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tv   Cavuto Coast to Coast  FOX Business  July 26, 2022 12:00pm-2:00pm EDT

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special on it, i have a good idea. >> i've been there i didn't know the answer. well, sorry i cheated. it is five. stuart: it is five. that is extraordinary when you think about it. a total of 21,000 men worked on the dam between 1931 and 1936. they created extraordinary marvel that powers las vegas. it is fantastic. time is up. neil, it is yours. neil: thank you very much for that. one of the things we're watching own we'll know officially whether we're in a recession but americans already decided given sentiment numbers. we already are and you can't tell them otherwise. edward lawrence at the white house with a reading that has some in that building behind him a little bit worried. reporter: neil, this is the first key economic data we'll get this week this is a very packed week for economic data.
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consumers are more pessimistic about the economy. the consumer sentiment number is down, 95.7. the lowest since 2021, tech of 2021. all this plays into recession fears. the president firmally claiming we're not in recession. president biden: we're not in recession. in my view, unemployment rate ask one of the lowest we've had in history. it is 3.6 area. we still find ourselves with people investing. my hope is we go from this rapid growth to steady growth. reporter: so senior administration official tells us the transition the president talks about will come with slower growth. the official says that the president would be happy with economic growth under 2%, much like the obama administration. republicans arguing that the past administration before the pandemic laid the road map for how to ignite an economy. >> ever since i've been an economics major at western
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kentucky university in the mid '90s, the definition of recession was two negative quarters of gdp and that's what we're going to have. the problem the biden administration has is they spent too much money and their energy policies created massive inflation and the only way to stop the inflation now is for the federal reserve to continue to increase rates. reporter: so the biden administration also not making any changes to policy going forward. now in addition the international monetary fund slashing the global outlook in 2022 and 2023. the international monetary fund saying queer looking at gloomy, the world is looking at gloomy, uncertain future that could include a recession. neil. neil: not to distract you, but what is the noise behind you? reporter: they're doing a lot of construction on a fence that is going right here. they are drilling. there is a vacuum truck back here. they happened to park the truck right here. it just picked up right before your show. i don't know if they're trying
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to say something here but -- neil: handle did it very well. i thought it was a chipper for all the good economic news. see what i did there? you're the best, edward lawrence at the white house. john lonski, right now what he makes of what we're feeling. apparently we're not feeling too great how things are going, john. what do you think? >> we just had news of a drop in consumer confidence. the consuper expectations index, how the consumer views the future has dropped to the lowest level in nine or 10 years and on top of this earlier we had news from the university of michigan that for the united states the consumer sentiment index remained close i think a 70-year low, the lowest reading since the survey began back in november of 1952. what's in a name regarding recession? maybe that is really not the major argument. what is going on i believe,
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faster price growth, with wage growth, prices up 9%, wages up 5% and we find that middle class and lower income americans are hurting. they very much feel as though they are in a recession. neil: then they tend to then, manifest that in what they do or don't do, what they buy or don't buy, right? in other words if all you hear is, your getting pelted by the bad economic news, bums you out, we might see this happen in mortgage applications multidecade lows. home sales dramatically slowing, if you think about it, mortgage rates are close to double what they were a year ago at this time. still relatively low for guys like you and me who can remember when they were a heck of a lot higher. the adjustment is not going well for folks, is it? >> no, it is not. we had news on june home sales earlier today. they were down 17.4% from a year
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ago. you can't make the excuse that there is not enough inventory or new homes for sale because in the month of june the number of unsold new homes was higher by 17% year-over-year. in the same report we find year-over-year increase by new home prices has plunged. they were up 21% in the month of april, for the month of june, up only 7%. hey, we have fed policy, action of fed tightening. it is working. inflation is coming down however it is coming down with pain. walmart had their report where they warned of problems trying to sell discretionary items outside of food and energy. they're going to be forced to be cutting prices. so perhaps we're beginning to see some strong evidence of a peaking of price inflation. neil: you know what, john, while
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i still have you here, do you know offhand how soon a president becomes aware of economic number due out? i see in the case of the employment report he will know generally thursday before the friday release. that's fairly reliable. but, when it comes to the gdp report and the president insisting that we're not in a recession do you think he knows that ever the exact number will be for the second quarter it won't have a minus sign in front of it? >> i think he has perhaps strong hint there will be a minus sign in front of second quarter gdp, however i want to add i would only become terribly concerned about this report on second quarter gdp if i see a minus sign before consumer spending and a minus sign before business investment spending. we know for a fact, practically, that real residential investment
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spending may be down by 10%, mostly because of the higher mortgage yields and earlier real estate price appreciation. neil: you definitely put the aggregate number -- [both talking at once] >> argument in favor of recession. neil: so you think the overall number will be a negative one. because i only mention it because, this is one of those few times wide disparity on the street about this number. goldman sachs even though ratcheted down the expectations of the second quarter still sees it up moving up .7 of a percent. wells fargo, some others still in fairly positive territory but in positive territory. you still think no matter what, it will be a negative number? >> why is the white house so concerned? why is the white house become so defensive about the upcoming report on second quarter real gdp? they must know something.
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they're providing us with a hint to be braced for a negative reading. neil: got it. john lonski, thank you very much. john following it very, very closely. >> thank you. neil: perception does become reality. if you feel things are lousy, even in the face of economic news not nearly as lousy, harken back to 1992 when george bush, sr. was running for re-election. we were in middle of a recession. he kept arguing we were coming out of it then. technically he was right. we were coming out of it. in fact for the fourth quarter of that year we were on our way out of it you about it was too little too late to help the former president, who ended up being the one-termer brought in presidency of bill clinton. tiana lowe, "washington examiner." we are a lot of what we feel. americans certainly given the sentiment survey out don't feel too great. that is all that matters. right now they just don't feel great, right?
