markets. look, you have to follow the market moment to moment today because we're trying to rebound from yesterday's big loss. that's a very important story because if we don't rebound, if we go down by the end of the day, that could spell real trouble. but at the moment we're up 145 on the dow jones industrial average. nasdaq is up almost 100. neil, it's yours. neil: stuart, thank you. thank that colleague sitting next to you there, jackie for filling in for me yesterday. thank you, jackie. we have a reversal of fortune today in the market, folks, but as stuart said it would really be a problem if all of sudden these gains evaporate and we add to credit's selling. we're not there yet. keep in mind we had been up over 300 points that is in the futures markets so there is a little bit of concern some of that is getting back. you can read into that any which way you want. still waiting word out of china specifically whether it is going to come to the rescue of

evergrande group and at this point it has not hinted of that. we'll explore that a little more detail because you're not imagining, this is a pattern on the part of china to essentially risk doing great harm to itself to the markets and economy in china to make a bigger point here. so we'll watch that closely. let's get the latest on how all of this is reverberateing with tomorrow being the wrap-up of the two-day fed meeting, whether might telegraph changes to come. edward lawrence at white house. hey, edward. reporter: neil we'll have to see. market rebounded. lost some steam in the rebound. rebounding again with your snow on the area that little v. the thursday the debt payment by the evergrande group is supposed to be made. $89 billion debt payment, when you do the conversion. what is unclear if the chinese government will step in to help the company. what is clear the company cannot

make the payment without some sort of help. that is having a ripple effect around the globe as investors are wondering which banks will be infected, affected by. this the white house has also taken notice. >> first note this is a company based in china whose activities are overwhelmingly centered in china that being said we are always monitoring global markets. obviously from the department of treasury primarily including assessment of any risk to the u.s. economy and stand prepared to respond appropriately if needed, but that monitoring would happen primarily from the department of treasury and our secretary of treasury of course. reporter: the treasury department is watching this. you have morgan stanley saying there is growing evidence the economy is slowing as consumer confidence started to crack a little bit. morgan stanley saying they could see a 20% or greater pullback in the s&p becoming more likely. now this would be tied into the federal reserve which starts two days of meetings today. the fed is expected to at least talk about tapering, what that looks like. the federal reserve from almost

every corner has signaled removing accommodation is in the cards. the question is how fast is that going to happen? now one of the indicators the fed is looking at is inflation. consumer confidence price index, you have it, 5.3% year-over-year going up again in july. so the federal reserve is saying that inflation will come back down. the administration is saying, here at the white house, inflation will come back down. the data is showing inflation is not coming back down anytime soon so we'll have to see. back to you. neil: all right, edward, thank you very, very much. just to put this company in perspective here, it is staggering when you think about it, this evergrande group, it has better than $300 billion of worth of liabilities. edward mentioned that payment that is due, an interest payment that is due on thursday. these are for various notes and bonds yielding about in the vicinity of eight to 14%. the further out ones get you

14%. that drew a lot of capital but these are all the obligations. this payment that is due on thursday amounts 83 1/2 million dollars on interest, 8.25, five-year dollar bond. it sounds like a lot of gobbledygook, i apologize for that. that is definition after default, if you can't make good on a payment you're in detall fault that is what they're watching who else is exposed to that. mitch roschelle. i'm always reminded, if you look at prior market hiccups they have always been on this aberrant type events we come to discover maybe are punctuated by an environment where there were a lot of worries anyway but how do you, how do you address what we're seeing right now, mitch? >> well the market has done so well this year, neil, i think there has been a lot of ajita, let's use that word for a second

out there. i think yesterday's selloff was you know a selloff looking for a reason and the evergrande was a pretty good reason. it is unclear how much of the debt is owned by u.s. institutions but our economy, capital markets are interconnected with economies and capital market around the world, so a foot fault in one place leads to potential catastrophe elsewhere but it is interesting how the market is performing today because i think they were able to digest the story. as you and edward were talking i think what the fed does will be a bigger market mover than what goes on in china with evergrande. neil: i've always seen we've had these type of selloffs like we did yesterday. the fed is very @tuned to the markets. doesn't want them to have these fits, and that i understand and this might be a catalyst for some of the buying given what's happening in china and some of these exposed financial issues might hold off on tapering, what

do you think? >> it's possible but i think what the fed may and hopefully the governors are talking about this as they deliberate is the fact that they have pumped so many liquidity into the market that anytime that there is a dip people come running in because there is so much extra money sitting on the sidelines and they are partially at fault for having printed all that money so i wonder if the fed is going to think about that in tapering as a perhaps way to create more volatility in the short run but maybe they can stablize markets in the long run but having less liquidity floating around out there looking for these types of opportunities to jump in and also looking to invest in things that may be higher up the risk spectrum. neil: you know, mitch, i'm always trying to think, where is our exposure in this country so what is going on in china and it really just focuses on three big bond funds right now, one from blackrock, pacific investments

management company, pimco and ash mere, the ashmere group. besides that you could make the argument if your fund or firm that has large exposure to asian real estate or just real estate in general, if you argue this could be a tip-off, then you're vulnerable but short of that, there didn't seem to be a lot of wide exposure here? >> no. i think that the micro exposure probably is to a handful of funds, maybe a private funds have exposure because they were attracted to high yield on paper. neil: right. >> i would look at the root cause here which is, why is a big company in china sort of getting made of its skis and is there something fundamentally wrong with the chinese economy right now? because a lot of world economies, including ours dependent on what goes on with china's economy. neil: mitch thank you very much. mitch roschelle following all of

these developments. again the stock market is holding on to these gains, about 214 points. we remember we lost better than 600 yesterday, more than 900 points at our worst level. we recoup ad lot of that in the final hour of trading. this maybe bears more significance than you know. obviously if something like that was happening here, there was a large real estate concern that was vulnerable to something like this, it might be a very different issue for our markets but they do have to chew on the possibility we're running up against a debt ceiling of our own and some problems that could manifest themselves in a matter of days. chad pergram is following back and forth on this in washington. chad, what can you tell us? reporter: good afternoon, neil. if it's september that means we're staring at the possibility of a government shut down but democrats hope to stave that off sometime in the coming days here. this is going to be a key issue as we get a little deeper into the month. the deadline here is september

this. the house votes in a few hours on interim spending bill to fund the government through desand suspend the debt ceiling through next december. republicans say they won't help with the debt ceiling. that outrages democrats who worry about the nation's economic stability. >> i hope my colleagues, you know, will stop the brinksmanship. a default would be catastrophic for our economy and families across the country. so i would again urge my colleagues to, you know, to, i mean to not turn this into a political football. reporter: package also includes 29 billion to help with disaster relief following hurricane ida and $6.3 billion to support afghan refugees but even some lawmakers who represent areas impacted by the storm don't like the packaging. >> please do not put the disaster relief on the cr with a debt ceiling increase because it won't pass and, they're doing it

