by the fbi and aggression given it's just a document search which is what crist was talking about real quick, todd. todd: it could be just about a document search but they can use it to put pressure vis-a-vis january 6. dagen: todd piro, nancy tengler, thank you so much for being here this morning. "varney" & company starts right now. stuart it's all yours. stuart: good morning, dagen, good morning, everyone. it is a political firestorm. donald trump's private home raided by dozens of fbi agents looking for documents taken out of the white house at the end of trump's term. a federal judge had sufficient reason for an unprecedented search of the former president's house. as the news broke crowds of supporters gathered outside mar-a-lago and leading republicans united in condemning the raid. kevin mccarthy, newt gingrich issued blistering statements. trump himself said the raid had

been inspired by the left, it may have the opposite effect, he's fired up and has already started raising money. there are plenty of questions here. why did they have to raid the former president when there was no raid on hillary clinton? we expect developments throughout the morning, and you'll get them as fast as we do to the markets, where the raid is not a factor, or at least not yet. the dow, the talk over there is dominated by tomorrow's inflation report, a slight moderation in price rises is expected. you're looking at maybe a 10- point loss at the opening bell for the dow, down 80 for the nasdaq and down 11 for the s&p. those are not major price movements. look at tesla though. new numbers show tesla running away with the california car market, which is the largest in the country. the model y is the best seller, the model 3 is number two and the tesla plant in freemont builds more cars than any other plant in america, the stock though is down just a fraction. gas down another $0.02 the national average is 4.03 diesel down two cent.

national average 5.12 bitcoin down a little back to the $23,000 level that's bitcoin this morning. the relative calm on the financial markets, that's true relative calm but it's a wild day in politics. tuesday, august 9, 2022, "varney" & company is about to begin. ♪ take a look at what you've done, now we got bad ♪ stuart: the title of the song has nothing do with the lead story of the day, ladies and gentlemen. bad blood or otherwise. we've got to get straight at it this is the biggest story of the day. the fbi has indeed raided the home of former president trump. good morning, lauren. lauren: fbi agents looked in every single office and safe and just grabbed documents and boxes

trump calls this attack political prosecution let me read some of his statement. "after working and cooperating with the relevant government agencies this unannounced radon my home was not necessary, or appropriate. it is prosecute for quality misconduct the weapon of the justice system and an attack by radical left democrats who desperately don't want me to run for president in 2024. the lawlessness, political persecution and witch hunt must be exposed and stopped." the raid related to classified material in 15 boxes that trump took from the national archives when he left office, not related to january 6 attack. that's what we're told. the timing reeks of politics though. it was carried out by president biden's department of justice, with the apparent approval of the attorney general, and the fbi director. it is galvanized both sides of the aisle, democrats openly saying, look, a conviction can

disqualify trump from running again, and republicans are saying well this is an abuse of power it must be stopped and voters can do that in november. stuart: that's an accurate statement of the two sides as of this morning thanks, lauren. brett tolman is with us and a former u.s. attorney joining us on the phone. brett is this a legitimate legal action or a political attack? >> well, on its face you have a judge that signed a warrant, but as we all know, it's very easy to get a judge. i'd love to see the probable cause statement in this case to see what justified the action. they had many options they could have issued a civil investigative demand, they could have gotten a grand jury subpoena and requested the document and asked to come in, but instead they chose the one that they could do that would garner the most attention at the most critical time. that's political. stuart: do you think that they knew very specifically what they wanted and where to find it? >> well, i think they went in as a justification, but remember

, under the plain site doctrine which allows an agent when he's lawfully in a residence to grab what he thinks maybe other material or information about other crime. we don't know what was in their head when they went in. we do know, for example, about the safe. they could have taken the safe, made sure they had a proper search warrant to go into the safe, but instead, they popped it open, right there. we have no idea if the judge actually gave them the ability to take and break open a safe. it's very complex when you go in on a raid like this. you have to follow the for corners of the warrant, and it doesn't sound like they did. stuart: ouch, okay. brett tolman, thank you very much for joining us on a very important day. it seems like president trump also posted what seems like a campaign ad following the raid. watch this , please. >> our nation that in many ways

has become a joke, but soon, we will have greatness again. it was hard working patriots like you who built this country and it is hard working patriots like you who are going to save our country. stuart: sure looks like a campaign ad. byron york is here. did this raid light a fire under trump and his supporters to yeah , get out there and run in 2024? >> it certainly did. look, trump and his supporters all believe that he was unfairly targeted by the fbi, by law enforcement, and by the intelligence community since before he actually took the office of president, and he actually was unfairly targeted. the things we learn, for example , about the steele dossier after it was leaked into public view in january of 2017, before trump took office, so his followers and trump himself, believe he's been the target of

unfair investigation and now this happens, and i should say, the secrecy surrounding this is the worst thing possible. secrecy allowed wild speculation during the trump-russia matter and it's allowing wild speculation today. i believe donald trump as the target of this , is entitled to a copy of the warrant and to the underlying information, an affidavit or something outlining the reasons the fbi did this. this should be made public, if by trump, made public today. stuart: and so you should make public the warrant, and we should surely get a statement from the attorney general, merit garland and the director of the fbi, christopher wray. they should be coming out after this unprecedented action, right >> well, i wouldn't expect that to actually happen. i just don't think they are going to do it, but a couple of things. one, the secrecy involved is to

protect the person whose under investigation, who might become the accused, and they can reveal anything they want. if you go into a grand jury and you're a witness, you can come out and say what they asked you. but the prosecutors cannot do that. now, on the political front, republicans are in the minority in the house and the senate, but charles grassley, the ranking republican on the senate judiciary committee. jim jordan, ranking republican on the house judiciary committee , could come out and demand information from the fbi. as a minority they have no power to compel it but they can at least be on record showing that congress is concerned about what happened. stuart: well, we shouldn't have this secrecy hanging over everything for very much longer. byron york, really, that's a very bad thing. thanks for being with us, we appreciate it, always, thanks very much, sir. donald trump and the governor of florida ron desantis appeared to be the early front runners for the gop in 2024. who are the democrats, most worried about trump or desantis lauren: democrats say desantis.

maybe not biden but that's what democratic strategists say and that's what they told the hill. "to me, desantis is the scarier prospect. he's a smarter version of trump. he's way more strategic and he doesn't have 100 lawsuits at his feet." if trump goes bust, and he very well may, he's the main guy i'd be watching. look, biden is not ready for desantis. strategists say he needs to be in florida more because if you look at what ron desantis is doing in florida and how he's communicating, he's made very clearly, president biden his foil, the culture war, the opening up of the economy. freedom of choice, but biden is focused on trump. stuart: it's all about politics today but we're not ever going to forget the markets, because that's where the money is, and so we like to cover it for you. not much change from stock prices in the very early going this morning. a pretty flat market lineup there except for the nasdaq down about 84 points. mike murphy with us this morning i keep saying, things are calm ing down, and i think i'm write, and i think that's a good

thing. >> i think it's a great thing. good morning, stuart. we have these nice rallies off the recent bottoms we were led higher by big tech and now we're digesting this. it's august, a lot of people are on vacation, we have crazy headlines this morning, but earnings have been strong enough to support the recent rally, so now we need to digest and see which way the next move is. stuart: you've had a great run, because the 40-year long bull market started on august 12, 1982 when the dow was at 776. you weren't in the business then were you? >> 82 i was not i was 10 years old but that is my wedding anniversary, august 12. stuart: is it really? okay well what i'm getting at here is that the dow went from 776 august of 1982 to 36, 800 in january this year, and you rode it all the way up. >> i did, but stuart, if you go back even further, the dow has just been on this country as we've prospered, the stock market has gone from the lower left to the upper right. it has moved higher.

