nebraska. the correct answer is tennessee. borders eight states. kentucky, virginia, north carolina, georgia, alabama, mississippi, arkansas and missouri. i still got 15 seconds left. to get out on time. i have got 10 seconds. the gentleman here counting me down. we're down to six, five, i think i jump the gun. hey jackie deangelis my time's up. jackie: are you ready? i said nebraska also. great minds think alike even though we were wrong. good to see you, thank you so much. welcome to "coast to coast," everybody. i'm jackie deangelis in for neil cavuto. taking a look at markets. stocks are hoping for a comeback after a two-day losing streak. big tech leading the bounce. we're following all of that. we have a big show ahead with texas congressman kevin brady. he will be here. he says democrats are crushing american families and their businesses with the new 700 billion-dollar spending plan. we have former toys "r" us ceo

gerald storch. he will join us to break down breaking consumer trends as we watch prices continue to skyrocket. former acting attorney general matt whitaker slamming the biden administration for lack of real policies on the the border. that is coming up on "coast to coast." fox news congressional correspondent aishah hasnie is live at the white house with more for us. reporter: for the white house all this morning has been trying to call on china not to increase tensions between the two nations but speaker pelosi really picking on china overnight talking about freedom and democracy while accusing china of standing in the way of taiwan. watch. >> i just hope that it's really

clear that while china has stood in the way of taiwan participating and going to certain meetings that they understand that they will not stand in the way of people coming to taiwan. reporter: overnight speaker pelosi met with president ing-wen offered her solidarity as taiwan offers solidarity and freedom. chinese army planning a series of air and sea military drills including live-fire exercises in or around taiwan, rather, starting this thursday. the chinese ambassador tweeting that the u.s. must pay the price for its own mistake and we mean what we say. the country also summoning the u.s. ambassador. the white house is trying very hard to make clear to the chinese there is no change in their one china policy. that the u.s. does not support taiwan's independence but does support their defense.

former ambassador to china under president obama max baucus, that the speaker is pushing the line close to independence. that the visit is a provocation and it really makes the president look week. >> she is not the president. she doesn't have to worry about conducting foreign policy worldwide. joe biden looks weak he either told her not to go looks weak to the chinese, guys, or looks weak told her not to go but she went anyway. reporter: john kirby just told fox this morning that the white house will not concede it was trying to prevent the speaker from going overseas and getting her too change her plans. jackie: of course it won't. aishah hasnie great to see you this afternoon. thanks so much. we're watching stocks as they are jump after wall street is trying to rebound from the back-to-back losing sessions mon and tuesday. we have mitch roschelle joins me

now in person. good to see you. good afternoon. >> in person. jackie: what do you make of the action we're seeing? we had a strong july. we're into august. people are typical, trading volumes are light, it is tepid. we're seeing back and forth seesaw action. where do you think the mindset of the investor is? >> i think the pelosi trip put a little fear in the market couple days. it impacted overseas markets especially in asia. i think that accounted for selloffs early in the week. there is the positive momentum from july, spilling into august. august is historically low volume time. big swings happen in low volume. there is a probably another leg down here but all the cashing on the sidelines creates momentum. retail investors who said wait a second i didn't get in get this. i think that what is tend to happens. end of june money managers trying to make balance sheets look good at the end of the

quarter. they sold positions because they didn't want to have them. they are buying back in. what is happen is big tech is leading the rally that is the story for 20 years in this market. we'll see if it has legs. jackie: i understand the bargain hunting, people want to get in. need a place to park their money. some of the other investment options are not attractive. having said that fundamental nothing really changed with respect to the picture, right? we're expected to go deeper into recession. gdp numbers well us we're in one already. things will probably slowdown after the summer and hype wears off from people traveling, what not, but oil markets tell you demand is expected to come down. bond market tells you things are expected to get worse. i stand back, where are we really headed from here into the fall? >> i think we all got caught up for a week, you and i talked about it on another program on the definition of recession but if you go with what the white house is saying which is the plurality of data has to suggest something, okay, when i look at the plurality of data it

suggests recession. the jolts report showed a drop in job openings. jackie: yeah. >> this morning we'll have jobs report. my suspicion that will come down a bit with weekly jobless claims. one of the pieces of puzzle missing in stagflation is unemployment ticking up. i think we're setting up for that. i'm relatively bearish. leave money on the sidelines, that is my personal view. there are a lot of investors have a fear of missing out. every time the market looks like it is on the way up other people jump in. big picture there are more headwinds than tailwinds right now. jackie: i agree with you on the jock market that is the next shoe to drop. it will not happen overnight. it will slowly appear in the data but once the picture of stagflation is clear that we'll really bump along in this uncomfortable place for some time what do you think investors will do? i want to add this, one of the reasons i think the market seeing pot momentum because of bad news regarding recession,

stagflation, whatever you call it, that jerome powell won't be an aggressive as rates. take that into account as well. >> that is bad news, good news model. that never intellectually make sense to me. a lot of money managers are pricing in rate cuts next year let alone rate increases. jackie: right. >> i think the real shoe to drop is going to be third and earnings. second quarter earnings don't have higher interest rates baked into it. some don't have the spike in oil prices baked in yet. when you play this out over time, even though gasoline prices are gone up -- jackie: still ohio. >> 4 something. diesel prices i saw at the pump, five something. when you filter that through the earnings of a company, public companies, small private companies who are they're all employers, don't forget, a third of our jobs come from small business, i think that there is another shoe to drop potentially in earnings.

the thing is guidance wasn't as awful as people thought it was going to be. one thing the earnings report comes out 8:00 in the morning. it is conference call at 2:00 sends a signal. they weren't as awful as people thought. i think first-quarter fourth qus will have surprises. jackie: management doesn't have a lot of visibility right now. apple said it could be challenging going ahead but they didn't want to commit to specific ranges. they're not even sure. you're right on that point. something to watch as it filters through to companies and as it filters through to earnings as we watch for potential layoffice as well. if people start losing jobs it swill not be a great recipe. good to have you back from florida at least for the time-being. >> i'm here. i'm here. jackie: all eyes on senator krysten sinema as more business groups are pushing back against

the democrats latest spending plan. fox business's grady trimble is on capitol hill with the latest. hi, grady. reporter: jackie, businesses large and small are voicing their concerns about this so-called inflation reduction act in senator krysten sinema's home state of arizona the chamber of commerce industry there, along with the u.s. chamber of commerce launched an ad blitz saying the bill is bad for arizona. they argue the drug price control provision would stifle innovation in the pharmaceutical industry. the 15% corporate minimum tax would slow hiring and business growth. >> they don't like the corporate tax minimum. >> first of all, they keep talking about taxes. this is not a tax bill. it is not a spending bill. reporter: we are still waiting to hear from senator sinema for any indication as to which way she is leaning on this bill. senator manchin met with her yesterday and today he didn't

mention her by name but said everybody is still negotiating. the arizona chamber met with sinema as well but they made their case against the bill. >> is this a time when you want to raise taxes across the board of people of all levels of income and on our job creators? the answer is no. so i'm a little bit caught off-guard by senator manchin glibness towards that. it is not steeped in reality. this will raise taxes. reporter: the bill also includes billions of more dollars for irs enforcement. the joint committee on taxation says the majority of money raised from underreported income, the vast majority as much as 90% of it that goes to the irs would come from people in the middle class and upper middle class. those making less than $200,000 per year, jackie, including some small businesses. jackie: we are going to talk about that irs enforcement with you next hour, sir. great to see you. thank you so much for the update on krysten sinema.