anyway. they can count votes just like i can. that tells me they're not really serious about helping my state. reporter: senate minority leader mitch mcconnell says the democrats should raise spending ceiling on their own. the democrats will dare gop to filibuster the bill. the democrats need 10 republican s to extinguish the filibuster. neil: 14th amendment, president can utilize the public debt clause, that was amendment addressing those born, gnarlized in the u.s., there is a clause in that that allows the president to act on his own but that again would alarm markets as well as the world. it is such a mechanism were used right? reporter: that's right. that provision in the constitution says the debt of the united states shall not come

into question. that has never been used at least in modern history as you say but would you know, prevent, would that present a new precedent and would the markets say, wait a minute you didn't do that by statute, is that a problem? we got a long way to go here. we have probably until early october and we have to see if the markets start to get a little bit rattled here, or if the banks, investors start to call republicans, look, you guys got to help the democrats out and raise the debt ceiling. neil: yeah. every time this happens, how many times, it is countless. chad, go to maya maginnis, committee for responsible federal budget. she is the president. maya, here we go again. it happens so many times, you get so-so response from folks. one of the times we'll botch this, i don't know whether this is that moment, but we take it for granted there is always a heal hail mary pass at the end

that avoids catastrophe. >> you're absolutely right. it is more juvenile and depressing every single time we go through this same charade, with the concern at some point, somebody in the middle of this game of chicken, i actually had people describe it on both sides this is what is going on, a game of chicken, somebody is going to flip, somebody is going to make a mistake. we could cost ourselves a tremendous amount of money, uncertainty, loss of credibility in the world. there are plenty of things for the two parties to be fighting about but honoring the full faith of united states government, honoring the debt we promised to pay shouldn't be one of them. neil: i'm just wondering too, when ratings agencies, i think we had almost 20 years ago, when we were playing this kabuki theater game, they did lower our rating from aaa, on the notion this back and forth made a mockery of the whole process.

now, only one. there were others that might have been tempted to follow but it didn't do much damage. in other words, we were still the best game in town because debt in other countries just was not as alluring. how long do you expect that to be the case? >> yeah. a great question. actually remember where i was when that downgrade happened. so importantly it was not just because of the risks we were playing chicken with the debt ceiling t was because of political disarray that existed in this country and you hear that more and more, talking to ceos of many, many big companies around the country, they say the biggest risk that they face is the uncertainty coming out of washington and so already even though we're not defaulting and markets are not up in arms about this there are huge costs that are mainly invisible because everybody has to play their business, their policy, their in this arena

filled with uncertainty because of the political progress. the timing when any of these things happen is incredibly unknown. the line i often hear we're the best looking horse in a blue factory. that is not a good thing. not that we're doing so well, people trust us, buying our debt, there isn't really another alternative yet but obviously countries around the world are all working on becoming an alternative because we're not holding our currency in a stable position and our debt in a credible way that reassures all the people who lend us money. and so i don't understand why we have this great advantage of being the reserve currency yet we seem intent on squandering it instead of fighting about the real differences that exist in the policy arena, risking the strength in this country that we're so credible and our debt is fully trusted up until now and hopefully we'll find a way so it is going forward. neil: the solution i suspect they will come up with is to

punt. that they will, change this due date, push it back, maybe december, maybe early next year and then do it then. in other words, the same type of game that has been played so many times by both parties over the years, what do you think? >> yeah. so there are two different pieces to this and i think they will punt on the government shutdown which comes at the end of the month, when the end of the fiscal year happens, they do continuing resolution. they should put in place a auto cr, when government can't get its act together to fund the next physical year, instead of shutting down we automatically fund the government at same level or lower. not a big increase in government so we don't have to have shutdowns. the debt ceiling will be more complicated. that won't come before the end of the fiscal year. they're trying to have a vote of all these things together now. that will not pass the first time around. the debt ceiling, either democrats will have to pass it on their own by putting it in reconciliation bill or

republicans will have to agree. here is how i see this, the debt going forward, there is $13 trillion we're going to borrow over the next decade. that is a debt comes from republican tax cuts, democratic spending increases and mainly partisan legislation both parties are involved. both parties should pay for what we already borrowed but perfectly reasonable to insist along with that we not engage in more borrowing. there is a lot of talk about the big build back better plan which would likely borrow trillions. absolutely we say we're not going to borrow anymore. if we want at the same time we pass the debt ceiling increase, include something that would help us work on our fiscal situation, that would be a great idea. we've done that many times in the past. we should do it now and important that a lot of people don't realize the past three times we lifted the debt ceiling we also voted to increase the debt at the same time. that would be the worst policy to put in place.

we should not do that again. we should either do it on its own or include something that would help us get the fiscal situation under control. neil: you know, maya, if you or i had the power, couldn't pay our bills, american express, visa, mastercard, we upped the credit limit to stumble another day life work dandy. unfortunately we can't do what the u.s. government could do, can we? >> there are all the crazy theories out there, don't worry about the debt, everything will pay for itself, it is magic, we can print money. there are a lot of wishful storylines, because the government has ability to raise taxes that is story that ends really bad for any government that engages in that possibility. i would add this is moment in our history with a really immense amount of threats around the corner and we need to be fiscally sound to stand up, or able to defend against them.

this is an unwise time to test the limit to see how much debt is too much. we really need to take measures immediately to start to put the debt on downward path relative to our economy. neil: failing that, i think the comedian seinfeld got it right, we owe this money to ourselves? well i'm not paying, just go away. that is not an option. that is not an option. thank you very much, maya maginnis on all of that. we're looking at the fallout of all of this. if the markets are getting panicky about this they're not showing it. this rebound from yesterday, the scarlet o'hara thing we'll worry about it tomorrow. for those of a certain age that, is "gone with the wind." i don't have time. we tell you that the president wrapped up a meeting with the prime minister of australia. remember everyone is in town for the united nations general assembly. the president speaking to the world earlier today, trying to send a message america is indeed

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♪. neil: all right. the good thing about being a fox business chief national correspondent you get the best gigs, the best events to cover, go to the united nations to cover the president of the united states addressing the first time the u.n. general assembly. life is nice if you're connell mcshane. connell, there you are at this big international gathering. you were supposed to tamp down some of their fears, right? did he succeed? reporter: you know, it remains to be seen to some extent, neil. it was interesting, kind of out with the old, in with the new message with the president, looking to move beyond afghanistan and the war there, and shift the focus to other issues. talked a lot about covid, got into climate, cybersecurity, even trade. take a listen. >> i stand here today for the first time in 20 years with the united states not at war.

