Lines of Transportation Committee will come to order. For the purposes of a hearing. We are here this morning at the full for improving a rail safety and response to the bailment. The witness table. [background noises] [background noises] good morning everyone. They hearing will come to order. On february 3, the town of East Palestine, ohio experience a Hazardous Material event that no community should have to suffer from a Norfolk Southern train carrying Hazardous Materials crash just outside the town 38 cars, more than a quarter of the train was derailed. Plastic pellets for monday drilled cars caught fire engulfed other railcars including five carrying vinyl chloride. After burning for two days, authorities became concerned the vinyl chloride was undergoing a Chemical Reaction that made it bigger and more dangerous. They then initiate a controlled burn of the chloride and five tanks to create greater catastrophe pre2000 residents were forced to evacuate and a eight community was for
from washington because the color to tell you, this is something that will have a devastating impact on the nation s economy echo amtrak, the nation s cross-country railway system, is canceling all of its long distance trains ahead of a plant workers strike that really threatens to do damage on a scale that we have not seen in quite some time back of that announcement effectively cancels all planned trips except for those along the northeast corridor between boston and washington, d.c. the companies as our changes are all trains can reach the destination before the strike, which could begin as early as friday, and in case you re wondering, yes, we are talking about major cost because tthe strike could cost up to $2 billion per day per, we are talking about 60,000 workers plotting a walkout for better conditions. there s still time to get this resort, but there s only a few days left or they have a construct that is available that frankly needs to be adopted, but if this goe
does join us. amtrak workers are not involved, but many of the amtrak rails are owned by those freight railroad companies. this news was just announced moments ago in a statement. amtrak said started thursday it would cancel all long distance trains. as you mentioned, that is to avoid possible passenger disruptions while en route. obviously both sides are still negotiating and trying to reach an agreement before friday. it s not only the amtrak lines that will be impacted. for example, here in chicago already at least nine of the 11 metro lines have been suspended due to this possible strike. one travel expert who we heard from says this will be more if that strike happens than a travel nightmare. listen in. it s really going to bottle up the freight system. we have supply chain problems already. the ports are clogged. you throw in a rail strike and tens of thousands of containers can t get to where they want to go. that affects stores in our everyday lives. if this hap
this, of course, despite his promise to make saudi, quote, a pariah state. all this as the federal reserve is expected to announce its biggest hike in decades. john harwood is live in philadelphia. john, there is a lot at stake for the president. reporter: a lot at stake, erica, for the president. a lot at stake for the country. as we ve seen underscored by the january 6th committee hearings. the president s biggest political problem is negative public sentiment about high inflation. as you indicated, he is going to say that this is his top priority. mostly a job for the federal reserve, but he s also going to do what he can to try to make a difference on the margins. that s why he is going to swallow his statements about making saudi arabia a pariah and meet with the crown prince, mbs, on a visit in a few weeks. that s in hopes of expanding saudi oil production and getting gas prices down a little bit. he s also here before this friendly audience to talk about the positi
points today. the numbers are dismal on the economy and the reality is, too. i m harris faulkner and you are in the faulkner focus . let s take a look at the dow. again, this has to do with how investors feel now. we dipped into bear market territory. we re no longer running with the bulls and while we don t talk all that much fancy talk on the faulkner focus in terms of money, what it means is your nest egg that you may get through your 401k on your job is not doing what it should be doing right now. don t plan to retire tomorrow. the experts are saying as well that investors are nervous because they can t figure out what s coming next. they know that this could be a predecessor for a recession and a pretty strong one. and that this is happening much more quickly than what the white house and the biden administration had promised america. the treasury secretary janet yellen recently apologizing, as if that would matter. we need action now. what does that look like? the fe