meantime texas congressman kevin brady is standing by and he joins me now to discuss all of this. congressman, it is great to see you. you say the democrats are offering devastating taxes through the spending bill. a lot of republicans agree with you, they are saying this should be an absolute no-go. they can't really believe manchin changed his position. now there is a lot of pressure on krysten sinema to step up to the plate? >> yes. so senator sinema i think gets this. what country in their right mind raises taxes as we are entering or already entered a recession? most countries have been lowering their business taxes to make sure those don't end you, we don't have higher prices going forward. this doesn't make any sense. just to fact correct, i love senator manchin the single largest provision in the manchin-biden "build back better" are tax hikes and they land on made in america manufacturers. the companies that hire here and build here in america take the biggest hit and yes, it does

violate president biden's pledge against raising taxes on people making less than 400,000. nearly every income level of workers will see a tax hike starting next year. stuart: yeah. jackie: it is a contradiction not only on what he promised americans with regard to taxes and with respect to manufacturing as well. we've been talking about the last five years making more in america. president trump really tried hard to put pressure on china to bring more of that business back home domestically. president biden says he is doing that but i have a hard time trying to believe he is setting the seeds properly when he is actually going after the manufacturers essentially with this bill. >> yeah. you are spot on. so look after tax cuts and jobs act we saw half a million manufacturing jobs come back and be created in america. we saw investment in intellectual property. companies were returning to the united states a giant sucking sound this president we've seen just the exact opposite. then these tax hikes you're

going after those companies we value the most. they are manufacturerring here. it is energy. it is telecom, it is base lick manufacturing. these are very harsh tax hikes. again our economy can't take this. it couldn't be the worst time for it. and then unleashing 80,000 new irs agents on families, small businesses and farmers. driving up drug prices at the worst possible time and fueling inflation with the spending. look this makes no economic -- it will make a very cruel economy under joe biden even crueler. jackie: grady trimble asked joe manchin a very poignant question. he was asking about the corporate minimum tax and he is talking about growth and earnings. we were just having that conversation with respect to the markets. wall street analysts and the experts out there are expecting companies will start to see this impact the bottom line. this would only make it worse. >> yeah. there is no doubt about it. if you look closely, they do

carveouts for special interests and punish businesses for buying equipment and technology here in america. jackie: yeah. meantime joe rogan saying that the biden administration is basically gaslighting people by changing the definition of recession. this has been a conversation for sometime. it seems like the administration knew what was coming in the second gdp report. it just tried to redefine everything. here is joe rogan's take. >> that is gaslighting. people think it is trivial because they are talking about this economic downturn but it's not trivial because we've always used that term, recession. they're literally changing the definition which is terrible and it should be pushed back against in a big way. it should be something that people get angry about. hey your [bleep] with definitions in order to pretend you're doing a good job. what a bunch of weasels. jackie: congressman, he has a point there when it comes to gaslighting america, essentially a lot of people are feeling the pain of inflation and this

administration isn't really acknowledging that. in fact they're saying oh, this is a transition. they're calling it all kinds of things to avoid the inevitable but the bottom line is, you, me, your constituents, they feel it at the gas pump. they feel it at the grocery store. >> no doubt about it. feels like a double standard. last two quarters are a recession. they know how cruel the economy is, how damaging is. i wish the white house had a vaccine on denial. they are denial on inflation, worker shortage, on this recession. americans get it. it is so punishing. jackie: we'll have to see what happens with the fed trying to take aim at interest rates to help tame inflation. at the same time they're doing that, you have got to crazy spending bill trying to pass as well. people just say, you're not really thinking about me when you make these decisions. that is really concerning. congressman brady thank you so much. >> that's right.

thank you, jackie. jackie: coming up, primary results, they are rolling in. see how trump-backed candidates fared across the country coming up next. ♪.

your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire this isn't just freight. matching your job description. these aren't just shipments. they're promises. promises of all shapes and sizes. each, with a time and a place they've been promised to be. a promise is everything to old dominion, because it means everything to you. (fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better

when clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different.

jackie: welcome back. primary results showing former president trump still has a strong grip on the gop. bryan llenas is live in lansing, michigan with to more for us. hey, brian. reporter: jackie, michigan republican party holding a unity luncheon behind me in a gubernatorial primary by tudor dixon in a blowout. the mother of four was endorsed by president trump. for month her opponents have been accusing her of not being a true trump loyalist, particularly because her campaign was financed by the powerful devos family which has been supporting opponents of trump-endorsed candidates.

now the party will have to come together if they plan on defeating governor gretchen whitmer last night. dixon talked about how whitmer's covid-19 lockdown policies inspired her to run. >> lock down by -- [inaudible]. all of those years. [inaudible] so i think this no one in the state will be locked away. reporter: in michigan's third congressional district race trump backed candidate john gibbs defeated republican moderate peter meijer. gibbs won in help with democrats to financed his campaign. they prefer facing gibs in november viewing him as too radical to win. he worked in the trump administration and believe the election was stolen.

last night he blasted the democrat strategy. >> dnc dropped half a million to prop up my primary challenger is not something we like to see. my democratic colleagues in washington at the outraged and cynicism and hypocrisy that represented. reporter: he sided with democrats voting to impeach president trump after january 6th and he paid the price. jackie. jackie: bryan llenas, thanks so much. let's get back too nancy pelosi's high-stakes trip. the speaker vowing an ironclad defense of taiwan. listen. >> today the world face as choice between democracy and autocracy. america's determination to preserve democracy here in taiwan and around the world remains ironclad. jackie: former navy seal team six commander dave sears joins me now. good afternoon. great to see you. >> anyone? jackie: can you hear me, dave?

all right. looks like dave's connection is experiencing some difficulty. we'll get back to him as soon as we can. skyrocketing costs now forcing americans to change their spending habits. former toys "r" us ceo gerald storch will explain the consumer shift coming up next. ♪ ♪♪ this... is the planning effect. this is how it feels to know you have a wealth plan that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor looking at your full financial picture. making sure you have the right balance of risk and reward. and helping you plan for future generations. this is "the planning effect" from fidelity.

