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tv   Cavuto Coast to Coast  FOX Business  March 24, 2021 12:00pm-2:00pm EDT

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ashley: it is a great look. i love it. my hair will out live me and everybody else. that is impressive, stuart varney any. so young, fresh-faced. you look great today. let me just add. stuart: young and fresh-faced compared to now. thanks, ash that was just great. thank you very much indeed. pass it over to neil. sir, it is yours. neil: could they suck up anymore? i mean, i was just happy to hear that you were dancing to the beatles. i looking, i thought maybe gregorian chants when you were a young guy. so i was a little surprised. very good to hear, stuart. stuart: you have a show to do, neil, do it. neil: yes indeed. thank you very much, my friend. we're following a couple of developments. dow racing ahead. we're following something intriguing me. look at bitcoin, still over
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56,000 bucks a coin. tesla now is saying you can buy its cars with that currency, whatever you want to call it. it follows on the heels of other companies looking into it. considering it. gm is looking into it as far as a way of future payment. look at all the premier players are directly or indirectly looking at this as an investment or at least a way to pay for things or to expand as a currency alternative, home depot, microsoft, mastercard, bank of new york mellon. i could go on and on here. we'll explore a little bit more detail. you can connect what is happening with bitcoin with some of those premier players that rely on it, tesla chef among them. given 1 1/2 billion dollar investment on part of elon on part of digital currency. we're joined at the hip.
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a lot of people say as bitcoin goes, so goes tesla. as tesla goes, so goes bitcoin i'm more in the camp tesla needs bitcoin more than bitcoin needs tesla. we have wide swings in willed swings? the digital currency than they were. more street cred for bitcoin than digital currency investments. they still swing wildly more than some of the crazy technology stocks. the fact of the matter because so many premier, established players are looking at this, and playing with this, and buying this, there is something that we should focus on here, not necessarily a threat to the dollar but certainly down the road maybe competition for the dollar. remember we had the digital currency expert who was here on our show saying, if you just
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follow the penetration of this and in the mass populace where you get maybe 90% of people looking at it, owning it, trading it. that might be a leap. this is something that could exponentially grow and grow and grow. i thought we would start of looking at this as a phenomenon. maybe reflection of all the spending coming. of all the volatility in the world. certainly what happens in the middle east. growing friction with china and north korea. whether bitcoin is benefiting in this environment. let's explore a little bit more with danielle dimartino booth, quill intelligence llc, ceo, chief strategist, former dallas fed advisor. federal reserve kind of leery of this too i should point out. scott martin, kingsview asset management. fox news contributor. danielle, we heard from jerome powell, he might take up issue yet again today. we're studying it, looking at it. normally when you hear established u.s. authorities
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talking about bitcoin in that frame of mind, it is their way of saying they can't ignore it. where are you on this? >> i don't think there is a way to ignore the ad vent of digital currency. we heard from china it is very possible the beijing olympics next year the only form of payment that will be accepted will be a digitized yuan. so the world is definitely moving in this direction. the largest economies are going there as well. there is no way to ignore bitcoin. there is mass adoption going on right now as we've seen today with tesla. but as you mentioned many financial institutions are truly legitimatizing this form of currency which is really refutation of trillions and trillions of dollars of debt being taken on not just here in the united states but globally, we're pushing $300 trillion of debt and this is kind of something that says you know what? i reject where this is going. this is a reflection of my
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rejection of that. that is, i think, the way about it coin is viewed throughout the world. neil: you know, scott, they say that investors in this class of assets are large live young, or younger. because they grasp the technology, grasp the potential, they think it is cool and they have seen people become instant millionaires investing at this thing a few hundred bucks a coin, north of 56,000 bucks a coin. they want in on that party. i'm just wondering how you describe it as an investment that might now be going into the next level? this is me wondering about this, where established players are more inclined to at least have it in its arsenal? again i'm talking beyond tesla. adp, microsoft, home depot. we'll rifle through players again. what do you make of that as a young man yourself?
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>> i hate to ruin the premise, i'm in it. i'm almost 80 years old that kind of ruins that whole deal, doesn't it? neil a lot of good face cream over the years. the result of that, neil, as investment advisors we have clients at all age ranges and you're right, a lot is the millenials, the younger generation but a lot of older folks, quote, unquote, myself included, i'm over 40, let's put it out there do want to get involved and institutions. why? because of danielle owes point they talking about the all the debt, dollar interest rate policy from the fed. it is new, neat, digitized currency. the blockchain process is little safer than what we deal with our own currency thus far. there is a lot of reasons to like it. one thing that scares me a little bit it is still in in its infancy. so how it trades and how it behaves over the next three to six months as you have all the companies pouring in like tesla
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that put 1.5 billion of their balance sheet cash into bitcoin, that still is risky to me. we don't know what will come of government involvement or the fed few of it. when the government gets involved, i was hoping danielle would say it, i'm at risk here, that takes fun out of it, doesn't it? that makes the upside kind of go away here. to me, as long as they stay out of it, that is why it is still unknown. neil: they will not stay out of it. i think they see it as a threat or certainly see it as a threat to the dollar. they're not keen on that. they will not say as up. they certainly intimated that. danielle, the question becomes what to make of this phenomenon here? with so many established players at least including it in their list of assets, it is a sign that it is getting mainstreamed a little bit, a little bit more. i also think there is another phenomenon going where buyers can buy fractionally at 56,000 sounds intimidating to you. what if you buy in small doses
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and small takes, still have the same percentage runup? since that started in a strong way, let's say the last six months particularly, that has contributed a lot to this rush of investors. now they might all be getting hosed here but your thoughts on that and how the authorities respond to that, or should they? >> so you know there is indeed risk. you know, neil, you can put bitcoin on a credit card. i think there should be certain governors, certain limitations, certain guardrails out there because it is still something that trades all throughout the weekend t can swing $10,000 on any given day in value. so you know, it is something that requires investor education. it is the same what we saw at the advent of the equity, stock in what we saw with call options and put options that don't require investors to put up the same amount of capital but yet
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they do involve a great deal of risk. so i applaud the adoption. i understand it. but i do see where governments do have a place in trying to look into it and make sure that that is not someplace they necessarily into evidence to be but to scott's point, that will take all the fun out of it but at least, neil, you also have great hair. so that is the upside. neil: there is some hope there. one last thing before we move you on, i will get you back to discuss washington developments. but, scott, this notion that a bitcoin can advance as the markets advancing, used to be the other way around, bitcoin would have a strong day when the markets, not all the time, good deal of time. now they can move in tandem if the markets see this not as a threat, vice versa for bitcoin. for bitcoin the markets what they're doing in more traditional sense are not a threat either. do you see that as development
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we should watch? is it natural? will they go separate ways. they both can't succeed together, what do you think? >> i think totally becoming a legit asset class. it hurts my old friend gold to that degree. we see the government come out with crazy spending programs. nor infrastructure, more stimulus for everybody as they killed the economy and tried to fix maybe their past mistakes. that is what bitcoin is responding to. so you get a little inflation. maybe you get the economic reopening. get more people using bitcoin in different places. we talked about tesla. i liked how you put it, neil, maybe bitcoin needs tesla, more than tesla needs it. maybe that is sim biotic relationship. the reality, more adoption comes in the economy, it is good for the coin. neil: when you think about it, how do you buy something that swings wildly not as wildly as it did before is anyone's guess. danielle that is the thing regulators will look at.
