look at that. that is 7-year-old girl. she made the guinness book of world records for limbo skating. she is from india. she stated under 20 cars in the fastest time ever, 13.7 seconds. the record previously held by a girl in china. she held that record for 14 years. now the little girl from india broke it. >> i hope that doesn't become a tiktok challenge. stuart: good idea. bad idea. jackie deangelis in for neil. jackie: thank you, stuart. i'm jackie deangelis in tore neil cavuto on cavuto "coast to coast." democrats insisting their 700 billion-dollar inflation reduction act won't raise taxes on average americans but the experts crunching the numbers, well they tell a bit of a

different story. plus could cars be a thing of the past? why the world economic forum says people don't need their own cars anymore. we've got a big show coming up. former reagan economist art laffer, former chairman of the council of economic advisors kevin hassett are here breaking down inflation fears. independent women's forum foreign policy fellow claudia rosett look at implications of nancy pelosi's planned trip to taiwan. former acting director tom homan weighs in as biden tries to fix the border wall. the speaker kicking off her high-profile asia trip in singapore. fox news correspondent aishah hasnie has the latest. reporter: jackie, here is the latest from the hill. we're getting several reports out there, media outlets are

reporting that the speaker will travel to taiwan even as beijing continues to warn about the seriousness of the situation. take a look at last check. the speaker tweeting she is in singapore. she greeted u.s. marines there and met with the president of singapore. now over the weekend she released her official itinerary. this is the public list of places she is going to visit. you can see here taiwan is notably missing. that doesn't necessarily mean that there wouldn't be an effort for an off the record, off the radar visit for security purposes, only to publicize it after the speaker leaves. now leading up to this trip, jackie, speaker pelosi faced some pressure from china and the white house to not visit the island. china state media commentator even warned her plane could be shot down if it was accompanied by u.s. military jets. over the weaken china announced it would conduct military exercises off of its coast near taiwan. of course that raises concerns

about the airspace that the speaker would need to travel through if she were to touch down in taiwan. this morning the white house notably more supportive of a potential visit. >> we think it is an unnecessarily provocative move? >> for the speak to go to taiwan? no. if anything you would think the chinese with welcome it because it shows consistency. it shows that nothing has changed about america's one china policy adherence. reporter: jackie, the pressure is really ramping up because you you've got folks out there who say, look, if she doesn't go to taiwan now people like gop leader mitch mcconnell say she would essentially being handing china a big victory. jackie. jackie: aishah hasnie thank you so much for the breakdown.

mike pompeo says she should not -- >> once it was pretty clear she wanted to go, intended to go there, you can't pull that trip down because the chinese communist party sends out some third-rate propogandist to threaten her or the threaten the united states of america. president biden says the military doesn't want her to go. that was an enormous tactical mistake especially against the backdrop of a broader relationship between united states and china. china says they provide limitless support to russia. for them to threaten the speaker of the house to tell her where she can and can't go makes absolutely no sense. jackie: former "wall street journal" moscow bureau chief, independent women's forum poll ski fellow claudia rosett. there are experts that say that the u.s. should not back down even though china is putting out threats there. >> mike pompeo is absolutely

right. at this point nancy pelosi really needs to go. it is very important. jackie: earlier today, claudia, just, chinese foreign ministry spokesman ramping up some threats of retaliation just to give viewers a sense of what exactly they're saying on speaker pelosi and her trip potentially to taiwan, this is what he said would happen if she steps foot there. >> translator: if house speaker pelosi insists on visiting taiwan china will take resolute and strong measures to defend its sovereignty and territorial integrity. as for what measures exactly we will take, let's wait and see if she dares making the visit. jackie: he is saying wait and see if he scares. there have been previous warnings, if you will. some of the rhetoric coming out of china almost has been threatening. your thoughts on how the chinese are responding to this? >> yeah. well china has threatened that, people who offend them in this way will perish by fire. that is the same wording they

used to threaten hong kong three years ago, however, china always will threaten. china is going to push this as far as they can, as much as they can with threats. at this stage if nancy pelosi does knot go that really is a cow now to -- kowtow to china. that is really dangerous. puts taiwan in a much more dangerous spot. can i say, speaker pelosi would be doing the right thing to go there. whoever is speaker next there should go there. taiwan is a democracy, our friend, deeply threatened on the front line of the showdown with china. we should support it in every way but i read nancy pelosi's plans for this carnival that this turned into as very much a domestic political gambit before the midterms. look -- if she has, after, after a stretch that has had almost nothing bipartisan about it she now has republicans lining up to

support her. all the headlines about her are centered on this trip, not on her husband's drunk driving charges, not on his stock trading, not on the incredible ruinous damage done to the american economy on her watch. further she is distanced herself from a very unpopular president in the white house with this and the big question is, how does this fit into a strategy? it is good that she is going, take what you can get but what is the bigger picture? there really isn't one. there is no surrounding strategy, there is no coordination with the white house. kirby's remark was ridiculous. good, fine, she should go but what i would like to see, what i wish she were doing as she goes through asia is why not have arranged to have high officials from these other countries, our allies go to taiwan as well on the same day, something like that that sends a message to china and to the world this is about u.s. support for taiwan and our allies support for

taiwan, not the nancy pelosi show just before the midterms. jackie: you bring up, this is a crucial, crucial point. there are political consequences here at home but there also are in china as well so i wanted to ask you about this she of course is preparing for this unprecedented run for the ccp, congress there, the third term as a matter of fact as well. so from the chinese point of view as well they're going to stand back and say he needs to show extreme strength to oppose this kind of visit too. so i mean the stakes are really high here, claudia. >> they are. we need to show extreme strength. they need to show weakness from afghanistan a year ago, for the indication of vladmir putin to invade ukraine as he has done, china, a whole raft of things. why did nancy pelosi put eric swalwell on the house intelligence committee if she is so committed to things about china? what is vital is that america

stand up to china. if we back down in the face of threats the threats will continue and there will be action and, not risk-free. none of this is risk-free. china has gone on for years building up its military, threatening taiwan and it has become much bolder. seeing what vladmir putin has been able to do and so far sustain in eastern europe. jackie: yeah. >> standing up to china is vital. is it risky? yes. it is riskier not to. it is much presskier if we do not stand up to china. jackie: i hear what you're saying, claudia. i think china has been watching this administration how it handled russia saying this may be our time. we'll be watching all of this very closely. we appreciate your insight. you always break it down in such a great way. thank you, claudia. >> thank you. jackie: a new study showing that the democrat spending plan known now as the inflation reduction act will have no impact on reducing inflation. fox business white house

correspondent edward lawrence has the details for us. hey, edward. reporter: jackie, in fact the renamed inflation reduction act will add $433 billion in new spending. now to offset the spending democrats in the white house are saying that increased taxes to cover that difference. so where are the taxes coming from? if you look inside of this plan, the raise of corporate minimum tax going up 15% minimum. allowing medicare to renegotiate for prescription drugs. adding irs agents, increasing tax enforcement, eliminating the carried interest loophole. when you look inside of the tax increases it not only affects people making more than $400,000 a year. the joint committee on taxation says $16.7 billion in tax collection in 2023 would come from people making less than $200,000 a year. another 14.000000000 from people making 200,000 and 500,000 a