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>> absolutely. while recession is a technical definition, inflation is something that people feel every day. there are some similarities to that 1992 election. there is a global crunch in demand. i mean part of that is biden has sort of, his policies have not lent themselves to us being domestic net exporter of oil. which could be helpful with the disruption of war on ukraine. something is very different. interest rates are not in the process being flat. they were in process of how high inflation remains, that hike could go a lot higher. it is not even as favorable as that 1992 election when they were coming out of the recession. unfortunately for us the pain probably just begun. what is the fundamental lesson of that election? people don't like when politicians don't talk down to them. worse, when they don't acknowledge the pain they're feeling every day in their pockets and with their paychecks.
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as you see with the consumer sentiment, we see with plummeting house prices, we see with the domestic oil demand crunch due to lack of demand because those prices were too high for too long, people are feeling pain. that isn't being recognized by the white house. neil: yeah, to your point we're seeing show up in other areas where people are thinking and fearing. in the case of walmart acknowledging their shoppers are pinched things might slow down a little bit. same thing out of whirlpool, host of others. not everyone. neiman marcus's chair yesterday. he is boffo. maybe his clientele is a tad different but there is something going on here that's spreading. do you think it gets much worse? >> of course it gets much worse. i mean the fact is real interest rates are still negative, even if we're looking at core pce, which is what the fed likes to use. that is approaching 6%. interest rates are not yet at 2%. this is why when people, when you senators like
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elizabeth warren so out of touch saying the fed would be remiss to raise interest rates by as much as 100 basis points, they are not realizing the interest rates are not chasing down inflation quite yet. and to the point about neiman marcus, inflation is always particularly nefarious and regressive because if you are a neiman marcus shopper you can always go from bergdorf neiman, owned by the same company. you can go from neiman marcus down to macy's. when you're shopping at walmart. there isn't much cheaper you can get. when you're talking about core goods with very inelastic demand, things like food, things like gas, things like clothes there is not much lower than you can go. neil: that's interesting. you're right, that is what is happening right now. there is bifurcation. always hate using that word. it accurately describes the battle between the haves and have notes in this country. the haves can afford to borrow a little more, ha knots have run out of ammo.
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tiana lowe of the washington examine. some other things i don't know whether it had to do with rent or decision on their own, the russians are abandoning the international space station something they started in cooperation with the united states decades ago. remember they built it at piece at a time, it was looking like a bathroom shower where it is half a football field. they're saying they're out of there in 2024. will we be the sole caretakers? do we abandon it? what happens after this. it is interesting to point this out though, the russians are going it alone in space from now on. the chinese have already been going it alone in space and conquering the moon. they're both acting on their own. or are they? after this.
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if the 20% figure holds it might be more than that. is that a preview of coming attractions. we'll explore that in a bit. meantime i want to go to mike emanuel at the white house. the president digesting that news, the energy news, and for him better news on the health front. mike, what have you got for us? reporter: that's right, neil. we understand from the president's doctor in a letter just out that the president is feeling better, in fact is expected to begin his exercise regime again. this is day five of his covid protocols. we expect sometime after today he will be tested and if he clears he can get more back to normal. on the economic front we do expect a conversation soon between president biden and china's president xi. the exact timing is unclear. but it sounds like it will happen soon. among the topics to be discussed we do expect the president to be asked whether he intends to roll back tariffs on china. also in house speaker nancy pelosi will travel to taiwan. china says it has serious
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concerns about the speaker's potential visit. warning china would have a firm response. there is some bipartisan support for pelosi going to show strength. >> we need to be muscular when it comes to china and they can tell us where we can and cannot travel. if there was a private conversation it should have happened before the announcement of a trip that is one thing. now she made the commitment. >> president biden sounds like the commissioner of the nba, folds to whatever china wants instead of standing up for america. reporter: speaker's office says it does not confirm or deny international travel due to longstanding security protocols a key national security spokesman addressed a possible trip and china's behavior. >> we'll let the speaker talk about her travel plans. our job is of course to make sure she has all the context and information before she travels anywhere, but that kind of rhetoric coming out of the chinese side is clearly unhelpful and not necessary. reporter: on issue of tariffs there is also some bipartisan support for keeping them.
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>> the reality is we probably need more tariffs, not less tariffs. >> we need to have an industrial policy both with incentives and also stopping the chinese dumping to rebuild our productive capacity. reporter: back to the headline of the moment, the white house doctor says president biden feeling better, getting back to exercise. it sounds like he will be testing soon to see if he gets back to more of his normal routine. neil? neil: got it. to congressman congressman michael waltz the congressman. to the economy, everything else, we'll know for sure on thursday whether we're in recession or not depending what the second quarter gdp number is. your constituents, indicating in these surveys they feel we are. how are they reacting to the numbers we're getting? >> neil, you can't spin, you can't hide from the gas pump. it underlines, underscores every
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aspect of our economy. everything has to be transported. everything has to be delivered somewhere and until biden is willing to take on the progressives when it comes to our domestic energy policy, they will keep flailing around at this issue and they are going to feel it when it comes to the ballot box in november. neil: so you don't buy what they're saying, it is already working? they're opening up the strategic petroleum reserve and pushing in that regard gas prices down nearly 40 days running. we're over the worst of it, things are getting better. >> i didn't buy it when they said -- neil: you don't buy that, right? >> i didn't buy it when they said inflation was transitory last year and i don't kind of buy the nibbling around on margins of a fundamental issue. we've gone from 13 millions barrels a day to 11 million barrels a day of u.s. exports just since last year. geopolitically we should be flooding the zone especially in europe with cleaner american
