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tv   Cavuto Coast to Coast  FOX Business  March 29, 2024 12:00pm-1:00pm EDT

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ashley: before the break we asked in 1953 when peeps were introduced how long did it take to cook a single people? lauren: weirdest question ever. they are cooked, 19 hours. ashley: i was going to go with 12 but who cooks them? the answer is 27 hours. can you believe it? they were made individually by hand and took so long because they had to let the marshmallows cool. nowadays they can be made in six minutes. that's progress. happy easter to you. coast-to-coast comes up next and it begins right now. neil: thank you. you are looking at jerome powell, chairman of the federal
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reserve, markets are closed today, but he's open for pontificating today. let's go to edward lawrence and how this is juxtaposing wrapping up one of the strongest first quarters in the better part of five years. >> reporter: is making a lot of news, the fed chairman saying the fed is not overreacting even though they say better inflation data in the last year and higher inflation data this year at wants to get it right and with the first rate cut they will take their time. >> it support to get this right. with the economy, growth is strong, labor market is strong and inflation is coming down. we can and will be careful with this decision because we can be. >> the inflation is coming in bumpy.
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inflation went up a little but core inflation without food and energy prices ticked down moving sideways since december. that's the sticky inflation. the report shows people spending more in bringing a little less money reflecting higher prices they are paying, this report, the fed's favored measure of inflation and the cpi report that came out a few weeks ago where both of them show inflation has not gone away under president biden for that reason. markets will have to readjust expectations for rate cuts. >> the latest spending bill we will spend $1 trillion to get to september. that's very inflationary. look at commodity prices energy, copper, cocoa, agricultural trending higher. you cannot print this much money and expect inflation to
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remain embedded. >> reporter: market started to realign that investigation. the atlanta fed president signaling he could be satisfied with one cut it this year. chris waller, board of governor for the federal reserve saying they are in no rush. maybe the generate cut might be pushed back a little bit but we have to see. ashley: thank you for that. as edward touched on and the fed chair is saying, inflation in check, the latest pce report has a level of 1.28% year-over-year. it is within the realm the fed really wants it, taking higher than it would like but again, whether that pushes off a june rate cut, the optimal capital director of strategy, michelle schneider, the chief strategist, what do you think? airport like that, make a june cut better or less likely?
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>> this point it's still likely because there are other factors like the fact the debt is so high-end interest rate on the debt becomes unmanageable at current rates. there's talk they need to cut on the basis of that. what's more important is whether they cut or not, is inflation started to pick over and run on its own fumes to grow, bigger problem down the road. neil: where are you on this, francis? >> he has got to project that he's going to go a little easier rather than higher for longer because there are so many obligations the market will start pressing in that risk as michelle said. everything he says is overdone, telegraphed through the markets and they will these
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or tighten financial conditions for him but the real problem on the long-term horizon is the fact foreign demand for us treasuries is falling down. he has to keep these interest rates high enough to keep demand for treasury so we can continue this record of fiscal spending. neil: we are waiting to see what the fed doesn't how soon it starts cutting rates, but market rates have been backing up. i was surprised at to see how much they backed up, we ended last year and now running out of the 4.20% neck of the woods. what do you make of that? >> right now it's more important than the 10 year, what happens with the long bonds. that is where we are focusing. they also seem to have bottomed out in terms of yield, the long bonds, the intimate that's traded for that is going up but
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that means that what could happen is those interest rates continue to come down. higher or not, what it means is twofold, confidence in the economy may not be as great because of the flight to safety to bonds is possible and 2, it will be a welcome cheer by commodities that are starting to reinflate with gold being at the top of the list but if you are looking at a big move this week, silver looks like it could catch up and soft commodities have gotten crazy. neil: even the easter bunny is saying it. i'm curious what you make of the first three months of the year. good clip for the s&p usually at 88% of the time, you have a good first quarter, a good first year, do you by that?