and helping you plan for future generations. finding my way forward with node-positive breast cancer felt overwhelming at times. but i never just found my way, i made it. so when i finished active therapy,

i kept moving forward and did everything i could to protect myself from recurrence. verzenio is the first treatment in over 15 years to reduce the risk of recurrence for adults with hr-positive, her2-negative, node-positive, early breast cancer with a high chance of returning, as determined by your doctor when added to hormone therapy. hormone therapy works outside the cell while verzenio works inside to help stop the growth of cancer cells. diarrhea is common, may be severe, or cause dehydration or infection. at the first sign, call your doctor, start an antidiarrheal, and drink fluids. before taking verzenio, tell your doctor about any fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. life-threatening lung inflammation can occur. tell your doctor about any new or worsening trouble breathing, cough, or chest pain. serious liver problems can happen. symptoms include fatigue, appetite loss, stomach pain, and bleeding or bruising. blood clots that can lead to death have occurred. tell your doctor if you have pain or swelling in your arms or legs, shortness of breath, chest pain, and rapid breathing or heart rate, or if you are nursing, pregnant, or plan to be. i'm making my way forward, my way with verzenio.

ask your doctor about everyday verzenio. we got the house! you did! pods handles the driving. pack at your pace. store your things until you're ready. then we deliver to your new home - across town or across the country. pods, your personal moving and storage team. ♪ ♪ ♪ ♪ we believe there's an innovator in all of us. ♪ ♪ that's why we build technology that makes it possible for every business... and every person... to come to the table and do more incredible things. it■s hard eating healthy. unless you happen to be a dog.

♪ ♪ ♪ ♪ ♪ ♪ jackie: markets higher across the board today, so are shares of planned parenthood climbing after of the company announced job cuts actually. the retail trading platform planning to cut another 23% of it the staff after posting a 44% decline in revenue. this is coming after a 9% cut in robinhood's staff this spring.

the stock is down about 48% so far this year. more americans are turning to discount stores for groceries as prices are skyrocketing. fox business's lydia hu live in nutley, new jersey with a closer look at consumer changing habits. lydia, i imagine in times like these consumers are trying to be as nimble as possible? reporter: yeah, jackie. talking to customers outside of this dollar tree in new jersey, they say it is harder and harder to find a reprieve from the higher prices at grocery stores. even people considered high income earners they are increasingly leaving the grocery store looking for deals at discount and dollar stores. watch this. >> i've tried everything but i have to stick to, this is kind of like cheaper food. >> i don't see how it can happen within a week how prices go up so fast? how is this allowed? we don't have any other choice

it seems? reporter: average spending on grocery products at discount chains increased 71% from october of last year to june of this year. during that same time period spending at traditional grocery stores declined by 5%. survey by enumerator found people making more than $80,000 a year are showing the largest increase in the number of visits to dollar stores. that's up about 33%. >> definitely go to dollar stores when i can like snacks for my daughter for day care, stuff, just i can cut the costs. reporter: shopping at club stores also, those are places like costco. shoppers are searching for bargains there. club stores are showing a 9% increase in traffic. spending is up by 15%. sam's club actually reported that revenue from membership, i should actually say membership income is up by about 10 1/2%

year-over-year. but its parent company, walmart is actually seeing pullback from the customers. they blame the increased prices in groceries. they say customers are now buying less clothing and apparel from walmart. that is forcing them to adjust their projection for earnings next year. they expect those to fall about 11 to 13%. so there is that shift in consumer behavior right there for you, jackie. jackie: that is a really important point. those are the nuggets investors will be watching very closely, lydia, as we move forward into the fall as they start to forecast, predict what they think companies will earn. it will be really important. lydia hu, thank you so much. let's bring in gerald storch, store much advisors founder, ceo. great to see you. gerald, consumer patterns are certainly changing. people are having a hard time and they're adapting to it by going to the discount stores, they're trying to buy things in bulk for example, realizing this will be with us for a prolonged period of time. this is not going away

overnight? >> that is absolutely right. there is no soft landing here. it is not transient and it is not good and as the fed continues to raise interest rates, keep in mind the way they want to fight inflation by taking a stake to the heart of the american consumer because that is the only tool they have. raise the interest rates, make things too expensive, there for finally the economy will slow down. so they're killing the patient in order to cure the patient. jackie: interesting what lydia reported, this is not just a phenomenon with lower income earners. he they will adjust to get lowest prices. i'm wondering what you think, the turning point will be with respect to sort of really pulling back on consumer goods? people saying to their family, for example, if you don't need x, y and z we're not going to buy it right now. we'll really try to tighten up our budget. >> well it is coming in from the bottom up. so starting with the lower

income consumers, then the middle income consumers. oddly enough the luxury consumer has not been hit yet. usually when the stock market pulls back, luxury sales do too. that hasn't happened but we expect it to happen. when we get to the fall we'll see record bankruptcies in retail. both among mom-and-pop stores where i think we'll see just decimation of mom-and-pop stores on main street and also those chains that have been struggling for years strategically, never got it right, they will have big problems as we round the bend here after the holiday. it will really bite as we get to holidays and beyond. jackie: that is a really good point. especially as prices are rising and the environment has become so competitive, especially online, that is something that i think we should be watching for on wall street for sure, gerald. i want to ask you about the services number today, a little better than expected. i wonder if there is a shift right now in the dynamics of spending patterns, right? less goods, more services, services might be more necessary

right now but what is that telling us about how the consumer is looking at everything, the overall basket of goods it needs? >> sure, jackie. this is part of the great reopening, right? so people are traveling more, going to hotels, airlines. they're all doing great but the summer is going to end and there is going to be a big hangover. i don't know if you bought a ticket recently? jackie: nope, they're too expensive. >> consumers will run out of the money they got from government subsidies. they will run out of the easy money days. this will come down too. people will be much more focused on necessities, on food, on health and beauty care type of products and they will be buying those as you heard in the report just before, they will be buying those from discount stores and dollar stores and grocery stores. jackie: let me ask you something about consumer psychology because i have a lot of friends who basically said, we're looking at picture here. we're not going to save the kind of money we thought we would save this year, whatever we were

saving for but we don't want to deprive ourselves of experiences they need. a lot of people have written off this year t will be a no savings year. they are hoping they won't go into debt. some people will be to finance their spending activities. do you think the consumer, you know, looking at the situation in this culture of america where we believe that we you know, deserve things, that we work hard and we need to consume and you super-size things and you want the big plasma tv? do you think the certain sector of consumer out there, you know what, prices are higher, i don't care, i need to live my life? >> i think a little bit more revenge spending after covid. people are going out more. they're going to, they're saying we're tired of hunkering down. whether covid is still out there or not we don't care anymore. that is what we're seeing. even that money is to run out. you talk about the big-screen tv. those sales are not very good. that is not where money is being spent. as you point out it is spent on

vacations. even that will run out, sort of the great feeling of the reopening is over, then we have to face reality of stagflation, of ongoing inflation, of the lowest consumer confidence on record. this is not going to get better anytime soon. jackie: yeah, consumers like to be out during the summer, typically very strong season. when that starts to come to an end, colder weather sets in, people will hunker down. you make great points. great to see you this afternoon. >> my pleasure. jackie: former navy seal team 6 commander dave sears is back with us. we wanted to talk to you, dave, about nancy pelosi's taiwan trip. we first of all want to get your response to china's threats. they didn't go after pelosi directly. they understand that will be a grave mistake. poised to start military drills in taiwan airspace coming days. ramping up threats to china in taiwan. some military exercises occurred while she was on the ground.