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liquified natural gas and as long as gas prices say as high as they are putin will have as much as he needs to continue his war machine. instead of funding dictatorships, looking for their oil and gas let's support american oil and gas and we will solve all kinds of problems killing multiple birds with one stone. neil: to belabor this point with one other question, i'm curious what you make of the russians now, they have sort of reopened the spigot through gazprom, their state controlled energy company but providing a lot less natural gas to europe than in the past and the europeans already considering you know, rationing that out, urging member countries and their residents to curtail use by up to 15%. >> yeah. neil: i know it is apples and oranges, congressman, do you see that kind of thing coming here? >> yeah. well, i mean there is a lot of differences there, neil, but i
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think you know, what the russians are doing is keeping just enough going to europe while they shift their supplies to india or they ship their exports to both india and china. china is up over 50% just in the last year and are filling that void as quickly as they can in terms of european markets. the thing i'm worried about, we met with president zelenskyy in ukraine we're worried about, europe is in the middle of a heat wave right now, when we get to winter, that is when it gets critical. the europeans are way underdeliverring what they promised to zelenskyy in terms it of military aid. when they're in the critical situation they will dial it back even further. that means putin's the winner. neil: you mentioned president zelenskyy, you met with him, now we know from the russian foreign minister one of their goals is to take him out of power. they left it open-ended how they could do that, but that he
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doesn't deserve to be the ukrainian leader. what did you make of that? >> well, they have been trying it through political manipulation now for sometime. when that didn't work, that is one of the key reasons you saw this military invasion. remember their initial strategy was a quick, decapitation of this the zelenskyy government, a quick seizure of kyiv. and then bringing ukraine under russia as as as a vassel. that didn't work. give zelenskyy, his leadership and rallying you not just the ukrainian people but the world to their fight for freedom but he is incredibly afraid that the biden administration will settle with the lines as they are. that means that all putin is going to do is hit a pause, button, refit his military and he will be right back at it again. zelenskyy is just incredibly concerned the administration is helping him play for a tie, not lose so badly, rather than
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giving him what he needs to win in the time he need it which is now. neil: you mentioned china. i would be remiss over this dustup whether nancy pelosi can go ahead to taiwan if she wants. a number of your republican colleagues, maybe you're among them, said she should go. the chinese are apoplectic about it and don't think she should. i don't know what president biden's view is on it but he has been pretty quiet about it. how do you feel about her going to taiwan? >> i think she should absolutely go. it is rare i show any support for any policy of nancy pelosi but in this one we don't let the chinese communist party dictate where our elected leaders visit and, both when and where in terms of supporting our allies around the second thing, neil, what does that send, what kind of message does that send if she doesn't go, if she allows the bully to win and biden allows them to win to the japanese, south koreans, indians,
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australians, all of our other allies? if we don't visit taiwan what message does that say defending taiwan and defending freedom around the world. neil: congressman waltz, thank you very much, and for your service to this country. people forget that i certainly do not. congressman michael waltz of the state of florida. we want to let you know a little bit more how the president is dealing with covid. apparently upbeat enough he anticipates to returning to in-person work by the end of the week. we'll have more after this. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq
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-so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪ ♪. neil: case-shiller is sort of like the bible on home sale activity across the country. they took a look at 20 cities. they look at the nation in the aggregate. in the latest period up about 20.5% annually, in other words, at the pace it is going. now that is down from a record 21 1/2% pace we're seeing,
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roughly 21.2% i should say annualized from the month before. we should add new home sales like existing home sales in latest month, in june they were slip-sliding away and continue to do so. but an interesting phenomenon i was discussing with our charlie brady our top editor, "rain man" when it comes to these stats, part of the reason why you're seeing the 10-year note now in the 2.70 something neck of the woods, anticipating a slowdown, if not outright recession we should point out here, the yield curve, you get more bang for the buck with a two year than you're getting with a 10-year. that is normally presage as slowdown at very least, a recession at very most. we have not seen the sort of a gap between the two in better part of two decades. we're keeping close eye on it here. meantime anything that has to do with real estate, there is this other conundrum of prices still out of whack some would say,
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even allowing for the slowdown from the pace we had. still very, very high. mobile homeowners right now are experiencing that first-hand, especially those who rent and are seeing big, big double-digit increases in the rent on those mobile homes. lydia hu in west orange, new york, with more on that. hey, lydia. reporter: neil, yeah, it's a new trend that is developing, new interest from investors and mobile home parks that have some advocates for residents of mobile home parks raising a red flag. they're concerned about implications of this could be. we see interest in investors from residential properties as well. a new report from redfin shows that during the first quarter of this year, the purchase buildings of homes investors made a record 20% of those purchases that were sold across the country. that was up from 19.2% in the last quarter of last year. and you can see with have top 10
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metro areas for investor market shares of this first quarter, coming at number one was atlanta. 1/3 of properties there purchased were made by an investor. there is growing interest in mobile home parks for investment opportunities. that is because they offer steady returns to investors. apparently i'm told they're making huge profits based on these investments. this is a growing trend. mobile home parks, the residents own the structures, the actual homes but they don't on the ground under anything like that them. when investors come in to acquire the property they quickly start raising the rents very fast, sometimes in the double digits. here is one example from minnesota where park purchases by out-of-state buyers grew from 46% in 2015 to 81% just in 2021 last year. rent increases were seen as much as 30%. as you can imagine it can be hard or sometimes impossible for
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residents to pay increased rent. watch this. >> you're renting the land you're treated like a renter. some of the protections for renters and manufactured housing communities are weaker than they are for renters in multifamily buildings. if you start ratcheting up the rents for people on fixed incomes, pretty soon they're not able to kind of afford the rents you're charging. >> that means the owners of these mobile homes are forced to make some very difficult decisions. if they, especially if they can't afford the increased rental payments. some people might be forced to abandon their homes. even if they have lived in them for years or decades. very difficult situation that people could be confronting across the country as investors are turning to mobile home parks more and more for investment opportunities, neil. neil: amazing how this spreads through the entire economy. now in mobile homes. i did not know any of that. lydia, thank you very much. lydia hu on that phenomenon.
