rebecca. >> i think it's going to be revised downward, and i'm surprised to see the market pa take that 2.8 number and turn it to the green, maria. it's interesting. maria: and we'll be watching kamala harris. >> yeah, last night's speech from joe biden was a pass the torch speech. i'm going to be looking for the torch not just leaving my hand, but the knife in my back. [laughter] >> in 224 hours, we heard joe biden closed the border, but in case you don't believe that, joe biden had the best economy on earth, just ask him. but if that didn't work out, kamala was nowhere near any of the economic decisions. [laughter] maria: this is a whole new rewrite of history underway right now. great to be with you or, joe borelli, rebecca walser, todd piro, have a great day, everybody. "varney & company" if picket it up now.. -- picks it up now. stuart: it's just nonstop, isn't it? today we're dealing with the

president's speech where he began his long, slow, painful good-bye. he said he was stepping aside to save democracy, it was time to pass the or to have to a new generation. he never said why he's leaving the campaign but not the presidency which eggs the -- begs the question, how can he run the country? hamas supporters objected to the visit of netanyahu, so did three dozen congressional democratics. they did not attend the speech. kamala harris was speaking to the a sorority in indianapolis. she has yet to condemn the flag burning. trump appeared pd on fox and friends this morning. he said flag burners should go to jail. to the markets where the big story is the selloff, a big tech selloff. talk this morning that it's an a.i. bubble, and it's beginning to burst. well, this morning modest turn around after yesterday's big drop. the dow up maybe 50, s&p up 1, nasdaq 18 at this point. it was a very solid gdpreport

for the second quarter, maybe that turnedded things around. all right. if what we've got on bitcoin is $64,000, so it's down a little today to. interest rates, they were edging lore, they're still the edging lower, 4.24 on the 10-year, and the 2-year at 4.441. gold, $2,417 per ounce, getting back closer to that record. the price of oil, $76 per barrel. gas edging up one cent, $3.5 the 2 is your average for regular, $3.83 on diesel. on the show today, hours before the president's speech p our military intercepts russian fighter jets and two chinese bombers flying in formation if towards the coast of alaska. they're testing the us as biden passes the torch on the campaign but stays in the oval office. we'll take you to gaza a to is ask palestinians there if they support what hamas did to to israelis on october the 7th. they do. it is thursday, july 25th, 2024.

"varney & company" is about to given. ♪ ♪ -- about to begin. ♪ ♪ and now the end is near -- stuart: well, you know what's happening here, don't you? [laughter] >> yes, the warm september -- lauren: but he didn't do it my way. stuart: no, he was pushed out, he was. he was ambushed, i think. an appropriate song -- lauren: i love this song. stuart: let's get right into biden's oval office. he said, look, he needs to to unite the party, got that. more importantly, he did not give a reason for dropping out of the campaign. lauren: i learned nothing it was a beautiful speech, but he did not address his health or his reasons for passing the to have to. we did find out he is finishing his term. he said we must defend democracy

but, mr. president, why can't you defend democracy? watch here. >> in recent weeks, it's become clear to me that i need to unite my party in this crate a call endeavor. -- critical endeavor. nothing, nothing can come in the way of saving our democracy. that includes personal if ambition. so i've decided the best way forward is to the pass the torch to a new generation. that's the best way to unite our nation. i would like to thank our great vice president, kamala harris. she's experienced, she's tough, she's capable. she's been an incredible partner to me and a leader for our country. now the choice is up to you, the american people. lauren: is it up talking to us, the american people? i mean, harris has been coronated. and you mentioned this in your open, right before his address norad intercepted two russian and two chinese bombers off the coast of alaska. it was the first time the two

