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tv   Making Money With Charles Payne  FOX Business  April 9, 2021 2:00pm-3:00pm EDT

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budget. there's nothing skinny about it but just to let you know it will increase nondefense spending by about 8 percent in education will get 41 percent to 23 percent. that's a lot of money. i just wonder how will they take that. i guess charles knows and he is next printed. charles: nobody else is wondering, just write the check. [laughter] good afternoon. and at this point, i am charles payne and this is turning printed it is the little engine that keeps ending higher. but when will it become a locomotive again to jerome powell promises the federal provide the fuel. see more investors are starting to believe him but there obviously challenges and meanwhile, wall street is upset because individual investors are extremely emotional nice i get over it because the individual investor has been right predict wall street and danny is with us
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and on deck we have a lot to cover. meanwhile progressives and torque if bone crushing defeat of the amazon vote goes down in flames but take heart, president biden just took his first step towards asking the supreme court. and what is next in my backyard. and why should suburbanites price with the new neighbors, we will tell you, all that is so much more on making money. ♪ ♪♪ charles: will the market continues but the very cautious vibe that reflects sort of the moderately bullish market rep we have seen recently and we keep the internals are not that great. it is not about fair however because it started the recession at the slope levels at february of last year and i think that yesterday session though really is a perfect example of what is been happening with this market. narrow trading range, onshore for most of the session and we did get that late start this in
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the s&p to new record high and vesper sparked from the federal reserve chairman jerome powell and he said that he they do not think yesterday. and he has two goals in mind i think, to let us know inflation is coming really big is going to happen but it's going to be short-lived and also that the fed will not remove accommodations or correctly gears and coming to the table on this by the way no matter what the data sets, and of course the big question with all of this is can he pull off can jerome powell do this in effect. i want to ask our research president. criswell welcome to making money. have been a long time follower of your work and i'm going to tell it seems to me that this stream is starting to believe that powell can call this often yesterday i thought that maybe did a pretty good job this morning, it's been really good test you think about that monster producer board, arguably we can began a whole lot more. what are your thoughts printed. guest: it is interesting to
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observe the market action because you just can't seem to get it down and i hope i didn't disperse it is about to go down. but there's so much cash out there, don't fight the fed the old adage. in this case, deep fed is the fed and the treasury working in tandem to flood our economy with liquidity and is been flooded and there's more out there than really is necessary to revive the economy. let's get back to where it was at an all-time record height during the first quarter, may be the second quarter and could very well happen in the first quarter. and $4.2 trillion year-over-year basis since february. it has to go somewhere and a lot of it is going to the stock market predict. charles: here's the thing the fed sees that these are smart brilliant brilliant folks even this morning vice saying the fed
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wants inflation about 2 percent for at least a year. they are trying some things that have never been done before. they have been talking about shared prosperity and they want to see unemployment rates level rather for blacks and hispanics and substantially lower than they been in the past when they change direction rates publican danger danger comes with that. guest: is interesting that the fed is set up basically 1914 with the idea of having one and only one responsibility and that is to maintain financial stability. they did not do a very good job of that in 1929 in 1930, indeed they didn't do much of a good job at that during the 30s read but along the way, in the 1940s they change the mandate to employment and stable inflation. it is arguable whether they done it consistently good job on that score. but the reality is its 2012, they been trying to get an inflation rate of consumer price faces up to 2 percent and they
