Transcripts For FOXNEWS Your World With Neil Cavuto 20240708

Transcripts For FOXNEWS Your World With Neil Cavuto 20240708



view that the federal reserve is on top of what is ailing folks when it comes to inflation or today maybe not on top of what is ailing people with inflation. we have got you covered on this one because remember yesterday when they were seizing on the view here that, well, actually the chairman of the federal reserve jerome powell is on top of this and he's not looking forward to hiking rates 3/4 points. but today people were saying, wait a minute. he's still talking about raising rates. until they said why were we so happy yesterday? it's a wash but a wash we can't interpret to be which is the real direction of stocks and this economy. at a time when inflation itself remains very much out of control. we got more reminders of that and a slowing indication on the economy. let's get the very latest right now from gerri willis at the nasdaq market site where anything technology was in a tail spin i guess, huh, gerry? >> you understand it completely. a terrible day for the markets. i hope you enjoyed wednesday's rally. it's over. it's long over. listen to this. the dow down over 1,000 points. 3. 1%. the s&p down 3.5 purchase. the nasdaq down nearly 5% as tech stocks took it on the chin. we're seeing the worst day for stocks since june of 2020. of course, the dow and s&p continue in direction territory. the nasdaq is in a bear market. what is going on? a lack of confidence and jay powell and the federal reserve to staunch this inflation, slow down this 40-year high in rising prices. they say there's no soft landing for this economy. some say that jay powell doesn't know what a soft landing is. let's look at the tech stocks. microsoft, amazon, meta, major losses for the day. one number that is important. worker output. a big surprise there. that level, productivity, an important number for the american economy, falling at the fastest space since 1947. really historic those numbers coming in. i have to tell you, all of the gains from wednesday are gone. we are worse than at zero here. we're seeing major sell-offs for the averages. we'll have to see what friday brings. always an interesting day for the markets. back to you. >> neil: watching the last couple days to where we stabbed. the rubber day could be tomorrow. an employment report, jobs report for the most just past will be teed up here. let's get the read where we go from here. susan li from the fox business network. we have kenny palcari also here with us. a lot of consternation or which was the reality, today or yesterday. >> doesn't it seems like the federal reserve and jim powell has lost most credibility on wall street? i'll say most. yesterday you heard him in that press conference saying we're not even thinking about a 75 basis point hike. wall street still anticipate ago 75% probability that they'll hike interest rates. >> neil: these are people betting with their money. yesterday that were celebrating what he said. is today an indication that they don't buy it? >> absolutely. yesterday, he said we have a good chance of avoiding a recession. do people believe that? no. this dropped by the most since 1947. that means the counter point of that, wages went up the most since 1982. that is more nan double the federal reserve inflation target of 2%. what does that tell you? inflation will be above 2% for some time if you're paying workers more. >> normally to address that, kenny, you have to keep hiking interest rates. we're nowhere near that right now, which would imply that we have to go a lot higher on rates. are you in that came? if you are, where to from here? >> i'm absolutely in that camp. if they want to tamp it down, they have to push rates higher than what the rate is. what is interesting to add to what susan said, the reaction today -- jay powell didn't say it's not on the table. he just said we're not actively considering it yet, which to me meant the door is wide open. 75 is coming. even though he was trying to tell you no, the mark thinks that not only isn't coming but it should come because they are too far behind the eight ball. here's the point. inflation is running 8.5% already, maybe 9%. some people think it's closer to 10%. if the fed wants to tamp it down, they have to bring the rates above that. the same in 1981 with paul vogel when he jammed rates to 21%. i'm not suggesting they should go to 21% but we know what happened then. sent the country in a big recession. inflation came down but it was painful. that's ultimately the story here. people thinking the fed has lost control, they're behind the eight ball and they're not believing jay powell for what he said yesterday today. after they dissected it, pulled it apart sentence by sentence and -- >> neil: something happened. to your point, it wasn't a civil-like reaction. one of the things you want to gauge is how the consumer is feeling. we're told feeling good, but some of these e-tailers while giving good numbers are talking about trouble down the roads. the numbers themselves, the revenues were good. but singling a consumer head wind here. >> especially when you have interest rates projected to go above 3%. mortgage rates are at the highest since 2009. 5.7%. that is going to hurt the consumer. it's a tough compare as well when we were stuck at home and locked at home and buying things online. makes you think about how highly and richly priced these stocks are if they're guiding for slower growth in the future. these are growth stocks. not all of them make profit. even amazon, wouldn't you say, kenny, in the last ten years, they made a few quarters of profit. it wasn't up until the last few years that we saw them in the black. >> by the way, amazon sliding 9% today. was this overdone though? technology stocks, they were the ringleaders of the bull market. right now they're the ringleaders of the downdraft. i'm wondering if it's a bit extreme here. >> i don't think it's a bit extreme. i hate to say that. that just suggests that i think there's more down side. which i do think there's more down side. there's going to be one of those days that, you know, it's complete despair. they throw everything out the window, including kitchen sink. that's when you know you hit the bottom. i don't think -- even though nasdaq was down 5.5% today, it was fairly orderly. didn't feel panicky to me like they were throwing it out the window yet. i hate to say that, so i think there's going to be further down side. rates will go up and go up faster than expected. i don't see inflation peaking or starting to bend over. it see it going gradually up. if it peaks, it will peak and stay elevated. that's the problem for the fed. >> thanks very much. it's not only wall street worried about what the consumer is thinking, the consumers are worried whether they will be surviving. we talked to a few that is worrying what is happening as we speak. >> groceries are expensive. meats and different groceries are spiking. inflation has gone up. >> lower savings definitely. rents have gone up. gasoline prices have gone up. everything has gone up. >> every time i go to the grocery store, everything is higher in cost. >> overall, general sense, i'm seeing it everywhere, whether it's groceries, gas. i hope we can find ways to diminish the cost. it's a natural things for costs to go up. seems too fast right now. >> if it was reducing the inflation, how come things are getting more expensive? >> all right. real worries out there. sarah westwood, the washington examiner. these are palpable concerns. they're not going away. if anything, the price component and the indices that the federal reserve relies on all point to prices continuing to surge. that is not a very good environment for average folks, for any folks. what do you think? >> yeah, you're absolutely right. people are feeling pain across the board, whether it's heating their homes, filling up their car. going to the grocery store. the biden administration's response to this continues to just be kind of absolutely baffling. this week, for example, you heard biden out there touting the fact that his administration is on track to reduce the deficit this year. that's just not the sort of message that people want to hear from biden right now. they have sort of mishandled the way they talked about inflation from the beginning, whether it's