number two. stuart: four lobes read how many lobes do you think. >> two, four, six, eight let's go with six. i'm to go with eight, the answer is for, the front parietal, occipital and temporal lows, the cerebral cortex is outermost part of your brain and also the largest. now you know, going to a quick check of markets before we close out in particular look at the nasdaq, it is now down 473 points, it was down over 800 earlier, the dow is down 800 and it was down 1200 earlier, actually a thousand during the trading session, there you have it were looking at a market selloff and you're going to be guided with the neil, neil it is yours. neil: the best we can do. it is interesting we are grateful for whatever we can

grab in the nasdaq was looking at double the losses, when you put a forehand along they say well it was worse, it's good to keep that in perspective and all the averages to your earlier point are still on the year particularly the s&p in the nasdaq let's take a look at where things stand with the dow down 800 points, stuart indicated were down at the worst levels of the day a little bit south of 1100 points, the s&p 500 looking at two and a third point loss and many people have been e-mailing me and wondering when the circuit breakers kick in, were a long way from any of them being implen when you're dd on the s&p 500 the last day of trading which would be friday, you would have to be down 7%, you would have to be down 12 or

13% to kick in another level of circuit breakers, i could get in the weeds but were a long way from that also taken a look at the two-year that is thinking and yields fast, you been hearing a lot about the retro rooting in and inverting yield curve taking a look at the ten year, for a while that puppy was hanging around 3.68% i got a very early in the morning and i was looking at this thing it was hovering at 3.68%, the fact of the matter is we come back from that or a lot of the nerve is buying into this it is not eased there is a lot of sediment addressed to that but some of the volatility for example in the chicago exchange the volatility index or vix you can trade on your fears you can make money off your anxiety or neuroses and this was up a lot higher, this was with covid up

to pass 68 goddess highs around 55, 56 but is a fast-moving measure and people are still anxious and they're still fearful just not as fearful we're going to put this into perspective there is a bull shark in a historical bargain to be made and there is of course the bearish argument, all sites will be heard as all sides should be heard, kelly o'grady examining what she's seeing right now. >> pretty much every area getting hit today. i want to dive into a few, let's start with big tech the a.i. plays are seeing steep losses, apple down 4%, amazon down for a half, nvidia down 6% one line of thought these names were the biggest beneficiaries of all the inflow with the a.i. height a lot of folks are saying the selloff is more of a recession they were too big and receiving

the profit-taking. another line of thought if we are approaching a recession you move away from the growth stocks, number of these are approaching bear territory in nvidia is a good example if you zoom out over the last month it's actually down 20% or so, 17.5% about 10% on the week. i want to emphasize all the big tech as well off session lows as you mentioned that at the beginning he goes back to the correction versus recession let's take a look at the consumer stocks the sector as a whole is getting hit hard, you see everything down 2%, you have nestlé down close to 3%. we had a tough jobs report on friday, but questions on what this means for the consumer going forward and you see the uncertainty that's reflected in the names today. another area getting clobbered, crypto, bitcoin actually fell below 50000. it's back up a little bit there, over 500 billion in value has been wiped out in the space from the last 24 hours, you have a

lot of folks taking their money out of the riskier assets with overall volatility, good news we have new data on u.s. services activity, ism nonmanufacturing pmi that was out today, 51.4 for july, that is up from 48.8 in june just to give you some context, anything above 50 means the spaces expanding and anything below is a contraction, this is a bright spot and it did beat expectations, there is real concern over economic data but i think it's too early to determine if this recession is real. i'll send it back to you. >> gone are the days if you had good or a better-than-expected news. the markets would pounce on that favorably because all of a sudden it would be the possibility that you could have a cut rates it seems to be a mute point the eye is on recession and avoiding the, thank you very much, you're wondering about of your home as

kelly was just outlining here, where is this going certainly not the crypto, we seen in the case of the tenure, the bond, whatever the two-year that even the dollar isn't benefiting from this, precisely because we can head into the recession and fear, that is not a safe haven. you know what is the most popular currency on earth for the time being the japanese yen, despite the fact that the market there fell close to 13%, they are raising interest rates this is obviously putting some mud into the equation but i want to put that into perspective that japan could be a beneficiary of all the turbulence, the market crash notwithstanding, susan lead to put all improve perspective. >> you remember the lesson from 2008 money moves across borders in one part of the world has a cold in the other part sneezes, remember 1987 i know you were around and watching the markets,