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because you're buying something whose value changes dramatically. again not with 15 to 20% swings we used to see, you know, per day but it does swing wildly. but you're buying let's say a tesla car, the price is one thing in the morning with this thing and quite another later in the afternoon, right? >> and that is at the very core of bitcoin again. something that scott rightly says in its infancy. in order for something to truly be a currency it has to be a stable store of value, not just a medium of exchange and on that count it really does have yet to prove itself. so it will take time. we will have to see if it does stop moving in tandem with technology stocks for example. i mean that is not necessarily the correlation that you want to see when go go stocks are flying. so is bitcoin. that is not something that you say to yourself, well, that is
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you know, that gives me a sense of peace. again something has to be a store of value. that is why the u.s. dollar retains the reserve currency. also why china is trying to get into this realm because china and bitcoin both have their eye on the dollar. neil: yeah. more like a target. so we'll watch it very closely. guys, thank you very, very much. don't go away. we'll bring you back right after a report on what is going on in washington. excuse me, my producers invariably say, neil, like a dog with a bone on this bitcoin thing but much as we were early on the backup in interest rates because it was something intriguing to watch and reflection of a improving economy, this bitcoin thing, the developments we've seen with premier players coming across and now buying it or using it either as a hedge or good investment or means by which customers can buy and sell things, it is a game-changer. it is reflected in the fact that the prices of this is certainly
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not, you know, an investment for the faint of heart. it is beginning to behave you know, weird way like amazon. whether you're a fan of amazon or not, there were those who just thought it was frothy and getting crazy. it was not making money. it there is a big difference after digital currency versus technology stock, retail stock, whatever you want to call amazon. but it is similar in this respect. bears watching. and this is a fast moving development. we'll stay on top of it for you. i think it is worthy to follow. we'll follow it. leaves me speechless thinking about it. we're following that. we're also following developments in washington, janet yellen, jerome powell back on capitol hill today. they might touch on this subject, competition for the dollar whether all of this spending going on in washington actually helps these rival currencies whatever you want to call bitcoin. just like it is gold, and leading to a backup in interest rates. blake burman with more an from
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the white house on all of that. blake? reporter: neil, there is a lot going on at the fiscal front here at the white house. let's start off what i was told earlier today we are expecting the president's 2022 priorities budget priorities to be released at some point next week. this essentially will give us a good idea what the president believes each different agency across the federal government should be funded at, get increased funding, decreased funding or maybe stay the same. here is what an official over at the office of management and budget today saying quote, our priority is to provide congress with early information about the president's discretionary funding priorities which is what they need to begin the appropriations process. this of course comes as the white house also potentially moves towards putting a multitrillion dollar infrastructure package on the table as the next big legislative priority. the administration signaled as we've been talking about, neil, there is another multitrillion
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dollar spend t would have to deal with, at least be paid for in part by raising taxes. you mentioned the treasury secretary janet yellen, she is up on the hill, at least virtually testifying today. here she was on that possibility. >> longer run we do have to raise revenue to support permanent spending that we want to do. reporter: longer run, raise revenues of course is another way to potentially say raising taxes. by the way, neil, the treasury secretary also said she would support a potential extension of the paycheck protection program. that funding is set to expire in walk week's time at the end of this month. there is some potential at least here in washington gathering behind potentially expanding that, extending that, rather. so that many businesses can continue to potentially tap into it. neil? neil: yeah. that was the program that did
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appear to work. thank you very much, blake burman on all of that. blake touch ad notion on more details coming out of planned tax increases. got us thinking always dangerous, back to the bitcoin thing thinking about it, i always scratch my head when politicians talk about the rich paying their fair share. doesn't have anything to do with bitcoin. what is a fair share? i thought i would raise that question. it used to be when we got the top rate back up to 39.6%, the rich finally paying their fair share. the hiked their taxes with surtaxes on the wealthy, that put a lot of that into the mid 40s%. that was deemed closer to fair share. others are now saying that there are more surtaxes in store for the rich to bring their tax levels over 50%. that might be conservative. so that would of course closer to fair share but no matter how high that share goes i still hear that the rich aren't paying their fair share. i'm reminded of things that bernie sanders used to say that
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our top rate used to be over 70% back in the 50's, over 90%. are they saying that is more fair share? a fair argument coming up after this. ♪ mom and dad left costa rica, 1971.
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♪. neil: what to could about what is going on at the border. the president is expected to meet with his top security advisors, particularly alejandro mayorkas, the homeland security secretary. we know sauve year becerra will be part of that meeting. hhs is responsible for sheltering migrant kids coming into the country. kristin fisher with more from the white house. reporter: neil, in addition to the meeting here at the white house at 2:00 p.m. you have top administration officials visiting one of the key influx facilities down at the border. for the very first time they will allow a single press camera inside of that facility. this camera will serve as the pool camera. the footage will be shared with all of the other networks. this will be our first glimpse inside of one of these facilities. aside from the very few photos,
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videos shared by administration, members of congress, this is a very small baby step towards perhaps ending this media blackout that the biden administration has imposed down at the border. likely no coincidence that it comes one day before president biden's first formal news conference. this morning the vice president kamala harris was on another network. she said she is absolutely going to make a trip down to the border. would not say when. nor would she call the situation a crisis but the vice president did say this? >> okay, look, it's a huge problem, i'm not going to pretend it is not, it is a huge problem. are there, are we looking at overcrowding at the border, particularly with these kids? yes. reporter: so the vice president weren't on to blame the trump administration for what is happening down at the border but republicans say it is the, blame should be blamed on the policies of the new administration, the biden administration. the president of mexico seemed to agree.
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he put out a statement yesterday that reads in part, expectations were created that with the government of president biden there would abettor treatment of migrants and this has caused central american migrants and also from our country wanting to cross the border thinking that it is easier to do so. so pretty strong statement from the president of mexico in terms of why he thinks this surge is happening down at the border. we mentioned this big meeting here at the white house starting at 2:00 p.m. today. the president, vice president, the secretary of homeland security and secretary of health and human services will all be there. the cameras, pool cameras will be allowed in, neil, at some point, there will be a chance for perhaps shouted question or two but expect the bulk of those questions to president biden about the border to take place tomorrow at his first formal news conference. neil: i'm sure they will. kristin fisher, thank you very, very much for that. there is no denying the numbers are what the numbers are. we had 1000 up at the border.