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have not conceded and succeeded in doing that now it's fullbore and putting off liquidity and helping they get inflation of over 2 percent party to consent that is a good thing. you seem to have this obsession with getting the inflation over 2 percent but that is not too high over 2 percent, they were not very effective in getting into even 2 percent. we will if they can keep it from going much higher above 2 percent. in making sure it does not get higher than that. charles: could be sort of like frankenstein's monster, everybody wants to know can you control it when to get your goal. now wall street, wall street correction bandwagon, i will call it, almost every day see more and more firms calling for some sort of a pullback in this market. for variety of reasons, one they point to the sort of wildly bullish among investors, individual investors put out
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$576 billion in equity funds since november printed they put in a proper context, you're not paying attention, 452 billion when confined to 12 years before that, this money is talking. but doesn't the market have to correct and. guest: while i think that the notion of the correction is almost wishful thinking and thinking i think a lot of investors, basically the bull markets since 2009 the keep missing it. it is a great opportunity in march 23rd last year to get into the market dramatically since than they have gone up. and it just keeps going up with occasional corrections. and then scrambling and buying those corrections. i think a lot of people are sitting on an enormous amount of cash and would love to see the market correct 10 percent or more. in fact it did correct 10 percent just recently and it's now back up. charles: you been renewable in these markets. especially if they are
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professional grade head, i appreciate it was well worth the wait and thank you for coming on the show. i am bringing now and senior, another wall street legend gary, start with you. powell hasn't come are you convinced that they can keep that punch bowl out there at least until 2024. guest: you know i'll tell you what thank you so almost impossible. we have gone back, maybe since the day of greenspan or maybe before that, the federal reserve chairman all seeing and all-knowing odds that that can pull all of the right levers and strings and make sure there is no nothing to the economy, he's talking about not fudging until 2024. charles, that is three years out predict we had enormous change just in the last six months to one year. i don't see how they can predict
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things. i guess if everything goes well and he doesn't need to do anything to her, my gosh, gas prices alone have almost doubled in the last year or so. it is just too far in the future to think that on my gosh, i'm just going to be able to hit every lever and do everything right and keep it all smooth. i guess maybe are looking for a black slide out there. as opposed to what he was implying that it all looks good now. charles: you know nicole, the one thing that impels during is he's making, no one essays making things up but he certainly changing the metrics and yesterday he talked about global vaccine distribution. so now that is part of the equation. it's not windows american get herd immunity, when is the world going to get it. it seems like every time i hear from them, he finds another reason or another hurdle to justify not doing anything with respect to race. >> i think he is saying a lot
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worse without saying much of anything. guest: on one hand it appears to be guidance and on the other hand it seems to be appeasement freedom going up to near the sentiment, life would have to go right but a lot is already going right that would be indicative of rate hike a lot sooner than he is talking about we saw that back in 2013. i was followed by. of chaos that is brief and it turned out to be a great year and the question still remaining as i can afford to coupled with a corporate tech site as well. even if the economy stays strong into 2022, we can get more guidance that that hike looks imminent but is that coupled with corporate tax hikes and coming tenuously that could be double fleming. charles: let me ask you about the market nicole, it's obviously not with the same month that we had in the beginning of the year. what is fully back sort of confident in this market, there's not a lot of conviction.
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guest: it's interesting, you use the statistic that i came across as well. so into the market recently and certainly be a full on return to discretionary technology. i think to the point and just made that it will be a struggle or defensive specie of selloff and its almost like so any people are waiting for us a lot that is not going to get here. so much momentum left in this market. i think a lot of people are looking for real growth opportunity 24 months out. april intensive purposes, it is tech. charles: gary let me ask you, there's a big debate now with the market goes next 100 days. jc suggesting it will be boom or bust. guest: i guess i would have to take a neutral ground. right in the middle. [laughter] might best indicator for having a prediction of the market as a percentage of stock oversold overbought.