countries have been intercepted while operating together. remember that alliance no no know -- that nose no limits? it was strengthened the past three and a half years x. i'd go a step further and say right now while it's shaky, what's going on politically in our country, that alliance is emboldened. stuart: i think you're right. jason chaffetz with us now p. right off the bat, jason, what's your judgment of the president's speech last night? >> i think it shows how feeble he is. and the only line of candor that i saw there was this idead that he needed to unite his party. the whole premise of joe biden running in the first place four years ago was that he could unite the country. he's got a fractured party. he hasn't even got them united. and we have been lied, lied, lied to the about a his health and about a his vigor and all of that, and they're going to try to paint him as some george washington who put his country before, you know, before party and everything else. he got shoved out the door, he

was so selfish for if all these years. he should have -- if he was going to do this, it's about a year too late. stuart: they put him out -- will they put him out on the campaign trail? there's a huge risk in doing that because if he looks feeble, you'll say how can he be the president this. >> i think we'll see very little of him. i think we'll see him at the convention and they'll try the make, like i said, show him like he's george washington and all that. but most -- put most of it to video. i'm sure he shows up at some fund raising events. he's a lame duck the at this point, and he doesn't have much of a message, and his record is abysmal. stuart: fox's peter doocy grilled karine jean-pierre about biden's cognitive decline. watch this, jason. >> reporter: who orders white house -- orders white house officials to cover up a declining president? >> there's been no cover-up.

i mow that's the narrative -- wait -- no, no, no -- [laughter] >> reporter: i've been with president biden for pa five years --, do are you going to let me apts the question -- answer the question? can i answer the question? >> reporter: yes. >> you sure? it is not easy making a decision that the president made on sunday. and so the fact that he was able to make that decision in a selfless way, that's admirable. stuart: okay, jason, selfless? is that the word you would use? >> no. [laughter] he was shoved. he was forced to do it and everybody knows it. and you know what? she has absolutely zero, zero credibility. i think my favorite line from her press conference yesterday is when she said, obviously, kamala harris has been the vice president for more than four years. that was a quote of hers. this is, this person has zero credibility in what she does. everybody knows that he's had declining health, and yet they

can't admit it. joe biden hasn't been able to admit it. stuart: that's true. and he didn't admit it last night. jason chaffetz, thanks for being with us. see you soon. all right, something a little different here. a group of female voters in wisconsin speaking out about kamala harris as a presidential candidate. okay. tell us, what are they saying? lauren: i just want to point out this focus group aired on "morning joe," on msnbc, and the women eviscerated kamala harris. >> how do you perceive vice president harris compared to president biden? in terms of competency and experience? >> i think she's worse. she doesn't even know what's going on at the border -- >> right. >> -- and that's what -- >> she was supposed to be doing. >> i don't get a good feel for her. >> i think she's an idiot. she hasn't done thinking in the time that she's had. we don't know anything about herr as far as her three years so far in the white house. she's not real smart.

stuart: whoa. lauren: it got so bad that the host finally asked, okay, ladies, when will america have a female president this when are we going to have a female president and one of them answered, when there's a competent woman. stuart: amazing. that was on msnbc. >> you would think that msnbc would have sort of prescreened to get on the page here, ladies, we've got a narrative to push but apparently not. stuart: apparently not. lauren: i think the point is they would vote for kennedy over trump. i think they're never trumpers. stuart: i want to get to this interesting report on gdp this morning, our first look at how the economy performed in the second quarter. tell me the news. lauren: the 2.8% between april and june, a sharp acceleration from the 11.4% we -- 11-- 1.4% we had in the first quarter. that pusheses back the fed's cutting timeline, they have more

time to do that, but then we got a report for durable goods in june, down 6.6%. that was the worst number in four and a half years. so i think investors are looking at all these different, conflicting signs of the economy, and they don't know what to do. the fed does meet next week, and i don't think they know what to do either. stuart: looked at futures, we've got some green. dow up 18, nasdaq up 10. virtually no change for the s&p. adam johnson here to talk about the market for this hour. there is talk that this is an a.i. bubble, and it's beginning to burst. and that's why you had such a huge selloff this tech. what to you say. >>some. >> it's a fair point and fair narrative. these stocks are up a lot, right? think about it, we started talking about nvidia two years ago and, you know, it basically went up tenfolder. -- tenfold. and then all the other stocks started to go up. and is people are selling because they made money, now they're trying to rotate into small caps.