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another phenomenon seems to be moving strongly ahead regardless of the environment. for example, what is going on in the he will real estate arena for mobile homes. if you're in the market for electric vehicle be prepared to shell out $66,000. that is the average price of electric vehicle sold in the united states. up 13% from what it was a year ago. so what's going on here? myron bell, director of the competitive enterprise institute for center of the environment. myron, a lot of people are moving to these kind of vehicles, but it is cost prohibitive to do so. what do you make of all this? >> there has been a shortage of internal combustion engine vehicles as well. so prices have gone up. people are finding it very difficult to buy a new vehicle or a used vehicle. and i think you know the administration and climate
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racket have been trying to push people into electric vehicles but as you say the price has skyrocketed. not just because of demand. the raw materials, what they call the critical minerals that go into the batteries have, those prices have gone way up. some of them have skyrocketed. so the cost of producing an ev has gone way up. i would say they're even more of a vehicle for luxury buyers today than they were a year ago. neil: yeah. we should say, to your point, traditional gas-powered vehicles, they are not cheap either. they're averaging 20 grand less than an ev, but with both you will have to wait a while, because of the supply chain disruption? >> that's right. i think, you know there is a fundamental misunderstanding about where the ev market is in the administration. the secretary of transportation buttigieg and the white house had said well, if gas is high people will find evs are a
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good buy. well, the electric rates are going up too. so the cost of charging them has gone up. cost of the vehicle has gone up. so what you find now, really, evs are where they were but i think even more so than a year or two ago, they're the second or third vehicle that a wealthy family would buy. they're not the primary vehicle. they're nice fashion statement, good virtue signaling. they have lots of advantage but not the only vehicle you will want to own. neil: byron, thank you very much for that. myron ebel, competitive center for industry and environment. how to shell out much a electric vehicle might be a moot point for buzz aldrin, second man to land on the moon along with neil armstrong back in 1969. his jacket he wore on the flight just sold for 2.2 and a half million dollars. it's a record for any
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plays-flown artifact. ever. buzz aldrin was the second man on the moon but sold the most artifact for any journey into space. second to none. way to go, buzz. we'll have more after this. if you used shipgo this whole thing wouldn't be a thing.
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neil: the senate is holding first hearing exactly what to do about it, how they're going to get anything done in a midterm year. aishah hasnie following fast-moving developments on capitol hill. what is the latest? reporter: neil, good morning to you. democrats and republicans agree on one thing. they're calling for more action from the federal government to stop the flow of fentanyl into the homeland. senators on the health committee grilled representatives from the cdc, from health and human
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services and the white house about the government's response to this massive crisis. last year fentanyl killed more than 100,000 americans. it is especially dangerous not only because of how strong it is, but because it is laced on to those counterfeit drugs then sold as xanax and adderall. the chemicals come from china but vast majority of pills are put together by two major cartels in mexico and smuggled across the boarder. because the fentanyl crisis is so intertwined with border issues, some blame the biden administration border policies for the worsening crisis. we saw that hammered in today's hearing. >> with securing borders around decreasing smuggling impact the fentanyl crisis? >> yes, senator. >> is there any objective evidence that we've impacted china's supplying? they're sending it to us like we send wheat to them.
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>> the number of seizures of precursor chemicals and preprediscuss chem challenges. in many cases that was high due to cooperation from chinese officials, subsequent to the seizure the information was sent to the chinese officials so they could take action and hold the individuals responsible. reporter: neil, even senator ben ray lou juan called for screening at every single port of entry, not just southern border but every entry into the united states. to try to curb fentanyl coming into this country. neil? neil: any optimism they can get things done? it's a midterm year. it is uphill battle? >> they have been able to work together on issues they both agree on. we saw what happened with gun reform. we're watching chips plus bill sail through the senate as well today. yes they can come together, but this was really just to hold those government officials,
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federal government accountable for their drug policies, specifically own the southern border. so i think i think, the administration heard the complaints and calls for action from the senators loud and clear today. neil: asia, thank you very much. keep us posted. aishah hasnie on all of that. a lot of this is emanating from the border. that is a big problem. earlier today when we planning out this show my executive producer pointed out something quite true if you think about it. they can get all of these bipartisan groups to go and visit ukraine, no problem doing that. devil of a time having the same sort of hand-holding and bipartisan approach to dealing with the border. not to say it is all pubs all the time visiting the border but it is mostly all republicans all the time visiting at the border. to brandon judd on that the national border patrol council president. today a group of nine gop members, actually touring, they toured yesterday. that is largely the theme. more of a problem cited by
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republicans than it is democrats. brandon you don't like, i know you don't like to politicize this but the numbers are with what the numbers are. with the exception of people like henry cuellar few and far between from the other side of the aisle, we're hearing there is no problem at the border so where is this all going? >> that is not the way it used to be. if you look historically you've been able to get democrats down to the border, republicans down to the border. you've been able to get bipartisan groups together down to the border. that just isn't happening today. largely it is all republicans going down, talking about what is currently going on at the border and what is really disappointing to border patrol agents this constant talk all of these drugs coming through the ports of entry. that is not true. we look at 2021. during the government shut down, these ports of entry, except for commercial traffic they were largely shut down. so officers at the ports were able to go through all of these vehicles.
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yet we still had more drugs on the street than ever before. that is because the cartels recognize all they have to do is flood border patrol resources with illegal immigrants. that creates gaps. that allows them to get the drugs between ports of entry this is an issue until both parties come together we're just never going to see a solution but there are simple solutions available. now it just takes political will to get it done. neil: to your point, we're not saying all democrats are forgetting what is happening at the border. when montana senator, tester, a democrat goes all the way from montana to check things out at the border and is worried about the drugs getting through the border, say nothing surge after surge, the strain it is putting on local economies and down the road maybe the national economy, that says something but very few and the administration has yet to see the president go down there. is it just frozen in time, there was a time in prior
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administration, it was never 50/50. it was close to maybe 60/40 so what happened? >> this president refuses if he goes to the border cameras come. if he goes the mainstream media will have to talk about this issue and talk about the problem and everybody knows, if the public is educated on what is currently going on there will be a huge outcry to shut down what we're currently seeing, the chaos that exists. but when you look at this again i'm not politicize the issue, i'm just speaking the facts, when you look what is in the white house right now, if you look at political appointees, dhs, a lot of individuals come from activist backgrounds. these activists, they push for, they want open borders. that is the problem we're seeing today. is president biden is not willing to push back against his own political appointees and because of that, the chaos
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reins. until he puts the american people first we'll see chaos and see people die. we're on pace in 2022 to surpass the number of deaths we had in 2021. that clearly shows you we had the record in 21, they're not doing about it in 22. neil: to your point, brandon, you're way ahead of this. no matter how you feel about the migrants coming in, if your focus is own your own kids, american citizens, all drugs, fentanyl coming in, that should alone compel you to do something. we yet to see any sense of urgency from it. brandon judd, national border patrol council president. this is not a left or right issue. wees issue these political subjects when we can. pointless screaming back and forth this is a legitimate problem. this is a legitimate surge. this is a legitimate drug crisis. it is at the border.
