because everything on earth is spinning at the same speed, constant speed, if the earth stopped spinning we would feel it because we would go flying out into space. you got that there, tepper. >> i understand. i understand. without the google machine i can still get it. stuart: you're a smart guy. thanks for being with us with the whole hour, mark. i don't know where you get the energy from. you're all right. my time is up. david asman is in for neil. david: how do we know mark didn't use the google when we weren't watching? how do we know? that is an amazing guess if he got it right. thank you, stuart. welcome to cavuto "coast to coast". i'm david asman in for neil. we're loaded with head linings. investors on pins and needles waiting to hear from the fed about the inflation crushing american consumers. how spiking covid cases could change the fed's gameplan.

then the vaccine and the mask push, why the president is signaling there may be more mandates to come. what the governor of new jersey said about masks. wait until you hear this. this hour, former justice department prosecutor james trusty on the legal fight workers could place if they refuse to comply with the mandates. brian kilmeade, will join us on set with reaction to simone biles stunning olympics withdrawal. you don't want to miss that right here. first our taupe story this hour. investors focus on what the fed is saying today, surging inflation, rising covid cases and widespread supply chain and labor shortages hit the economy. edward lawrence is at the white house with more. hi, edward. reporter: you said the big word of the day there, inflation. the federal reserve chairman will likely hold his line that inflation will be transitory. we're all seeing though in everything we buy from gas to

groceries to refrigerators. the federal reserve follows closely personal consumption expenditure gauge latest inflation that number comes out on friday. look at trend. the fed believes we'll be at 3.4% pce inflation. we're at 3.9%. you see that line. not one i want to run at the end of a marathon. goldman sachs says the chip shortage alone could add to 1% to 3% inflation on top of that. if you believe the head of intel that makes chips the shortage will be around until 2023. mix all this together with the spending that passed congress and what is proposed by the administration. senator john barrasso says the spending will push inflation and drive a stake into the economy. >> we cannot use our u.s. economy as crash test dummy for the plans that the democrats have. it is a reckless

tax-and-spending plan. they're putting their foot on the gas and heading over the cliff like "thelma & louise." reporter: we'll watch the fed chairman to see any indication when the fed takes its foot off the gas. we expect to see no change in the asset purchases but we'll look for a road map when the fed will start reducing the buying of 80 billion in treasurys and 40 billion in mortgage-backed securities per month. david? david: always get nervous when i hear about "thelma & louise." that was not a good sign for that particular representative. thank you. president biden will land in pennsylvania where he plans to make a major push for all of his flue spending plans, trillions of dollars worth as senate minority leader mitch mcconnell is calling the president's plans a reckless tax-and-spending spree. fox news bryan llenas with the latest from pennsylvania. i would say specifically where, brian. i don't know how to pronounce it. you go for it. reporter: we're right near

allentown, pennsylvania, look, every single mack semi-truck in north america comes through the facility here in allentown. there are 2500 workers. the president will come visit this facility. in a speech about 2:00, about the importance of buying american products. also being made by american manufacturers. biden will also put pedal to the metal on selling of his new 4.1 trillion-dollar spending plan. $500 billion about that, will go towards manufacturing investments. the president wants to pay for this plan by increasing taxes on high income households, making $400,000 or more and by raising the corporate tax rate. republicans are calling this a reckless spending free. >> the country does not need of this and in fact we're playing russian roulette with our economy by continue towing pour

trillions of dollars into our economy. so that will be an extraordinary debate of enormous dimensions. i can't think of a single issue that underscores the difference between the two parties more. reporter: now real concern is the effect the spending will have on inflation. inflation climbed higher than expected in june. consumer prices jumped 4.4% the highest since january of 2008. manufacturers are dealing with a one, two, three punch, higher material costs and higher costs of chips and all top of that there is a real labor shortage. there are still a half a million manufacturing jobs that were lost in the pandemic have yet to be filled. manufacturing job openings hit 6.2% in may. that is the highest in at least two decades. analysts are pointing to

extended covid-19 unemployment benefits as part of the problem. but look, there are also significant concerns with the delta variant obviously, whether there are going to be more mandates, lockdowns, especially on the global level. just 13% of the planet is vaccinated. there are concerns of what delta, what effects it will have on supply shortages and price hikes. david. david: a lot of problems there yet to work through. though we should mention, we don't want to bury the lead the economy is doing fine. makes you wonder why we need all the government bureaucrats to spend money on the manufacturing sector. doesn't seem to make a lot of sense. we'll see what the president says later on. bryan, thank you very much. appreciate it. stocks are swinging between gains and losses today as investors are waiting for more guidance from the federal reserve board about their tapering timeline. that is when they stop printing all of this money they have been doing. bring in market watchers dan geltrude and shana sissell. good to see you both.

shana, coming to you first. there are a lot of americans who are getting slammed by higher prices. we can put up on the screen if we have it there, real average hourly, weekly earnings are actually down, that is if you take inflation into account. inflation is higher than the, than the increases they have been getting in salaries. that is why you have an actual decline in earnings. so it is really hitting americans pocketbooks. >> yes. that is, very concerning. if you look back in the '70s when we had hyperinflation here in the united states, one of the things that made that manageable was that earnings and wages were increasing faster than inflation. so it was easier for consumers to absorb the cost of inflation. that is not happening now. that is a major concern. david: dan, i'm just wondering if the fed really cares about inflation right now as opposed to worrying about if they raise rates, how it is going to hit the markets? >> well there is certainly ignoring the fact because they

keep just throwing out that word, it's transitory, it's transitory which nobody used that word before saying it was temporary. the real question is not whether we have inflation. that is obvious to everyone, the question is how long is this going to go on for? david, if we keep pumping out more money trying to juice up the economy that doesn't need it because all it is doing bringing up demand when the problem is there is not enough supply. unless we address that problem one of which is getting people off of unemployment benefits and getting them back to work, this inflationary problem is going to stay for a while. david: shana, let's get back to the basics here. the mandate of the fed, the first mandate of the fed is price stability and it has got a d-minus right now. even though they say it is transitory, it will go away, all this inflation, right now it doesn't look like it is.

