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Quest Means Business

Death Toll Climbs To 55, Expected To Rise Further In Maui; Live From Asbury Park, New Jersey; Writers Guild And Studios Resume Negotiations; U.S. Judge Revokes Sam Bankman-Fried's Bail; San Francisco Green Light 24/7 Driverless Taxis; Moody's: Inflation Forces Families To Spend $700+ More Each Month Than Two Years Ago. Aired 3-4p ET

Aired August 11, 2023 - 15:00   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[15:00:34]

RICHARD QUEST, CNN INTERNATIONAL HOST: The sun is out. The beaches are packed. It is a Summer Friday this week, coming from Asbury Park in New

Jersey.

We will have all of that, plenty of that to bring you the markets, the last hour of trade on business and with the sun being out, the market is up as

well. We're seeing green not a huge amount, but there is green in the market.

And besides Asbury Park and the markets, there is a lot of very serious news that we'll be bringing you over the course of the hour.

In Maui in Hawaii, rescuers are searching for the missing in the wildfires that are still burning in the historic town of Lahaina almost completely

gone. We'll report from there.

San Francisco is approving driverless taxis that can now operate not only throughout the city, they can charge for their services.

And the summer fight for tourists dollars. The beach town that forged rock and roll. We will have the mayor and the head of New Jersey Tourism -- the

mayor of Asbury Park and the head of New Jersey Tourism -- is tourism a zero sum game? If you go here and spend the money, you don't spend it

somewhere else.

Live from Asbury Park in New Jersey, I'm Richard Quest. It is Friday, it is August the 11th. I am in New Jersey, you better believe, I mean business.

Good evening.

We start of course with the very serious and sad news of events taking place in Hawaii, and in Maui in particular, where the residents have woken

up to scenes of not only devastation, but great worry and concern as the search for the missing continues.

A massive operation is underway. We now know that at least 55 people died, but that number, bearing in mind the number of people who are still missing

that number is expected to rise considerably.

And worse, perhaps, four large fires are still burning in the historic town of Lahaina, beloved by tourists and locals alike. The mayor has said it has

basically been burned to the ground.

We are in Lahaina. Our chief climate correspondent, Bill Weir is there. He now takes us around the town or indeed what is left of it to show the

scenes of devastation and misery.

(BEGIN VIDEOTAPE)

BILL WEIR, CNN CHIEF CLIMATE CORRESPONDENT: This is the historic banyan tree, 150-year-old majestic tree at the center of Lahaina town. It looks

like it may have survived, it needs water, desperately to survive right now, but for the locals who are coming down and looking at the damage, this

is such a sign of hope that maybe their iconic tree will have lived when so much else is gone here, but the history can never be replaced.

Right here, this is the first hotel in Hawaii, The Pioneer Hotel, Pioneer Theater. It's completely gone. Right over here was the library. It's just

now a stone shell of scorched locks. Around Front Street there, Fleetwood's Mick Fleetwood of the band Fleetwood Mac, his place is gutted out with

flames. It is just unrecognizable.

One of the most charming beloved port cities anywhere in the world is just scorched, like a bomb went off.

(END VIDEOTAPE)

QUEST: Bill Weir in Lahaina.

And Veronica Miracle is in the airport in Maui. Now, we know that four fires are still burning. So what is the efforts being made? Who's leaving?

And can people actually manage to get out?

VERONICA MIRACLE, CNN CORRESPONDENT: Well, Richard, it has been quite a week for so many of these travelers, some of them who were stuck beyond

Lahaina and in the Lahaina area.

We're here at the Kahului Airport. You know, this airport here in Maui, it is a major hub. It has seen its fair share of incredibly busy summer travel

days, but we've never seen anything like this and they've never seen anything like this, as a matter of fact, from some of the employees that

I've talked to.

So this is the line behind me for TSA, but what you're not seeing here that we're going to walk around and show you is it actually extends beyond.

[15:05:07]

It goes back and forth, and it snakes all the way around in an area that is normally reserved for pickup and drop off. It is now being used as an

extension for travelers who are trying to even just get through the checkpoint.

They've made it through another line where you check in and check all of your bags, and so it has been quite the process.

I just spoke to a man who was in line with his wife. They were stuck in Lahaina. They saw the flames come up all near their hotel, and this week,

they haven't been able to communicate with their airlines. They have barely been able to communicate with the outside world, which is why they were

stuck until today, they were just able to get out.

And so this entire week since Monday, they said that they've been subsisting off of berries and nuts that they had in their hotel. There were

some sandwiches that were being passed out by aid workers.

So this entire week, they really haven't eaten, and the reason why they're leaving, and they tried to get out so quickly is so that all of the

resources that are available can be saved and used for the people that are impacted in Lahaina who have lost their homes.