hey, i made a lot of money in a.i., maybe it's over. no, it's not over. if you go back and look at the nasdaq over the past two years, there have been nine selloffs of anywhere from 5-11 or 12%, and in each case it happened over a week, and then people came in and bought. maybe that's why we're steadying today, we're down 8% in 8 sessions. stuart: you're saying don't panic. are you also saying this pa market historically will come back again? if. >> oh, yes. i say that as someone who two days ago bought stock, i thought i was getting some good buys -- [laughter] and they'd be better if i had waited until today. but, you know, trying to time the market is a very tricky business. the problem with timing the market is you have to be right twice. you have to sell when it's, you know, at the top, and you have to buy when it's at the bottom. and then you have to keep doing that not just once or twice, but every time. and as i say, there have been nine corrections of anywhere from 5-is 1 -- 5-11% over eight

years. that's really hard to do. finish. stuart: on behalf of our older viewers, may i suggest that if you're of a certain age, you don't -- a bit worried about whether it'll come back, so you might take some profit especially if it's in your pension fund and you pay no capital gains. sit back and -- you made enough. >> yeah, fair point. i always tell people i don't want to be your wealth manager. i don't want all of your money p i just want the portion of your money that that you're allocating to growth stocks. and depending upon your age, that should be somewhere between 20 and if 40, maybe 50 of your portfolio p. but, yes, there are also the bonds, the dividend-paying stocks and, yes, cash too. stuart: mid 700s, what do you recommend -- 70s -- >> 20% for you. [laughter] stuart: stay there, please. james carville, he's got a warning for democrats. it will not ban easy win for caa

harris. >> i understand that people are feeling a lot better and they're excited, but that excitement's got to be tempered with realism, and the realism is she has a tough campaign to run. stuart: joe concha will take that coming up later. brand if new, alarming video shows the confusion in the aftermath of the trump shooting. watch this. >> [bleep] [inaudible conversations] >> go. [inaudible conversations] stuart: there's more where that came from, and you will see it. california congressman darrell issa just yesterday the fbi director about that assassination attempt. he joins me next. ♪ ♪ ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds. ♪ go deeper with thinkorswim:

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stuart: heavy duty selling yesterday, a tiny rebound for the nasdaq this morning. it's up 321 points -- 222211 point -- 21 points. chilling new body cam video shows the chaos and confusion in the moments after the assassination attempt on donald trump. watch this. [background sounds] >> it is a device. it is gray in color, about 5- 6 inches tall, about an inch and a half, 2 inches wide -- >> whose backpack is that? [inaudible conversations] >> show you a picture of the bike9 and the backpack he had. this is the picture -- there it is. [inaudible conversations] >> looks like, what, at least eight? 1, 2, 3, 4, 5, 6, 7, 888.

at least 8. stuart: congressman darrell issa, republican from california, joins me now. it's been nearly two weeks, why hasn't the fbi been able to reveal a motive yet? >> well, to be candid, we asked that question of chris wray with, and we didn't get an answer. i think they don't know whether this is a lone gunman or whether he was part of a group, he had a sport group. i think -- support group. i think they genuinely don't know. and when you showed that confusion, you showed a little bit of what happens when you're overworked, understaff add -- as the president's detail really was. the secret service didn't provide the kind of capability that would have prevented this. after all, you know, when you fly a drone and carry a rifle, that a's probably a good sign that a you shouldn't be near the president. stuart: yeah. you yesterday fbi director christopher wray about the trump shooting. have there been many threats to trump? >> there have been many threats,