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>> yeah, because you every acceleration in global growth, reacceleration of growth in the usa and that is what powell is saying, growth is getting stronger, the markets are going to be substantiated by that and by higher fiscal spending and substantiated by a dovish talk without powell having people go crazy on financial conditions so unless there is something the credit market at that point it will continue but alongside the commodity prices will rise is a lagging effect were commodity prices get pushed into inflation, gas is wanted to months is 1 to 2 months for food, food, 4 to 8 months, shelter 18 months, 1/3 of cpi. attendant to that will be a reacceleration in cpi and we have to see what powell makes of that at the back half of the year. edward: 20 the food area is the most stubborn on the inflation front. i want your take on the practical everyday stuff that
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people purchase and why that's an adjutant for them and what happened in the crypto arena. crypto is trading as it does 24/7 and it is making unusual moves. meantime it is my honor to bring kelly o'grady to this, kelly was all over the sam bankman-fried and you are putting up with crazy people walking around you and that's just your producer. a lot of people, couldn't understand this, were saying 25 years, he got off lightly. that still a lot of time. >> it is. he's 32 years old. there's a lot of factors that go into sentencing. the message it sends to society and to him but can he be rehabilitated. something that goes into revegetation's where he is going to spend his next 25 years. we took a little bit of a look into that. the judge suggested he be
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transferred to long-term facility as low or medium security facility and one of the big things they were focusing on in the defense argument was his diet. why looked at various prison standards standard menu, chickpea tacos, baked ziti, the judge recommended that he would serve that 25 years in the san francisco bay area. you can see those on-screen, low security gives you more flexibility to move around. the medium would see him sleeping with violent criminals as cellmates. one medium security prison is close to his parents, a 2 hour dr. . you can do all sorts of things, he can learn to crochet, play racquetball. there's even a commissary where he can buy a skilled drink mix.
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victorvillas another option. he can paint a mural. the thing that will determine this, anything above 20 years requires a medium facility but they will look at different things like his autism, social awkwardness, high-profile nature and how that is they will make the determination. neil: how long you're going, 25 years of baked ziti, that is beyond suffering right there. i will have soy baked ziti again. you mentioned something that was fascinating. i watched the other guys. he is awkward, socially awkward. a lot of people say he is autistic and i wonder if that hurt him. he has an incredible iq apparently. it did affect how people felt about him. how the judge felt about him.
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lauren: one letter of support was from a mom who has a son who is artistic and she said i watched the trial in the coverage and recognized my son in watching him speak to the media, things he said during the trial that was televised but i watched the trial and when his own lawyers were questioning him he had everything perfectly said. neil: you know what he was doing. you are a cynic. >> the prosecution came out and all of a sudden he flipped a switch and that's with the judge hammered in. he thought everything was ally. neil: between that and the soy baked ziti we covered everything, very good job. appreciate it very much. to francis and michelle. i don't know what the latest case is going to prove. we always have folks who try to run the systems to their
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advantage and screw people out of billions of dollars as was the case here so he is just the latest. i wonder if he will be the last. >> he will certainly not be the last. you have highly intelligent people that don't understand how to apply that intelligence to legal means. i've lectured for prisoners. i've tried to rehabilitate them to prevent future victims and i can tell you the number one thing they tell me years we don't know how to make money legally. all we know how to do is hustle and the only way we can make money is by selling drugs and so unless he spends his time educating himself about the economic machine and the financial things and the laws and finance, he is going to try again and try not to get caught. whether or not he is contrite about any of this is going to have a determining factor and i understand compassionate toward autism and all those things that you can't rip people off.