You know, they acknowledged we are travelers, we are heartbroken, it has been completely destroyed our vacation, but they recognize they have a home

to go back home to, unlike many of the people in Lahaina who have lost everything.

Richard, we did a helicopter ride yesterday and we saw some of the aerial images, and like Bill was saying, it looks like a bomb went off. The entire

community has been reduced to ash, and it is just absolutely devastating to see, and this is just one impact of all of these travelers trying to get

out here and save the resources for the people in this community that have lost so much -- Richard.

QUEST: All right, Veronica Miracle who is at the airport in Maui. Veronica, thank you.

To Chad Myers now.

Chad, I was much taken with your broadcasting yesterday when I was listening closely and you were talking about the number of hours, you

thought the effect of the hurricane fanning the flames and creating that tunnel effect. Has your view changed in the last few hours? Or is that

still the base case scenario?

CHAD MYERS, CNN METEOROLOGIST: We had a high pressure to the north of Hawaii, and there Dora, now a Category 3 hurricane about to cross or just

cross the dateline to become a typhoon, one of only a handful that's ever done that, and then here's south of Honolulu.

And the difference between the high and the low was the problem and the winds were 120 kilometers per hour, now we're down to about 30, and even

there in that picture there the live shot with Veronica that looked like about 10 to 20 kilometers per hour. So they're getting a handle on the

fires, 90 percent containment right now. That's good.

So 10 percent still uncontained, still burning, but at least we now have a smaller fire line, can get more concentrated on where the firefighters are.

This is the west side of Maui. There are two volcanoes and connecting in the middle with a little saddle road. This is where the fire began. Not

here on the top, not in the rain forest on the east side because of the way the wind comes in and just rains for days here, but on the downside, on the

downslope side, which means you are on the rain shadow effect, raining hundreds of inches, probably 500 centimeters of rain, six millimeters of

rain at times here across parts of the rainforest. But then on the downslope side, that's where it's all dry.

Something else that happened here, we have the canyons of the western side of Maui, those canyons may have funneled the wind down toward Lahaina.

Lahaina right there, the town that really doesn't exist anymore. But why? Because there's a wildland interface, which means that all of the sugarcane

that used to grow in Hawaii now isn't planted anymore, and now all of a sudden that was very, very flammable.

You put 120-kilometer wind over a flammable area, you drop a few power lines, and you're going to get a wildfire that is completely out-of-control

-- Richard.

QUEST: So listening to what you're saying, this is a confluence of events, arguably they were foreseeable, but it was this unique series of

events coming together that has led to this level of destruction and death.

MYERS: Right. Let me zoom in to Lahaina proper, show you something else that happened. There was no escape toward the east. The road to the east

was blocked by power poles that were down.

Here is Lahaina. There was only one road out and it was that way toward Kaanapali and up toward Kapalua, and that road was backed up bumper to

bumper trying to get out of there.

There was no way to -- people were saying, why didn't you just put the tsunami warning out? You know what a tsunami means? Tsunami means get away

from the water, go up the hill.

[15:10:10]

That's where the fire started. Why would you want to send them up toward the fire? So one road out, there is no way to evacuate even with many, many

minutes or hours of warning, there still would have been this catastrophe here -- Richard.

QUEST: Chad Myers at the Weather Center with the update there. I'm grateful to you.

And so we continue on program tonight.

Welcome to the Boardwalk. It is the Boardwalk at Asbury Park, which is the quintessential beach town, and the differentiator here is rock and roll,

and of course the amount of money they've spent and intend to spend bringing the Boardwalk back up to snuff, in a moment. QUEST MEANS BUSINESS,

Summer Friday.

(COMMERCIAL BREAK)

QUEST: And a warm welcome back to QUEST MEANS BUSINESS and our Summer Friday. We're in Asbury Park today, south of New York. In fact, this is our

first Summer Friday outside of New York.

This is a charming century-old seaside resort on the so-called Jersey Shore. I'm only going to do that because that's what the nation wants,

because we're going to have the head of Jersey Tourism in just a moment and he will not be best pleased.

This place became a hotspot for music in the mid-20th Century. It's most known for Bruce Springsteen and Bon Jovi and other musical legends.

Now, the place I think they would agree, fell on considerably hard economic times, some decades ago, so the ability for the Jersey Shore, its overall

and Asbury Park in particular, to turn itself around and become something of a powerhouse is really quite remarkable.

(BEGIN VIDEOTAPE)

QUEST (voice over): Before Bruce Springsteen was packing arenas in New York, London, and Paris, he paid his dues on the Jersey Shore.

His E Street Band grew up through a town called Asbury Park, a small place with a big reputation.

The beginnings of Asbury can be traced to 1871 when a broom manufacturer, James A. Bradley bought the land for $90,000.00.

[15:15:05]

Bradley designed a boardwalk and before long, Asbury Park was the place where you wanted to be seen. By the early 20th century, it was a leading

summer destination for New Yorkers.

