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tv   Cavuto Coast to Coast  FOX Business  April 22, 2021 12:00pm-2:00pm EDT

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five cents on thursday nights. same price as they were back in 1916 when nathan's opened. costco, food long dog for a dollar 50, plus a drink. sorry, i go with costco on this one. neil cavuto i will not ask you your preference but i will hand the show to you. neil: now i'm shocked you would be advocating for a low-priced retail establishment like costco, everyone thinks you're cheap but i know better. but that is good to hear. thank you, stuart. have a wonderful day, my friend. can't wait for your letter segment. we sent you a couple doozies, please, please air them. we have a couple developments on the housing front we want to let you know. everyone concerned about the corner of wall and broad. at the clip we're going it is impressive. march existing home sales did slide a little bit here because
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the number of homes on the market, they actually kind of limited here and that has driven up the price of a home to 329,000. that is the average. that is and all-time high for an average home price in the united states of america here. so you have got dwindling supplies. that is good for sellers if they're trying to unload homes. plenty of interest in the homes, price of homes going up but for a lot of people trying to buy them, it is a devil of a conundrum here. what does all of this portend as the housing boom continues, latest numbers notwithstanding? permanent activity, sign of future construction, very, very robust. let's go to jerry howard, national association of homebuilders ceo. jerry was very early on this possibility that some of the costs associated with buying a home, you know, especially new homes, like lumber and a lot of stuff goes in them would be prohibited factor, maybe put a dent in this.
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jerry you proven very prescient. do you worry about the price side of the equation? that will further future home purchaseses. >> there is absolutely no question, neil. demand is there. one of the reason existing home sales are sliding because those homeowners have nowhere to move up to. don't have anywhere to downsize or get a bigger house. we're having trouble producing houses at any level of the market right now. neil: you know when i look at the homebuilders stocks most of it has been doing pretty well. they're in and out of these 52-week highs. is it that investors don't sense this is a severe problem or are they saying this too shall pass? >> i think that there is still some optimism on the side of investors as there is for all of the us in the industry that the administration will recognize the supply chain problems we
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have, that they will do something about it. the housing sector got us through the covid recession. if you want to keep the housing sector as one of the positive contributors to the economy, they need to do something. i think people are hopeful that they will. neil: now i'm glad you made that distinction there, jerry, because the overall backdrop for housing remains pretty impressive if you think about the number of people going back into the workforce or technically back right now to physical work structures, this movement, started during the pandemic, to get out of the cities and also expand you know, looking at sites away from the cities, that is continuing too. so with the improving economy, with the propensity of americans who shored up their finances over the past year, isn't that sort of a nice backdrop to have? >> it sure is. the pandemic and the urban unrest has really reinforced the american view of home and
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housing. people want their own single family homes. i think we have an obligation to make sure that there is supply at every level of the market. neil: you know, jerry, i don't want to catch you off-guard but you do know the statistics better than i know, about the lumber prices. do we know, as the cost of an average home goes up, much of that spike had a lot to do with the stuff that goes into a home, that it is not a number of potential buyers out of the market? do we have hard data on that yet? >> we sure do. first of all the price has gone up by about $24,000 just for the lumber package year-over-year, because of spike in lumber prices. when you raise the cost of a house by $1000 you knock more than 150,000 perspective homebuyers out of the market for that specific house so you raise
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the prize of lumber -- neil: existing home sales, right? the existing home sales might catch more attention than new homes that might be on the market because that is not a factor there, do you see a shift going on then? too early to tell. i know the existing one was affected by the tightness of supply, i get that, but do you see a shift, i really want to buy a new homes. i don't want anyone else's old home baggage i can start fresh? in an environment like this could that switch? >> i don't know that it can switch unless there is more existing home stock on the market for people who own the house now. they want to sell it but where are they going to go to? they need to have a house as well. our housing choices, right now we're not building enough at any level of the market. the first-time home buyer level is the linchpin to the housing market and it is extremely difficult to build a house anywhere in the united states
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right now where you can build for the first-time home buyer. so if that segment of the existing home market is bought out or if it is not getting ready for sale, then you will slow down the whole housing sector no matter what locality you're talking about. neil: we'll watch it closely. jerry howard, thank you very much, my friend. be well. >> great to see you, sir. neil: same, jerry. we might be at an inflection point about this, we're not being a crepe hanger about this, to jerry's point people looking at cost of new homes going into them, thinking of existing homes you about that requires more existing homeowners to put their homes up for sale. they would face the same conundrum the potential buyer would, where do they go? we're at that point. we're keeping a good eye on it for you. also keeping a good eye on the president of the united states and his goal within just a years
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to half our carbon emissions in this country. that seems to indicate fossil fuels will not be a big part of that plan. the president, two-day climate agenda announced around the world. even getting participation from the likes of the chinese and the country of india, big cheaters when it comes to this stuff by the way, hopes the trend will be his friend and a lot of these standards can be put into effect. some people welcome this but in states that depend on fossil fuels and coal, other things near and dear, important for our country, well they're in a world of hurt and a world of anxiety and our grady trimble is seeing it play out first-hand in charleston, west virginia. grady. reporter: hey, neil, this is a thermal coal mine. the kind burned to create our electricity that all of us use, 20% of the electricity in the united states comes from coal. the miners union said they
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essentially support president biden's infrastructure bill as long as it includes guaranteed jobs for displaced miners but the miners here are not part of that union, they are more skeptical that those green jobs exist. michael has been mining for 30 years and, you are nervous about your future. >> absolutely. i need five to six more years and i've had to leave here before for work and i don't want to have to leave again. i have got grandkids here. i like to make my time here but would know i will be able to. reporter: you've seen a lot 30 years ups and downs of industry, when president trump took office this was a uptick in mining jobs for first three years. pandemic hit. demand for energy dropped. a lot of jobs were shed. how do you dig yourself out from under that from this administration or is it even possible? >> depends how bad they get with
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new rules and regulations. it is tough with the price of natural gas competing with coal for the thermal market f they put too many regulations on coal making it more expensive, they will not be able to mine it to make profit. reporter: when they say these green energy proposals could create millions of jobs, these are jobs that you don't necessarily want. this is what you like doing? >> i've done this for 30 years in the mining industry and 10 years in the construction industry and, if i was going to get trained in something new by the time i got trained i would be almost retirement age. you know you're going to start off at entry level job at retirement age. reporter: not worth it for you. there are young guys working it here too. their whole lives would change and they would have to move. >> they have got testimonily here. they have roots here. change your whole way of life to go somewhere else. reporter: joe manchin supports
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modernization in mining industry and he would be a critical vote in any infrastructure bill if it was passed. neil: thanks very much for that. we forget, grady, to your point, these plants, coal-fired electricity plant provide the juice for these teslas and other electric powered cars, be careful what you wish for. if you get it those cars might be kind of stuck let's go to scott shellady on all of this. the cow guy we like to call him at ag optimist. scott, you've been warning people a lot about the oddity of this, be careful what you wishing for, how the trend towards all these electric vehicles, a lot of them rest on you know, plants that are powered by coal. this could come back to bite the very people advocating it, huh? >> well, you're right and just in a little bit of preparation to talk to you today i just went to the epa website. it is easy, right? you know what you can find there?