it is going in the wrong direction which is straight up. that is their first mandate. the second mandate is fix any unemployment problems. we have more jobs than we have workers right now. workers are staying at home largely because of these unemployment benefits. so they're not dealing with their mandates? >> dan said it right. in both cases this is a supply problem, not a demand problem. david: exactly. >> so the fed usual ways to address these things to address demand. it is a lot harder to address supply. so for that reason i think inflation will be here for quite some time. more importantly this, the key drivers what we're seeing for inflation are not necessarily transitory. i think the fed is going to use the delta variant as cover for why they're not going to act in the way that they should because they're going to say that the supply chain disruptions, the cost of container shipping, any sort of transit inflation is due

to rising covid cases. and that is just not correct. david: no. >> but they will use that as cover. they will probably talk more about tapering than anything else. we're, that is their mandate. david: we're getting an idea how unnecessary, first of all, the government spending is right now. and how unnecessary some of these extraordinary moves by the fed are, when we look at earnings. earnings had been doing extremely well. today, by the way, shares of boeing are getting a major boost as a result of a beat on earnings. mcdonald's shares slipping a little bit in trading despite better-than-expected earnings. dan, this is on the heels of those blowout earnings yesterday from apple, google, microsoft. first talk about these earnings. it adds up to almost $60 billion of profits in just one quarter, just 13 weeks. do we really need all of the help from the government and the fed when you have earnings like this? >> no. listen, if we really had a

problem with the economy, these companies would be showing that. again, it goes back to the supply and demand. the demand for products. the demand for services it is there, david. so the government in that regard simply needs to step away and let the economy recover just as it is. we're doing fine. the issue really becomes, can we get people back to work? david: right. >> when you have 8 million job openings right now? yet we have all these people still collecting unemployment. at that formula couldn't work. it makes no sense. david: hold on a second. hold on a second. i would push back. it makes a lot of sense if you're the unemployed, people are making a rational decision. i get $800 a week for taking unemployment. and a lot of that is tax-free by the way. or i get $700 a week for working 40 hours at a job i might not

like. that is a pretty rational decision about what people are making. the problem is, disincentives are coming at a cost and the cost is inflation. and that's hurting everybody. last word, shana? >> yes. the key here is that the states that have removed the extra federal unemployment benefits have lower unemployment rates because people are then incentivized to find a job. david: absolutely. >> the more states have to take that on. >> shana, dan, we'll see more of you later in the hour. thanks so much. coming up more vaccine requirements. president biden is expected to make another announcement as covid cases spike but with hospitalization and deaths still down. the details after the break. ♪.

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okay, that's because you all have xfinity mobile. it's wireless so good, it keeps one upping itself. david: breaking right now, senators settling a major term on a bipartisan infrastructure deal. of course this could mean anything. the person who knows these details better than anybody is chad pergram and he joins us live on capitol hill with the

details. i have bated breath. what is going on, chad? reporter: we don't have a lot of the details. what we do know that republicans in this coalition of senators have been working on this bipartisan infrastructure deal. they came out of the leader with senate minority leader mitch mcconnell have reached a agreement. rob portman, republican from ohio is an agreement on major issues as you know. sometimes the devil is in the details. house speaker nancy pelosi a few minutes ago bell her press conference learned of this, we look with that of anticipation, that is good news but again we've been here before. this is probably what will happen in the next few hours and senate majority leader chuck schumer intimated as much this morning. what they will have to do is have a revote on this procedural vote which failed last week. now this is in the weeds but it is very important. they could not break a filibuster just to start debate on the infrastructure bill, the bipartisan infrastructure package last week. so this will be a revote. again that needs 60 votes to crack that filibuster.

then you actually vote to proceed to the bill. then you debate the bill itself. this is where chuck schumer has said maybe we'll be in session over the weekend. you had bill cassidy and john thune, republican senators indicating it would probably take about a week to process this on the senate floor. this is why the senate already was scheduled to be in session next week. could bleed over into late next week. that said what lurks in the wings here are the details and specifics. any modicum of agreement on the democrats infrastructure package. now again what they have to do is create a budget framework for this to avoid a filibuster. get agreement none the 50 democratic senators to have vice president harris break the tie to get it over to the house of representatives. nancy pelosi, the speaker, reiterated her position today that she wants to see what the senate passes and sends over to the house before they touch this. so even if they tackle the bipartisan bill in the next seven, eight days or so, we're still waiting for that democratic by then of course

democrats in the house of representatives, you know, they're not signed on to this deal necessarily in the senate. just because that has wide bipartisan support. that is about $1.2 trillion. again, most of that package is devoted to physical infrastructure. girders, bridges, steel, that sort of thing. david. david: chad, let me get this place nancy pelosi wants to read the bill before she votes on it. nancy pelosi wants to read the bill before she votes on it. how interesting. reporter: some years ago she said we have to pass obamacare to know what was in it. she was maligned in the statement back in 2010. david: things turn around in washington. chad, thank you for updating us. i appreciate it. president biden says a vaccine federal mandate for federal employees is under consideration. fox news griff jenkins has more. reporter: david, will he or won't he issue a federal worker

has got to get this shot? minutes ago president biden touching down in pennsylvania ahead of an event this afternoon was asked about it. the pool shouted questions. he said all i'm talking about today is made in america. tomorrow i will talk about covid. but one thing, david is clear. that is it is under consideration and that the president getting more comfortable taking shots at the unvaccinated. watch. >> would you require all federal employees to get vaccinated? >> that is under consideration right now. if you're not vaccinated you're not nearly as smart as i thought you were. reporter: this after cdc director rochelle walensky announced fully vaccinated americans should mask up indoors in areas where the delta variant is surging and calling for universal masking for everyone in k-12 classrooms regardless of vaccination status. this morning, with learns ski is walensky is endorsing the vaccine mandate.

>> i'm hoping we unify to get more people vaccinated f that is one strategy in our tool box i would be all for it. reporter: administration issues the first federally mandated vaccine mandate. department of federal affairs requiring va health employees to get vaxed or face weekly testing. it comes after california, north carolina, new york, are calling for some form of a vaccine mandate for state employees. the question now is, are these vaccine mandates legal? well yesterday the doj's office of legal counsel opined despite vaccines not having full fda approval they are indeed legit. we'll see what the president has to say tomorrow. david: griff, thank you very much. get reaction from former doj prosecutor, jim trusty. good to see you. mandating a vaccine not yet given full approval by the fda,

still under emergency use, has that ever been done before? >> no. there's been mandates of vaccinations. you go back to 1905, there was a case out of massachusetts that went to the supreme court where smallpox had broken out, the state, that is a big distinction from the federal government had decided for the public safety of the community to mandate vaccinations that was not an emergency-based vaccination. that is new territory. what that opinion does is try to downplay the issue comes from temporary emergency approval versus permanent approval saying it is not really a problem. david: do you think that opinion will be challenged in the courts going up to the supreme court since it is unprecedented? >> well, not really because the olc opinion is just an, it is literally a small group of lawyers at the department of justice that issue policy papers. it tends to go be a pretty politicized part of the department. responsible to political animals

out there. olc and civil rights would be one of two. it is not knot binding precedent. just a couple lawyers giving cover to the white house. david: now specifically how will it be challenged? i think people would be asking for exemptions who have allergies. i would think of people who maybe are, think they're immune because after previous infection. will there be room for these previous exceptions? >> that is the big issue we don't know. it would be very smart for the white house and the federal government to carve out some areas here. to show they're being rational. they're creating exceptions based on health, based on religious objections. those would be typically pretty valid grounds to get away from the mandate. we'll have to wait and see. i think tomorrow or friday how this thing rolls out, but those would certainly be likely carveouts. what is interesting, talked about the mandate, what they said so far, as being important

in certain areas. in areas where there is a high-risk of transmission that leads to who decides that? who will tell us which areas are hot? how frequently will they revisit that? it will be difficult to know what they have in mind when they divide up the geography that way. david: we've been in new territory for a long time. every day there is something new that comes on. jim trusty. appreciate it. good to see you. crime is on the rise from coast to coast. the mayor of seattle is making a push for more police. ♪. g the economy. observing investors choose assets to balance risk and reward. with one element securing portfolios, time after time. gold. agile and liquid. a proven protector. an ever-evolving enabler of bold decisions. an asset more relevant than ever before. gold.