Its natural beaches were so beautiful, they attracted more than half a million visitors a year, and to accommodate all of these tourists, the town

opened a marvelous Art Deco Convention Center in the late 1920s.

And then, decades later, that very venue helped make Asbury the unlikely center of rock and roll when bands like Led Zeppelin, The Beach Boys, and

The Doors packed it seats. This new identity spawned clubs like The Stone Pony.

Along with Springsteen, the group, Bon Jovi discovered its voice here.

But time and fortune were not kind to Asbury Park. In the late 20th Century, the New Jersey economy declined sharply. Tourism numbers fell off,

and by the new millennium, Asbury had to rethink and redevelop.

The town, which had seen so much rose to its challenge, new attractions have brought it back to life.

QUEST (on camera): It is a thoroughly charming walk from the railway station, down to the Boardwalk. This is truly a lovely part of America.

Even though there are loads of destinations along the Jersey Shore, Asbury Park stands out. It's a destination that's always battling to stay

relevant, and it continues to embrace that battle, winning through as it has so many times before.

(END VIDEOTAPE)

QUEST (on camera): Tourism is a vital part of the New Jersey economy as it is so many. The numbers are pretty typical for this sort of place, which is

roughly one in 12, one in 10 jobs, depending on your definition. That's 114 million visitors.

So the place is just about de facto back to pre-pandemic levels, and it's the momentum, everything from Taylor Swift to Beach Festival.

Jeff Vasser is with me, the executive director of New Jersey Travel and Tourism. I know you don't choose between your children, but Asbury Park --

because you're at the state level -- but Asbury Park is a bit of a favorite.

JEFF VASSER, EXECUTIVE DIRECTOR, NEW JERSEY TRAVEL AND TOURISM: Oh, absolutely, and it isn't just us that makes those determinations, but the

media that come to visit, New Jersey, the tour operators, especially those that are coming from international, they want to talk about Asbury Park.

QUEST: How do you attract people to come this way instead of perhaps the better known or well known, say Hamptons, New York type beaches?

VASSER: Well --

QUEST: Or is it one or the other, or both?

VASSER: It's both, especially again, for the international traveler. What we're trying to do is let them know that oftentimes, they fly into Newark

International Airport, they're already here.

So go into New York City, do what you need to do, and then come over here, take advantage of our beaches, the wineries, the breweries, and our tax

free shopping. So that's all comparative advantages for us in New Jersey.

QUEST: It's a battle though, isn't it? Because you have a good strong local market, which comes here and within state, a lot of people come here.

VASSER: Absolutely.

QUEST: But the ability to grow your domestic visitors and your international.

VASSER: Right. I mean, we were lucky during the pandemic that we're primarily a drive market.

QUEST: Right.

VASSER: So people from in-state, New York, Pennsylvania, they were coming here to take advantage of the open air attractions that we have.

So we were able to recover quicker than a lot of other destinations after the pandemic that relied more on air service. So now what we're trying to

do is, with the additional funding, reach out to secondary markets that you know, into Ohio, down into the Carolinas, all through New England and

international to let them know about New Jersey because we have something for everybody here.

QUEST: What is it you now need most in terms of development? Because I see here you have -- I mean, I don't know if this is a local matter, not a

state matter, but state infrastructure supports a tourism industry. State infrastructure and state funds supports.

So what do you need top down, and what more can you offer bottom out in a post-pandemic world?

VASSER: Well, I think that what the state is doing is investing in things like state historic attractions, which are going to be bigger as we get

closer to the 250th anniversary of the American Revolution.

So the state is investing $25 million in making sure that those assets are good, and then locally, everybody is putting money into infrastructure

development so that we have new hotels, that our attractions are up to speed and that everything is visitor ready.

[15:00:10]

QUEST: Now, before I go, let me just say, you were making some comments about that I wasn't feeding you, I was eating all the good food.

VASSER: We are known for our seafood.

QUEST: You are known for your seafood. Can I entice you with some?

VASSER: You can entice me into a clam? Absolutely.

QUEST: Take a clam. I've only got three left.

VASSER: Thank you for sharing.

QUEST: Thank you. Thank you for inviting us. Thank you for having us.

VASSER Thank you.

QUEST: Thank you for helping us be here tonight.

VASSER: Thank you.

QUEST: QUEST MEANS BUSINESS coming from Asbury Park.

Screenwriters and studios are resuming negotiations, the writers are striking for more than a hundred days. It's crippling the entertainment

industry. The key issues are pay residuals, and staffing. Actors also striking since last month.

The star power and the support for the strikes is overwhelming. Brian Cox is the star of "Succession." He said AI is changing the industry, and Brian

Cox was talking to Becky Anderson.