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then it quickly just soared over 100,000 at the border. routinely grows day by day, by day. a lot of people are trying to find any way to get into the country. not just from mexico all points south. there is a great deal going on with human smuggling if you will. that is where we pick up with hillary vaughn following just that from texas. hey, hillary. reporter: neil, we're just a few yards away from the shore of the rio grande river which divides the u.s. and mexico. we were here late last night and between 11:00 p.m. and 2:00 a.m. we saw 150 people make their way over by the boatload. every person getting off of these boats had wristbands that are exactly like these. these are ones we found on the ground. these wristbands are essentially sold by the cartel. once the migrants pay the cartels for access and transport across the river, they get a
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wristband. that essentially green lights their access to come over to the u.s. but this is a problem because as the number of illegal border crossings are rising, business for the cartels is going up because these migrants are their customers. they pay anywhere from 3,000 to $25,000 in smuggling fees, depending how far they need to go, what they are willing to do. sometimes migrants can get a group discount from the cartel if they're traveling with kids. they also could get a couple thousand dollars knocked off if they agree to bring drugs over with them. revenue from human smuggling aegon from central america to the u.s., brought the cartel as much as $2.3 billion in revenue in 2017 but the national border council vice president, i spoke with him just moments ago, he tells me there is a direct link between the cartel's profits and how secure the u.s. border is. >> and then on top of that you
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tie us up in the meantime whether we're dealing with people out here in the field or putting us inside for babysitting duties, it makes it even easier for them and more and more is flowing. reporter: the flow of migrants crossing illegally here is coming in waves in "roma," texas. it is overwhelming border patrol resources. they need more manpower. they're doing best they can. round them up from shore, put them in parking lot to be processed. they are working long overnight hours. my photographer arrived on scene early this morning before the sun was up. he stumbled on a group of migrants waiting by a border patrol truck to turn themselves in but the national guardsmen inside of the truck were sleeping on the job. [knocking on window]
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>> guys? hey? there is actually some people that crossed the border over here that wanting to turn themselves in, i believe. they're like right back there. reporter: neil, the president of the national border patrol council is reacting to this video that he got. he tells me this. this is good example of the strain cartels are putting on government resources. all personnel have working extremely long hours, off then away from home while living in hotels. neil? neil: just incredible. hillary vaughn, outstanding reporting, hillary. thank you very much. i want to go to susan crabtree, "real clear politics," whiter house national correspondent. susan, regardless of people's political views it is clear this is a problem, a big one for the president, whether you want to call it a crisis at the border or not it is a huge issue. it, is the administration concerned as are some democrats
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and representatives mayors in the region that the president is just being caught flat-footed on this? >> absolutely. you're starting to see democrats on capitol hill. henry kuellar, they want to get the message out that these facilities are overcrowded. there are 260 children in each pod. we showed these photos to "axios" and at one time there were 400 children, not socially distanced in these pods. only separated not so much by the chain-link fence that we saw during the trump administration and the obama administration which people called cages, they are separated now with plastic barriers but effect is the very same. overcrowded facilities and you have got to think if the, biden administration was going to change these policies, and now allow these unaccompanied
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children into the country, that they needed to ramp up the facilities to make sure they have the capacity. that just wasn't done beforehand. now you see surge and this real crisis, call it what it is, even kamala harris, vice president kamala harris is now saying it is a real problem. so, yeah, i think you have a serious problem on your hands down there and there is no denying that there is twice as many people and children coming across the border than there were during the 2019 crisis during the trump administration. neil: they keep coming. there is nothing slowing them down, so what happens? >> that's right. you have sort of a mixed message coming from the biden administration. now they're putting out radio ads down in mexico and central america saying the border, the u.s. border is closed. you had mistake by one of their border officials at our white house press conference a few weeks ago saying in spanish,
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the border is not closed. then she was quickly corrected herself. but that has become the symbol of their messaging problem that they're having. you have can't change the policy and expect the cartels not to react. there is the money-making opportunities for these cartels right now and i was at the border in october and the border patrol were very happy in the san diego region they could start moving their resources up the coast to, because the border was so secure and it was so calm at the border, they could start doing more drug interdiction. now they're all, all of the border patrol presources are now concentrated at the border, for this crisis and the drug cartels are able so smuggle in a lot more drugs because of that. neil: susan crabtree, "real clear politics," thank you, susan. we'll keep monitor, the situation. we're monitoring also, the teachers union and the pushback against returning to school. now all along their argument has been we'll follow the science when it is right to come back.
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so the cdc comes alongs says it is right to come back, right to go back. now they have problems with the cdc. after this. ♪ limu emu & doug ♪ excuse me ma'am, did you know that liberty mutual customizes your car insurance so you only pay for what you need? thank you! hey, hey, no, no, limu, no limu! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
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>> welcome back to "cavuto: coast to coast." i'm edward lawrence. the vice president will deliver a pretaped comment to the department of education national safe school reopening summit. that summit held in order to encourage kids to go back in the classroom for in-person learning. teachers unions are pushing back on this first they were concerned about the air pureification, ventilation going on there. between last year around this year, congress pushed out hundreds of billions of dollars to school systems, including $81 billion today under the american rescue plan. then the union saying teachers were not vaccinated. so states moved them up on the priority list. today the cdc says the goal is all teachers vaccinated by the
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end of march. now the american federation of teachers says the cdc guidelines kids being three feet apart is too close. even though the cdc allows more school districts to reopen. in a letter the president of the union says weakening one layer of layered mitigation demands that the other layers muster be strengthened. we strongly urge you in any discussion of this shift to forcefully insist on strict and strengthened adherence to the other mitigation strategies. now the union arguing that ventilation needs to be improved before going back to the three feet. now the nominee for the deputy secretary of education says kids need to be safely in school. >> i sure do hope that with what we know this vaccine being available, the mitigations, the investments that we've made in safety mitigations including covid-19 testing and the filtration system, all of the things that we know works, gives us great hope so that we can see the future of the fall of all of our schools reopening.
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reporter: federal reserve districts report workers are turning down jobs in order to stay home to help their kids with virtual learning. having kids not in school, in person is affecting the greater economy as folks are in, not taking jobs. back to you. neil: edward, thank you very much. had live heath manning, now, the independent women's forum director of policy. hadley, i'm trying to be very open-minded about all of this, to see what is going on, for the life of me, every time we come a step closer to addressing teachers union wishes to open up classes, then they throw in, we've got to have better ventilation systems. they say, the six feet thing was good, when it wasn't good. it is three feet. we're not sure that's good. just seems like every accommodation that is made, better than $250 billion set aside in the stimulus measure to address that, which could be months and years away if you did everything by that schedule, kids will never get back in school at this rate?