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>> we have four blocks in seattle you saw pictures of it is more like a block party atmosphere. >> how long do you think seattle and those few blocks look like this? >> i don't know. we could have a summer of love. david: it didn't turn out that way. seattle mayor jenny durkan is

calling for more police after six shootings rocked the weekend. lydia hu has the latest. reporter: david, seattle police staff something at a all-time low and shootings are at a all-time high. number of shootings left five people dead and five more injured. one homicide was a drive-by shooting. the police said there has been an in100% increase in drive-by shootings in seattle. last year, 26 people were murdered, a 20-year high and this year the city is on pace to meet or exceed that the number of people shot is up 61% this year. the violence is happening as the police department continues to shrink. 250 officers left the department in the last 17 months. there are 115 fewer patrol officers and 38 fewer detectives than one year ago. the city council cut the police budget by 18%, well under the 50

mers that activists were demanding. a majority of the council members pledged. lack of support of city hall has cops leaving in record numbers. >> losing these number of officers when city leaders talk about cutting a department by 50%, you will lose employees. families need security. workers, even police officers need working conditions that support them. reporter: seattle mayor general any durkan who did not support the police department cuts says she will announce a plan to hire new officers next month but recruitment will be a challenge given what the police faced in the last year around the city council that has more often been critical of police than support of. also note mayor durkan is a lame duck. she is stepping down at the end of her term, david. david: thank you very much. reaction from former nypd commissioner howard safir. i got to say something first, commissioner. thank you.

i have lived in new york from 1980 until now. i saw it go through the horrible crime rate in the late '80s, you guys with the giuliani administration turned around with specific theories turned into practice and it worked, and you made the city one one ofest cities in the world really. it is all turned around because of crazy policies. president thinks it the problem is all guns. police commissioners around the country have a very different idea. here is a montage what they think. let me play that. get your reaction. >> the justice schism that we have right now it is not functioning the way it should. cases from last year, from 2020 that happened during covid, violent criminals, they have not been disposed. where do you think those individuals are? anybody want to take a guess? they're in communities. i'm mad as hell and i hope you are too. >> ask what the courts can do different, rather than release violent people back to these

communities, rather than a lawlessness around -- david: commissioner. >> police are 1/3 of the justice system. it is prosecutors and courts. if the prosecutors and courts following lead of leftist mayors are going vilify the police, impose regulations and laws that handcuff what the police can do to get rid of drugs and guns, we're going back to the bad old days. sadly looks like we're on our way. david: it is not just the guns. because you have repeat offenders going out there and beating people up, sometimes within an inch of their life. sometimes they're killing people without guns. it is the barbarism on the street and the barbaric individuals let out on the street that is the problem, not necessarily the instruments they use for their terrorism. >> you know the message has to be sent that if you're a criminal you need to be afraid of the police. when i ran the nypd criminals

knew that if they committed a crime the probability of being in jail was great. so they left their guns home and they took their crimes to other states. so the point here is guns are not only the problem. they're a problem but let's face it, there are 300 million guns on the street already. cataloging what gun dealers are doing is a very small piece of fixing the problem. we need to do is go back to what works. what works is the broken windows theory. pay attention to small crimes. send a message to criminals. if you jump a turnstile, if you have a loud radio that is causing problems for everybody in the street, if you're aggressively begging we're going to arrest you, put you in jail. david: commissioner, forgive me for interrupting but there is a perfect example what you're talking about related to broken windows that happened in new york just over the weekend. there was a violent crime committed on the street. a guy was beaten within inches of his life, a criminal just

moments before, there is the beat-down that happened. he beat him unconscious. dealt with him like he was a dummy. turning him over. using his belt, stripping him of all his valuables. moments before that attack this same perp jumped turnstile to let his buddy through the gate. the bottom line of broken windows, if you stop the small crimes, you end up stopping the big crimes. >> absolutely. when i became commissioner there were 250,000 people jumping overturn styles each month. like an olympic sport. we started cracking down on that, we saw them jumping overturn styles with machine guns. we stop ad park murder by having record of somebody jumping over the turnstile. we need to do things. stop-and-frisk is not a dirty word. it's a tactic. if you use it properly, you're going to get guns off the street. you will get guns of the street.

you will return to the kind of city we all hoped we would have, the safest large city in america. david: commissioner, not just this city. it is happening all over the country. it is the problem with the prosecutors who are decriminalizing a lot of crimes like stealing. you have cases in san francisco, l.a., in new york, but in chicago, all over the country where people are going into stores. because petty crime has been decriminalized, they're leaving in broad daylight without any concern about getting arrested, they're leaving with tons of goods that they have stolen. if that is not an indication to criminals that there are no more laws, i don't know what is? >> you know. that stupid law that they passed in california that they would not prosecute thefts under $1000. that is like opening a door wide and saying, take my stuff because there will be no consequences. one of the things we have to understand, not every criminal can be rehabilitated.

not every criminal choirs about social programs. not every criminal cares about anything else except committing crimes. those are the people we have to get off the street. there is finite number. we know who they are. the police know how to fix it. they can't fix it if leftist politicians are going to handcuff them. david: happened cuff them and let handcuffs off of people who should be in jail who were let off almost immediately. 50 or 60 people i believe in chicago who were indicted for murder let out because of these no bail laws that have been passed recently. it is getting crazy. commissioner, once again, thank you for the great work you did in this city. i'm hoping that what's happened in the bad side can be turned around again as you did back in the 90s's. we appreciate you coming on today. >> good to be with you, david. david: thank you. after the break olympic gymnast simone biles withdrawing from another event in tokyo. brian kilmeade with his take in studio. he is next.

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♪. david: simone biles shocking the world after b withdrawing from gymnastics finals citing mental health issues. lauren green with the story. reporter: this indeed shocking because simone biles is the reining all around olympic champion. pulling out she will not defend the title she earned at rio olympics. leading up to the withdrawal of competition, biles said she felt the weight of the world on her shoulders. pressure of being superstar gymnast trying to lead team usa to the gold medal. she appeared to get loss in the air, missing a full planned rotation. afterwards she decided to call

it quits. biden has received criticism from some but received overwhelming praise from all over the world. reggie jackson, tweeting his support. good you simone. behind you. kerry washington said it takes the bravery of a champion to put your health first. >> this has been stressful this olympic games as a whole, not having a audience. there are a lot of variables going into it. it has been a long week. it has been a long olympic process. it has been a long year. so just a lot of different variables and i think we're just a little bit too stressed out but we should be out here having fun and sometimes that's not the case. reporter: mental health is increasingly becoming a issue for elite athletes. a therapist who worked with biles in the past says she has been through a lot. >> so if we look back what she has been through over the last few years, there is tremendous stress from her about the else

with usa gymnastics over the larry nasser disaster. being a high-profile black athlete in these incredibly politically charged times. reporter: jade kerry finished ninth in the qualifying will take biles' place in all around. david: thank you, lauren. joining me "fox & friends" co-host brian kilmeade between writing historical books deals with sports. >> i was hired as a sports guy. david: it is ironic. we go back to those days. all right, it is tough to even ask this question, i could get scrammed for asking the question, but are athletes getting too soft? >> i don't think so. i thought it was important too, i did not know reggie jackson weighed in, the ultimate clutch performer never backed out. he strike out. he is known as mr. october for a reason. if you look at her in particular, i can't judge someone like this personally because i have never been that