calling it transitory, blaming it on a house of boogiemen from corporate greed to vladimir putin. what the biden administration has done that is worsened this perception of how he's handling the economy, they talked about how good parts of the economy looks on paper. the biden administration loves to talk about how good the jobs numbers are right now. the fact that wages are increasing. they fail to acknowledge the pain that is caused by prices rising faster than wages. i think you saw another example of that this week talking about the deficit. people don't want to hear it. >> it's the last thing on their minds. touche to the government if we come down our peak levels of spending during covid. the fact of the matter is, the numbers should be coming down in this environment. leaving that aside, we've seen a lot of retrenching, pivoting, whatever you want to call it where a lot of customers, sarah, are not only buying cheaper cuts of meat at the store, they're just being cautious. not so when it comes to vacation planes. the airlines maybe minus jet blue signalling it looks like a busy summer travel season. might be the last gasp of activity. hope not. what is the sense that a little more than a couple weeks ago, we talked about we hit the high of inflation, even if it stays around here, won't get any worse. growing concerns today, it will get worse. >> yeah. i think the concern for the biden administration is that people aren't going to have tolerance for these high prices forever. soon they are going to start cutting down their spending, especially on, you know, goods that are not absolutely necessary. goods that by the way are more a part of the way that the bureau of labor statistics calculates inflation. gas, food prices. when people stop buying the other consumable goods, that number is only going to get worse. i think that people aren't going to pay these high prices forever. the biden administration has to worry about what happened after this covid-free summer, people are still waying to pay the higher prices. when interest rates go up, the busy season is over and the pain of the prices start to take a toll, that will be happening in the heat of mid-term system. if you're the biden administration, you're worried about what hans when we hit that points. >> neil: yeah, to put it mildly. sarah, thanks very much. sarah westwood of "the washington examiner." we like to pause it here. people harken back to the 70s experience. we can't see the value of a leisure suit coming back. this is nothing like that. the underpinning from the bulls, those optimistic about the economy, is that we're in a much stronger starting position than we were back then. of course, the issue with inflation is it gets to a points where it pinches on consumer activitying with the stagflation kicks in, the slow down. eventually prices do come down but at a terrible cost. that is a worry with tim scott, the south carolina republican senator who warned people not too long ago on this very show that kind of stuff isn't transitory. it's here. he's next. any type of plant, especially for a beginning gardener. [ barks ] - yeah? i think he likes them. create a season full of celebration. your happiest spring starts at lowe's. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. can you believe someone thought this would help you hear better? and no one will notice it? genius. now this is eargo. made to be heard. not seen. >> neil: all right. even republican senator tim scott doesn't blame joe biden for all of this inflationary mess, but he did tell me earlier today on fox business, which if you don't get you should demand, that he should take responsibility for a big chunk of it. this is senator scott earlier. >> president biden's policies, economic policies, have led to the worst inflationary effects in our economy in 40 years. that means that the average person in our country is experiencing an invisible tax that is eroding their sending power. that means our seniors that are on fixed income have to find a way to ration their healthcare, medicine, their energy or food. it means that people that are growing up in households like i grew up in are having to make harder decisions than ever. that's wrong. biden pouring so much money in to our economy has caused our economy to explode in a negative way. >> neil: all right. you might not be surprised that the white house has a different view of that. they have fingered other factors here. today a lot of people saying part of this is the federal reserved fault that its moved to aggressively, raised interest rates too little too late. others say the opposite. now some of these stark measures to lift interest rates will slow the economy down and won't address the inflation. we got a hint of that that show labor costs are at an 8% clip right now. whatever people are making, they're paying out. it's like a double whammy. you see anything changing that? >> i don't, neil. the problem is that the government has acted too slow, too afternoon. they created the inflation, now they want to have credit for solving the problem when in fact the problem may exacerbate the situation. when your rates start going up, your economic activity starts going down. that makes you get a little closer to a recession. the truth is that while the inflationary effects cannot be stopped right now, the increase in the interest rates will slow it down. i don't through it's going to stop it. too little too late. the fed does not have enough tools in the tool kit for the economy that we have today. especially since as you know, neil, our unemployment rates are already significantly lower than is normal in this kind of environment. our labor force participation rate is not actually increasing. that combination is very concerning. so the interest rates will make it harder for people to buy homes and for our seniors, they'll see a bump in their resources that they have. >> neil: senator, this does appear to be a worldwide problem. in britain, they just raised rates nor the first time since december. they're in and out of 13, 14-year highs on interest rates. turkey is running a 70% inflation rate. argentina, 75%. brazil, 50%. europe collectively, now in excess of 11%. are we back in the 70s here? >> well, i'll tell you what, i think we are. literally, this feels like the carter era. when you think about the explosive price in gas, you think about what it cost to heat or cool you're home if you're in south carolina, it's drastic. more importantly when you look at the global effect, you remember the days when venezuela was at a 900% inflationary effect because of the crushing decisions of their government. >> neil: why would you assume that, senator? i do remember it. >> that was only two or three years ago. >> neil: i hear you. >> the truth is that the whole globe responds to the type of economic decisions that we make here at home. that's why our global leadership economically matters so much. we should be forcing decisions here at home like why not restart our own energy economy, creating six-figure jobs here at home. why not continue the conversation around the keystone xl pipeline? why not have the ppe coming back home? why not use opportunity zones to attract insourcing back to america? >> neil: let's say politically reading the tea leaves here,s that's not likely under this administration. they're hanging their hats on more spending. they talked about college loan forgiveness and all of that. i just wonder, is their cure far from what your cure would be. doesn't sound like anything will happen legislatively even if that is an option here. everything is hanging on the federal reserve. does that worry you? >> it does worry me. as we know, the federal reserve can only increase interest rates. that's really their -- they can slow -- they're starting the process of unwinding their balance sheet and reducing the balance sheet. they can slow that and increase interest rates. the truth of the matter is, our economy needs smart, reasonable leadership at the top. we're not getting that right new. >> neil: your name has been bantied about by quite a few folks as a president presidential candidate, a possible running mate. a lot of hopeful talk about you beyond the united states senate. when you hear that, how do you react to that? >> well, you know, makes me chuckle. also tells me that god has a sense of humor. i darn near