stuart: by the way i just said i am a father and i do get i commands dirty and rick, who works on my farm, manages it. he says, who gets his hands dirty? it's not me. it's rick! we asked, what's the longest period of consecutive daily rainfall in the u.s. in one place. answer, please? lauren: i'm going high 370. stuart: 331 was the answer the record was set between the years 1939 in 1,940 in hawaii. that's it for me, jackie deangelis in for neil. jackie: stuary varney, good afternoon, thank you so much and great to see you welcome to "coast to coast" i'm jackie deangelis in for neil cavuto. a strong jobs report driving rate hike worries for the market the economy added 528,000 jobs last month and the unemployment rate ticked down to 3.5%. former cke restaurant ceo andy p udder breaks down the market reaction and what we can expect from the fed coming up ahead and the border crisis coming to the big apple as a bus

of migrants from texas arrives right here in new york city. former acting dhs secretary chad wolf says the move could ford states across the country into action. plus twitter fires back at elon musk, calling his accusations against the company, "factually inaccurate" that's all coming up on "coast to coast." jackie: let's get right to it. the dow seeing volatile trading today following that strong july jobs report, strategic wealth partners president and ceo mark tepper joins me now to discuss. mark, i just want to get your quick read on the reaction to these numbers because on the face of this report it's a strong report when many people were expecting to see the job market slowly start to weaken, yet, market watchers are saying strong report, means more rate hikes. >> which is true. so this is kind of the permission slip from my standpoint, for the fed to hike longer and higher-than-expected, and the weird thing, jackie, is that the fed fund futures are expecting a terminal rate of 3.6

% now, barely higher than the 3.45% it was a few days ago, and it's still expecting two cuts next year, which is very very strange, but one of the biggest things that jumped out to me in this report is of the 528,000 jobs that were added , over half, 287,000, were lower-paying service jobs so i'm sitting here scratching my head and i'm thinking, this late in the cycle, what's going on? how much of this could be people picking up a second job because they can't pay their bills due to inflation? and that's why credit card debt has been ballooning backup. i mean, imagine a young married couple with a few kids. both are working full-time. one of them go and pick-up an eight hour shift on saturday at chipotle? it's possible. those are the kind of things going through my brain right now jackie: that is a really good point and i was trying to pick this apart and understand exactly what was happening here. that actually is an excellent point to consider. i just want to walk through some

of the other numbers as well aways wages picked up half of 1%, 5.2% but still half of where we are with respect to overall inflation, and that could be another reason, as you suggest that people need that second job, and labor force participation. it actually ticked down a tenth of a percent going in the wrong direction, 62.1%. i would want to see more people in this job market. >> you mentioned the labor force participation. that kind of feeds into, pun i guess intended there, in my chipotle example. teens were dropped the most out of the labor market and those are the people you'd expect going to work at a chipotle, so maybe it is the young married couple whose picking up that saturday job there, right now, but when you look at wage growth, we have to remember, when it comes to inflation, rent is sticky, wages are sticky, groceries are sticky , so the fed now has a dual-pronged problem. they really have to address both

of their mandates. they have an unemployment rate at 3.5%. that's close to the lowest ever. i don't know exactly what the lowest ever is, but the jobs market is too hot, and when it's too hot, that leads to stickier wage inflation, and they have to deal with price stability, inflation that we're experiencing right now, so the fed is going to have a very very tough job ahead of them. i think they are going to have to hike far beyond the 3.6% the markets pricing in right now , probably about 5% in order for us to start to get inflation under control, and we're going to have to see some change in the employment market as well, before there's any chance of a fed pivot. jackie: so there's two schools of thought out there right now, mark. the one school of thought is comparing this back to the late 70s and the early 80s when we saw a huge jump in inflation but saying that this is a little bit different, because the underlying economy is stronger than it was then, and that this labor report,

essentially confirms that notion , right? the second school of thought is that it just hasn't really sort of, it hasn't turned over quite yet. we need a little bit more time but labor will continue to get softer as we move forward, because of all these other factors that you mentioned, within the economy, and that we have some serious headwinds ahead. it sounds like you're in the second camp but i don't want to speak for you. >> yeah, look. if i were to leave, you know, the studio right now and go walk through the nearest neighborhood down the street, knock-on 10 doors and ask 10 people, do you think we're in a recession, my guess is nine out of 10 would say absolutely we're in a recession. my paycheck doesn't last until the end of the month. we've got these issues, those issues. similarly, if i talk to my friends who own businesses, and i've been asking them for the last several months, like well what do you think? do you think we're in a recession? every single one of them is telling me that their metrics are getting worse and worse and worse, so i do see in the jobs

report it looked like there was a good amount of jobs added, maybe in like architecture as a sub-category and i have a buddy as an example who owns an architecture firm, and i spoke with him maybe about two months ago about what was going on in his business, because that's typically a good leading indicator for what's happening in the rest of the economy, and his take to me is, he's like, mark, i've gotta tell you, a year ago, i had people coming to me and saying i've got this seven-floor building i need plans done on the whole seven floors we have to move quickly. now they are telling me, do you know what? let's just do one little room on the third floor to start, and we'll go from there. jackie: i hear what you're saying. >> things are changing. jackie: i talk to small business owners all the time and anecdotally they tell me things are tough out there, we're having to cut here, there, we're thinking about the future and how we can continue to reduce our costs, because that's a major major issue right now, yet the numbers don't necessarily

reflect it. so i'm always trying to make some sense of that but mark tepper you bring up great points great to have you today, thank you. >> goodbye, jackie. jackie: senator kyrsten sinema signing off. the last democratic hold-out now signaling her support for the $700 spending bill. fox business correspondent hillary vaughn live on capitol hill with what happens next, hillary. so are we going for a vote? reporter: jackie, we are. it means that democrats believe they have enough support to move forward. tomorrow they will begin that process, the final vote expected monday or tuesday, but senator kyrsten sinema's support is a big win for senator joe manchin whose been on defense trying to sell this bill to republicans. he said yesterday, that if republicans care about energy, and the deficit, they should be voting for it. >> the thing i talked to my republican friends they always want to make sure we just got to have more energy. well guess what? we'll have a lot more. they always say, we're going to pay down debt.