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you can find that electricity is 25% of our greenhouse gas problem. electricity, everything that goes into making electricity, transport, whatever. that is 25% of our emissions problem. so there is no great green answer. it is just how you manage it. i think that you know, talking to guys like grady was talking to, he is absolutely right, there has to be a little bit of common sense that goes with this. what everybody always forgets, we've had doomsdayers and doomsayers, since 1970, when the earth will burn up, we'll not live here anymore but we forget about human innovation n this country, is the best place for that. a guest you had on before, bjorn lomborg, he is the one that said hey, you couldn't live in los angeles in the 60s. some guy came up with this thing called the catalytic converter and everything is good again. we always discount american ingenuity. that is a shame.
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that ultimately will get us out of this problem. not global mandates. not paris climate accords. it is ingenuity of the american gets the american out of the issue. neil: i think you're right about that. sometimes i think the market gets ahead of what people are just sort of worrying about and sees beyond it. i've been looking at the auto sector, auto related stocks. i'm sure it is as you have, scott. if they're worried about their industry becoming a dinosaur, being forced out of everything they have been about they have funny way to show it. a few of them go to electric vehicles and vehicle counts but the fact the half ther they're still dominated by gas-powered vehicles. they're not being hurt by this talk. they don't see it happening or look forward to the type of events that come out of nowhere like the catalytic converter in the 1970s that changed the
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whole gameplan? what do you think? >> i think two things. number one, i was surprised to see it, i think you did a show on it or stuart did a show on it, i was surprised how long to took to charge even fast charging station a electric vehicle, volkswagen their new car. at same time it costs 12 bucks to do it. you sit there for 25 minutes to pay $12. i understand it was cents, not dollars. that is number one. not as straightforward as we think. number two, we're one headline away, why i love technology right? technology always get as bump in the trading world, they're one line of code saving thousands of people. the same could be said for fossil fuels. we're one headline away burning fossil fuels much cleaner rate, like cat littic converter helps in the '60s and '70s, would change the landscape right now. that is why you have to be very careful. i think an american out there is studying this problem.
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a few guys and women come up with the idea how to burn fossil fuels much, much, cleaner away we go. that changes the whole landscape in one day. neil: we're a hell of a lot cleaner than we used to be to your point. i can remember los angeles too, where you almost need ad mask to walk around there. that a long time ago. scott shellady, thank you very much. >> all right. neil: this idea of basic income, you heard a lot about that someone in the government handing you a check to see what happens. before you dismiss this out of hand do think of this, we just came off of a month of record retail sales activity buoyed in large part by money from the government. so careful here. jeff flock next. ♪.
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out of 1400-dollar stimulus checks that helped lift retail sales, some argued all but paid for themselves. the data is too early to crunch the numbers. jeff flock is looking at impetus behind a similar effort going on in chicago to provide residents with basic income. what are they talking about, jeff? reporter: i tell you make a great point, the point you made before the break, neil, that is that you know, if a person who has some money gets some extra money, they tend to save it. a poor person gets extra money it goes back into the economy. this is a big week for concept after guaranteed income. chicago yesterday, l.a. earlier this week and new york of course andrew yang who wants to be mayor of new york, that is a cornerstone of his plan. and cities all across the country are testing out this concept with a pilot program. cities from san francisco to
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jackson, mix sip, pittsburgh, st. paul, providence they're trying this. the chicago plan, 5000 people would get $500, no strings attached each month for a year. you have you have to be poor, income of $38,000 or less. $500 is not a ton of dough. it is not $50,000 here. $6,000 year proponents think it is a hand up, maybe it's a handout but also a handup. the policy council pretty conservative against these sorts of things, not totally against it, they just don't think it is the best idea right now. listen. >> what the poor really need is a good-paying job, the opportunity to work to get ahead so they're not poor anymore, rather than a small cash transfer that might make their poverty more comfortable. reporter: neil, a lot of pretty big-time capitalists have been for this, current lid for this,
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people like elon musk currently, people in the past as diverse as richard nixon, milton friedman, folks prominent in the reagan administration, jim baker, george shultz all boosted this idea. another person who was an outspoken proponent was a man named martin luther king, jr. who wrote the solution to poverty to abolish it directly by widely discussed measure, the guaranteed income. the knock, people get extra money. not fair for one. for two, make them not work. stockton, california, i leave you like this had a program for the last year-and-a-half or so. they're studying people are in it. they found not only not a disincentive to work, actually more people were full-time employed got into the program, got the money. they spent the money on essentials as they tracked their spending, not on alcohol and cigarettes and drugs as some people thought perhaps would be the case. they found that people were
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happier, healthier, and less stressed. we tried a lot of things to try to to fight the war on positive very, neil. maybe time to start something different. neil: without causing too much controversy here, those stimulus checks that went out to a much wider base of americans, they clearly paid pour themselves in increase in retail sales. how long that lasts is debatable but i don't think it should be laughed off the discussion tables at face value. reporter: if you target it, these guys would say, exactly, if you target it, try to lift people out of poverty. it is not so much of a handout. it is a bit of a hand-up. maybe do something you couldn't do, get healthier, get a better job, who knows. maybe worth a try. neil: makes a big difference, makes a big difference to a lot of people need it. nasty emails are coming. i'm directing them to you, jeff.
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reporter: twitter. neil: on that, all right, thank you very much. by the way these people tweeting me saying, i'm fat, i don't know what camera you're looking at. okay. we got dan geltrude here on this story. we've got shana sissel on this story with spotlight asset group, the chief investment officer. i always think with novel ideas they come up, a lot of people immediate knee-jerk reaction dismiss it out of hand. if you look, shana, at the experience we had with stimulus paints that have been made under republican and democratic administrations, i think way too soon they ultimately pay for themselves but they did give the overall, in this case continue to give the overall economy a boost. so what do you make of that, trying in limited scale, different cities, that sort of thing? >> i am actually not totally against it as is pointed out what they saw in stockton. this isn't a huge amount of money to a small group of people.