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stuart: very well said. looking at the crypto industry a lot of people were pinning this development within going to jail all this time the cleansing process is on. if you tried to corner the market or do anything that various you are done. everyone come out now, the coast is clear, crypto environment is clear. that's a leap too far, to francis's earlier point but what do you think of the crypto arena? crypto was up with the crazy volatility but what do you make of that as an investment alternative? >> at this point one of the aspects that could come out of this and we've seen threats of this over and over is more regulation by the sec and that could -- we've seen loopholes happen in the market comes roaring back regardless because of all the interest in bitcoin
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as an alternative investment. the fact that it is trading at 70,000 and the fact there is still talk of an etf coming up tells me that right now the space is still solid and will continue to grow let alone just the technology itself, block chain so we are very positive, clearly you have to trade it like any investment have risk but overall it looks like we could see 100,000 before we see 50,000 again. ashley: have a wonderful safe weekend. we are showing an actively traded crisis from bitcoin for crypto related assets, they are trading 24/7 so they are not affected by the good friday holiday or any of the holidays. something tells me evan isn't caring about investments these
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days. the wall street journal marked a year behind russian bars and an invitation by vladimir putin to keep him there for another three months. the latest on efforts to get him home and get him out after this. [coughing] copd isn't pretty. i'm out of breath, and often out of the picture.
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adam: that has been one year, the highly praised wall street journal reporter in russia, loved russia, love talking about it, sharing stories about it. he's been in a russian prison for a year, that detention extended at least another 3 months, no trial date set, no details as to the charges, something about spying but that's all we know. benjamin hall knows of suffering and waiting and wondering. what's the latest? >> the white house, the state department all say one thing. that heaven is being held for two reasons, because he's an american and because he's a journalist. two things the russian regime wants to cramp down on. the russians are saying he was trying to obtain military secrets but those claims are unsupported by any evidence, the russians have released no
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evidence, there is no date set for trial and the state department is saying he is held unlawfully. president biden released a message saying in part this which as i've told evan's parents i will never give up hope. we continue working to secure his release. we continue to denounce costs to russia's attempts to use americans as bargaining chips. there were hopes of a prisoner swap. vladimir putin set a russian assassin being held in germany could be exchanged and other such swaps of happened. the state department recently said that russia had turned that down. he's being held in a prison in moscow. he is been out of his cell for an hour and a day. despite this, in so many pictures you see he's kept his spirits up. he smiled, kept his humor up. they say he's not broken though it is becoming harder by the day. evan is being held, paul whalen
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another american being held for 5 years and there are questions whether or not more should be done when an american is held unlawfully and what the biden administration can do to get them out. neil: 20 vladimir putin had spoken when he expressed his regrets at the tragic death of navalny that a hostage swap had been in the works, we don't know if it's true. you touched on the possibility here in the case of evan but how realistic is that? >> i gather the original negotiation was to get paul whalen and evan exchanged for this russian being held in germany. with navalny's debt that fell apart. trevor was exchange, brittany
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rise was exchanged for victor boot, big warlord so these are changes happen. some people say this hostage diplomacy is a problem because it tells people like iran and russia that you can grab an american and you will get something in return. adam: appreciate that. benjamin hall, if you get more details on this we will keep you posted. with us is the state department principal deputy spokesperson, very good to have you. thank you. >> good to be with you. neil: where do things stand? >> not a week goes by and which we are not engaging at the highest levels with the russian federation to do everything we can to bring evan and paul home as quickly as possible if you talked about this at the top of the segment, at the beginning of this week they extended evan's detention without
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offering any additional insight or evidence or information. these claims they are making are totally a sham. evan was a journalist doing his job and journalism is not a crime and we will do everything we can to bring evan and paul home. adam: is a complicated as you see it by the 10th relations between our countries, russia with of the world. and he wants to keep us spinning on a spike so to speak? >> the russian federation has a track record of wrongfully detaining american citizens even in the context of the past administration. it's the reason russia continues to be a level 4 travel country, advice to american citizens is do not travel but we've seen progress
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made in the space how we saw trevor reed come home and brittany greiner so this continues to be possible and we are continuing to look at around-the-clock. we've no higher priority than the safety and security of american citizens wrongfully detained and in the case of russia that means evan and paul. neil: i don't know if there's any protrudes to these reports that we are trying to get anyone held their to be released in concert together. barring that, you work on them one at a time? >> it's important that i not talk about the deliberations and negotiations in public. there's a reason these things are kept private. we want to bring evan and paul home. we 20 as it goes with this three month extension, you get any word as to why? >> of course not because this
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is russia. since the onset of evan's detention they've not offered more information or evidence or insight into any clear thinking here. the truth of the matter is these allegations are a sham. evan was simply doing his job and we will work on this around-the-clock. neil: good saying you. thank you for the update, state department principal deputy spokesperson. in the meantime updating you on stock markets might be closed but your local gasoline pump is open for business. be prepared for an eye raising experience when you see it after this. ♪ ♪ re
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adam: the next segment brought to you by inflation. never went away. when it comes to two important items it is back and back with a vengeance, gasoline prices and cocoa prices which madison alworth will get into because it means the easter bunny is sweating bullets.