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above their 50 day average. we get about 80 percent above, the normally means the selloff at 20 percent below, only 20 percent above that, we normally get a big and where are we right now, about 52 percent. as my neutral. i think i do nicole was saying that more positive i think you think that is the general direction pretty don't see any big boom though, i think we are inching upwards. charles: i do want to mention that you do like carnival and you do like disney may happen to do great. maybe that is what the market is dealing with, sort of being right in the middle. have a great weekend. okay we have to leave it there. now despite and progressive lawmakers and president biden, the union pushing alabama amazon plant falls on his face but will like to box of the union to
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charles: farmers looking to cash in the demand for gas jobs' sending the corn futures soaring through the highest level in nearly eight years. jeff is with this coming is more from what is going on behind the scenes of this boom prayed jeff. guest: this is a scene you don't typically see charles, the inside of a corvette, specifically jim robbins corbin in manhattan illinois and he is lucky because he's got some corn these not sold yet although get yourself some this morning pretty. >> yes, i sold some this morning. guest: people realize that corn, this is another corny get off a cop, it is a commodity is not only food, is also ethanol. percent most of the corn that you grow as a corn farmer and the u.s. goes to ethanol. >> 30 percent of the court goes
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to ethanol, yes. c5 and you are optimistic with the biden administration because this is a renewable fuel that this could be god. guest: could definitely feel for what they are proposing. the high octane it would be excellent for that fuel. >> it is grown tremendously in the percentage of corn grown used for ethanol and critics say this could be the same energy. but you get about two and half bushels or two half gallons per bushel. >> yes. >> the benefits to you you see is being a renewable fuel, something we have to go find a drill the rav4, this is renewable. >> this week were probably going to start planning oliver's will have nick brought the beautiful harvesting in this fall. guest: are you worried about inflation. >> while the inflation has had has somewhat. the fertilizer prices have went up about 20 - 30 percent since
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december. so the impression is coming into agriculture. guest: maybe the gas prices as well printed tell you charles, this is fascinating insight here. this is the golden corn and right now, with the prices is kind of like gold a little bit. it is kind of dusty as well. charles: jeff, can't wait for any future all the greats spot that you have been. when you we can do in one hour special that's enough time really great stuff my friend as usual rated. guest: thank you. charles: for months, i'm actually been looking at the commodities but recently the crude oil have struggled a bit in the commodities prices in general are trending lower. so is in a pause or a super cycle a meth to begin with. let's bring in a guy who knows. ag optimist, scott. the commodities superstar, as a run out of gas.
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guest: i probably is not run out of gas and reason i say that is because of what you just mentioned, inflation. now, sometimes people something of corn and soybeans as a visionary but they definitely are. and we have seen an influx of money, we probably supply demand issue with those crops anyway. but at the same time, there's no money that is coming to these products. as inflation has like you by gold. we started to see more of that and that is been more of a self-fulfilling prophecy. and it elevate some of these things that we try to grow in the field. so i could take a backseat at times, i guess the biggest speech that i'm trying to get most of our investors right now is to be very careful but getting too far out over your skis on these things. because i don't want this to confused what is about to be this reopening our preopening that was going through coming out of this pandemic. that being a trend, it is an event we have to treat it like an event, but it is not a trend be careful by giving too much or
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get these two mixed up, the fed's and because everybody is waiting and see predict what this economy looks like coming down on the other side with a lot more tech and a lot of money to expand. because what were trying to celebrate printed treated like an event and is not a trend and be careful about getting those two mixed up. i think that's the best advice you could get. charles: speaking of advice, the recent podcast, you made a profound statement, i would like you to ask plane are expand upon it, your imagination is your own worst enemy when it comes to the market and the economy. just because may be considered a plan, does not mean and may actually go through what is that mean. guest: sometimes we get into these hyper- loops in your brain about what you think might be going on up there over imagine, you can overly think something. for that in sports and business. and sometimes we sit there you think about something too much, you start to exhaust.
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you suck your own exhaust we say that. it is really a plan because you never really had any outside influence. so imagination can be your own worst enemy we also tell investors that the best thing to have is no memory. because unite will know in the is supposed to react when it used to do ten or 15 years ago, giving these things that are happening in the market but that does not necessarily mean that will be the case today rated signs that they have the memory because my cost you money and also sometimes we are we tell the investors is not that i did have a plan like ready aim and shoot and we have a lot of things we talk about but just don't start to suck your own exhaust and get caught in this hyper loop when your plan is not a plan. just manifesting problems and borrowing of that may not really be there rated. charles: right. it and kind of reminds me that when people go down the path, they can't get off it because they run into that thing they call pride and ego this also devastating work hard you try to
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make money thank you scott. i really appreciated pretty will focus on president biden does not think the situation of the border in the crisis but well, he sees when so much of the supreme court that now is creating a commission to look into it printed in the unionization of alabama amazon plant calls is fighting whole bunch of other progressive lawmaker actions going down there. the rest efforts but they are not waiving the wi-fi get. wait until you hear what they're going to appeal one, next. cur. but i've seen centuries of this. with one companion that hedges the risks you choose and those that choose you. the physical seam of a digital world, traded with a touch. my strongest and closest asset. the gold standard, so to speak ;) people call my future uncertain. but there's one thing i am sure of...