we're paying $300 billion for first time in trump adminitration years. reporter: republican senators say this whole deal is misleading telling me it does not reduce the deficit. its programs are made permanent. i asked them if they think democrats are using deficit reduction and inflation reduction as an excuse. >> do you think democrats truly care about reducing the deficit or this is a way to justify billions in new government spending for things that they want? >> i don't think they care and they are only trying to get a fi g leaf to justify billions of new spending. >> there is a gimmick here. they have a limit on the obamacare subsidy. that program is supposed to go away in three years, is not going to go away. if you play it out over 10 years , this adds to the deficit. reporter: now 230 economists telling congress in a letter yesterday that the inflation reduction act would actually do the opposite saying this. inflation reduction act of 2022 would do nothing of the sort and instead would

perpetuate the same errors that would have the troubling economic climate and immediately create inflation inflationary pressures by boosting demand while the supply side tax hikes would constrain supply. the senate early next week, the house still has to approve it and there could be one major hiccup on wednesday, we're expecting to get the july inflation numbers and for moderate democrats in the house that are concerned about inflation, that are hear ing about inflation from their constituents, maybe second -guessing supporting this package, jackie? jackie: that's a great point hillary vaughn so much to watch next week. we know you'll be all over it. have a great weekend and thank you. reporter: thank you. jackie: the democrats are vowing the spending bill will reduce the pain of inflation but the next guest says this bill should be called the inflation acceleration act. joining me now georgia congressman buddy carter. congressman great to be with you >> thank you. jackie: so many out there saying this is going to hurt the american people. another $700 billion in spending at a time when we just can't really afford to be doing that,

especially when it was over spending that got us in this situation in the first place. >> absolutely this is the worst thing that the democrats could do. you know, this should be called the inflation acceleration act, because that's what it's going to do and why don't they understand that you cannot spend your way out of inflation. that can not be done. i mean look at our economy, what's happening right now. we've got lower wages, we've got lower spending, yet we've got higher gas prices, higher inflation. all of that and our economy is in a mess. we're in a recession i agree with the previous guest if you asked nine out of 10 people, or 10 people how much or what they think we're in, nine are going to say we're in a recession. we get calls in our office everyday from people telling me i can't afford gas to get to work, but i can't afford not to go to work and a strong rural presence, agriculture community in our district and they are telling me, i can't afford fertilizer, i can't afford to plant a crop this year. what am i going to do? people are hurting and that's what this is going to do. it's going to put fuel on the fire.

didn't they learn anything from the american rescue plan? its been estimated that that alone increased our inflation rate 4 percentage points. this is going to be the worst. jackie: you make a point there and people are feeling it and it's those stories and the feedback that you get from constituents and the small business owners that i talk to, you know, that in the back of my mind sort of leave me worried about exactly where we're going here. now, senator joe manchin that ka boshed the previous build back better and now this is a skinny version of the bill, kyrsten sinema had one negotiation point and it appears this carried interest loophole the democrats want to close, she's pushing back against that. it seems it'll be removed from this so it seems like she has a small win there, it's another $13 billion in revenue that be generated, you know, having said that, to push this through, at this time, still could be very tricky for america. >> oh, absolutely. again, this is the last thing we need right now. look, we've identified the two greatest challenges our country is china and our debt. this is going to add to our debt

they say it's going to decrease the debt, no. it's going to add to our debt and i'll tell you what's going on with our debt right now. this is inter diabetes generational theft. as a father of six, excuse me, grandfather of six, i'm not going to leave my children and my grandchildren with $30 trillion in debt. we've got to address this. this only adds to it. this is absolutely the wrong thing and it's not just your money they are playing with here it's also your health, because this includes a portion as a pharmacist i have to mention this. it includes something they are going to kill medical innovation they are going to kill research and development at a time when we can least afford to have that happen. we have so many diseases out there we need cures to. alzheimers being one of them, that if they pass this , particularly the prescription part of it, this is going to kill research and development. we can ill-afford that right now jackie: that's an excellent point and i haven't really dug into the healthcare aspect of it because there's so much other stuff in this bill as well but that is an excellent point. they also at a time when gas prices are still high on a

relative basis they've come down a lot but people are hurting still having trouble filling up at the pump. they want to really move forward with this green climate energy agenda when people are slugging their shoulders saying how is it you let the dirtiest producers around the world contribute to the overall supply, when we're the cleanest producer here, and you're tying our hands behind our back. >> certainly we need to unleash our energy, and reclaim our energy independence in this country. that's one of the things we need to do. we need to stop spending. we also need to cut down on regulations. that will help get us out of this recession but the democrats all they want to do is spend, spend, spend. jackie: it feels like to me there's one last chance before the mid-terms to try to ram a spending bill through, and that's kind of what's happening here essentially, and the administration, the democrat s are thinking okay, well, we'll just do that, no matter what the consequences are and put the own us on the fed to hike interest rates, and you know, jerome powell will be the bad guy here. >> i couldn't agree with you more. that's exactly what they are

doing. this is a hail mary. there's no question about it, because we are going to take back the majority in the house of representatives in the next session and when we do that we're going to stop this kind of nonsense. jackie: you bring up that point about the pharmaceuticals, innovation, china, as well. on the global stage, this be the time that we have to step up and be more competitive than ever, with respect to everything that we're doing, and kind of seems like we are a bit of a laughing stock of the world right now. >> absolutely and what we've done this week, what we witnessed this week, and what the democrats have done, has to first of all, with the speaker's trip to taiwan, which i applaud her for doing that because i can assure you joe biden didn't have the guts to stand up to china, but at the same time, that is one of our greatest challenges. now, we're adding to our debt, and that's the last thing we need to do. they are making things worse, and we just need to hold our breath until we can take over and the first of january of next year and hopefully stop this nonsense. jackie: do you think the american people can hold out until then? you know, new york city isn't always the best place to do these informal surveys, because

income levels tend to be on the higher side here but having said that, across the country in the heartland of america, can people hold out? >> no they can't about again i have to agree with your first guest. this jobs report is indicative of second jobs, as people getting another job, and that's even worse. jackie: just to make ends meet. congressman always great to see you thank you so much for coming in the studio today. all right china sanctioning nancy pelosi and her family after the speaker's visit to taiwan. how the white house is responding to the ccp's retaliation, coming up,e next

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jackie: welcome back. lyft shares jumping today after the company reported record profit, the ridesharing giant seeing soaring demand for its rides and more drivers signing up as the cost of living rises still the company warns of challenges in the third quarter, caused by inflation. stock is down about 59% year-to-date but take a look there, surging about 15% in today's session. and, china announcing new sanctions, targeting speaker pelosi, and now, halting climate and military talks with the united states. fox news senior foreign affairs correspondent greg palkot is following the action. hi, greg. reporter: hi, jackie.