failed civics in high school as a freshman, the truth is that we live in the most amazing place. what i will say is this. america is the solution. not the problem. the more we invest in ourselves, the better our future is. we have amazing national leaders from the state level throughout this country to the united states senate on the right. so we have a lot of firepower coming to the table and we have the solutions. they don't. >> neil: all right. a very diplomatic and modest answer. finally, senator, i want to get your take on this idea of republicans are well poised to do well in these mid-terms, take over the house and possibly the senate. but there's growing pressure on the party to sit back and let it happen and not help or do anything to disrespect this. what do you say to republicans that say that's the strategy you should take? >> well, i'm a former football player. i always think you should have your offense on the field as often as possible. our offense should contrast what we did in 2016 to 2020 versus what they've done. we created seven million jobs, 2/3s of the jobs going to women, 70-year low african american all time low. population, 3.5%. we were compassionate. we focused on hbcus when we were in the majority. we worked on rare blood diseases. we actually had an agenda that focused on the american people. so we need to go back to the future of 2016 and to 2020 and contrast it to the future and fore shadowing bad news versus lower taxes, lower unemployment and a higher labor force participation rates. the good news is we know how to get it done. >> neil: all right. the party is different in terms of their approach to this. we'll keep an eye on it. we're getting word out of john roberts of what he made of this leak of this draft opinion on roe v. wade but justice samuel alito. he said it was appalling speaking at an atlanta legal conference and that one bad apple would not hurt the court's public reputation to decide issues of important political influence. justice clarence thomas is scheduled to address this same group tomorrow. stay with us. ♪ ♪ bonnie boon i'm calling you out. everybody be cool, alright? 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>> good afternoon, neil. there's still no indication yet who may have leaked this to politco a couple days ago. chief justice john roberts though making his first public comments about all of this since that leak happened on monday evening. he calls it appalling, absolutely appalling the leak. he says that the leaker will not affect the laws of the work of the court. chief justice robert has tasked marshall colonel gale curly, a former army attorney figuring out how this leaked. a liberal trying to prevent justice alito's draft from becoming a final decision or a conservative boxing and solidifying the justice's commitments to overturn roe. chris coons and john cornyn said they have introduced a bill to boost protections for the court. >> it's not just an attack against the independents of the judiciary, this risks violence against members of the supreme court and their families. >> since this leak monday night, the supreme court looks like the capitol grounds of january 2021 with the same tall fencing designed to keep anybody from climbing over. it's unclear what a marshall's investigation will look like, whether colonel gurley will request help from a private security firm or other government agencies. there's no request yesterday for the justice department to get involved here. may be a reluctance to do so. neil, back to you. >> neil: thanks, rich. jen trusty on this, a former doj prosecutor. we're learning separately and i do want to get to the leaker issue, senator sanders and gillibrand have called for abolishing the filibuster to pack the court to preeminent whatever decision that they come down with later this year. that would be timed a waste in there. how doable is that? >> i don't know. look, to me it's a really disgraceful moment that any one is wallowing in political exploitation, which is what you're seeing and avoiding an issue that should unite all of us. we should be talking about how outrageous a breach this is. it got about a minute's play and turned into this idea of let's use it to a polish the filibuster or rant and rave and get emotional about abortion. i don't need to add my voice to that. we should all be focused on what a horrible breach this is. in terms of congressmen coming together to pass laws to protect the supreme court, how about passing clare federal law that protects the intellectual property of the supreme court in we're struggling to find a criminal offense here. it would be nice to find something that says if you engage in the unauthorized disclosure of the work product of the supreme court, that you face a serious felony for that. >> neil: for the time being, maybe we catch the person that leaked this, no such punishment maybe short of potentially losing his or her job. >> yeah. you know, if they had the right people investigating it and we talked about how the marshall service is adept at investigating like the electronic surveillance guys are fabulous at tracking down fugitives,international or national. they know how to use technology. this is an investigation based on people and technology. people in terms of interviewing folks and saying hey, is there something running their mouth, somebody is an ideolog against roe versus wade or tiffed off that they might do something like this or someone steps up and confesses? beyond that, a lot of access to technology. you have government computers with big banners that say it's not your property. probably have government-issued phones. easy things to scoop up and search for connections to politco and documents that show that these folks, whoever it is, made the disclosure. i'm optimistic that it's a quick and easy leak investigation. >> neil: is it something that would be picked up in cameras in offices at the supreme court? someone copying something, relaying something or is it harder than that? >> i don't know. i don't know enough about the security measures within the supreme court. hopefully none of us know on the outside about that. certainly conceivable. what you're looking at is how sophisticated is the leaker. is this someone that sends and e-mail to politco or is it someone that realizes that they don't want to leigh an electronic paper trail or video paper trail and does something more like espionage. the drop-off in the city park kind of thing. you know, i am optimistic though that one way or another through technology in particular and someone that is capable of being this much of an ideolog should be proud to announce their misdeed. one other thing to keep in mind, we don't know where it's coming from. that means the investigator shouldn't eliminate anybody prematurely. if there's an associate justice that authorize add clerk to do it, there needs to be serious consequences all the way up. >> neil: you think that is possible? >> it's certainly possible. i hope not. it would make a dark day darkner terms of the supreme court. but at this point, don't rule anything out. the investigators shouldn't rule it out. >> neil: amazing. thanks, jim trusty. following higher rates for that mortgage. whether you're trying to get a home or refinance the one you're in, they like to say that your ship has come in when rates are low. signs right now that it's leaving and you better move fast. welcome to allstate. where you can bundle home and auto insurance. right, frank? i saved 25%. booyah. and now you're relaxing! we're working from home. save up to 25% when you bundle home and auto with allstate. why do people who live with generalized myasthenia gravis want a new treatment option? because we want to be able to get up and get ready for work. because the animals need to be cared for, and we like taking care of them. because we want to go out to dinner with our friends. because, in family photos, we want to be able to smile. a new fda-approved treatment for adults with generalized myasthenia gravis could help them do more of the daily activities they care about. to learn more, go to now4gmg.com and talk to your neurologist. 