year. still senator joe manchin argues this is a good bill. >> this is a piece of legislation that is an investment. we've taken $3.5 trillion in spending that was aspirational spending that my colleagues wanted to do on the democrat side and we have taken that down to a 400 billion-dollar investment. we're not sending a check to anybody. reporter: representative roger williams, republican who is also a car dealership owner says when you raise taxes like this it will slow down the economy, an economy in a recession. >> businesses don't say they spend and you grow the economy. like i said now they're going to be saving money. they will eliminate payroll, save money to pay the taxes. it is not, it is really going to destroy our economy t will make it harder and harder frankly to come back. reporter: talking about businesses small and large reducing the hiring, shrinking their hiring possibly, their workforce to cover that increase in taxes. back to you. jackie: edward lawrence, thank you so much for that. here now former reagan

economist, author of taxes have consequences, art laffer. art, always great to see you. op-ed in "wall street journal" todaying essentially chuck schumer wants to push this through, do it quickly before americans realize what is at stake. start with some of the numbers that edward highlighted coming from the congress hal joint tax committee on taxation. $16.7 billion, taxpayers making less than 200,000. 14.1 billion on taxpayers making 200 to 500,000. a segment of these groups are exactly the people that president biden said he would not tax any further. your reaction? >> well, i think the president shouldn't have said that. that is clearly can't happen with any tax bill. i mean the problem here is not who is taxed and what happens here, you surely don't want to raise taxes in a recession. you just don't. i mean whoever heard of an economy taxed into prosperity.

i very appreciate what joe manchin did stopping "build back better." i wish he all the way had it go to be zero. he didn't, he caved in here. it is much better thing today, much less damaging bill today than it would have been had we had "build back better." we sit with this bill which will hurt the economy it will increase inflation and it is going to slow down growth but it is much less bad than it bo have been with "build back better." >> okay, but you got to break this down and really explain it to me because manchin first said he wouldn't support anything that would increase inflation. many people say even in this form it still will and now he is on board. so he is confused about this flim flop. the second piece of this is the deficit and the penn wharton budget model said there won't be any net deficit reduction until 2027. >> yeah. that is totally true. i mean you can't tax an economy into prosperity. this has lots of taxes going in

and it will reduce the rate of growth of output, employment and production which means if you shrink the supply of goods and services, that means their prices go up, not go down. on the secondhand side of the thing that government spending does, it does increase demand, it really does. so you're reducing supply and increasing demand. this will increase inflation from where it would have been without this bill. it clearly will do that. how much will that be, i don't know but it's a pro-inflation bill. and it is an anti-economy bill. we really need tax cuts now, we need deregulation now. we need to reduce government spending, not increase government spending. all of these are in the wrong direction. just for the record manchin did stop the great big one from happening. now he allowed the little one in. he is under enormous pressure, jackie. this guy has been holding the wall, the fort back. he slips here. i wish he hadn't slipped here. it is a a lot better now than it would have been without manchin. this will increase inflation and

hurt the economy. jackie: let's take it one step further, art, because some of these tax increases are going to be on businesses. >> sure. jackie: let's look at the economic backdrop we're in now, record inflation, a 40-year high. federal reserve who is aggressively raising interest rates. if you increase taxes on business, explain what happens to the economy. it slows even further. during the reagan years the tax cuts that we saw were meant to sort of counterbalance the interest rate hikes and manage the economy in a better way. >> yeah but by the time we got to the tax cuts, '86 tax cat we dropped highest corporate rate from 46% to 34%. inflation had been coming down straight down because paul volcker allowed interest rates to seek their own level. when we took office, jackie, on january 20th, 1981, the prime interest rate in it country was 2 1/2%. they let interest rates, this fed is trying to use price controls by controlling interest rates. let them go.

let the market seek their own level. you will get rid of this inflation much quicker than you do by the way they're doing it, step by step by step by step. what you want to do is spend less, tax less, let interest rates seek their own level. we would get inflation under control quite quickly. jackie: the fed not moving as aggressively as it should. art laffer, we have to leave it there, great to see you, my pleasure. jackie: stocks starting the month after mixed. looks like we're trying to extend the july rally. what will it do after the best month. ♪

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saw in july first. i was a little bit surprised with all the uncertainty out there right now, this inflation mess we're in, spending bills coming down the pike, that actually stocks were so strong in july. your thoughts on the mindset of the investor right now? >> well, when you think bp what happened with the fed in late 2018 the fed pivoted after the s&p dropped 20%. there was just some factor of oversold given the recent data which has decelerated economically but it hasn't yet fallen off of a cliff. i feel like some people were saying, this is just oversold for the environment. the other thing is, that after wednesday's presser, the market is fully pricing in a fed pivot now. the 10-year yield has now broken some significant support is heading lower. the dollar broke significant support at 1.265. that is heading lower. that is in favor of a easing.

oil is down. volatility inindex is up 5% you have the s&p around flat that being said we're meeting some resistance here. we'll have to see if the s&p can make it through that resistance. jackie: when it comes to august, first, when it comes to money remember the phrase, money never sleeps. neil cavuto host of this show, he is never really on vacation, francis. he sent a ♪ this morning. it is a relately brilliant t put august historical perspective where the investor mind set has been. maybe this is year is different. world war i began in august, iraq invaded kuwait in august, al qaeda was preparing to attack america in august. s&p downgraded debt from aaa in august 2011. first and second at tom bombs were dropped on jop, august 1945, russian ruble crisis, 1929 slide that would

culminate in the october crash. they hit their peak in august. he named historically events that happened in august. this is historically a very important month. >> if that is neal's vacation, the rest of us should give up. jackie: it is brilliant i had to share it with but it's true, right? august also sets us up for september. september can be very volatile when people come back. the thought, sell in may, go away, sleepy summer days, not necessarily true. >> the thing about august which is interesting is that traders kind of go on vacation. so august traditionally has lower volumes and lower volume can mean more volatility because it takes less movement to have bigger moves than the markets. so, yes, those are all excellent precedents. of course i love neil. i've known him for 12 years or something like that but, yes, this is the thing we have to watch. now the markets right this minute are chilling out ahead of friday's jobs report. friday's jobs report is the next

thing we'll get that tells us what the fed is going to do. right now markets are saying, calling the fed's bluff, saying you have to pivot. the fed will not pivot because they want to but they have to because of liquidity issues in the system. fed speakers are saying no, no, hello, we're not stopping. we're still hawkish. you have got those competitive narratives right now. on friday the jobs data will be something empirical that the markets can price in but we're hitting a lot of resistance for the s&p beginning of june, nasdaq from beginning of may. i don't think the balance sheet reduction is fully priced in to the markets. i do think this did bear market rally although a strong one. jackie: that is interesting. we'll watch the friday jobs report because that is one thing that the industry is hanging their hat on that the economy is strong. if we're seeing signs that labor market is starting to soften, i think wall street will price that in as you suggest. the point neil is making,

essentially people go away on vacation. you let your guard down, things can still happen. we'll cover all of that. francis newton stacy, great to see you. thank you. >> thanks, jackie. jackie: all right, eliminating ownership coming from the new green agenda, a push that could have you sharing your car. that is coming up next. ♪ research shows that people remember ads with young people having a good time. so to help you remember that liberty mutual customizes your home insurance, here's a pool party. look what i brought! liberty mutual! they customize your home insurance... so you only pay for what you need! ♪young people having a good time with insurance.♪ ♪young people.♪ ♪good times.♪ ♪insurance!♪ only pay for what you need. ♪liberty liberty. liberty. liberty.♪