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>> well, that's right, neil, around i think an important backdrop to this conversation the reminder that the human race has never faced a time where we were completely free from the risk of infectious disease. that is doubly true for schools where we always had flu season. we had a lot of cold and viruses to combat. covid-19 and pandemic posed a new threat, a new risk. a lot of evolving information but we've known for sometime now that schools can safely reopen and much of this of course has to be a decision that is made at the local level. that is the best place for school decisions made district by district. what is best for those families, those constituents, those students attend schools. that is different from florida to new york. bottom line schools can safely reopen with mitigation measures in place. it is up to local authorities to find a balance what the measures are. to use those funds coming from taxpayers to best find the mitigation strategies needed. neil: if we waited for those,
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let's say infiltration systems alone, to make the hvac systems at other schools accommodated to the teachers union wishes, teaches themselves, many of whom are doing all of this virtually from their own homes, not liking it, a lot would prefer to be in the classroom. they're stymied. this is the only profession that i know of has these stringent demands. if you think of, it is about kids, and amusement parks are reopening to kids and other accomodations are being made for kids. private schools are dealing with this for kids, i just don't understand the distinction here or all the other public workers who, no accomodations for them, for garbage workers, firemen and policemen and sanitation workers and on and on. the list goes on, toll operators who are not getting one bit of accommodation? >> right, i hope this isn't controversial to say, neil,
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teachers unions are not about what is best for kids, they're what is for best for teachers. they don't have the ability to vet out what different teachers preferences might be at an individual level. you're right, many teachers want to be back in the classroom. they're excited to be back in the class roop. many schools are open. state of florida had schools open since august. they have had .000036% of students have been hospital sized due to could have individual. not one student has died. this isn't really about what is best for students. it is not what is best for all teachers. there is a smaller population of teachers who are extremely risk-averse from the beginning of pandemic. we should have been looking for ways to accommodate that group. now we have vaccinations available to teachers that should be an even smaller part of the discussion when it comes to reopening schools. i will note, neil, as a reporter noted at end of this report, this has a big impact on our broader economy. today is equal pay day. we're talking about equal pay for women in the work place. a hearing on capitol hill this
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morning f we want women to have equal economic opportunities with men we have to have this discussion about having schools open. it's a big boon to women's labor force participation. a big part of the discussion. neil: yeah. all i know i was, one accommodation after another, if we give it will you go back to class. if we give them that, they want something else. cdc argument, whatever the cdc goes with. cdc has recommendations okay to return to class. they reject that. man, you got to wonder how far does this go. our kids are hurt from the process. hadley, thank you very, very much. hadley heath manning. >> thank you. neil: on all of this. we have a hot more coming up including what i told but the rich paying more to pay for all of this, including some of those accomodations and stimulus and infrastructure. the argument the rich should pay more, because they have to pay their fair share. the fair share what is the definition of their fair share keeps rising. maybe 100% is their fair share after this.
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♪. neil: all right, what is fair share. for those of a certain age, i will probably be just leaving you out on this one but it does remind me of lou costello skit with bud abbott he is trying to explain something or understand something. for that audience, i'm just saying, you said fair share was 39.6%. then we got it. then you said it had to go up to another a few percentage points to 42%, to pay medicare tax. 42% was the fair share. then it had to go up 3% to pay for the affordable care act. that brought it up to 45%. a number of new jersey, i'm going in and out of this abbott
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thing, they all of sudden were adding it to bring it over 50%. it is still not a fair share. so what is it? what is it? let's go back to two people who cannot remember bab bottom and costello but they're smart knifers. danielle dimartino booth and scott martin. talk about the whole lou costello thing what is fair share but it keeps changing. i don't know if will go over 40%. with all the other things are over 45%. where it stops, where it goes, what do you think? >> maybe has to do with the fact that the treasury department is receiving record revenues in taxes from the american people. that may be something. look, as far as the rich folks go, they don't pay their fair share, neil. they actually pay more than their fair share. that is really what worries me how we treat the folks that are productive in society around create jobs, do spending. sitting here to think about answering this question. i'm looking at this 1.9 trillion
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exorbitant stimulus package we passed a couple weeks ago. american recovery act or something like that plan. that is the amount of money that the treasury department gets in either income taxes, just about to the dime, either income taxes or payroll taxes. so why don't we take that spending money, give people like a tax holiday in one of those two buckets? that is where money will go best spent or best treated, not by taking it away from people to pay for some stimulus package that we didn't need, that doesn't go to good places. i may be way off. i'm glad danielle's here but i might be missing something but that seems to make a lot of sense to me. neil: i do know this, much, danielle, they're very creative coming up with ways to get more money into washington. not too good at slowing down the amount of money leaving washington. that is what worries me. we can talk about the rich and maybe they can afford higher taxes and all, what is the fair share to make it them to make it
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right? to stop saying they're not doing enough or hosing the system or whatever else is being argued on the part of those who say they're not doing enough when in fact they are paying the lion's share of the taxes? >> you know, it is hard to say, neil. i don't know they think this is necessarily a limit but i can say this much, the cpas across america are licking their chops right now, they're like, oh, goodie, they will make thousands and thousands of pages of u.s. tax code even more complicated than they are by putting little things here and there. as you were saying 2%, 3%. look, i've got this great idea that would actually make it where the irs didn't have to have as many people on their payroll so they didn't have to replenish it. why don't we simplify the tax code? make things a lot easier than they were, instead of trying to nickel dime, nickel dime. if you are wealthy, make the tax
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code much more complicated you will pay the cpa more money to move you out of it. if you really, really try to soak the rich, that will be great for other countries, for other countries, neil. neil: yeah. everybody has got to have skin in the game. obviously the rich should be paying more of that skin. that i understand. that is the nature of our progressive tax code but this is all out of whack here. i just, have no idea what this moving target means, where it goes. i have a good sense neither of you are paying your fair share. you will have to pony up. guys, thank you both, very, very much. is the irs watching? of course it is watching. we have a lot more. the dow up 295 points. bitcoin doing very well. we have gold prices rising. they're all kind of in tandem today. with a companion that powers a digital world, traded with a touch.
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we're excited about it. this is huge confidence booster to show things are working. there is light at end of tunnel. with the vaccination rollout and we'll get through this crisis together. neil: do they have any power of turning it down? no, we're worried like a lot of teachers are worried and they don't come back? >> sure. the big guiding factor in all of this is public health data and science. based on all of those things the same things we've done over the past year, it shows that we do have the opportunity to bring back office workers, government, private sector back into office space, to help insure we have a robust economic recovery ahead. neil: but your view, reggie, and it makes sense, as works like that come back to work, others can come back to work, other businesses can entertain getting their employees back to work. this could have a domino effect, a good domino effect? >> absolutely, neil. i am happy you mentioneddomino effect, one thing we're focused
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on, doesn't matter if you're in the real estate industry, community or government, it is about confidence, confidence in new york city. new york city is the greatest city in the world. we always believed that. it is important that these type of confidence builders build that momentum that builds confidence with everyone across the board that new york city is open across the city. we believe with president biden's leadership we're ahead of the game with vaccination distribution. but we have to double down that we don't lose our eyes on the prize and we have policies that -- [inaudible] neil: i apologize for the truncated nature. following corner of wall and broad and janet yellen and jay powell, what their view of things, what they might say on the senate side of things after this get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events
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♪♪ neil: all right. the president about ready to meet with his top policy advisers to discuss what to do at the border, including his homeland secretary and health and human services secretary. in the meantime, trouble at the border continues to grow and grow and grow. steve heir began right now -- steve harrigan in donna, texas. >> reporter: one of the real challenges, to find enough beds
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for unaccompanied minors who are crossing over into the u.s. and not being deported. you can see some of the tremendous construction behind me. we've seen big trucks going in n and out around the clock. a customs and border facility that got attention for all the wrong reasons, really for overcrowding in donna, texas. a lot of children sleeping on floors and really crowded together. we've also got drone pictures up of that facility showing what's going on. it's almost like they're billing a small -- building a small city now, but there's a race to try to keep up beds with the number of arrivals. an estimated 17,000 unaccompanied minors will arrive this month alone. they're putting up a second facility in cariso springs, texas, that's only going to hold 500. the military's going to get involved, they are willing to help house children. >> as you know, this is, testing something we have done -- it's something we have e done before in '12 and in '17, is this is
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not, it's not out of the norm for us to support these kinds of requests. >> reporter: just one example, neil, to give you a sense of how quickly things here are changing, a nonprofit entrepreneur who supplies food here to this facility says he was asked for 200 meals a day for children, three meals a day for 200 children. he said within a week that was up to 2,000 the, and then 24 hours later it was 3800. so the numbers of unaccompanied minors finding the beds, feeding them, it's jumping each day. neil, back to you. neil: steve harrigan, thank you very, very much. we're learning right now that the white house says the department of homeland security is going to provide an update on child separation, i assume they're referring the their 120th day in office which would be may 20th, so that's till a ways off. let's get the read from the executive director of the texas southwestern border, sheriff.