and he admitted that there was certainly heightened risk. he was a little short of being honest that the risk to president trump was probably greater and the need for security far greater than it was for president biden, and yet he didn't have those resources. he also refused to comment if on the fact that somehow robert f. kennedy jr. the day before was irrelevant to having secret service each though he'd requested it and his father and his uncle were assassinated. the day after suddenly the threat justified it. these kinds of questions and more are what we've got to get to. we can't have weaponization of the secret service and fbi the way we have. stuart: congressman,s i'm sure you saw this. pro-hamas rioters burned american flags to to from test netanyahu's speech. listen the what donald trump said about those protesters. roll it. >> i think you should get a one-year jail sentence if you do anything to can desecrate the

american flag. we have to work in congress to get a one-year jail sentence. when they're allowed the to stomp on the flag and put lighter fluid on the flag and set it afire, when you're allowed to do that, you get a one-year jail sentence, and you'll never see it again. ask and all over the world putin and president xi of china, all over the world they're watching this. kim jong un, he looks at us like we're a bunch of babies. they see that, that wouldn't happen in their countries. stuart: this happened two blocks from the capitol. should these people be sent to jail? >> people who tear down a flag and desecrate it, burn it, destroy it have committed a crime that the you can get one year for and you should. i'm all a for free speech, but this anti-american, pro-hamas terrorist type activity is just an amazing show of who and where we are problems in this country, some of which originate from our college campuses.

stuart: i would bet that the democrats would move heaven and earth not of to have this happen in chicago at their convention, but it might, all right? >> absolutely. and you'll notice that although some decried it, the fact is the president and the vice president were silent -- stuart: yep. >> -- as as to denouncing this activity. stuart: indeed. congressman darrell issa, always appreciate it. >> thank you, stuart. thank you -- store start thank you. adam johnson, what do you make of that a chaos in d.c. yesterday? >> despicable. an insult to all a of us who love this country. and yet there is the issue of free speech and, you know, where does it stop, where do how you draw the line, you know? if you can't burn a flag, you know, what else can't you do? so admittedly, i struggle with this. i think it's despicable, and if i were there, i'd probably try to put it out, and they'd probably hurt me for doing that. stuart: one young man did. >> he tried to put it out, and

look what they did to him. stuart: that's an assault, by the way. >> yeah, right. so it's, it's something that we struggle with. you know, i like the way the north carolina, university of north carolina frat boys as they were called defended the flag and and held it up. stuart: yeah, i remember that. >> yeah. that was a beautiful moment. stuart: all right, moving on, check futures real fast now as i see a little bit of red ink appearing on the dow. flat to lore on the s&p -- 30 points up on the nasdaq. the opening bell is next. ♪ ♪

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stuart: three and a half-until the opening of the market, and i see red for the dow and the s&p, tiny gain for the nasdaq after a big drop yesterday with. luke lloyd is with me. you say that when the incumbent party, that would be the democrats this time, loses the election, if that happens, there's usually a 17% drop in the market. do you think that yesterday's selloff was part of that, the beginning of that? what do you think? >> i think this could be the beginning or part of what i call the what the heck is going on

correction, because if you look to history, like you said, if the incumbent party loses, there's a 17-18% drawdown unlike if they win, it's only a 7% drawdown. so essentially, a what the heck correction is really about a massive political and policy changes that are going to come. and on top of that, sectors that would benefit off less regulation and pro-growth policies like small caps and regional banks, they've been outperforming other areas of the market for the past couple weeks. so really the uncertainty around what would a trump presidency wring to inflation. -- bring to inflation. stuart: okay. you brought some stock picks. general dynamics, where's it going? >> so this is a $335 stock, about 25% probably from here. if we learned anything from the if crowdstrike scenario last friday the it's that we're one bad cyber attack away from having an increased geopolitical edges in this world, and it's already getting crazier and