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you can see it every day. we'll have more after this. ♪. o [ sfx: submarine rising out of water ] minions are bitin' today. ♪ liberty. liberty. liberty. liberty. ♪ minions: the rise of gru, only in theaters. ♪ if you shop at walmart, you get it. ♪ you know how to spend a little less to get a little more to make life a little better. ♪ ♪ ♪ it's electric... to ma made extraordinary.ter. ingenuity... in motion. it listens, learns, adapts and anticipates your every need. with intelligence... that feels anything but artificial. the eqs from mercedes-benz. it's the car electric has been waiting for.
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hi, i'm denise. i've lost over 22 pounds with golo in six months and i've kept it off for over a year. i was skeptical about golo in the beginning because i've tried so many different types of diet products before. i've tried detox, i've tried teas, i've tried all different types of pills, so i was skeptical about anything working because it never did. but look what golo has done. look what it has done. i'm in a size 4 pair of pants. go golo. (soft music) ♪. neil: ever get frustrated when you find out the flight you were booked on, waiting at the airport, out of nowhere it is canceled, you don't know what to
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do? at least two senators right now, elizabeth warren, alex padilla, massachusetts and california respectively asked transportation secretary pete buttigieg to fine airlines for canceling flights, especially over things like staffing issues. none too pleased about that we'll keep an eye on that, whether other senators agree with that. really depends whether they fly commercial. generally they get ticked off, they take action. we'll find out whether others will follow suit on this. rob luna joining us on other developments having nothing no do with airlines front and center. having to this week biggest names coming out. rob is the surevest ceo. big smarty pants on these matters. rob, on technology where you see it going. a lot of people are hoping this is the week we claw out of this incredible bear market for technology stocks. good many of them bounced well off their lows but most of them are still well into bear market territory. what you do think happens by the
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end of this week? >> yeah. it's a big week, neil. if you look today, we have google reporting after the bell. tomorrow we have meta, facebook. thursday we have amazon. the three horseman will be reporting. i think it is super important what these companies say, because as you mentioned, neil, a lot of these stocks have rebounded a bit but they're still down 25, 30%. neil: right. >> these are companies we need to get the market going back up here. neil: you know amazon gets disproportionate attention, obviously much more thanatology stock. it is reflection on retail activity. >> yeah. neil: i wonder when you hear what walmart was indicating, fearing, telegraphing, whether that might represent a problem for amazon? whether that might be sort of like a new kink to deal with? >> it's a little bit of a challenge. you saw amazon get beat up after hours. that is continuing today after walmart numbers. a tale of two economies, neil, when you look at
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american express reported last week, the high-end consumer is doing okay. we'll have to see what they say. remember they're just not a retailer. they have aws which is bigger profit margin, faster growing. i think it is better than what people are pricing in here. neil: with technology you get a lot of bang for your buck. apple charges top dollar for a lot of its material here. we'll get another number out of them that might indicate whether their customer base will still pay top dollar for innings. not like a mcdonald's, which came out with better than expected numbers because it was raising prices and people were, you know, more than willing to pay a little bit more for a burger or double quarter-pounder, preferably with cheese, and they were fine. it is very different though when you're buying a top of the line ipad or whatever, isn't it? >> yeah. no, i agree. i think for people that don't need to up grade in a recession we're probably in, more than likely they're not going to. but let's remember, also like amazon they have other levers. some of their ongoing
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subscription based services are going to be growing. i'm not too worried about apple. i think some of that is priced in in terms after little bit of a slow down in terms of product purchases. neil: would you buy any of these technology names coming out this week at these levels right now? would you wait out and see what these earnings reports say? >> it is always a risky game to play a stock before earnings. i think meta and google which google reporting today, meta tomorrow, the valuations here are extremely compelling. these two companies long term will be winners. i really think quite honestly google beats today. if you look american express, travel is up. that is big part of advertising for google. those are two names i think you can buy. neil: we'll watch closely. rob luna of surevest. >> thank you. neil: we're an hour away from charles payne's "inflation in america" special. ahead of that we'll look at how you feel about inflation and recession.