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charles: breaking news folks, you not heard of the workers in alabama warehouse have rejected unionization is a mighty vote of president biden. they've invested a lot of time in this individual credibility, all in an effort to make history and the poured a lot of money into this campaign and of course
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megan have been rejecting units for decades but think this is a really stinging blow printed iranian investment banker, the author of the upcoming book, the work on small businesses. carol, what is happening here and what is the message here. this is a big blow to unions. guest: yes thank you for breaking the news of my book. it's interesting and thank you rated i think it's easy to think about this is amazon's versus the unions but i like to think about it is economic freedom and individual rights versus understanding. we are saying people say that my work and my neighbor and my choice as it should. on california proposition 22 rejecting 85 it was lamenting the gate workers and independent contractors. so to see this pushback from the workers saying that we want to be independent and the flexibility is very heartening at a time when we have an administration that is pushing
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so hard. charles: i did find it interesting that unions are complaining about it a box been placed on permit when the last year the biggest complaint was that were post offices were removing them so what gives. guest: this is another flip-flopping it also just the hilarity of the union saying, you're using intimidation tactics when we are all walking around the straight and seeing a guy in the streets walking around with an inflatable rat. so if you're going to be playing it this way, this is how it all comes down. but at the end of the day, people are not stupid and they are voting with their freedom. their economic freedom. charles: amazon of course, they will be a target from everyone from politicians to small businesses which brings me back to your book. the title is the war on small business. one of the biggest obstacles out there for small businesses out
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there these days. guest: ten years ago, read a book about all of the marketing and ending customers. the number one risk right now with small business in the united states of america today is the u.s. government. at the state and local and federal levels and is just absolutely mind blowing to think that were supposed to be leaders in free-market capitalism but it really is and shifted away from the markets and tars central planning. if you look at everything from what is happened with the fed, relationship with china, to this very cozy transfer of power big business, politicians just like unions. we have our economic freedom and individual rights that hang in the balance here so just like small businesses and for all of us, that is a big issue. charles: carol, i was watching family food last item one of the questions on a scale of one - ten, how much do you trust the government and ice in one and
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steve harvey laughed and guess what, it was the number one answer. i put another tweeted everybody and i'm really not because everyone knows it is the government that's why everybody should be writing this book and congratulations carol. i can't wait to read it myself. already i got more breaking news president biden has signed an executive order presents are committed on the supreme court and remembering he promised to do something like this on the campaign trail but he also never answer the question on whether he would attempt to increase the number of member of justices. a. >> analyst cal state. kelsey, president biden never did answer that question about packing the court because of course he knew it was very unpopular. but this commission looking into two things, anymore justices and term limits. when you think the framers had in mind when he came to the constitution particularly to be packing the court at this point.
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guest: president joe biden did answer the question about what he thinks about packing the supreme court back in 1983 when he was perhaps a bit of a sharper mind and called it a bonehead idea. i think that's exactly what the founders would call it as well. very intentional in the late designed it three oh equal branches of government, the supreme court is supposed to serve as a check and balance of power rated and they did not intended for a politician to be able to change that or the makeup of the supreme court to benefit their political goal because they can't not get them done through congress read so i think that they would be absolutely appalled this is being discussed today. charles: after that first day of the year there american history, the number of justices did fluctuating we want as high as ten. from 1869, it is been nine.