that's right, tough talk and more tough action from china, on day two of its military exercises around taiwan. let's first update you on the action, taiwan air force jet s scrambling as chinese war planes and warships cross the median line in the straight separating china and taiwan a key buffer zone for the island and that was pounded by chinese artillery yesterday. in addition to the nearly dozen missiles that china fired towards taiwan, on all sides. china says its forces are focused on what it takes to blockade taiwan, a precursor to any possible invasion. in fact, commercial flights and shipping out of the island has been disrupted. meanwhile, washington now admitting that the u uss ronald regan aircraft carrier is being held east of taiwan to monitor china's action. secretary of state blinken calling it a significant escalation, and yes, as house speaker pelosi wraps up her asian trip in japan, more fall out from the visit to taiwan

which frankly triggered this all beijing says it is sanctioning her for provocative actions and more, that it will cutoff a range of cooperative activities with washington including dialogue, between the two militaries maybe most important ly, also action on immigration, criminal justice, even climate talks. jackie, the prime minister of taiwan branded china today its " evil neighbor." beijing is now looking very un- neighborly to the united states, as well. back to you. jackie: it sure is. greg palkot thank you so much. joining me now, independent research and fox news contributor dr. rebecca grant. just first, rebecca, want to get your reaction to what we're seeing from china in the wake of pelosi's trip to taiwan, these military exercises, and drills, certainly a sign of aggression but now this last latest step, the sanctioning of nancy pelosi for her provocative actions. >> well, jackie, they sanctioned a lot of people. what china's military is doing

is trying to show they can spread their military power over and around taiwan. it looks like a blockade is actually an air blockade designed to try to show they can lock out any assistance, but i say this is going to backfire. it's already stoking sim path it for taiwan and here is the other point. the u.s. military is getting a fresh look at china's military capabilities, and they're going to learn a lot from what xi-jinping is trying to do. jackie: you bring up an excellent point there, because certainly, if there was conflict , it be expected that the united states would get involved in some way and we don't have that much insight when it comes to china because they keep everything so close to the vest, but an invasion of taiwan is expected sources tell fox news, before the 2024 election, i mean, that could be very very disruptive. it could be very costly. it's not something that american people especially we saw with

respect to sentiment when russia was invading ukraine, that we get involved in that. so it's not something that there's a lot of appetite for here. >> well it's time to deter but keep two things in mind. one, xi-jinping has a huge party congress in the fall. he's going to try to get his third term. he wants to look like he can take taiwan anytime, but that may not really be true. second point. that aircraft carrier out there is monitoring all of this , and it really is going to feed back into better military deterrence but we have got to improve our defense cooperation with taiwan and with our allies in the region. no question there. jackie: it's so interesting you brick up xi-jinping and his public persona and the way he's trying to craft himself, not only domestically within his country but to the rest of the world as well, as he approaches that third term of congress, the run for that. you would stand back and think president biden might want to

think a little bit about his image and how other leaders and the rest of the world perceive him. right now, the general consensus is that people look at america and just think that our leadership here is not strong, and that this is the time to pounce, if there's anything that you need to do or get done. >> i think it's too late for biden to be a good commander-in-chief, but i'm glad to see speaker pelosi and others in congress trying to pushback harder against china. back to xi-jinping for a minute. his predecessor tried a peaceful rise for china. it's really xi who has sharpened the military confrontation. i don't know, he might have blown it. now, all the world knows that china is a military threat and we are never going to forget that picture of the missile con trail over taiwan. that's going to stick around a long, long time. jackie: that's a great point. i want to switch gears for a

moment while i have you because you have such wonderful perspective on issues, things happening globally. obviously we've got the news about britney griner, she's been sentenced to nine years in jail in russia, and there are talks about doing a prisoner swap here in the united states, not necessarily sure where those are going to go, but your thoughts on how the biden administration handles this , and what her fate will look like. >> tough. it's hard to feel sympathy since she went to russia in the middle of february against advice, saying she missed her teammates and considered russia a second home, and jackie, you know these elite athletes get lectured by their coaches to be real careful about any illegal drugs in travel. having said that, putin is absolutely using her for propaganda. very tough call, but i say let's get her home and let the state department go back to their much more urgent business. jackie: it's interesting we're showing some of the pictures of her in the russian jail and i

agree with you 100%. it's not like she wasn't warned, didn't know the consequences of her actions while there. obviously sometimes people do make mistakes and they regret them afterwards but you see those pictures of her in jail and they are pretty jarring and you think about spending nine years yourself in a russian jail, and i could only imagine what that be like so this is a tough call, a lot of people as they say the jury is still out on this one on how they feel about it but rebecca appreciate your input, always great to see you wishing you a wonderful weekend. >> thank you. jackie: coming up, bitter twitter, the social media giant firing back at elon musk, we're going to bring you the latest on that lawsuit, next. you're so golden ♪ plan

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jackie: welcome back. jordashe shares on the higher bucking the overall trend of the market after reporting earnings, fox business correspond entertainment gerri willis is here with a closer look at the numbers. gerri: shares of doordash are higher after the dehad every company announced record order numbers in its second quarter earnings report. orders up 23% year-over-year to 426 million. meanwhile, revenue grew 30%, even so the company is saying it expects softer consumer spending environment in the second half of the year, warning that results could actually drop below expectations in future quarters. and bad news for steak lovers beef prices are poised to surge as a severe drought across the western u.s. forces mass cat eslaughters. meat distributors say it could keep supplies tight for years. prime meat cuts are expected to be especially impacted with painful price hikes.

experts predicting the price surge couldd, you'll have to wae your virgin galactic space trip shares of that company down after the company again delayed its commercial service, calling for a launch in the second quarter of 2023. the launch was once-planned for the third and then the fourth quarter of 2022. the company said supply chain disruptions and labor constraint s are pressuring operations and jackie, i'd just say this is a quick way to save $450,000, because that's what it will cost to go up. jackie: good point but just on the doordash as well talking about lyft earnings and these companies being very cautious as we move forward because services and that discretion a in spending will be the first thing to go when people really feel they have to cut back, so important to watch. great to see you gerri willis. thanks for being here. all right, well twitter throwing shade at its own potential owner lawyers for the social media company calling elon musk's accusations "factually in accurate." fox business correspondent kelly

o'grady joins us now with the back and fourth here. kelly, i read pieces of twitter 's response to musk's counterclaim, and they got a little snarky in there. reporter: oh, jackie this is so incredibly juicy and it's interesting because elon musk counter suit was supposed to get released today but twitter already filed their response yesterday, so we've got an early look at most of what's in his claims. now, board chairman brettnse in this tweet calling his suit " legally insufficient." now, musk counter suit accuses twitter of fraud, multiple breaches of contract, and violation of the texas securities act. center stage of course is the claim twitter intentionally misrepresented the percentage of fake accounts and we finally get a taste of his findings. the suit claims at least 10% of users are fake, potentially up to one-third remember the magic number for twitter is 5%. this one was new though, and musk also claims the metric of monetizable daily users is misleading as just 7% drives over 50% of revenue and most users don't see ads.

