalization rates are not keeping pace with these new cases, she said those rates are comparatively low, but atlanta hospitals, six just put out a statement saying they were suffering a staggering surge of covid patients here in the home of the cdc, that they have people coming in, adults and children, most of them un vaccinated, and for doctors on the front line dealing with these covid patients, sometimes it can be an agonizing process. >> it's going to be hard because some of them can't breathe, it's scary for them. many will be unvaccinated, they will have regrets, some will even ask that they can be vaccinated tonight but i'll have to let them know that it's too late. reporter: the actual covid
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numbers could be even higher than are being reported because millions of americans using the rapid at-home test not reporting the results, tennessee has said it will no longer report daily results, just weekly, and michigan is saying it is rejecting federal guidance to isolate for five days instead of 10. they are going to stick with 10 days that stay hit hard by covid david back to you. david: steve harrigan thank you very much so could strict restrictions like the ones in new york and california actually be helping the gop gain voter support, ahead of 2022 and 2024? wall street journal highlighting a new emergence of republican voters in pennsylvania, where gop gains among hispanics are starting to mirror those in other parts of the country. let's get reaction from culture intel ceo lilly lil valetta. thanks for coming in, good to see you. by the way, you moved out of new york, right? >> i did. david: you still spend time here but you essentially moved
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your operations to texas, so you're part of that hispanic community that's fed up with over-regulation i guess. >> yes, well, what we're seeing is a swing to the right that is quite square it for the democrat s as they look into 2022 and 2024 and you're absolutely right. covid-19 actually has motivated some of that because of the economic policies that adversely impact small business owners, a lot of them hispanic, and the industries where our community are over-represented in the labor force like service, restaurants, hospitality and construction so absolutely those policies are going to continue to make that swing happen and a lot of people are paying attention and those numbers you quoted are a big surprise that we hadn't seen in at least over a decade. david: well it's a huge surprise. i mean and democrats were essentially taking advantage of what they considered was their block of voters, the latino block of voters, but it's an absolutely even split right
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now, they also thought there were some democrats who, i think , thought their open border policy down south would help them with the latino vote, but i think it had exactly the opposite effect. >> it's what's happening and again, the numbers are proving it. the most dissatisfaction drop that you've seen from president biden has happened amongst hispanics, it's deeper within our community, and a lot of it, again, has to do with policies that get in the way of achieving that american dream that we want to achievement immigrants like me that came with nothing and now run a business and create jobs. that's what we want to do. i often tell people tell me the last time you saw a hispanic begging in the streets? david: that's a great point. >> we're actually looking for jobs and anything that gets in the way of that is going to be looked at in a way that is not going to be favorable so the fear of socialism or government too big which many of us are running away from that
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in latin america and also, 55% of hispanics do want security at the border and some sort of, you know, control. so there you go, many conservative latinos that maybe before were democrats are looking at policy over politics and actions in this new era, so it's going to be quite interesting in 2022. david: i think you summit up perfectly. what is happening, there's another thing which you and i have talked about before. latin america has this merchant ilist mentality left by the spanish after they were the colonial powers there, where you can't really get a leg up in business unless you are in some way affiliated with the government. here, in america, that historically has not been the case. you could start as you did with nothing and build a business, if not an empire. a lot of companies have done that but this government seems to be going in the opposite
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direction of squeezing the little companies in favor of relationships with big companies , like google and microsoft et cetera. >> yeah, and it's interesting, because for the first time ever, these are numbers from many like researchers also the democratic party has lost its ground as being seen as the party for the worker, or the party for the american dream. there was always a big lead favoring them and right now, it's a tie also with republicans , so a lot to learn, and once again, as i always say, david, you can not take the hispanic vote for granted. we are not among the block and there are 62 million hispanics in this country. we are 80% u.s. citizens, and growing at a faster rate in creating new businesses more than anyone else. also education, app mobility this is good for america not just for hispanics that are here
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in america, and i think either party is going to have to work harder at getting to the issues that really matter which are jobs and the economy first. david: bingo, and the key element of everything you've said is people come here to succeed, not to become the government. they come here to succeed in the american dream, and again, you see more signs of that from republican party these days than from the democratic party. it might change but we'll see what's happening. lilly thank you very much, i hope you enjoy texas. have a great new year. >> thank you, david happy new year. david: after the break gas price pain showing no signs of stopping, how one north carolina congressman is looking to ease the pressure with a new bill, when we come back. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria.