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[ sighs heavily ] when owning a small business gets real, progressive helps protect what you've built with affordable coverage. the unknown is not empty. it's a storm that crashes, and consumes, replacing thought with worry. but one thing can calm uncertainty. an answer. uncovered through exploration, teamwork, and innovation. an answer that leads to even more answers. mayo clinic. you know where to go. >> neil: in the two-month war in ukraine, a metal facility that has a network of tunnels underneath where you have better than 2,000 ukrainian soldiers holding out and russian soldiers threatening them to surrender and as many civilians caught up in the same crisis. greg palkot is live now with more on the situation they hope to start resolving tomorrow. >> we've heard that before, yeah. the war going to some extreme lengths. now it's in to the tenth week. let's talk about mariupol that we've been talking about for a while. still hiding out beneath the steel mill. maybe 2,000 ukraine soldiers. some civilians got out earlier this week. the russians were supposed to stop their bombardment today. they didn't do that. a lot of fighting still there. supposed to happen again tomorrow. we will see. tens of thousands really remain in that city, which is really beaten up the past two months. elsewhere in the east, russian and the ukrainian forces are slugging it out. russian rockets striking several towns. ukraine making gains around the second biggest city in ukraine, kharkiv. this as a new report claims that intelligence provided by the united states was instrumental in ukrainian forces killing as many as 12 russian generals in the field. on the report today, the pentagon says they won't speak to the details of that "new york times" story. they're providing intelligence to the defense of the ukraine and they can use it however they want. they're hitting fuel depots in russia and transportation hubs inside russia, even industrial targets deep inside russia as kyiv tries to keep the kremlin off balance. finally, a very unusual climb down from none other than president putin. according to the israeli government in a phone conversation today with israeli prime minister bennett, putin apologized for anti-semitic comments made by foreign minister lavrov. an unusual moments in the terrible last several months. >> neil: thanks, greg. be careful in all of the that. is it me or not many companies with the disney and the florida dust-up, companies are very quiet on this supreme court like. after this. a good place. but my body was telling a different story. i felt all people saw were my uncontrolled movements. some mental health meds can cause tardive dyskinesia, or td, and it's unlikely to improve without treatment. ingrezza is a prescription medicine to treat adults with td movements in the face and body. it's the only treatment for td that's one pill, once-daily, with or without food. ingrezza 80 mg is proven to reduce td movements in 7 out of 10 people. people taking ingrezza can stay on their current dose of most mental health meds. don't take ingrezza if you're allergic to any of its ingredients. ingrezza may cause serious side effects, including sleepiness. don't drive, operate heavy machinery, or do other dangerous activities until you know how ingrezza affects you. other serious side effects include potential heart rhythm problems and abnormal movements. it's nice people focus more on me. ask your doctor about ingrezza, #1 prescribed for td. learn how you could pay as little as zero dollars at ingrezza.com. hey you two, go outside and play. as little as zero dollars ♪ ♪ create a season full of playfulness. your happiest spring starts at lowe's. ♪ ♪ ♪ ♪ introducing the all-new infiniti qx60. take on your wild world in style. ♪ you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >> tech: need to get your windshield fixed? safelite makes it easy. matching your job description. >> tech vo: you can schedule in just a few clicks. and we'll come to you with a replacement you can trust. >> man: looks great. >> tech: that's service on your time. schedule now. >> singers: ♪ safelite repair, safelite replace. ♪ ♪ ♪ [indistinct] >> crowds continuing to gather outside the u.s. supreme court since the leak of this draft memo that could change roe v. wade. if you know it, everybody's been weighing in. politicians on both sides of the aisle. but oddly enough, not much of corporate america. very few and corporate america. why is that? what's going on? operation crickets here. >> listen, i think they've seen what happened with disney. below third grade. and they saw what governor desantis did after that, which was essentially cut disney out of all of the corporate logistics over the years. and i will tell you this, the republicans in congress have noticed. and i think that is what is also seeping back. during 2020, they didn't miss a chance to -- attacking the georgia voter law. they saw what happened in florida and they were hearing from their lobbies what is going to happen if the republicans take the house of the senate. the g.o.p. has been very clear to lobbyists. if they get the house in the senate and of corporations want to be an addendum to the democratic party, there's going to be hearing fluffed and right. right now the g.o.p. feels that corporations have basically been like a super pac for the progressive wing of the democratic party. we are talking open war here almost, that is what i'm hearing. and they are getting the message. be prepared. taking away corporate logistics. including hearing spirits pick on wondering if they're coming back to their senses when you invest in, let's say, young brands and kfc. just want them to make great chicken and leave it at that. you are going to alienate a large chunk of people who may not share your views. >> definitely. if you think about it this way, the country is more than 50/50 on -- most people despise it. the polls show that. purple stayed went republican based on what they are teaching kids in terms of critical race theory and taking stuff away from parents. and why these companies who have to deal with everybody get involved in politics. why major league baseball got involved in the georgia voting law is beyond me. it's just bad for business. i'm pretty sure baseball paid some praise for going against the georgia voting law which they said was racist even know what it did was essentially force people to show their idea to vote. disney is going to face pressure here, but the political pressure could be pretty nasty. why does the ceos represent shareholders? they work on behalf of shareholders. they wanted to get involved in the spirit spectacle a lot of powerful people with a lot of money, and the host of investment out of the spirit they now seem to be jumping on board helping to announce the size of the guy the richards part of the planet needs help. the fact that twitter stock was up, tesla stock was down. where is this going? >> i think is going to take over twitter. that is where it's going pete is going to win it. the guy is a multibillionaire. 200 plus times over. he had a lot of friends out there, a lot of really rich friends. a lot of people in corporate america aren't woke, they are libertarian or conservative. and they like what he wants to do. a billion dollars for him is not a lot of money. we can't believe i'm saying that, but -- >> yeah, yeah. anyway, it is not bad. a billion dollars -- he is playing a part in democratization of twitter and i can see other people jump out. i'm surprised he hasn't jumped in. >> the republican billionaire has helped pay for a lot. charlie, thank you, my friend. the best in the business here. all right, we've wrapped up a crazy day. the dial i'm doing a thousand plus points. at the nasdaq getting hammered for tomorrow could be an interesting day because we get the employment report, the jobs report for the month of april. they are hoping for steady job gains in the vicinity of 400,000. you know the drill on wall street. if it misses that number or their concern things could get worse. well, it gets worse. a lot worse. but maybe it doesn't. here is "the five." ♪ ♪ ♪ ♪ >> hello, everyone paradigm judge jeanine pirro along with just jessica tarlov, martha maccallum, and greg gutfeld. it is 5:00 in new york city and this is "the five." ♪ ♪ he has promised to unite america, but now joe biden is. half the country is extremist with his poll numbers in three fall and his headed for a white house wipe out the

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Transcripts For FOXNEWS Your World With Neil Cavuto 20240708 : Comparemela.com