couple of blips along the way but i remember when my first job out of college the guy sitting next to me bought a car with the license plate that said "dow 4,000" because we had just gone above 4,000 on the dow. stuart: those are the days. >> those were the days. stuart: people have made a great deal of money in the stock market over decades that's true but is there now a change? if you come to the end of the great bull market, bonds might now appear a bit more attractive because they are paying a lot more interest. do you see any kind of switch like that? >> i don't. you know, i think at anytime along the way, stuart, people could have found the reason to sell, and it could have been the tech bubble, it could have been 2008 but if you stayed invested, if you didn't panic out, the place to be overtime has been in the u.s. stock market, so i think trying to pick which emerging markets is going to do better or which commodities is going to do better or which one specific sector is going to outperform others has been a mistake for most all investors

overtime. stay invested, stay long is the way to make money in this market. stuart: that's well for both of us isn't it? >> yes, sir. stuart: mike thanks a lot sir. >> thank you. stuart: check those futures, please. again not that much price movement, the dow has actually gone positive up maybe six points opening bell. coming up, president biden seemed to have forgotten that he's the commander-in-chief. roll tape. >> may i say something? >> [laughter] stuart: asked permission to say something, we'll get more on that. well touting the spending bill by the way, he never mentioned inflation. the president says he's not worried about china's aggression with taiwan. not worried? what will china expert michael pillsbury say about that? michael is next. are you mad enough? ♪

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stuart: okay, it's tuesday morning, it's august 9. i see some red on the left-hand side of the screen but not that much. worst loss is the nasdaq down 96 points as we speak. president biden is going to sign the chips act into law, that'll be next hour. edward lawrence is with us now. edward, it's what, a $280 billion bill, but only as i understand it, 50 billion goes to chips. is that enough to compete with china? reporter: yeah, research, development of chips. you know the president believes that is enough, as we're dealing with again that construction noise from the truck running on diesel fuel, i might add, but president biden is fresh off his bout with covid and he has the ceo's of major chip companies at the white house as we speak. now signing of the chips act,

these powerhouses, these financial powerhouses, the industry will get as you mentioned 280 billion, but 52 billion of that is for the investments interest in research and development. there's other things going on providing stem opportunities for job, increasing wireless tech innovation, however the cfo of the intel says the chips act money will not be available until late 2023. there's some critics that worry if that will make a big impact or if it will move manufacturing really from east asia to the u.s.. now, as china continues its aggression towards taiwan, listen. >> i am, i'm not worried but i'm concerned but i don't think they are going to do anything. reporter: so, the white house national security advisor john kirby telling me that he believes there will be no impact on trade, because of that aggression by china, yet that includes semiconductors, which mostly come from taiwan.

now, according to the white house, you see that the u.s. here only produces 10% of the chips used around the world. the president believes there will be enough money to eventually change that. we don't know when that eventually, though, will be. stu? stuart: thanks, edward. president biden says, i'm going to run this tape again, he says he's not worried about china's increased aggression towards taiwan. it's actually you just missed it there, he said, um, he said that they're not likely. that's china, not likely to do anything more. michael pillsbury is here. okay, the president says china's not going to do anything more. do you believe that, michael? >> i think he's taking a big risk, stuart, and i would quote the british foreign secretary liz trust, who said recently she is concerned. she's worried about a catastrophic miscalculation by china. in other words, deterrence so far is not enough to persuade the chinese not to have these

massive exercises, which taiwan 's foreign minister just quoted this morning, said this is a preparation for war, because these exercises are very focused on exactly what china would have to do to invade taiwan. i think you know very well, and we should all be proud, that the queen elizabeth aircraft carrier spent six months through the taiwan last year, the french their aircraft carrier went through, the canadians transited the taiwan straight, which china is claiming is chinese territorial waters so there's reason for worry, i would say. i wonder if president biden is listening closely to his advisor s because when i talk with them they are more than worried and concerned. they think deter deterrence is not working and china is still not called off these exercises and returned to normal. stuart: would a blockade be more dangerous, or as dangerous, as an invasion? >> yes, a blockade that tries

to choke off taiwan's energy supplies, their trade, it be considered as an act of war, and it raises the question of the one china policy, where we have been very vague. our diplomats think it's very clever, over the last 50 years, that we never quite said taiwan 's a part of china. we just said we don't challenge the chinese thinking that. well that's the problem. if we're going to have arm sales to taiwan or defend taiwan, and they're a part of china then it's illegal to do that, so the one china policies based on ambiguity and that's what's really being tested, so if i were president biden, i'd be listening more carefully to my advisors and i would increase deter deterrence activities i would not want to have a putin invades ukraine situation again, where deterrence just simply did not work. we want to deter china, and i really was impressed with liz trust, some of what the french have been saying, that they're very concerned china could make a terrible miscalculation. stuart: there's an awful lot of

chatter in political circles that maybe china has something on president biden because of hunter biden. is there any truth in that at all? >> you know, i don't know. i was very surprised when the laptop was first revealed by the repair shop man, that he gave it to rudy giuliani after nothing happened, and then rudy giuliani says he gave it to the delaware police, so this trail of what the laptop had on it and who saw it, when, and to what degree has been corroborated, this is beginning to be a really detective story, stuart. it's hard to jump to say that biden's policy toward china is because of the laptop, but obviously, it's a factor. stuart: one last one, if i may. do you know why speaker pelosi went to taiwan in the first place? >> yes, i do. in her entire career, beginning back in 1991, she has been a

human rights activist against china. she had a banner, with the chinese to aishah hasnie arrest her as a congresswoman in 1991, she did a lot of things with the dalai lama and she help ed get this weger forced act through so she's trying to continue her image, you might say, as a human rights activist against china, and that's obviously going to help the democratic party, she hopes, in the elections and 90 days away. whether that's true or not i'm not so sure. stuart: okay we'll keep at it for now. thanks very much, michael see you again soon. back to the market, and take a look at futures are they shaping up the market opens in seven minutes. it's a down day, but not a huge amount of red ink. the opening bell is next. ♪ ♪

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welcome to your world. your why. what drives you? what do you want to leave behind? that's your why. it's your purpose, and we will work with you every step of the way to achieve it. stuart: all right, we're going to open this market on the downside but not a huge sell-off by any means. paul christopher is with us this morning market watcher of the day. we get the consumer price index tomorrow. do you think inflation is going to be shown to slowing a little bit and if it is, if you think

it is slowing down a bit, how does the market react? >> yes, stuart, good morning. yes, we do think the inflation reading tomorrow, the headline number, will probably slow a little bit. you may see a little bit more slowing in the coming month or two, as well, in fact some of it may even be surprising to the downside, but we don't think that that is an indication that inflation is going to retreat as quickly as it has risen, so to your question, we think the market has already priced in a peak in inflation and what remains to be seen is how well the market or how quickly the market adapts to sticky inflation on the downside. stuart: are we in a recession now, and if not, when do we go into one? >> it's probably an academic question at this point. look if you're an investor, the markets are always looking forward, and candidly since 1945 , it's very rare that you get two consecutive quarters of negative gdp and don't go into

recession, so we think this is really a good time for investors , now to take up quality positions, get rid of some of those cyclicals like small cap equities, international like europe and japan and emerging markets. they bounced a little bit here and now is the time to get that portfolio positioned for defensive plays, in a defensive play for a recession whether it comes next month or in two months. stuart: you have to defend now for the recession that's coming shortly? >> that's correct, yeah. markets will anticipate we're already seeing economy deteriorate quite a bit. investors have chosen to focus on liquidity which is actually still there. it's a buffer against recession. they've also chosen to focus on the federal reserve and the likelihood that the fed might ease off on rates, if inflation peaks. we disagree with that notion. we think the fed will continue to hike rates and we think it's a mistaken notion and once that liquidity is gone, and the market realizes that