we've turned the page. all the unmatched energy, commitment, will and resources of our nation are now fully and squarely focused on what's ahead of us, not what was behind. reporter: the address itself lasted for a little over half an hour. the attention now here at the u.n. at least will shift for many to a video message to be delivered by china's president xi xinping. president biden delivered his own message day as of the u.n. secretary-general said the relationship between the united states and china was completely dysfunctional. >> the united states will compete and will compete vigorously and lead with our values and our strength. we'll stand up for our allies and our friends and oppose attempts by stronger countries to dominate weaker ones but we're not seeking, say it again, we're not seeking a new cold war or a world divided. reporter: at this hour the president just wrapping up a

meeting he had here in new york. his last event here in new york before heading back to washington meeting with the australian prime minister scott morrison. now in that meeting mr. biden just said he has no, the u.s. has no closer or more reliable ally than australia and at some point the president says he expects to speak on the phone with french president emannuel macron. the french are still upset saying they were blindsided by the submarine deal between the u.s. and australia. as a final point today, when the president gets back to washington later this afternoon, he will meet in the oval office one-on-one with uk prime minister boris johnson. neil. neil: great job, my friend. looks very impressive with the united nations behind you. connell mcshane our chief national correspondent following all of those developments here. we keep going back to the china evergrande story and 300 million-dollar real estate concern a lot of people didn't even know about a little more than 24 hours ago. a lot of people do now, what is

remarkable in the story i don't think gets as much coverage, china seems to prepared well, let them go if need be. this is a pattern we've been seeing out of china lately not necessarily sticking up or even supporting some of the biggest capitalist names, delaying, stopping initial public offerings of chinese concerns in this country. then trying to go after real success stories from china in that country. alibaba, anyone remember that? china is risking hurting itself doing this and it doesn't care. think about that. it doesn't care. why? after this. ♪.

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♪. neil: so is this bigger than evergrande or is evergrande kind of like a wild card event as so many prior market chalk events

telegraphed often times with things that seem out of the blue? my buddy charlie gasparino wrote beautifully about this morning in today's new york poet. i urge you to read his column because he put it into some historical perspective here. he is with us now. charlie, i kind of agree with the premise you're getting at, really not itself about evergrande but the environment which this is occurring. explain where you were going with it? >> you know for schuss, we're talking about the u.s. markets, the u.s. economy, evergrande should not be an existential threats sending the markets down 600 points so why does it do that? if you look at past bubbles the bear stearns hedge funds that blew up in 2007 shouldn't have been in of itself existential to bear stearns but ultimately they were, for the entire financial system and some crazy market calls before the 2000, the 2000 nasdaq crash where some, or i should say meek market calls

were analysts saying maybe dot-coms are overvalued. that started shuttering the markets. eventually the markets believed they were overvalued and they sold off. the reason why, when you have events like this it calls, causes investors to basically focus on the glass half-full rather than, excuse me, half empty than half full and they start rallying, democratic party which controls nominally congress right now wants to raise taxes. they want to raise taxes on individuals, business, and capital gains, not good for the markets. okay, the federal reserve is looking at an inflation threat. well guess what? the inflation, the fed can't not address inflation. it is part of its dual mandate and if there is a significant inflation threat, they have to slow down the economy, that leads to lower stock prices. there could be a bubble in real estate in certain parts of country, if you go down the line. you start looking at all of this stuff, people start saying well

the herd begins to change, well maybe it is not half full, maybe it is half empty. that is where something like this can do to the u.s. markets. i'm not saying this is the one but there will be something that causes the herd to shift and you know that is usually not good. and you know, but evergrande in of itself is just not going to collapse u.s. banks. it is just not enough but it is enough to draw attention to the fact that the global financial system may be over leveraged. clearly the chinese real estate market, which is a huge chunk of their economy is overleveraged. what the chinese government did is what the fed used to do is possible bubbles. when there was huge leverage in crazing financial instruments in 1994 i remember, the fed started raising interest rates dramatically. you had the orange count bankruptcy, some bad stuff, guess what, they had to pop a

bubble in the markets, misallocation of resources. china sees that, the real estate business is getting too much capital as opposed to other sectors. so that is what is going on here, neil. i don't think of itself it is a big thing for us but it could draw attention how screwy our markets are. meme stocks? tesla, tesla trading i still can't get my arms around this, the market cap is crazy than the big three combined, combined. neil: you're crazy. >> by the way, nice haircut. neil: thank you so much. >> i'm giving you a compliment, please, let me compliment you. neil: like sergeant carter, who are you talking about. >> sergeant carter. nobody knows who that is. neil: you and i are the only ones that got that. >> gomer pyle. neil: where is my fruit juice. thank you very much, charlie gasparino. fascinating subset to this story

right now that china so far isn't doing anything to rescue evergrande, and if this strikes you as a bit after pattern here you're not imagining it. lately it has gone after some of its biggest success stories, running roughshod over them, even penalizing those trying to list in this country and other countries their offerings. even if it means, it often times is a big shock to the system and even if it means in this particular case which the value of real estate that tumbled in china and some of these bonds are trading what, 25 cents on the dollar, it could still go lower, china is an investor in that as well. so china takes it on the chin. gordon chang, china analyst extraordinaire are, great china tech war among others, gordon, they're willing to absorb a lot of financial punishment to make a statement here but i can't figure out what the statement is? >> yeah. this is really a puzzle as you point out.

the chinese technocrats want to deflate the bubble in the property sector which accounts for between 26 and 29% or so of china's total gdp and evergrande is the poster-child t has debt equal to about three% of the country's total gross domestic product. you can imagine how important this is. this is $305 billion. they need to do something to rein this in but this could get out of control for them and that is the big worry. why investors in the u.s. yesterday saw this, said oh, my god. they should have seen this a long time ago, neil. this situation has been around a long time and it has been evident to watchers. neil: you know what is weird? maybe the whole, you think about, you know far more than i obviously, the chinese system which has capitalism, communism, sort of living side by side but it will default to its more brutish instincts i think when

it comes to total government control and even going after those entities and individuals in china who have had great success under that system as if to say you've gotten too big for your britches and we're going to slap you around even if we're slapping ourselves as well. what do you make of that? >> yeah, what i make of it is a decline of $3 trillion in market capitalization for chinese companies since about the first week of november. it is not just ant group, alibaba, tencent, they're going across their most productive companies across the board and that really means at a time when china needs outside money because the debt crisis in china is just out of control, foreigners are not going to want to put their money into a country that could implode as charlie was just talking about. so for xi xinping right now he has got an economy which is not producing very much if it is producing at all, he has foreigners running for cover and

he has a debt crisis he has to deal with and this could very well be the biggest debt crisis in history. neil: wow, gordon, thanks very much catching up with you. gordon chang, all things china he is the man on this stuff. gordon was talking about a lot of this stuff when nobody was. i think that gives him added gravitas as they say. big word, gravitas. a lot of gravity. all right, in the meantime here taking a look at airlines maybe getting a lift because we're going to ease up on travel restrictions, those coming here from abroad but exactly what type of restrictions are being lifted here, after this? ♪. when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute

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before we talk about tax-smart investing, what's new? -audrey's expecting... -twins! ♪♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan. ♪ neil: all right, if you have been vaccinated and you are testing negative for the vice russ go ahead and hop on that plane, you are welcome in the united states of america. it is not quite that cut and dry

but for an airline industry that is desperate to get people flying again, certainly a step closer. grady trimble at o'hare international airport with more on that. hey, grady. reporter: hey, neil, for many this is easing of restrictions but for many others it is tightening of restrictions to get in the u.s. the headline is, you said it, all international travelers coming into the united states will have to be vaccinated no matter where they're coming from. they will also have to follow strict testing and contact tracing protocols as well. this is welcome news for the 33 countries banned from coming in to the united states. the move by the biden administration was met with praise from european leaders, more broadly the travel industry, but for travelers outside of those 33 countries you just saw, including many where vaccines are harder to come by the same rules apply to them as well, which makes entry into the u.s. more complicated for them come early november.