the number one movie beverly hills cop two, the number one song, the bangles walk like an egyptian, also the last time the japanese markets file double digits on the infamous black monday 37 years ago, that's with the nikkei lost him as 15%, last night 12% drop pretty much wiped out the years entire 20% plus rally, a bear market there over in japan and as you mentioned mip patient zero it was precipitated by the fact that japan central bank finally raised interest rates for the first time in 17 years last week, that is because there is finally inflation in the country once again after almost 40 years of deflation. when you hike interest rates, the currency, the japanese yen also strengthens and that means billions if not trillions of investor dollars. he needs to be unwound and the so-called carry trade and that's what investors have been borrowing at 0 rates with the

cheap yen in japan and taken that money elsewhere to get returns i the u.s. when you have 5% rates at the bank and at the federal reserve the u.s. markets follow the steep selloff. you also had london down over 2% closing numbers there, record decline for taiwan and south korea, circuit breakers were kicked in the hope the selling, circuit breakers triggered in japan last night with scary double-digit losses. but it's not only economic growth that is fueling the selling you also have theirs of geopolitics as reports iran might strike israel as early as today, oil prices up slightly on the news and use all earlier this morning the highest since 2020. it went above 60 and we back up those levels this hour bute 60 p those levels this hour but some are calling that we need aggressive sharp early action for the central bank and the federal reserve right now. neil: i think the news that you broke here walk like an egyptian was the number one song at the time of the 87 crash because

today everyone is selling like an egyptian. the best i could do, great job susan li on that, what are people betting on is a result of this that the federal reserve will come to our rescue, the bedding seems to be a consensus growing around a half a point cut in interest rates the overnight fending about a half a point which you be more dramatic than a quarter-point even talk of a move before that next meeting, highly doubtful but given the feds history unpredictable. there is also a 50% probability that we are told of three quarter percentage point cut when they gather around the september. adam johnson bullseye american ingenuity fund, jonathan hoenig hedge fund manager and fox news contributor, what do you make of that and hoping that the fed comes to the rescue and some 15% bedding that it will get three

quarter point cut, what do you think? >> interestingly before the sell off some of the strongest stocks had been the interest-rate sensitive stocks like utilities and even real estate those had been at multiyear highs just last week in anticipation of lower interest rates. on days like today it really is sell first, ask questions later it reminds me when elephants dance, my skin trampled, , the trend has changed 600 new lows, only 15 new highs and as they pointed out when you see a stock market like japan had the biggest decline since 1987, is certainly gives investors pause, a lot of reason of concerned that maybe this bullishness in the market led by a.i. and big tech has been a changing of the guard and in fact out of equity at large. neil: i'm wondering if you think this is overdone, the catalyst for all of this was a jobs report that we got out on friday, that showed a less expensive 114,000 more americans

finding work but it wasn't like you when i all of us could remember during the meltdown when we seen month after month hundreds of thousands of jobs disappearing, there was one point where it hit almost 1 million in a single month, i'm not trying to put lipstick on a pig here. i'm just saying that the job momentum slowed a little bit it's not as if everyone joined on employment line but i don't want to overstate it, what do you think. >> i would agree there was maximum panic this morning, people are suddenly talking about recession, it was only a week ago that we were worried about inflation and then we were worried about a recession even though gdp is going to .9% the atlanta gdp now meaning the forward-looking one is still growing in the mid-twos, that is a long way from 0 or negative. it was so bad and i'm feeling a lot better now, trust me that i was this morning. it was so bad that when markets open this morning i had several names down 15, 16%, they are now

down only four or 5%, as i look at my little screen, there is green up there, we are getting intern, i think will happen, this is important for our viewers to understand, when people get scared and i know because of clients calling me from dubai, san francisco, chicago all saying should i sell, i said no, this is a moment of panic, i know that we heard some of the numbers but also a them again, it was the third, i shouldn't say, today was the worst opening for years, that is saying something right there, the third-highest volatility spike ever in a 35 year history of the volatility index. the vix. at moments like that, i think people just as i got calls from subscribers saying is this where i sell, no, this might be where you buy but let's let it settle down first and am certainly feeling a lot better now than i did because america has come