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jackie: the world economic forum says people don't need their own cars anymore. actually instead they should share vehicles to reduce demand for fossil fuels and precious metals. jeff flock is live in pennsylvania with more on the green push. jeff? reporter: sharing is caring, jackie. ironically i'm at a dealership like many in america right now

where there are not enough cars to sell these days but the world economic forum would like there to be fewer cars and what's that all about? well it is about electric vehicles, transition to electrics. look what the wef said, i quote them now, shifting to evs requires huge amounts of critical metals like cobalt, lithium. recycling alone won't be enough. we need to increase sharing of vehicles, maybe move away from personal ownership. there are currently 1.4 billion with a b vehicles in the world and about, 60 million get added or replaced every year. we talked to forbes auto writer ed garsten about this, he says he doesn't think personal ownership of vehicles anytime soon. he says sharing is not a bad idea. >> there is some imaginative and successful businesses that are involved in car sharing, car

subscriptions, things you don't have to own a car if you don't want to own one but you will have access to a car. so people still want personal transportation at times. reporter: in addition to the carrot of car sharing there is also the stick approach to getting people to give up their cars, like, congestion charges in major cities, eliminating parking spaces in the cities. so you have nowhere to park if you drive in. also car exclusion zones, places where you can't drive. whether we like it or not evs are coming, jackie. you talked to art laffer earlier about the inflation reduction act. that provides 7500-dollar tax credit if you buy an ev for the next 10 years, although there is a limit on income now. so millionaires don't wind up getting the tax credit. $225,000 or less to get it. you have to buy a reasonably priced ev. that would be $80,000 or less if

it's, an suv or a truck, 55,000 or less for a sedan, and the batteries have to be made half at least in the u.s. not too many electric vehicles right now would fit that description. i leave you with one more set of numbers, where we stand in the u.s. compared to the rest of the world when it comes to ev adoption. norway last year almost 3/4 of the cars sold there were evs. in sweden almost half. in germany, a quarter of cars sold were evs. in the u.s. it was 4.5%. and where are those metals coming from going forward? it's a good question, it is being asked by the world economic forum. jackie. jackie: it is a good question, jeff, i don't know as i hear your report, i'm thinking now like they want us on european model. maybe we will be riding bicycles

like they do in china. thank you very much, jeff flock. reporter: jackie if they take away the keys from my 2003 ford ranger, they will have to pry them from my cold dead fingers. jackie: let's hope that doesn't happen. good to see you, jeff. new "wall street journal" out claiming that president biden's climate plan will backfire saying it is so unrealistic it risks a backlash that will hurt the cause for decades. let's get the read from schork group principal, stephen schork. great to see you, sir. i want to quote more from the op-ed what he sets out the targets that the administration set out and timeline right? 100% clean energy by 2035, net zero emissions by 2050. he explains to get there by 2050 we have to spend 6 trillion new spending globally for the next 30 years. that is what makes it really

aggressive and difficult to do. >> yeah, absolutely. it is an enviable goal, we should be working towards that but to codify it, make it the law, violates the laws of humankind. i think that is where just the gist of the article is going. mr. gottlieb cites three drivers what makes this plan completely unsustainable. first it is economics. our own energy information administration estimates that fossil fuel will account for 40% of global demand for growth by 2050. by the time we're supposed to be net zero, fossil fuel around the world will account for 40% of the consumption. it is also geopolitical. of course putin is emboldened. xi emboldened. europe is giving us a harsh lesson, they're learning a harsh lesson when you give away your energy independence to a tyrant.

third, it is political. as james carville said it always comes down to the economy. it is the economy stupid and right now the issue first and foremost on everyone's mind here in the united states is inflation. inflation was caused a great deal by the zero sum agenda aimed at destroying fossil fuels which has driven up costs. this inflation is crushing the middle class and the poor. so we are running the risk of even further greater political instability, not just here in the united states but of course in other western economies. so basis, economy, geopolitics and internal politics is this is an unsustainable plan. we must have a balanced approach, which yes, works towards green energy. yes, we all should be in favor of but that mix must include the responsible use of fossil fuels both, we can even just focus on natural gas and nuclear.

so without that we continue to run this risk of sustained inflation and depressed economic growth. jackie: yeah. those are all great points. gottlieb also points out this administration really should look to be a net exporter of natural gas and a global producer of it. he points out china is seeking to dominate western markets for renewables, things we're pushing, wind turbines, solar panels, lithium batteries as well. we want it made here in america but it is not right now. stephen schork, great to see you. >> thank you, jackie. jackie: coming up, counting down to the midterms how voters decisions this month could decide the outcomes in november. ♪

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jackie: michigan voters head to the polls tomorrow for the state's gubernatorial primary and all eyes are on the gop race after president trump endorsed tudor dixon over the weekend. fox news national correspondent bryan llenas joins me from michigan. reporter: hey, jackie. michigan's gubernatorial republican primary race has been described as a messy, complete tossup between the top 4:00 candidates including tudor dixon, who did end up getting the official endorsement from former president donald trump on friday night. they were all vying for that endorsement but she, tudor dixon got endorsement despite the fact that dixon is backed by the devos family, most powerful family in michigan politics. trump had a falling out with betsy devos, former education secretary after she resigned following the january 6th capitol riot.

devos wrote a handwritten letter to back dixon. she believed trump won the 2020 election in michigan which trump lost by 154,000 votes but when asked on "fox news sunday" if the election was stolen picks son was less definitive and her opponent responded. >> there were definitely things in the 2020 election left us concerned how it was operated. >> within 48 hours after being endorsed by the president, now she is flopping? this is what people of michigan don't want. this is what we don't like about politicians. and it's wrong. reporter: rinke is the only candidate who acknowledges trump lost michigan. other candidates real estate broker ryan kelly who was arrested by the fbi on misdemeanor charges for participating in the january 6th capitol riot. and -- who organized rallies against covid-19 lockdowns.