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if anything, i think feeling better, being more comfortable, perhaps emboldening, makes people want to go out and do things. poverty is often connected with depression, mental illness, this could be something that could help. i'm against like giving full salaries but a small amount that could be helpful with the essentials i think makes sense. it allows people to spend it as they feel is best for their family instead of something like food stamps which is very narrow and, basically says, we'll give you this but can only spend it on x. neil: you know, dan, the flipside, the people opposed to this it keeps those who get the checks dependent on these checks n chicago saying, this will be a one year experiment. if that goes away they then lose that all they're right back to where they were. furthermore it could have the perverse effect of keeping people, trying to keep people
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under that income limit of 38,000 or whatever it was to make sure they get these benefits. what do you make of that? >> neil, there are people that need help and the government should step in and help those who can't support themselves, who can't work, who need assistance. i'm all for that. what i am not for is paying people to stay home. i do not believe anyone who is able to work, and receive as check from the government no matter what the form is should just stay home. they should have to do something for that. so if you're being paid by the fed, if you're being paid by the state, you should have to do something in service of the federal government or the state. i'm okay with waiting to see how these programs work out. i don't want to just shut the door on it but let me say, i am a little skeptical, neil.
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neil: that's fine. shana, he does raise a good point. one is that it would you know, allow people to create this what has been a problem for employers, finding help, right? because whether through employment benefits that have been extended, increased at the federal level, yet another reason for a lot of these, you know, folks not to return to the workforce. do you, do you look at that as a counterproblem? >> i think there is two things to note. to dan's point there was i believe a pilot program in maine that did require those receiving government assistance to do some sort of volunteerism, a certain number of hours a week. i believe the results of that problem was they saw less people requesting government assistance and those that did were actually very involved in the volunteerism in the community. it was a bit of a win-win for maine. i believe it was maine. it was a while ago. in terms of your other question
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for employers, the issue with not being able to find employees has to do more with skills and, there is a problem right now where we're missing highly-skilled individuals in certain areas. also the trades. there is a huge gap right now in trade work. so that's, plumbers, general contractors. and i think you know, that is an area we should focus some effort on because that is a highly lucrative area for those who are willing to learn that skill. it's a high demand area of the economy as well. neil: all right. shana, dan, don't wander too far. we'll have you back to talk about other big developments we're following today including what is happening at the border. in case you missed aishah hasnie reports from the border you missed remarkable reporting. the problem there is getting worse. what is that old line, when it rains it pours? right now that is a very big
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♪. neil: all right. i'd like to clarify, actually apologize for video, wrong video we showed going out of the prior segment teasing what is happening at the border. i believe we were showing instead of video some black lives matter protests. bottom line we don't know exactly what it was. i don't. i know it wasn't what was going on at the border. for that we have aishah hasnie following all of this in mission, texas. she has had remarkable reporting from there more having to do something that will compound the border pressure. it has everything to do with flooding, or potentially. ashiah what is going on? reporter: neil, you're actually absolutely right. there is the border immigration
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store. this is another store equally as important. i'm standing in the middle of a giant cap in levee that protects towns from the rio grande river half a mile away from me. during the trump administration this earthen levee was being adapted to the border wall. it was supposed to connect to the border wall this way. all of that changed come january when the biden administration came into office. all of sudden construction halted. crews, stopped working, and left. parts of the levee are shaved off. sections are missing, neil. just in 2010, the entire valley was flooded. the only protection was this levee. armando lives nearby. he is modern day noah. he wants president biden to know this is not about immigration,
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this is about their lives. >> if you don't finish this project, don't complete this levee, we'll be underwater here. we're talking about thousands of homes. thousands of people. it will be devastating to this community. reporter: senator ted cruz is getting into this. he sent a letter to president biden. he says your administration should not allow its opposition to a border wall to prevent building a levee wall that is critical to the people of the rio grande valley. neil, the clock is ticking. we're five weeks away from hurricane season. the department of homeland security has still not come out with a plan to fix this. neil? neil: that is a little scary. you're the first to bring it to our attention. good for you, ashiah. thank you, be safe. following developments along the border, good opportunity to sort of get the read from congress on this. we've got tennessee congressman chuck fleishmann, house prepare rakeses committee. congressman, what do you think
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of what ashiah is just reporting? this is something immediate, this is of immediate concern? >> neil, you're absolutely right. what have i been saying now since the biden administration took over? this is a series of crises at the border. it is not just one. several layers they have failed to follow through with what the trump administration had done, what american policy was and was appropriated for. specifically concluding the wall, finishing the wall but on so many layers they are overrun. they're in chaos, and they just don't know what to do. it is time for them to sit down with congress, forget their left-wing agenda, forget their left-wing allies, come up with an american solution, it is going to hurt this country for decades. neil: now in the president's skinny budget, don't know if you call it skinny budget, 1 1/2 trillion, down payment on the big budget, we'll get details next month. there was no money in that for
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any of these things, including completing the border wall or addressing this levee situation. so this seems like a ticking bomb? >> you're absolutely right. it gets even worse. for fiscal 2021 which we're in we actually have appropriated monies have been signed by the executive branch, the legislative branch, signed into law, he is not following the law that was actually passed. so he is not fulfilling the obligations that he should and for future obligations, they are absent. they don't know what to do. they need to address this again. all across america americans are suffering, american communities are suffering. it's a humanitarian crisis with the migrants. now with the flooding potential, it it crises after crises. it needs to be addressed. neil: quickly the administration is pushing the climate agenda, distinct from the infrastructure plan, almost the same price tag,
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a lot of likely zeroing on corporations and rich individuals but you just can't pay for all of that going after that crowd, can you? >> absolutely. you're so right. we've got to get back to basics in america. we have to get back to free-market capitalism. we need to make america wealthy again. the way you do that, incentivize growth. you do that, you don't increase taxes. you allow people successful, invest, grow the economy, grow america, that is how we will lift everyone out of poverty. that is how we solve these problems f we're going to be capitalists, i think we're great capitalists we need to lead the world, get america wealthy again, the way we do that, work with our free market. the biden administration, because of the left-wing influence, raising taxes, raising regulations, they're going to hurt this economy, hurt our growth. ultimately till with be a downward spiral. neil: you know you would be surprised they say just the
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opposite. the weirdest thing. congressman thank you very, very much. always a pleasure. >> thank you, sir. same here. neil: meantime we're following developments on capitol hill including the president as plans. without warning a good part saying 200 million doses of vaccine already gone out, 200 million americans are with one dose, now, he is warning if more people don't go out to get the vaccine and wear the masks and do the things they should be doing, we won't be able to celebrate the 4th of july. they call that a carrot-and-stick approach. ♪. that building you're trying to buy, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything.