inflation will be sticky, we think you'll see retests of recent lows, so again, now is the time to really position that portfolio defensively. stuart: you saved the best until last. we're going to hit new lows. paul christopher said that, moments ago on this program. paul, thanks very much for joining us, we always appreciate it. >> [opening bell ringing] stuart: we're about to open the market because all are clap ping and cheering look at them go. all right it is now 9:30 eastern time. he presses the button, they clap , and off we go. they're open ever so slightly on the downside, at least for the dow industrials down a fraction there, and about two-thirds of the dow 30 are actually in the green. chevron is doing well, so is travelers and merck. how about the s&p 500, just opening up, with a slight loss .21% the nasdaq is down two-thirds of 1%. how about big tech this morning? we always like to show them to you, because this is where the money is. apple, amazon, meta, alphabet, microsoft, all ever so slightly

lower this morning. take a look at tesla though. now, that stock this morning opening up about a half percentage point. maybe the reason here is that they absolutely dominate the california car market. lauren: they got the world car market. the model y is set to be the world's best selling car next year. i mean, right now, it's the toyota corolla, what's that cost $25,000 a year? a model y is 65 or $70,000 a year and tesla might be selling more of them than toyota is, it's really unbelievable for elon musk. stuart: and they build 600,000 vehicles at that freemont plant in california which is the most active and large its producing car plant in the united states and maybe does 650,000 next year nonetheless the stock is down just a fraction in the early going. and then we've got another of these vaccine companies, you wanted to say something about tesla? lauren: nope go ahead. stuart: look at that. novavax is down 30%. what's with it with these

vaccines? lauren: for novavax too little too late. they had that more traditional vaccine that many people, myself included, thought a lot of folks unvaccinated would raise their hand and say i'm more comfortable with this sort of technology in a vaccine. didn't happen. novavax says there's an and i'm quoting an unexpected shortfall in demand for covid-19 vaccines. it was just approved their shot last month. they've already slashed their guidance for this year's revenue in half to $2 billion, and reported a wider quarterly loss, so that's why the stock is down 30%. stuart: i just don't see a lot of enthusiasm for vaccines and boosters at this point. i just don't see it. lauren: it might depend on there being a really bad variant potentially in the future but it means many americans are fed up. we've done what we had to do, enough is enough. stuart: and novavax is down 30% good lord. meme stocks, i mean, i'm inclined to say they might be making a comeback, are they? lauren: in a big way especially yesterday, well, some movement today, mostly to the downside, but look at bed, bath and beyond , since thursday, this stock is up almost 90%.

so yesterday, if you're just looking at bed, bath and beyond, what happened was they regular individual investors purchased more than 16 million shares of the company. the most since last november. the stock is the most searched name on reddit's wall street bets the social messaging board. no reason. there's no catalyst for this other than short interest so individual investors pile into stocks that have high levels of short interest, bed, bath and beyond does, to punish the professional trader for betting against them. so that's what we saw happen to bed bath yesterday, also gamestop and amc. stuart: so we're back to that. lauren: yes. stuart: what are the retail investors say on that reddit board, and put the money in. lauren: one said i just, i took out a $27,000 loan and i put it all in bed, bath and beyond, for instance. stuart: okay. they are going to sign this chip bill later on today at least the president is going to sign it next hour. meanwhile, some chipmakers, the stocks are down and micron is way down 2.5%.

they issued another warning? lauren: yeah, nvidia did that yesterday, intel a few days ago for the chipmakers it seems like demand destruction is happening really really fast so micron is warning of lower shipments weakening demand for chips from the pc customers and from gaming , so they cut their fourth quarter guidance, but my question is what really changed? they have all the chipmakers now coming out and warning, is the consumer really pulling back are the crypto miners just using less chips? they used to have to produce chips that the miners would use as well. we've seen the crypto winter, if you will, or is everyone just trying to set the bar low so they can beat those wall street expectations? stuart: true. true. lauren: right? stuart: i did hear that the ceo of intel says that chip money that's just been voted on won't arrive at intel until the end of next year. lauren: so it's a waiting game. stuart: a waiting game. lauren: let me add to that because micron says they are investing $40 billion in u.s. chip manufacturing in the middle of the decade, so a lot of this money and this

investment and this job creation happens years from now. stuart: and won't effect them right now. now there's several companies reported before the bell today. ralph lauren, down 2%. lauren: they're down. okay so it's interesting that really strong same-store sales in the u.s. they are up 5% but europe they rose 34%, so their forecast for this current quarter was upbeat just not up beat enough to turn the stock in the pre-market it was indicated to pop about 3%. stuart: i see in the prompter and i'm supposed to talk about norwegian cruise lines again. lauren: yes. stuart: they're down again, 9%. lauren: well they are still un profitable, still unprofitable they are predicting a loss for this quarter too. what's shocking about norwegian they are the only cruise operator to have their entire fleet back in business, but occupancy sits at 65%. stuart: 65% that's it? lauren: it's going up but the latest was 65% for the quarter just wrapped. stuart: then we got take two interactive the video game people. they are down 2% this morning? lauren: they are.

there's a slowdown in gaming. it's the new normal, right? you saw better than pre-pandemic , better than the 2019 levels but you can't compare with the pandemic, so you have take two, activision blizzard, electronic arts, they are all saying revenue is slowing. stuart: slowdown is the operative word in almost all of your reports this morning. chips, slowdown in demand of the future. lauren: yeah. stuart: nvidia slowdown in the future, take two interactive video games, slowdown in the future. not great. lauren: i like slowdown better than demand destruction, as a word to describe what's happening, but yeah the economy is softening. you could debate recession however you want and you also have to compare, like look at what we're comparing now to when it's a video game company and everybody was stuck at home you have high levels to compare yourself to. stuart: here is another area which i think where demand is drying up, and that's the used car people. lauren: yeah. stuart: carvana is down $4 and you've got vroom down 20%. lauren: this is weakness online

so both companies that you're looking at on the screen reported. car guru said the web traffic in the u.s. down 10% from last year vroom e-commerce revenue down 44% in this past quarter, and yesterday, we did the jpmorgan news, turning bearish on carvana they say the used car supply remains highly uncertain for the demand that you have. stuart: okay, i see a lot of recession indicators this morning. lauren: there are a lot of indicators and there's a lot of companies being proactive against something that could happen as well, has coming out of warning that their numbers when they do report might not be that good. stuart: here is a related story. people desperate for cash are turning to pawn shops. the star of the tv show porn stars, rick harrison, is going to be here to tell me about the changes he's seeing in his business. trump supporters rallying near mar-a-lago after the fbi raid. does this just motivate voter in the mid-terms in 2024? i'll ask larry kudlow, and larry is next.

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stuart: all right, we've been in business for 11 minutes and the nasdaq is down 100 points. the dow though is up 20. let's get back to the fbi raid of president trump's mar-a-lago home and let's bring in larry kudlow. larry? do you think this is straightforward, political attack? larry: i do. i really do. i think this is an attempt to disqualify him from running for president. just as the january 6 committee is trying to do the same thing, now they are going into the archives and the records. this is the deep state at its worst. this is the justice department and the fbi at its worst. i don't want to blame the whole fbi because i think most of the agents are terrific, but i

think the political ones at the top are engineering this. this is deep state stuff, attacking donald trump, weaponizing the law. it's crazy. it's outrageous, and by the way, i do not think it's going to work. stuart: okay, but do you think it's going to make trump more likely to run? you know him well. surely he's fired up about this. he wants to respond. he wants to run now, doesn't he? much more than he did before? larry: well, i can't say with certainty. here is what i can say. president trump, former president trump has given two terrific speeches. one at the america-first policy institute in washington d.c. last week or 10 days ago, and the other one at the dallas meeting of cpac. he's given substantive policy speeches on crime, on immigration, on inflation, on education. they're really very well-put, well-written. i believe he's laying the

groundwork for a republican message for the mid-term elections which is so very very important, and then ultimately, for running for president. i can't say whether he's more or less likely. i don't know that. when i talk to him, we don't talk about presidential politics , but i think you're seeing in substantive policy grounds, stu, laying the groundwork for the entire party. as he said at the cpac in dallas and at the america-first conference, he's not doing this for himself. he's doing this for america to make it a better place. what the bidens have done to america is incredible. what this last bill, for heaven sakes, talk about the deep state they're given all the power to the irs. they're given the power to the epa. they're giving the power to fix price controls. there's no inflation reduction. there's no spending restraint. there's no growth incentives. there's no debt. there's no deficit reduction. in fact, if you read the wall