back and some of the technical indicators i think went to extremes like the worst opening for years like the vix, third worst ever, also just think about some of these companies and the growth that were seen in earnings, 10% earnings growth which is better than the previous quarter, 8% and better than the quarter before that which was seven. i don't mean to talk my own book but admittedly i am kind of talking my own book. neil: that is fair enough, it is what do you think will happen. i think he's right, the earnings are still showing ten, 11% year-over-year growth and were almost through this process, 90% of the s&p 500 companies are reported by now. having said that, it's a guidance that is rattling a lot of folks, pepsico saying people aren't buying as many chips into reno's. it is coca-cola saying much of the same thing when it comes to snack foods. all of these guys are saying there is a retrenchment going on, not just here but the wall street journal pointed out today

in china as well. that's markets stockmarkets, they are forward-looking indicators, week stock preceded recession forecast recession and still a lot of falling knives today that even before last week's selloff you saw ups a great bellwether of activity in the economy in the new 52 week low, i don't think warren buffett is a panic, i don't think it's hysterical but buffett has held onto record levels of cash. he doesn't see a lot of value in this market. it might seemed like i'm panicked but i actually think you can buy gold on this dip, that was an asset at an all-time high just a couple of weeks ago. with the dollar weakening as you pointed out, that is the one asset i think i'm buying today, gold, we own the capital pig.com all talk in my book a bit and you can put in your portfolio is one part of a portfolio today.

neil: real quickly on that he referred to apple and the fact that warren buffett's sold half of his stake the optimist goods turn that around and say he kept half of his stake, what you make of that. >> i like the way that you think, mr. buffett did what i will humbly say that i do, when a stock hit your target, you sell half. he sold half of his position, to be clear, apple is still 30% of brookshire's portfolio. in other words it was up toward 60, he better be selling it, that is too big you never want to stock to be that big, i would argue 30% is too big and it probably ought to be better than ten, 11 or 12% if he really likes it. he put some of the money in his pocket and he said fine i have a big chunk of capital and i still own a lot of apple, what else can i buy especially right now that so many of these names have come down. neil: gentlemen a very balance read on all of this, we will talk later with robert prechter on january warned that we were getting a little too giddy i wonder what he feels like now,

the man who really crystallize the whole elliott wave and markets move in sentimental ways is here in person. we look forward to talking to him, i'm happy to talk to him. if you think that the markets are looking to go to alternative investments and few and far between, bitcoin and some of the crypto currency and crypto investments themselves have not been benefiting in the volatile environment. why is that? >> it is fascinating because it used to be when back in the day when bitcoin and ethereum were going in the opposite direction, the stock market but since everybody talked about it i feel like the category of tech stocks and wherever nvidia goes bitcoin isn't going as well and what's fascinating talking about market sentiment i'm a huge fan of elliott as well looking at the market sentiment this was bound to happen literally this morning i woke up and i had an amazing weekend with my family in no

idea what was going on in the world and i sell bitcoin itty-bitty and a bunch of others went through in it was technical i had no idea what was going on in the world, completely disconnected and i was like there must be something going on and then i got a notification for the systems. neil: why hasn't bitcoin or some of the alternative investments done better. it's an unfair wrap to say stocks go south, bitcoin, crypto goes up it is not really that much of a paid, some are surprised of the verity of the hit, are you? >> the last thing that you see what has in it done better, they've done amazingly well, back in 2024, january 2024 bitcoin was $39000, we were just coming out of the crypto winter and we hit the all-time high at 73 back in march and ever since then and has been consolidating, i feel like it's been waiting

for the next big breakthrough and we've been waiting for the hundred k and the audit be reached. but the pullback to be honest is inevitable and i feel like i was optimistic that it could go lower to even 46500 but after the past few weeks it's just been going down, down into had enough correction that we could see a going backup. i'm still keeping my orders for 46500 but long-term i am continuing to be bullish on bitcoin, ethereum and some other assets as well. neil: great catching up with you. you make a compelling argument. we will see what happens. in the meantime the fast market condition, generally fast market things are going so fast that the technical definition of fast market. when this does happen, you see that a lot of people are trying to get in orders and they can't.