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>> to celebrate our independence from this virus on july 4th, with family and friends and small groups, we still have more to do in the months of may and june. we all need to mask up until the number of cases goes down, until everyone has a chance to get their shot. neil: so was the president saying there if you don't do any of this stuff we're not going to be able to celebrate july 4th. dr. bob lahida director of institute of autoimmune diseases. i always love the good doctor because he speaks clearly and he reminds me of the kind of doctor would tell me, rather than say neil, you have to lose weight, neil you're as big of a house, i would prefer you be the size of a condo. i don't know if that is true, doctor, i just have an idea you wouldn't be totally mean. how are you doing? >> [inaudible]. neil: okay. i was, i was ayou would say that. we'll see how long i can do this
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interview holding my stomach in, doctor. let me ask you about what the president is saying. encouraged by the number of vaccines out there. 200 million americans received one dose of a vaccine. he wants it to continue, or, or, we could be going through the drills through july 4th. what do you think? >> what we're seeing if you've been vaccinated you can have a barbecue with your relatives who have been vaccinated without wearing masks. we can have small gatherings, my town in northern new jersey, if you have forth of july, you have 10,000 people watching a parade where everybody is screaming and yelling, that is probably what the president's referring to. i would imagine such events like that, a fireworks event, upwards of 30,000 people gathered together, most of whom are not wearing masks, that would be a spreader event. that could be a problem, even though 56% of americans have received one dose of the vaccine, neil, up to today, which is good news.
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neil: it is but, doctor, what is your shelf life as far as being resistant to covid once you had both doses of the vaccine, when j&j's was out there, one dose of theirs, how long are you good for? >> that is a good question and i suspect, i'm just saying this because i believe this virus will be endemic, which means every year will change its coat like the flu, i think you're good for at least six to 12 months with the vaccine, and, we have not taken into account cellular immunity, which is the immunity not antibody driven. it is cellular immunity. that is very protective. that can go on many, many years, even decades. neil: you know dr. fauci has taken some hits you know, doctor, still wear the mask, still do all of this. some people if you had your way dr. fauci we would never change, would mask 24/7, inside, outside
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all of that, inside the shower, they get impatient. what do you tell people? what is the best bet you have when we can dispens with masks, when we can return to normal lives, whatever that is? >> the official answer when we reach herd immunity, when 70 to 80% of the population is infected or vaccinated. when we are here in the clinic, we wear masks, we don't know if the patients have been infected or are infected. maintenance people so on so forth, who are not immunized. if you're in a group where somebody may not be immunized, in a bar, restaurant, church, temple because you just don't know. you can infected twice if you have already been infected. we see it is not very common but i have seen a couple patients like that. you have to be very careful. think of this as still
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transmissible, because, again, only 56% of us have been immunized. neil: but 6,000 or so gotten the virus, small in the scheme of things, even after the vaccine. so what is the deal with that? >> that's right. but they don't get super sick and they don't die. and i always say that. you know, people tell me, well i got the vaccine i really got sick, but you're not going to die. if you get infected, that 5%, that could be infected with the covid virus, you're not going to wind up in the intensive care unit on a ventilator. the chances of that happening are one in 10 million. so that is good news. neil: all right. i hear you. doctor, always honored. thank you very, very much. have a wonderful weekend. >> thanks, neil, you too. neil: dr. bob lahida. meantime here we're following this 2 1/2 trillion dollar push on the administration on this american jobs plan. a lot of that it is over the course of a decade.
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to hear janet yellen, the treasury secretary explain it, it will be corporations, individuals, particularly wealthy individuals will bear the brunt of that, not only top rate to 39.6%, higher capital-gains taxes 20%, that could go again high as top rate, 40%. there is the good news then. the bad news, and if you are wealthy it is bad news. if you are a corporation, it could be some unwelcome news. if you skirt all of this responsibility and you think you always will, well we have some news on that, after this. obsession has many names. this is ours. the lexus is.
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♪. >> welcome back to coast to coast. i'm jonathan serrie reporting live from kennedy space center. behind me you see the rocket on the launch pad. its launch originally scheduled for early this morning been delayed a day due to weather concerns. clear skies but heavy winds, kicking up rough seas out in the atlantic which would be the emergency splash-down site if something were to go wrong on the launch. so you want calm seas for that unlikely event. so liftoff is set for 5:49 a.m.
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tomorrow. sitting on top of a falcon 9 rocket on 39-a, historic pad of numerous missions including poll low 11 which sent astronauts to the moon in 1969. they will send four astronauts to the international space station to continue research on effects of prolonged spaceflight and studies that may lead to medical break-throughs on the ground. >> using the unique micro gravity environment, right, to develop pharmaceuticals and other treatments, also by studying the effect on biological systems of the space environment where you better understand how to treat diseases here on earth. reporter: so ambitious plans here at nasa. neil, back to you. neil: jonathan, you can cover anything, i mean anything. awesome job, my friend. jonathan serrie my friend, at the kennedy space center.
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really, throw everything what is going on, atlanta, cdc, covering rocket launches. scrupulous about it all. dan geltrude back with us. shana sissel is back with us. dan, we talk a little bit about the out of this world stuff, but i'm looking at the price tag on some of this spending, infrastructure, 2 1/2 trillion on the jobs act and all, how will we pay for all of this? >> what they're telling everyone is that we're going to have corporations pay for this. we're going to have cavuto and all his rich friends pay for this but the point is, neil, eventually you run out of that money and to me it is all about propaganda. let's look at the names they're calling this. the americans job plan. the american families plan. those things sound nice and they're popular. joe biden says these spending programs are very popular. start telling people the truth.