the biden administration is also facing criticism for on the same day it outlined these new air travel rules, extending restrictions on non-essential travel at the canadian border until october 21st. congresswoman elise stefanik wrote, it is past time for this administration to do its job so members of the north country can be reunited with families, tourism can resume, and small businesses no longer have to sufficienter from this administration's failure. but as you said for those 33 countries, neil, welcome news, easing those restrictions, especially at a very quiet o'hare where international travel has certainly not been very robust over the past 18 months, neil. neil: we shall see my friend, grady trimble following all of that in chicago. meantime, this was a headline i thought i misread a progressive group supporting a realtor, more to the point, a landlord, trying

to evict unvaccinated residents. it's a little more layered than that just like the prior story. let's go to hillary vaughn with more on this. hillary? reporter: neil that does conflict with what we're hearing from progressive lawmakers today. right now progressive law make remembers holding a press conference trying to revive the federal eviction moratorium, introducing the keep renter safe act, would empower the cdc if eviction would lead to a spread of disease like covid-19 to stop tenants being kicked out if they do not pay. >> here to do is make sure that we are preventing another secondary pandemic from happening in the united states. >> that's right. >> the winds of fall and winter are right around the corner and as of the beginning of august we were talking about one in every six renters in the united states facing eviction. reporter: but progressive have been silent about threat of

eviction from a florida landlord, who says you don't get vaxed you get evicted. the florida landlord has 100 rental units in florida. he is not renewing leases of existing tenants or letting new tenants move in if they don't show proof of vaccination. he told "the washington post." i have obligation to protect our workers and tenants. you have to get a vaccination if you don't want to, you must be evicted. one tenant is turned out office building. >> two weeks is not long enough to get the shot. two weeks is not long enough to pack all my things and leave either. so i was very shocked. it was just get the shot or get out. there was nothing else. reporter: progressive group occupy democrats is cheering the eviction threat from the landlord, tweeting to followers, retweet if you support the landlord's move. some tenants are lawyering up.

eviction attorney brian court says the policy discriminates against healthy people who don't need to get vaxed. where does it end? will non-vaccinated people live a slum? that is exactly what we heard from progressives today, they're trying to stop evictions sew people don't end up in shelters, crowded hotels where they can't socially distance. they make the argument stopping evictions, stop the spread of covid-19, neil. neil: sounds like a street to me. i will take their word for it. hillary vaughn, thank you very, very much. now the pentagon had to deal with a controversial botched drone attack couple weeks back, now going a little further, ordering a review of that drone strike but the pentagon is the one reviewing it. it is reviewing itself. after this.

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neil: all right. the pentagon is ordering review of that botched drone strike in afghanistan but again the operative word is the pentagon is doing the review here. lucas tomlinson is here. what is going on with that.

reporter: hours after the drone strike the president's national security advisor appeared to spike the football. >> our over the horizon counterterrorism capability was proven out. they identified the target, they took the target out. they are now in the process of identifying further targets to action. reporter: today air force announced inspector general, the general sayeed will inspect the u.s. drone strike that killed 10 people including seven children. a career fighter pilot with 2,000 hours in the f-16 and state department special representative for pakistan and afghanistan. he worked at the time at the u.s. embassy in kabul. the u.s. military calls this a blind strike without friendly forces on the ground which makes it much more difficult t was approved by a commander at the airport in kabul. the u.s. plans to compensate the family with payments but so far no one reached out to them. >> the defense secretary would

support removing that family if -- >> i believe the secretary of defense would absolutely support if the family wanted to leave afghanistan to come to the united states. reporter: after the strike u.s. military's top general, mark milley called it a success. >> we think that the procedures were correctly followed and it was right chris strike. >> we knew from the very beginning there was possibility of civilian casualties. reporter: the new investigation will be ending in 45 days. neil: peter brookes, retired naval commander, heritage foundation research fellow, former deputy defense secretary under push 43. peter, what do you think of this pentagon investigation into and perhaps beyond what was originally stated last week to explain what happened? >> yeah. there is a terrible tragedy on so many levels, neil and it east important that there is an investigation but once again there are reasons for it not to

be done internally. you can start with an internal investigation, nothing wrong with that. central command should have an investigation but congress probably need to look at this as well. they have oversight responsibilities whether armed services committee, whether the intelligence committees but need to be lessons learned. war is tough. we know that mistakes are made but we need to check our policies and procedures, our targeting mechanisms perhaps even issues of accountability and come up with lessons learned so something like this tragedy doesn't happen again. neil: you know i wonder, peter, too, if we were to ever look at another drone strike again within afghanistan, let's say isis-k fighters were trying to take out what have you, we don't have any boots on the ground there anymore t would complicate it, wouldn't it? >> absolutely. the risk is much higher. i wrote about this with heritage foundation last week. if people want to read my piece in the daily signal.

much more difficult t would be better, we know a lot of mistakes were made in this afghan withdrawal by the biden administration there are certainly things we could do differently. i felt we should have a small footprint that would allow us to have folks on the ground there to collect intelligence, perhaps work with afghan partners that were available to us in afghanistan. and but it just makes it so much more difficult without that. the over the horizon strategy obviously after this terrible tragedy in afghanistan recently it under question. even though we did see a successful strike from what i understand in syria against al qaeda targets just within the last day or two. but there are a lot of questions. there has to be a lot of hard thinking done at the pentagon, in the intelligence agencies, about how we're going to tamp down or does the embers of violent extremism, whether it is in afghanistan or other parts of that region. neil: all right. peter, thank you very much. peter brookes joining us on

that. again the president of course at the united nations general assembly today talking about america being back and this country being back and a 20-year war being over but he had a lot of doubters in the audience, something we'll explore next hour as we will the comeback in the dow, not as impressive a comeback as it was ten minutes ago. remember out the gate futures were soaring better than 300 points, making up about half the ground lost yesterday, now not so much. why a lot of technicians are looking at that number, saying if it turns red we have some problems. ♪ ...