street journal today, bjorn lomborg took a look at the numbers at the tax credits for climate change. there's no reduction in climate change either. this is all big government socialism, deep state stuff, china overturned everything donald trump did and this justice department action yesterday is just another example. stuart: larry you say former president trump has made two key speeches recently outlining policy. the policy that he outlined, is it the direct opposite of the inflation reduction act of 2022 government socialism? larry: yes, yes it is. absolutely is, and he will have more to say about fiscal policy than inflation but look the bidens have spent a year and a half overturning all the president policies for growth. trying to overturn the tax cuts, overturning the deregulation, overturning the energy dominance and independence. all those things that gave us a

terrific fabulous prosperity, the best in any generation. they've overturned and look at the results. in 18 months, they've brought the economy into recession and inflation and through their regulations and now they are overturning their corporate tax cuts, so you'll hear more from president trump on those subjects as well. he's essentially creating a predicate for the entire gop. stuart: yeah. larry: a new gop predicate, he's working with kevin mccarthy and many many others, for the mid-term elections in november, and what he decides to do from then on remains to be seen, but this cheap shot here in mar-a-lago, florida, this raid, this is just i think another deep state attempt to stop him from running for president and stop him from being a strong force and it will fail, stu, it will fail. believe me when i tell you, it will absolutely fail. stuart: larry keep pounding away , please, and we'll be watching you this afternoon 4:00 p.m. eastern on fox business

larry kudlow great stuff. larry: thanks, stu. stuart: after the senate passed the inflation reduction act, the media went kind of over-the-top, full-on praise for the president. tell me more about that. lauren: yeah, political wrote this , the passage of the inflation reduction act will make biden one of the most legislatively successful presidents of the modern era. we once noted that the mismatch between the size of biden's ambitions and his margins in congress made it seem like he was trying to pass a dinosaur through a garden hose and it ended up being more like a pony but still pretty impressive but look at this the american recovery act $1.9 trillion, the bipartisan infrastructure bill 550 billion, add in the chips act, we are talking a nearly $3.5 trillion agenda. i mean, it's huge, and he was able to pass that, while he was in quarantine on the latest part stuart: legislative success, yes , because the legislation is in place, but that's not successful legislation in the

sense that it solves the problems which it faces because there's a difference between legislative success and actual success in the economy and society. lauren: couldn't agree more and that's what shows up in the approval ratings or the high disapproval ratings because the president is still in the 30s. stuart: that's right just below 40% i believe. now, the president did speak about the spending bill yesterday, but lauren, it didn't sound like he really got to grips with what it was. lauren: we're going to show you two clips. the first is biden saying he's not sure what's in the bill, the house is expected to pass later this week, unleashing more money, of federal spending and the second is the president of the united states asking for permission to speak. >> what we're doing today, what we passed yesterday helping take care of everything from healthcare to god knows what else. >> may i say something? >> [laughter] lauren: okay, that's funny but it's really awkward and a lot of complaints about biden we were just talking about the agenda

and the legislation is that he doesn't have the presentation. he doesn't deliver on a lot of the things his party wants him to strongly deliver to the american people. stuart: got it, okay, right. here is what we have coming up for you on the show. big show actually. jake paul, he's the youtuber turned boxer. he slammed president biden over high gas prices and everything else, including plummeting crypto, that was back in june. how does he feel about the current state of politics? jake paul will be here. it's primary day in wisconsin. the republican governors race has trump and pence candidates pitted against each other. who comes out on top? grady trimble reports, after this. ♪ i'm gonna win ♪ you'll always remember buying your first car. and buying your starter home. or whatever this is.

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>> it's primary day in wisconsin. a pence-backed candidate goes up against a trump-backed candidate. gee, i wonder if the raid will have any influence on this race. anyway, grady trimble is there reporting for us. grady, who wins? grady: well, both candidates are trying to get out the vote early

this morning, stu, because this race is expected to be neck and neck. tim michaels voted after the ballots and polling places opened this morning. he's a construction company executive who's never served in elected office before. michaels is former president trump's pick in this race. >> how much weight do you think the trump endorsement carries today? >> it's been a tremendous validation of our meteoric rise. people understand that we need to have left -- less professional politicians, less career politicians in government. grady: former lieutenant governor rebecca clayfish is former vice president mike pence's candidate and told me her resume and career in politics is not a drawback or a downside, it's the reason she's the right choice she says. >> i'm proud of what i have accomplished in office, and i do have experience.

it makes me the only one who can do this job without training wheels. i think there's a lot of people who watch the debates and realize that that is actually what they want. grady: the winner of this race takes on democratic governor tony evers in november and actually, stu, i asked tim michaels right here about the impact of the raid on the race, he told me it was scary and concerning but he said the endorsement by former president trump is still somethingha t i siti fororam u: ot it, tle rle r le re. th theghheheda n is n d,, th's j j j jver%r drown f the sd . a miranda devine, porn stars host rick harrison, jack paul, and holly dillen. the 10:00 hour of "varney & co." is next.

. varney: early elvis, always the

best. this is on the popular movie from lauren simonetti. simonett. lauren: i really like elvis. this isn't one of my favorite songs. varney: good morning, everyone. it's 10:00. i like that one too. i'll repeat myself. good morning, everyone. it's 10:00 eastern. straight to the money, dow's down 50, nasdaq down 150. the ten year treasury yield this morning is 2.80%. it's actually going up a little bit. you're back to $91 a barrel. bitcoin down a bit, it's below 24 grand, $23,040 to be precise. any moment now, president biden will sign the chips and science act and allocate more than $52 billion to boost chip production in america and we'll be monitoring it. now this.

one aspect of the mar-a-lago raid that goes unanswered, why stick 30 fbi agents on a former president yet do nothing with hillary clinton when she was running government documents on her private computer system. nothing happened to hillary. she smashed blackberries with a hammer. same with hunter biden. no raid on him and no special council either. sure seems like political bias and it sure seems like the democrats are using the power of government that they have in their conducted and unprecedented vendetta on the president they can't stand. can't stand trump. in various forms, it's been going on for six years. that's the danger. the jaws tis department and more using the power of the political bias to crush opponents and go back to hillary and hunter biden and compare non-investigations

and russia, russia, russia and impeachment and collusion. i want to bring in miranda devine who's been on top of the hunter biden story since day one. miranda, embedded political bias in the government, is that what we're looking at? miranda: well, yes. it seems pretty clear. it's an enormous stick to send fbi agents to raid the home of a former president and a likely presidential candidate in 2024 and so far, the warrant is sealed. the doj, the fbi are not being transparent about this at all. they've leaked to the new york times that this is about the presidential records act, which as you say, i mean, hillary clinton is just one famous person who defied that so no fbi raids for her. no fbi raids as you say for hunter biden or jim biden. it's really a double standard of

justice doesn't even begin to do justice to what we're seeing here. it's extraordinary, it's really damaging for this country. stu: you've got an opportunistic ed that christopher wray is guiding the raid the wrong way fast. what do you mean by that? miranda: christopher wray came before the senate judiciary committee on thursday, and there were some really crucial questions to do with national security to do with the conduct of the fbi. for instance a couple of agents bearing the hunter biden derogatory material in october of 2020 pretending it was russian disinformation, closing any investigation. that's disturbing. the problems at the southern border, the gretchen whitmer case, larry nasser case.