crazier by the day not just in the u.s., really around the world. we've owned raytheon for a while which has been a big winner, and we kept waiting for general dynamics to pull back before we bought. they just reported earnings a few days ago and dropped 5% because they delayed deliveries of their gulf stream jets that rich people buy. in our eyes, that's a non-issue, and a 5% correction, that's the correction we've been waiting for. stuart: next one is charles? back, the broker. what have you got? >> this is a $900 stock -- $90 stock. after. >> back bought td can, investors were prepared for to 2024 to be rocky. investors are losing patience after their earnings a week or so ago. investors are worried about mar margin compression because people with accounts at td ameritrade got upgraded to hire interest they got my e grated to schwab, so that means schwab has to pay out account holders a

little bit more, and that's why the stock drops the -- dropped the past few weeks. there's going to be a lot less issues in 202025, and they keep getting bigger. the more economic concerns that come around a, the more clients will want to go up -- people want to go up to the bigger banks and institutions like charles schwab. so the main story the past couple of years is that the big keep on getting bigger. stuart: okay. general dynamics and and charles schwab. we'll see how they do. thanks so much, luke. see you again soon. the opening bell will ring in about 202 seconds. the -- 20 seconds. the the backdrop to today's market is huge selloff, especially on the nasdaq yesterday. what happens to that index today, and a 2.8% gain for second quarter gdp. stronger than expected. a stronger economy than had been expected and certainly stronger than the first quarter. here we go. three seconds to go, i think that young man is going to press the button or his dad will, one of the two. there you go -- [laughter] they're enjoying themselves. the market is open.

and we've opened on the upside for the dow industrials right there. have we? contradiction right there. let's see -- lauren: let it settle a bit. stuart: we're down about 2020 points. not much of a change right there, but there are some winners among the dow 30. s&p 500, where that's that this morning? ever so slightly higher. flat to slightly higher, i'll call it that. and the nasdaq composite, that's coming off a whopping loss yesterday, nearly .13%. that ain't much of a bounce. big tech, all of them on the upside. amazon, meta, apple, alphabet, microsoft just turned south, down 3 cents, $428 on microsoft. now, show me ford. if i understand that is down sharply. that's a 13% drop. they reported this morning. what's the problem? lauren: two problemses. warranties and evs. as for warranties, fixing quality issues on some of their a older cars between 20216 and

2022-- 20 the 321. it's been a priority for over three years to fix this issue. well, they're not fixings it. the cost for the warranties increased by $800 million in the quarter. as a for evs, the red ink keeps piling up. $1.1 billion operating loss in the quarter, the estimate for the year is $a 5.5 billion. management called this ev journey, quote, humbling and and now they're expanding hybrids by 40%. stuart: adam -- >> i own it. stuart: yeah. are you going to to sell it? >> feel like an idiot. no, i'm to not going to sell it because at this point it's raid thing at about 6 times earnings, and and if it yields almost 5%. i do think ford will get it right. they went too big on the evs, but it's the humbling and it's upsetting, you know? i'm down, as you can see, 13% -- stuart: but you're an honest man. >> well, you know, at least i got that. [laughter] stuart: talk to me about chipotle, lauren. foot traffic's up, isn't it? lauren: yeah, but margins are

down or will be down in the current quarter. more people are coming in, that's good news. big sellers, burritos and rice bowls. the servings are sometimes more generous if you pay attention. i don't think chipotle would say that, but you might notice that. while their margins did expand to about -- [inaudible] stuart: show me ibm, an old tech name. theres, ibm, i think they're using new tech heavily, aren't they? lauren: bigtime. let's say happy birthday to ibm p. on day, july 25th, 1911, they filed their very first patent. and they operate now as new tech. they have the consultantty that's not doing so well, but they have software. their clients are spending more for artificial intelligence. ics bm has the watson x platform that helps deploy the chat bot. they expect that in that to