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neil: all right, there's a reason why they call september a tough month for stocks. that's because history bears it out as the toughest month for stocks, even with the come back and the dow on averages today all the major averages so far this month are down 3%, or more, that is the dow, the s&p and the nasdaq, all down that amount, which is living true to the view that september is a tough one to get by, and then of course you have october, where some of the more pronounced have occurred but on average, it's september that's the rocky month , and some of these latest developments aren't helping matters any. huge china real estate concern

that could be on the brink, so far little, if any, indication that the chinese government is going to do anything to rescue it, and growing concerns that maybe something like that could happen here. so far, no evidence of that, but let's go to lauren simonetti whose been keeping track. which investments are making it today and which are not. hey lauren. lauren: and neil in the back drop of everything you just said the market is up double-digits this year, so we've come a long way. today we do have investors buying that dip and they actually started to, at the close yesterday, we had been down about 950 point, and rallied back to be down about 600 so we're seeing some of the biden dip mentality. it was the worst day in the end for the dow yesterday, since july. it was the nasdaq, then the s&p 's worst one since may so what's helping to quell some of the jitters about the chinese property developer evergrande becoming china's lehman moment? these comments that came overnight from s&p global. "we believe the chinese banking sector can digest an evergrande

default with no significant disruption, although we will be mindful of potential knock-on effects" so the tone is still cautious, lpl financial says september the worst month of the year for the s&p 500, and there are more 1% or larger swings in october than any other month and the fed wraps up its two-day meeting with the press conference tomorrow and a pullback on that extraordinary monetary accommodation. now, gold offers protection against the ill-effects of stimulus, like inflation. gold prices today, just modestly higher at 1,777 but even more volatile price in the market is the currencies that continues to follow bitcoin and ethererum at 2,937. look, recently, the cryptocurrencies trading in

lockstep with equities is not happening today so you have the white house tracking down the distinctions against the cryptocurrency exchange over its alleged role in helping to enable ransomware attacks so that could be hurting the crypto s today but they are a risky market and typically pretty volatile. neil? neil: indeed they are, great wrap-up of everything lauren i appreciate it lauren simonetti following all of these developments, lauren was ending there talking about crypto and bitcoin and all of these, rogue investments i don't know if they are so rogue, but grant is back with us, the midgroup blockchain ceo, its gotten very rich believing in this , grant good to have you back. >> good to see you, neil. neil: when you see days like this on top of days like yesterday, do you ever get answers? >> so i could tell you when i first started, neil, i think anybody in that sense was and i think the crypto investors is

completely different. the landscape is different and i saw someone actually talking about this recently is these pullbacks that we're seeing when things like the china evergrande deal is happening and different stuff with regulation, the white house cracking down on certain things when those things used to happen the pullbacks used to be 10-15% and i think yesterday was right around 6% or 7% and so it's changing but you have to just look at the grand scheme of things. september, along with the stock market, has never been historically great for the crypto space, and there's a lot of uncertainty out there as far as regulation with the crypto space and a lot of different things, but i think in this sense, if you have to become a seasoned investor when it comes to crypto, you have to look at the opportunities, and realizing that you're getting essentially a 6% to 7% discount on your purchase, and if you have the average your purchases over the grand scheme of time and you're betting only the crypto, then i think it's a

win-win as long as you're a long term investor. neil: you know, the ark fund, a big believer in bitcoin thinks this could be a half million dollar investment in five years i think that was the timeline. what do you think of that? >> right. i think it's completely reasonable, if it matches gold's trajectory, and it just depends on what happens with it. neil, i know it's el salvador but it's unbelievable that we're having an actual country tweet ing out the president of the country tweeting out that they're buying the dip and i know it's a small country, but just something that be unheard of five or six years ago. neil: but they had a botched rollout, right? i know things have gotten better , grant but does that worry you that here was a country going to go really deep into this. it was sloppy and i don't know how it is now but what do you think? >> well, i mean, when you rollout anything on the grand scheme of things it's not going to be perfect. it's a brand new system. it's a country that obviously needs a currency that's going to

be worth something because countries like that, they primarily would use u.s. dollars and other currencies, so it's going to take time, neil. i think we're out of the infancy stages but now maybe in the toddler stages, where people are slowly becoming accustomed to this , big money is now taking notice, where we have wall street and all of those other guys that are going to slowly start to kind of get into this. what's going to happen over next six months is extremely interesting as far as the sec and regulation and that debate, what happens there, but i think more and more capital across the world is slowly going to be invested into it and these draw backs and these bad days are going to get , like lower and lower and lower each time, and i think that true value of bitcoin and the whole space is just going to continue to rise at a massive level. neil: normally and you obviously follow this far closer than i, but bitcoin is always been the go-to investment when the markets go nuts and these last couple of routes it's not.

now that could be some of these other factors like the sec and the number of senators saying bitcoin has to be reigned in, maybe that's all a pile-on here but does that worry you? >> you know, there's always going to be some draw back, some worry. just like neil, the biggest thing you can say is we're having this conversation for a reason, and five years ago, the united nations are getting together, and the sec chair is down in new york, and they're talking about all of these different things. crypto is a consistent conversation that we would not be having five years ago, and as you see more and more countries adopt this , more major people are looking into this , and hedge funds and different groups it's going to continue to rise. there's going to be plenty bumps along the road to any investor, what i would advise is bet on the long term, don't get caught up in these smaller currencies and smaller coins, focus on the coins that you surely believe in, and dollar cost

average, every time there's a dip take advantage of it, and focus on the long term. neil: yeah, i heard one of them say you wouldn't want to bet your kid's college education on it, but that really depends, grant, how i feel about my teenagers that given moment so i guess you really kind of like a personal choice depending on your mood. all right, grant thank you very very much, very good seeing you again, my friend, the mit group ceo blockchain ceo he was way way way ahead of this curve. i mean, like early early way way ahead. let's go to scott martin a guy ahead of his tender years when it comes to looking at markets because he knows enough about september. >> usually. neil: young as he is to know it's a problematic month. so far, it continues that theme. what do you make of what's going on? >> yes. as young as i am, neil i do know my months of the year so that's very helpful when we look at old mr. and mrs. , gender neutral stock is a popular thing to say

i guess is that there is seasonality involved in markets. now what's funny about statistics, i being one a fan of statistics, neil, and how we run our portfolio at kings view in some of our etf's you can manipulate statistics, some people say you can beat them to death and beat them to tell you what you want them to do but the reality is to change them around to say hey if you take out a month of the terrible attacks of september 11, if you take out the crash of october 87 , if you take out some of the things that were going on with the gulf war, volatility in the mark etiquettes in 94, the months don't look that bad, but what i do like about looking at things maybe more on a concurrent basis today is that there was a little bit of maybe too much optimism there going into the fall here, basically, i guess, at least trib you lated itself into now what we're see ing in the markets as far as some pullback, some reconciliation, some recognizing that markets did need to pullback, and to get to a level wherebiers come back in. neil: do you worry about what's happening in china, and that it

could spread here? i know it's unique to china, it's $300 billion, you know, vulnerable assets right now. let's say it defaults on this payment due thursday. that could have reverberations here. i tried might ill it and you probably have as well to look at any u.s. exposure here, and outside of a few, you know, western bond funds like those from blackrock and pacific investment management, maybe ash moore group. i don't see that wide exposure but maybe in the markets if this thing went belly up, it doesn't matter, it would have a cascading or domino effect. what do you think? >> it would and we're kind of lucky in the fact that china has shed out a lot of our banks from doing so much business especially of late so the exposure isn't as bad as it probably could be. another thing that's funny about the exposure with china and kind of that systematic contagion effect, neil, that we saw around the financial crisis, is folks mainly on another network, thank

goodness, have been saying this is like 2008 again. not even close, it's a lot more isolated. the chinese government has a history of manipulating and taking care of these companies within their country, in weird ways, with a lot of force and control so i do think they come in and do something to kind of save the bacon here, so to speak , even though i'm trying to cut out bacon out of my diet because the reality is the damage that something like this is hard to do, the reality of the damage that would expand into the markets just as far as general unease is probably not worth the lesson, let's say, that the people's republic of china, if that's what you want to call them, want to give the rest of the market or their own market, i don't think although president xi to your point about where china is, my goodness, man. these days whenever he's speaking whenever they're putting out what they're doing with some of the technology companies there and certainly some of the things in hong kong, it's very worrisome what they're doing on maybe more of a grand basis of how they're handling a lot of the business matters and people in their country.