twitter addressing the bot number in its response saying, " defendants have not indicated what score they're implying to conclude an account constitutes spam thus their allegation is un verifiable." they also highlight the website his team uses to conduct the analysis at one-time actually classified the tesla ceo own account as a bot. thought that was pretty good. another big revelation is the suit claims during a diligence meeting twitter leadership admitted misrepresenting bot numbers in sec filings saying, "shockingly on the call, twitter cfo revealed that twitter knowingly includes a significant number of accounts that its already suspended for being false or spam, as of the end of the quarter in its reported average." now, twitter of course refuted that claim. now unless negotiations take place before the trial is set to begin october 17, it's going to last five days, but jackie, i mean, it was 127 pages. i flew through that thing it was so juicy. jackie: this is really interesting when you get into the legal back and fourth, kelly , and this notion of, well,

how are you counting the bots? what constitutes a bot? and charlie gasparino and i have had this conversation so many times, with respect to the fact that musk actually said he wanted to buy the company to get rid of the bot. so he knew they existed but it's all these little nuances and the detail that will come out in court. definitely will be interesting to wap and we definitely need something like that since johnny depp and amber hurt. good to see you. >> absolutely. jackie: violence rising across the united states coming up we've got fbi director christopher wray's warnings for americans, coming up next. ♪ ♪

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been greater, or more diverse, and the demands and expectations on the fbi have never been higher. jackie: fbi director christopher wray admitting the violent crime problem in this country is real, after getting grilled by the senate judiciary committee. former republican congressman doug collins is speaking at the conservative conference cpac this weekend about the need for a new approach to criminal justice. congressman always great to see you. christopher wray acknowledges that we have a crime problem in this country but i'm not necessarily sure there's a plan to fix it, right? americans unfortunately don't feel safe and secure in their communities across this country, and it's becoming a huge problem is that part of your messaging at cpac this weekend? >> well it is part of our message. christopher wray actually acknowledging a crime problem that's like acknowledging there's air in the air to breathe. the problem is that christopher wray and the department of justice and the fbi downplayed this and they went after really

political targets to where the american people don't feel the fbi is actually looking out for them anymore. christopher wray needs to do a cleaning house starting with himself in my opinion and needs to be removed so we can restore what we believe is honesty and integrity in our fbi so instead of going after parents at school board meetings or other political targets they can actually deal with the crime problem we're seeing across the country. jackie: crime and refunding the police was one of president trump's major campaign montras, as he was crossing the country in the last election but there was so much going on it seemed to be overshadowed by other issues. still, there are a lot of people now seeing how this problem has only gotten worse that are saying this is a really important issue for them going into the mid-terms. >> it is a huge issue and we've got to return to a conservative principle when it comes to criminal justice. we have to support our police and fund them properly, train them properly so they can be in the communities doing what the they are supposed to. we have to have prosecutors who will prosecute the law instead

of the da's out there saying we're not going to enforce law, we'll drop down felonies to miss diplomat mean or s and people being let out after they attack lee zeldin a friend of mine running for governor. conservatives believe in real criminal justice. donald trump signed my bill which actually started to put into place things that actually worked conservatives have to get that message out there we can have safety while at the same point providing hope and opportunity for those communities that need it most. jackie: you bring up the da's and they are a huge problem especially in new york city. alvin bragg was voted into office, governor hochul or whoever takes over from her if somebody else new comes in has the opportunity, has the power to removal alvin bragg, and it seems to me this is the type of person just using hill as an example that won't step down on his own he will have to be forcefully removed. >> i agree if there's a way for the governor of new york to remove them they should already. take the example of florida

where you're taking prosecutors are supposed to prosecute the law. think aren't defense attorneys, general practice of the law, they are there and swear a different other actually as a prosecutor to say we need to prosecute crimes and not down grade those crimes. this is the part people don't understand. that's not criminal justice, but it is liberal bull, being propagated and our da, like gascon in la, or anywhere else they need to be removed and not allowed to continue to violate the public trust. jackie: we're having a conversation with respect to criminal justice reform da's like bragg will use a couple of examples to demonstrate his point, but in practice what he's doing essentially allowing the same criminals here in new york city, to continuously commit crimes and then be released back on the street is actually flies in the face of what you would want him to do and it's actually not helping the system. it's hurting it. >> it's very much hurting it and it's taking real reform, like trying to find people who need help with mental health,

drug addiction, these things getting them the proper, making sure they are held accountable for what they do but yet getting the treatment they need to return to society a better person. how does it affect someone who commits a violent act and is let out with no accountability and alan bragg is hurting the very people of new york he's protecting and it's criminal and also neglect in my mind that he would do things like this and it's destroying the trust across the country. jackie: it sure is and a lot of people are calling for change on this issue and they will have to exercise their voice in november at the voting booth. that's the only way to do it. good to see you, sir, thank you so much. >> good to be with you take care. jackie: fallout hads from the border crisis coming to the big apple as migrants from texas arrive here in new york city. former acting dhs secretary chad wolf is here next with what he hopes to see from mayors across this country.

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jackie: welcome back. 50 migrants from texas now here in new york city after texas governor greg abbott sent them up north. fox news correspondent nate foid joins us live from new york city port authority with

the latest. hi, nate. reporter: hey, jackie. yeah those migrants arrived at 7:00 a.m. on the dot. they were on a green bus that circled the block here in mid town, manhattan a couple times before vent pulling over at the port authority behind me, and that's when the group of 50 migrants got out. i can tell you the ages range, there were a lot of single adult men a few kids in the majority of these people, they are from venezuela. take a look at the video as 10 volunteers welcomed these migrants to new york city. they gave them clothes, sandwiches and water. i spoke with many of these migrants as best as i could with broken spanish. very new have any connections in the united states. in response to this today, mayor eric adams is accusing governor abbott of playing politics with people's lives, and that comes after saying this yesterday. >> what the texas governor should do is invite those who were trying to find housing in his state to give them housing, instead of sending them here. reporter: jackie governor abbott

says new york city and washington d.c. are the ideal destinations for these migrants, because they can receive the city services in housing that both mayors adams and muriel bowser in d.c. have boasted about. governor abbott is firing back specifically at mayor adams with this. >> the cartels are not looking for housing in texas. actually, the cartels that are coming through texas, they are actually trying to get to new york where they can distribute the fentanyl they are bringing across the border. reporter: so, texas has already sent thousands of migrants to washington d.c. this is the first busload to new york city, but i can tell you that mayor muriel bowser has requested national guard support and we're learning today the defense department has rejected that request. we'll send it back to you, jackie. jackie: nate, thank you so much for that report and startling pictures for the residents here of new york city. i'm sure there will be more of this to come good to see you,

thank you. well, now that the migrants are arriving in places like new york city and d.c., some democratic mayors are starting to recognize the crisis. joining me now former acting dhs sebaceous chad wolf. chad it's always great to be with you and to get your opinion on what's happening here. obviously we've had an illegal immigration problem for more than a year now, as a result of this administration and its border policy. for somebody like eric adams whose previously declared this a sanctuary city to say now we don't want the migrants to come here, governor abbott you should find housing for them in texas it's really really interesting. there's part of me that thinks really what this is about is saying to the federal government hey if you want to send them here then we need more funding. >> well i think that's certainly part of it. i think the mayor adams comments as well as d.c. mayor bowser's comments regarding the buses coming forward are just, they are almost unbelievable, some of their comments.

they don't understand the border crisis. they don't understand why people are making that dangerous journey. it's not to stay inside texas. it's not to stay along a border city or a state. they want to go to all parts of the country and so this idea that texas just built houses they would stay, it's completely irrational, but i think what it tells you is that these big city mayors are now very very concerned. they are concerned because it's actually impacting their communities. jackie: it's a little too late to be concerned though. it's a little too late to be concerned, in my view, because this has been going on for so long. so many people are looking at governor abbott and his actions and not blaming him for saying you can not overrun border states just because of their geographical location as a result of your policies. other people have to help out, and they have to pitch in as well. it's just not right, and it's not fair and to his point in that sound bite as well, yeah, if you're a drug cartel and sending representatives into this country to do your dirty work, new york city is definitely a better distribution hub than rural place in texas.