(BEGIN VIDEO CLIP)

BRIAN COX, ACTOR: I think the actual business about you know, fees and wages and all of that and the increase, the 11 percent that we're going for

I think is a legitimate one and I think I think we'll probably do okay on that front.

The main problem is the AI, artificial intelligence. I mean, the problem is that they want to do -- I mean, they really want our image and to do what

they like with it, which I feel that it's not a union thing anymore, but it's actually a human rights thing.

And that maybe we have to go to the court of human rights to say that we need to protect who we are, and that is the difficulty because they've --

you know, they've said, oh, we will take your image, and we can use it in perpetuity, and we'll pay you 50 quid, or $50.00.

And what we need to do is, we really need to establish that it's a human right to have our own identity and to take care of our own identity.

BECKY ANDERSON, CNN INTERNATIONAL ANCHOR: Because some believe that using AI technology in the film industry, it has some potential to actually

enhance storytelling, you hear that argument, right?

COX: Yes. I'm not anti-artificial intelligence. I think there is a lot of good things that go with it, but when it comes to your own identity, when

it comes to the fact that you've got to kind of somehow get your own image and take care of it, it is just not good and it's not on, you know.

ANDERSON: What is your message to those who run these huge entertainment organizations, the CEOs, and the chairmen of this world?

COX: Well, I just think you can't be greedy and you really can't have us at your expense that you can do whatever you like, and that's the thing that

has to be taught.

That's why I think it is becoming a human rights issue. It's not just we've got a union issue, but a human rights issue.

Do I own my own identity? Do I -- that which I have created, do I want you to screw around with it and actually -- and make it less than what it is?

And that's the biggest worry of all. And also it's a huge worry for the writers who created us.

You know, creators like us, because we only serve the writers at the end of the day, and that's why we need to stand up for the writers.

(END VIDEO CLIP)

QUEST: That's Brian Cox talking with Becky Anderson.

Now seeing the head of New Jersey Tourism snarf down some of my seafood, revenge is sweet.

We are at the Jersey Shore and it's a beautiful Summer Friday.

That is very hot. Water.

(COMMERCIAL BREAK)

[15:26:49]

QUEST: Hello, I'm Richard Quest. There's a lot more QUEST MEANS BUSINESS.

Maybe we'll change the name tonight. Quest Means the Beach from Asbury Park. A lot more of that. We'll be meeting the mayor of Asbury Park, who

has very kindly facilitated us here today and helped us.

And I'll be going just a bit further up there, just over there. The Stone Pony, the very famous musical venue.

I'll be paying a visit there to the place where Bruce Springsteen got his start. We'll get to all of that but only after the news headlines, because

this is CNN and on this network, the news always comes first.

A special counsel has been appointed in the investigation into the son of President Biden. The attorney general, Merrick Garland has announced he has

made the appointment in the Hunter Biden case earlier this week. The attorney general cited extraordinary circumstances and said the move was in

the public interest.

A wake is underway in Quito for the Ecuadorian presidential candidate. He was assassinated on Wednesday. Six suspects have been arrested in

connection with the murder of Fernando Villavicencio. Authorities say all six are Colombian nationals and members of organized crime groups.

Villavicencio had campaigned on a platform of anti-crime and corruption.

The UN is condemning Russian missiles strikes against the Ukrainian hotel on Thursday. Ukraine reports at least one death in the Zaporizhzhia attack

and says it is a miracle more people weren't killed.

The hotel was being used by UN staff and groups and it was also a child daycare center.

Some breaking news to bring you. The FTX founder, Sam Bankman-Fried has had his bail revoked, according to the judges, it is probable cause he

attempted to interfere with witnesses. It doesn't get much more serious than that, Kara Scannell.

One of the things they tell you when they give you a bail is don't interfere with witnesses and don't sort of do anything to obstruct justice.

What did he do?

KARA SCANNELL, CNN CORRESPONDENT: Yes, Richard, so the judge here revoking bail from this -- he was out on $250 million bail. A pretty dramatic move.

This is just seven weeks before Sam Bankman-Fried was expected to go on trial to face fraud and conspiracy charges.

Remember, prosecutors have accused him of being involved in one of the largest financial frauds in history, taking customer funds and misusing it

in a variety of ways.

So, now, this had all come about because prosecutors had asked the judge to revoke Bankman-Fried's bail because of a number of different contacts he

had had with witnesses.

This goes back several months at this point. The breaking point appeared to be Bankman-Fried speaking with a reporter for "The New York Times" and

providing some information about someone who had -- was the very senior at FTX, Caroline Ellison, she has pleaded guilty and is cooperating with

prosecutors and is expected to testify at the trial of Bankman-Fried. So prosecutors arguing to the judge that that was just a step too far. They

also pointed to other past ways that Bankman-Fried had worked around his bail conditions. He has been at his parents' home in Palo Alto, California.