we've seen with schwab and fidelity, some customers have been locked out, a few in the scheme of things but the fact of the matter is that outages existed, a lot of people were having at least early this morning difficulty logging into their accounts. we believe that's been connected with schwab and fidelity, just passing that along that this is very common in the middle of a freefall and also in a big run up if everyone wants to go through the same door at the exact same time. some people can fit through if you like me go ahead and follow. a couple of other developments that were following. in the middle of this we have the middle east on the brink of expanding more iran all but promising counterattacks and israel will pay for what it's done. hezbollah say the same thing, hamas, the same thing as key leaders of the rogue terrorist groups have been taken up by the israelis and now some of these guys are saying revenge will be sweet and it will be soon, you think in the middle of that, in

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neil: nevermind you have the possibility of spreading more in the middle east and it can happen as soon as this week with the top on israel and iranian proxies led by hamas, hezbollah you name it but so far not translating into oil markets river flat price $17.70 a barrel it had gotten under 70 what is going on daniel turner. it is on you to make the argument going back to hamas war with israel where oil prices are much lower than when the thing started, what is going on. >> it's good to see oil prices coming down because inexpensive oil is better for the american consumer oil makes all of the products we growing manufacture,

oil has been stubbornly high at $80 a barrel for a better part of the year i'm glad to see prices coming down because it's relief for the american family but you want oil prices to come down for good reasons and that's because markets see confidence in a more robust feature oil prices are coming down because they see demand dwindling that's why we have the market selloff there is panic that were headed towards the recession. i like it to say i have an awful lot of free time but that's because i lost my job there is a silverlining but not the healthiest reason. neil: we've seen antidotal evidence of the slowdown from pepsico last friday and forecasted at 10% slide in global sales. if you're cutting back on heineken you're really worried. part of the fabric of not great

news and maybe see that partly reflected in oil prices. i know it is a leap but the consumer slowing down everything is slowing down, what do you think. >> i did not see the spikes during the summer that we normally see in oil prices because the american families are not traveling as much because gas prices are high in hotel is high and big macs are $15. you're not traveling as much if you don't have access cash we know from economic data that the american families right now our credit card maxed out in cash strapped. there is a lot of troubling signs you do thinking to the oil industry you're looking for confidence in stable signals and you're certainly not getting it from the biden administration and when it comes to, but here's she flip-flopped on every energy decision in the last couple of days. neil: the 15-dollar big. >> was localizing it was a joint

experience. it's always good seeing you, thank you very much, daniel turner we are focusing as well on what's happening to all of market sectors including the small stocks which had benefited for a while and as of late know what is benefiting that is a key area that robert finds interesting and he was telling us and telegraphing it not too long ago arguably one of the most brilliant financial minds that we might ever have the pleasure to speak is back to speak with us today. after this. >> extreme optimism has consequences the last time we saw extreme optimism was late 2021 and that's with the broad market topped out in the chip index has temporarily top-down ♪ ♪ in any business, you ride the line between numbers and people.

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neil: the one thing that i learned being so old that selloff happened in the bull markets happen in bear markets happen and invariably 80% of the time stocks go after all of that but the gyrations between our journey, along the way not so illustrious to career i had a chance to talk to smart people i place robert rector easily in the group, this man is the father of the socioeconomics if you look at it and drawing and

how it translated to the behavior buying and selling habits, robert rector kind enough to join us. good to see you again. >> afternoon, how is my old friend. >> very well, poor as well but it's only money as you like to remind me but what are the things i'm intrigued and i love having you on you step back and don't look at this as a money only data dependent issue, sometimes we are what are creature emotions are in that it drives our behavior. you said back in january, "he knew correctly, extreme market optimism has consequences. we were presumably in the extreme phase back in january. ironically the dow is back where we were then but what do you make of the social economic environment?