democrats, jackie, spent two million dollars on advertisements against dixon which she says means that they believe she is the most formidable opponent against governor gretchen whitmer. jackie? jackie: bryan llenas, great to see you. inflation, recession fears weighing heavily on voters minds right now. will this carry into november? "washington examiner" reporter sarah westwood joins me now. sarah, great to see you. a lot of big decisions for voters make. a lot in the midterm elections. voters start thinking about the economy, inflation, the problems we're facing with respect to our financial houses right now. and they make those decisions and carry them into november. your thoughts? >> yeah, i think that is absolutely correct. perception of democrats and president joe biden specifically miss handled the economy at this point pretty much baked in. you might see marginal

improvement in people's economic status. maybe inflation comes down a couple of a tenths of percentage point. maybe the jobs numbers continue to look robust. we see gdp growth before the elections. by and large voters already made up their minds about how the democrats have handled the economy and it is an overwhelmingly negative perception there is not a lot biden, democrats can do at this point to change how people dealt with the economic problems. they don't have a lot of credibility talking about the economy because on questions like inflation and other aspects of the economy they havyaidyd hat t t turddd oee yy obvbvbvactac a .ntr ieja gjalljay speak sginhere nbs n c cun edct to t 2 2eats ieann house. remember that it is slim right now, 220 to republicans 211. but the poll also found 16% of

democrats and 43% of republicans, so small margin of democrats but almost half of republicans say they feel congressional democrats have not delivered on promises made in their last campaign cycle. would i even broaden that out to say that many folks i talk to use midterms as barometer not just what is happening in the congressional seats, but how they feel this administration is doing right now as well. >> yeah. i think absolutely. a lot of voters will be thinking about what joe biden has done when they cast ballots for democrats further down the ballot. absolutely that i am with be the case this will be in a lot of ways a referendum on biden's performance in office. so far voters across the idealogical spectrum are giving biden low marks not just on the economy by things like public safety, crime, continuation in some states of pandemic era policies. on foreign policy. there are still some lingering

effects of the way people perceive biden on the world stage from afghanistan, for example. there is going to be a lot riding on the way that voters perceive joe biden heading into november. there is only so much that democratic congressional and senate candidates can do to distance themselves from biden especially those that have already spent the first year-and-a-half of his term in office aligning themselves closely with biden there is only so much they can do to try to outperform him when his numbers are so low. jackie: sarah westwood, great to see you. i will remind viewers the withdrawal of afghanistan also occurred in august, that was on neil's list that happened in august, major, major kind of things people are watching for. good to see you, sarah westwood. coming up, biden backtracking. the white house is quietly completing more of president trump's border wall. what former acting i.c.e. director tom homan makes of this after the break.

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washington, d.c., mayor, expressed concern about calling up national guard to active duty, quote, if dod authorizes d 232 to support d.c. it shows favor itch over the border states who requested federal emergency management status to enable a funding request. late last week president biden thorizeed completion of u.s.-mexico border wall. the work to close four wide gaps near yuma, arizona, will better protect migrants risk of falling down a slope or a low section of the colorado river. he is hearing that it will look different than president trump's border wall but we'll take it. >> probably will be more after different type of barrier but a positive barrier in any case will be a big, dramatic improvement for the section of the border where we have a lot of people coming through. reporter: texas democrat in congress said he would like to address the entire illegal immigration issue. >> what i would like to see is

both parties, both sides, sit down and discuss comprehensive immigration reform and we'll discuss walls. we can discuss what is going to happen to the 11 million people who are already here. reporter: arkansas republican says the president's action on the border wall is all about politics. >> this is purely a photo-op for midterm elections because of the american citizens are so disgusted with his southwest border policy. reporter: critics say tightening up of the border in yuma is all about trying to save democrat senator mark kelly's seat in november. jackie? jackie: mike emanuel, thank you so much. with us former acting i.c.e. director, heritage foundation visiting fellow tom homan. always great to see you, tom. i remember on the 2020 campaign trail when joe biden was talking about this he would say not another foot, yet here we are this happened quietly on thursday and it seems to be a flip-flop but to the point mike

made in his report it also could be a little bit after power grab ahead of the midterms. your thoughts what is happening in arizona right now? >> it absolutely is politics. look they haven't done one thing to secure the border. now they're waiting for three months before the election to say they did something. this is about damage control. the border, that the border is a bad issue for them and they know it. every month another historic crisis. they haven't taken this seriously at all this is about mark kelly this is about trying to keep his seat in the senate. and this is, it is really, they're not going to build miles of wall. they may close some open areas where the gates were never installed but look, this administration does not want to shut this down. they haven't done a single thing to slow the flow. the secretary just last week said the border is secure and is closed. so they don't think there is an issue this is exactly their plan, open borders. this is nothing but a political ploy just like, let me talk about muriel bowser in d.c.

about her issues. she is a sanctuary city. if she wants to stop illegal immigration in her city give away the sanctuary city status that protects illegal aliens even if they get arrested for crime. whether the governor of texas is sending them to her or not, she is getting a lot of illegal immigrants coming to d.c. because they know they're protected by the city government, even if they get arrested they're not calling i.c.e. get rid of sanctuary city policies. rather than call out national guard, maybe a phone call down the street to the president, tell him to secure the border. you wouldn't have this issue. jackie: you make a great point this outcry for example, from bowser for the national guard, she doesn't get the help she is saying we need right now. see i asked for help. i didn't get the help i needed. what you're saying you have to get down to the root cause of the problem. i want to go back to arizona for a moment. this is also an administration that said walls don't work. barriers don't work that is not the answer, that is not the solution. whether they're filling in some

gaps, replacing those gates, whatever the case may be, is this even possibly a step in the right direction for the next, you know, 2 1/2 years? >> look i'm suspicious. i again, i think they ran on open borders. they haven't done a single thing to slow the flow but walls do work and for them to say we're going to build, fill in these gaps in yuma, aren't they really admitting walls work, barriers work? jackie: exactly. >> when joe biden was a senator, when joe biden was a senator he voted for broader barriers several times especially during the 2006 secure fence act. so did chuck schumer and so did barack obama, so did hillary clinton. walls work, data clearly shows it. the house spokesman the other day said they're trying to fix the trump administration walls were not ineffective. that is a lie. walls work. go to the cbp website. every place there is border barrier illegal immigration

declined. jackie: you bring up a great point. arizona obviously hard hit by the crisis as well. we have this conversation circulating that maybe it's pressing time or right time to declare this invasion status, at least that is how it feels to them down there, tom. final word? >> look, you know, i read in the paper a lot people are saying well apparently trump's wall doesn't work because we have historic immigration. the question is where are the large group comings right now? where there isn't a wall. just like yuma. the trump administration had it right. the biden administration had it wrong from day one. they still haven't done a single thing to secure our southern border. jackie: great to see you. thank you so much for your insight, sir? >> good to see you. jackie: markets mixed after notching the best month since 2020, what do we expect for the historical month of august, coming up next.