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day 120 is, again, i think may 20th before we get an update on the child separation issue. what do you think of that? >> well, neil, the numbers are speaking for themselves. they're overwhelmed, and we're trying -- they're trying to figure out what to do with these children. i can understand being overwhelmed and whatever they need to do, our main priority is for them to take care of those children. neil: so at the rate it's going, and i know it grows every day, sheriff, you know that better than most, where are these minors going? it used to be they would target one facility to house them, now they're talking about several, maybe several more after that. explain the process. >> well, i mean, they're bringing these children in, and they're willing to shuffle them around. i mean, they've talked about
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opening up oil field man camps in pappas, texas, to house some of these children in. they're scrambling right now, and that's understandable. if you don't shut the flow off at the border, then this is going to be the issue you have. so that process is going to be really detailed and involved, shipping to dallas/fort worth, midland, all around texas to try to house these children. it's overwhelming, and i'm sure they're having a difficult time trying to figure out what to do with these children. neil: and how do you know those who are truly unaccompanied and those who have been sent here, maybe the same group, by drug lords and the rest, you know, some are getting smuggled in here? it's got to be a mess just to follow all that. >> yes, it is. and you don't know. that's the sad part about it. i mean, and under the federal
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laws anyone under 17, 17 and under are juvenile children. so under our state laws, 17 and above is an adult. so you have these people that look younger than they actually are that are claiming to be minor children that are getting to come in here and circumvent the system. neil: yeah. i don't know how you do it, sheriff, but you keep on top of it. sheriff clint mcdonald. we'll be waiting to hear what the president does after he meets with his top advisers. speaking of the president, he's got other worries today. we learned that the president says it's vital to take steps on gun control, executive action and legislation on guns. of course, this following that mass shooting in colorado that killed ten people. chad pergram on capitol hill with the latest on all of that. hey, chad. >> reporter: good afternoon, neil. democrats again say this is the time they must act after these mass shootings.
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but after many mass shootings, congress is stymied time and time again by the senate filibuster. nothing happened after newtown, virginia tech and parkland, but there is a different factor this time. >> the majority of these have happened in an environment where there was a serious conversation about turning off the filibuster. why would this not be the occasion if you really want to get gun control? >> i am going to meet with senator murphy and other democrats this week. that has been set up already, and we will figure out the best path forward. >> reporter: schumer is unwilling to commit because he lacks the votes to eliminate the filibuster, and the senate may not9 be able to pass two bills on background checks just adopted by the house. democratic joe manchin to opposes both. some gop members say it's time to deal. >> we can come up with some legislation that's bipartisan that can see that things like that don't happen in the future. >> reporter: majority whip
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dick durbin says he will consult with manchin on a way forward. the senate will vote on those two background check bills in the coming weeks even if they fail. neil? neil: chad pergram, thank you very much. we do know this, that there's a lot of planned spending going on in washington not the only to address the issues that chad mentioned, but this other issue about how you pay for a $3 trillion infrastructure program after a $2 trillion stimulus program and maybe trillions more in spending. invariably, it goes back to targeting the wealthy, that they should pay more for this. so a higher income tax rate, a higher business and related tax rate and a host of other rates for them to pay their fair share. we keep knocking this around. i know i keep sort of pounding the table on this, but i'm having a devil of a time deciding what is a father share to pay in taxes -- a fair share to pay in taxes and whether the rich are truly getting away with murder not paying their fair share. i know from hearing from top
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politicians whatever they're paying now isn't enough. it's not their fair share. some examples. you know, in your years working with the obama administration, at the time with the vice president, i remember quite well hearing the rich should pay their fair share. what is a fair share? >> well, i don't know that there's any one specific number. a lot of this is about trade-offs. if a certain individual who can afford it can pay a little bit more, then we can make investments in our infrastructure. >> the president remains committed to this pledge from the campaign, that nobody making under $400,000 a year will have their taxes increased. his priority and focus has always been on people paying their fair share and also focusing on corporations that may not be paying their fair share either. >> and, by the way, we don't have anything against wealthy people. you've got a great idea, you're going to go out and make millions of dollars, that's fine. i have no problem with that.
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but guess what? you've got to pay your fair share. you've got to pay something because, guess what? if folks who are making, living on the edge, they're paying. neil: all right. so what is fair share? 39.if 6%, the top rate that the president wants to send it to, maybe with surtaxes and the rest much higher than that? a reminder that bernie sanders once said our top rate need to be 70%, 90 plus percent back in the '50s. to dave brat, liberty university school dean. congressman, good to see you. >> thanks, neil. neil: i'm having a devil of a time figuring out what is a fair share. when you were are there and they talked about raising taxes on the wealthy, fair share kind of stopped at 39.6%. but now they're talking more than that. where are we going? >> we're going in the wrong direction.
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the students i teach, we're handing them a $30 trillion debt. so fair share is one interesting question, but what is the goal? if it's gdp per capita, you want to stimulate real growth. and the federal government is not good at picking winners. you need to enhance capital, human capital and technology. and i'm sure they're going to say it's in it, but then they're going to pick all the green deal technologies and all the boondoggles that have to go through the swamp, and we're going the waste it. the best things to do is to get economic growth going back at 3, 4 or 5% by getting the real economy going, by taking money away from the government and putting it back in the hands of the private sector. and so you'll see the elites talk about equity and all these kind of things, but you don't hear them talking about what will bring equity to the next generation of young people which is the chinese and the indians know, they've got their kids in cyber, engineering, etc. we're doing no such thing.
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we shut down the federal government by fiat, masked up after the great depression. the great new deal slows things down. we had the great financial the crash of '08 and came on the backs of the average middle class worker, and elites got bailed out, and i think the elites are headed for another boondoggle right now on the backs of the working american person who needs a growing economy. neil: i'm just kind of wondering, you and i used to talk about this quite a bit when you were in congress -- >> yeah. neil: -- this notion that congress can be very creative coming up with ways to get more money. >> right. neil: not spend money. and i'm all for that position, pay a little bit more, as it should be. we had a progressive tax bill for a reason are. we could talk about a simpler flat tax on another occasion, but that the as it may, in the '50s and the '60s when they talk about that high rate, almost 90% of americans were
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paying something in taxes. now half the eligible population is not paying income taxes. now, i take nothing away from social security payroll, those types of related taxes, but the fact of the matter is it is now almost totally dependent on the wealthy. can you really fund all of this just going after the rich? >> no. it won't come anywhere close. and the super wealthy, as you know and cover, know how to hide their money, get the best tax counts and evade taxes. our six big tech folks who are all on the left, their market cap is equal to all the european markets combined. and so if they want to help, right, the lower income folks -- and, again, what is the goal of all this? of the infrastructure, right? it's not infrastructure, it's economic growth and, hopefully, a rise in incomes for the working people. and so i wish the left would lay out what the goal is at the end of this thing.