Transcripts For FOXNEWS Your World With Neil Cavuto 20240708

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view that the federal reserve is on top of what is ailing folks when it comes to inflation or today maybe not on top of what is ailing people with inflation. we have got you covered on this one because remember yesterday when they were seizing on the view here that, well, actually the chairman of the federal reserve jerome powell is on top of this and he's not looking forward to hiking rates 3/4 points. but today people were saying, wait a minute. he's still talking about raising rates. until they said why were we so happy yesterday? it's a wash but a wash we can't interpret to be which is the real direction of stocks and this economy. at a time when inflation itself remains very much out of control. we got more reminders of that and a slowing indication on the economy. let's get the very latest right now from gerri willis at the nasdaq market site where anything technology was in a tail spin i guess, huh, gerry? >> you understand it completely. a terrible day for the markets. i hope you enjoyed wednesday's rally. it's over. it's long over. listen to this. the dow down over 1,000 points. 3. 1%. the s&p down 3.5 purchase. the nasdaq down nearly 5% as tech stocks took it on the chin. we're seeing the worst day for stocks since june of 2020. of course, the dow and s&p continue in direction territory. the nasdaq is in a bear market. what is going on? a lack of confidence and jay powell and the federal reserve to staunch this inflation, slow down this 40-year high in rising prices. they say there's no soft landing for this economy. some say that jay powell doesn't know what a soft landing is. let's look at the tech stocks. microsoft, amazon, meta, major losses for the day. one number that is important. worker output. a big surprise there. that level, productivity, an important number for the american economy, falling at the fastest space since 1947. really historic those numbers coming in. i have to tell you, all of the gains from wednesday are gone. we are worse than at zero here. we're seeing major sell-offs for the averages. we'll have to see what friday brings. always an interesting day for the markets. back to you. >> neil: watching the last couple days to where we stabbed. the rubber day could be tomorrow. an employment report, jobs report for the most just past will be teed up here. let's get the read where we go from here. susan li from the fox business network. we have kenny palcari also here with us. a lot of consternation or which was the reality, today or yesterday. >> doesn't it seems like the federal reserve and jim powell has lost most credibility on wall street? i'll say most. yesterday you heard him in that press conference saying we're not even thinking about a 75 basis point hike. wall street still anticipate ago 75% probability that they'll hike interest rates. >> neil: these are people betting with their money. yesterday that were celebrating what he said. is today an indication that they don't buy it? >> absolutely. yesterday, he said we have a good chance of avoiding a recession. do people believe that? no. this dropped by the most since 1947. that means the counter point of that, wages went up the most since 1982. that is more nan double the federal reserve inflation target of 2%. what does that tell you? inflation will be above 2% for some time if you're paying workers more. >> normally to address that, kenny, you have to keep hiking interest rates. we're nowhere near that right now, which would imply that we have to go a lot higher on rates. are you in that came? if you are, where to from here? >> i'm absolutely in that camp. if they want to tamp it down, they have to push rates higher than what the rate is. what is interesting to add to what susan said, the reaction today -- jay powell didn't say it's not on the table. he just said we're not actively considering it yet, which to me meant the door is wide open. 75 is coming. even though he was trying to tell you no, the mark thinks that not only isn't coming but it should come because they are too far behind the eight ball. here's the point. inflation is running 8.5% already, maybe 9%. some people think it's closer to 10%. if the fed wants to tamp it down, they have to bring the rates above that. the same in 1981 with paul vogel when he jammed rates to 21%. i'm not suggesting they should go to 21% but we know what happened then. sent the country in a big recession. inflation came down but it was painful. that's ultimately the story here. people thinking the fed has lost control, they're behind the eight ball and they're not believing jay powell for what he said yesterday today. after they dissected it, pulled it apart sentence by sentence and -- >> neil: something happened. to your point, it wasn't a civil-like reaction. one of the things you want to gauge is how the consumer is feeling. we're told feeling good, but some of these e-tailers while giving good numbers are talking about trouble down the roads. the numbers themselves, the revenues were good. but singling a consumer head wind here. >> especially when you have interest rates projected to go above 3%. mortgage rates are at the highest since 2009. 5.7%. that is going to hurt the consumer. it's a tough compare as well when we were stuck at home and locked at home and buying things online. makes you think about how highly and richly priced these stocks are if they're guiding for slower growth in the future. these are growth stocks. not all of them make profit. even amazon, wouldn't you say, kenny, in the last ten years, they made a few quarters of profit. it wasn't up until the last few years that we saw them in the black. >> by the way, amazon sliding 9% today. was this overdone though? technology stocks, they were the ringleaders of the bull market. right now they're the ringleaders of the downdraft. i'm wondering if it's a bit extreme here. >> i don't think it's a bit extreme. i hate to say that. that just suggests that i think there's more down side. which i do think there's more down side. there's going to be one of those days that, you know, it's complete despair. they throw everything out the window, including kitchen sink. that's when you know you hit the bottom. i don't think -- even though nasdaq was down 5.5% today, it was fairly orderly. didn't feel panicky to me like they were throwing it out the window yet. i hate to say that, so i think there's going to be further down side. rates will go up and go up faster than expected. i don't see inflation peaking or starting to bend over. it see it going gradually up. if it peaks, it will peak and stay elevated. that's the problem for the fed. >> thanks very much. it's not only wall street worried about what the consumer is thinking, the consumers are worried whether they will be surviving. we talked to a few that is worrying what is happening as we speak. >> groceries are expensive. meats and different groceries are spiking. inflation has gone up. >> lower savings definitely. rents have gone up. gasoline prices have gone up. everything has gone up. >> every time i go to the grocery store, everything is higher in cost. >> overall, general sense, i'm seeing it everywhere, whether it's groceries, gas. i hope we can find ways to diminish the cost. it's a natural things for costs to go up. seems too fast right now. >> if it was reducing the inflation, how come things are getting more expensive? >> all right. real worries out there. sarah westwood, the washington examiner. these are palpable concerns. they're not going away. if anything, the price component and the indices that the federal reserve relies on all point to prices continuing to surge. that is not a very good environment for average folks, for any folks. what do you think? >> yeah, you're absolutely right. people are feeling pain across the board, whether it's heating their homes, filling up their car. going to the grocery store. the biden administration's response to this continues to just be kind of absolutely baffling. this week, for example, you heard biden out there touting the fact that his administration is on track to reduce the deficit this year. that's just not the sort of message that people want to hear from biden right now. they have sort of mishandled the way they talked about inflation