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this is spend us into bankruptcy plan. that can't continue forever and the reason it is happened to this point, neil, there has never been any consequences to our wild spending. sooner or later the bill will come due. at that point it will be too late. neil: well you might be right. this has happened under republican and democratic administrations and congresses alike, so i don't see it slowing down, shana. one bit of honesty on crafting the infrastructure plan, especially those democrats who are advocating don't bring the corporate rate up to 28%, more like 25%, the administration is seriously considering not finding way to pay for that. in other words, all right, we'll bite the rate, maybe bring it to 25%, not 28%. we don't have to look for comparable means of making up that dough, what does that tell you? >> well, tells me that they're
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not looking for creative ways to do this. and you know, raising taxes is just the easy answer. it is not good for re-election. so i don't know how long the folks who vote for this will be able to keep their jobs. and i don't think they're thinking about that, but one of the reasons they have been able to do this, regardless of party for so long is because the feds kept interest rates so low. servicing the debt is really cheap. you can spend a lot more when the interest rate is pretty low but that is changing. and if interest rates go up that will put pressure on congress to raise taxes and it is not going to be enough to do it on 1% or 5% of earners. it will have to affect everybody at some point. neil: can't pay for it that way. shana, final word. dan, thank you very much. so how do we pay for this sort of stuff?
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>> whether they are just trying to run at the clock there isn't much time left in the school year. next fall may be another matter. >> it's important even with two months left. using mental health health deterioration and the thing about the democratic party is we try to advocate for the most vulnerable and the least fortunate and this closing of
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schools is the population it hurts the most, the least fortunate, most economically challenged so even for two months it could mean the difference for those kids to get back to in person learning and it's unfortunate that they are not going to open. neil: that was then with startling news now. the schools in the inner-city will open for in person classes and that was our chat with the mayor here. the pressure is now on the superintendent and everyone else to say who cares, four, six, eight weeks left of the school year, make it in person and get on with it. lydia with how all of this is going. welcome news i'm sure for a lot of parents and a lot of kids four yes. we have been talking to parents and they are relieved and excited to hear that highbred learning will return starting next week, a decision made overnight but
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it's come with back-and-forth and questions about teacher staffing levels and we know staff levels across the country were down even before the pandemic and it's gotten worse over the past year appeared we are here at doctor maya angelou elementary school and the doors have been closed for more than a year now. last week just to back up there was a plan to return to the classroom, but then parents were stunned when i got a call sunday night, as you covered that it would be canceled and too many teachers and staff members were calling out according to the superintendent. after a lot of criticism and more meetings late last night it was announced they would reverse course again and that they would be a return and is going to be a return now back to the classroom starting one week from today. parents are frustrated and rallying outside the board of education this morning to make their voices heard and they told us the trust is now gone. listen to this. >> i cannot believe suddenly on the teachers are showing
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up and everything is ready for them to open. >> everyone is flip-flopping. we need a concrete plan. >> chaos is not fair to the students or teachers to drag along with indecisiveness. reporter: nationwide there is a concern about not having enough teachers and staff members to reopen safely. districts are dealing with teacher absences an early retirements and not enough substitute spirit the situation is worse in rural areas. encouraging news is surveys are showing teachers and staff members that have left the profession over the last year indicating they are willing to return as vaccines are rolled out and we know from the cdc approximately 80% of teachers and staff members have received at least one dose of the vaccine as of march. the hope is across the country the situation will improve as we continue to see more and more people getting shots we know here in jersey city-- jersey city for now and here this school teachers
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are in the building today preparing for the return of students for the highbred learning model starting in one week. neil: good for them. lydia, thank you. then there's the issue of what happens when kids do return and what they are taught. you heard a good deal about critical race theory that's become a very popular teaching team in schools across the country with julian turner on that and some lawsuits questioning why that should even go on in the first place. reporter: so parents of students at commerce jefferson high school in fairfax county, virginia, are telling fox news they are suing the school district because of the critical ration issue is being injected into their students curriculum. they say the issues they are fighting on behalf of all americans also say they are sick and tired of the kids inundated with this messaging that they are inherently racist based solely on the color of their skincare
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leading the charge against thomas jefferson high school where the student population is over 70% asian american is mom oster appeared take a listen. >> immigrant parents who fled communist china, romania, india, economic challenges and they are here because they believe in the american dream and so our lawsuit is an attempt to fight for the american dream that believes in meritocracy and hard work. reporter: she also said it's the students who end up getting caught in the activist fire ended up suffering academically. listen. >> all of this activism across the country is just going to decimate academic excellence in the united states. in virginia, they are now pondering the elimination of any kind of advanced math or
quote
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studies in our schools. this is a race to the bottom. reporter: harry jackson who is the father of a black student at the school is also a party to the lawsuit and assess the fibers in a black students that are currently enrolled quote see it for what it is, a path to admission that they don't think black and hispanic students have what it takes to compete on merits, it's not that message i share with my children and it's not a message we should listen to other children. we are highlighting thomas jefferson high school right now, but the biden administration is facing multiple lawsuits now claiming taxpayer funds are used to push critical race theory in public schools. it's an issue that is lighting up across the country. neil? neil: thank you very much for that, julian turner. founder and ceo for center for education reform jeannie allen. jeannie, i mean, the good news is eventually people can
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go back to in person classes. the bad news is this is what they might be subjected to. >> i was going to say that, i mean, more and more you have both the double whammy appearance incredibly frustrated and-- by the way still missouri won't be full-time until at least fall if that and then what they are going back to is not reading, math, real history, geography, civics wear americans as students show 30% or less proficiency, but debates and discussions about their social and emotional level that they can understand and critical race theory. it's by more and more parents are going to charter public schools, private schools or micro- potting themselves because they are fed up with the system. democrat, republican and in between we have let them down. neil: you know, jeannie, who says this curriculum, these
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guidelines? that subject kids some as young as seven or eight years old to the notion that they are automatically racist? who sets that as a bar from which to begin teaching others if you ever get that far? >> well, it's like everything in public education, neil. local decisions are made to for example test and assess as they did recently in langley virginia whether or not you are really racist, kids are giving that test and the kind of stuff you are hearing about a thomas jefferson locally, but they are getting memos from the national school board association. and they are letters and demands from the national education association and the american federation of teachers of the teachers union, administrators, just like every bad idea and fad and frankly miss correction we have seen in a schools for