good at one thing as good as she is. 24 years old, considered the best in the world, the best ever, but favorite to win now, winning four years from now, no indication leading up to. this some have said, i looked at this quote, she is, i encourage everyone to read the "new york post" especially today, one of her teammates wrote this, explanation what she has been through, when people question her toughness, won the world's all around passing a kidney stone years ago. david: my gosh. >> lifelong sexual abuse during this lunatic larry nasser who is serving nine lifetimes in prison. she indicates by this posting that it was endorsed by simone biles, this is coming up again and i just, tell everyone, hold your fire an doesn't judge her like michael jordan or muhammad ali, even hoe she belongs that echelon in her sport, what she is going through we can't

understand. she is oak. she is dealing with things internally. this is her quote. she is okay. i'm dealing with things internal, i hope will get fixed in the next couple days. which leads me to this, the story is not done. next week is the all around. she has a chance to compete again. david: she could still come back. >> we could see next week. david: we were both looking at her, what she was saying in lauren peace lead-up to this, she was so composed. seemed to have everything together. you can never tell as we found out because she wasn't the only gymnast who was abused. a lot of gymnasts were abused by horrible coaches. >> there is this thing called anxiety. terry bradshaw is doing the super bowl, won four super bowls, he had anxiety he couldn't leave his hotel room. howie long had to get terry bradshaw, arguably the top 10 quarterback ever, performing

under pressure 30 years. you don't know if that can hit anyone. i don't think if you have anxiety that it is weakness. i just don't. if there is a mentor, confidante, a sports psychologist to talk to her to save this moment, but i don't see -- david: but the best coaches, we shouldn't just focus on bad ones because there are really good coaches do have a way of teaching athletes to channel their emotions. they focus on emotions. maybe the problem isn't coaching here? >> true. i think it is personal but when you perform at an individual sport highest level with the biggest crowds, biggest audience, prove it at rio, prove it at the world championship, asked to do it with no crowds in japan. expectation is high, granted. she made her routine so difficult, the judges don't know how to judge it. i was also told by a gymnast too what she did was amazing. she lost herself in the air, forgot what she was doing, going from 2 1/2, 1 1/2, land on her

feet. they say even that is amazing. david: how can you wrap your head around that. >> who am i to judge? i can analyze, discuss, but i will never judge someone this type of talent, these type of accomplishments who went through the drama she went through. this is a global story. david: for a tough conservative you have a lot of sensitivity. >> i am a very sensitive guy. i well up and break sometimes. david: next time you're here i maybe i -- >> get that side of me out? it will keep me off mediaite for a day. david: after the break, student loan payments restart soon, unless some lawmakers have their way. we have got details coming up. ♪.

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david: democrat senators are pushing president biden to extend the pause on federal student loan payments and can sell up to $50,000 per borrower. hillary vaughn at the white house with details. reporter: david, democrat as the white house are renewing pressure for student loan payments to stay in place and president biden flex his finger

use his executive pen to wipe out thousands of dollars of debt to millions of college students. >> with all this good, president biden flick his pen, sign it, make america, happier, better more prosperous place. >> that he go ahead and cancel student loan debt. remember he has the power to extend the payment pause. we know that because he has done it. and that same power is his to cancel student loan debt. reporter: they might be in for a rude awakening because speaker nancy pelosi told reporters today that she does not think president biden has the power to do that. >> people think that the president of the united states has the power for debt forgiveness. he does not. he can postpone. he can delay. president can't do it. so that is not even a discussion. reporter: student loan payments were put on pause during the pandemic until the end of september. schumer and warren want biden to keep those payments on pause

until at least march. education secretary miguel cardona signaled a pause is on the table. a pew study this summer found 67% of borrowers will have trouble with student loan payments if they restart in october. the idea that biden can't forgive student debt also caught the president by surprise. he made a campaign promise to forgive $10,000 of debt a little short of warren and schumer want which is 50,000. no matter the price taxpayers will pick up the tab. some estimates if $10,000 of debt will be forgiven, that costs taxpayers 400 billion-dollar. add it up to 50,000, the tab is trillion dollars. david: hillary, thank you very much. the progressive push is coming actually student loan forgiveness would actually do little to boost the economy. dan geltrude, shana sissell,

you're a cpa, early in life it is important to learn the right lessons. otherwise you don't save enough money to retire. is student debt forgiveness, teaching people the wrong lessons about obligations? >> certainly is, david. look, this is another example of how washington simply wants to throw money at a problem and thinking that that is the answer. it's not. part of the problem here is this follows, one, the way these student loans are given out, i say it is equivalent to predatory lending because some of these students shouldn't even be qualifying for these types of loans based upon their prospects in the future of earning power. david: right. >> so you put these young people so behind the curve they can never get out of this problem. then you have the students and the parents who have to be held responsible for not doing the proper financial planning

related to taking on all this debt. so again, you get so far behind the eight ball, right out of the gate, you could never recover. play it smart. use community colleges and state universities to plan out how much you spend on your education. david: shana, it is true, i want to take the other side of this for a second, college inflation has been ridiculous. i paid off my college loans in about 10 years, when i was starting, my 20s. essentially paid off my college loans. you can't do that because of college inflation. it is ridiculous how they are raising prices it, would take 20, sometimes 30 years to pay it off? >> look, i have, i still have student loans outstanding from business school. david: wow. >> i won't have them paid off for another five years. that is almost 20 years to your point, almost paying off stuart debt. the answer is not student loan forgiveness. the answer is student loan reform. specifically the variable rates,

capitalization of interest that goes back into principal making it so that the amount you owe far exceeds what you ever borrowed. that has interest. these policies regarding bankruptcy and student loans. these are things that i think should be changed but forgiveness is not the answer. also, keeping in mine colleges have been able to inflate their tuitions at this rate because student loans are so easily available. david: exactly, exactly. >> so colleges have continued to raise their prices and make the experience less about education and more about luxury because they can charge more, because students get student loans more easily. david: we got to leave it at that. shana, dan, great to see you both. as the president weighs more vaccine mandates why our next guest says the best decision would be to leave it up to business owners. you don't want to miss that. that is coming up. at the lexus golden opportunity sales event.