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♪ jackie: markets starting off mostly in the green on the first trading day of august. august is a month that investors will be closely watching the nasdaq extending gains after its best month since april of 2020 and the dow with a great chance today of exiting correction territory. welcome back to cavuto "coast to

coast" i'm jackie jackie deangelis in for neil cavuto we have a packed hour to let's get to it. first we start off with the top business headlines we're watching including a housing market that appears to be slowing down even more, lauren simonetti is here with more. lauren? lauren: still strong, jackie but certainly slowing down so home prices are still going up, but not as much. the latest read shows the rate of home prices slowed at the fastest pace on record in june. that, according to the housing data from black knight, so the annual rate falling 2 percentage points to 17.3% of course homes are still expensive because of this imbalance we have between supply and demand, but both measures starting to cool. is that enough to send mortgage rates down a bit too? yes we're seeing that but flow one is jumping back in the market the way they were months ago. inflation has caused prices of most things to jump excessively in most cases. now, more and more americans are shopping for basics, food,

shampoo, toothpaste, other essentials at dollar stores. dollar general plans to expand fresh produce to over 10,000 stores in the next several years people are literally doing their grocery shopping at dollar tree, family dollar, dollar general, when they can because we're trading down and hunting for bargains. companies big and small are trying to do more with less, even at google. ceo sending this varicella zoster we have it for you, to about 170,000 googl ers calling it "operation simplicity sprint" so what would help you work with greater efficiency? how do we remove speed bumps and how do we eliminate waste? readings between the lines, jackie, i think that's his way of saying, you better up your productivity because we're not putting up with it anymore, right? don't you think that was a nice way of trying to crowd source with everybody thinks about how they can improve their capacity without really warning that your job is on the line when it might , in fact, be.

jackie: i think it's that post- pandemic push time to get back to normal and get back to business so many ceo's feel that way, lauren always great to see you. lauren: you too, jackie. jackie: the u.s. economy seeing signs of the same type of stagflation that plagued the economy during carter years. gerri willis joins me to talk about that. gerri: jackie that's right. good to see you. well the debate on whether the economy is in recession or not, it continues to rage, but some economists are now sounding the alarm on what could be an even worse outcome. stagflation. that's a period of low growth and high prices. the u.s. economies previous battles stagflation, do you remember it the 1970s it kasea catastrophic for households. what started as rising prices in lbj's great society spending turned into persistent inflation , as the oil embargo throttled consumer and business spending. cpi surged 186% or on average,

7.3% annually from 1968-1983. joblessness spiked above 10%. well, it's not back to the 1970s not yet, anyway. gdp did contract in both first and second quarters of the year and prices are definitely rising at a 40 year high, but the jobs market is different. it is still strong and the calvary, well guess what, it's not coming yet. a new pen watteron study says the administrations new inflection reduction about is not needed, regardless of what the democrats say. it has $485 billion in new spending which will actually slightly increase inflation in the short-term over at least the next two years. jackie? back to you. jackie: gerri willis thank you for that. meantime the fedex effected to raise the fed funds rate again, and we'll be watching for that very closely. the wall street journal editorial board speaking out against inflation reduction act, the inflation reduction act, writing that the more americans learn what's in this tax and

spend behemoth the more they'll dislike it. i'm joined by former council of economic advisors chairman kevin hassett. kevin great to see you, and in that editorial piece, they're saying that's exactly why chuck schumer is trying to pass this so quickly, because when debated in the court of public opinion, americans are not going to be happy when they uncover that their taxes are going to go up. >> right. even if you debated this in the court of democratic politician opinions, then it wouldn't be a popular bill, right? so the fact is you might recall that president obama ran on a platform of repealing the bush tax cuts, but then he made a big show of extending the bush tax cuts because there was a recession when he took office and he was out there saying a recession is not a time to raise taxes. at the time, you know, chuck schumer and all the democrats told us yeah, that's right. we're not stupid. so stupid that we would raise taxes in a recession but here they are, they are doing it and i think it's just part of something that we've seen in the biden administration that just about every policy area, from like leaving $85 billion

worth of weapons in afghanistan and so on. they are doing stuff that just doesn't make any sense. this bill does not reduce inflation. it raises taxes on supply. they have been whining about sum disruptions and now they are taxing supply that helps the supply chain disruption makes no sense whatsoever and hopefully kyrsten sinema we don't know if she's going to stand up to it and i hope she does. jackie: you bring up a great point when it comes to supply chain we've talked about the importance of manufacturing here at home, yet in this op-ed the writer points out the congress' joint committee on taxation says that 15% minimum tax on corporate book income actually harms u.s. manufacturer s and 49.7% of the tax hits those folks. >> right, and recall that the reason why that minimum tax is there is that the biden administration got all the countries in the world to agree to raise their corporate taxes to this minimum tax rate but none of them have done it. they all agreed to do it so now we're the first mover and shoot

ourselves in the foot, we're going to start importing stuff from all the countries that signs the treaty but didn't change the tax law, and that's why our economy is hurting so bad is these people have economic policies that make no sense. jackie: i had art laffer on before and i asked him about the income groups that are going to be impacted by this. this is a president who said he was not going to raise taxes on people that were making less than $400,000 a year, yet, $16.7 billion of this will come from those making less than 200,000, 14.1 billion will come from the income range of 200 to 500,000. i mean, this is at a time like this , kevin, when we're dealing with inflation, which is essentially tax on the american people, paying more for food, paying more for gasoline at the pump as well and anticipating we'll be paying more out out of our paychecks, some people are just left really wondering where we're going here. i mean, at what point is the government going to say i'm going to take your whole paycheck. >> right. so right now the typical american is spending $150 more a

month on gasoline than they were when president biden took office , and ronald regan said it best when there's this great book ronald regan and his own hand, he said do you really think if we charge the grocery store in your hometown a lot more taxes that it's not going to affect the price of bread? well that's basically what biden is asserting, that we can have this massive tax hike on the companies that basically supply you can the stuff and it won't affect the price of the stuff, it just makes no sense and hopefully again, kyrsten sinema stands up against it. i don't know if she's going to but if they pass this in a recession then it's the first time that i can remember since the early 60s where you've actually had democrats doing the opposite of what the right thing to do is. usually democrats give you expensing or investment tax credits or temporary tax cuts in a recession because they know it's a bad time to raise taxes, but here they are raising taxes in a recession. it's mind numbing to me that they've gotten so far off the reservation. jackie: i don't know about you but my thought here, kevin, essentially, is that this is the

last gasp of air, that they will be able to take. they pushed this through. it's the last thing they will be able to do because three are expecting a red wave in the mid-terms and so that's why there's such a mad rush to do this now, and this really is about trying to cement certain aspects, for example, the green agenda, of this administration's overall agenda before its hands are tied. >> right. in fact, i can tell you what you just said was quite clever and another way to say it is well may the reason why it looks so stupid is they are so desperate to get their green agenda through they agreed to let joe manchin have these tax hikes because he's a budget hawk and they understand you shouldn't raise taxes in a recession but they are so desperate to get the green agenda through they are willing to do something this stupid. sometimes stupidity comes from political compromise and that's the charitable way to look at it but the bottom line is it's going to make inflation worse so i don't know why they call it

the inflation reduction act, it's going to harm u.s. companies and chase them overseas and hopefully the calvary is am coming and hopefully they think that thought when they look at much higher taxes because if they don't then they are going to abandon the u.s. like they were with president obama in unprecedented numbers and supply will go down and prices go up faster. jackie: i think they are calling it inflation reduction act because if they rename things and rewrite definitions all of a sudden it's going to confuse people or make them think it's something that it's not. kevin hassett great to see you thank you so much. >> all right. jackie: straight ahead, china stepping up threats as house speaker nancy pelosi kicks off her asia trip. will she go ahead with her taiwan visit? we'll find out, after the break. ♪