And he had used a VPN, a virtual private network to get around some of the monitoring that had been put in place because this was a crypto crime.

This is a crime that involves the internet using encryption. And it was something that prosecutors and the judge have frankly struggled with this

whole time. But the breaking point was his contact with a New York Times reporter. Now initially, prosecutors had suggested they could put in place

a gag order to stop him from talking to anyone and his lawyers were really pressing for that, you know, they were saying he does have, Bankman-Fried

does have a First Amendment right to defend himself in the media.

But the judge finding today and this hearing is still ongoing. But the judge deciding that there was probable cause that Bankman-Fried did attempt

to tempt -- tamper with witnesses, including those -- the one example I mentioned about talking to the New York Times reporter, which prosecutors

had argued, could be an attempt to intimidate Caroline Ellison from testifying at the trial.

Now, his parents are in court today. They have not appeared at a number of the past hearings that he's been there. So clearly, they were appreciating

this could be the last time they see their son before he appears in court in October, seven weeks from now, to face these charges. But, you know, as

the judge was still reading this, he -- according to my colleague, Lauren del Valle who is watching this proceeding, the judge is considering putting

him in the Metropolitan Detention Center. That is the federal jail in Brooklyn, New York.

That jail has a lot of issues and problems and it was one reason his lawyers were arguing so much for him not to be placed there. It is a tough

place. It's not a place that someone wants to be. Now the real issue here too, is that Bankman-Fried, you know, we're waiting to see if he is

actually cuffed and taken into custody because he is -- because the judge could do that today. And I'm sorry, I'm just looking to see here.

Yes. It looks like he's -- he may be taken into custody. It's still underway. Richard?

QUEST: Kara, thank. As we continue on tonight and Asbury Park. Music is at the heart of this place, besides the beach and we'll visit the stone pony

in just a moment where I spoke to the general manager about the legendary institution.

(BEGIN VIDEO CLIP)

CAROLINE O'TOOLE, GENERAL MANAGER, THE STONE PONY: He's holding on to the wire and his hand is sweating and I'm like, oh my god, we're going to kill

Bruce Springsteen.

(END VIDEO CLIP)

[15:35:22]

QUEST: The Jersey Shore itself is an institution. And within the institution, there is Asbury Park. And within the Asbury Park institution,

there is the Stone Pony. A rock and roll capital, to be sure that celebrates its 50th anniversary next year, it is just over there. And if

you come at the right time, you'll certainly hear the music. Remember, this is the place where Bruce Springsteen started. I had to go and visit.

(BEGIN VIDEOTAPE)

O'TOOLE: It started out as a place more with local talent that would come through and then national acts started playing here. And that really just

drew more attention, whether they were the good times or the bad times, everybody counted on brighting by and still knowing that Stone Pony was

here. And it became a symbol of what's great about Asbury Park and the Jersey Shore.

QUEST: The walls here are lexicon of music history.

O'TOOLE: There was a band down at convention hall not far from here. In 2003, called The Ataris. And that night, on stage, they were talking about

the history of the Stone Pony and how it felt to be here. And then one of the guys in the band took his guitar and he broke it.

QUEST: Oh.

O'TOOLE: And he brought it down to me the next day. And that is how the history of the guitar started.

QUEST: Which is the most famous?

O'TOOLE: Obviously, Bruce's guitar. That's the one that we get asked about the most. And that's his right up there. He was here when they were doing

one of his benefits shows. And we happen to have some blank guitars at this point that were on that bar right over there. And he was on stage, he gets

up on the bar and at that point there was like, you know, electrical wires hanging down and he grabbed onto one of the wires to sign not the guitar we

had for him, but just one of these blank ones.

And he's holding on to the wire and his hand is sweating. And I'm like, oh my god, we're going to kill Bruce Springsteen. This is the New Jersey wall.

And obviously Bruce not only makes this wall the VIP wall, but the New Jersey wall. And one day Jon Bon Jovi was in here, great guy. And we didn't

have a guitar. So, we sign this one-way sign. And it's faded over the years.

QUEST: I noticed that the VIP wall, glasses on the VIP wall.

O'TOOLE: The VIP wall is also -- we had some artists, so there's Sean Lennon up there. There's Patti Smith.

QUEST: Holiness. How do you balance between needing to get a big name and want you to get good local stuff?

O'TOOLE: It is a balance because a lot of it has to do with economics. But we have a beautiful summer stage outside that --

QUEST: Massive.

O'TOOLE: Yes.

QUEST: Massive.

O'TOOLE: Yes. It's --

QUEST: I saw -- I heard it last night.

O'TOOLE: Yes. It's pretty incredible. And the -- it gives us the ability to do a little bit more than we've been able to do in the past. So, we can

showcase more local artists and up and coming talent, because we don't have to worry so much about every day always paying the bills.

QUEST: What is great about Asbury Park?