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they're never pressed on that question, why are we going to tax people more, why are we going to -- for what? what's the goal? they need to name that. neil: congressman, you used to, back when republicans talked a good game on spending but didn't deliver the goods, so now republicans are in that odd position of sort of like me giving dietary advice, you don't want to go there. [laughter] now i'm beginning to wonder if the democrats have free rein now to go with control of the house, the senate and the presidency to lift taxes higher and forever leave us guessing what a fair share in taxes should be. >> yeah. well, that's right. i look at the fundamental problem, right? they throe the far -- throw the fascist bomb around. in eighth grade civics class, that was a big state. if they don't like it when president trump has the giant
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leviathan of the federal government, why are you going to increase the size? that's a really what the tax debate a is about. it's about less freedom and a bigger federal government which is going to run your life. when you raise those rates, that's going to be permanent. it's going to be hard to roll back. so, obviously, i think the rates are too high already in comparison with the rest of the world. if we're going to achieve growth and compete with china who's going to grow probably at 5 or 6% again coming up and we're down at 1 or 2%. so the goal has to be gdp growth, and that involves human capital and let markets work the achieve that outcome. and you'll never hear that from the left are. everything they propose has to do with an increase in power, right? not in efficiency or freedom. and if you don't have freedom, you're not going to get the vibrant growth we've had in the past. neil: you're right about that. i just want someone to answer a simple question, could you put a figure on it and not keep
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bemoping the fact they're not paying -- bemoaning the fact they're not paying their fair share. congressman, thank you very much. >> thank you, neil. neil: if you're talking about the fair share, let's say you get the top rate up to 40% at the federal level, you keep the 3% surtax on the rich, in effect if, to help fund medicare-related plan and, you know, tax on homes for the rich when they sell, another 3% or so, and you're talking states like new jersey that have close to an 11% top rate. now you're in the mid 50s. is that fair? is that their fair share? or will these governors and others who are pushing this, push it, higher taxes paid by fewer and fewer keep saying it's not fair until the rich pay every damn last penny they make? you should ask yourself that question. because even doing so wouldn't come close to paying for all their plans. that means you have to go down the ladder a little bit. next stop, you.
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little bit north of $55,736 a coin. it's a volatile investment, but now with tesla saying that you could buy its cars using the digital currency, it's the latest company to give sort of cache, if you will, or street cred, if you will, to the digital currency arena, bitcoin in particularly. at&t, microsoft, home depot, mastercard, bank of new york mellon corp. are all in some way investing in or featuring a lot of bitcoin as a strategy going forward. just how big does this get, what are the implications? john layfield following the action -- follow the action podcast host and founder. susan li as well. this is the first time a big car entity is saying that $1.5 billion we invested in bitcoin, you could buy a car with that. now the, my confusion with that is since this changes so quickly, the price in the
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morning could be dramatically different in the afternoonment so i'm -- in the afternoon. i'm just wondering how all that goes. >> well, a lot of people have a lot of questions, and they're wondering what exactly is elon musk, tesla's strategy, but starting today you can buy tesla cars and later on internationally you can use it to buy tesla cars, and that the adds that $1.5 billion bitcoin purchase later this year. it's pretty clear that the techno king and tesla do think bitcoin prices will appreciate from here. but, you know, you can't really use it as a currency. as a user like me, you and john, if we used bit coirch to pay -- bitcoin to pay for something, there are high transaction costs involvedded, usually 6-13%. so it's the not really, i guess the cost of the car would go up if you added on economically to the msrp. now, you also, by the way, what about the capital gains tax? that's what i'm wondering here.
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if i bought bitcoin at $18,000 -- which i didn't, and i wish i did -- but if i'm paying for a tesla war with a $55,000 coin, do i have to pay the tax on the differential? why would i do that? neil: it is a capital gain, right? >> yeah. neil: so, john, despite all these worries, concerns, very legitimate questions all, this thing keeps soaring. one of the things i've noticed, john, is the volatility in bitcoin isn't what it was. i'm not saying it's still not a dicey investment and not for the faint of heart, but these swings we see aren't 30-40%, you know? it's almost are like an amazon, getting a little bit more mainstream than with all these premier, you know, mainstream names investing in it or including it in their respective financial arsenals, it's sort of like moving away from that
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rodney dangerfield i get no respect, right? [laughter] now it is getting respect. i'm just wondering where it goes from here. what do you think? >> i think it's all about supply and demand right now, which almost anything is. but the reason it's solely about that is because you don't have much to compare it to. i guess gold might be the easiest thing to compare it to as far as a safe haven or an inflation hedge or at a time of -- neil: right. but gold is a tangible asset is, you know what i mean? gold is tangible -- i don't want to play off the commercial, you can hold it, you can feel it. this is, it's a little more inexact. i get that, but obviously it's not hurting its surge. >> yeah. it's something that's created and saved on a computer. neil: right. >> the difference between gold being a rock in gold is people say that gold is worth so much more. it is a tangible asset. you can store gold bouillon.