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new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. david: and a welcome back to the second hour of cavuto "coast to coast" i'm david asman in for neil. a ton of news to bring you this hour. between a china crackdown and a call to once again mask up, markets are pretty jittery, toggling between red and green right now, as you can see on the screen. will the crucial fed meeting today be a make or break for market records? we've got an all-star panel, to discuss that, and west of wall

street, pennsylvania. famous for minors but the keystone state is now becoming known for crypto mining believe it or not. we've got a live report, and the show must go on, lollapalooz a is set to kickoff tomorrow after being canceled last year but not everybody will be able to attend we're going to tell you what you'll need to attend, coming up but first, inflation is it permanent or transitory that is the question the fed is debating as we speak right now. we'll hear about their decisions coming up but markets are on edge waiting to hear whether the central bank will pullback on its money printing sprint. our all-star panel is here kings view asset management cio scott martin, fox business correspondent susan li, and through the cycle president and founder john londsky. a great panel thank you all for being here. so susan what are the marketing expecting? they seem not to be too certain about what's going to come up. >> what does transitory mean because before, you've heard the

federal reserve say maybe two to three months and now is it for the rest of this year, we know that inflation has run hot now for the past three months, you saw that 5% increase in prices, consumer prices, the fastest since 2008 so i guess the discussion is, when do they takeaway the punch bowl is it 2022 and then do you get the first interest rate increase in 2023? i think the markets are parsing and looking for some sort of wording from jay powell later on today. david: scott which way are you betting? >> expecting not much, david, actually. i think the real news is going to come out in the jackson hole meeting in a few weeks here but i'll tell you what else is going on here, david schweikert you talk about this transitory notion of inflation. susan's right the setup is exactly correct. it was a couple months and now it's several months and as long as they keep using that word along the line, i guess it's still transitory and i'll tell you interest rate projections are hard to handicap right now, because we've got softening economic growth coming down the pike here inq 4 and inq 1 of next year, which probably puts off the rate hike at least

another six months into 2022. david: well john earnings of course are looking in the rear view mirror but we have these spectacular earnings yesterday, almost $60 billion between three companies. microsoft, apple, and google, or alphabet as it's now called so you had these spectacular earnings from the high-tech companies. you still have a lot of demand out there. there's this pent-up demand, people with a lot of cash, they want to spend it, but you have a labor shortage. you have inflation. you have certain pushbacks on supply, supply chain mess-ups and strangulations going on, so what's your bet on what the economy is going to be doing in the months to come? >> i think the economy is going to slow down. we have had a number of downward revisions for predictions of economic growth during the second half of this year, you know, we had, for instance gdp now by the atlanta fed. earlier, they thought that the second quarter and we're going to get a report tomorrow

on second quarter gdp, they had second quarter gdp growing by something faster than 10%. since then, that forecast has been lowered to 7.4%. basically, david, what is happening is that price inflation, higher prices are beginning to take their toll of household expenditures, the best example, housing. new home sales in june were a disaster, down nearly 7% monthly , down 19% from year ago, despite still very low interest rates, i think the fed is quickly finding that it's going to be between a rock and a hard place if it hikes rates to try to cool inflation, it's will hurt the economy. if it does nothing faster price inflation will lead to pullbacks by consumer spending. david: but susan they have to rewrite their mandates if that's true because they have two major mandates. one is for price stability as we

talked, there isn't much price stability right now, inflation is going up, there are even signs it could be double-digit next year if that's conceivable that we could go back to the late 70s, and the second mandate is on unemployment. well, we have 9.3 million un filled jobs. yes they might not be paying as much as the government is for unemployment benefits but the point is, we don't have an unemployment problem right now, so is government just getting in the way? >> finding the workers to fill those jobs, and they also say there's a fed put up there meaning there's a third mandate which is to protect the stock market because a lot of people on wall street says that if we see the stock market fall 10% you bet the fed will step in at some point as we saw in the dep ths of march last year which they should have done but yeah, there are concerns that right now maybe the economy is running too hot. there are a lot of jobs out there, not the right people to fill it and maybe it is time to takeaway the punch bowl. as you takeaway stimulus it doesn't mean you can't reinstate it. once you see some sort of slow

down or some sort of hiccups in the economy. david: but right now, and again , scott this has to be the last word i'm sorry john we'll get back to you. we'll start with you the next round, but the fact is is that we have the government just getting in the way of this amazing emergence from all of the lockdowns, which was creating all of the spectacular growth. i'm wondering if the governments causing more problems than they're solving right now. >> for sure and creating new problems everyday. it's the classic case of government knows best, government knows how to do best with your money, not you, yourself, the business owner or the spender, and that's really where i think we're at this crossroads here because the fed has done what they needed to do. the government has gotten in the way and created more inflationary pressure and they seem to keep doing that with some of these crazy spending packages that have yet to be passed through congress. david: a panel this good should not be missed in their second round coming up later in the hour good to see you guys. well covid mask mandates coming back to businesses and school districts from coast to coast. jonathan siri has the latest

detail, jonathan? reporter: hi there, david. although these are only recommendations coming out of the cdc, cdc guidance often will lead to mandates at the state and local level. while some school districts including atlanta public schools are requiring all students and staff to wear masks, some state governments are pushing back. south carolina passed legislation this month that blocks schools from using appropriated funds to require face masks. mississippi governor tate reeves says he has no intention of requiring people to wear masks in schools and florida governor ron desantis says the decision on whether students wear masks should be up to their parents, not government. >> we need our kids to be able to be kids. we need them to be able to breathe, it's terribly uncomfortable for them to do it. there's not very much science behind it. reporter: talking about science, critics of mask mandates point out children are at significantly lower risk of developing severe illness from

covid-19 than adults, but cdc director rochelle wolenski says there is enough risk to justify added precautions for children. >> they tend to be more asymptomatic. they tend to have fewer symptoms but i do want to emphasize that if you compare covid deaths to children this year compared to flu deaths in prior-years, it's about two-fold more. reporter: today new jersey's governor strongly urged everyone to wear masks in public spaces, especially in crowds, and new york city announced that they will hand $100 to anyone getting their first dose at a city-run vaccine clinic. david? david: interesting all right jonathan thank you very much. joining me now is d.c. small business development center restaurant consultant, carolina gomez. you say businesses should be able to make the best decision for their own business without government about covid restrictions, make your case. >> well, i do believe that

business owners have the ability to make their own decisions about this. this is something that is the mask mandate is a little bit of a difficult subject, but i do believe that because we're in the hospitality industry, we know how we can make our customers feel the most comfortable, and that's a decision that is ultimately something that the business owner has the right to make, so that's really what i believe, but i'm here, i speak on behalf of the restaurant industry and we've taken so many different hits with different, there's just too many different rules that we've been having to contend with, and as we're in a recovery, because we're in a recovery phase. we just hired people, we're finally back open again, we have nightlife finally happening again.

those are things to keep going strong and giving the business owners a decision to make whatever decision it is. david: no business in america or in the world has been hit harder than the restaurant businesses. it's not just the united states, by the way. it's happening in places like italy and france which are famous for their restaurants. i can't imagine how many thousands of restaurants have gone out of business, and there is a lot of turnover usually in restaurant business, but nothing like this has ever happened before, but let me play devils advocate for a second here. restaurants have a lot of inspections, always going on, on food quality, on sanitary conditions. i mean, you have to live with that that's part of your business. people pushing back from the government might say well, so masking right now is one of those quality issues that have to be dealt with, safety, quality issues that you guys deal with all the time. how would you respond to that? >> what i would say is using

the masks, yes, the fact that we're using the masks and how are we going to enforce it? that's one thing that's going to be very interesting, but i'm talking about how this affects the restaurant industry, so when you are enforcing the masks it might change a lot of in the perception of the consumer, so the customer, how do they feel when they're going into the restaurant? that's going to affect sales, so that's really what i'm talking about, moreso is for people to think about what these decisions , what affects they have on the restaurant industry and on business owners, as they tried to deal with so many different factors. david: it's going to have horrible horrible consequences for the restaurant owners, i can tell you that. there's also the question of whether politicians making these rules get addicted to power. we know from history that

happens. power becomes addictive. power corrupts, and they go wild with it, and so they're afraid to let go of the power that they now have, but bottom line is nobody's been hit harder in restaurants, we wish them the very best. good luck to you and the people you represent. carolina, thank you so much appreciate it. >> thank you. david: after the break why california governor gavin newsom could be facing an up hill climb in the recall election. the new details when we come back, and then, is laughter being killed by the woke culture what is your favorite babylon bee headline, i'm sure you've got a favorite headline. tweet it to me, david asman fox is my moniker on tweet. your favorite babylon bee headline, we'll read your favorites on air, coming up.