>> i wrote a book called the social nominee. finance, the idea that the market is not buffeted by news as many people think. there are waves of social mood and they direct people's feelings and those feelings turn into actions, the big key to understanding financial market in that context is when emotions and mood get too strong on one end it's time for things to turn around but the interesting thing in the past year has been that the indicators that we follow in the long-term expressions of optimism have been breaking records and we were very content to hide in treasury bills and two-year floating rate notes and a few other safe things like gold offshore and watching investors and take the market to the final waves up or what we think are the final waves up, bear markets are tricky and very swift and the touch people by surprise it's much better to be safe than try to react later.

neil: what is happening now? >> to me the key is to not worry too much about the day by day. it's kind of incredible to realize that last wednesday which is only two and half trading days ago at least five indexes had closed at new all-time highs and some were big ones like new york composite index, the dow jones, s&p mid-cap 600 and someone. we've only been down for two and half days but you can see once the bear bites how much it can take away in a short period of time. what i would say stay focused on the long-term indicators and they recently have been at the most, the stock market has been the most overpriced and over owned it is ever been. we're going to very calmly sit and wait and when everything changes and we see indicators on a long-term basis that are back

in neutral if not bullish then we will change her mind but right now we say stay in your bunker and watch the show. neil: hopefully on fox business. let me ask you when you say stay in your bunker, for how long. is this the bear market up now or down, the head fake or is an opportunity working how to get some ice. a great question here's a really useful example i been showing a ratio of speculative conservative ratio is the nasdaq 100 divided by the dow jones utility which is the conservative side of things do you know those are two priced basically the same i one-to-one ratio throughout the entire 1980s into the early 1990s it is incredible and at the 2000 top the ratio got to 17 - 1 because tech was so popular. in 2021 the ratio got to 18 - 1

because tech was more popular. this past month in july i got to 23 - 1 breaking all records, were not going to fix the ratio into an afghan days. i think it would take a long bear market to get us back to normal and as we spoke last time mutual funds at only 2% cash, what does that tell you it tells you that they think there is not even a chance of a pullback for them to add on they would be fully invested at current prices and that's the attitude that you see at the top. neil: let me ask you, bear markets or bearing length ever heading into one and some people that dispute the notion. we had 7374 experience, that was painful and of course we went to the financial meltdown in 2007, eight, nine and for the that took the nasdaq a decade to return to the old highs, where are we in this?

>> what are the arguments that you and i discussed this last time that we talked the bulls were saying don't worry when the tech mania is over we will roll tape into the midpriced ox and everybody will be happy. it turned out that they managed to pull that off for two weeks in july and one week in july the inflow of money into some of the mid-cap funds was the highest sense 2007. these moves are indicative and what everybody is excited. never in history has there been a market that got thinner and thinner and thinner and suddenly got broad and why did now into a big bull market. this never happened. we think the thinness was a symptom of a market that was focusing on fewer and fewer individual stocks and in the past 1929 is a great example but it happened other times as well when you get a thing that usually continues to climb the

few stocks until the weight of the whole thing finally brings averages lower. as the top in, we think so we thought that a couple times and we were wrong. we don't have a bottom of any consequence. if you're waiting for a bottom to buy a think there's a lot of time ahead. neil: we forget that the nasdaq which is in full correction territory, down more than 10% i think 13% from its highs they reach this three weeks ago, the s&p 500 similarly and correction territory from highs reached a few weeks ago. because we climb so far and so fast is it a given that to unwind that it doesn't happen so fast and it could be more drawn out process? >> i wish they were such a thing as a given in the financial markets because every time when i think things are given they are not. what i can give you is a lot of

facts and we already covered a number of them and they show the optimism is entrenched in the most over owned of market ever. there are other interesting things in the background and i know you talked about these probably on your show and for example the federal reserve had a wonderful opportunity last wednesday to lower the fed funds by a quarter of a point and they did not take it. i think that was a big mistake we followed fed policy not just rfid but the central bank of other countries as well and they follow the free market interest rate with the average lag time of five months, the fed decided to do the usual lag time even though the three-month treasury had gone from 5.5% yield down to under five-point to so they had a big chance to lower the fed funds rate, they did not take it. i think there's good to be a surprise rate cut before the september meeting because i think rates have started to fall faster.