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so we have established precedents here avidly. guest: absolutely, from the past 50 years we had the same member number since cream court justices and you were just talking about the lack of trust in our government and in our public institutions from your family feud example. packing the supreme court would further erode public trust, would bring that number from one down to zero because the country would not be able to trust the supreme court to pursue it's very favorite duties of observing and serving as an interpreter of the constitution and checking the balance of powers between the other two branches of our government. charles: "fox news" on the website yesterday had a great story about the dark money behind all of this and the connections that the intricate connections that we've into the biden administration from the president himself, sake and others. when you make about the millions of dollars are being pushed towards this effort to change the makeup of our supreme court.
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guest: these are the very forces that are behind the biden administration. they are the driving force and why we are not saying eccentric political figure on the far left radical is proposing policies and ideas such as packing the supreme court with the fundamentally change the makeup of our government, a huge threat and they're already putting pressure on justice breyer to retire. and this is clearly just about power and control and this is what we are saying across the board from the left and they are trying to ensure they have complete control over every institution in her u.s. government. charles: is power and control but also things like dead control, president biden will never get that through congress the weight he wants. it is clear that they have supreme court of this side they can do it but let's talk about the pandora's box because when in every president after that be able to play the same game.
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guest: you are right but quite frankly i don't think the democrats are too concerned about that because there at the same time, pursuing and trying to abolish the electoral college and give dc rico, not putting a pass hr one, there pursuing across-the-board, all these instances where they are trying to ensure that they have power. so if the republican president, they would never have to worry about a republican president because they wouldn't have an electoral college anymore. charles: wow, the ultimate power grab. thank you cal state. guest: thank you pretty. charles: coming up folks, how president biden's firing up the federal government to change your neighborhood if you live in a suburb. positive major highs today but it still feels like a bigger move is on the horizon.
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charles: the s&p 500 an all-time high, nasdaq starting right back into the saddle. and yet you know, this market does feel like it is the calm before major movement and the question is, in what direction and when doesn't happen no one bring in ceo of her best of ci financial company. rob before you tell us with market will go, your thoughts on this overwhelmingly polish and festal investors at 57 percent, the gobs of money that are pouring into the equities. some people think it is a red flag and i think, visible we want, people to participate. guest: yes and a lot of people get back to the 2018, the last time that we saw this kind of money flowing into the market in this type of sentiment.
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and took a hit of eight - 5 percent and did not into well but we are all talking about this amount of stimulus in the amount of money on the sidelines now is over 4 trillion. so we see these numbers, and it's all relevant and people are getting stimulus checks and i'm talking to a lot of people waiting on these, they didn't need the money to putting it into the market. i thank you so what you're saying, you gotta put it in perspective. i don't think or none solution is because you see something come into the market like that printed. charles: so your site x excess new businesses must be sizzling out what is the misconception right now, folks are saying i want to make a fortune in the stock market right now predict. guest: is a real people. twenty-five - 35 years old and a lot of millennial's, a lot of them grew up like you and i, on social media instagram and so they are saying get rich by seven they want to come in they want to hit home runs. out of the parked in the next emc, the next crypto currency
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was really trying to train them towards kind of not all or nothing, you can't tell these young guys just invest in coca-cola or procter & gamble to build that base put some into trading 70 speculation and keep them engaged it is really like you know, that well-rounded approach the doubles and triples in singles and yet trying to fence sometimes. charles: but you are right, people have much higher expectation so let's talk about the broad market. incident a coil the spring right now or is a do for some sort of a pullback in your opinion. guest: was interesting, the calm before the storm, in my view things have been really kind of orderly air. we saw the industrials early on in leading evaluation start to get stretched and everyone for good technology names out the baby with the bathwater we talked about of the week ago we thought we would see a rotation you look now, those are the names leaning. i really think it's a very logical market right now. i'm not expecting any move up and down. you probably would seem more
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volatility. it at 10 percent pulled back but i really kind of like the way the market is acting right here. charles: a lot of folks kind of threw in the towel, you are not one of them. the nasdaq was correcting a big tech names are down big another coming back predict what your thought of this, i always say that to me is comfort food. but it doesn't really get it right, you by amazon, when you're really nervous, you by apple because you know two things pretty going to be in business you might still make a lot of money. guest: i agree, we were buying pullback so a lot of those names hit dan 92010 to 15 percent but at the end of the day it is not honeywell, is not procter & gamble. it's not easier this way to get you down the road, 20 - 30 percent. once the stimulus wears off it will go back to technology. those are the big names in the future. to what your favorite idea right now predict. guest: i like paypal a big