your thoughts? >> right, a lot of this china kind of has no choice. xi xinping has no choice. he is up for the 20th congress of the communist chinese party soon. he is up for third historic confirmation. he is internal message he wants to send externally as well. this was a slap in his face. he considers it a personal affront. china will have to do something but they are limited in what they can do? jackie: he set out his agenda. he has made it clear via the one china policy, it's a little bit ambiguous there how taiwan fits in that but from xi xinping's point of view he wants china back. he wants to unify what he sees as his territory essentially which is one of the reasons nancy pelosi went there. having said that if xi xinping makes aggressive move coming

forward, weeks, months, whatever the case may be how must america respond? >> it will be really interesting because there is also issues with japanese airspace right there that likely china will have to cross and japan is not going to allow their airspace to be crossed. we have a defense treaty with japan f japan decides to get into it to defend their airspace we are definitely and how do we help taiwan? that is a little bit more ambiguous. what is not the defense of the straits. what is it about 48% of all containerized goods move through the taiwan strait. that is united states, australia, england, a lot of these different countries have a pact to keep those strait open. china would have to do something. invading taiwan they would interrupt that commerce massively. we would have to have some sort of reaction to the economic opening of the straits or defense of japanese airspace is all a possibility. jackie: you bring up a great

point because when it comes to economic interests, overseas in the asia-pacific region of course semiconductor chips are largely manufactured in taiwan as well. you talk about the straits, transporting of goods we're already having problems with the supply chains. we know that america would have to respond but americans generally speaking, especially at a time we're battling through some domestic issues here at home don't seem to have an appetite, if you will, for military conflict? >> no, i think you're right. i don't think we have appetite for direct military conflict with china and likely it would take place with some sort of economic, more of an economic engagment again. we could do more sanctions on china. you could do blockade, blocking china's blockades of taiwan if they choose to do that. freedom of navigation exercises. it is going to be very tenuous though. it's a spark point. china has just as much to lose

as we do as well. their economy is not doing well. if that is interrupted, if their exports are interrupted, that could affect just their exports alone to the united states could affect like 3 1/2% of their gdp. so they have to be very cautious as bell. jackie: that's a great point because also you know, we're experiencing a slowdown globally but china with its recent lockdowns and zero covid policy created quite a situation that sort of needs to dig out a little bit from under more than everywhere else we've opened up trying to get our economies back on the same page. it is interesting that you say that they have to be very careful. this is a dance, this is a dance that has played out over the course of the last 50 years or so. when we approach our dealings with china, president trump was really trying to decouple in some ways, to take a hard-line on china, bring our manufacturing back home, be more american-made and independent-based here. having said that this administration has stepped away

from that approach and seems to be you know, dancing a little bit more with china which seems to be dangerous as well. where do you think that the line is? where should we as america draw the line with our relations to china knowing we have economic interests there but also realizing china's made its mission clear, not only does it want to go after taiwan, it essentially wants to rule the world and it wants to be a superpower? >> yes, we have to match china. you cannot allow china to continue unchecked progress, economic progress and influential progress across the world. which is what they want. they have become very expansionary. u.s. has to meet that strategic competition level and counter it and counter china. that doesn't mean military or shooting war but that means countering them being aware what china is trying to do. just as he said, jackie, they said what they are wanted to do and they're moving out and doing. we have a lot of levers we can

pull. president biden started out continuing pretty much president trump's policies which was kind of amazing. recently he kind of backed off, taking a little bit more of a conciliatory stance towards china but, still, there's, we need to continue this and not allow china to go unchecked at all. i think, nancy pelosi's visit there was probably a very good thing, especially in light of china demanding that she not go. jackie: yeah. this is going to be a huge story, dave, and we are going to follow it every step of the way. we so appreciate your insight today. great to get you back on with us. thank you. >> thanks, jackie. jackie: migrants are continue towing flow across the southern border. former acting attorney general matthew whitaker joins me next. why he says the biden administration is doing nothing to fix the problem.

i grew up an athlete, i rode horses... i really do take care of myself. i try to stay in shape. that's really important, especially as you age. i noticed after kids that my body totally changed. i started noticing a little pudge. so i took action! coolsculpting targets, freezes and eliminates treated fat for good. no needles, no incisions. discuss coolsculpting with your provider. some common side effects include temporary numbness, discomfort and swelling. you've come this far... coolsculpting takes you further. visit coolsculpting.com bubbles bubbles so many bubbles! as an expedia member you earn points on your travels, and that's on top of your airline miles. so you can go and see... or taste or do absolutely nothing with all those bubbles.

without ever wondering if you're getting the most out of your trip. because you are. if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. shipgo.com the smart, fast, easy way to travel.

do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find

out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. i'm amber, i've lost 128 pounds with golo, taking release. i have literally tried everything. i was on the verge of getting gastric bypass surgery, and i saw the golo commercial, and it was the last thing i tried 'cause it worked.

♪ >> nothing has been done by this administration. we would have thought we would have hit a ceiling several months ago but this administration continues to hold the course, continues to pander to activists. that is all that they're doing unfortunately. >> is this our policies that are creating this crisis? they're coming because of biden administration's policies that encourage them to come here knowing they're going to go through a very dangerous journey. that is what breaks my heart because this administration knows it is dangerous. they don't care. they encourage them to come because they want to use them for political power. jackie: that was from "maria bartiromo's wall street" live show this morning at the southern border. former acting u.s. attorney general matthew whitaker is here. he says that the biden administration is all politics when it comes to the border. so you agree with representative flores there. she really makes the point that the biden administration doesn't care about the humanitarian crisis, the danger that these people face as they are trying to cross the border, matt. they don't even care necessarily what happens to them when they come into the country as long as they're dispersed across the

country and they vote blue in the future. >> yeah. good to be with you, jackie, and what i see the two most effective tools that the trump administration implemented, title 42 and remain in mexico policy of this administration is trying to roll back and eliminate. as soon as new york city and washington, d.c., area received a few busloads of these illegal immigrants to their jurisdictions they tried to call in the national guard to ask for more money from congress. it is not only, it is purely a political issue, there is no plan. this is putting lives in danger. we've seen you know, immigrants die in the backs of you know, refrigerated vans, refrigeration units went out, and it is chaos on our southern border. yet this administration doesn't appear to have any interests. we have 220,000 people enter illegally into our country in may, and june, july, it was