neil: yeah, i'm telling the fact that china doesn't care if it hurts them if it boomerangs on them, it's pretty bold, because they are clearly taking it on the chin as a result of all of this. they don't give a damn, and that worries me. >> me too and it worries the markets certainly, but i think overall, the reality is that these buying opportunities that do occur like days like yesterday when it looks like the market was going to be down over 1,000 points and the dow today rebound so far and then everybody is like well just sell this , take these opportunities to layer in positions you like because longer term this too shall pass just like the financial crisis did and just like the covid freakout had s from 2020 did. neil: i think a late great comedian, it's always something, of course you're too young. >> i'm there with you, man. neil: yes, exactly thank you very much. i keep revealing my age, and you shouldn't, they say on tv you shouldn't do that, but all right i'm going to take some milk of

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neil: all right, meeting with australian prime minister done, potential meeting or at least

phone call with the leader of france, not yet. joe biden and trying to smooth over a lot of kind of rough issues since that australia and uk, united states security pact that has the french all a twitter. edward lawrence has more from the white house. edward? reporter: neil, there certainly is a lot going on with the united states, around the globe, and president joe biden making a forceful speech to the u.n. general assembly trying to convince other world leaders the u.s. can still lead as well as support its allies. now he does have a hill to climb when asked concerned in the wake of other leaders in canada, united kingdom, germany, asking the u.s. to push the exit deadline from afghanistan, president biden did not, leaving some other countries with some people left in afghanistan. now you have to deal with australia, undermining a contract that was negotiated since 2016, between the australian prime minister and the french. president biden meeting with that australian prime minister within the last hour, france did not come up in the public setting, so critics of the

president say his actions don't match words like these. >> we stand, in my view, at an inflection point in history, and i'm here today to share with you how the united states tends to work with partners and allies to answer these questions, and the commitment of my new administration helped lead the world toward a more peaceful , prosperous future, for all people. reporter: now the president never mentioned china in that speech, but he did make it clear he's not interested in standing up to china. maybe finding common ground, listen. >> united states will compete and will compete vigorously, and lead with our values and our strength. we'll stand up for our allies and our friends, and oppose attempts by stronger countries that dominate weaker ones and we are not seeking a new cold war, or a world divided in the rigid blocks. reporter: now, president biden says he's willing to talk with

any world leader around the country, around the globe, even if they have extreme disagreements with the u.s. , he could be referring to russia, related to the cyber hacks, or maybe north korea, but do you know what? france might also now fall into that category, the white house trying to get a call with the french president saying it will come in the coming days. the white house saying that they are working out timing for that call, so far it hasn't worked out with the french president. back to you. neil: edward lawrence, i keep picturing what it'll look like if the phone lights up, joe biden, and it's like seriously, macron. i'm not going to pick it up. all right, craig dillon, that's the best i could do with my french accent but you deserve better, craig is a former boris johnson advisor, and i've got to wonder, how far this rift with france and certainly the united states, and i guess to a small degree with britain goes, what do you think? >> well, you know, the classic

answer is that the french are always going to be upset. i don't think anyone is worrying too much, what this alliance really means is a great thing for the world. you know, our partners in other areas from india to japan have hailed this agreement with australia, the uk and the u.s.. it really helps bring the end indo-pacific region to the forefront of the future and one of the things that's quite interesting and a lot of americans make the mistake of thinking that boris johnson is just another trump. maybe it's the matching hair, but in reality, boris and biden are quite aligned on a lot of things you heard from his speech today pushing climate is exactly what boris is pushing and the big focus on the indo-pacific region seemed to have brought them together quite well so its been a good week for the british. neil: you know, craig, too, boris johnson referred to joe biden as a breath of fresh air and now that seemed to be a slap at the former president, with whom i thought he had a pretty nice relationship. are you saying that this one is

a tighter one, how would you explain it? >> i think this one is more interested in embracing the world. you know, trump was very america -first, which some people think is good, some people think is bad but biden is definitely as we heard today, this new shift on to diplomacy which is great. it's what the world needs, it's going through turmoil right now, we are seeing big problems on the horizon across the world, so the fact that the u.s. are back and playing the diplomacy game i think is a good thing and the british are reassured by that and especially, bringing australia into the fold has really helped spread the power across the world. neil: how is britain's relationship with france likely to change here? i don't know the details or the back story on all this , craig, but the french said they have this deal set with australia for these diesel-power ed submarines. i never knew a submarine could be powered by diesel but what do i know but having said all of that it was all but signed,

sealed and delivered and the united states pulled the rug out from under them. >> yeah, and facilitated by the british. you know, the americans only ever shared their technology with the british. we have american technology in our nuclear submarines and the second the australians got that the americans are likely willing to share of course they pounced on this. these are the world's most advanced nuclear submarines and of course australia would love to have these and needs them. this is a region we really need to be focusing on now, so you know the french are upset, of course but you know, the french are always upset. we have a long relationship with them and i think they will certainly get over it. neil: yeah, i think, we're all friends. we just have group hugs all the way around, craig great see ing you again, craig dillon, the former boris johnson advisor here. we mentioned france and one thing that they've already

instituted this jab or job choice, that french workers, hoping to return to offices, had better be vaccinated or they cannot. it is the law, so get jabbed at least if you're in france, after this.

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neil: all right, the sec chair, gary gensler, is on the wires right now, talking about what happened yesterday in the markets and this huge china real estate concern that could be on the brink, saying that the u.s. markets in a better position to absorb a potential global shock from the major company default compared with years prior to 2007-2009 financial crisis. it went on to say that given the jittery trading we saw on wall street on monday, investor fears of a contagion from a potential collapse of the

chinese evergrande group might be overblown, quoting here , "i do think we are in a better position than 2001 to absorb some of these shocks" end of story. his view. all right let's get the read right now on some other developments including what's going on, on the border right now, and the push to deal with what is now a rush by the tens of thousands of people trying to get here, proven by drones and they're right now, feeling the heat at least those in charge. we are on capitol hill with more reporter: yeah, hey, neil we've got the senate hearing ongoing on terror threats, since 9/11, over the past 20 years, and it really has been a tail of two hearings so far democrats are primarily even focused on cyberattacks and what's happening with natural disasters due to climate change, but republicans are really hitting hard as you mentioned on the crisis at the southern border, and also, what happened as u.s. troops withdrew from