you name it, on both sides there's a bipartisan concern that there's something very wrong at the fbi, and christopher wray just with his usual super silly smirk bashed the questions away and cut out early. he left at 1:30 p.m. saying he had an urgent meeting he had to get to on a plane. he has a private plane as chuck grassley pointed out. that private fbi plane flew that afternoon to the adirondacks where christopher wray summers at the family home since childhood. stu: we're not going to get into this unless the republicans win the house in november because if the democrats continue to run the house and the senate maybe, then you've got a situation where you can't penetrate, you can't get through, you can't find out what happened. miranda: well, this is crucial, really, it's up to every american to vote in the november elections and if they want this

dark, deep state action to stop, if they want the fbi to stop acting as the personal gestapo of joe bind, they need to vote the republicans to take over the house and senate. stuart: got it, miranda always on top of the story. appreciate it. thanks a lot. in contrast to the republicans, the new york times is saying that president biden is "on a roll". they're comparing joe biden to fdr. what else they got? lauren: and lbj, two extremely consequential presidents and they're turning the political stricts. "was it the victories of recent weeks a decisive turning point for biden's presidency or a transitory moment in a bleak

administration remains to be seen. mr. biden is still one of the most unpopular presidents in modern history at this point in his term according to polls and some house democrats quietly worry none of the achievements will save them from an electoral route in november". it's a good time to bring up the rcp and real clear politics polling average. biden's approval rating, 39.6%, this poll taken -- or the average taken from july 19 through sunday, august 7 so it does take into effect the latest victory, if you will. stuart: there's legislative success because the legislation is on the books, but there's not economic success because the legislation did not help the problems that we are facing. that gives you a political problem cause you haven't fixed anything. lauren: i'm laughing because even bernie sanders says the inflation reduction act doesn't really reduce inflation. it's all about the spin and can it spin enough voters to say this is good, this is what we

want from our president and from our policy. stuart: yeah, i want to get back to the markets and then i want to touch on inflation again. the markets show some red ink as we speak. dow industrials on the downside and nasdaq taking it on the chin, down 165 points. scott is here. i want to talk inflation here. we've got the important numbers coming out tomorrow, okay. got that. do you think we've seen peak inflation? scott: well, it's 9.1, if that's peak, maybe. that doesn't mean we're going to get out in front of the problem. we've got a fed that only have one game plan and that's to run the economy into a ditch so we destroy the demand side of the equation to get out in front of inflation. if nobody has any money to buy anything with, prices will come down because nobody is buying anything because they're all broke. that's the plan. till we start to address the supply side; right, and that's going to be oil policy, that's going to be supply chain issues.

till those two things get sorted out, we're going to have inflation for awhile, and i'm not quite sure it couldn't go above 9.1% again, but we could have 8% around for a long period of time that eats away at everybody for a considerable amount of time. that's what i'm worried about. look, we are not doing anything to the supply side. we're just doing it to the demand side and we're running it into a wall doing 80 miles an hour. so i don't think that's going to solve the problem. stuart: let's talk food price. i know your family has a farm. and you talk with farmers all the time, that's your line of business. will food prices go up from here? scott: well, i mean, we got obviously mother nature that has something to say about that number one. number two a lot of folks don't realize that fertilizer and propane it takes to drive some things we raise here, that comes from the energy side. unless we sort that out, these input prices at stores can get so high that nobody can do it anymore without losing money and who's going to plant the crops

to feed us all? input prices are very high and we'll have to see the board prices high to reward the farmers for the work and money they put up front to make a bit at the end of the year. they can't keep subsidizing america to lose money to raise the crop and will have to come from the energy side because input costs are so high. we could see food prices come down a bit but at the end of the day, we have a lot of costs involve that had aren't coming down like the food prices r and it'll make it untenable to go forward and keep producing it. we're in trouble here, stuart. stuart: a friend of mine bought new york strip steaks in new jersey at the grocery store and paid $26 for a pound of strip steak. a year or two ago he was paying $8 or $9. that's inflation and that's not going away; right. last word to you. scott: i tell you what, this is the first time since 1986 that over half of the cattle killed -- or called in this

country for slaughter are now females because folks are just giving up; right. the drought's killed them, they can't afford to feed anything and they're getting rid of the factories making more cows; right, which is the mothers. the first time since 1986 more than half of the cows slaughtered are females. what does that say? that'll take two to four years to fix the problem. what does that say about the state of the play there? stuart: not good. thank you for being here. we'll see you yen next wreak. back to the market, dow's down 60, we've got crude oil at $91 a barrel and i guess exxon mobile is moving. lauren: oil is higher because of reduced energy supply to europe and ukraines that to expend flows to the south of europe and sanctions prevented from paying russia and there's gains in energy. stuart: europe has an energy prop. lauren: see the rates they're paying?

stuart: it's five times more than we're paying here. berkshire hathaway bought more of the company and they're up? lauren: 22-point 2% worth over $11 billion and oxy at 52 today and more than doubled as warren buffet consistently built his stake and he has enough that he can use occidental petroleum's numbers on burke shire hathaway's balance sheet. stuart. the ratings people known as neilson. why are they up 21%? lauren: they're being taken private. a few months ago, they agreed to sell themselves to elliot management in brookfield and there was another shareholder, win baker opposed and all three have gotten together and they support this. it's a buyout worth $10 billion. stuart: a whole bunch more stocks taken off the market.

lauren: and the stock goes up. stuart: president biden repeatedly said he's the only democrat that can beat trump in '24 but a democrat strategist said florida's governor desantis is a much scareerer opponent. we're on that. democrats in the media waste no time celebrating an fbi raid at mar-a-lago. watch this. >> this gives me confidence that the justice department is really pursuing this, thoroughly, objectively, and in a nonpolitical way. >> we're all going to remember being together on this night. >> the democratic reaction is halleluiah. stuart: we're all going to remember being together on this night? good lord. we have california congressman on the show next. slamming governor abbott for busing illegal migrants from texas to manhattan saying it's unconscionable, mean and cruel.

nate foy has our story after this.

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stuart: the nasdaq is now down 170 points and the dow down a mere 20. president bind announced the largest weapons package yet for ukraine. do we know what's in this? lauren: we co. it's $1 billion and includes ammunition for weapons like the himar and just sending ammo for it. service nor air missiles, 1,000 javelins, medical transport vehicles and coming directly from u.s. stockpile and all in

total tab helping ukraine, $9.8 billion. stewart: new york democrats attacking texas governor abbott after sending bus loads of illegal migrants to new york city. nate foy has the story. nate: he's calling them hypocrites and here's why. new york city eric adams saying abbott is being anti-american for busing americans into new york city. abbott said hold on, the federal government has been flying immigrants into new york for months. here's mayor adams and cathy hochul. >> he's totally disregarding the human part of this. there's a humanitarian part of being an american, and i think there's nothing more anti-american than what he's displaying right now. >> top line messages, it's unconscionable that a governor would treat human beings as pawns in his chess game to score political points. that's not who we are as new

yorkers. nate: chuck schumer of new york is holding off on making a comment at least for now. listen to this exchange. >> no, no topics on the migrant crisis. i i haven't really had time to dig into it and i've been so busy and i'll get a briefing from the administration then put out a statement. nate: stuart, the government said "the federal government's refusal to address the border crisis is truly what's horrific. texas will send buss to washington dc and new york city until biden does his constitutional duty and secures our border". the trump era remain in mexico border program is officially over they announced. the supreme court ruled in late june that president biden could end the program and now he has. immigrants will not be sent back to mexico to await their asylum cases and that will make the border less secure and more and more buses will keep coming and

here in new york city, the city is working to open a new facility housing incoming migrants up to 600 families and taking applications for that, stuart. stuart. stuart: nate foy, thank you sir. i'm joined by congressman for california. congressman, we're used to having republicans go to texas and arizona, the border there. you went to the california border. we've not heard from that sector recently. what did you see? >> well, what we see every time, and this is my fifth trip to the border. what we see every time is a border that is wide open, that is inviting some of those over 3 million people who choose to come here because they can. we also see, we have the busiest legal port in the nation here in san diego. we're also the number one place that fentanyl comes in. our drug locker alone has 147,000 pounds of fentanyl