neil: we rarely see cuts or hikes in between meetings. they have happened. i'll flip that around not from a technical point of view but how the markets would respond to that, when in a panic at a pre-september meeting recap even all the more. >> i don't think we can predict what they'll do on a particular day but again let's get perspective on the longer-term and the big argument when the fed lowers rates as could be bullish for stocks because you can borrow money cheaper, let's remember they lowered rates from mid-2007 all the way to the bottom of 2009 and they went from 6% or something to virtually 0, the entire time the market went down the biggest bear market since 1929, 32 led to the great recession so lower rates are probably a reflection of the economy slowing and that's only one of several indications that's beginning to

happen. neil: to validate your point we see rates crashing down but you know what else is down all the homebuilder stocks in this environment, that's been happening for quite a few days. i'm wondering what you make of this should be a hospitable environment and banks and homebuilders in mortgages and finance companies but it is happening, why not? >> that is correct number is down 25% in the past five months, something is going on in the housing sector and we see in commercial when they're selling properties for half of what they used to be worth and in one case they sold it for two at half% of what used to be worth. were seeing rough waters in the stock market in the real estate and i think it will spread into the corporate bond market. you know the fed balance sheet, this is really worth noting and you might have mentioned this as well last time it's down 20%,

that is a huge drop in what is essentially the base money supply during that time instead of debt contracted along with it that has expanded to absolutely record levels in every level of society from the loneliest family try to get along all the way to the wealthiest speculators in the federal government the debt is exploding everywhere and it's on a very small base of money in shrinking base of money so you have so many cross guards coming in which is why i say let's be safe and to get there i wrote a piece called preparing for difficult times. if you don't mind a shameless plug if your viewers want to copy will be happy to give it to them. >> i hear you will quickly, where is a safe place to put money right now, it's been and

treasury notes and bonds i've seen that today is in the japanese yen i would not of predicted but what you do? >> we've been saying for quite a while keep your money safe and i think the safest one temporarily is u.s. treasury and the two-year floating rate notes. i think it's important to find a safe think i looked all over the world to find i really say things that we recommended the people, gold is a good thing to have in difficult times. i'm not saying it's going to go way up the hood we will see about that were heading into deflation so that's arguable but the main thing don't adopt a linear point of view, the markets are not linear we live in a fractal world not of linear and people are saying there is an op-ed this morning in a major paper that said whatever you do don't touch her portfolio don't let they're down they rattle you and so forth, why are they

saying that they take it a trend that's been going on a long time and literally projected into the future and saying you don't have to worry the markets going to go up again we her projections of the s&p 15005 years, right at the top of nvidia $140 ahead of global development said were at the beginning of the trend. there is massive linear going on when people should be realizing that trends change at all degrees. neil: they do with the linear argument holds out a good deal of the times you can understand why people come to the perspective if you have a longer term it's better for you, under the age now but i joke with you longer-term is lunch sometime tomorrow for me but i wonder how you guide people in that regard what is the time arising that investor should look at. >> everybody is different, we have services and follow the markets 24 hours all day long,

there are people that are watching the waves situation intraday and we also have monthly services and global market perspective that is 100 0 pages and covers every major market in the world. it depends on the type of person. i'll give you another example we have a flash service in my little genius guys who run it on the 11th of july recommended buying the triple short the 3x short technology etf and we had a heck of a few weeks and that. were trying to help people at every degree of trend at l.a. wave.com. we try to analyze everything from the shortest term to the intermediate to trends that last centuries. neil: july 11 was when we had our all-time highs, the tech embassies in particular.

always good to see you, the only thing i'm upset you're not aging like i am and i'm very resentful of that. but it's always good to see you, thank you very much. we have a lot of people getting indigestion after hearing you that we need to hear the full picture. very good to see you. >> safety allows you to digest very calmly and happily in sleep well i hope you sleep well tonight. neil: said why, thank you robert. in the meantime putting this in perspective to his point there are a lot of people that don't agree with the bearish argument but this is a man who accurately predicted the 1 1987 stock markt crash and the comeback that would follow that. it's not he is a bull or bear he looks at a lot of things that a lot of us don't any ties in the technical underpinnings and the emotional stuff that comes with it, what do we do when we are freaking out when we don't necessarily have to freak out about his and his trading mix is