O'TOOLE: The people, the community, first of all. A community that never gave up on finding the better times when there was darkness.

QUEST: People have seen the Jersey Shore on television. They've seen various caricatures of Jersey and the whole Jersey way on television. Is it

true?

O'TOOLE: It is not. It is not. The people of the Jersey Shore are just -- that was a, you know, a persona that, you know, obviously, people got drawn

into and associated with what the Jersey Shore is. But I think the whole Jersey Shore is more like Asbury Park, where we care about who lives here

and who comes to visit here and not putting on any sort of act or, you know, image but just being who we are.

(END VIDEOTAPE)

QUEST: Being who we are with me is the mayor of Asbury Park, John Moor. Sir -- Mr. Mayor, thank you so kind of you to have us --

(CROSSTALK)

JOHN MOOR, MAYOR OF ASBURY PARK, NEW JERSEY: Thank you very much.

[15:40:02]

QUEST: I -- one of the things that's most impressed me is just the relaxed atmosphere here. It's not stuffy. It's ordinary in it. And I say that as a

compliment.

MOOR: Thank you. And the town takes that as a compliment. I've got to start off because you're just doing the Stone Pony. So, I've got to start off.

Greetings from Asbury Park.

QUEST: Right.

MOOR: So, greetings from Asbury Park, to you and your crew. And thank you for being here today. And you're right. It's just a down to earth like

little 1.2 square mile city that's just got so much in it. And we're standing next to the iconic convention hall.

QUEST: This -- you're actually spending a considerable amount of money and looking to spend more on the famous Boardwalk. And I was quite impressed at

how good it is to start with. You've obviously spent a lot of money but more needs.

MOOR: Well, we -- we're about 80 percent done. We spent $2 million in the last three years. We need maybe another $800,000 to make it 100 percent

complete within the five-year span. And it's a great three southern pine which has a 10 to 15 year last. So, it holds up well. But we have done a

great job of maintaining and replacing what needs to be replaced.

QUEST: There's also -- I was surprised that you have a permit. You have a fee for using the beach.

MOOR: Yes. New Jersey is one of the few states that makes you pay to go into the beach.

QUEST: Why? It's sand. It's free. You didn't pay for the beach and the ocean came along with it.

MOOR: We have to maintain it. We have to provide lifeguards. We have to clean it up. We have to make sure it's spruced every morning for the new

people coming in.

QUEST: I supposed (INAUDIBLE) that's what taxes are for.

MOOR: Well, there's a lot -- a lot of arguments one way or another. Bradley Beach was the first one many years ago to start charging for beaches and

every other shore town followed suit and everybody up and down the shore. It's further down. Atlantic City in Cape May do not charge but anybody in

Monmouth and Ocean County does charge.

QUEST: And how much of competition do you think there is? I mean, you have a -- you have a very well-known name on the back of the music at the Stone

Pony. And it's classic blue-collar history here. How much competition is there between all of you?

MOOR: I would say none. We're voted number one this, number one that, number one this, number one that, number one beach in Monmouth County,

number one boardwalk. But there's always competition. But our major problem is parking. As much as we have like say, X amount of 1000 people on the

beach if we had more parking, we would have 2x. So, our major problem is parking which a lot of shore towns do.

And a day like today you see the crowd on the beach. It's a fantastic crowd for a Friday afternoon. And it's supposed to be a banner weekend and it's

been a so, so summer, we're -- but the past five years have been record- breaking summers every year because we've had beautiful summers.

QUEST: Right.

MOOR: This summer, there's only one thing worse than bad weather. A bad weather forecast. And we had a lot of terrible forecasts were going to rain

all weekend. It never rained. People did not come to the beach.

QUEST: So, what happens then? You really -- I mean, economic hard times are not new. If the economies are slowing down as we now believe. Do you

foresee difficulties here or is that a -- not a benefit or a bonus. But because people will take vacations nearer, local staycations.

MOOR: You're right. People aren't traveling overseas as much because the costs of the airplanes have gone up. As much as COVID is coming back a

little bit people are staying closer to home. We've never had a problem attracting people to Asbury Park. So, it's a -- it's not a key buzzword and

the state is the key buzzword on the northeast and the entire country and probably throughout the world.

Like Asbury Park and somebody says Asbury Park. I know that. I've been there, as they know somebody who's been here.

QUEST: All right. Mr. Mayor, very kind to be here. It is -- yes, I know days can be quite difficult for local government, particularly at the

moment, but you've been very generous. And, you know, people would catch on about how we never -- oh, there we go. I'm told that your oysters are --

make some of the best in the world.

MOOR: I'm sure they are and I'm going to not take the fork. I'm going to do it like a Jersey boy just slip it down.

QUEST: Like a Jersey boy. Slip it down. Do I just --

MOOR: Yes. It won't hurt you.

QUEST: So you say.