continue to grow this year. the stock is up 1.6%. stuart: i can remember the time when ibm was the gold standard, it was the stock to to own. >> big blue. you had to own it. and you know what's funny? if microsoft if was too and then, excuse me, microsoft kind of fell asleep for about 01 years -- 10 years, and then they came back and reinvented. hey, you know, we've been the operating system for computers, now we're going to be the operating system for the cloud, and that was a stroke of brilliance. i keep waiting forrish s bm to do the same thing. they haven't quite but, you know, when we're talking about some of these names down, when great companies stumble, you buy them. and it may be that ibm is one that i should start taking a looked at. stuart: okay. some big changes, i mean big changes announced at southwest airlines. tell us more. lauren: bye-bye open seating. you get assigned seats, you get premium seats. red eye flights are coming, bags still fly free. well, okay.

the stock might turn positive. [laughter] investors might be cheering all of this. what is doing is trying to boost their profitability in the face of an activist investor campaign by elliot investment. they own11% of the company. stuart: at least they're trying the. how about american airlines? lauren: they cut their annual profit forecast. they had to cut airfare, prices because there's overcapacity. and they also made the decision the distance themself the from the lucrative, high-margin corporate business travel to focus more on the smaller market. stuart: really? lauren: now those smaller markets, there's too many seats, so they're overexposed where there's weakness. stuart stouter what a mess. stellantis. lauren: first half net profit fell by nearly half. by 48% in the first six months of the year. this is jeep, this is dodge, this is chrysler. the dealers or say, look, the cars aren't competitive, and the pricing is too high. let's put all three of these

names together, and the theme is you do have, despite gdp, a consumer that is somewhat pulling back, and there is a slowdown. the oil markets are showing you that. oil is pulling back today. stuart: okay. $17 a share on stellantis. how about that? adam's till with us. he's brought his stock picks with him. by the way, they're both in the housing sector. >> they are. this is an important theme we need to the to explore for the benefit of our viewers, stuart. there is a housing shortage of somewhere between 3-55 million units. that a's -- 3-5 million. that's based on research by fred key mac and a number of third party entities that have effectively confirmed that. we don't have enough houses, number one, and rates are about to come down, number two, which should increase demand. i actually want exposure to housing. toll brothers is the number one luxury home builder in this country. if they are very good at what they do. they have the highest profit margin,,s they have low debt.

it's trading at 10 or 11 times earnings, and they're probably going to grow earnings 15% this year. i think it's a very exciting lace to be, and this is one way to leverage it. stuart: the ore -- the other one is builders first source. >> yeah. probably not a company people have heard of, this is the country's largest wholesale supplier of all the stuff that a you need to build houses from 2x4 to plywood, locks for the doors, insulation, etc. some of this through joint ventures they make on their own, so they're vertically integrated. and, again, relatively cheap, trading 10-11 is times earnings and growing 15, perhaps 20%. stuart: this is a long-term prospect. housing is in the doldrums at the moment, you're looking for an uptick on the other side. >> yes. and these are long-term fundamentals because we don't have enough houses. with we need to build more, and rates are coming down so you have two reasons why demand if would be strong. and these are companies

positioned to supply housing to that demand that i think will increase from here. stuart: thank you. coming up, netanyahu did not mince his words about the anti-israel protester thes. roll it. >> when the try rants of -- tyrants of tehran who hang gays from cranes and murder women for not covering their hair are praising, promoting and funding you, you have officially become iran's useful idiots. stuart: ben domenech will take that on later in the show. a social media star went into gaza to the interview people about their support for hamas. watch this. >> are you supportive of hamas? >> yes. >> yes. >> of course. >> yes. >> are most palestinians? >> yes. stuart: zack sage fox says he almost didn't make pit out of gaza alive. he'll join us and tell us his story. donald trump says kamala harris is much more liberal than biden. roll tape. >> he wasn't that liberal.

he was fake. she's a real liberal. she really is a real liberal. she's much worse than him. stuart: peter morici aches that on next. we'll be back. ♪ ♪ before you use ai to transform business,