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pullback of 20 percent and this is been low and is paypal you can even use your points threat now and crypto currency, think they're doing really well trading the big crypto's do something not being priced into the shares right now predict. charles: i was down in paypal until about three days ago. thank you very much rob, have a great weekend and coming up, president biden is using the federal government and printing press to change his suburban neighborhood throughout the country. have a beer government is single out of suburban housing. ♪ ♪ ♪♪ ♪ ♪ ♪ ♪
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hey, hey, no, no, no limu, no limu! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ charles: a giant movement thisbe heard about it yet, president biden to trillion dollar jobs plan endorsed grants. yes my backyard grant, it would encourage locality restrictions under development, multi- family development it looks like biden's when he's a federal government printing press to change the suburbs. and heather, they started this a little bit in the obama administration another putting billions of dollars behind it. what you think. guest: i think you first start with the rules and regulations of a single-family housing zoning flaws and right now and
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most residential areas, it's illegal to build anything over above and beyond a single family unit and 75 percent areas, and the reason for that, is with this reducing trafficking crime potentially and just a lot of congestion. i know you just moved. you don't want big condo buildings going up necessarily on your street and you want to make sure from an education support, pip kids go to a public school, you look at how they are zoned into one too any kids in each classroom. those real benefits but the drawback that i can see is the affordability aspect of it printed that's what biden and the administration say that they are targeting on the surface that it will make rents more affordable for example and people like me who live in south florida have been priced out of the housing market are having issues finding a home to buy in a desirable neighborhood. but the problem is that they have rebranded and renamed it
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dallas exclusionary zoning saying that it has to do with racial and social programs and keeping minorities out of desirable neighborhoods. and some things, is labeled exclusionary zoning, nobody wants that. it is awful but i don't think this has anything to do with that. i think this has to do with the government power grab. charles: something similar they tried this about a year ago in california. a lot of black folks in the suburbs voted overwhelmingly against it. you work your way through the suburbs so you don't have to have a big building with a whole lot of other people next to you. it is a goal and an achievement. but you're right, they're doing this and pressuring these folks at the local zoning parts and trying to take all of this power away from them. but having said that though, it is a lot of money. and i don't think having to change those rules will be in effect, i think it will change the rules. and with that, do they lose a
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suburban housewife folks. guest: were there a lot of tweets and president trump said that if there suburban white woman that you should vote for me. these are some of the policies that that said the college educated for example who are democrats in theory it sounds good, we get behind it and then the reality yet but actually in all of this occurs to me think wait a minute. the problem is that the state and local municipalities should do what is best for their cameo local level so if you want to get the rings get rid of those on the local level quite a bit we're dangling $213 million in potential federal free money. these are federal grant predict your jurisdiction is more likely to say, okay, let's reboot this zoning eliminated to get this money and you're not doing what is best for the people in your area on the local level. charles: me ask you about something on the local level, new york creating a $2 billion funded health workers the loss
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of jobs during the pandemic but these are workers who are undocumented workers. a lot of people are saying we are talking about the payments to these undocumented illegal immigrants. $15000 predict new york city is broke. a lot of people, $15000 heather. fat. guest: it is a lots in his hands again, another sympathetic argument on the surface. care of people but you can take era of others in the take care of your own u.s. citizens. so when i think about this program at two give up to 290,000 undocumented workers and $15000. i think there a lot of people struggling in new york we have citizens now they're saying hey, what about me. it's kind of similar to what were thinking about distributing the vaccines to other countries who needed both under both. we need to take care of our own before we can help others and
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especially look at new york deficit. charles: they can't afford it and it's a lot of money and to your point of a lot of people are struggling in york even before the pandemic rated and wondering why. they both of the same people anyway. if you can't give away your vote you won't get squat that's why you keep coming in last predict thank you heather have a great weekend my friend. we welcome the dow the s&p are facing another record close the nasdaq is charging on strong but as next week is going to be explosive, you better earnings that are coming up you have the coin ideas and you have a lot of things happening. i have the man to tell you where you should be worried money should be. stay tuned to find out. (naj) nope, we tailor portfolios to our client's needs. (money manager) but you do sell investments
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charles: well, this has been a quiet week. yeah, the market's up a little bit, but i've got to tell you, it's going to be explosive next week. earnings season kicking off, we get the cpi report, and that means opportunities, maybe also a few land mines. let's get the read from kim mahoney. i know you're an aggressive investor, and you look toward long-term themes, so let's talk about coinbase. everyone is pumped about this. i know it's going to be a monster. should people chase it though? you could imagine this thing trading out the gate like crazy. >> it's going to be a monster like godzilla, right? laugh it's going to be crazy.