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30 some odd years, comes from the education block and it's pushed down and local boards are made to feel that if they don't do this they will be protested or they will be shut down or somehow they will be offensive, but as the last parent pointed out in so many that we know they want their kids held to the highest standard everyone else is held to and let's have the debate. we have some lousy models in history and some great models, columbus day great things and there are some things maybe he did not do that were so great. let's have the discussion. that's thinking. that's really being critical. neil: i'm just wondering where all of this goes because a lot of their funding depends on following whatever the state or federal guidelines are, so some schools regardless of the-- those involved because they are not all into this, they have to do it or they don't get funding; right? >> right. it's the federal government, we want you to do this, that kind of push and pull, but is
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also-- we are looking at an extraordinary amount, trillions of dollars of new money that's going into the system that, by the way, is not opening schools full-time as was intended by those dollars that were voted in and there will be strengths. there absolutely will be in a strengthened aggressive civil rights department, the biden justice department, the u.s. department of education they are livid that betsy devos didn't go every every single classroom where someone said boops someone offended me. there will be an overreach and they will try to over regulate as they already have, not just what's happened in traditional schools but even some free charter schools and so you wonder why states are increasingly enacting new opportunity scholarship programs, charter schools have waiting lists and there's a demand for micro- schools and people doing their own thing. the end of the day until parents get the money that i know you talked about to
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follow them, you should be able to write now take your money anywhere and figure out how to fill the gaps your child is missing, especially low income and minority children. all the gaps you are missing, the schools should want to go to our open and you could be doing tons of stuff available that's not very expensive actually a fraction of the cost of traditional public school if we would just let parents or grandparents, families and caregivers decide. neil: it is their kids and grandkids. jeannie, thank you. switching on to economic manners that are pressing, housing. while the price of a home goes out it's not surprising bidders on the homes go down with existing home sales jimmy 3.6% as existing home price rocketed more than 17% in the same month, an all-time high about 329,000. scary times for housing
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market or a sign of good things to come because the demand is there even with the high prices or so we are told. we spoke a while ago that the national association of homebuilders ceo and i'm going to go right on to jerry leavy and mike murphy on this. mike, a number of homebuilders have been saying that the demand is there and that's the good news. the bad news for buyers is you will pay through the nose and a lot more than you thought because it is so could that be the subscribe-- prescription for trouble ? >> it's not trouble because interest rates are so low and remembered neil, it's just a few years ago when you and i were talking live on the air about millennial's and not wanting buy homes ever, they would rent forever and what will we do with the flood of houses in this country. now, we are talking about millennial's or e younger generation looking at
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homeownership and having low rates is very helpful for that so they can afford a larger house were more expensive house, but let's not try to disrupt or try to reinvent the law of supply and demand. as people are looking for homes, prices go up to her that's completely fine. you are getting a house. you should be finding a house that fits your family that you can afford and open it and be there and it's part of the american dream and it's definitely a good thing, not a bad thing. neil: you know, jerry, i never like to focus on the market in the moment because things change and whatever is happening in a second and no guarantee, having said that, do you think that this is one of the things that is not to be concerned about a housing correction or anything like that, slow down our just as we see this post pandemic coming out and reopening that
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there could be bumps along the way? >> forced of all-- first of all i think the environment we are in is something different here memo the last housing bubble was fueled by risky loans, lots of leverage and people flipping. we see that, but the other thing we see that is different is people now have a much better geographical diversity or ability to move around here there's a lot more savings now. there is a lot higher standards when it comes to getting loans and by the way, another thing happened last crash, big hedge fund, big businesses came in and bought up a lot of the u.s. housing market. these are individuals that will just run away for correction, they are in there for the long term. at the bottom line is i think stability is there. i think it's concerning if you are a new homebuyer and it's frustrating, but these prices we will probably have to live with and fight through and for the average
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millennial, it's a tough road, but again you have a choice. you can go to some less desirable areas of yesteryear and maybe live a nicer life in the suburb or maybe a smaller town outside the metro area because you don't have to get to work, so there's a lot of mechanics behind the scenes that we shouldn't we so afraid of. neil: you know, in the meantime mike, i mean, stocks have been holding up and there are some clouds on the horizon. i know there have been jitters as the president has outlined his kleiman agenda and having you know just a few years from now, but part of that pay for that is taxes on the wealthy and that we knew, higher taxes on corporations and higher capital gains taxes that could affect more than just the very rich in other words bringing up the capital gains rate from 20% now to as high
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as close to 40% when all is said and done, do you think as much as this has been telegraphed, it's something the market are beginning to see as increasingly likely are not? >> i do think it's becoming more likely, but again i don't think we figured out where it's going to get to, but i think a lot of it has priced an already. i think the market has accepted the fact we are going to see higher taxes and kind of starting in november, after the election they started to come to grips with that. i think when you look at that , that headwind for the market, but then when you look at interest rates where they argue look at the technological advances where they are, i think that's-- net net that's why we have a market basically sitting on an all-time high because there are more tail wind so higher taxes are bad in and
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of themselves, but there's enough out there as long as they don't go crazy high on the taxes, i think there's enough out there to overcome that right now. neil: i know we will have you back in a bit to look at some particular place, netflix, streaming and eating a little more in the show here. we've been talking about the president's agenda on climate change and all that and the fact he wants to cut emissions in half by 2030. there's a strong recommendations, but no outright orders that china do more, it's twice as much as the carbon emissions in the united states. their goal in 2030 is to get it under control by 2060. that's not fair, is it? ♪♪ ♪♪
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of that is unnerving as well as plans to change fuel efficiency standards and toughen them up. blake berman following that from the white house. reporter: we have not gotten that specific angle from the white house as it relates to what could happen with californian vehicle emissions. there is clearly a focus of the upcoming days as it relates to the president kleiman agenda and what he wants the country to do going forward. the new goal that's been rolled out by the night in white house is to cut emissions standards from 2005 levels in half by the end of this decade. want to look at greenhouse gas emissions and where things have stood over the last few decades. left-hand side of your screen 1990 up to 2005 there was a steady increase, but since 2005, there's been a debt-- a steady decrease and the epa says once you take 2019 into equation epa emissions or greenhouse gas emissions 13% lower than 2005.