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hey, madison. >> reporter: the prices of cocoa, a key ingredient for chocolate, we've seen a huge run up in those prices. year-over-year the price of cocoa up 257% and that's going to hurt your easter basket. the unfortunate news for chocolate lovers is that's getting worse and no one knows that better than mark, the co-owner of this place. prices have seen a run up since january. the good news, they didn't absorb those prices yet, putting in new orders with their suppliers. >> they will be rationing how much chocolate we can by which is very important to have enough to make everything we do and every time we request more, the price is higher. neil: it' s a real supply should. >> reporter: what happening in west africa that's making it, chocolate is being rationed?
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>> because of multiple seasons of heavy rain, a fungus has grown a lot of cocoa beans which cut the usable supply by 1/3 and with that reduction in supply means price will go up. >> reporter: you are experiencing this for quite some time. what do you do with your prices here because of the supply issues? >> a lot of the chocolate we purchase in advance of the prices are honor lagging 6-month situation so over the last year we probably raised prices 10% to 15% because of inflationary pressure but with the increase in the cost of our most important component, the cocoa bean that goes into chocolate, probably going to have to continue another wave over the summer as those products get into the finished products. >> chocolate is becoming more expensive.
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even though we are looking at a more expensive bunny this is the cheapest chocolate you get this year. if you need an excuse to purchase more chocolate for easter i have it ready for you. this is the cheapest chocolate you're getting so get out and get your chocolate. neil: keep them busy behind you and scarf up everything you can get. i will take care of you when you get back. look s like a wild shot. not so beautiful, the rise of gasoline prices, some saying this could be a worrisome year for this. phil flynn predicted this. is not here to say i told you so but is here to offer guidance where we are going. what happening? >> 8 to say it, seems like every year the easter bunny comes with higher gas prices. this year it's a little bit mourn farias. look at the supplies of gasoline around the globe, they are tightened for a multitude of reasons.
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the war in ukraine, they hit russian refineries of the ukrainians the reduced global supplies of refining capacity and our old nemesis, the opec cartel cutting production at a time when global demand is expected to hit an all-time high. put it all together it's the perfect recipe for an easter price pop and it won't end anytime soon. it will get worse before it gets better. jack: it's not just a matter of demand. we are not into the busy driving season where they see the $4 gas average is going once the season picks up but what is driving it? >> a combination of factors. the failure of the expectations that we were going to all be driving electric cars now. a lot of people didn't invest, refining capacity years ago and
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we were hearing predictions from the international energy agency and energy information agency that gasoline demand was going to peak. that hasn't happened. we expect to see gasoline demand growth be around for a while and if you look around the globe, we are going to see more refineries shut than we've seen in a long time. we could lose 20% of refining capacity at a time we haven't invest enough in fossil fuels overall driving of the cost of crude oil, that will make it more expensive in the coming years to be driving. once we put money back into some of those old refineries. neil: sounds ironically the fact that so many of us are sticking with traditional gas powered cars, now we find ourselves in a position there might not be enough gas. >> absolutely right. this is sometimes, when you don't look at the big picture and don't understand the
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dynamics between transportation or invest enough, we paid the price for it down the road but if you look what's happening, the united states, we were the biggest producer of oil and gasoline in the world. we are turning away from that. we are sending a message we don't want to invest in fossil fuels, getting out of a fossil fuel business and production hit a record high we are seeing signs that that could be a peak. unless we change the outlook on oil and gas production, and they will stick it to us again. neil: you scared the heck out of me. neil: have a wonderful easter and great weekend. you thought the big shindig for democrats was a big event last night, the crowds have gone.