>> well, absolutely. both d.c. and new york, as you indicated, are sanctuary cities. these are cities that have policies that allow individuals to come there and to be shielded from law enforcement so if you're a cartel, and others, these are places where you seek out to send your individuals because you know that i.c.e., immigration individuals and enforcement will not go there and enforce the law, because they are prohibited from doing so, from local, from mayors, from these two big city mayors, and so it's great that they are now concerned. we're 17 months into this crisis , and 17 months, we have about six to 7,000 individuals that come across that border every single day. it's interesting that the d.c. mayor now the new york mayor is very concerned about 500 to a couple of thousand that are in their jurisdiction but think about the thousands that cross that border everyday in the state of texas and arizona and others. so i'd say welcome to the fight.

where have you been for the past 16 months, and it's time you as a big city mayor communicate to the biden administration why don't you enforce border security laws so that we don't have to deal with this in the interior of the country in our courieitie n nooheirheobob a e foe e wlo a tlo atlo erbooer d't h bee ta ainin ts suakg ac i.c.c.cw ork or y anthit ieja:t's ilsoeallyy inteinstteing teto mto becau bse yorkyork oyoneyohe citiesit asat hade h the push thatha ntooll a peopleohorere living within its boundaries illegally, wants to give them the right to vote and i know this isn't something happening nationally per se, but things always start slowly and then they gain more traction, so you see the people that are coming off of this bus and if they stay in new york city, as nate foit points out some weren't even able to speak english but having said that, they want them to vote. >> yeah, so look, i think new york is a little bit out there on this issue when we talk about allowing folks here illegally,

to eventually be able to cast a vote. that certainly is a concern. i think most americans sort of scratch their head and say that's crazy. if you actually want to vote in a federal election you need to be a u.s. citizen. i think that's very clear what new york is trying to do is to say you can vote in local elections, and then that line becomes a very blurry between local elections and federal elections in a lot of the fraud that can happen there, so, it certainly is something we need to watch out for but at the end of the day look this is about making sure you're enforcing the law along that border so we don't have to deal with these issues and what governor abbott is saying is he's grown frustrated. for 17 months the federal government has refused to do its job, so he's actually having to shame them into doing their job. he's actual had it having to get big city mayors like d.c. and new york to actually voice their concerns because it's impacting their communities. instead they should be voicing their concern everyday because it's impacting all of americans. jackie: i can only imagine his frustration and you're right that's a great way to put it he's shaming as these other

mayors into really taking a look at what's happening down at the border, they certainly they were invited to go, eric adams was invite today go see with his own eyes but he's saying that's just a photo opportunity for governor abbott. no it's not go take a look and see what's happening to this country. chad great to have you with us, thank you. >> thank you. jackie: strong job growth in july, putting the focus on fed tightening. we are tracking all of the latest market moves, so stay with us. ♪ ..

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lauren: friday again and the markets searching for direction after the surprising jobs report. welcome to the second hour of cavuto coast-to-coast, we have a lot to get to today even though it is right, the jobs report blowing past estimates this morning, the read from the ceo of the restaurants on how today's numbers will impact the economy plus summer prices you probably know this but they are on the rise, we have a report

from point pleasant new jersey looking at how business owners and tourists are feeling the heat of skyrocketing prices, and business owners speaking out, we will talk to one seattle business owner about how he is being impacted by the ongoing homeless crisis but we start with edward lawrence at the white house, live for us, the latest on the july jobs report. >> 528,000 jobs added, huge number more than doubling the expectations for that and the an employment rate going down to 3. 5% tying the 50 year low but this adds fuel to the federal reserve to be more aggressive with another rate hike in the september meeting, there were hints this september from previous fed presidents that the september meeting would not be 75 basis points but this report puts that possibly squarely back on the table especially if next week's cpi inflation report comes in hot. after the average hourly wages,

increasing 5.2%, cpi inflation up 9.1%, workers are losing ground at the white house continues to lower expectations saying didn't expect 500 to 600,000 jobs added for the administration, 150,000 jobs would be acceptable given inflation at the state of the economy. >> this is an all of government approach. this is caused by this administration, it was partly pandemic and a global recession, we can't lose sight of that but what is happening in the united states is happening across the globe, in a higher level in some places. >> feeling the effects of recession in the us. here is where the jobs are in this report, leisure and hospitality adding 96,000 jobs, healthcare adding 70,000 jobs, construction and manufacturing also adding 30,000 jobs each, we have added back all the jobs that were lost during the

pandemic, february 2020 in the economy has now created 32,000 jobs in february 2020. jackie: thank you for the breakdown. the big question is how this will impact the economy and what the fed is going to do. let's get the word from andy pudzner. the white house is touting this as a positive, we are in a global recession here so that makes it okay. >> the report, the number of jobs created is a very good number, very positive number, good for american businesses, we needed to get people back to work, the numbers would show people blowing through their savings accounts, savings rate is way down, maxing out credit card so credit cards are up and people need to get back to work and businesses need able getting back to work to

function. i would point out, one thing the administration doesn't seem to be emphasizing is the labor participation rate went down and if you look since the pandemic began we added 4.4 million people to the population but we have 5 million more people that aren't in the labor force so a lot of people sitting on the sidelines still, adding half a million jobs is wonderful and i am happy for the people that found work. jackie: the labor force participation rate was not lost on me. it is going in the wrong direction and that is an important point. we were talking with mark tepper earlier and he brought up the fact that he things looking at the breakdown and where the jobs aware that with participation ticking down what you really have is because of skyrocketing 9. one% inflation at a 40 year high you have people trying to make legals meet and looking

for second jobs. >> the percentage of people working two jobs went up. 177,000 more people working in the household survey, the establishment survey set half a million more jobs. there are different surveys but there was a bit of a disconnect as there always is. the labor participation number is important, people don't understand what an impact that has on the unemployment rate, the lower labor participation is, fewer people are looking for jobs, fewer people considered unemployed and it is easier to reduce the unemployment rate. the dangerous a lot of the negatives get ignored and the positives overemphasized which will cause the fed to feel like inflation is not under control.