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jackie: house speaker nancy pelosi kicked off her asia trip today, making her first stop in singapore, beijing, of course has been warning the speaker to stay out of taiwan, but according to new reports, she

will be going ahead with the visit anyway. fox news senior foreign affairs correspondent greg palkot is in london with the latest. hi, greg. reporter: hi, gerri. a growing number today say that indeed, nancy pelosi will be making a stop in taiwan during her current asian trip and china is not pleased. the house speaker was in singapore today meeting with the prime minister, other officials, business people, marines based at the u.s. embassy. next she's set to visit malaysia later in the week, south korea and japan. china is upset that pelosi could be stopping at the self-ruled island of taiwan which beijing claims as its own and it stepped up pretty aggressive military exercises lately. for example, over the weekend there were live fire drills along its coast in the direction of taiwan, only about 80 miles away and the officials have been speaking out, a government spokesperson saying today, if there is a pelosi visit, there be countermeasures and consequences, calling it a gross

interference in china's internal affairs. washington is taking no chances. the uss ronald regan aircraft carrier and strike group is now reportedly cruising north of the philippines in range of taiwan in a short amount of time , other u.s. vessels and aircraft in the region, so again , gerri, while not yet confirmed taiwan sources are reporting that speaker pelosi should arrive there tuesday night, local time. we'll be meeting with officials on wednesday, and then could be out again wednesday night. some tense hours ahead. back to you. jackie: greg palkot thank you so much. meantime elon could be eying a new strategy to buy twitter. charlie gasparino is going to tell us more about that when we come back. ♪

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jackie: back to nancy pelosi and her reported taiwan visit. joining me now is retired naval commander and heritage foundation senior research fellow, peter brooks. peter, as greg indicated in his report before, it appears that nancy pelosi is, in fact, planning this trip. she will be in taiwan possibly tuesday night. obviously, there's been a lot of posturing back and forth and so many people say she's got to stand her ground. the united states has to stand its ground and not give china an inch on this because it signals weakness. >> absolutely. i agree. it's really a mess. it didn't have to be this way. this is another foreign policy blunder on the part of the biden administration. coming out and saying the speaker shouldn't go and then saying the military is worried, i mean, it didn't have to be this way. it could have been done much more professionally and i'm concerned if we do give in and if she doesn't go, that we're going to look weak, we're going to look bad and it'll look like china is pushing us around. jackie: but where does this go

from here, because essentially beijing vowed to take taiwan back at some point and i'm looking at the landscape of things and it's mostly joe biden as a weak leader in the united states based on the rest of his foreign policy blunders and so it seems that this be the time or the opportunity to do it. having said that the proposition of this could, you know, become a military conflict, it could become much bigger than it seems right now. >> well, we could have a crisis on our hands in the next few days as well, jackie. something could go sideways on this. my sense is that speaker pelosi is going to fly in. they probably will do it as quietly as possible, not too much news flash and get out, but the chinese are going to react. they could react while she's coming in. they could react after she leaves but i think they will respond and i expect there will be some fireworks in the coming days after she departs taiwan. jackie: i'm glad you said that because some of the rhetoric we're getting out of the ccp people are saying these are warnings. some of it has actually been

very tough and they almost, it sounds like threats, telling the speaker not to come, and if she does, i agree with you. there could be some sort of a conflict but having said that, how do you think joe biden will respond? >> i don't know. i mean, that's a hypothetical question of course, right? we don't want an unintentional crisis and conflict to take place. i mean, remember, a number of years ago when we had a hot dog chinese pilot back in 2001 and it ran into one of our aircraft and remember that big crisis then, so these sort of things can happen especially if you have a lot of metal in the air, a lot of ships at sea things along this line so this is what we have to be concerned about. i have no doubt our military can get speaker pelosi into taiwan safely, but there's always a possibility that a hot dog pilot , a chinese pilot, could do something that could cause some sort of problems. now the chinese rhetoric we have to take seriously but they often speak tough. if you follow chinese rhetoric you follow chinese press, you'll

see that they often say things that we would deem to be very un seemly, and it's not uncommon for them to try somebody out of propaganda and say things like we're going to shoot down the speaker's plane or the united states plane with fire. there's all sorts of things that they use that we would find unprofessional, undiplomatic that they do and we just don't see it as much. jackie: final thought, the administration itself telling pelosi she shouldn't go. she's the one drawing the line in the sand saying it's necessary to go ahead of the mid-term elections a lot of people saying she's trying to show at least for her side of the party that she's not aligned with the administration on this issue, and that that will be important for voters. >> yeah, this is a mess of the democrats making no question about it. you've got the democrat speaker, democratic speaker and got a democratic administration and he can't get their act together so this is very troubling and it's something that i think one of the important things is that it brings china policy, which i think is failing with this administration, to the forefront for the american people to take a look at.

jackie: it sure does. great to see you peter brooks, thank you so much. let's switch gears for a moment because our own charlie gasparino is reporting that elon musk is busy developing a new risky strategy to buy twitter. charlie, i read your piece in the post. always a great piece. i look forward to sundays and reading it. you say he's playing a long game and wearing the enemy down until they capitulate. charlie: i'm quoting people saying that. these are bankers that know him, deal with him. they believe that he still privately desires this asset. now, the question is the price, and here is what's interesting that's going on on wall street just pushed the story a little further is i've got calls from a ton of hedge fund traders who are betting on this deal right now. now, it's known as arbitrage, right? where you see the price right now, it's at $40 a share, twitter is trading today. it's down a little bit today, they believe that the price will be significantly above that but

below the 54.20 he initially bid and more and more wall street traders arbitrage as they are known, are coming to that conclusion and making this bet, and it's an interesting bet that's going on right now. it's essentially saying that he's going to buy the company at some point, and not only that, is that he knows, and this came from my sources is he knows he's going to lose in court. it's going to be very difficult for him to prevail in court after signing all those document s and agreeing to terms and waving due diligence and the real question is do they force him to buy it at 54.20 meaning the court, does he appeal that decision, so it's a longer game, he goes out eight months, and does at that point, does twitter and elon musk come to the table and figure out something? one of the problems twitter has just so you know with lowering the price too much is they could be sued by their shareholders, class action lawsuits, because

they presumably, they could win at 54.20 if they play a long game and a year from now or whenever, but they would like to get this wrapped up too. you just get the feeling from twitter that okay, they know it's not not worth 54-point to: 20. they know it's a $40 stock and probably lower if he's out. jackie: no one will clean it up charlie: you could see $20 in the stock particularly if the recession kicks in, online ad sales keep going down so they would like to get this done and from what i understand that's part of his game plan too. play a long game, they come to the table because their investors want him to hit something. they arrive at a reasonable price. at least that's what people are telling me. now i can't tell you what's going on inside his head because as you know, he's crazy and today, well, i mean, today he came out or i think it was yesterday put out a tweet where he called, he said matching combining tesla and twitter into twizler. he said that.

jackie: oh, geez. charlie: anyway, the arbs are playing this thing. it's playing twitter and interesting trading and if the a rbs are right they are going to make a lot of money because he's going to buy it for more than 40 but less than 54.20. jackie: just really quick in the second we have left you make the point he couldn't have been surprised that this may in fact have been just a ploy to get into the court system, now we know six to eight months and he has time. charlie: well listen if you followed his rhetoric which i did and i always knew they would succumb to him because no one was paying 54.20 but if you remember, this is not a very profitable company. it's a lousy business, as a matter of fact if you look at it as it is and it's best probably dealt within a private setting. but if you followed his rhetoric leading up to it, he would keep saying, i mean, i'm paraphrasing here, there are a lot of bots i

can get rid of the bots. jackie: that's a pretty good strategy. charlie: i can make this work by getting rid of the bots so him saying i didn't realize there was so many it sounds like i don't know what they might call it in polite places, but in my dinner table it be called bullshit. jackie: well your column is my sunday reading coffee reading i look forward to it every weekend charlie gasparino, always great to see you never know what you'll say. coming up -- charlie: my phone is ringing it's hr. jackie: west virginia is penalizing big banks that it says don't support coal. the state treasurer is here to explain after the break. thank god i'm a country boy ♪