evidence for just one year so when you start thinking that something that you can hardly see on the tip of a penny would kill somebody, imagine what 147,000 pounds. then that's only the part they caught. stuart: but california, i think, is still a sanctuary state. is there still a strong sentiment to keep it a sanctuary state? >> there is in sacramento and with our governor who wants to be president, but it's pretty clear that thanks to leadership of governor abbott and others, a few states are realizing directly what it's like to get a small portion of the amount of people that come over the border into their country illegally and of course become part of our most unprepared work force. there's nothing wrong with these people in general except they were not in the numbers or with the capabilities necessary to take the jobs. you know, stuart, you cover it

every day, we have a labor shortage in america, but these people don't match the shortage and that's the problem. stuart: got it. i want to turn the attention here back to the fbi and the raid on president trump's mar-a-lago home. my question is: is this aplite -- is this a legitimate legal action or a political attack? >> well, i'm going to hold judgment on the whether they had cause and what that cause was but as a member of the judiciary for over 20 years, i've got to tell you when we take the majority, this is going to be a clear investigation of the continued appearance of politicization of the department of justice and the fbi. there were plenty of ways to request if they thought there was, you know, basically things that should be in the national archives, which is what they're now claiming, they didn't need to have a raid in which they drilled into the president's lockers, did it without his

advanced notice to his lawyers or anyone else. what they're alleging even today is the kind of dispute that goes on every day when a president leaves office. you might remember that president clinton left and he took furniture with him that he had to give back but the fbi didn't raid him. they didn't file charges. they said, hey, by the way, you know, the moving van took things they shouldn't take. lord help me, let's not get into what hillary clinton had on her server that wasn't even legally supposed to exist. stuart: reading between the lines here, you think this is an attempt to get trump out of politics, convict him of some kind of crime so he can't run again? is that it? >> absolutely, but i know donald trump. this is going to backfire. if he was ever in doubt about running, this is the kind of thing that will make him double down on running rather than looking for someone that would take his policies and continue them. if anything, they're counter productive to do something like

this to a man like donald trump. stuart: got it, congressman donald issa, great to see you. wave of layoffs sweeping corporate america because labor costs continue to rise. we'll tell you which companies are the latest to make cuts. food banks already struggling to keep up with demand and now raising red flags for the fall and winter. they can't feed everyone. we'll report on that coming up.

stuart: the chip makers today. well first of all, the nasdaq is down 150 and the dow down 30 points. we got the chip makers on the screen, please. i'm putting them up because later on this morning, the president's going to sign that gigantic chip bill well over $200 billion and not all goes to the chip makers, and all of them are down this morning. some chip makers are warning that they are already seeing less demand, and that's got them worried. stocks down across the board. lauren is looking at some movers including up star. lauren: it's a consumer lending company and it's down 9.5%. they missed their quarterly

revenue and put out a softer forecast, and analysts say, look, in a good credit market, they're a solid company but there's concern that upstart can continue to grow in the environment with rates going up and defaults going up too. stuart: tell me about the sneaker company but it's called all birds. lauren: a wider loss and cut their full year forecast, and say they're dramatically slowing the pace of their new hires. this is the consumer pulling back or company getting proactive. go ahead. stuart: another story of that same nature. you've been with the story all morning and workers are looking and they're not hiring as many. lauren: companies are holding up for the most part and warning on what they're seeing and fear they might see. at some point when margins get compressed enough, they're not going to be able to keep up and be as resilient. stuart: i remember talking about groupon when they came out and

got big. lauren: i use groupon all the time and they're not doing so well. reporting an adjusted loss and withdrew their full year guidance and here you go: cutting 15% of workers at 500 people. stuart: that's the theme this morning. there's more of it. dozens of big companies are laying off workers. give me the list of workers. lauren: there's a wide range of industries: ford, netflix, apple, amazon, roomba, oracle. they're cutting jobs or freezing hiring because the tech industry is getting hit the hardest, 32,000 tech workers let go this year alone. that comes from -- forget the name of the company. stuart: tech companies were always hiring and hiring and hiring but not now. lauren: nopes and when big companies are warning, little ones get scared. coin base is 18% of work force. it's the obvious reason that costs are going up, demand shifted and shifted fast in some instances, but then you have that some companies just being

proactive for what's potentially ahead. it's confusing because it's a tale of two stories. on the one hand the really strong job market as we saw in the latest labor report and then corporate america with thousands of layoffs painting a different picture and can get squared tomorrow with the cpi print. how bad is inflation and prices? is there relief for companies ahead? stuart: that's an important number coming up, 8:30 tomorrow morning, we'll be here. lauren: we're on it. stuart: food banks are worried about having enough food for the fall and winter. president of feeding america says if food prices don't come down, there won't be enough food to feed all the families that need help. michael flood is the ceo of los angeles based regional food bank. he joins me now. are you in crisis mode, michael? >> we're worried. we rely mostly on donated food from farmers, retailers,

manufacturers and supplement with food purchases and being a nonprofit, it's what resources are coming in in the amount of food and funding to supplement that food so it's a concern right now as we look between now and the end of the year, especially because of inflation. it's really put a lot of pressure on families and household budgets, and it's leading a lot of people needing to seek food assistance. stuart: is this a whole new group or batch of people coming in needing food now compared to say three months ago? >> it's different than say last year and during the pandemic where we had so many people furloughed or lost their jobs and didn't have employment. now, you know, the employment picture has improved when you compare it to 2020 and 2021 so now we're seeing a lot of people who are working, sometimes two jobs in the family or household, sometimes more, but the high prices of food, of fuel, and

housing in a place like los angeles and other metro areas put as lot of pressure on budgets. stuart: are you in any danger of closing any of your food banks that you operate? >> well, food banks are larger centralized clearinghouses of food, about 200 part of feeding america network so there's no food banks, the larger regional ones in danger of closing, but the smaller food pantries, yes, we have seen some food pantries close over the last couple of years. there were reports of that happening nationally. sometimes that's related to volunteers, sometimes it's funding, you know, we try to keep the food flow flowing so it's not a food issue but, you know, this is a really heavily voluntary network of providing help to people. it creates some challenges. stuart: does everybody who gets

in line wanting food, do they all get it or do you sort people out into different categories, you get more in this group and less in that group. do you do that? >> your typical food pantry will serve a certain number of people every morn they're open or afternoon they're open, and they will run out of food. for our larger mobile distributions, we try to ensure we bring enough food so we don't run out, but it does happen. it's hard to predict how many people are going to come for a food distribution and at times certainly people unfortunately will not get served and get referred to perhaps another agency and not necessarily on the same day and can cause a lot of stress. stuart: about your funding, do you get any money at all from the government and if you're in dire straights, could you go to the government for funding? >> usda, u.s. department of agriculture is a really important partner for us, and

we're certainly pushing the usda to see if they can do more. the usda plays a role of identifying surplus commodities and getting those through food banks and they also purchase food so that's a really big source for us throughout the united states and the food bank world and, yes, constant pressure on congress, the administration to see what more can be done to increase the flow of foods to food banks nationally, especially over these next five months. stuart: michael flood, thank you for joining us with your story. we're very intrigued. thank you, sir, appreciate it. all morning long we've been doing stories about companies laying workers off and rising food prices. here's another one: tyson, the chicken people, they're raising prices. why they're doing that? lauren: they're raising prices for chicken because chicken is cheaper than beef and in a down economy, consumers trade down. makes sense. tyson produces a fifth of the nation's chicken and they raise

their chicken prices by 20% in the quarter and customers accepted it. volumes fell for beef and pork and with that so did prices. beef and pork are still expensive but for example, pork prices are down like 4% in the quarter for tyson. it's interesting how they can figure that and buy certain things. stuart: true, but tyson has pricing power on their chicken and that's why the stock is up. lauren: when you're at the store and want $26 for a steak or $12 for a pound of chicken, which do you pick? the cheaper one, chicken even though it's higher. stuart: white house denies more irs funding will increase auditing on lower income of people. roll it. >> it's just the latest example again of those who do nothing to protect our tax welfare for the rich at the expense of everything else. they're blatant lies. stuart: strong stuff and people

aren't buying that. we've got the story. trump supporters flock to mar-a-lago to show their support after the unprecedented fbi raid. ashley has been speaking to him and he's got the report right after this.