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you store this on a computer. i think it's the search for yield. we have a government like the u.s. government has done the last two presidents, you've got so much debt that has come along, you have bond yields at lows in the u.s. and in europe, people are simply looking for yield. it's why they chased after spacs, it's why something like bitcoin has surged so much. it's why the word nimby has been the best currency other the last 5-10 years and the chinese bond-buying market, people are just looking for yields. and most importantly, bitcoin is finding institutional support as a store of value. and like susan said, not as a fiat currency. neil: interesting. you know, i think another leg that was given to bitcoin was the fact that you can own it fractionally as much as a number of brokerage firms and others have allowed buyers to buy, you know, at a much smaller discount here. so you have a fractional
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ownership in a coin as you would with some expensive stocks. i think that was a game-changer for people who whether they're buying, you know, a piece of this at $300 or $3,000, their percentage gains are just the same. i'm just beginning to wonder whether the government rains on this parade and says, no, no, no, no, no, we don't like what's going on here, and then all bets are off. >> is that to me? neil: yes, susan. >> no, no, no, i didn't want to jump in and interrupt john if he was going to step in. but i would agree with you. i think there's some confusion about government policy right now and whether all governments will allow bitcoin to be used in transthe actions -- transactions, to be held, to be sold and to be traded. but what about the u.s. digital coin, because we do know that jay powell has been asked about that along with janet yellen in those congressional hearings. i want to point out that a u.s.-held coin won't necessarily
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replace bitcoin, and you heard jay powell saying this is not about bitcoin competition. bitcoin is more like a replacement for gold instead of the u.s. dollar. also the u.s. is not in a hurry to develop their own digital coin. but you have to also remember why people buy into bitcoin, neil, is they don't believe in government. they want it decentralized that's not tieded to any government bad policies especially when it comes to stimulus as well. neil: you know, john, i think a lot of people buy it because the thing soars or has the potential of soaring. and i think they're driven by that. they don't really add how or what on some of the big questions, the legitimate questions susan just raised. they want in on this party, and they're willing to lose some money thinking this thing goes up to the degree -- i had a woman on yesterday, this could be millions of dollars -- >> wow. neil: -- in the years to come. i thought it was, that was my reaction too, i think it was a little more to the point. but i wonder, john, what you
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make of that, this phenomenon where people just want in not knowing what they're investing in, but that it could be a quick moneymaker? >> i think -- it worries me, and that's the reason i haven't invested in it. and i've lost money because i haven't. my partner understands it very well and is very bullish on it. you've seen a lot of institutions come into bitcoin. but what susan was talking about with it not being a fiat currency and what you asked about governments stepping in to stop this, think about what bitcoin would be if it started to replace the u.s. dollar. central banks can't control the ebb and flows of currencies that they can't print or retract out of society, and you can't tax something if you can't trace it. so you make central banks worthless and government insolvent. so if it ever starts to become a fiat currency, which it's not close to, $8-9 fee to buy a
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tesla is not a big deal. if you're buying a starbucks coffee, it is a big deal. it's a long way from becoming a fiat currency, and if it ever starts to, i think government steps in, and they will let it stay a store of value, a legit asset class, but it's going to be a fiat currency. neil: ray dalio is counting on government getting involved here because it is getting to be a worrisome threat, or at least that's how he sees it. thank you both very much. we'll see what happens. the dow up about 237 points right now. we're going to update you on that meeting coming up at the white house, the president meeting with his top border advisers, if you will, what to do about this migrant play. if it's a worry for the market, they have a funny way of showing it because stocks are going up and, be by the way, so is bitcoin. together. must♪ ♪
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>> welcome back to "cavuto coast to coast." i'm gillian turner in washington. president biden is facing a stark the choices this week; put america first and stick to the game plan which is to vaccinate all americans, or instead start shipping doses to needy countries around the world. he is facing mounting pressure from inside and outside his own administration to make sharing the u.s. vaccine supply a humanitarian priority. take a listen to former secretary of state hillary clinton who weighed in on this issue. >> what i'm intrigued by and a little saddened by is the way both china and russia are pushing their vaccines. they're using vaccine diplomacy. they are, you know, going into countries and saying we'll take care of you. and, you know, that leaves the united states playing catch-up. >> the is responsible for nearly a third of the world's global vaccine production but so far has provided 0% of the global supply to other countries. let's take a look at the numbers
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on screen, the u.s. is about 4% of the world's population but so far has bought out 37 of moderna doses, 19% of pfizer, 13% of astrazeneca, 20% of johnson & johnson and 28% of novavax. president biden recently did offer 2 million doses to canada and mexico. he was asked about this move yesterday. take a listen. >> finish the number of doses you're going to give mexicans and canadians. >> that depends on what is finally approved. >> it depends, he says. so now the white house is saying a what they're trying to do find a balance. take a listen to jen psaki. >> balancing the need to let the approval process play out of the astrazeneca vaccine as it's taking place in the u.s. with the importance of helping stop the spread in other countries. we are assessing how we can loan doses. >> so now china and russia, as this is going on, have each shipped tens of millions of
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doses to countries in latin america and elsewhere to try and take the lead over the united states in what, neil, is fast becoming a race for vaccine diplomacy. neil? neil: gillian turner, thank you very much. appreciate it. in the meantime, the battle over masks, overall cases, hospitalizations decline aringing rapidly in this country -- not that they're out of the woods yet -- there's a battle brewing between dr. fauci and senator rand paul over whether masks are necessary in the first place or whether we're overscaring or hyping people. at least how the senator sees it. take a look. someone who's been vaccinated might say, well, i don't have to wear a mask, but others might get anxious. where, as a doctor yourself, where do you stand on the use of masks period? right now at this stage? >> well, you know, i think i'm unequivocally for freedom, for a free society. dr. fauci doesn't know any of this. he's making conjecture saying what if, what if the south
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african strain, the vaccine doesn't work against them. the one thing he could do, the one public service announcement he could give is that monochronal antibodies work, and a lot of the american public doesn't know this. neil: rand paul not a fan of masks, doesn't think they're necessary. dr. matt mccarthy joins us, cornell associate professor, author of "superbugs." doctor, thank you for coming. where are you on this whole mask thing in maybe we can just settle this once and for all. >> well -- [laughter] yeah. so the first thing i think about when somebody says they're against masks or for masks is i say to myself, has this person ever been in a high risk situation? i've taken care of close to a thousand patients with covid. i walk into high risk situations all the time. i had to believe that masks worked. when i was treating patients a year ago without a vaccine, you're telling me that if you're going to walk into a room with somebody coughing who has covid
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you're not going to wear a maas healthcare? of course i think -- a mask? that's the reason i'm still alive today. the question is do they work in moderate or low risk situations. that's what we're going to be dealing with over the next few months. as cases decline, it's going to be harder and harder to justify wearing a mask in high -- in low risk situations. so what i think you're going to see a gradual pulling back where people when they're outside, they're not wearing a mask. and if you're inside and you have to be within 6 feet of people, you just keep the mask on because it might freak people out if you take it off. overall, the utility of mask declines as the case rates drop. so we're going to get to a point where we don't have have to wear them. but i want to warn your audience with about something here which is that next fall there is going to be a public health case debate about whether we need masks not for covid, but for influenza. we normally have 200 kids in the united states die every single
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year from ine flew went sa. this year only one. so you're going to see a lot of experts coming out and saying, yeah, throw away your masks for the summer, but come october and next flu season, we've got if to bring these back to protect hemo. i don't think anyone is prepared for the fact that you're going to be hearing about masks for the next few years not for covid, but actually for influenza. neil: all right. but there was always that risk prior, right, doctor? i mean, that's just the new standard policy, wear a mask. >> yeah. and, you know, i think what dr. paul was getting at there, it does make some sense that there are so many confusing messages coming out. the takeaway that i would give you is i wear a mask when i'm around other people even though i'm fully vaccinated because i don't want to scare them. i know that people have all different kinds of thoughts about this. but i don't want need to wear a mask -- i don't need to wear a mask to protect myself now that i'm fully vaccinated.
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it's really just is a social construct. we just saw mayor de blasio in new york city say that city workers are going to come back may 3rd, and masks are optional. that surprised me because when i walk around new york city, everyone's supposed to wear a maaing. and so you're going to start seeing a garagal decrease in the expectations for people, and i think that's consistent with the science, i think that's fine. this summer is something that i'm looking forward to because cases are going to continue to drop, and we're just about there having turned the corner where we can get rid of these things. neil: all right. from your educated mouth, doctor, we hall see. dr. matt mccarthy, much appreciated. >> thank you. neil what do you think of that notion that maybe a mask, it might not be a bad idea to just hang on to it just in case this fall? in the mean time, bernie sanders defending donald trump maybe getting kicked off twitter wasn't a wised idea. why is he saying that?