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have great record yesterday, record earnings yesterday, so they're coming off a high note a lot of people might consider this not so much of a high note but that's the new news. we'll see if other companies follow. meanwhile a new poll of likely voters showing democrat california governor gavin newsom is in a very tight race to survive the september recall election. fox news correspondent william la jeunesse has more on this , hi, william. reporter: well david, the takeaway, governor newsom is vulnerable and the radio talk show host larry elder leads in the race to replace him but the shocker is democrats who out number republicans in california almost 2:1 must now realize the recall is not as the governor has said, by just a handful of anti-vaccers and trump supporters. >> right wing republicans won't stop their election rejections, so when california, we've got to stop them. reporter: but the poll found 47% of likely voters support the recall, 50% oppose, also 90%

of republicans are highly motivated, compared to just 58% for democrats, 53 for independents and yet another , yesterday, do as i say, not as i do moment, reminiscent of the governor's french laundry visit. photos of his son at camp with other kids without face cover ings. that's a violation of state guidelines. turns out, newsom failed to read an e-mail from the camp, telling parents, kids would not wear masks. critics pounced, "this is a clear violation of his own mask mandate. why can his kids be maskless but not ours" newsom insists he'll win regardless. >> we're going to take this partisan effort and we're going to work hard to do the work that people sent us here to do, to address these vaccine issues and health disparities exposed in this pandemic. reporter: leading the opposition larry elder with 18% followed by former san diego mayor kevin fau

lkner, but 40% remain undecided. >> the point behind being vaccinated is if you're protected against people who haven't been vaccinated, and now you're telling people who haven't been vaccinated who have assumed the risk they are going to wear a mask to protect other unvaccinated people who have also assumed the risk. it doesn't make any sense. reporter: david i think one of the keys here is again the governor tried to pose this , if you will, as a total partisan effort. clearly, it is not when you look at the poll numbers there, republican, democrats and independents there, voting, if you will, for the recall even though it is seven weeks away, september 14. back to you. david: good for larry it's going to be an exciting race if it happens thank you very much appreciate it. well, masking and restrictions particularly in schools are a big reason for the newsom recall , and the cdc is again advising universal masking in school, and parents, once again, are outraged at what is happening to their kids in

school, for many different reasons. let's bring in wall street journal editorial board member bill mcgurn. bill good to see you. you know, there's some very good arguments that the damage of masking kids out weighs the risk s of not masking, so i'm not saying one is right and the others wrong, but you can make that argument, can't you? >> yeah, i think you can, and also, i think you could make the argument that children, young children, are the least vulnerable part of the population. not only with young kids, you look at, for example, a lot of the colleges and universities are requiring the kids to be masked, but not the teachers, which makes no sense to me, so i'm not a guy that fought against the masks. i have great doubts about how effective it is, but i wear it, you know, when i was out, when i had to, not to disturb other people, but it seems the effort to this is to just force people to do this , and i think

especially now, when we have two goals, we have main goal of getting people vaccinated, right getting as many americans as possible vaccinated. well if you tell them they are still going to have to wear their masks i think you're sending a different signal. a lot of them would say well why should i get vaccinated? david: we've got another goal, bill, and specifically related to the schools and that is the need to repair the damage that has been done over the past year and a half between parents and their kids, and teachers and their schools. i mean, there have been so many cases. first of all, paying billions of dollars in tax dollars to teachers for basically staying out of schools for so long, and then, finding out the parents finding out what their kids are being taught in school, the critical race theory and other stuff that a lot of the parents don't like. how do you repair that damage? you don't do it by bringing mask s back on kids, do you? >> no, i think the lesson of covid-19 is that we need to, the

other side talks about structural racism. we need to talk about the structural problems with public education today. we basically have one giant monopoly, and they're not attentive to the students needs. they do not put students first. we saw this all throughout the pandemic, all across the country. you had catholic schools opening manage to keep their kids safe and open for in-person learning , while the public schools demanded to stay closed. the teacher's unions and so forth and in some of these cases , part of their demands were defunding the police and stuff that had nothing to do with schools. it was so bad in san francisco, one of the last school systems to open, that the city of san francisco sued the san francisco school district to get them to open. i think the idea that we should take any direction from the teacher's union post-covid is absurd. david: finally i want to switch back to the vaccine issue and this absurd charge that a lot of

people are making that the right and trump in particular has this vaccine hesitancy even though he's the one that came up with the vaccine, and even a left wing media watchdog if you will took a lot of these democrats to task where their hypocrisy listing a bunch of joey read, chris haze and stuff that they said about their own vaccine hesitancy, joey reed said who on god's earth would trust a vaccine approved the fda? now, that's not vaccine hesitancy, i don't know what is. >> right. i think you could find other democratic politicians, including joe biden that made similar statements, about the vaccine, so now that donald trump is no longer there, we can , you know, we can promote the vaccines. i mean, that's not following the science. that's following the political science in attacking it, so i

think that some total of what you're talking about is theres confusion among the american people about what to believe and there's a complete lack of trust in the medical authorities, because they've reversed course so many times that its emerged in so many of their decisions were based again not on science but on some political. i think we learned, for example, that the teacher's unions gave the cdc the language. not the other way around, on masking and protocols in the school, so i think there's going to be a lot of sorting out to do and i think people are confused. look, i'm confused. it seems like you hear something today that just three months ago was the opposite, and people don't know who to trust. david: if you're confused we're all lost because we rely on you, in fact we'll bring you back to talk about whether the woke culture has killed laughter in this country, and we want people to send in their best, their favorite babylon bee headline.

send it to david asman fox that's my handle on twitter, and we'll bring that up with bill mc gurn coming up later. we'll see you in just a couple minutes. after this , china's crackdown on crypto forcing minors to relocate to pennsylvania. lauren simonetti has a preview of her report,. >> laura: earn? lauren: david, i'm at a coal mine here in western pennsylvania that is being used to power bitcoin mining, how the state and a company working together to create jobs, create profits, and clean-up the environment at the same time , more cavuto "coast to coast", right after this. liberty mutual customizes car insurance so you only pay for what you need. how much money can liberty mutual save you? one! two! three! four! five! 72,807! 72,808... dollars.