stuart: one hour and ten minutes worth of business under our belt and the dow is down 30 but the nasdaq down 150 points. gate to get back to the big story of the day and that is the fbi raid on the home of former president trump. ashley webster is at mar-a-lago in palm beach, florida. the latest, ashley. ashley: yeah, this time yesterday the property behind me

was literally swarming with fbi agents. it's hard to believe, today, well pretty much stun silence and lots of questions about well, what happens now and what the heck is going on? well, as we know, the -- we certainly haven't been told by the department of justice or the fbi but it appears that donald trump is being investigated for perhaps taking classified documents, allegedly, from the white house when he left office. all of this goes back to the beginning of the year, stu, when they got some boxes out of the property here, about 15 boxes, and the department of -- took those boxes and found classified documents among all the other papers and that provided probable cause for that search warrant. he sate what the agency -- said what the agency did was truly shocking.

take a listen. >> this not to be negotiated between president trump's lawyers and members of the national archive is shocking to me. for them to execute a search warrant means to me as i read the judicial tea leaves they suspect things might have been destroyed if they were trying to negotiate for that. ashley: last night we saw protesters start arriving from around florida waving flags in support of donald trump and anoer at the actions of the -- anger at the actions of the fbi. we have a few more here today. there you go. there's plenty of people like that here, but what happens next and what impact could this have on the president? i can tell you he release add video today, very early this morning, a near four minute video that teased at the that is correct that he could indeed be running for president in 2024. the intrigue goes on but more importantly what an unprecedented move by the fbi that had to come from the very

highest levels. was it christopher wray, the director, who by the way was appointed by trump five years ago or the u.s. attorney general merit garland and we'll perhaps learn more and right now we're not being told anything but the agencies. stuart: but you've attracted the attention of the people around mar-a-lago because they're standing behind you and honking their horns and that's you. ashley: i have new friends. stuart: you do. thanks issue ash. matt whittaker is a former acting attorney general and joins me now. matt, is this a political attack flat out? >> i know there's a lot of folks that feel that way today, stuart, and what i'm hearing as i look at this case and talk to folks that, you know, have also done the type of work that i've done both as a u.s. attorney and a main justice is that there were other ways to do this other

than executing a search warrant. obviously a subpoena or even a negotiated resolution of this situation. you know, this seems to be a very dramatic escalation of what a lot of trump supporters believe has been a year's long, maybe even as long as six years attack on president donald trump. you know, if you look at how others in similar situations have been treated, whether it's hillary clinton or whether it's hunter biden or the list goes on and on, there is a two-tiered system of justice that is continuing to demonstrate that trump and his supporters are treated substantially different than folks on the left. i think chris wray among other people need to figure out how to fix that so that perception doesn't continue. stuart: there's plenty of speculation that the democrats or administration are doing this because they want to get trump out of politics, stop him from running for any other office in the future. is that part of the reason for

this? >> if someone is convicted of violating the presidential records act, one of the dis-callifications is serving in office again. most legal experts, including myself, believe that is an unconstitutional piece of the statute and probably not ultimately the way to keep donald trump out of the oval office in 2025, but i'll tell you this, stuart, it is really -- these issues need to be resolved by the american people and not by law enforcement and especially federal law enforcement putting their thumb on the scale trying to impact, you know, who is elected and who's in charge. stuart: think we'll ever see the warrant so we can figure out what they were going after and why they were doing it like this? >> yeah, stuart, i believe we need transparency in this particular case. the warrant obviously is not only going to say what crimes they believe are

being violated, but what evidence is available at mar-a-lago to prove those crimes. you know, again, if it is a dispute with the archives and archives has brought in the fbi to enforce their statute and their authority, i just think, you know, sending 30 fbi agents to each get one box a piece at mar-a-lago is just a real excessive use, especially when those resources are taken away from violent crime, from international terrorism from, you know, human sex trafficking and all the other things that the fbi should be working on. stuart: matt whittaker, thank you very much for joining us sir. always appreciate it. thanks a lot. >> thank you, stuart. stuart: talk about weaponnizing and using political weapons from the administration. the irs is going to get an extra $80 billion, that's part of the new spending plan. now they've got a -- that is a huge budget.

lauren: can i put that budget in perspective for you? the irs budget at $80 billion is bigger than the state department, the fbi, border patrol, the pentagon combined. and that's why it's a figure that's uncomfortable for a lot of ordinary americans. >> my concern is that the lower income people are losing out on this policy change. >> they're going after the rich and famous or they're going after the average person. >> the irs needs to be smaller, not bigger. >> there's too much bureaucracy already. lauren: so regular folks don't have the time or wealth to fight the irs so they fear that they're going to be -- that the irs is going to go after them and if you look at the latest data here and you make between $1 and $25,000, you have the most audits, 313,000. stuart: that's because of the earned income tax credit payments, which is supposedly the most corrupt of all payments

going out of the government. that's why lower income people are audited frequently, if they get the earned income tax. lauren: yeah and a lot of people said they called to get through to the irs saying they didn't want it and couldn't get through to change it. stuart: very difficult. what else is coming up for you? i will tell you. boxer and youtube star jake paul has a new sports gambling company, called betr, b-e-t-r, he'll tell us about it in the next hour, he's on the show. booming porn shops thanks to inflation. roll it. >> sold. great, this is pretty cool. >> deal. sweet. i will meet you right over there. >> 75 i write them up. >> got a deal, boss. >> sweet. stuart: all right, porn stars rick hammerson on the show and he'll tell us what kind of items he's seeing in these inflationary times.

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stuart: people desperate for cash are turning to porn shops.

rick harrison is the host of the hit show porn stars and he joins me now. all right, rick, what items are you seeing today that you didn't see a year ago? >> well, i mean, it's usually things people can't live without. i mean it's usually -- social security the gold chains -- it's the gold chains and jewelry sitting in the case forever and fact of the matter is one thing people don't talk about is people on a fixed income, even if they get a cost of living increase on social security, it's a lagging increase. i mean, their value of their, you know, of their retirement checks goes down every month and never really made up and get a raise at the end of the year and it's really biting on people, especially 20% of the adult population in the united states does not have a bank account. these are lower income people and price of food, gas, everything is beating them to death right now.

stuart: do people tell you why they're selling at pawnshops? >> yeah, they're short on money. it's a lot of times. it's a lot different when you work the counter than what you see on television. i mean, forever in the country the name for a pawn star was their uncle. stuart: that's right. >> i live in rural oregon like half the year, it's even worse up there because in rural areas, people have to drive a lot more. i mean -- >> stuart: how do you make an offer in times of inflation? how do you make an offer in times of inflation? do people come in and try to make a profit out of you? they'll buy something at x price and because of inflation they try to sell to you for more than that price and they make a profit? >> the prices of everything has gotten insane. a couple weeks ago, i bought 17 rolexs and all used and paid over retail for every single one of them.

stuart: 17 rolexs in one week? >> i think it was one day -- one individual was a dealer and i had to pay more than retail for all of them because that's another thing where you can't get it. one of the reasons we have inflation is the government gave away so much money and everybody is spending it. inflation is everywhere. everything from [inaudible] stuart: i'm sorry i'm out of time, rick, but i believe your business is booming and congratulations for that. great to have you on the show. good man. see you later, rick. still ahead, boxer and youtube star jake paul, charles payne, and the fbi search president trump's mar-a-lago home and they say it's a raid designed by the democrats to stop him from running in 2024. that's my take and it'll be next.