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stuart 12 minutes into the trading session. the dow is -- dow is up 74 points, the nasdaq is down another 5 points after a huge loss yesterday. by the way, we just got our first read on the performance of the economy in the second quarter, up the 2.8%. that is stronger than expected. edward lawrence is at the white house for us. they've got to be celebrating that report, ed warksd right? >> reporter: the president says it's because of the president and vice president kamala harris' agenda that the we're seeing this growth. as you know, gdp for the second

quarter up 2.8%. that is up from 1.4% in the first quarter. but you look under the hood a little bit, when you peel back and look at a mono-defense government spending when it's up, overall gdp moves higher. it dropped in the first quarter, and the gdp went down to 11.4%. when it went up in the send quarter, the gdp if followed suit. so the white house press secretary says the vice president has been onboard with all of president biden's policies. >> look, they -- both of them, the president and vice president, are proud to have delivered these historic results, and we're going to continue to figure out ways on how to build on this progress. so that's going to be his focus. >> reporter: but the economy's showing cracks. the philly federal reserve now says 2 2.6% of credit cards were 60 days overdue, that's the highest level since 20is 12. all prices are up more than 19% under president joe biden and

vice president kamala harris. she casts the deciding vote to to pass the american rescue plan which helped push inflation, the vice president also cast the deciding vote for the inflation reduction act supporting all the spending that president biden signed into law. >> we're looking at a lot of economic headwinds partially because of mismanaged fiscal policy. the economy is slowing down, but we still haven't gotten control of inflation. and until you do that, we shouldn't even be having a conversation, frankly, about cutting rates. >> reporter: and the federal reserve is keeping those rates higher for longer in order to fight all the government spending that is pushing inflation up. stu? stuart: got it, edward. thanks very much, indeed. donald trump ramping up his attacks on kamala harris. roll tape. >> she's worse than him. because he's a fake liberal, you know, he wasn't that liberal. he was fake. she's a real liberal. she really is a real liberal. she's much worse than him. now, if we start beating her in the polls by 10 or 15 points,

are they going to bring in a third candidate? if it's, like, you know, trump is killing this guy. all right, out. let's bring in a new one. out. out! and then maybe at some point they get one right can -- [cheers and applause] stuart: he is entertaining, that's for sure. peter morici joins us now. what do you think trump means when he calls harris a real liberal? >> i think that joe biden was co-opted by the left after he got the nomination, and he basically did what he was told. he didn't have a lot of energy, and aoc and bernie sanders called the shots whereas with kamala, she's a true believer. most of the people around her have legal training. there's very little economic expertise, and in a lawyer's mind the way you raise someone's income, you pass a law. somebody will pay for it somewhere. she's for if all the checklist on build back america and extreme. you know, we're going to have free elder care, free childcaring we're going to have

guaranteed national income. basically, if you're indolent and want to be paid to do so, vote for kamala. if you're a hard working person and don't want higher taxes, vote for someone else. stuart: are we going to get a rate cut from the fed to help the stock market? >> i think so. i think this is the way -- you know, jay powell is a political animal. he does a very good job of projecting himself as a statesman, but if you go back and look at how he got the job, he's very crafty. if you were him, would you want donald trump as a president again given the way he treat him? my feeling is if if i have to make my bets, or we'll have a rate increase. the other thing is this gdp number is in the if rearview mirror. we're a month out from it already. that's an average -- think of it as being may, okay? for april, may and june. we do have very strong evidence that consumers are in distress. for example, credit carding debt as was just mentioned and so forth. my feel -- and they're cutting back, you know? pepsi can't sell its lay's poe

atoe chips. my -- potato chips. my feeling is they want to give the economy a lift. i think if you do it -- if they do it, we're going to get more inflation. and if you let kamala harris become president, you will get a lot of inflation. stuart: peter morici, thanks for joining us. see you again soon. adam johnson, do you think kamala harris if she won the election, her administration, would it be further left than biden. >> oh, yeah. just look at her record. what she has supported, and then you listen to the how she speakes. i mean, as peter just commented, she is for effectively giving the people what they want. the problem with that, stuart, is remember, any government capable of giving its citizens everything they want is equally capable of taking it away. [laughter] right? so, you know, be careful what you wish for. i mean, do you really want, you know, free health care for all and free childcare and guaranteed basic income? who's going to pay for that, by the way, right?