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apparently it is now a moot point for you. we're dealing with both. they're both real and a real problem. .. it■s hard eating healthy. unless you happen to be a dog. i have moderate to severe ulcerative colitis. so i'm taking zeposia, a once-daily pill. because i won't let uc stop me from being me. zeposia can help people with uc achieve and maintain remission. and it's the first and only s1p receptor modulator approved for uc. don't take zeposia if you've had a heart attack, chest pain, stroke or mini-stroke, heart failure in the last 6 months, irregular or abnormal heartbeat
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picking up in the early 1960s and heralded what we are dealing with today. i made all of that up. a lot of people are hoping the federal reserve hikes interest rates as widely expected tomorrow. we can get back to the way things were before when inflation wasn't such a problem and the risk of the economy going into recession didn't seem so real but inflation is a problem in the risk of recession is out there. edward lawrence following these development and the problems half a world away with china and all this other stuff. we are far from good news for the time being. >> let's throw in china, the federal reserve dealing with it, china going after according to a new report the federal reserve trying to compromise the federal reserve and this report saying the decade-long campaign is getting stronger
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and in some cases succeeded. a new report from the minority staff of the senate, homeland security and government affairs committee shows the federal reserve lacks expertise and cooperation with law enforcement. the report claims they don't have the right policies to prevent theft. the report highlights out that employees have ties with china, those employees maintain access to confidential hearings. at least one that employee was detained four times and threatened to turn over information about monetary policy. republicans in congress make the case the us has to be tough on china. >> we need to discuss with the fbi and mr 5 and send everyone, the risk of doing business in china is intense, they steal our intellectual property,
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take, turnover. >> reporter: other sites on the federal reserve, fox business obtained this response from fed chairman jay powell, we invested in technology for security and educated employees about overseas travel, the letter said the fed investigate any alleged violations and takes inappropriate action and appropriate action against those actions, the figures troubled by the report on unsubstantiated and unverified insinuations about individual staff members, no doubt the federal reserve chairman will be asked about this when he's on capitol hill to testify, taking that approach by military, over taiwan or the federal reserve. neil: let's go to the chief
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white house budget economist under donald trump. i am wondering, let's say the federal reserve does what it is expected to do and raises interest rates, we might have a federal funds rate in the 3% neck the 3% neck of the woods. we have inflation running 3 times that level. normally to get it under control the federal reserve has to get that rate by increasing rates at the pace it is considering. what do you see happening? >> don't need interest rates to go up and aggressive rate, they are planning the market, 75 basis point increase, the policies, and look at the
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destruction they cause, and to buy more monetary base rule compared to discretion it has in place with massive inflation and slowing economy. neil: people going back in time, the federal reserve botched it, and and abandon that quest, do you think he should have continued? >> a lot of rate hikes were before then but given what is happening, you had too much money and this is a situation
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we are in. the regular tour climate where no one has to reduce more and we are in the situation we are in now. expanding progrowth policy on the supply side, cut spending on the government level allowing us to unleash the potential of the american economy. neil: the fed is determined to become paul volcker to raise interest rates aggressively. to hammer out inflation, be damned the collateral damage to the economy. do you see that? >> that does seem to be the case. with 9% inflation a lot of indicators on thursday, second-quarter gdp numbers negative so two consecutive
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quarters of negative gdp. when you look at how many americans getting crushed, savings and income and job growth slowing, household sector was negative the last few months, these are indications the economy is weakening and the inflated economy for too long by the fed and they will real it back. supply-side policies the biden administration and congress don't seem interested in. neil: thank you very much. jackie deangelis, something happening abroad that a generation ago happened in this country, rationing gas. in the 1970s, europeans talking about rationing natural gas which goes into european utility bills but either way, the entire european community,
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what do you have for us? >> reporter: an agreement has been reached to voluntarily curb natural gas consumption reducing usage by 13%. the target was set by eu leaders and will continue for twee 8 months. the deal is a matter of cooperation. it could be mandatory if we saw emergency energy supplies. europe is one of the tightest spots, that resulting natural gas crunching in europe, major recipient of russian supplies, europe faces a difficult future if it can't curb consumption, this is before it is set to fall to only 1/5 of the pipeline's complete capacity. cooling is the issue but more problematic storing supplies for winter months as heating is more crucial for survival.
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natural gas prices climbing around the globe hitting home in europe, euro zone countries expect record inflation. the latest 11% jump in gas prices adding more pressure. russia indicating there could be an ongoing problem with its energy supply to europe and citing sanctions as a complication. 15% reduction doesn't sound like a lot but analysts think it should avoid a deep recession in europe. the issue is how rationing natural gas, who will take the brunt of the cut, it is targeting the industrial sector but that might have a spillover effect on production of other goods. there seems to be a band-aid for the problem in the short-term, doesn't get us closer to a long-term solution and many wonder if the concept of rationing will be discussed at home again reminding us of gas lines in the 70s.
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neil: looking back we are dealing with that all over again. the defense priority senior fellow military expert, you have so many times on this network, the real deal with some of the honchos, he's deployed in combat zones half a dozen times in his career in operation desert storm, then iraq in 2009, afghanistan twice, 2005, 2011, awarded the bronze star medal for valor at the battle of 73 in 1991. a second bronze star metal in afghanistan. why do this? his experience gives him at a gravatar's. if my experiences g.i. joe, we need someone with a
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little more oomph to him. thank you for coming. >> pleasure having me back. neil: when jackie was going through the gas rationing story a lot of it goes back to russia getting stingy with this stuff. estate run facility, opening the spigot a little bit but not a lot but weren't we supposed to make the russians suffer? how are they making us suffer? >> that is what i have been working on quite a few months and with a national security publication, the risk, for more pain on this and could cause us to withdraw support for ukraine as people in spain who are not happy about the reduction they have because they have no need
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for it and russia poses risk at all. and as you point out this could have complicating effects on the economy and cause more affects and russia has the potential to cut off this gas if they want to throw things into more chaos because russia doesn't want us to impose economic sanctions on them for the war in ukraine and that will be over time. how much pain are we willing to take economically and personal lifestyles for a war that as i argue can't be won by ukraine? neil: if that is the case in the russians are acting like it is the case and vladimir putin is delighted at seeing europe, rationing gas, isn't he winning
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this thing? >> he is on the upside but no question russia is suffering a lot on their own. the sanctions hurt them a lot but russia has a history of their people being able to endure a lot. neil: you said that before. he felt confident enough to leave russia, to go to iran confident he had a country to return to and no one would overthrow him and no one has. what do you make of that? >> that does say a lot. he is playing for time. that is why they are attacking the donbas, they don't want to risk the troops they have a large armored assault like they did in the first phase of this
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war very unsuccessfully because they know they can afford that, keep imposing a thousand casualties a day on some days, then they take a two kilometer per day and some of these areas but don't get it back in any of these cases that remain. putin believes he can go with that status for a long time and they could go into next year with their economics and military capacity and all those things but it is not clear the west can match that and -- neil: the russians are pulling out of the international space station by 2024. for the better part of two decades and presumably just as, china separately is going its own space station route and going to the moon and all that. what do you make of this?