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david: welcome back to cavuto "coast to coast" i'm lydia hu. the country is starting off the new year with nearly $30 trillion in debt. we're already paying close to $1 billion a day on interest alone on that debt. that's according to the peter g. peterson foundation. now lawmakers are considering more spending with president biden's $1.7 trillion build back
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better agenda as we enter the new year. the congressional budget office that found the version, found that the version of the plan that passed the house in november would add $365 billion to the deficit through 2031. that's not including though $207 billion in revenue from irs enforcement. >> we're moving significantly faster rate right now, so you could consider us going we could be easily 60 or $70 trillion in a decade or two if we don't control this , and if we go back , if we go with build back better i suspect we'll see that rise significantly faster. reporter: some republicans are calling for more oversite, demanding a balanced budget amendment to the constitution. it would force lawmakers to balance the budget each year, but for now, it seems the national debt is snowballing take a look at this. when president clinton left office in 2001, the debt was
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more than 5.6 trillion. it nearly doubled during president george w. bush's administration to almost 10.7 trillion, and nearly doubled again to almost $20 trillion during president barack obama's administration. almost 8 trillion was added during the trump adminitration to reach more than $27 trillion. if we needed to pay off the near $30 trillion in debt that we have right now, u.s. debt clock. org says each taxpayer would owe more than $233,000 and that's climbing. david? back to you. david: unsustainable. lydia hu thank you very much appreciate it happy new year. well from higher debt to higher fuel prices, with gas o lenore poised to hit $4 a gallon next year, according to gasbuddy that's a national average by the way, north carolina republican congressman is pushing a bill to bring back
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u.s. energy independence, and production. the congressman joining me now with the details. congressman it's a tough pull. how do you propose to do it? what does the bill say? >> well, thanks for having me, david. again it goes what biden is doing is america last and what trump was doing was america first and we have completely up- ended the economy with these high fuel prices. day one, biden came in and laid off tens of thousands of people when you look at shutting down the pipeline. its raised the cost of fuel, which is not just about filling up your tank, it's about getting groceries to the store, so that's why everything has been inflationary in the recent months. we could do this with an act like mine which is the strategically lowering petroleum prices act. bottom line, biden should not be dipping into the strategic petroleum reserves when he could simply stop these horrible policies that are driving up the
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prices for average hard working american men and women, so look, what he needs to do if he wants to use their strategic reserves what he's doing right now, he needs to stop these predatory actions that he's doing. david: but congressman, joe biden was very clear leading up, i've gotta give him that. he said he was out to kill fossil fuels. he said that on a campaign trail , so we knew what was coming. now many people have said he's gone so far to the left, because of the push by the progressive forces that it's in 2022 he might pivot but that be a hell of a pivot to pivot away from what he said he was going to be doing in terms of eliminating fossil fuels as a source of energy. >> well look, he had to do that to get elected by the rad call left and certainly you'd think with a thin majority like he has in the senate and in the house he be cautious but they have been wreckless including on day one, january 20, of earlier this
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year, so a little less than 12 months ago, he signed into policy through executive order that which eliminated 10,000 jobs, and shutdown pipelines, while at the same time, he's demonstrating american weakness by approving things like nord stream two in russia. it's completely america-last versus what the america-first policies we did have. david: well it is but again the question is, will he make a pivot? it took, back, he's no bill clinton but bill clinton made a pivot after the mid-term elections in his first term in office. we're going to have mid-terms, everybody expects republicans to sweep if not take over the house itself. very quickly only about 20 seconds, but is it possible, do you think that the elections in 2022 will make biden pivot on energy? >> i don't think that he will. he's going to become more radical, more entrenched, maybe after the mid-terms but that's over 300 days away and i think these train wreck policies have
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so much momentum he's going to continue and america is going to tell him what they think in the mid-terms. david: all right, congressman budd, we thank you very much for coming in, thanks a lot. well tesla announcing plans to recall nearly half a million of its model 3 and model s electric cars to address safety issues that increase the risk of crash ing. the news not hitting the stock too hard, as you can see it's about flat right now. more cavuto "coast to coast" when we return.
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david: take a look at "the croods" stocks-crews stocks. health officials say, those travel on cruise ships should be fully vaccinate, get their booster dose before the trip if eligible for that. tough day for them. thank you for watching, everybody. thousand to jackie deangelis in again for charles payne. hi, jackie. jackie: david, great to see you. thanks so much for that. we're looking at a dow up 50 points. we gave some back here. seeing green across the board. i'm michael jackie deangelis inr charles payne. continuing jobless claims below prepandemic levels. how can you navigate the headlines to see success in your portfolio?


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