afghanistan. now, fbi director christopher wray says the number one threat to the homeland right now are lo ne actors. here is senator rob portman grilling him on the taliban's new leadership. >> there's a concern that the hikani network leader, whose name is hikani is now the acting secretary of the interior of afghanistan? >> certainly concerns me. >> he's on your most wanted list isn't he? >> i believe so. >> well, look, the question is what do we do now? reporter: meanwhile, secretary mayorkas fresh off a trip to the rio grande valley continues to insist that the border is closed despite this , thousands of haitians pouring in and camping out underneath a texas bridge. here is senator josh hawley demanding the secretary own this. >> do you bear responsibility for the humanitarian crisis in del rio, yes or no? >> senator, it is my

responsibility to address the human tragedy in del rio. >> but you don't think you played any role or your policies played any role in fostering this crisis? >> what we are learning from our interviews with individuals is they are receiving false information and misinformation from the smuggling organizations that traffic in the exploitation of vulnerable individuals. >> well so in other words it's someone else's fault. reporter: all right, yeah, fiery debate there mayorkas said his agencies plans are working, with title 42 and of course ramping up of deportation flights and neil when asked if he was happy with how everything was going in the progress and securing the border he replied, "i am, but we do need to do more. we have to do more work." neil? neil: thank you very much, to tennessee republican congressman mark green on all of this. congressman, were you satisfied with a lot of those answers? >> no, those are ridiculous.

i mean, they won't own anything. they of course when i was in my foreign affairs meeting with blinken just last week, they absolutely refused to accept any responsibility for what's going on in afghanistan. clearly, mayorkas will not own anything at the southern border, they want to blame everything on trump still. it's really crazy, neil, and it's tragic. neil: i'm just wondering what happened now. i guess the view seems to be this gets to be democrats versus republicans but i always try to tell people watching the show that we're not red or blue here , we're just following what's really going on and thousands are converging on that border, and many are given entry to this country and now there are cases where they're dealing with some of the haitian immigrants and returning them, but they're just a fraction of what have already gotten in. >> yeah, neil it's great to point out that even amongst that large group from haiti, that

basically was camping in central america, waiting for an opportunity to come across our southern border, very few of those have actually left. i mean, they're trying to say they have but it's like 1,000 versus 12,000 that came across. we know about other groups in colombia. we know about other groups throughout latin america, that are just sitting there waiting to come. 1.4 million have come across the southern border. you can't say you're for americans who are unemployed finding work, when you're letting 1.4 million people come across the southern border and take those jobs, and you mentioned, i think, kind of eluded to what jen psaki said yesterday, that they aren't staying when she was talking about covid and not vaccinating the people coming across the southern border, she says oh , well they're not staying. how stupid do they think we are. these people are coming into the country, they're seeding covid all over our country and it's not like they're getting court dates anymore. they are just moving them throughout the country.

it's insane what they're doing and then they seem to think they are jedi mind trick us and we'll just accept what they have to say. it's absurd and they lost their minds at the white house. neil: so when they are given a court date for those who are, sometimes it can be pushed back years. >> years. neil: what is the likelihood they will show up for that court date? >> the vast majority never show up for the court date. those are just proven statistics we know that so when she says they're just coming here, i guess for vacation, she seemed to suggest that they are going to leave, so they don't need a covid test. neil: when she says, when jen psaki says that the past has proven that they do show up for their court date, a majority of them. >> that's false. neil: she's got it wrong. >> that is absolutely false. i was on homeland security last congress, and the vast majority don't show up for their court date. neil: so these thousands who have gathered on the border and under this bridge and overpass, they're not going to go away are

they? >> no they're not as long as they maintain these policies, what mayorkas said, you know, he called it lies, the transnational organizations, these, you know, coyotes are telling those people lies. they're not telling them lies. they're telling them the truth, that it's an open border and that they should come. as long as that policy is in effect and by the way in violation of a court ruling, remember that just recently, the court said that president biden needed to reinstate trump 's policies on remain in mexico. he's failed to do so. he's just ignored the court's ruling. neil: all right, we'll follow it very closely, congressman mark green, of tennessee, thank you very very much. you could see now, that the dow 's triple digit advance has evaporated pretty much where it's up all of 33 points, higher energy prices might be playing a role here, in fact we're going to explore that a lot more closely with jeff flock, right after this.

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neil: all right, well, stocks are well off their highs right now, the dow up about 38 points, after yesterday's better than 600 point free fall, we had made up about half of that ground earlier this morning, that was then, this is now, oil might be a catalyst though, it is stubbornly going up, and jeff flock following why that might be out of philadelphia. jeff? reporter: yeah, you know, we focus sometimes only on oil prices, but not what happens after you get the oil. i am perched on the edge of an expressway, so maybe it's a little loud but it gives you the best picture, perhaps of what's called the philadelphia energy solutions refinery, and at one-time this was the biggest refinery on the east coast of

the united states. it is now rusting. take a look at pictures -- there's a trucker out there. take a look at pictures about two years ago, huge explosion and fire at this refinery. it has been shutdown since then and it is now being torn down. it is one of six refineries across the united states and it has been closed in this past year. that has taken tremendous capacity out in terms of refining capacity for gasoline. if you look at the numbers in 2020, we lost 4.5% of refining capacity, the lowest level of capacity since 2015. the problem is, neil, with the focus now on green energy, there's a defocus on oil, not just exploration, but the refining of oil as well. we were already really at the limit of what refineries could turn out. not a problem during the pandemic, because there was less demand. demand has returned, refining capacity is still what it was

and worse than what it was, and right now, very hard to get financing for a new refinery , and as perhaps you know, we haven't had a new ground up refinery built in the united states since the 1970 s. what we've got is one that's going out of business, like this one. maybe that's part of the reason gas prices are where they are. neil? neil: well to your point it doesn't help. jeff thank you very very much. be safe, they are speeding right by you, jeff flock in the middle of all of that, dan geltrude in the middle of the market that can't seem to makeup the mind where it wants to go the dow is trying to come back from the better than 900 point sell-off we had at one point going into the last hour trading yesterday before 300 was shaved off that, still a big loss. so, dan, i dare say that if we were to have a down day after yesterday, that could be a problem, that i remember back

periods of the market was tested you didn't want to see the next day's gains evaporate. what do you think? >> well, neil, obviously there is some concern out there, but i'm not overly concerned. i really believe that the market , this market has just been incredible as far as its vitality through so much. let's remember, in march of 2020 , the market was half where it is now. so i wouldn't count out the market, right now, granted it's having some indigestion, and we're going to see some uncertainty going through the last quarter, however i am bullish what happens in the remainder of the year in spite of what's happening in washington and all of the chaos going there i have more trust in the market than i do in anything that's happening in the capitol. neil: got it, and speaking of the capitol, the world's were, you know, bridged with that gary gensler, of course the sec chief