MOOR: You'll love it.

QUEST: Hmm. Oh my God. Not a very good shot.

MOOR: I brought you a little present. As we park again World famous convention hall. These are the acts of played in '67, '68, '69 when I was a

kid growing up. And you name them, the Hood, Zeppelin, Janis Joplin, The Four Seasons, The Four Tops, The Supremes. Two shows a tonight and growing

up on this boardwalk, I saw every one of them.

[15:45:07]

QUEST: Really?

MOOR: So here are the shows from '67 --

(CROSSTALK)

QUEST: You never got old, sir.

MOOR: Sixty-eight and '69. Yes. I started working on this boardwalk at 13 before I had my work and papers. I've been in the town my entire life.

QUEST: Good to see you, sir.

MOOR: Thank you, sir.

(CROSSTALK)

QUEST: And your colleagues who are here with you. Have an oyster. We can afford it on the budget.

MOOR: Eddie's here.

QUEST: At least I think we can. It's QUEST MEANS BUSINESS thoroughly, thoroughly enjoying the weather. Here at Asbury Park. The mayor has been

kind. All these things and the -- what can you ask for on a Friday afternoon? It's a summer Friday.

(COMMERCIAL BREAK)

UNIDENTIFIED MALE: You're in a Johnny Cab.

ARNOLD SCHWARZENEGGER, FORMER GOVERNOR OF CALIFORNIA: I mean, what am I doing here?

UNIDENTIFIED MALE: I'm sorry. Would you please rephrase the question?

(END VIDEO CLIP)

QUEST: Now that some Total Recall, and it's now likely to become a territoriality in -- the San Francisco has greenlit and given the

permission for driverless taxis. It's a full 24-hour service within the city it's operated. There are two companies that will be offering to them,

Waymo and Cruise. Now, before this measure, they can only charge for specific rides. Cruise is calling it an historic industry and a milestone.

Citizens aren't happy that was summoned.

First responders are concerned. Currently the cars have frozen in traffic blocked in emergencies. Clare Duffy is in New York. Let's be clear on this.

All -- so, the driverless taxi, is there a driver in there who just doesn't drive or is this a true driverless taxi?

CLARE DUFFY, CNN BUSINESS WRITER: So, as part of the testing, the Waymo cars in some cases did have drivers in the car, although they weren't

driving. But what this decision does is it makes it possible for these services to charge for true driverless taxi rides 24/7 across all of San

Francisco. Now, obviously, you talked about some of the opposition. We'll get to that. But I also think I have some personal questions about this.

I mean, surely people will use this as a novelty, but it's annoying to have to have multiple rideshare apps on your phone. And that's what this is

going to be. It's going to compete with taxis and these traditional rideshare apps like Uber and Lyft. And I think some people will have some

hesitations about getting into a car without a driver, Richard.

QUEST: Absolutely. And yet, I -- you know, Clare, you talk about multiple apps. I don't know now many multiple apps I've got for different things at

the moment.

[15:50:07]

But even if I have a concern, there's a gut feeling that this is the future. And the sooner I become more comfortable with it, the better.

DUFFY: It is. You know, and I think that a lot of cities are going to be watching what happens here to try to make their own rules about this new

technology. Cruise and Waymo say that their cars are actually safer than having human drivers that they prevent human-caused accidents. But you had

a lot of pushback to this decision from taxi drivers, from local activists, from city transportation officials, as well as from First Responders.

I thought it was really striking. The San Francisco Fire Department told CNN that it's recorded 55 incidents just this year of these driverless cars

interfering with emergency responses. The president of the San Francisco Police Officers Association also said in June, that when public safety

employees have to try to interact with autonomous vehicles, it is at best frustrating, but when the cars cannot comprehend our demands to move to the

side of the roadway, she says and are blocking emergency response units, then it rises to another level of danger.

So again, I think this is something we'll be keeping a close eye on. This is something that other companies and other cities will be keeping a close

eye on to see what happens in San Francisco now that these things are allowed free on the streets.

QUEST: All right, Clare. Thank you. Clare Duffy. I'm going to have -- I'm going to have a ride with you in a driverless car. Absolutely. We just got

to find one, and then go, and I might even pay the bill.

Matt Egan's with me. Matt, we were talking earlier with the mayor here about the cost of keeping the holidays and he was saying -- I was asking

you about, you know, why -- I mean, here, they charge you for going on the beach. And I said, well, surely that's part of taxes. But he said no, but

the beaches have to be kept clean and all of that. So, Matt, the economics of vacations, particularly at a time when we now know that U.S. consumers

have got a trillion dollars in debt, that breaking into their 401(k)s.

I didn't want to be a killjoy, but vacations, what?