170,000. we're on pace for over two million people to come in illegally through our southern border. jackie: that is interesting. i'm not necessarily sure eric adams or muriel bowser are opposed to exact what i is happening. they're not going down to the southern border to take a look first-hand to see what is the problem there seems to me when they ask about this a lot is about funding as you mentioned. >> it is, the governor of texas, greg abbott invited mayor of new york city, eric adams to visit the border. eric adams declined saying that was a photo-opportunity. that is not what it is. it is seeing how unregulated the flow of people and illegal drugs is. it is really, it is made the cartels more powerful, wealthier. it will be a problem for years to come as we try to get control eventually of this border. jackie: why do you think it is that kamala harris, you know she

may have the same agenda as the president has. obviously they're on the same page, the same team, she is the border czar, right? she really hasn't done much of anything since these two have come into office. so i'm wondering, why can't she attack the dangerous parts ever this? if you're pro-illegal immigration that's one thing but what about the drugs coming across? what about the human trafficking? why aren't they worried about some of these really, really dangerous aspects of what ask coming over the border, how it is impacting americans in this country? >> the only way to enforce the laws at the southern border is to crack down on illegal immigration because drugs and trafficking of human beings is completely related to the flow of individuals across the southern border. i mean, i just i heard so many reports, so many people that have a heart to solve this problem, have offered solutions but instead it is just a humanitarian catastrophe orchestrated by the biden policies and with no plan that

is the most difficult thing. jackie: right. >> to your point, jackie, why don't they tell us why they're doing it? because there is no plan. it seems to me they want to encourage as many people to come here as soon as possible. jackie: i think what you're saying essentially is that the people that are coming across are the vehicle. so you can't stop one piece of it without shutting down the whole operation. certainly something that they're not going to do. then they turn a blind eye to the really nasty parts of what's happening down there and quietly in arizona, they say, well, maybe we'll finish a piece of wall here or there. matt whitaker, great to see you this afternoon, thank you so much. >> good to see you, jackie, thank you. jackie: coming up the white house says they have a duty to families everywhere to keep covid era evictions in place. who is standing up for the landlords? kelly o'grady has the story next. ♪.

your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

millions have made the switch from the big three match to xfinity mobile.ption. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them. get unlimited data with 5g included for just $30 a line per month when you get 4 lines. switch to xfinity mobile today.

jackie: welcome back. landlords in california are pushing back against an eviction moratorium as the white house weighs its options to keep the

covid era eviction protections in place. kelly o'grady live in los angeles with more on the back and forth on this. kelly, seems it is all going on and on and on, the covid era protections even though we're out of covid? reporter: yeah. it's a good point, jackie. this is really a hot topic at federal and state level. the city council voted to extend the moratorium on those evictions. you see the apartments behind me. it is tough, rent prices are skyrocketing but city returned to near normal operations. most of these owners argue that these tenants see another free year of rent. >> we're see in this stage there is a lot of abuse. those no longer paying rent in the city of los angeles, the landlord has no ability to recoup any of those dollars. reporter: indeed these landlords are arguing if they're not able to get the rent, that could cause them to foreclose, they're

asserting homes are being stolen by democratic policies. a sentiment shared by the one city councilmember opposed the extension. he said pollsis we put in place affecting rent owners are not able to run their businesses as usual. important to note, last summer supreme court shut down the cdc moratorium on evictions. the white house is arguing they have a duty to families anywhere. they doubled down on making those covid protections permanent. >> on eviction prevention our goal must not to return to pre-pandemic normal, to not return to policies where evictions are taft often a first resort, not a last resort. reporter: i will close with this, jackie. critricks are saying the white house is considering forgiving student loan debt, is rent next? what happens to small businesses. jackie: great question. what about the duty to the

landlords who still have to pay their mortgages. kelly o'grady. we'll be right back. ♪ 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. ♪

..

♪♪ jackie: the taxman is coming at the democrats new spending bill may be what is sending him,

welcome to the second hour of coast to coast. we have a busy hour ahead. bill mcgurn is going to discuss the impact of the spending push on capitol hill and how that may be sending the irs after the middle class. we will hear from national security adviser to vice president cheney stephen yates for his thoughts on nancy pelosi airstrip to taiwan and how donald trump is breaking the republicans on this issue. we will discuss opec plus's decision to release a small amount of oil to impact production and republican indiana senator mike braun is here, why more reckless spending and taxes will not help us out of this recession. a lot to get to so let's get started. kevin brady saying it makes no sense to raise taxes during a recession.

>> what country in their right mind raises taxes as we are entering or have entered a recession? most are lowering business taxes to make sure they don't end up with higher prices going forward. this doesn't make sense. jackie: the congressman not alone in his opposition to the bill, more business groups pushing against the democrats latest push of tax and spend, the latest from grady trimble live on capitol hill. >> reporter: small business owners have two major concerns about this bill. the first if corporations pay more in taxes that will impact small businesses. the second concern has to do with the irs, the $80 billion in new funding included in this bill. the concern for small business is george harrison's taxman will go after those making less the $200,000 a year including

small businesses because they are easier targets than large corporations who can afford he spent of lawyers, the joint committee on taxation says between 78%, 90% % of taxes from underreported income would come from the middle class and upper middle-class, that is why business groups and senator kirsten sinema's state of arizona speaking against this bill. >> you are hearing from tax analysts, will these aren't wall street companies, the use our mainstreet companies telling you this. >> senator joe manchin says the bill shouldn't raise taxes and even republicans should be on board with it. >> everything in their they like, the toxic atmosphere we are in, this would be a wonderful bipartisan bill and hopefully they will look at it.

>> we know senator manchin met with senator sinema yesterday but so did members of the chamber of commerce and industry. they have two very different goals, manchin is pushing his bill while the arizona chamber is against it in its current form it. we are looking at senator sinema to get any indication which way she might be leaning and we have yet to find her. jackie: everything in their they like? he was referring to the republicans? >> that's what he was saying in the interview i did with him yesterday. i think you would gather from republicans on air today that they don't like everything especially the tax and climate provisions. >> the wall street journal warning the democrats bill will unleash the irs on the middle

class, bill mcgurn joins us now. great to see you and i want to read the first line from the editorial board's opinion piece, the irs is about to go beast mode. we need to schumer manchin tax bill to turn the internal revenue service into wolverine. we are talking $80 billion of new funding, 6 times the current annual irs budget which is $12.6 billion and half of these audits target the middle class. >> in context, it is high inflation, the trick is to tame inflation without killing off the economy. last thing we want is to

increase inflation by spending dollars you don't have and throwing on top of the pile and the irs provision is particularly noxious. it is never about taxing the rich. would they need this extra money to go after the middle class but there is not enough money at the top to pay for everything they want. don't know about republicans but there is very little in it that i like and we are asked to believe these assumptions that will get more in revenue if passed. it is not going to give the revenue they want. the first 5 years we are going to have access spending. jackie: president biden on a campaign trail when he talked

about taxes and irs audits wanted the rich to pay their fair share and now when we get to the nuts and bolts you have to go after the middle class and poor people to raise this revenue. when it comes to auditing the rich the rich people who have money to spend on attorneys to fight these audits it is the middle class people who get really scared when they get the letter and at the mercy of the irs, what are they going to do? >> a couple years ago in new jersey, there is a family-owned deli that has been around a hundred years and i talked to the owner one day making me a sandwich and point to all these permits after a full day, 12, 14 hours for him, to go home and do this stuff. it is a huge hassle.