we saw wages go up and that is an indication that inflation is not under control and they have to slow the economy down. biden is trying to generate more economic growth and the fed trying to slow it down. jackie: it tiktok half of 1% and having been in the restaurant business talk to me about what it is like when you are a business owner when you are in the business where costs are going up so high to see these labor costs rise higher. i was at a restaurant last night and saw the manager scolding somebody for throwing something out and said you can't do that anymore, that all adds up, $20 here, $20 there, that is how people are looking at this because it is getting difficult to make legals meet and pay the rent. >> the problem is everything is going up. labor is a huge component in the restaurant sector and any retail business but labor is

going up, food costs commodity costs going up the rents going up, everything is increasing at the same time and that is not something we have seen a lot in the past which is why we see the huge inflationary pressure and wages going up, this is very hurtful to businesses that are trying to come out of the pandemic, get their places staffed up again, get consumers to start coming back to restaurants or other retail organizations and it is difficult to do when you have these cost pressures trying to keep your profits down, trying to keep making it difficult for you to operate the business and labor is a huge part of this and definitely is a workers market right now although with this job report that seems to be changing. jackie: where as a country going forward with respect to this issue some people look at this reported you point out the unemployment rate looks lower when labor force participation is lower and look at this report and say everything is

okay, we don't have a problem, nothing to see here, other people saying we still have head wents coming down the pipe. >> we do. if labor participation were the same today as it was in february of 2020, unemployment would be 5.4%. labor participation has a dynamic impact on that number and while president biden is bragging about getting the economy going at all these jobs the fed is working in the opposite direction, trying to bring employment down, bring wages down, to get inflation under control so you have two major parts of the governments working against each other and what will happen is we will single up with a stagflation economy where we don't have much growth, had two quarters of negative growth and you've got inflation continuing to be rampant and that is terrible for american consumers is working and middle-class families.

jackie: stagflation is uncomfortable and difficult for american families to thrive, thank you, good to see you. >> same here. jackie: the dow made a rebound up 19 points, nothing major or too significant but changing direction there on the numbers we got this morning of strong job growth, the fear from the market initially was strong job growth, job growth will then spur the fed to be more aggressive with its rate hikes. with more on this, jared leavy, your take on that, the market thinks september '75 basis points? >> i think first of all we got to look at the jobs number in a different light than we would look at a job number from 5 or 10 years ago. our economy evolves, we talk about the great resignation, a lot of folks have left the divisional labor market due to the pandemic and started businesses etc.

etc. . i think the jobs report is misleading, you were talking about labor force participation rate. i don't know, the truth is me and a lot of my colleagues don't know if the traditional metrics or methods of measuring participation and unemployment are as accurate as they once were because you have so many people with her hand in different parts, influencers making money, so many different ways americans can make money. i will say i believe the reason we saw the rise, this is what a lot of folks are thinking about, folks are dipping their toe back into the regular marketer scaling up their position to get better benefits, bring in more money and add some stability because of a looming recession. long story short or long story long i think it is a good thing, i believe the fed may raise 75 basis points, still some more data, housing as part of that but i think the fed

needs to shock us. it is a weird thing but they've got to do it. jackie: i agree with you. last time around, i knew it wasn't likely but hadn't taken off the table in my mind that the fed might raise a point and the traditional 75 basis points but having said that we have inflation to running rampant in this economy and don't see signs of it yet slowing down and that wage growth for example does contribute to more inflation. you have to ask with the spending bill on the table it feels to me like the democrats are doing what they want to do with respect to trying to pass their agenda and putting the onus on jerome powell to hike these rates in a way to try to whack a mole inflation. >> you are right. it is kind of on one hand like force-feeding the economy with more money to placate voters, here we come to the rescue.

most -- doesn't understand the mechanics for that to happen and what needs to happen is we need to roll back spending like we talked about, rollback taxes to make people feel more comfortable. a difficult situation. one of the areas i am concerned is the housing market. housing prices are according to that up 40% year over year and below last millions of dollars trying to predict where prices go, they anticipate an 8% rise but this dichotomy where they are saying prices are crashing and we are seeing slowness so honestly i think folks need to slow down. let's let these things work their way through. jackie: i agree with you 100%, what is the rush? i know what the rush is.

having said that with respect, builders see recession ahead so the inventories continue to stay low and pricing continues to hold and dropped as quickly as you expect and if jerome powell does raise rates, we saw a glitch in a 30 year mortgage rate to 4. 99% but i anticipate we are on the upper side of 5 pretty quickly if he continues to raise rates and housing has a big impact on the overall economy so good to see you. good to have this conversation. china is not done with speaker pelosi's visit to taiwan, the new sanctions it is bringing on nancy pelosi, details next.

jackie: china sanctioning speaker pelosi over her taiwan visit while conducting live fire drills. aishah hasnie live on capitol hill with more for us. >> reporter: i spoke to senator lindsey graham who is very upset over these reports that the white house is somehow trying to lobby democrats on the hill to stall a bipartisan

bill for taiwan, with democrat senator bob menand is, both cosponsored this bill. it would send $4 billion in security aid to the island and make it a non-nato ally. senator graham told me this is a huge mistake by the administration, he thinks senator menand is is also upset about it. >> they want us to go away as we are not going away, they don't want a new bill challenging china and helping taiwan more, they stop missile testing because they don't want to be provocative, china is in select going taiwan as i speak, now is the time to be stronger. >> reporter: the administration has postponed another minuteman 3 intercontinental ballistic missile test because of the tension with china. earlier this year a missile test was canceled because of tensions with russia. senator tom cotton sent a letter to lloyd austin asking how long this administration

plans on allowing china and russia to dictate our missile test scheduling. congressman mike rogers, top republican house armed services called the delays, pro clutching attempts at appeasement the will only invite more aggression from our adversaries, richard blumenthal said there is no cooling on taiwan now leaving one option. >> i think china has to be warned we will stand by our allies as we having ukraine and continue to do. what we are doing in taiwan is in effect preparing, arming it, supporting it so china will be deterred. >> reporter: in congress, bipartisan support on how to handle china is not matching up with what the white house is putting out.

jackie: joining the is china expert gordon chang. i've been thinking about you all week, i want your take on president xi and his aggression in the moves we've seen as a result of nancy pelosi's trip to taiwan, i think back to the russia ukraine situation and say prevention would have been the best solution under those circumstances at the same applies here, wondering if you agree and if this administration in any way can appear stronger, more emboldened itself to give china the message back off? >> they gave the message to intimidate us more, going back to july 20th, that is when president biden said to the reporters the pentagon does not think it is a good idea for speak up lucy to go to taiwan. right after that beijing ramped up its threats, speaking more frequent and dire sounding so

this became a much bigger crisis than it had to be and there is credible reporting that the party that leaked speaker pelosi's plans to go to taiwan, somebody in the administration didn't wanted to go forward, speaker pelosi wanted to go on an unannounced trip, certainly it did not end up that way. >> president xi is looking for a third term in congress and giving a message globally and domestically of how strong he is and she was saying she think some of what is happening with respect to military drills around taiwan could just be political posturing and him trying to bolster that image for himself. i'm wondering what you think, do you think he is just posturing a little bit or is more serious? i feel like you have a better sense of his mindset.