MATT EGAN, CNN REPORTER: Well, Richard, can we start with how jealous I am that you're at the Jersey Shore on this summer Friday and I'm here in

Manhattan? I am very jealous about that. But you're right, it's -- listen, first of all, it's gotten more expensive to take vacations over the last

few years because people are finally allowed to travel now that the COVID emergency is over, we've seen this surge in demand for flights, for hotels,

for car rentals.

And all those prices have gone up. And at the same time, consumers are spending so much more elsewhere. I mean, Moody's has this new analysis out

where they calculate that the average U.S. household is spending more than $700 more per month than they were two years ago on the same goods and

services. And that's all because of inflation. And so, even though the new economic indicators out this week show that inflation has cooled off

considerably, and that is great news. There is a cumulative impact here and families are feeling it, Richard.

QUEST: Now, you see that's exact but you don't -- I guess the entire generation of people who don't even -- can't remember those days are

looking at this in something of horror, but conveniently forgetting this is exactly what the medicine is supposed to do. That $700 more from inflation

or from higher interest rates is exactly -- it's slowing down consumer spending. But that must be worrying for holiday and vacation destinations.

EGAN: Yes. Absolutely. I think that they've got to be concerned about the fact that families are spending so much elsewhere. But I would say,

Richard, I think that people just want to get out they wanted to get out last summer, they want to get out this summer, they want to travel this

fall in this winter. And you wonder if they do cut back on spending if they do it elsewhere because they want to go to the beach.

QUEST: All right. Matt Egan. Rumor tells me you're a Jersey boy, is that right? I'm sure you've been to Asprey Park and in a -- in a true misspent

youth.

EGAN: I have been to Asbury Park. I love it there. And I hope to get there soon. Next time you're there, you have to make sure you have me with you on

the boardwalk.

QUEST: I promise you. That is a definite. Matt Egan, thank you. It is just gorgeous here. Absolutely beautiful. And now it's not quite as hot as it

was but the beach is slowly picking up. It is packed. Everybody thoroughly enjoying themselves. Indeed. Unfortunately, it is hard to believe that our

summer Fridays are coming to an end. Just one more show left. That will be the edge. So what a magnificent summer it's been.

(BEGIN VIDEOTAPE)

QUEST: Fridays in the summer is a chance to go. We still tell you what's happening in the world. But we also enjoy ourselves too. Just look at that.

Magnificent.

[15:55:03]

UNIDENTIFIED FEMALE: We're here to spark curiosity.

QUEST: It's wonderfully beautiful out here. Oh. There was a butterfly. It's not quite fitting, but it's very pleasant up here.

UNIDENTIFIED MALE: Everything in here is original except the air conditioner and myself.

QUEST: Let's not call it old, let's call it distinguished. The only one thing that could make it better. Ice cream.

UNIDENTIFIED MALE: We make the fattiest ice cream on the market.

(CROSSTALK)

QUEST: -- come here, it's a little bit altered, a bit weird and a bit strange.

UNIDENTIFIED FEMALE: It is. Your voice booms across the rotunda.

QUEST: I'm the genius.

UNIDENTIFIED FEMALE: Everyone can find their own version of the Botanical Garden and that's one of the wonderful things about it.

QUEST: Summer Fridays on QUEST MEANS BUSINESS.

(END VIDEOTAPE)

QUEST: Oh. I just -- I've just realized there's a very nice ice cream place in there. Which I'm sure if I asked very nicely it's one of my dear

colleagues. They might even get me an ice cream before we finished. Hint, hint, hint. It's Asbury Park. It's QUEST MEANS BUSINESS. It is a summer

Friday. It is glorious. And I have a profitable moment after the break.

(COMMERCIAL BREAK)

QUEST: Tonight's profitable moment. I asked for an ice cream, I got this. Now, it's an ice box. I will call this an ice lolly. Not an ice cream. But

am I being mean looking at gift horse in the mouth? Don't worry, as soon as I'm all fed down there is plenty of places where I can get ice cream. And

indeed, coming here is so crucially important for QUEST MEANS BUSINESS. Not because it's a nice day on the beach but because we hear from the mayor.

We from Jersey tourism. We hear from all the people telling us the difficulties that they face and the worries in turn when the spending slows

down because everyone's gone through their pandemic backlash if you will. Next week, we're going to be in Mongolia. We're going to be in Ulaanbaatar

for three days of programs. Next Wednesday, Thursday Friday. Quest Means Mongolia. It will give us a different perspective on the global economy.

A country caught between Russia and China, a resource rich country that's now trying to move very firmly into high tech and digital. And we will

bring you all of that next week because one other program takes you to Asbury Park one week, a new (INAUDIBLE) the next. Here I'll have it. And

that's QUEST MEANS BUSINESS for tonight. I'm Richard Quest in Asbury Park. Whatever you're up to in the hours ahead, thank you, Jake. I hope it is

profitable.

See you in Mongolia next week. Hmm. Very Good. Hmm.

END