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>> free palestine. free palestine. free free free palestine. neil: outside radio city music hall, sixth avenue, avenue of the americas got pretty crowded and a little in your face but it was a relatively calm and did not affect the money democrats were raising inside and the two president class, the current one, barack obama and bill clinton all on hand. some people telling me this will be a $35 million fare including people writing checks at the last minute for one hundred thousand to take a picture with those three presidents. eliza collins on the significance of that, donald trump is planning something that could be bigger but where
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does this money race stand? >> reporter: biden is out raising trump although both of them have numbers, with the fundraiser coming up and organizers estimating upwards of $30 million. we will see massive amounts of campaign cash but it will be used. i'm in arizona. battleground state. biden had ads on the air. 's opening field offices. biden has more money than trump and the benefit of not having to pay legal bills. now the biden campaign and democrats are focusing that money on ads. we can expect republicans to do the same but they have a trickier situation with this money going to his legal bills. of donors opt out they could pay for other avenues but we will see so much money this year.
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neil: hillary clinton had that advantage, the big-money crowd, the hollywood and arts corral. without them, she couldn't feel speaking venues or stadiums, donald trump could and did. to your point president biden isn't taking chances. targeted these battleground states and has the wherewithal to do it. that is an important advantage for him. >> no question trump has more enthusiasm from his basement biden does. the progressive protesters outside the event, they are unlikely to vote for donald trump.
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those progressive voters are unhappy with biden's response to the israel/hamas war. they need to hold onto those independent and soft republican who put him over the edge. biden does have lack of enthuse demand we see that in battle ground state programming. if biden wants make a comeback this time but they are standing outside for 8 hours. president biden does not have that. and both sides need to hold onto their base first. neil: i'm sure the president was surprised by the counter to that.
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and for allowing israel to be too harsh, and they are trying to play it both ways but it's not working either way. >> the biden urbanization struggled how to deal with this. biden has been a longtime supporter of israel, and the israeli admin station was doing in gaza, we see more criticism, that's not by accident, and the israeli responses more aggressive. democrats certainly had problems you have, on the primary states.
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there were protest votes. neil: in particular, have a safe easter weekend. glad to see this lady back. to pick up on that conversation, the jewish vote could be splitting here. and all over this war. are you surprised by the divide? >> reporter: i won't weigh in on american politics for very obvious reasons. there was an overwhelming support to israel in this war over hamas. neil: are you concerned it is not as overwhelming? in a weird way, hamas seems to have a pr advantage. >> the american people don't like terrorists.
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they appreciate the right of self defense. what is real is doing, exercising its right of self-defense. we 20 what did you make of chuck schumer staying -- doing elections. joe lieberman, one of the strongest interviews i had with him a week ago on this subject, he went after schumer for that. should never intervene in a sovereign state's elections, but he did. they had menstruation says it was a brave move on the part of schumer. >> reporter: joe lieberman was correct. we don't intervene what can be treated with the same respect to. neil: viewed as a threat in israel. >> it's not the prime minister or the idf, it's a decision we took as a nation that we are going to live in the -- that hamas will not live another day. we've done that too long. there's not going to be any compromise in our security.