it discourages business. there are two mentalities with taxes, one is treat every one, we are going to go after you with powers and the other thing is have low rates where people by and large say that is reasonable and pay the taxes. i would prefer, that to what we have. president biden made a promise about 400,000. if we have inflation around 10%, that's it 10% tax on every one. people at the bottom feel that the most. i don't think they will benefit from this. jackie: before i let you go, democratic senator joe manchin shut down when he was asked about supporting president biden in 2,024, not the only one who has done this.

>> i'm not going to talk about it. >> will you support the leader of your own party? jackie: no one wants to go on the record. >> no one wants to talk about it. they are saddled with a president whose perception is weakness and they all recognize there is going to be someone else on the ballot but don't want to bring down the white house on their heads by being publicly disloyal. it is no secret, he looks more people today than he did on inauguration day so this is to be expected. jackie: thank you for joining us, always a pleasure. stocks are rebounding and stronger gains on the dow, the s&p 500 up by 66, the nasdaq seeing a 2% gain, 318 points at

the moment, mainstreet asset management cio aaron gibbs, great to see you in studio. our reaction to what we are seeing as we kick off august. >> some conflicting indicators out there. the yield curve inversion, there are fears around the recession and you are having a good earnings season and a lot of these are off of companies having helped the market but we are in a risk scenario following the july trend, the tech stocks, growth stocks looking more attractive and that is driving the markets, not your value or your energy but the riskier growth stocks. jackie: mitch was talking about

third-quarter, fourth-quarter earnings and that might be where we see a pitfall. i have been covering wall street and when wall street brings its estimates down as long as you need or beatty even if it is lower estimate and people are fine with it will we see market reaction to lower earnings which tell us the economy is slowing down in a real way and wall street analysts bring their estimates down. >> that is the conflicting sign. for the second half of the year earnings growth came from 10% a month, now down to 6% growth. it is surprising. during this earnings season most of the markets have been up so they are beating second quarter even though the future is less rosy. it is great that sentiment is shifting and people seem more confident with lower hurdles going down as estimate are plummeting but i am cautious. i'm not going to say it's the

end of the bear market, we are seeing growth below inflation. jackie: wages aren't moving up. what do you think the fed is doing, the optimism in the market is markets expect to see a slow down, not going to be so aggressive, chance for one point hike this last time, stuck with 75, some people say next time he won't do the 75 so the bad news good news thing the market always does as long as rates stay lower we will be okay. >> it is really about the fed and we see 175 or 50 and that's not going to happen in august or september. that's part of the optimism by september as we have this inflation two more months of more macroeconomic data coming in there will be a bigger

chance of slowing down. when we see that in the markets, still definitely a concern that we are not out of the woods yet. jackie: it will be interesting to see how it shapes out at the end of the year and hopefully there are brighter spots in 2023. i've been saying that since 2020 come in next year will be better, one of these times i will be right. tensions are arising overseas as nancy pelosi continues her trip around asia, china is reacting to the speaker's stop in taiwan coming up ahead. ♪♪

jackie: nancy pelosi putting america's support for democracy in taiwan, something beijing views as unacceptable and china is not taking it lying down. senior foreign affairs correspondent greg palcot. >> things could heat up in the

next 24 or 48 hours. the house speaker went to the island for a meeting with the island's president and others saying the us wants taiwan to have, quote, freedom and security and will not back away from that. this is upsetting china which sees the island as its own. it has conducted while miss pelosi was their military drills in the area, when she left chinese warplanes entered taiwan your defense, but the big stuff could start tomorrow. 6 zones around taiwan encircling the island will be the focus of beijing's armed forces and live fire exercises. this could come within 12 miles of the taiwan coast and violate its territorial space. it feels like an act of war. taiwan says it will disrupt its shipping, increase the chance of a dangerous run in. chinese state media says its missiles would fly over the island. last things last time things

got this hot was 1995-96 when naval assets were deployed to the region, now they are already there including that uss ronald reagan aircraft carrier strike group as washington continues to warn beijing not to turn this into a crisis. speaker pelosi goes to tokyo after school. they are perilously close to and also threatened by beijing. jackie: we will be watching closely, thank you for bringing us the breaking details. joining the is national security adviser to dick cheney, stephen yates. your reaction to military exercises that occurred when pelosi was on the ground, you can see the map greg put up for us, the placement of the exercise and drills doesn't look like an act of war, china is clear about what it wants.

>> greg summary was accurate and effective. this is the most provocative series of measures taken by beijing since the end of the civil war and the founding of the people's republic of china, far exceeds what we saw in 1995-96, splash down zones or missile tests would him in taiwan's largest commercial ports, one in the north, one in the south. large scale cyber attacks and other measures, this is by far the most heated, coercive campaign beijing has put forward and will likely continue for some time. the question is whether the united states cieslak of ambiguity from beijing as cause for the us to be less ambiguous about its approach. jackie: a lot of criticism of

the president saying the fact that nancy pelosi shouldn't go to taiwan made this a larger conversation, more of an issue but this is interesting to me because a lot of gop leaders supporting nancy pelosi saying nobody will tell americans where they can or can't travel, they won't dictate to her or anybody else what countries we have conversation with or leaders we have conversations with but donald trump broke away on truth social land, why is nancy pelosi and taiwan always causing trouble, nothing she does turns out well, two failed impeachment, loss of house et cetera, watch. what he means is watch her, watch what happens as a result of this. some would say no one should tell us where to go but what about the timing of pelosi's visit? was it proper timing? >> several things are

problematic for the timing. nancy pelosi has a long record of speaking could a clear about china's human rights and welcomes visitors from taiwan throughout her career but helped her cause by making visits by the speaker more routine. if she had gone during her first tenure as speaker or early in her second tenure as speaker this would be more normalized and she planned to go in april but delayed because of covid and i don't know if they noticed but august 1st was people's liberation army day in china. they were always going to have muscular shows of strength and political warfare around there military anniversary and she flew into that. amplifying that. there were several questions about the timing but she would have done a service to everyone if as speaker she had done this more regularly. jackie: a lot of gop members saying you wouldn't fight any republicans, if you want to