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during a summit with the world that leaders today president biden made the case he envisions a buildup in green energy as not only good for the environment, but he believes it will be a catalyst for good paying union jobs. >> icy line workers laying thousands of miles of transmission lines for clean modern resilient grade. i see workers capping hundreds of thousands of abandoned oil and gas wells that need to be cleaned up. i see autoworkers building the next generation of electric vehicles and electricians installing nationwide for 500,000 charging stations along our highways four however, critics worry there are inevitably transition because for example the topper publican on the senate energy committee senator said the following in part as a statement quote the last thing the economy needs is higher energy prices and fewer jobs, but that's what we are going to get. at the president scheme will
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cost working families a fortune in higher energy bills. back at the white house, we expect to see the president top two climate eggs-- top two climate advisors shortly . neil: thank you very much, blake berman. the american petroleum institute ceo. my, there is a lot to digest that they are, not the least of which they are going full throttle if i could play on that term on this climate. in their sites the entire fossil fuel industry. are you beginning to feel a little like custard? [laughter] >> we appreciate the ambition of the white house here, but we here at the api and really as we talk to other leaders in the energy industry, we talk about their dual challenge and the dual challenges how do you provide
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affordable reliable energy to the world while at the same time addressing the risk of climate change and i think what you see from the white house proposal is they only get about half of that right. they are dealing with the issue of climate change, but we have to continue to deliver affordable, reliable energy to the world. that's what the oil and gas industry has done over many years. is your reporter just reference, greenhouse gas emissions have gone down significantly since 2005 and almost all of that is because of natural gas. if natural gas isn't going to play a key role in the future the question is what will and nothing can provide the same level of affordability and reliability or american consumers like natural gas. neil: i guess i don't know, you know this far better than i, mike. why can't you go all in on everything, if you like when defined comic like solar, fine, all these other technologies great, but we just got our energy
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independence from fracking, natural gas supplies everything else, why not keep that going? not at the expense of the other stuff but with the other stuff? >> that's exactly right. we need on all of the above strategy but it can't mean none of the below. we need to make sure we continue to use these resources better in the united states natural gas and oil and that's been a key resource for us, not just for energy independence but also for our national security. think about the key benefits it's brought from a national security perspective where we are no longer dependent on opec and foreign sources for america's energy. we want to make sure we continue to have those resources and i will remind you the number of the renewables you get are almost primarily made in china and we need to make sure we continue to use the resources we have here in the united states, which is what you get from natural gas and oil.
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bat that reliability and affordability component is what we really need to continue to focus on because because american consumers will continue to demand they have access to inexpensive energy. neil: yeah, good for this economy and for a lot of folks mike, thank you. >> 10 million jobs as well as you know, neil. 10million jobs in the american economy. neil: that are in jeopardy if all of this happens. mike, thank you. i went to go to jared leavy on the implications of all disappear jared, we talked earlier about reading into the market the likelihood of the passage of a lot of the stuff and i went to look at auto stocks for the time being here they are in-and-out at 52 week highs may be on the notion they don't think a lot of this comes to pass and fossil fuel push to get it out is going
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to adversely impact them or they are hedging their bets and looking at ample electric lineups of their own. what you think is going on? >> early 1900s very early 1900s electric vehicles actually outnumbered combustible engine material-- cars three to one. today, the news has happened in other words a lot of these automakers years ago, the imam administration was like we have to gear out as we can turn on a dime and just create electric cars so the ball was already rolling with companies like gm and ford investing tens of billions of dollars in ev, bmw and volvo by 2025 to have 25% to 50% of their vehicles electric here gm will have 30 vehicles just in the next three or four years that will be completely electric so the ball is rolling. that's in terms of moving and retooling into the ev market. one thing to remember and this is critical, the fact
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that we got to be careful about pushing one way or the other. remember, all of these batteries require resources like lithium which comes from australia which comes from chilly, requires mining, ships to get it here so we will still use energy. we have to power our electrical grid. we have to be careful about putting too many regulations in place where we strangle one bit of this evolution. neil: i do think you are right the auto industry as far as the sectors invested and prepared for that shift so it may not be as onerous as some make it out to be while stocks are holding up but it seems like the general market with talk of the administration considering gains rate as high as 43.4%. that would be million-dollar and overcrowd where told, but up until now, we were led to believe that 20% capital gains rate itself would just
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be adjusted to whatever the top income rate is which makes me wonder wait a minute are we going to go over 39.6% as the top rate as well. what you make of all of this? >> i would say earlier your last guest talked about i don't see that impact being as bad, i'm a bit more fearful. i do believe there are tailwinds giving a lot of optimism and i think we need to see what the final tax pile looks like. then how people react to it. it's something that is in the back of my mind, as we go to all-time highs and something unconcerned with, but again i don't think we will see that reaction until the bill-- until we see the final numbers and then the models will come out and then the affects will happen. neil: gotcha, my friend. thank you. we are going to keep on top of this and the reason why and i know it gets to be a little long , we don't know
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where this is going but the fact the top rate now on the top capitals gatorade could be as high as 43.4%, you can do the math as well as i can and if you are looking at big market gains, wouldn't you want to sell when you got a 20% capital gains rate rather than do so in an environment where it's 43.4% or 39.6% raise. that's where this is a problem for the markets here. a doll likelier that looks and it's way too early to say , the more this could really hurt the markets. we have seen it in the past when investment rates have gone up where people before that that trigger is pulled and sell stocks. the possibility is enough to jar folks appear stay with us. ♪♪
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neil: i went to go to my buddy to talk about a lot of investment banks getting people back into the audiences, but charlie, i would be remiss if i didn't mention the latest problem with the biden administration contemplating a top gains rate of 43.4%, supposedly focused on the rich. we don't know that for sure, but what with the impact of that be? >> selloff of stocks it should be humming rich people are invested in the market and what you describe as rich, does that mean a hedge fund, mutual fund that has capital gains issues, i mean, everyone is invested in the market. by the way, if you are in new york city a teacher or a fireman, you probably are invested in a hedge fund is
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somewhere because the teachers pension fund has a certain amount of money dedicated to alternative investments and hedge funds so, i mean, i don't know what they are thinking of doing here, why they are doing this other than to raise money to pay for infrastructure plan that has a lot less infrastructure than it does green a new deal boondoggle stuff. listen, i will say this about the about an-- biden administration, they should not surprise anyone. he ran on this. he ran on all of this stuff, so it doesn't shock me at all. the markets obviously don't like it and we look at some of the markets trading up now i think for the third day in arroyo. neil: the fear would be that this looks more likely-- it's way too early to say. facing a 41.3% capital gains rate, you would want to sell
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whatever money you made off stocks before that kicks in. >> why not take your winnings now i'm in the markets are at all-time high. how much higher will they go? dow jones 50000? probably not, but you never know. i just think it's dumb to do anything at least tax increases now particularly as the economy is coming back. one way the economy is coming back, neil, and the pandemic is waning, you see good numbers out of new york city and you have a real concerted effort by the banks to get back into their offices. i have been asking some people at the big new york city investment banks and bank banks like j.p. morgan, tell us what you plan to do and here's what we are hearing, goldman sachs expected to bring back something like 50% of its new york workforce in the summer. that's pretty big. they have about 10000 people here in that office on the