, saying essentially, he does not see this , what happened as chinese real estate concern as a problem or a financial meltdown-type event i'm paraphrasing here. are you in that camp? >> yeah, i am. listen, neil. with the way, quite frankly, the global economy sits right now, when you have a major economy like china or some of the others around the world, and particularly the united states, when we have some problems in those economies, the rest of the world is going to feel it. now, thankfully, i believe that our markets and our economy has remained strong enough to really be able to withstand this type of foreign hiccup, it's not a positive but to me, it's not a significant game changer in any way. neil: you know, dan, i don't see some of this bundled securities that were sold, the lehman brothers stuff and all of that, that proceeded the

last financial meltdown and came after it with housing. i don't see that. you could argue anecdotally some signs where things are getting a little heated but nothing like then. that doesn't rule out, you know, a correction, or maybe even something more, but not for the same type of issues what do you think? >> yeah, i agree with that, neil. a lot of people are talking about the possibility of a correction and the parties been going on too long, and at some point it's going to end. well of course it is, but listen the market has made a lot of people look like fools trying to do, especially some short-term predictions on what the market is going to do. i personally do not see anything right now that's going to cause a major correction. now that doesn't mean that the market isn't going to drop, but 10% or more, i mean, that hasn't happened through march of 2020 where we've had a 10%

correction, and we dealt with plenty more major issues than we see right now. of course, neil a black swan event, well, another covid strand that starts us all over, obviously, that could happen, but barring that, interest rates staying low, with all the cash that's out there and the potential buyers, i don't see a major correction in the market, neil. i just don't. neil: dan, in recent years, you know, you've been richly rewarded for buying on the dip in fact you were called a dip if you didn't. i don't know how long that holds but its certainly been over the last few years, so thank you , my friend. dan geltrude, following all of those developments. so let's say you're not really as much into stocks as you are homes and you've got a little bit of money and you like nice homes. well, we've got a new show happening tonight, with casey macdonald that is just your, well, investment cup of tea.

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neil: all right, when it comes to buying a home apparently cash is king, and increasingly the preferred route for one out of three home buyers and a lot of hot markets right now in davenport, florida, ashley webster is joining us, now, with how they can speed up a process with cash. ashley? ashley: yeah, hi, neil. listen, look. you saved and really tried to get that money together, to put down a deposit on the home that you really want to buy, maybe this one. only when you go out and make an offer, you're competing with people who have cash. all cash, all cash, all moolah, so what do you do? well that's creating new businesses like a company called "ribbon" and what they will do is buy the house that you want

for you, all with cash. you have that kind of behind you on your offer. now, let's take a look at a list of the requirements that are needed for this. first, you have to be pre- approved a lender. that is imperative. then you can look at single family homes, it covers town homes, it covers condos. the prices anywhere from $150,000 up to 700,000 dollars and if you can't get your financing together before the closing, you can still rent back the home from ribbon for up to six months. it's fascinating stuff, i spoke with the co-founder of the company earlier, who says what this does is level the playing field for all buyer s. take a listen. >> and so what we're doing by bringing the cash platform and enabling every single family to be able to have that access not only to get a chance to win, but they are often able to win their home at a lower price, because the cash also is the cash discount. ashley: now, it should be pointed out, neil, that you're

not going to be the only cash buyer on a lot of these homes these days. yes you have the mortgage offers but then you have all sorts of cash offers. let me bring in realtor jenna nu nez. jennifer, why is ribbon cash offer better than any other cash offer? >> well i tell you what we're not just seeing multiple offers. it's multiple cash offers so the cash offers are competing with each other as well. what the seller wants to see is a guaranteed cash offer and that's what ribbon gives them. they will see the sale all the way to closing. ashley: very interesting and do you know what, neil, how does ribbon make money? they make money by charging a fee for backing new buyers up with that cash offer. it's usually between 2% and 3% or 3.25% of what the asking price is and the other question is what if you can't get financing and you're entertainment aring the the renting the home back, but you can't get the funds? well you'll lose your deposit and any other fees back to ribbon who will go ahead and sell the home, hopefully that doesn't happen but bottom line is because cash is king

companies like ribbon can come along and use that as the rich uncle or aunt as we were saying earlier to help you win the home that you want. it's that kind of a market right now. neil? neil: does the seller know that the person buying through this service isn't paying cash him or herself? ashley: yes, because there is an absolute commitment on behalf of ribbon to buy the home. that's right isn't it, that no matter what happens there's a guarantee that ribbon will pay the cash. >> yup, guaranteed. ashley: and that is why it's pretty attractive to the seller, neil. neil: interesting very interesting ashley, thank you very very much on that. interesting time, right? interesting timing for casey macdonald and her new show starting tonight, "mansion global" tuesdays at 9:00 p.m. on this fine channel. casey what do you think of that? that's a way to get around the problem, i don't have enough cash to put down on a house but with this group i can. >> neil, the transition king

cavuto, thank you for having me on, i'm so so excited, but that's true. i mean, you can nab one of these $100 million properties that we've got for you, you don't need the cash on hand. how about that that sounds great , like a great deal maybe we'll partner with them for next season but again thank you for having me on. fox business prime is blowing the doors off this week, we've got monday, tuesday, tonight, and wednesday, from 8:00 p.m. to 10 p.m. eastern time, mansion global premiering tonight on fox business at 9:00 p.m., and neil, we have amazing incredible properties like this one that you just saw, just jumped off the screen, coral gables, that one is off the market we have a miami episode and chicago, but i promise you we're taking you all over the country this season, we've got 10 weeks together which is fantastic but it's a seller's market. case in point, this flew right off the market, 13,000 square feet, sprawling estate, you have

privacy and you can also invite 100, 200 of your closest friends over, and that's what we're see ing at these homes. they are private, intimate, they are generational homes you're going to have all of your family , having your family for generations, or it can be your retreat, your staycation 24 /7 you see all of these tech companies moving to town. we go toward these houses, and they're closing on them the following week which is crazy. you think about new york city, and everyone saying, you know, new york will never be the same, get out of new york, but then you have companies like google coming in and i believe it's the most pricey office building purchase since the pandemic at $2.1 billion. neil: yeah, so they are all attracted. that's exactly to buy that property, but you're right about the a lure of florida and some of these other havens. i'm wondering how do you pick the homes you show on the program? >> well if it was up to me i might pick a traditional fancy pants home every single time,

but we like to spread it all around. you know, we'll try to, if we have a penthouse in a certain city we'll try to have something a little bit more rural, maybe a little bit more removed from the immediate downtown, to really get into the essence of what each of these places has to offer, and for example, we have a nashville episode. yes, we have a sprawling nashville manor , but then we also have the kind of country meets honk y tonk with hundreds of acres so it is really something for everyone. neil: i look forward to it and best of luck, i don't think you'll need it, but we will own all things real estate. thank you. and good luck tonight. we'll have more, after this.

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and ask your doctor if keytruda can be part of your story. neil: all right. can we hold on here. dow up 20 points. to my buddy charles payne. hey charles. charles: hey, neil, certainly a nail-biter. i'm charles payne. this is "making money." breaking right now the dip is being bought but not with the same vigor as prior dips. wee talk about the technical hurdles, geopolitical risk are and washington, d.c. which is becoming a greater drag on markets. i have got the pros and myself with ideas to get you ahead. how do you invest in the future world that doesn't look as it does tod