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jackie: welcome back. americas crime crisis now impacting drug stores, pharmacies like walgreens are now locking up products like deodorant and toothpaste as well as spam. fox business correspondent lydia hu has the story. hi, lidia. reporter: hi there, jackie. since we've been here today, our own security team caught what appears to be a theft unfolding right before our eyes and they caught it on camera. take a look at this video because you have to see it to believe it. they say they saw a man walk into the store, help himself to toilet paper and paper towels and then turnaround and walk back out without paying, passing right in front of our own camera s that are setup in front of the store on this sidewalk. so bold, so brazen in the middle of the morning. because of the rise in theft of shoplifting, drug stores are resorting to more locks and keys , food products are now being locked up we saw honey,

chocolate, coffee, and ice cream being locked away. some customers tell us they are frustrated about this growing trend. >> i don't have time and i also don't want to be treated like i'm living different. reporter: now, according to the coalition for law enforcement retail, the products that are being locked away have very likely been targeted repeatedly by criminals to steal and resell on the black market. a spokesperson for walgreens tells us retail crime is one of the top challenges facing the industry today. we continue to take measures like in stalling anti-theft devices and security personnel, for example, to deter and ensure safety and security in our stores. here in new york city, theft for items that cost less than $ 1,000, that's up more than 40% this year over last year, but perhaps more telling than that data, jackie, is the fact that

we caught what appears to be a theft on camera, just this morning. we were here only an hour and a half on-site before we caught that. really a sign of the times. jackie? jackie: let me exist ask you, these stores do have security personnel, i see them all the time. i'm not sure if one was there or not but that guy just took the stuff, walked out, no consequence, no one even said anything. reporter: that's exactly right. he just turned around and walked out even as our security detail asked him, are you going to pay for that what's going on and nothing happened. jackie: unbelievable, lydia hu, thank you so much great to see you today. all right, switching gears, the state of west virginia putting five banks including jpmorgan and goldman sachs on the restricted list over their stance on fossil fuels. west virginia treasury, treasurer riley moore joins me now. riley, great to see you this afternoon. this is a piece that was in the bond buyer, and there was a quote that said while the environmental social

governance or esg movement right be politically popular in california or new york, financial institutions need to understand their practices are hurting people across west virginia. that's what you said, so explain to me what's happening and break it down for us. >> well, jackie, thank you so much for having me on, and yes, look. we're a fossil fuel state. we're an energy state, and obviously, these policies don't just affect west virginia. this affects everybody in america, and look, california has decided to divest their pension fund out of all fossil fuels. i think that's absolutely crazy. here in west virginia we're the fifth largest energy producer in the country and we're proud to be that but we have banks right now that are refusing to lend to the fossil fuel industry, coal, gas, and oil, which we create all three here, so we couldn't continue to hand dollars over to financial

institutions that are trying to diminish those dollars at the same time. essentially look, we're not going to pay for our own destruction and subsidize that, so we've decided we're not going to do business with these banks anymore. if they like to change their policy we certainly would welcome them back and of note, u.s. bank did change their policy and kudos to them. i applaud them for that. i think more banks need to move in that direction. jackie: it's a firm stance and i understand why you take this position but some would argue that limiting yourself in this way from doing business with banks of this size and nature in the end would end up hurting you. do you have other ways to secure financing, to do banking within the state, where you won't suffer as a result of this? >> we do. we have plenty of financial institutions that we're able to work with. u.s. bank obviously top five largest financial institutions in the country, which we currently have a relationship with, and we're going to be able to continue to do so, and there

are plenty of other banks that we've been able to deal with, but look, it's time to take a stand against this. we can't capitulate as it relates to these threats of oh, we got so much money, so we can hold you hostage and you're going to have to listen to what we say. we're not going to stand for that. we're not going to have our industries, economy, and way of life here in west virginia destroyed just because of the political whims of this esg left wing movement. jackie: i understand and i think a lot of people would agree with you and understand as well. sometimes, you know, a boycott or instituting a ban is the best way to make your voice heard. great to see you thank you so much for joining us, riley moore >> thank you so much. jackie: after months of attacks the first ship has set sail today from ukraine with tons of grains to help the global food shortage. can the world trust that this is a deal that's going to last? we've got the latest on that after the break.

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deported the odesa port for the first time since the invasion. alex hogan is with us in kyiv with more. reporter: hi, jackie this is the first of 17 docked ships to leave from odesa this one carrying 26,000 tons of grain on board. this vessel departing early this morning is from sierra leone, traveling to istanbul, turkey, arriving tomorrow, tuesday afternoon. this is a major relief for sailors who essentially have been held there in odesa, for months, but those fears have haven't entirely subsided given the attacks we continue to see on the countries port city. the grain shipments since the war broke out triggered a global food crisis and while getting the grain out has been a major hurdle farmers like victor , a plan we met this morning, say they are struggling to harvest half of what they did last year. >> silos have been destroyed

with nowhere to store these crops victor is selling his grain at one-third of the price and because of strikes he's only collected half of his crop so while farmers across the country say they won't stop coming to their field, checking crops and feeding the country they also say they need help from the government. in the last day, the fighting across the country has continued and it's also intensified in the southwest and the northwest of ukraine, and ukrainian troops are now announcing attempts to double down on the south and re claim russian territory. meanwhile, in the countries second-largest city of kharkiv there were attacks in the last 24 hours with the cities government announcing at least two more people have now died. jackie? jackie: alex hogan, thank you so much. and of course, as russia's war on ukraine enters its sixth month there are fears its world leaders like the united states, don't do more to assist ukraine, the country will lose a war of

attrition. joining me former u.s. army special intelligence officer and drone expert brett velakovich. this is a step in the right direction because the globe is suffering as a result of the exports not being able to move but there's no end in sight to this conflict and there's no guarantee this will continue, and so many people are wondering what exactly is happening here. >> well you're exactly right and i've always said this is a war of logistics and russia is trying to buy its time in hopes ukraine will surrender or won't have the number of troops to sustain the war but even though there was a recent breakthrough in the grain shipment exports we can't forget russia struck the port of odesa within hours after this agreement putin made to allow grain exports to move through that port and that wasn't by accident but despite the risk and the fact that it's difficult to trust what putin says we've seen him obviously open up humanitarian quarters before and shut them down hours later but even if there's a small window that's been open