from the beginning, whether it's calling it transitory, blaming it on a house of boogiemen from corporate greed to vladimir putin. what the biden administration has done that is worsened this perception of how he's handling the economy, they talked about how good parts of the economy looks on paper. the biden administration loves to talk about how good the jobs numbers are right now. the fact that wages are increasing. they fail to acknowledge the pain that is caused by prices rising faster than wages. i think you saw another example of that this week talking about the deficit. people don't want to hear it. >> it's the last thing on their minds. touche to the government if we come down our peak levels of spending during covid. the fact of the matter is, the numbers should be coming down in this environment. leaving that aside, we've seen a lot of retrenching, pivoting, whatever you want to call it where a lot of customers, sarah, are not only buying cheaper cuts of meat at the store, they're just being cautious. not so when it comes to vacation planes. the airlines maybe minus jet blue signalling it looks like a busy summer travel season. might be the last gasp of activity. hope not. what is the sense that a little more than a couple weeks ago, we talked about we hit the high of inflation, even if it stays around here, won't get any worse. growing concerns today, it will get worse. >> yeah. i think the concern for the biden administration is that people aren't going to have tolerance for these high prices forever. soon they are going to start cutting down their spending, especially on, you know, goods that are not absolutely necessary. goods that by the way are more a part of the way that the bureau of labor statistics calculates inflation. gas, food prices. when people stop buying the other consumable goods, that number is only going to get worse. i think that people aren't going to pay these high prices forever. the biden administration has to worry about what happened after this covid-free summer, people are still waying to pay the higher prices. when interest rates go up, the busy season is over and the pain of the prices start to take a toll, that will be happening in the heat of mid-term system. if you're the biden administration, you're worried about what hans when we hit that points. >> neil: yeah, to put it mildly. sarah, thanks very much. sarah westwood of "the washington examiner." we like to pause it here. people harken back to the 70s experience. we can't see the value of a leisure suit coming back. this is nothing like that. the underpinning from the bulls, those optimistic about the economy, is that we're in a much stronger starting position than we were back then. of course, the issue with inflation is it gets to a points where it pinches on consumer activitying with the stagflation kicks in, the slow down. eventually prices do come down but at a terrible cost. that is a worry with tim scott, the south carolina republican senator who warned people not too long ago on this very show that kind of stuff isn't transitory. it's here. he's next. any type of plant, especially for a beginning gardener. [ barks ] - yeah? i think he likes them. create a season full of celebration. your happiest spring starts at lowe's. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. can you believe someone thought this would help you hear better? and no one will notice it? genius. now this is eargo. made to be heard. not seen. >> neil: all right. even republican senator tim scott doesn't blame joe biden for all of this inflationary mess, but he did tell me earlier today on fox business, which if you don't get you should demand, that he should take responsibility for a big chunk of it. this is senator scott earlier. >> president biden's policies, economic policies, have led to the worst inflationary effects in our economy in 40 years. that means that the average person in our country is experiencing an invisible tax that is eroding their sending power. that means our seniors that are on fixed income have to find a way to ration their healthcare, medicine, their energy or food. it means that people that are growing up in households like i grew up in are having to make harder decisions than ever. that's wrong. biden pouring so much money in to our economy has caused our economy to explode in a negative way. >> neil: all right. you might not be surprised that the white house has a different view of that. they have fingered other factors here. today a lot of people saying part of this is the federal reserved fault that its moved to aggressively, raised interest rates too little too late. others say the opposite. now some of these stark measures to lift interest rates will slow the economy down and won't address the inflation. we got a hint of that that show labor costs are at an 8% clip right now. whatever people are making, they're paying out. it's like a double whammy. you see anything changing that? >> i don't, neil. the problem is that the government has acted too slow, too afternoon. they created the inflation, now they want to have credit for solving the problem when in fact the problem may exacerbate the situation. when your rates start going up, your economic activity starts going down. that makes you get a little closer to a recession. the truth is that while the inflationary effects cannot be stopped right now, the increase in the interest rates will slow it down. i don't through it's going to stop it. too little too late. the fed does not have enough tools in the tool kit for the economy that we have today. especially since as you know, neil, our unemployment rates are already significantly lower than is normal in this kind of environment. our labor force participation rate is not actually increasing. that combination is very concerning. so the interest rates will make it harder for people to buy homes and for our seniors, they'll see a bump in their resources that they have. >> neil: senator, this does appear to be a worldwide problem. in britain, they just raised rates nor the first time since december. they're in and out of 13, 14-year highs on interest rates. turkey is running a 70% inflation rate. argentina, 75%. brazil, 50%. europe collectively, now in excess of 11%. are we back in the 70s here? >> well, i'll tell you what, i think we are. literally, this feels like the carter era. when you think about the explosive price in gas, you think about what it cost to heat or cool you're home if you're in south carolina, it's drastic. more importantly when you look at the global effect, you remember the days when venezuela was at a 900% inflationary effect because of the crushing decisions of their government. >> neil: why would you assume that, senator? i do remember it. >> that was only two or three years ago. >> neil: i hear you. >> the truth is that the whole globe responds to the type of economic decisions that we make here at home. that's why our global leadership economically matters so much. we should be forcing decisions here at home like why not restart our own energy economy, creating six-figure jobs here at home. why not continue the conversation around the keystone xl pipeline? why not have the ppe coming back home? why not use opportunity zones to attract insourcing back to america? >> neil: let's say politically reading the tea leaves here,s that's not likely under this administration. they're hanging their hats on more spending. they talked about college loan forgiveness and all of that. i just wonder, is their cure far from what your cure would be. doesn't sound like anything will happen legislatively even if that is an option here. everything is hanging on the federal reserve. does that worry you? >> it does worry me. as we know, the federal reserve can only increase interest rates. that's really their -- they can slow -- they're starting the process of unwinding their balance sheet and reducing the balance sheet. they can slow that and increase interest rates. the truth of the matter is, our economy needs smart, reasonable leadership at the top. we're not getting that right new. >> neil: your name has been bantied about by quite a few folks as a president presidential candidate, a possible running mate. a lot of hopeful talk about you beyond the united states senate. when you hear that, how do you react to that? >> well, you know, makes me chuckle. also tells me that god has