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♪ ♪ experience, hyper performance that takes you further. at the lexus golden opportunity sales event. get 0.9% apr financing on the all 2021 lexus hybrid models. experience amazing. david: the crypto crackdown in china is forcing bitcoin miners to move and they're moving to places like pennsylvania, and that's where lauren simonetti is right now. lauren? lauren: david, you thought bitcoin mining was bad for the environment, but what if i told you that abandoned coal

mines like the scrub grass coal mine that we're on right now, and the waste, the toxin, that its been seeping for year, are being repurposed as electric electricity for bitcoin mining, what an opportunity. we're standing right now on 15 million tons of coal waste. the state of pennsylvania has as much as 8 billion tons of this stuff, so what do you do? the state provides renewable energy credits, $15 for every ton of coal waste that's being repurposed, and the company, called strong coal digital min ing came in, used that money, used their ingenuity and started using that as electricity to power their bitcoin mining operation, there are two main challenges when it comes to min ing for bitcoin. the first one is getting the source of electricity, the power source for cheap, because those computers, the mining equipment just eats up so much energy, and the second problem is having access to that equipment to those computers. greg beard is the ceo of strong

hold digital mining and when china, greg, banned mining back in may, what kind of opportunity did that create for you? >> as a vertically integrated miner which means we own our own mining assets as well as the power that really just demonstrates the importance of our cheap power in that there's a wave of miners now looking for power coming out of china, and owning your own power asset allows us to get access to that cheap power. lauren: you're at the forefront of this but how big is this market? experts i talked to say already the u.s. probably has half of total market share, how big does that get as companies start to copy what you're doing? >> it's difficult to copy. it could take years to get access to the equipment and obviously, owning power asset, you need ferc approval. as we grow we'll need to get more of those so it's difficult to enter the business and it might take you as much as a year and a half to enter the business once you decide you want to do it. lauren: a human story to this david schweikert they are creating jobs and opportunities for so many workers out of work.

it's not just pennsylvania. texas is saying come on in, you bitcoin miners, use our renewable sources of power, our wind, our solar, similar stories in wyoming, with hydropower in south carolina and georgia, so the potential is there, and we're just scratching the surface right now, david. david: we need the work we could use it here in the united states that's a good news story lauren thank you very much. well meanwhile, beijing's crackdown on u.s.-listed stocks is fueling a record drop in those stocks, let's bring back scott martin, susan li, and john lontsky. good to see you all, susan, what is going on in china. president xi is a communist, even though he's sitting where he does because of the free market pushes of his predecessor s. is he going back to the old stricter communist model of dealing with the economy? >> well if you ever go to china you'll see it's actually a very capitalist society. people there just want to make

money and make their lives better but there's a lot of debate in terms of what exactly is a long term goal of beijing, and xi-jinping and the communist party, because really when you're clamping down on big big technology, you're really cutting off your nose despite your own faith, right? so what is a long term goal? is it just domination, control over data over the economy, over the market or do you want your homegrown talent to make lives better for the billion people that live in the country? i think there's a lot of debate about that but i will say that bitcoin has actually benefited from this clamp down. a lot of money has been taken out of these chinese stocks, so that money has gone into other assets, speculative assets like bitcoin. david: john, so far the biden administration hasn't really changed that much, the policy of the trump adminitration. it's one of those rare things, where it has an undone, the good stuff its predecessor did but do you think that will last or we may have sort of relations with

china that perhaps a lot of people would voice their opinions against? >> well i think the biden administration will continue to take a critical view of what is taking place in china, what the retentions might be, they will be very weary of attempts by chinese companies to purchase u.s. companies, and susan i think put it quite well. the chinese government appears to be shooting itself in the foot. i mean, they have a very creative, highly educated population that could do wonders at creating wealth for china, yet they seem to be putting limits on the ability of the chinese economy to grow, and this brings up an important point. years ago the 1950s, high-ring ing u.s. academics, paul samuelson made the argument that the soviet union would surpass the u.s. economic. never came close to happening,

and the more he tried to stifle initiative in an economy, the less likely is the economy to reach its full potential. david: well scott on the other hand, you see all those people there 1.4 billion of them, and the companies like coca cola and nike that have their fingers all over the place, are willing to forgive all of the problems that china has. they are willing to the chinese communist party to maintain their market share in china, but , and this is a very important but, that i want you to deal with, you have the issue of the pandemic. we will not forget where the pandemic came from. we will not forget the way they unleashed it by allowing the people from wuhan to travel to europe and to travel to u.s. and infect the rest of the world and perhaps, perhaps, having invented it inside a lab. won't there be repercussions from that that will affect economically, our relations with china. >> well there should be, david. i'm waiting for the administration everyday to do something about

what happened in the wuhan lab a little over a year ago, and certainly if you look going forward, and based on history, you can't trust china, whether it's economically, whether it's medically. we don't have a friend there, obviously and if you look back earlier this month, they had the 100 year celebration i guess it was of the ccp, which was highly militaristic, highly to the rest of the world as some of the comments that president xi made versus the other rest of the world leaders and rest of the world countries about what the chinese government was going to do to people and so look, going forward, if we think we've got a friend in china we're sore ly mistaking and it's already costing them internally, yes a lot of money as far as how they are clamping down on their own companies but also our companies trying to get in there to do business. david: susan, john, scott, what a great panel, appreciate it. well it's one of the most highly anticipated ipo's of the world, robinhood goes public tomorrow charlie gasparino on what you can expect to see , right after

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david: wall street is eager for robinhood's ipo tomorrow, investors are keeping a sharp eye on the pricing process, charlie gasparino has as well and he's here to tell us the details. charlie: well the pricing, i think, begins today, david. after the bell, i think you'll get the price of it, a lot of people are talking something like $35 a share and then it opens a trade tomorrow and we'll see what happens, and i will tell you this. i can't get a really good handle i know this sounds like i didn't do my job, but i went out and spoke with a lot of hedge fund traders that trade the stuff, a lot of analysts and people that are part of the underwriting team, who are not allowed to speak publicly because they are still in a quiet period, but you know, nobody knows where this thing could come out. it could bounce to 70 from 35 or

go down to 30, i mean, and here are some of the sort of conflicting trends. 30% of the shares will be designated for retail. that means the robinhood investor, which has grown dramatically, over the last year or so, i mean, just user growth has exploded, you would think that be a net positive for the stock. this could be like a cold stock that they want to hold on to, but then again, you'll hear from retail, from the institutional side, that they are worried about robinhood's business model heavily reliant on things that could change and hurt its revenues over the next year. one of those things is something known as payment for order flow. robinhood does not match its buyers and sellers of trading. it sells them to third party brokers. they get 70% of their revenues from that. we do know that the sekulow is sec is looking to regulate that business and they could regulate

it away. the other thing is david, interest rates. if interest rates do rise unexpectedly, jerome powell says not until 2023, well guess what i had dinner with the ceo the other day of a major wall street firm that thinks that inflation is far from transient. he's going to raise it earlier. that's going to hurt robinhood, because it's going to take some wind out of these stocks that get traded, so it's all over the place. robinhood is telling people it's changing its business model. it maybe a market maker where matches its own order flow internally. that be interesting. they are telling institutional investors that. they have other tricks up their sleeve, maybe more stock lending , so if you want a shorter stock they will lend it to you, but you know, there's issues with this business model and it could go either way and here is something else. suppose the thing does pop to 70 what makes you think the retail investor is not going to sell out that 70 if they bought it at 35? and by the way there's this sort of weak lockup rule here. they say well we won't give you another hot ipo again if you

don't hold on for 30 days. well if i'm going to make that enough money i'm going to say screw you and i'm going to sell my stock, right? isn't that what this is all about? david: yeah, charlie, why do you do this business when you could be making billions on these trades? i don't understand. charlie: you know, here is the thing. david: quickly. charlie: for everybody that makes billions on these trades, there are a lot more that don't. david: yeah that's right. charlie: trust me. and i know i'm kind of good at this. notice how i said kind of good. david: you have to be better than kinda to be a billionaire. charlie great to see you. thank you very much. well the show goes on the delta variant not stopping the music in chicago where hundreds of thousands are expected to attend lollapalooza. we'll take you thereafter the break. >> ♪