from the russian side to move the exports it's worth taking that chance and to start moving these supplies as soon as possible before that window closes down. there are 20 million metric tons of wheat and corn that are still trapped in the port of odesa so these grains need to be moved out the most ex per dish us efficient way possible and people have to understand these are major port cities with big businesses and factories that have completely been shutdown since the war began so we gotta get that moving again. jackie: is this a play by the russians saying this is what it could be like? we'll start letting you export again, if you back off, but as you mentioned with the drone attack, for example, the ukrainians are not planning in any way of backing off. >> well, i think it's time for them to go on the offense, and that's really what's needed. this drone strike that took place against the russians, the ukrainians have been defend ing their territory for too long and people suffered massive civilian casualties so they need to start conducting offensive operations. they are starting to carry out

special military operations to liberate areas occupied by the russian and that drone strike is probably first of many at the same time you have to remember despite crimea and despite russia claims this is their land, crimea is a part of ukraine so when it came into conduct that strike they are defending their own country so it's good to start seeing them finally go on the offense. i think a lot of that is because of the renewed sense of confidence based on the u.s. and nato weapons and the country finally reaching the front lines and that emboldens them to fight back and use weapons that have started to finally arrive to conduct attacks against the russian troops. jackie: that's a question i have because the ukrainians have been very passion about this cause and said they wanted to defend their country. is the lag that you mentioned with respect to some being a little bit more offensive in strategy is that it took sometime to get the weapons into the country to make sure people were trained on them, drones are not easy things, for example, to operate and so there's been this

lag time before they could take a more offensive position. >> yeah, there was massive lag time you're absolutely right. i think more weapons again are starting to pour in there. finally, ukrainians are getting a bit more organized and also seeing russia starting to make gains in other parts of the country so they need to pushback, and again, i think it's going to be the first of many but we are seeing sort of economic fallout in my opinion, from the global economy that's going to suffer from these locations that are being struck by russian troops. some of these locations, these port cities that are not opened up fully to export just yet and then there's a larger issue from the business side of jobs. when i talk to some of these governors in ukraine, previously in that region, they see the importance of the jobs act and to get that economy going again and i think they should definitely have this multi-pronged approach to moving the supplies out of the country and getting the economy moving. they don't just move them out by ship but they can move by trains and roads and in the end it's going to be the economy that takes for that country not bullets and war taking place

there. jackie: it's a great point and the people have a lot of resolve and a lot of stamina but if the economy crumbleses their hands will be tied. great to see you, thank you, sir >> thank you. jackie: let's take a quick check of the markets now the dow is way down now since we started the show we were in green territory, down 145, and take a look at oil prices, prices sink ing on new demand concerns, coming out of china and europe as well. it's on track to finish at its lowest since february. more "coast to coast", after this. tell me lies tell me sweet little lies ♪

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jackie: august off to an uncertain start, markets now sliding into red territory erasing the gains that we saw earlier today. the dow no longer on base to exit correct territory as it was earlier. joining me now capitalist pig hedge fund manager and fox news contributor jonathan hoenig. we'll talk about the markets but wow the oil price $93 a barrel that's a significant drop, and oil is falling essentially because speculators are saying we see a recession ahead in the united states. do you agree? >> yeah, well and it's not just

oil, jackie. great to be with you and our viewers as well. oil is down 20% in just the last four months. soybeans are noun 50% in just the last four months. lumber is down 54% and it's not because the inflation issue has been addressed. in fact as you reported on earlier i guess it's called the new build back better plan, the inflation reduction plan, another 200-some billion dollars is only going to add to inflation. the markets are extraordinarily volatile and the fact all these commodities are coming down in fact interest rates are coming down suggests it's much lower economic activity in a recession in the cards. jackie: i was surprised i said this to frances newton stacy earlier we saw so much activity in the markets and actually such a strong july to be honest with you with the level of uncertainty out there. i would think that but then i said to myself well, stocks were beaten down, so it's possible investors got in there. they did bargain hunting and they were looking for deals.

>> yeah that's exactly it, jackie. keep in mind markets often pre- date the market. they predict reality. they predict the fundamentals. they don't reflect them so we had the worst stock market in decades. we had the worst bond market in history up to this point and at this point even still, government hasn't decided we're in a recession, despite the fact that 65% plus of americans already believe we're in a recession so you're right. there's been a pretty dramatic bounce in all the major markets, however they are all still down year-to-date and if you look at history, what this market seems to be shaking up is not so different than what we experienced in the 1970s. in 1981, the stock market was lower than it was in 1969, so we might be in for that kind of trendless long term period we're stocks are up, stocks are down but they don't go anywhere over the long term. jackie: it's interesting because we started off the program in our market discussion bringing in facts that neil e-mailed out even though he's on vacation today, supposedly, jonathan, but they were really interesting because his perspective on this

essentially is that people go away in august including himself, but he's saying that don't let your guard down. august can actually be a really important month. i mentioned some of the reasons he cited earlier i'd like to finish the list here because it was quite brilliant. he talked about german voters, granting sweeping powers to adolf hitler in august of 1934 making him the chancellor and president and undisputed leader. richard nixon resigned in august of 1974 the berlin wall was built and finished in august of 1961 women were given the right to vote in august of 1920 in the city of pompeii was destroyed by a volcano explosion in august of 79. i mean, neil is, he is a walking encyclopedia but this is true. big things happen in august. you can't keep your eyes closed. >> we have to learn from history, we repeat it and once again, we tend to be repeating it again and again. inflation is the number one story neil is exactly right and there's a lot of uncertainty in august in particular but not too

much uncertainty about what causes inflation that expansion of the money supply, so a lot of investors are looking at what government is doing the inflation by another $200 billion. $250 billion. i think a lot of investors saying let me simply sit on my hands, because all the spending will be inflationary. to neil's point who knows what the heck the market have in store. jackie: we know where manchin is going on this. we'll wait for sinema. chuck schumer says this will be great for the country t will reduce the deficit. it will fight inflation. woe repeated over and over what the numbers will do to the american taxpayers and it will crush them. >> economics, jackie, as you know not only what is even but what is unseen. printing up another $200 billion doesn't do anything to bring inflation down. in effect it makes it difficult

for producers to produce the goods an services to bring inflation down. one of the major friends -- jackie: it will kill the manufacturers. >> exactly, producers, manufacturers, make it more difficult. one of the trends in the market lower value of the dollar. just like inflation is the hidden tax, really legislators would never raise taxes 8% on poor people but exactly what they have done with inflation and that could be the next shoe to drop with the falling value of the dollar. jackie: jonathan, want to put out, point out as we put the market board there, markets have fallen out of bed. they changed reversed course. we're markets jobs data on friday. next data to grab on to. 15 seconds. >> the jobs data was goosed by the subsidies and by intervention of the government we could see in effect goosed on the way down now a lot of

subsidies, heroin, if you will has worn off. we'll be watching. jackie: this is something the administration hung its hat on the labor market is giving us support we do what we want to do. we'll get signs. we have little indication. >> housing number is the best indication, housing number you reported on as well. jackie: great to see you that will do it for us on "coast to coast." today i will see you back here tomorrow at noon. charles payne taking it away. charles: good afternoon, everyone, i'm charles payne. breaking right now, after the best july in more than 80 years, the market grappling a little bit with direction. we want to get on through the phase of recession because after that comes equal economic keel. we may go too far that the fed will cut rates. that is the map many people hope in real life that