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west side and not that big chunk of people. j.p. morgan almost the same, something like 60%. obviously there will be tweaks here and staggered work weeks and some people working from home sometimes, but the economy will come back and if there is a nexus between these two stories, on one hand the economy is coming back and we are coming out of the pandemic, people are getting vaccinated and the vaccines actually work despite what you may see on twitter. always you have to do is look at the rates of infection in new york city as they are going down. places that have been mostly vaccinated have gone down dramatically like israel and we will come out of this thing. there will be an economic boom because of this in the last thing you want is as people start to come back to the city is to start whacking them with taxes and slowing us down and that's what they are going to do here. looks like prying money out of peoples hands investors
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hands who put money in companies that make money and employ people, let's be clear , that's why people invest to have capital gains and if you penalize those capital gains, they may invest less and you want them to invest in companies because they expand the workforce. they kind of don't want what they are doing here, i mean, it's really, really reckless and neil, i mean, for the green new deal i mean for windmills,? neil: it's a lot of green, you are right. charlie following all those developments appeared just the thought of a top capitals gains rate that high behooves even the individual investor to look at this and say will it affect me and if it does i made a good deal of money on a good deal of stocks, when i want to cash out now and reassess things later because all of a sudden you are looking up paying up to 23%
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neil: i think the goalposts have changed on what is a fair share for the rich to play in taxes. plans out of the administration to pay childcare, will it come at a big price. hilary vaughn has been crushing the numbers. reporter: these tech-- tax hikes are expected to be coupled with president biden's american family plan that he is expected to unveil, but bloomberg is reporting part of the paper that will include raising the capital gains tax and when you couple that with what the existing surtax is on investment income, that brings it as high as 43.4% for investors, but that's
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knowledge is expected to be as part of the package as a way for biden to pay for everything inside of it also is expected to raise the marginal income tax rate to 39.6%, it will include a provision that would reduce taxes for wealthy heirs who sell assets they inherit like or would eliminate provision that reduces taxes for wealthy people that sell assets they inherit and it will also include measures that encourages the irs to crack down even more on wealthy individuals that they think are looking for loopholes to evade paying taxes, but all of this is going to be coupled with the american family plan that is expected to top out the "new york times" reports at $1.5 trillion and that's going to include paid leave for family, universal pre-k and also paying or making community colleges free for most people and it also would extend the beefed up child tax credit extending that to
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2025, but even though there is a split support and very little support among republicans for some of these measures that are mentioned in the proposal, there is some bipartisan support for expanding and increasing the child tax credit. among republicans and democrats democratic lawmakers are pledging to continue to push biden on this issue to make it permanent. senator booker and brown joining other democratic lawmakers saying the expansion of the child tax credit is the most significant policy to come out of washington in generation with permanent expansion continuing to be our priority, but that's going to cost a lot of money if that beefed up child tax credit is made permanent the tax foundation said he could come at a cost of $1.6 trillion over the next 10 years, but there is growing republican support for making the child tax credit at least bigger, but how to pay for it and how that's paid out is really where republicans and
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democrats are divided. senator rubio and lee want the child tax credit to be bigger but they don't wanted to be paid out like an allowance as it will start to be paid out starting in july, as part of the covid rescue package that was passed and signed into law by president biden. that's where they differ on these issues because there's other republicans concerned that doing so makes it ripe for fraud and that people will exploit the system to get these monthly checks from the irs that aren't qualified to do so, so neil, the future of the child tax credit is up in the air. there seems to be bipartisan consensus that people think it should be bigger, but republicans don't wanted to be paid out in these universal basic income like dazed by the irs prepaying and issuing monthly checks to people . neil: hilary, thank you. wall street as digesting a lot out of this right now with the dow jones down close
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to 300 points . texas could go as high as 43.4% and when you add that to state surtax and the likes , that fair share for the wealthy could be eclipsing 56%. these are the people who work on the front lines. they need a network that's built right. that's why we created verizon frontline. the advanced network and technology for first responders. built on america's most reliable network. built for real interoperability. and built for 5g. it's america's #1 network in public safety. verizon frontline. built right for first responders.
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neil: what is your shelflife or being resistant to covid once you have had both doses of the vaccine or j&j out there one does, how long are you good for? >> that's a good question and i suspect and i'm saying this because i believe the virus will be endemic which means every year it will change his coat like the flu. neil: so what the good doctor was saying is he thinks booster shots may be annual covid like flu shots are going to become the norm. a lot of people are looking mad as a sign to strengthen the argument for the so-called vaccine passport, but new jersey state senator jim has his way. you are not a fan and you are trying to stop that from happening. explain. >> correct, kneeled. when it comes down to simply
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put is with the possibility of passports you will force people to make a decision between being isolated if they aren't going to get one or get the shot and their medical decision on whether or not they should or should not get the shot so it absolutely will, i think that people in a terrible situation having to decide medical decision based on whether or not they can get into the local restaurant, go to work or go to school or what have you. neil: you know, there's a lot of businesses that establish their own policies, i believe, norwegian cruise line is saying you cannot board our ships when we are allowed to sail in the u.s. unless you approve that you have been vaccinated. are you okay with businesses deciding that, just not the government enforcing it? >> no, i'm not okay with it in either situation. quite honestly, the concept,
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if you get the shot you are protecting yourself and you are obviously satisfied that the shot is going to protect you, so now the argument is then you should get the shot to protect other people. quite honestly, if i had children-- i do, grandchildren ect., i don't want to be put in a position where i'm forced basically to decide whether or not they can or can't, i don't think there should be any restriction from the standpoint of employer, government, private what have you if the theory is that the shot protects you, then we should obviously educate, push to get people to get the shot and if not, possibly come up with some concept that will give them incentive to get the shot, but certainly not to say we will create two classes of citizens, you who aren't going to get the passport and you are out of it. neil: keep us posted on how
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this goes, senator. we appreciate you stopping by. before we go to break, the dow jones, losing 400 points and there's whatever you want to call it, that the biden administration is thinking of lifting the capital gains rate to 43.4%, the highest it's ever been is 35% through the 1970s through the nixon administration. we have never seen anything like this. this is tax on the gains you have on your investments in the market. doesn't matter short-term long-term for the wealthy we are told limited for the wealthy million dollars or more, you are going to pay the highest capital gains tax rate anyone has ever paid in this country ever and that's unnerving. we started with computers.
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neil: 43.4% top cap gains rate. they are thinking about it. charles payne, to you, my friend. charles: hey, neil. thank you very. good afternoon, everyone. i'm charles payne. this is "making money." breaking right now you heard it. this market was gaining up side momentum until the reports came out, president biden slapping wealthy investors, wealthy being one million dollars with a 43.4% capital-gains tax. that news came out. stocks went south. maybe this is another administrative trial balloon but certainly sent stocks swooning and investors diving for cover. face it progressive nirvana would cost trillions of dollars to build and maintain but the assumption paying for it this

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