>> xi xinping is serious about taking back taiwan, the people's republic has never ruled taiwan, the point is here legitimacy is on taking taiwan but at this moment i think it is political posturing. two things are occurring at the same time, one is the run-up to the 20th national congress which he hopes to get an unprecedented third term and china pushing out against india, philippines, japan, taiwan, international community, flights over the east china sea, they are attacking everybody, this doesn't make sense except if you look at it in the context of internal chinese politics. jackie: we saw those images of xi and putin together at the olympics, you think about what is happening on a global stage and how the leaders of enemy nations seem to be aligning

against us. >> china greenlighted the ukraine invasion in beijing, plus china has gone all in support of the russian war effort, what evidence do we need. beijing is backing russia, and the biden administration is not doing anything but complaining in public but not imposing sanctions on china. jackie: have a great weekend though we know where you will be. coming up. a live report from the jersey shore on how business owners and tourists are dealing with skyrocketing prices coming up after this. ♪♪

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jackie: welcome back. president biden wrapping up speaking at the white house touting the job number saying he had made significant progress in efforts to rebuild the middle class but we want to get back to inflation because that's what everyone is thinking about. we have summer staples like ice cream, hot dogs now more expensive than ever and eating into people's budgets, madison allworth is at the jersey shore with the story for us. >> reporter: summer is a fun time for families to get away but we are seeing record i inflation, 9% on average, the bomber is staples will cost even more than the 9%. i grab that one of my favorite, mozzarella sticks, these last year would have cost $9.95 but this year they are charging $11.95 and that doesn't even cover the increase the business

themselves have seen, they had to keep prices lower to keep people coming in. i spoke to the mayor of this beach town and he said businesses across the board on the boardwalk and in town are trying to tow the line of making money and also keeping customers. >> businesses on the boardwalk and in our betrayed area are very seasonal, very small period of time to make their money back and when they are dealing with costs and losing profit margins the way they are now difficulty bringing employees on is creating real catastrophe for them at home because they have to take this money and last into the next season. >> reporter: we as customers are paying more, so hot dogs are up 16%, soda up 11% and even if you try to save your money when you go to the beach and for your own food those snacks and chips are up 14% compared to last year but people are still enjoying, just budgeting. >> maybe they are not getting

it with an appetizer or the home fries, just sticking to what will fill them up and they will be out the door. >> reporter: on top of all this, the labor cost has gone up as well. we been getting great service all day. i've been getting a steady stream of food the giving that example a starting salary last year was $13, this year, to get a first day teenager in the door they are paying $16.50 an hour. they deserve it. i want to do a cheese paul and see if it measures up to the hype. jackie: at least they didn't cheap out on the cheese, you get what you pay for, 11 and change, that makes me feel so much better, thank you so much. we are going to switch gears from mozzarella sticks and talk to charlie gasparino who has an update on who is lobbying

against the fcc nominee. charles: i remind you of dinner last night where we were at a restaurant where the roast peppers were $30 and i asked the waiter, is there caviar on these things or something, no, roast peppers, talk about inflation. jackie: charlie said he could make the same peppers for $3. charles: it is not dead until the biden nomination to the fcc is not dead until the biden administration sings but one of her main opponents is not taking any chances and i spoke today with a guy named jim pascoe, executive director of the fraternal order of police, why the fraternal order of police is involved in the fcc nomination gives an idea just how controversial this is, she

put out tweets talking about defending the police or supporting people who are defunding the police. she is against law enforcement seeking court orders or at least part of an organization that is -- opposed law-enforcement seeking court orders to get encrypted information off cell phones. one of her, on the board of some organization that opposed it according to pascal so what they are doing now is they believe it is still a possibility the biden administration could sneak her in possibly during a lame-duck session, today the senate goes on recess today so it would have to be in a lame-duck session. when the heat is off various candidates, various candidates now running in very tight races, these are all democrats, 50/50, republicans won't vote for her, she loses one democrat she can't get in. they have been continuing to lobby vulnerable democrats who

agree on law enforcement issues, joe manchin, mark kelly is another, catherine cortez mastoh, are you doing it today? yes, we are doing it today. this is a full court press but it would be interesting, let's say cortez mastoh keeps her seat and mark kelly keeps his see, pressure is off them. see if they vote for her. if they do that they will forever anger according to mr. pascal the largest police lobby group in the country and that is what he's making it clear to them, the lobbyists making it clear to them so this is a full court press as of today. i think they are going to keep doing it and it is fascinating to me, don't want to use, doesn't end fast, you know what

i am saying? fascinating she is hanging on, a lot of supporters in the biden administration though you have people reaching out to other potential candidates. jackie: i wonder why they are pressing her so hard when they could put someone less controversial and get the same outcome. charles: it was a battle between progressives, woke far left progressive who want her because she is very vocal and very progressive and more moderate types who might be saying let's get down to business and get rid of or at least neuter or bring back or not completely insane way neutrality because she is for it. maybe halfway along the obama administration is opposed to what she wants to do with cool net neutrality which treats internet service providers as utilities. that's where we are and the cops will keep going at it.

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pandemic muttering to deal with rising inflation. i only imagine dealing with the homeless problem, the security of your facility only adds to the pressure you are facing. >> they do is good morning, thanks for having me. patients became neglect and i'm ready to take my city back because it's been bad for the last several years and not getting any better despite hopeful new politicians in place, a new mayor and the new city attorney who show some promise, we are looking forward to what they are going to do. jackie: voting the right people in place and turning the tide is part of it but take the city back, you feel there is any power you have with the business community and business owners to communicate with elected officials and tell them you've got to turn the ship around and make this a priority now? >> yes.