a sense of humor. i darn near failed civics in high school as a freshman, the truth is that we live in the most amazing place. what i will say is this. america is the solution. not the problem. the more we invest in ourselves, the better our future is. we have amazing national leaders from the state level throughout this country to the united states senate on the right. so we have a lot of firepower coming to the table and we have the solutions. they don't. >> neil: all right. a very diplomatic and modest answer. finally, senator, i want to get your take on this idea of republicans are well poised to do well in these mid-terms, take over the house and possibly the senate. but there's growing pressure on the party to sit back and let it happen and not help or do anything to disrespect this. what do you say to republicans that say that's the strategy you should take? >> well, i'm a former football player. i always think you should have your offense on the field as often as possible. our offense should contrast what we did in 2016 to 2020 versus what they've done. we created seven million jobs, 2/3s of the jobs going to women, 70-year low african american all time low. population, 3.5%. we were compassionate. we focused on hbcus when we were in the majority. we worked on rare blood diseases. we actually had an agenda that focused on the american people. so we need to go back to the future of 2016 and to 2020 and contrast it to the future and fore shadowing bad news versus lower taxes, lower unemployment and a higher labor force participation rates. the good news is we know how to get it done. >> neil: all right. the party is different in terms of their approach to this. we'll keep an eye on it. we're getting word out of john roberts of what he made of this leak of this draft opinion on roe v. wade but justice samuel alito. he said it was appalling speaking at an atlanta legal conference and that one bad apple would not hurt the court's public reputation to decide issues of important political influence. justice clarence thomas is scheduled to address this same group tomorrow. stay with us. ♪ ♪ bonnie boon i'm calling you out. everybody be cool, alright? 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>> good afternoon, neil. there's still no indication yet who may have leaked this to politco a couple days ago. chief justice john roberts though making his first public comments about all of this since that leak happened on monday evening. he calls it appalling, absolutely appalling the leak. he says that the leaker will not affect the laws of the work of the court. chief justice robert has tasked marshall colonel gale curly, a former army attorney figuring out how this leaked. a liberal trying to prevent justice alito's draft from becoming a final decision or a conservative boxing and solidifying the justice's commitments to overturn roe. chris coons and john cornyn said they have introduced a bill to boost protections for the court. >> it's not just an attack against the independents of the judiciary, this risks violence against members of the supreme court and their families. >> since this leak monday night, the supreme court looks like the capitol grounds of january 2021 with the same tall fencing designed to keep anybody from climbing over. it's unclear what a marshall's investigation will look like, whether colonel gurley will request help from a private security firm or other government agencies. there's no request yesterday for the justice department to get involved here. may be a reluctance to do so. neil, back to you. >> neil: thanks, rich. jen trusty on this, a former doj prosecutor. we're learning separately and i do want to get to the leaker issue, senator sanders and gillibrand have called for abolishing the filibuster to pack the court to preeminent whatever decision that they come down with later this year. that would be timed a waste in there. how doable is that? >> i don't know. look, to me it's a really disgraceful moment that any one is wallowing in political exploitation, which is what you're seeing and avoiding an issue that should unite all of us. we should be talking about how outrageous a breach this is. it got about a minute's play and turned into this idea of let's use it to a polish the filibuster or rant and rave and get emotional about abortion. i don't need to add my voice to that. we should all be focused on what a horrible breach this is. in terms of congressmen coming together to pass laws to protect the supreme court, how about passing clare federal law that protects the intellectual property of the supreme court in we're struggling to find a criminal offense here. it would be nice to find something that says if you engage in the unauthorized disclosure of the work product of the supreme court, that you face a serious felony for that. >> neil: for the time being, maybe we catch the person that leaked this, no such punishment maybe short of potentially losing his or her job. >> yeah. you know, if they had the right people investigating it and we talked about how the marshall service is adept at investigating like the electronic surveillance guys are fabulous at tracking down fugitives,international or national. they know how to use technology. this is an investigation based on people and technology. people in terms of interviewing folks and saying hey, is there something running their mouth, somebody is an ideolog against roe versus wade or tiffed off that they might do something like this or someone steps up and confesses? beyond that, a lot of access to technology. you have government computers with big banners that say it's not your property. probably have government-issued phones. easy things to scoop up and search for connections to politco and documents that show that these folks, whoever it is, made the disclosure. i'm optimistic that it's a quick and easy leak investigation. >> neil: is it something that would be picked up in cameras in offices at the supreme court? someone copying something, relaying something or is it harder than that? >> i don't know. i don't know enough about the security measures within the supreme court. hopefully none of us know on the outside about that. certainly conceivable. what you're looking at is how sophisticated is the leaker. is this someone that sends and e-mail to politco or is it someone that realizes that they don't want to leigh an electronic paper trail or video paper trail and does something more like espionage. the drop-off in the city park kind of thing. you know, i am optimistic though that one way or another through technology in particular and someone that is capable of being this much of an ideolog should be proud to announce their misdeed. one other thing to keep in mind, we don't know where it's coming from. that means the investigator shouldn't eliminate anybody prematurely. if there's an associate justice that authorize add clerk to do it, there needs to be serious consequences all the way up. >> neil: you think that is possible? >> it's certainly possible. i hope not. it would make a dark day darkner terms of the supreme court. but at this point, don't rule anything out. the investigators shouldn't rule it out. >> neil: amazing. thanks, jim trusty. following higher rates for that mortgage. whether you're trying to get a home or refinance the one you're in, they like to say that your ship has come in when rates are low. signs right now that it's leaving and you better move fast. welcome to allstate. where you can bundle home and auto insurance. right, frank? i saved 25%. booyah. and now you're relaxing! we're working from home. save up to 25% when you bundle home and auto with allstate. why do people who live with generalized myasthenia gravis want a new treatment option? because we want to be able to get up and get ready for work. because the animals need to be cared for, and we like taking care of them. because we want to go out to dinner with our friends. because, in family photos, we want to be able to smile. a new fda-approved treatment for adults with generalized myasthenia gravis could help them do more of the daily activities they care about. to learn more, go to now4gmg.com and talk to your neurologist. 