present a unified front, a bipartisan trip for people from both sides having the conversations and that is the kind of messaging we need to send overseas. that is a conversation we will have. >> thank you. jackie: how the climate agenda could cause gas prices to spike, jeff flock has that story next. ♪♪

do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

jackie: welcome back, opec plus agrees on a small increase,

adding additional adding to the market every day. new studies show the biden administration's climate agenda could send fuel prices, jeff flock explains the push to phase out fossil fuels is phasing out prices at the pump. >> reporter: and couple numbers from the heritage foundation and their look, if the biden administration was successful in their goal which is to cut emissions in half by 2030, what would that mean? look at what the heritage foundation study says? it would lose 1.2 million jobs a year mostly in the oil and gas field, lost economic growth with total $7 trillion, electric prices would go up 23% and gas prices would go up to dollars a year. hard to believe those numbers. easier to believe the price of

oil today down $3 on the opec news, we talked to joe patwroteski who says he knows how to get opec's attention, more american shale on the market. >> get opec to snap to attention is not phone calls or trips but if they stick their losing market share to shale and the us that will get them to react. >> reporter: the us gasoline market reacting to the oil prices we are $4.16 for the average gallon of regular, down $0.14 in the last week, $0.65 down in the last month but one dollar more than it was this time last year, forecasts are for gas prices to drop although

things like that study from the heritage foundation what would happen if the biden climate policies continue could change the equation. jackie: thanks for bringing that to us. joining me now is white house senior energy advisor, thank you for joining us, great to get your perspective and dig in a little bit. a lot of americans still paying over $4 a gallon for gas looking at the policy, this administration views energy independence as going green where the previous administration thought of us being the world's largest energy producer using the resources we have on the ground but having said that how do you justify moving forward with your policies when americans are suffering and paying premiums at the pump? wouldn't this be a time to back off a little bit to ease the frustration out there? >> good to be with you, thank

you for having me. we are trying to do what you described, to be the largest energy producer and provider to the world and american consumers not just now but into the future and we have to do two things, we have to make sure we have enough energy supplies coming onto the market to reduce oil prices and to reduce prices for consumers at the pump and we are doing that. oil prices 6 weeks ago were $120 a barrel. today they are 90, $91, that is almost a $30 decline in oil prices, gasoline prices were at $5 and most americans are seeing gasoline prices that are already below $4, $3.89 and even some gas stations at $2.99 but at the same time you are not wrong, we have to invest today into the energy of the future. that doesn't mean we believe

the energy transition has already ended. we are in the middle, we have to have the energy supplies today. we have enabled the oil and gas industry to increase production, we called on the president has called on them to increase production. i don't know if you have seen but a week ago they recorded their profits for the second quarter, the historic profits, i'm happy for them to make money but at a time we have war in europe, coming out of covid we want them to invest those profits into increased production and some have agreed to do that and we are grateful for that. others have refused. this is one of the things where we have to work with the international energy world and domestic industry. >> i watch oil prices closely on the price at the pump closely, some would argue the reasons we are at this lower 90s with respect to west texas

intermediate is not because of the fpr releases or the coordination with perceived coordination with opec, which just agreed to release 100,000 barrels a day in september, that's a small drop in the bucket but some would say this is about speculators looking at the future and saying demand will come down as a result of the fact that most people in this country believe we are in a recession. >> as prices were going up they believe the government had a lot to do with it, when the price is coming down they think it is some general market dynamics. at the end of the day the opec decision was this morning. on the back of that decision we have $3 decline in oil prices, down to 91 as you said. the decision by opec in early june before the president announced the trip to the middle east to increase production in july and august, yesterday we learned looking back at the month of july saudi arabia increase production, we

released 1 million barrels a day on average and will continue to do that and for those who say this doesn't have an impact i would say the headline tomorrow was we are losing one million barrels a day on the market i promise you prices would not be where they are today, they would be up so there's a variety of factors and these are some of them and that is why the release wasn't just in the united states, we work with our allies in europe and asia to have a global release of another 60 million barrels so -- jackie: not necessarily in europe but the fact that the spr release coming out of our coffers ended up in asia or china but i don't want to go there for the moment because i have one more question and want to ask about the inflation reduction act, $369 billion earmarked for climate agenda and policies but many of the experts say big oil could see $25 billion in new taxes as a result of this.

you mentioned they recorded record profits and they definitely had done well because oil prices are high but do you think taxing them $25 billion will get them to invest in the future more which is what we need to raise our supply? >> most of the oil company ceos have said they see things they may not like in the bill and things they do think, but we've got to stop arguing about is climate a thing and should we be investing in green, that is where the world is going, that is not the government or the biden administration. jackie: it is not going there tomorrow. >> it is not at that is why we are meeting with the energy companies, the ceos, the team at the white house, we met with them a few weeks ago. we are in constant touch with the companies to see how we can increase production today and some have told us they are heeding the call and they will

increase investments in production and overall production 15% to 20% and many of them are investing in the same renewable land green technologies for the future. i don't believe america can do two things at the same time, bring on additional capacity in the short cycles that shale oil and shale gas. jackie: do you want to invest in new rigs, exporting terminals for the future or do you want to invest in overhauling your business and becoming a renewable energy company and not a fossil fuel company, that is a difficult decision to make, the policies this administration put forth, companies say you will drive us out of business and that is what they are worried about but we are out of time, great to see you, appreciate you coming on the program. >> any time, thank you. jackie: democrats preparing for a showdown over there spending bill, indiana senator mike

brown is slamming the policies he says won't get us out of the recession, that is next. ♪♪

i had been giving koli kibble. it never looked like real food. with the farmer's dog you can see the pieces of turkey. it smells like actual food. as he's aged, he's still quite energetic and youthful. i really attribute that to diet. get started at longlivedogs.com ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