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david: lollapalooza kicking off tomorrow, hundreds of thousands of people are set to flock to the festival just as the cdc issues new mask guidance, how's that going to work out? grady trimble is at the lollapalooza, for details hey, grady. reporter: hey, david. the new cdc guidance will not

change the rules for entry to lollapalooza, but they were already pretty strict to begin with, if you're vaccinated and attending the event, you've got to show proof of that, upon arrival and if you're not vaccinated and want to get in you have to show proof of a negative covid test within 72 hours of the music festival. you've also got to wear a mask the entire time, if you haven't gotten the jab yet. mayor lori lightfoot says going forward with this event which brings millions of dollars into the local economy and supports hundreds of jobs is the right decision. >> i don't have any hesitation about lolla, particularly because the organizers have been very focused on public health and public safety and the truth of the matter is, we have large-scale events that have been happening at least since june 11 when we became fully open as a city and we've been able to do those things successfully. reporter: this , though, by far the largest event. people typically come from all over the country for

lollapalooza. this year though, more than a dozen states are on the city's travel advisory list, the city asking people, coming from those states who aren't vaccinated, to get tested or to quarantine once they arrive in chicago. david, you mentioned that this event typically on a normal year, draws around 100,000 people per day for the four-day festival, and eye got to tell you i'm seeing tourists around chicago for the first time in about a year and a half which is a very promising sign for the city. david: wow there's something though about lori lightfoot and lollapalooza that doesn't mix. i don't know what it is exactly but it's a strange combination. we'll see how it all works out we wish them the very best grady have fun there, and then, there is the war on laughter. there's nothing funny about the woke culture, or is there? the babylon bee, which is definitely trying to make a laugh out of woke culture gets a lot of laughs from the idiocy of the many rules

and contradictions of political correctness and the wall street journal ran a piece about how funny the establishment response has been to what they are doing, let's bring back wall street journal columnist bill mcgurn to talk about it. bill i have to admit that babylon bee is probably my favorite site on the internet, and i want to put up a couple of headlines so people will know the direction in which they go. again, this is say satirical site, ladies and gentlemen. no, no, put up the actual babylon bee, there we go, to defeat delta variant experts recommend doing all the things that didn't work the first time. that's a great one, and then another one, that we can put up. dangerous new freedom variant causing people to ignore government and live their lives, so you see , the direction they are going but they are hitting back hard against the babylon bee aren't they? >> yeah, they are. look, the one thing idiologs

have in common whether right or left now we're dominated by the left is they aren't overly burdened with the sense of humor and it's amazing, i mean, the times sort of had to retract or revise a story when they said oh, they're using satire to spread misinformation. david: well hold on a second, because we actually have the quote from the new york times and their response. the new york times as bill just said was warning people about the babylon bee and they said that they are frequently traffic king in misinformation under under the guise of satire to which the babylon bee wrote back saying the new york times attacks babylon bee for being more accurate than they are. i love it. >> yeah, look. humor is very very powerful and it's why idiologs fear it and why this babylon bee which i'm assuming is very small staff, can just drive these people crazy. you know, we have comedians, i

believe, harry stein mentioned that in his piece. we have comedians like jerry seinfeld who won't go to college campuses anymore, because you can't say anything. i mean, the danger of laughing, at a joke, is very real today, so it's very sad development, but of course, that only creates the conditions for babylon bee to thrive. david: that's right, and in fact, that's the piece that you mentioned says that that is the great weakness of the woke culture. i mean, satire ridicule, sarcasm , they be illegal if the woke culture was a dictatorship that controlled everything, but thankfully, they don't yet, and because they can't deal with satire, ridicule, they're helpless to deal with it, and it is their great weakness, is it not? >> yeah, i mean, and it's also a weakness, or a pitfall for the rest of us, because the danger of committing humor in a public place is very very large today. you could lose your job, be

brought up on charges and so forth. it's very unhealthy, and you know what it betrays also, if you look at it, on the woke culture. it's a very strong culture in terms of its dominance and spread, but it's a very weak and brittle culture, especially very weak and brittle culture that has to fear a joke, right? and they know it. david: and bottom line is ridicule doesn't work unless there's something to ridicule and there's so much to ridicule in the woke culture, so much hypocrisy that it is endless, so we have more material, those of us who are against the woke culture, than the woke culture itself. last word, very quickly. go ahead. >> yeah, i agree. look, satire depends on authority, right? now we have all these woke authorities, and they've made themselves incredible juicy targets, with their preposterous claims and their utter lack of

humor. david: bill mcgurn, you never lacked it at all and i hope you keep it up. thank you very much, bill. quick market check, the dow is at session lows as investors wait for new guidance from the fed. more cavuto "coast to coast" right after this. as i observe investors balance risk and reward, i see one element securing portfolios, time after time. . . only 6% of us retail businesses have a black owner. that needs to change. so, i did something. i created a black business accelerator at amazon.

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♪ david: you can see stocks are mixed ahead of the fed digs. it is coming up in just a couple seconds. you have to watch charles payne who will guide you through the whole thing and let you know what it means. charles, it will be an exciting hour for you. charles: this is definitely one the most anticipated fed meetings in a long time, fomc decisions. thanks a lot, david. good afternoon, everyone, i'm charles payne. this is "making money." i got to tell you it is one of those days where people are on pins and needles. federal reserve chairman jerome powell not expected to do much with respect to rates but the q&a second will be most important. if he gives slight of hint of tapering purchases you may see the market go into a tails spin. earnings driving tech names significantly higher.

growth overvalue is working big time this month. maybe the course has changed. we have two on that. what's up, maybe we have a infrastructure deal. i don't want to promise anything but maybe we do. this hour will be critically important. buckle up. this market will be all over the place. get ready. don't panic. we got your back. let's go down to edward lawrence with with the latest what the fed will do. take it away. reporter: no change in the federal reserve policy on buying assets, 120 billion per month. the federal reserve is making no change to rates but it -- around vaccinations. the statement now reads, with progress on vaccinations and strong policy support indicators of economic activity and employment have continued to strengthen. the statement also removed the word, weak, when talking about sectors affected by the covid-19. now it sis that those sectors have shown improvement and have not fully recovered. the fed is keeping the stance

that inflation has risen