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[ sighs heavily ] when owning a small business gets real, progressive helps protect what you've built with affordable coverage. the unknown is not empty. it's a storm that crashes, and consumes, replacing thought with worry. but one thing can calm uncertainty. an answer. uncovered through exploration, teamwork, and innovation. an answer that leads to even more answers. mayo clinic. you know where to go. >> neil: in the two-month war in ukraine, a metal facility that has a network of tunnels underneath where you have better than 2,000 ukrainian soldiers holding out and russian soldiers threatening them to surrender and as many civilians caught up in the same crisis. greg palkot is live now with more on the situation they hope to start resolving tomorrow. >> we've heard that before, yeah. the war going to some extreme lengths. now it's in to the tenth week. let's talk about mariupol that we've been talking about for a while. still hiding out beneath the steel mill. maybe 2,000 ukraine soldiers. some civilians got out earlier this week. the russians were supposed to stop their bombardment today. they didn't do that. a lot of fighting still there. supposed to happen again tomorrow. we will see. tens of thousands really remain in that city, which is really beaten up the past two months. elsewhere in the east, russian and the ukrainian forces are slugging it out. russian rockets striking several towns. ukraine making gains around the second biggest city in ukraine, kharkiv. this as a new report claims that intelligence provided by the united states was instrumental in ukrainian forces killing as many as 12 russian generals in the field. on the report today, the pentagon says they won't speak to the details of that "new york times" story. they're providing intelligence to the defense of the ukraine and they can use it however they want. they're hitting fuel depots in russia and transportation hubs inside russia, even industrial targets deep inside russia as kyiv tries to keep the kremlin off balance. finally, a very unusual climb down from none other than president putin. according to the israeli government in a phone conversation today with israeli prime minister bennett, putin apologized for anti-semitic comments made by foreign minister lavrov. an unusual moments in the terrible last several months. >> neil: thanks, greg. be careful in all of the that. is it me or not many companies with the disney and the florida dust-up, companies are very quiet on this supreme court like. after this. a good place. but my body was telling a different story. i felt all people saw were my uncontrolled movements. some mental health meds can cause tardive dyskinesia, or td, and it's unlikely to improve without treatment. ingrezza is a prescription medicine to treat adults with td movements in the face and body. it's the only treatment for td that's one pill, once-daily, with or without food. ingrezza 80 mg is proven to reduce td movements in 7 out of 10 people. people taking ingrezza can stay on their current dose of most mental health meds. don't take ingrezza if you're allergic to any of its ingredients. ingrezza may cause serious side effects, including sleepiness. don't drive, operate heavy machinery, or do other dangerous activities until you know how ingrezza affects you. other serious side effects include potential heart rhythm problems and abnormal movements. it's nice people focus more on me. ask your doctor about ingrezza, #1 prescribed for td. learn how you could pay as little as zero dollars at ingrezza.com. hey you two, go outside and play. as little as zero dollars ♪ ♪ create a season full of playfulness. your happiest spring starts at lowe's. ♪ ♪ ♪ ♪ introducing the all-new infiniti qx60. take on your wild world in style. ♪ you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >> tech: need to get your windshield fixed? safelite makes it easy. matching your job description. >> tech vo: you can schedule in just a few clicks. and we'll come to you with a replacement you can trust. >> man: looks great. >> tech: that's service on your time. schedule now. >> singers: ♪ safelite repair, safelite replace. ♪ ♪ ♪ [indistinct] >> crowds continuing to gather outside the u.s. supreme court since the leak of this draft memo that could change roe v. wade. if you know it, everybody's been weighing in. politicians on both sides of the aisle. but oddly enough, not much of corporate america. very few and corporate america. why is that? what's going on? operation crickets here. >> listen, i think they've seen what happened with disney. below third grade. and they saw what governor desantis did after that, which was essentially cut disney out of all of the corporate logistics over the years. and i will tell you this, the republicans in congress have noticed. and i think that is what is also seeping back. during 2020, they didn't miss a chance to -- attacking the georgia voter law. they saw what happened in florida and they were hearing from their lobbies what is going to happen if the republicans take the house of the senate. the g.o.p. has been very clear to lobbyists. if they get the house in the senate and of corporations want to be an addendum to the democratic party, there's going to be hearing fluffed and right. right now the g.o.p. feels that corporations have basically been like a super pac for the progressive wing of the democratic party. we are talking open war here almost, that is what i'm hearing. and they are getting the message. be prepared. taking away corporate logistics. including hearing spirits pick on wondering if they're coming back to their senses when you invest in, let's say, young brands and kfc. just want them to make great chicken and leave it at that. you are going to alienate a large chunk of people who may not share your views. >> definitely. if you think about it this way, the country is more than 50/50 on -- most people despise it. the polls show that. purple stayed went republican based on what they are teaching kids in terms of critical race theory and taking stuff away from parents. and why these companies who have to deal with everybody get involved in politics. why major league baseball got involved in the georgia voting law is beyond me. it's just bad for business. i'm pretty sure baseball paid some praise for going against the georgia voting law which they said was racist even know what it did was essentially force people to show their idea to vote. disney is going to face pressure here, but the political pressure could be pretty nasty. why does the ceos represent shareholders? they work on behalf of shareholders. they wanted to get involved in the spirit spectacle a lot of powerful people with a lot of money, and the host of investment out of the spirit they now seem to be jumping on board helping to announce the size of the guy the richards part of the planet needs help. the fact that twitter stock was up, tesla stock was down. where is this going? >> i think is going to take over twitter. that is where it's going pete is going to win it. the guy is a multibillionaire. 200 plus times over. he had a lot of friends out there, a lot of really rich friends. a lot of people in corporate america aren't woke, they are libertarian or conservative. and they like what he wants to do. a billion dollars for him is not a lot of money. we can't believe i'm saying that, but -- >> yeah, yeah. anyway, it is not bad. a billion dollars -- he is playing a part in democratization of twitter and i can see other people jump out. i'm surprised he hasn't jumped in. >> the republican billionaire has helped pay for a lot. charlie, thank you, my friend. the best in the business here. all right, we've wrapped up a crazy day. the dial i'm doing a thousand plus points. at the nasdaq getting hammered for tomorrow could be an interesting day because we get the employment report, the jobs report for the month of april. they are hoping for steady job gains in the vicinity of 400,000. you know the drill on wall street. if it misses that number or their concern things could get worse. well, it gets worse. a lot worse. but maybe it doesn't. here is "the five." ♪ ♪ ♪ ♪ >> hello, everyone paradigm judge jeanine pirro along with just jessica tarlov, martha maccallum, and greg gutfeld. it is 5:00 in new york city and this is "the five." ♪ ♪ he has promised to unite america, but now joe biden is. half the country is extremist with his poll numbers in three fall and his headed for a white house wipe out the

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