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charlie gasparino all over that. ♪ ♪
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♪ neil: all right, bernie sanders is not a fan of donald trump, but he's not comfortable with the way the former president's been banned from twitter. charlie gasparino a's following that and a lot of fast-moving developments. hey, charlie. >> and tomorrow the's tech orings. by the way, did you see how bernie sanders kind of backed into his support of trump, or at least his support that trump should be allowed back on to social media? look, you have a former president in trump who's a pathological liar, a racist, a homophobe, i mean, did he leave anything out? surprised he didn't say, you know, axe murderer, you know? [laughter] it really is an odd way of saying that donald trump should be allowed back on twitter.
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if you believe all that stuff and you're the head of contact at twitter or facebook, you know, you probably -- if that's the case -- you know, you could make a good case he shouldn't be on. be that as it may if, i i understand the rationale of why trump, why it's probably bad business and i why the former president of the united states should have some say on social media. he does have 72 million people who voted for him, but that's an odd way of making the case. i doubt this is going to come up tomorrow, neil. tomorrow is a pretty big tech hearing. the house commerce committee, from what i understand, is scheduled to have a hearing. i believe zuckerberg of facebook is going to be there. what i'm hearing from my sources in tech is that they expect a low-key affair, very lower key. they don't -- low key. there's no one on this committee that's got the firepower of a jim jordan or a ted cruz or even elizabeth warren that's going to
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go after the tech titans. they don't think there's much coming out of this. they're going to talk about section 230 of the communications act to protect tech companies from being sue when people post on their platforms. again, it's hard to imagine they're going to call for a revoking of that tomorrow. they're going to talk about the capitol riots, fake news and how it spreads on these platforms. all worthy conversations. i wonder if the trump ban comes up. it may just because bernie sanders mentioned it here. but, again, you're going to have, to be hard pressed to find democrats to say let him back on twitter because most democrats believe everything bernie sanders says. i'm not saying i believe it, just telling you what the democrats say. tom tomorrow's going to to be interesting in a very academic way, neil. not exactly prime time viewing, you know? maybe viewing before you go to
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sleep or take an afternoon nap. back to you. neil: on that note, we are covering those hearings live -- [laughter] thank you, my friend. charlie gasparino. he can sell it, can't he? all right. let's go to blake burman right now. the administration is trying to dispel this notion that only those making 400 grand and up are going to get higher taxes. blake burman wanted to get to the bottom of that. blake, what did you find out? >> reporter: the president campaigned that anybody making up to $400,000 will not pay more income taxes, however, the white house has said in recent days that it would be families up to $400,000. so just a little while ago in the briefing room i asked the following of the white house press secretary, jen psaki. watch here. what about individuals? if you're an individual and you make up to blank, you won't
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pay -- what is that number in. >> $400,000. >> reporter: so the individual number is going to be the same as the joint filer -- >> well, nobody, no individual making less than $400,000 will pay more in taxes. >> reporter: so, neil, they're still saying no individual under 400,000 would make less than 400,000, but then that would also mean that it would be the same number as the joint with filers which is couples who file together being at $400,000. i pointed out to the press secretary that, you know or traditionally in tack policy the joint filer number is about double the individual number. you've got, you know, two people filing versus one. and she said they'll roll out more details going forward, but for now it is, if you make up to $400,000 as an vumg, you're not paying more. and families who make up to $400,000 aren't paying more as well. that seems to be their line, and we'll see when the president
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puts out his build back better plan here potentially in the next week or so how all of this might square. neil? neil: but two individuals filing together each making less than $400,000 together when they make more than $400,000, they're going to pay high taxes. >> reporter: you might have -- exactly. versus the family that makes $350,000 and another one that makes 150,000, that's 500,000. so as a couple you would make more, but the individual who makes 150,000 would pay more in taxes because of, you know, the marriage and the tax structure which is why this doesn't really square at this point and why -- i mean, you saw the tape. i point-blank asked if you're an individual, what would it be? that's the number they gave. neil? neil: yeah. you'll be lucky if they'll let you back inside that building. all right. ing thank you, my friend. [laughter] great job. but it is another lou costello moment, isn't it? [laughter] i don't know. more after this.
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1-800-217-3217. that's 1-800-217-3217 (woman) i don't want to look like this anymore. (man) what is happening to my body? (woman) why can't i lose weight? (announcer) you may be suffering from insulin resistance. measure your waist. females measuring more than 35 inches and males measuring more than 40 inches may have insulin resistance. to learn how to reverse insulin resistance and lose weight effectively, go online to golo.com. once again, that's golo.com. neil: you know, let's say you're one of those who had the vaccine, got free doughnuts at krispy kreme because they're giving free doughnuts who have of proof and you're feeling guilty because, i don't know, you had a couple boxes of
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doughnuts. the same proof of that vaccine gets you no money down retrofitness membership and a no commitment membership at that. andrew, good to have you. if i think for all these folks taking advantage of the krispy kreme thing, they're going to be running, maybe waddling to your gyms. what made you do this? >> well, thank you very much for having me on, neilment for -- neil. for those that don't know, retro fitness has 120 health clubs open or operating, open or in development in 12 different states. and, honestly, we were just thinking what could we do to help inspire people to get back on their fitness journey very aware of the free doughnut giveaway, you know, if they are going to take advantage of that, which is great. they should treat themselves every now and then. we do hope that they rub on over to the -- run on over to the health club and continue their fitness journey. or for some reason if they haven't been going to the gym,
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depending on the state that you're in, there's a lot of different reductions, we hope that you start to think about getting back on a fitness journey. if anything, we learned -- actually, i heard this morning the average weight gain, previously we heard it was 15 pounds, this morning i heard the average weight gain is over 20 pounds. and if we learned anything from the last year with the global pandemic, it's that exercise is medicine, and health clubs now are really becoming an extension of health care. so we could do anything to incentivize or inspire people to get the vaccine. we wanted to do our part. if. neil: all right. krispy kremes are medicine too, just a different type. [laughter] how do you -- what do they have to show? if they've only had one vaccine, there's two vaccines and they've only done one, is that good enough for you? >> it really is. you know, the whole premise is behind this is we are very supportive of the vaccine, but for those that don't know, the
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federal government actually put health clubs and gyms in phase one as an essential business last april. and many have not been able to take advantage of their regular gym workouts, and retro fitness is much more than just a gym. we focus on mental health which is in the news and is certainly very prominent these days, we focus on health cooking, nutrition. we really wanted to just get people -- neil: that's a good idea. andrew, thank you very much. sorry to jump on you there, but i'm going to run to krispy kreme and then work out at one of your gyms. stay with us. ♪ ♪ no one likes to choose between safe or sporty. modern or reliable. we want both - we want a hybrid.
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♪. neil: all right. meeting starting up soon. president meeting with his worder advisors. david ass man to take that for charles payne. david: neil, good to have you bark my friend. i'm david asman in for charles payne. yields are heading steady for the moment but gamestop is sinking after of the earnings miss. the stock is up ridiculous amount since it became a social media darling earlier this year. where does it and other social media stocks go from here? president bet

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