>> all eyes on kirsten sinema, democrats try to push their $700 billion spending plan forward. mike braun joins me now. your thoughts on where we stand. a lot riding on joe manchin, he killed the bill before and now he goes with this one, now kristin sinema has responsibly on her shoulders. >> everything pivots on what she decides to do. we have heard nothing here. if it the delays too long, it

would push to coming back from the break or she has intimated it might be after we get back. she holds a lot of leverage. i get the feeling they talked to her along the way so it wouldn't be so melodramatic. we haven't heard anything as of today, this goes another day or two, it is pushed back for a while. jackie: the expectation was a vote sunday or monday, schumer wants to move forward with it because the feeling is before americans understand what is in their we need to move forward with the vote, do you think that will happen? >> don't have to worry about manchin backpedaling at this point but he would be anxious to do it, it has to do with getting as much stuff out there that they can sell to convince the american public, like your prior guest talking about our energy independence, high gas,

oil prices, things that are out there with the border, anything they can do is something to talk about to take our eyes off of the real issues. jackie: we discussed the breakdown, this new attack on the middle class with respect to irs enforcement. american people are dealing with a lot, the essentials of daily living, rent and housing cost, paying more at the pump on a relative basis, don't care what anybody says about the prices they are so high and look at where we are going in the future and the rest of the taxes that the administration wants to put on the american people some people cannot handle it. >> thick about the things they've done in the past, you go way back, the affordable care act, big government in cahoots with insurance committees, should have been called the on affordable care act, the rescue plan supposed

to be about covid and that was a wish list for spending things and you can't call it something it isn't. the inflation reduction act, all the revenues are delayed. years 4, 5, 6, 7, 8, spending, $360 billion on climate and when you look at the one thing that will hit immediately, the tax increase on companies and ironically the ones that are fastest growing and creating the jobs those are the ones that when their income isn't high they have been taking advantage of that investment incentive, the wrong time to do that. everybody should pay their fair share but not when you are in the beginning of a recession and that started twee through or four months ago when i was tracking at the revenues starting to flatten, costs have

cascaded forward. container prices, for 5 times as much as they were pre-covid. they've got a bad scenario trying to spin it. >> i thought the objective was to strengthen manufacturing, this bill will hurt it in the short term, great to talk to you. layoffs could be looming, warner bros. charlie gasparino is here with that report. >> tomorrow is earnings, on the call and here is what you should look at and see if he gives us what is bouncing around in the hallways of warner bros. the parent company that owns cnn that they combine hbo max and discovery, their big streaming platforms under one entity and start downsizing.

this has been talked about a lot. they have been looking at this. though tomorrow could be the day david announces that. new leadership, the name the keeps coming up, the guy who runs programming for hbo, would become the new head of the unit and that is where the prices begin. yc looking to cut the king of all media, heavy debt burdens since the wind down a year ago. cost-cutting, streaming is not doing as well. you add it all up and this is a company that is under tremendous financial pressure but as i have been reporting, stock is starting to pop today, it was up the last couple days on rumors this was going down so tomorrow, thursday. jackie: it is positive for the bottom line. charles: is like that. in any event keep an eye out,

this is a long time coming. zaslow of consider the king of all media but that is a longer-term chart. he's got a monumental task ahead of him. cutting costs, improving programming, making sure streaming works and he wasn't bashful about getting rid of cnn plus. this would be his next major corporate move if he goes this direction. this is under intense consideration internally. let's see tomorrow, analysts expect to give light on what he's doing. the two streaming platforms together. jackie: you are usually right. americans are desperate to sell their homes, some reporting google, asking for answers. we will explain when we come back.

♪♪ only two things are forever: love and liberty mutual customizing your car insurance, so you only pay for what you need. if anyone objects to this marriage... (emu squawks) kevin, no! not today. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

♪♪ here goes nothing. hey greg. uhh...hello? it's me, your heart! really? yes! recording an ekg in 30 seconds. tada! wow, that was fast. you know it! kardia offers the only personal ekgs that detect six of the most common arrhythmias in just 30 seconds. so you can manage your heart health from home, or on the go. your heart rhythm is normal. no arrhythmias in sight. i wonder what my doctor would say. ooh! let's find out! with kardia, you can email your ekg directly to them or send it to a cardiologist for review. kardia can do all that? all that and then some, greg! kardia also gives you access to heart health reports

and automatic ekg sharing. what next? let's get some fresh air. been cooped up for too long. yeah... ♪♪ kardia mobile card is available for just $99. get yours at kardia.com or amazon. this is xfinity rewards. kardia mobile card is available for just $99. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app.

millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them. get unlimited data with 5g included for just $30 a line per month when you get 4 lines. switch to xfinity mobile today.

neil: welcome back to coast-to-coast, the housing market is cooling down, sellers are cutting prices at record rates. 7.5% of home sellers cut their asking prices weekly over the past month, that is a record high for as far back as the data goes which is 2015. realtors are telling clients they have to list their houses closer to the actual value because if they don't the house isn't going to sell. >> the pricing before was based on what did by neighbors sell for last week which could have been 50, 60, 70, $100,000 more than they would've gotten the year before. if we price the house at that number which would have been a fair thing to do.

jackie: contract signings, deals that have not been closed, they are down 20% from a year ago but this is far from a balanced market. housing prices are up 9% year over year and when it comes to what people are spending on housing the average american is spending 24% of their income on their mortgage and on the homeownership cost. as mortgage rates go up the percentage could go up. we are seeing less buyers in the market and decreasing the competition for those houses that are on the market. jackie: people still want to see them come down a little more. thanks for bringing us that. we will be all over this real estate story in the months to come. google searches for the phrase sell my home fast are up 3,000%. here to react to the housing market, cio at fox news contributor scott martin, great

to have you on the program. madison is pointing to the stats showing prices are coming down but they have a long way to go because this market was so hot and prices got so inflated as a result of covid how fast do you expect to see sellers get in line with reality and understand they need to bring these prices down? >> a wild market and madison has interesting stats most at record levels whether good or bad. median home price in the united states is 440 k, that is is arise from where we were a couple years ago. sellers have a weird spot. there is a supply issue on the back end where if you sell your house you have to find a place to live and that is a struggle too. the market is figuring that out but with interest rates spiking that did freak out a lot of homeowners looking to sell

because the bible was drying up, the rates have called down so we are leveling out and we will find the appropriate price the turn of the year into 2023. jackie: realistic sellers who need to sell quickly might come in line more quickly but other sellers are used to these inflated prices and feel inflation all around them so even though the housing market is distinct from everything else they think the cost of living is too expensive, i need to get the most i can for the house and are holding out but those are the people realtors tell me your first offer is usually your best offer, the people who suffer and can't sell their home. >> things you are putting in your homes have gone up wildly so that costs money. when you are selling your home for a great price you are not buying someone else's home for a great price and it is a double-edged sword and the point you mentioned about the

psychology of where things were and where they went. getting cash bids on a lot of things. one of the things that is part and parcel of the recession and why we saw those searches going up housing is one of our biggest assets. housing as personal balance sheet, the biggest assets so that's an important thing people watch and as things dry up where there are transactions or prices fall that makes the average american nervous. jackie: what was amazing is how people were buying homes sight unseen. thank you. stocks near session highs, more coast to coast after this. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq,

a fund that gives me access to... . . i'm okay.

jackie: it was great to be with you today. our time is up. now over to charles payne. charles: jackie, thank you so much, appreciate it. good afternoon, folks, i'm charles payne. this is "making money." breaking right now earnings giving investors hope. there is secret sauce, it is not beating on top or bottom lines, reducing strong free cash flow. we'll go to chart school later in the show. the fed continues to lay it on thick but today wall street is not taking the bait. cold blooded comment from fed president mary daily will make your blood boil. americans added more credit cards in the last three months. is the economy