i mean, you can -- margaret thatcher, to quote another wry politician, the problem with socialism is eventually you run out of other people's money, right? [laughter] so these -- it's like a slow motion train wreck, and we have seen this before. time and time again, calmer heads have prevailed and said, no, we don't want to go down that the road. but we have to be vigilant. we can't let that happen. stuart: we do, indeed. what we saw from president biden last night was a sad, frail, humbled leader. that's my opinion. it begs the question, is he capable of leading the country as president? that's my take coming up, top of the hour. the white house is dodging questions about harris' role in the border crisis including her plans to abolish i.c.e. roll it. >> reporter: does she still want to get rid of i.c.e.? >> you have seen what this administration if has been able to do the in the past three and a half years, and they did that with the vice president as a partner in that.

stuart: what was that about? i'm not sure. border expert lieutenant chris oliveras is here with more on kamala's disastrous plans. donald trump preparing to meet with netanyahu at mar-a-lago tomorrow. we'll have a preview from sunny florida after this. ♪ ♪ maya knows how quality care can bring out a smile. but it's been a few dog years since she was able to enjoy a smile of her own. good thing aspen dental offers affordable, complete care all in one place. with flexible hours and weekend appointments. plus 20% off treatment plans for everyone. loving our patients unconditionally. it's one more way aspen dental is in your corner. (♪)

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stuart: president biden meets with benjamin netanyahu today. tomorrow, former president trump meets with him at mar-a-lago. dana marie mcnichols is in palm beach, florida, for us. do we know what's on the agenda for their meeting? if. >> reporter: well, good morning, stuart. for president -- former president donald trump said he plans to discuss peace in the middle with prime minister netanyahu. he was on "fox & friends" this morning and commented on the upcoming conversation as well as the ongoing conflict. take a listen. >> israel has to handle their public relations. their public relations are not good, and they've got to get this done fast because the world, the world is not taking lightly to it.

>> reporter: now, this comes after prime minister netanyahu addressed congress yesterday, mentioning the former president many if his speech. in his speech. >> i also want to thank president trump for all the thing things he did for israel, from recognizing israels concern israel's sovereignty, to recognizing jerusalem as a our capital and moving the american embassy there. [applause] if. >> reporter: in a truth social post, the former president said, quote, during my first time we had peace and stability in the region, even signing the historic abraham accord. now we will have it again, end quote. he does point to vice president kamala harris saying she is not capable of stopping the ongoing violence. he also commented this morning on the d.c. anti-israel protests saying they should spend one year in jail if they desecrate the american flag. and we do know former president donald trump, he is back here in florida this morning after his rally last night in crucial

swing state of north carolina. it's going to be a busy day for him. after his meeting with prime minister netanyahu, he does plan to speak at the convention center right behind me to the believers' summit. stuart? stuart: thanks very much, indeed. and thanks to you, adam. thank you very much, indeed. check that market, please. a nice gain for the dow industrials, we're up 18 topoints at this stage the the -- 180. the nasdaq down another 100 points. still ahead, james carville warning democrats this election will be much closer than they think. joe concha on that. a new report finds roughly 3 in 5 of us think we're in a recession. kevin o'leary on that. president biden addressed the nation for the first time since he quit the election. mollie hemingway will react to that. and nancy pelosi says netanyahu gave the worst speech to congress from a foreign leader, but she wasn't even there. florida congressman mike waltz has a lott to say about that. the 10:00 hour is next. ♪

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