it is a little buzz are. other than the new city attorney there has been little outreach, town halls with city elected officials who make you wait for 3 hours and you get 4 minutes to weigh in. 4 minutes or less i can't possibly put together my entire plot around how bad it is and you know the scenes from some of the videos and photos eyes i've sent you as i went back to those it is hard because i feel like we are all becoming desensitized about how bad it is in seattle, stepping over homeless people on nice streets, i have to drive downtown and pick up my 19-year-old daughter from work every night because we can't trust that she's going to be safe on the bus system home. that's not the city i moved here to live and build my business in back in 2005 so it has got to stop. jackie: i talk about the crime

problem and the homeless problem and that word is perfect, desensitized, the more regular it becomes the more people sleeping on the side of streets and other crazy not so not the kinds of things i want to describe to you that we see, as new yorkers we just keep walking when we really should be stepping up and get the message to eric adams that this is not acceptable. >> we have a problem in seattle, emerging detention is the proper term. people can't get good services that they desperately need when behavioral health issues have got to the point they are no longer stable, living on the street, now it is so bad that you can't do anything, the police can't do anything, that was a lot of those guys voted in and created and it has got to stop. there has to be intervention,

otherwise this will keep happening and i will pay the price. i paid a hefty amount in the last couple years, i have lost my theft insurance because i used on the first bad break in and that was extensive. jackie: this isn't just you complaining about the aesthetics of your city, this is real crime as homelessness increases on the streets, it ratchets up finance starts an environment where people are prone to stealing and it happened to you. >> no mistake we are super compassionate in the city about taking care of others and there's a strong correlation every time enchantment grows around one of my business this crime appears and there's no mistake and if you look at the stats, they are conveniently skewed for whatever politician is releasing those but in my business we don't talk about sex, religion or politics but we talk about safety, that is a

conversation with a lot of our clients and staff. i have an atf agent doing security training for my front end on de-escalation. i had to hire a guy who is ex-guatemalan special forces to work the front door for my grand opening and shouldn't have to. jackie: you should be worried about coming in, running your business, turning a profit and not have to worry about these side issues, it is appalling. i'm sorry you've had to experience this. we talked to many other business owners in the same boat and want to see some change. hopefully change is coming, good to see you, thank you. >> thanks for bringing attention to this, appreciate it. jackie: zullo is one of the doors closing on the booming housing market, stay with us for what you need to know about real estate investments coming up.

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jackie: welcome back to coast to coast, computer glitch sending southwest airlines into a tailspin with 1800 flights delayed, 400 flights canceled, those problems carrying over 870 flights have been booked, 10040/140 canceled, more trouble when it comes to flying and traveling, china's military exercises are disrupting supply chains. although over wheels our upcoming international founder is here, let's talk about what you are seeing with respect to supply-chain because we have a nightmare in this country, not something that has been addressed in the proper way. we were speaking during the break and use and supply chains mean a lot more than you think they do. >> the last two years with the impact on the supply chain and how preferential it is, affect our everyday life on so many levels and supply chain in my

opinion used as a mechanism for not only an active war as we saw with russia in the black sea and remnants of a lot of african countries needing food but with the cold war we see setting aside missiles and the things we read about china controls with hutchison, the chinese conglomerate 56 courts throughout the world and 26 countries, they also control ports on each side of the panama canal. just to have the misnomer the china is just china is very wrong, china impacts so many countries globally. we are not talking just specific, it is a full global reach and so many facets from trade, rails into europe and i think this is what a lot of people are missing the big picture especially when we hear this and that. most of the friends have reliance on china so what are you will come pushing? a friend that had to partner

with china? we've got to cut to the chase and get what the real mechanisms are out there and how to protected ourselves as a country from them. jackie: if this is to escalate china have a global reach with port operations that is one thing to consider but even with the military exercises that are happening now forcing supply chains to redirect and will it add to the pressure we are already seeing? >> this is what is going to happen. i see this concern with insurance companies, they don't want vessels with hundreds of millions of dollars in cargo, everyone is watching, the prudent carriers will circumnavigate and play it safe. you have more transit times and delays for inventory on the water that will affect cash flows for companies, increased container costs. we hear about rates going down 6 or 7,000, the lowest it has been in the last year but that will creep up and the other thing i want to bring up, the

spot rate market is only 30% approximately of the global trade. most of it is contract rates that are multi-year rates, much higher rate, usually thousands higher. added to that we are missing the mark because of our inefficiency to a certain extent with the congestion adding an additional $2500 per container for the ports of la, long beach and new york. >> that's why prices are going up? >> you have truckers, i have clients that cannot return empty containers costing them hundreds of thousands of dollars and it is tying up the equivalent and you can't return empty container you can't get the containers that are available. now you are also paying the store on that because you only have a certain amount so there must be hundreds of millions of dollars consumers are picking up.

>> how can this be going on so long after the pandemic? >> the reason is no one -- everyone has vested interests, you have a fear of the labor disruptions, you have the new agreements with the rails getting 30% increases over the next five years for those union workers so you see this pair amid. everyone has a vested interest to their best interest and it is not cumulative, the american consumer and this is what you have, you have a malaise of people that want to go for 3, line their pockets, steamship lines even with the spot rate reducing, 6000, $7000 container, year over year per quarter one of the largest, making 50% more this year and probably going to make $35 billion in profits so i can't see them going to the board of

directors and saying america is having a tough time with these rates, let's try to help them out, not happening. jackie: thanks for coming in. zullo is warning housing slowdown could be on the way and that could be because of the higher prices we have seen on homes, mortgage rates also are an issue and inflation as well, let's dig into this with former fannie mae executive tim rude, great to talk to you about home price. it is a little confusing, mortgage rates pulling back and prices staying high, inventories very low. this isn't the typical environment we have seen before as a result of the kind of aggressive buying we saw in the pandemic with low rates and the low inventory the way the inventory is holding you see rates go up and prices come down quickly and they are not. >> thank god it is not normal at the moment, we have seen the last two years, clearly the

housing market is moderating from a pretty frantic pace which we can all agree is a healthy thing to happen. you want to to see 20% appreciation rate over and over that is not sustainable. in context, only 3% 3% or 4%, arm burner of a year when you see appreciation rates in the housing market so what we see is unhealthy starting in february, the anticipation of interest rates going up you see mortgage rates go up and ever since then, rates have gone up, basically doubled from last year, you've seen the lattering down in terms of home price appreciation. month over month it went from 17% in february, june it was 12% and now we are somewhere in the 6% range, getting back to a level of normalcy but slippery from it. jackie: tell me how long you think it takes for these trends to impact the market and for the new normal to set in because right now it feels like, i'm not quoting from the

white house but we are in transition mode. >> depends where interest rates go, good way of thinking of this is if you are owning a house and have inflationary environment that house is a hedge against inflation because you locked in a low interest rate, property will go up in value and if you are in a recession the good news is interest rates usually go down 1/4 during a recession and somehow someway in the last 40 years every recession we had home prices have gone up 6%. not saying it is a no-brainer but a good place to be. jackie: have a great weekend. more coast-to-coast after this. ♪♪ 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

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i'm okay. jackie: the dow seeing seesaw action still on pace to snapper two week winning streak. the dow trading higher by 8 points off of session lows after the jobs report. i will toss it to charles payne and say have a great weekend. charles: i can't wait to do this show. breaking right now, great job report, a massive selloff. maybe the numbers were not so great. folks are trading so much money stocks can't go down. the fed is angry, so i the monster gains, can amc do the same with its special dividend?