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>> welcome back to cavuto "coast to coast" i am hillary gone friday's job report is triggering concerns that the u.s. is on the brink of recession, economist think of recession rising from 15 - 20% but the biden here's a administration is confident that what they're doing with the economy is working. >> is anything the administration will do differently to work on it? >> it is not a change in course but it's a continued commitment to the course that we've been on. >> are we in a recession. >> we are definitely not in a recession. >> if the u.s. were to dip into

a recession that could trigger a blow to hear his election chances as president. in the past it hurt the party in power. in 1992 george h. w. bush reelection were forwarded during an economic turn in 1980, high inflation kill jimmy carter shot at a second term in 2008 john mccain's run for president hit a snag through the 2008 financial crisis turning the white house over to the democrats the truck ticket is trying to capitalize on this economic turmoil saying vice president here's should've seen this coming. >> a lot of the economic policies was predicted even by economists on the left to lead exactly where they are now they went ahead with it because, here said she is a radical who didn't listen to common sense. jd vance is warning that this could set off real global economic turmoil, the campaign is calling for harris to speak to the cameras and americans who are concerned about what they're seeing right now in the markets. neil: great job hillary, bob

cusack with us, you and i talked about this over the years, if you're in the middle of a freefall the market it depends if we come out of the freefall and you're the party in power in a heap of trouble conversely and if you're the opposition party trying to get in that is your ticket. it's too early to tell what's going on now but what do you think? >> i saw the trump campaign put out a press release basically challenging here is to answer the question is bidenomics working. i think it puts the spotlight back on the economy in various controversies that trump has triggered and that's a good thing for republicans but this is a big deal if it's a one day or week long okay but were headed for a recession or we continue to see economic downturn that can make all the difference in the close race. neil: he curses his own chances, he can focus on the issue of the market freefalling in front of us and however, long it lasts anyone's guess to raise question

about the stewardship of the economy, the here says vice president and the stand bear for democrats. but instead he spends a lot of time deboning issue black were not into go on and talk in georgia and rip the republican governor a very popular governor of the state he seems to curse himself. >> he does, that's why congressional leaders, republican congressional leaders like john thune and speaker johnson want trump to not do that and talk about the issues and other than abortion they have advantages on policy but trump is not do not and you gotta be, you have to have a game plan in a message and stick to it and trump sometimes it works for him when he goes off script. a lot of times it doesn't. you and i talked about this as well, the markets can sometimes catch up with average folks, average folks not feeling the recovery or inflation's been

whipped and now the market seemingly putting a stamp on that on how long that last. again we do not know what you make of the fact that the markets may be catching up with us? >> i think that's a very good point and on harris we need to know i know she's about to announce the bp pick and that will get a lot of attention where would she leave this economy how would it be different if it all from biden what did she do on taxes. as you know the trump tax cuts are expiring next year, this is a huge economic year both on the campaign but for policy, 2025 is huge and we need to know where she stands on the number of issues and looting corporate tax are in many other issues. i think the pressure from the media should build and she should sit down with journalists like us. neil: indeed there's a concept, always great talking to you.

we want to go to ashley webster in his view of this. another group that is feeling pressured the federal reserve growing pressure on them to not only cut rates but maybe a half a point of three quarters of a point, some were saying why not now like robert prechter, where does this take us and what does the fed do. >> i think the chances of the fed stepping in before the next scheduled meeting is pretty unlikely. it's not the fed's job to prop up the market. i think that's true to say. going back to the jobs report that got this whole thing going it wasn't great but it wasn't awful, we saw lower jobs created in april of this year. maybe it's overdone but bottom line with all the computerized programs now we haven't talked about it this much but the algorithms once it starts it tends to feed on itself and panic creates panic and self-fulfilling prophecy and

that's what were seen. it's interesting the dow was down over a thousand points and started to stop the bleeding but who knows as we head toward the closing bell maybe we will see another spell of selling that many people said we need this we need to shake out the weak hands and correction is in the long run and were disturbing anything else if ever there was a sign that is the one focusing on. i don't agree. >> you might as well give up on life, thank you you are right. you are one of the thinnest people i know, ashley webster following all of those developments, he's right heineken and others same people are buying snack food like they used to we would have to be in a deep depression to stop doing them. i hear there are other