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at the end of the day, it's probably worth $80-100 million mash cap. i don't know about chasing it, but but the best way to handle it with your viewers is not just to buy it by one price. maybe buy a little bit at the open, wait a couple weeks, incremental buys. charles: well, d.a. davidson, i think, said before the release of the financials, they thought it would go to $195 a share, now they see it going to $440 a share. it's going to be crazy explosive. robinhood put out some numbers last night. this crypto world is simply on fire. speaking of which, inflation. inflation concerns are up, particularly after after this morning with that ppi report. so what are you anticipating for the cpi? consistent with what consumers are paying, this is the real number that influences the fed. what do you seesome. >> look, the number is 2.5%, and that's next tuesday.
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we run through this kind of goldilocks, last year too cold, now is it too hot? if you're concern canned about inflation at home, again, gold is not the hedge anymore. to us it's xlb, that's the etf. we could get a little whiff of inflation, but looked today. ppi came in much stronger, and we're holding on well. so, charles, i think most people understand we're going to get a whiff of inflation, and i think it's okay. this is kind of what the market needs at this point, get some growth back. charles: let me ask you about earnings season starting off with yp morgan. the financials have been -- they started the year pretty good. what do you expect overall from this earnings season coming up? >> they had a steepened yield curve. basically, we started the year with the 10-year treasure at 1, now it's 1.7.
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and, again, jpmorgan, they have the best management out there. i'm not a bank lover, i'm actually more towards growth -- charles: has been, ken, let me ask you with about this overall earnings period looking for a 54% increase year-over-year. i think we're going to come in much better than that, if it happens, will that get the market higher? >> absolutely. i think you're right. wednesday was the lowest volume of the year. we've been trying to lift it this year, kind of sleepy back and forth, but i think next week, as you said, fireworks starting with the bankings. and i to see earnings accelerating. and remember those ceos were cautious last year. i think the guidance is going to be a lot better. first quarter, looking forward for the rest of the year -- and, by the way, i think money's going to be coming back into those big tech names. charles: big techs. xlb, that's the material names. over the last two, three days, they've been a little soft. people worried about this infrastructure bill. i agree with you, ken, buy materials on weakness. we're going to get something.
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it won't be $2 trillion, but we'll get something authentic for construction. ken mahoney, thank you very much. we appreciate it. well, you know what? all three major indices edging higher and the big question this morning when that monster ppi number came out is when will we actually go down. everyone keeps talking about inflation. well, we got a lot of it this morning, and the market did not blink. ashley webster in for liz claman, over to you. ashley: thank you very much, charles. yeah, the markets have responded with a ho-hum. we'll see what happens at the closing bell. we do have breaking news, president joe biden meeting with treasury secretary janet yellen in the white house at this moment after releasing his so-called skinny budget earlier today. the $1.5 trillion discretionary spending plan boosts government cash for many health, education and


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