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hamas has been in power for 16 years in gaza. what have they brought to the palestinian people. . 20 what does the prime minister do? back-and-forth on this delegation coming in the us, when things are the most tense. the united states steps out of the vote, got a cease-fire going immediately. >> reporter: that was disappointing. neil: to put it mildly. look like this delegation is going to meet. >> going to get rescheduled. it wasn't right to send a delegation at the time it was supposed to meet in washington. i can't tell you when it is going to happen because as we haven't scheduled it as far as we go. it will not take place in washington or jerusalem. >> may be some security, i don't know at this point.
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>> button -- benjamin netanyahu change his mind on it? >> it would have sent double the wrong message to hamas. the us extension at the united nations, disappointed by it, did decouple the issues of releasing the hostages in exchange for a cease-fire in the fighting. this is what hamas wants. they want pressure on israel that will put end to the war and we have this conversation again, they carry out another october 7th massacre. we don't want that. we saw it as a change in the approach, of admin a station officials afterwards. neil: republican president? >> i won't weigh in on american politics. not about politics. >> reporter: are you disappointed in this president? >> we are disappointed by the decision at the united nations. we are thankful for president
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biden -- neil: called the shots on that. >> he called hamas she are evil. he said he said hamas are worse than isis and he is correct about it. neil: he sent mixed signals. >> the war began. we are grateful and we are grateful for the american people for the support, the moral clarity. it is important, this is the message that we should send a. when pressure is applied on israel using leverage on israel against -- it is incentivizing their methods of using civilians as human shields, stealing aid from civilians. this is what he is doing. neil: we will keep monitoring this and where these talks are being held if they are going to be held when we get them. in the meantime, updating you
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on this bridge disaster. we know $400 million at a minimum to complete. the latest after this. pportunis are everywhere you turn. but at t. rowe price, we're letting curiosity light the way. asking smart questions about opportunities like advances in healthcare. and how these innovations will create a healthier world tomorrow. better questions. better outcomes. (luke) this will be a gold mine of local intel. just you wait. (marci) right. so, tell us about this corn festival? (stylist 1) oooh you got your corn pudding... you got your corn chowder... (marci) so... is it safe around here? (stylist 2) sometimes. (luke) if a family of eight were to need a cold plunge, where would they find it? (stylist 1) ...and then they dip it in butter, then bam, it goes right in. (stylist 2) ...really cute vampire bar. (stylist 1) the reverend does like a blessing on the corn. (luke) donut shops. how far from here? (marci) no eyebrows? (luke) think of how light it'll feel in the summer. we've got to run. eleven thousand more neighborhoods to go! (vo) ding dong! homes-dot-com.
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>> one hundred million dollars in many in many years, four years. and getting the bridge rebuilt and up and running. the republican of new york, the infrastructure committee will be crucial in deciding those things. what do you think of that? sound like a staggering some on the federal government. >> the 17th busiest court in america. it's closure has significant international impact and the
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fundamental job of government, infrastructure functions, let's be clear life or loss, extending thoughts and prayers to the families but this is going to be a long get process demanding federal, state and local coordination and we have to mount the cooperation to clear the record, restore the bridge and make sure the ports are suffering again. neil: lloyd's of london says this could be the most extensive maritime disaster of all time. probably a little argument from you. if we do have a problem like this, there have been three such occasions prior to incidents before this one, didn't result in a span or bridge collapsing but they came close. what if this is more structural in nature? >> we recognize, i'm not trying to speculate or extend any fear.
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we recognize america's infrastructure is dated, it is uniquely aged and we want to restore the federal dollars approved over a year ago getting the projects that enhance american infrastructure. an investigation underway, we need to know the true cause and nature of this tragedy. transportation infrastructure, we have to provide the appropriate oversight not only insuring infrastructure being reviewed and improved but we need to know the cause and respond to oversight but the key is get the port reopened, remove the wreckage and begin down the road. of repairing and replacing. neil: mark molinaro. of new york. taylor: nice eco

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