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>> it is going to be a problem for us because we planned on using it through 2030 and it is in two parts where we provide the power and the russian side provides the propulsion to keep it in space so if the russians pull out of it, it's not clear how we can maintain and operate that thing on the russian side, don't know how we would do that. nasser is examining these things to come up with an answer but can be problematic for our future space exploration. neil: it is bigger than skylab and it went into the atmosphere and landed in parts of australia. what can you see happening? it is gargantuan now. >> russia a month or two ago was arguing if you don't do something to change this, it doesn't go over russia it could fall on india was the threat they used, you want that on
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your hands? we are not aggressive, you people are. if we have that to worry about. neil: you have seen things change, the more they stay the same. good seeing you. >> always my pleasure. neil: the dow down 100 points. a 10 year note is barely barely in the 23/4 of the woods. wasn't long ago it was 3.6%. a lot after this.
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neil: looking at a lot of crypto plays, bitcoin is down 3.6%, ethereum down 7%. a popular trading vehicle down 3.5% and i wonder what is going on, maybe it has to do with the
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story charlie gasparino is looking at. what is happening? charles: there is never only one reason something goes up or down in trading but the sec has its eyes on crypto and there's a pretty active investigation in coin base, the largest crypto exchange. coin base has an amazing run, the stock was a high flyer, ramped up hiring people, just announced massive layoffs and then an employee involved in insider trading and go back to make, the quarterly reports, the sec has been looking at its operations so there is increasing regulatory oversight, that is what they disclose. there is an active investigation involving whether it allows trading of
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unregistered securities on its platform. here's where it gets interesting. when you talk to crypto experts and lawyers, gary gansler has taken an expansive view of unregistered crypto. he think saw cryptos should be registered. that means cryptos like ethereum should be registered because there's an ongoing case they are unregistered. if all these cryptos are unregistered and he's ready to bring down the gauntlet, then coin base is allowing trades of unregistered securities and his liability, pretty big and if coin base gets walloped, that is another crypto industry,
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coin base does not allow sale of unregistered securities, it is a big company and the legal department, compared to what his predecessor jake clayton said in the trump years, this is uncharted territory. the rules are starting to change. what was true back then is true under gansler and that is a big problem for coin base and it became public a year ago and this is one of the major players. a lot is happening. into crypto, watch this story, it could impact bitcoin and ethereum prices. charles: i want to go to adele,
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ticket prices for the upcoming las vegas residency going up to $40,000. would you pay that? charles: no, but you would. is that wild? charles: is she that good of a singer? charles: advance bookings, elvis presley, see what i did? charles: can't get one over on you. 's neil: we connect, elvis presley, adele after this. riders! let your queries be known.
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change i'm sorry but my show is not ready. we've been destroyed by delivery delay is. i am so upset and embarrassed and sorry for everyone who traveled. i am really really sorry. ♪♪ >> a before and after moment. neil: why am i speaking this accent? no idea. the world is mad at her, she had a 6-month engagement, she cancels it, they go apoplectic, she doesn't know how to handle it.
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now everything has gone full circle. she is back on shows, tickets going like crazy, $40,000 and i can't stop speaking with a british accent. the dailymail.com. my british accent notwithstanding i am glad to see it because i was worried she would not entertain at all in vegas or anywhere else. what changed? >> i don't think there was ever any option for her to completely cancel her residency. it will make her an absolute fortune, hundreds of millions of dollars here, but now that it is revealed her ticket prices are skyrocketing to
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$41,000 each i can't imagine she will be particularly popular with her fans when you consider that so many people have paid a fortune for tickets and exorbitant travel costs ticket to vegas at hotel rooms they couldn't get refunds on so when they are expected to shell out tens of thousands of dollars for tickets i don't know they will be happy. neil: elvis was the founding legendary singer with vegas residency, nothing like the money we are talking about today but he too made a lot of money on that but was physically grueling. this is going to be physically grueling, a boatload of money, don't know how she handles
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those upset about the money. that's a wide range all the way to $40,000 plus but these things are quickly selling out, people are ponying up the dough. >> absolutely and there will always be people who are willing and able to spend a fortune on tickets. regardless of the scandal when she cancel or postpone her residency the first time adele is one of the biggest most popular musical artists of the modern era and there was no doubt this residency was going to sell out even if people are forced to pay $40,000. neil: are you blaming that on adele? >> absolutely not but don't get me wrong, i love a deal, the
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tickets are selling, resale tickets, they are taking the opportunity to make money. this comes down to musical artists, tickets available and who aren't multimillionaires because at the end of the day, if they aren't doing this for fans or giving them their careers why are they doing it in their first place, bruce springsteen is another example. he's under a huge amount of back lash because tickets are being price nowhere near a dell, $5000. neil: he's trying to minimize that. >> it is the ticketmasters,
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companies responsible for these alarmists price hikes but bruce needs to set an example, say i'm aware of the upset this is caused. i want to make sure my fans are having the best time possible. back where i'm going to take matters into my own hands and ensure there are a few tickets people can afford aren't extraordinarily wealthy. neil: is she worth $40,000 if that was the only ticket left and you know these celebrities firsthand. i would say she is. what about you? >> i've been fortunate enough to see adele perform live a few times and i do think she is an incredible performer and i will forever treasure those memories.
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if you're a fan of adele and your life's ambition is to see her perform live what price can you put on that? she has an incredible voice and puts on an incredible show. if you can afford it go for it. neil: the top ticket is $39,999. it sounds better than $40,000. you think -- it sounds like a great show. depends how close you are to her. >> yes. there will always be the feats that are available for a lot less money but given that she had an extra 7 or 8 months to prepare i hope this time around the show will be spot on. neil: you are the best, charlie langston knows her stuff, might be from brooklyn, not british at all.
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that is her accent. she is the real deal. we did call adele to get her take on this and she said hello? some of you have heard that once or twice but i always hope there is someone new who says i didn't think of this. more more after this. ♪ if you shop at walmart, you get it. ♪
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neil: i don't know how to go on with the show, knowing the show will go on with her very soon whether she's into bourbon to celebrate that i don't know but grady trimble is following booming business for the most vicious of drinks. the home of this good stuff. >> reporter: the birthplace of bourbon and they are trying to get more british people to test
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-- taste test bourbon. we are at jim beam distillery which is the largest maker of bourbon in the country and the story is kentucky bourbon trailers burning after covid. it has been thriving and i should introduce our guest because they are well known in the industry, the great-grandson and great-great-grandson of jim beam himself. in the 70s people weren't interested in bourbon and you are seeing this huge surge of interest. what has it been like? >> in the 70s when people weren't into bourbon everybody wants to know about bourbon. we figure out who you are or who my dad was but folks know what bourbon is all about. >> reporter: you said the main
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thing is to get people to tried and that created a cultlike following, all over the country and all over the world. >> we got a good mix of getting education about our products to people, to see firsthand how products are made or if they want to come learn about it. the ability to do that allowed us to do that in the united states or internationally as well. >> reporter: is huge for jobs in this region. the economic output of kentucky's bourbon industry is $9 billion every single year. neil: my thanks to those gentlemen. you heard about inflation and agricultural commodities, russians are making it difficult to make good on the
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grain deal to get more of that out of the country. seed owners who are into this in a big way and dealing with higher cost associated with trying to make -- good to have both of you. where are you on this, maybe benefit from higher prices. the other reality, everything else is making it difficult. >> you turn back the clock two or three years, $5 or $6 a bushel and you start getting into international problems and wheat goes up 10, 12, $13 a bushel and that is okay, that, rapidly behind us, all these cost productions like fuel and fertilizer. what is happening right now, we
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had a short crop because of the drought and then we are back to $8 a bushel so at the end of the day we are suffering. neil: sounds like you were making, all of a sudden goes away as prices plunge and other costs are not plunging. that's not a good combination. >> fuel went down a little, particularly not diesel which we run our tractors on. you've got to have diesel around everything except the car. you are feeling the squeeze. >> most of these production costs like fuel, fertilizer, still at pretty historic highs. what's what going on with interest rates? >> the killer's interest rates.
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our best friend is our banker and they keep us in the green and keep us going and those interest rates, rising interest rates add fuel to the fire. that is a big concern. the other thing i got to ask is the high value of the dollar, on the egg side, we need a cheaper dollar because we want to sell our product. the highest priced product on the planet you are the last go to store. neil: that makes perfect sense. the federal reserve is set to raise interest rates. as your good friend is going to raise costs but the hope is
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they don't keep doing this because things are slowing to the point they won't keep willy-nilly raising rates. do you share that or worry every time the federal reserve meets? >> worry. >> these interest rates going as sharply as they are, most rapidly increasing cost production we have right now and every 2 quarters of 1% increase adds or subtracts $40,000 from net income. these are very costly experiences. i hope we don't do the paul volcker thing and go from 6% to 18%. that we kill agriculture. >> that happened in the 80s and that would do is in.
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neil: keep us posted, trying to make a living and it is difficult. what you do affects what we enjoy, what we eat and what we share and the move forward. you are the breadbasket. best of luck to both of you. we have a lot more coming up including hard times for a lot of other folks including growing number of americans who are hitting up their social security earlier than you would think because they need the dough after this. ♪♪ i got some of my gold before i came to this country. i got some of my gold before you passed the bread. encourage one another... i can buy gold for this?! you can buy gold for this.
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neil: might be a sign of the times but more americans are tapping social security benefits a little early. when you tap that earlier you will get less for the duration of your life. it can't come back and retire again or push it back again. sometimes you see an act of financial worry, take what you
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can when you can even if you 're leaving money on the table. president emeritus, senior policy advisor at the tax foundation, the numbers are still tentative but growing, the number of respondents who say they are applying for benefits early, 42% up from 35% a year ago, they don't have to do this but they are. >> it could be a big sign that americans are looking at a recession and concerned about our recession. instead of getting a second job, they are realizing social security benefits could be there antidote to household earnings being eroded by inflation. they may get fewer benefits as a result of taking early,
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social security benefits are indexed to inflation and get some protection from that. is a signed a lot of people burned through their savings, got a lot of benefits through the covid experience but are drying down on savings and this is another way of trying to find a way to make legals meet as inflation in the downturn in the economy are reducing standards of living. . 20 they are taking these early benefits, many of them while they are continuing to work. i don't know what the dollar for dollar relationship is, but the income you are earning through another job limits how much social security you get, compounding the situation but more money than they would see otherwise. >> they feel they are in desperate straits and this is a way to supplement income that they are concerned about making
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ends meet. financial advisors always discourage people taking social security early for the reasons you mentioned but if you are desperate and your economic prospects are diminishing, this is what you have to do to keep your standard of living. neil: what is interesting, it occurs at a time we are getting a split read of the american consumer, the well-to-do, the ceo we had yesterday, they are doing fine. half of those have $10,000 or more and walmart quite a different story where already walmart is indicating rough winds ahead. what do you make of this? >> people at the lower income scale are most harmed by higher inflation and the walmart results are in education,
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walmart cut its earnings forecast because people are spending more income on household goods like food than other appliances. that tells them that low income people in particular are worried about their economic futures. neil: i am wondering too what the federal reserve thinks when it hears news like this or if it factors in to their decision, that is a slow down sign. >> the irony, the purpose is to slow the economy and that could cost americans jobs and the people who are most impacted or lower income people. that is troubling. that's why we need to take some lessons from the reagan years and remember when the fed raised interest rates in the 1980s it was bolstered by the fact that reagan cut income
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taxes and helped the supply-side of the economy and is buffered people from the effects of high interest rates. we need to start cutting taxes to help the supply-side of the economy so we don't have tailwinds from interest rate hikes. neil: don't hold your breath. scott at the tax foundation, more after this. . . if you used shipgo this whole thing wouldn't be a thing.
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neil: all right. got a lovely email from a woman who lets me know, neil, your
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fixation with adele makes me uncomfortable. you are old enough to be her father. get over it, move on do business like charles payne. obviously that is a signal we go to charles payne and we will. babye. >> this is a fox business special presentation, "inflation in america." here is your host, charles payne. [applause] charles: thank you. whoo. thank you. thank you very much. thank you very much. appreciate it. thank you. hello, everyone and thanks for being here on this very special edition of "making money." i'm charles payne. in 2020 a plague descended upon the world including in the united states, a century after the last global pandemic. the decision to lock down

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