>> followers and trump believe he is the target of unfair investigation and now this happens. i believe donald trump is the target of this is entitled to a copy of the warrant, this should be made public if by trump made public today. >> i think this is an attempt to disqualify him from running for president, this is the deep state at its worst, this is the justice department and the fbi at its worst, it is crazy and

outrageous and i do not think it's going to work. >> the fbi to stop acting as the personal gestapo to joe biden. they need to vote republican to take over the house and the senate. ♪. stuart: it is 11:00 o'clock eastern time it is tuesday august 9. we have a big day on hand. first of all the market not that much price movement for the dow industrial but the nasdaq is down sharply down one and a quarter percent. the market action in advance of tomorrow's very important inflation numbers that come out at 830. price of oil up $91 a barrel, the ten year treasury yield is 2.78%. now this fbi agents searched

donald trump's private home at mar-a-lago. mr. trump called it a raid designed by his opponent entered upon us to stop it running in 2024 the search of a former president told including opening his private safe is unprecedented. politics is now an upper, the agents were looking for government documents that the former president removed from the white house at the end of his term. it's a crime to conceal, remove, mutilate, obliterate or destroy records. the media this morning we fully suggest that trump could not run again if convicted. the raid has fired up trump supporters, crowds appeared outside of mar-a-lago as soon as the news broke republicans are quick to point out the dangers of raiding a former president house. mike pompeo for example the political weaponization of the d.o.j. fbi is shameful. house majority leader kevin mccarthy, the justice department

has reached an intolerable state of weapon iced politicization, he is telling the attorney general merrick garland to keep all documents for the coming investigation. former speaker newt gingrich, 30 fbi agents can take over the house of a former president of the united states improbable candidate for president what can they do to you. who knew about the raid, white house aides were supposedly taken by surprise, it's hard to believe president biden knew nothing about it the suspicion is that the rate is part of the democrats effort to swine the former president, they are afraid of them, and want to get them out before builds momentum. what we want to know now is what the fbi found and what probable cause a federal judge found to allow the raid to take place in the first place. the third hour and varney, we're just getting started.

>> big deals today, deroy murdock and charles payne on the set rearing to go, the fbi raid look forward where is this thing going. >> the big question what is in the arrest warrant, what are the details and what were they trying to find. what evidence do they provide the judge to say based on xyz we believe we need to go to mar-a-lago. that is presented to the search right away, here is the arrest warrant we are coming in. i think donald j trump needs to get this piece handed to him today, i assume if he gets it he'll release it and if they aren't transparent it's going to feel questions and lead people to wonder why or get people to believe the d.o.j. is a branch of the dnc, the raids against republicans and on the left side they get up unity, no raids of hillary clinton or eric culver

when he was up for contempt of congress and the fast and furious and sandy berger walked out of the national archives with classified documents, no raid there but republicans we got raids. stuart: is this raid a political attack directed flat out at donald trump. >> i think it's a political attack and bare minimum people say they raided his house there must be something funny there and at worse if there's something they can convict him on discharge in may disqualify i think they're scared and they dislike him they think is an idiot and a political powerhouse and they'd rather get them out now then have to face them at the polls in 2024. stuart: charles payne, a political attack to get trump out of the future election maybe that backfired and fired up trumpeting supporters. >> their fear of president trump is amazing the january 6 committee, let me read you tweet. d.o.j. must explain the reason for its raid it must be more than a search for inconsequential archives or it

will be viewed as a political tactic and undermine any future credible investigation and legitimacy of the genuine six investigation. that is from andrew cuomo. stuart: well done. this guy understands politics he knows that real people that may be apolitical see something like this and what is it national archives they can, per talk to them they had to raid his home they are trying to embarrass this man they are going to make him a hero to people who didn't have anyone in the fight it so ironic they're so afraid of president trump that they're overplaying their hand over and over again. it is lingered in lingered and then brings the people here say and they heard someone at the nail salon, they push the envelope so far that they're losing credibility by the day. stuart: where you think it's

going. >> ethic now the pendulum has swung they took everything the fbi took whatever they saw they took which is fine. i think it's can help republicans the galvanize republicans, any kind of talk another intriguing tweet, desantis i learned a shorthand for mar-a-lago. i was the cool crowd the mal, desantis to become president trump's aid they galvanize, unify the republican party and i think they have a whole lot of folks that were sure now they're saying a lot of these things. stuart: i want to move on to the mammoth spending plan. you have strong opinions. you say the regis death, this big spending bill will leave americans poor, oppressed, sick and dead that's a little

extreme. >> also accurate. this thing according to various studies will slow down the economy a cost between 33000 jobs up to 900,000 jobs to unleash prosperity. oppressed in terms of 87000 irs agents you don't need 87000 irs agents to go after elon musk and the top guys at silicon valley if you want to go after people making 30 or 40000 debut need that many. in terms of the sickness and death there's a very interesting piece about the amount of money they will take out of pharmaceutical research and development because of the additional price controls 135 fewer lifesaving and less pharmaceutical research in a real slow down all these wonderful things that allowed us to live long healthy lives and instead the money will be turned over to the government with less money put in to keeping us healthy and living long lives. stuart: on this program we've had strong reputation so to speak of the spending bill are

you going to join in question what do you hate it. >> he covered everything, the iron he of all of this and they are creating a police state right in front of us. stuart: that strong. >> member when president biden and they tried to sneak in where they could go after you look at bank records for $600, we know that they will have total control over all of americans. last year over half of the audits were on folks making less than $75000 is not far-fetched to say you don't need 87000 aides to go after 700 billionaires, who are you going after. stuart: the going after small business that's what they're going to do. >> i think they're going after everyone, if they go after one person in your neighborhood then they've done their job, everyone else's afraid and intimidated. stuart: police state that sounds extreme. >> i think you see it with irs audits you seen it with the efforts to control people social media all the cancel culture, i

think there's a real totalitarian sense about the democrat party they just want to raise taxes and help out poor people, about controlling people's lives we wake up. >> by the way they also shifted in the party of the elite college graduate that live in boston new york city, san francisco, you should see how much money liberty gotten in there good to get more money where are they getting this money from the docketing and from elon musk not with him and his army they're getting it from people who drive cats. stuart: i have to talk about the markets, i want to talk about mean stocks in particular bed bath and beyond, down 15% today these stocks seem to reappear, i think it is ridiculous, what about you. >> it is what it is i think it's ridiculous that maybe half of the adults in this country by ibm, at&t and a whole bunch of other blue chips 20 years ago to put the kids in college and they're down 50 to 75%. anything can be ridiculous in the stock market.

i saw it coming on all of this. you can see what's happening. the bottom line people are free to invest to what they want to invest in. i have no problem with it at all in part because experts the smart money always get it wrong, they're not the best they just have the most money. the shorts never run out of money, they always find someone to cut them another check. in the last few days we learn the last quarter warren buffett lost 44 billion, softbank lost 23 billion in tiger global lost 63%. if someone wants invest money in their way they can invest in their way that's how i look at it. stuart: i want to thank the roy murdock, and charles will be watching you this afternoon, "making money with charles payne" 3:00 p.m. eastern on fox business. lauren, jake paul launched a gambling company launched

better, i don't know what you have to say about that, this is a tease. you guys pass me off, it's all good, we have a new survey and it shows jen the is getting most of their financial advice on social media. i've a better idea watch our show, we have the story. >> they should've made that adoption tiktok, youtube videos and wall street. donald trump says the fbi raid on mar-a-lago's political prosecution, he think that was designed by his opponents to stop and running in 2024. marquis sin is good to be here with his analysis. he is next. ♪

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>> we all know what you're trying to do d.o.j. you're trying to create a charge so he could not run for reelection. >> are terrified of him because he has a base that follows him. >> i think it's going to bring the republican party together again. stuart: supporters of president trump rallying near mar-a-lago following the fbi's raid on the former president home. trump's saying this untruths social. it is prosecutorial misconduct the weaponization of the justice system needed attacked by radical left democrats who desperately want or don't want me to run for president in 2024, marc thiessen with me now, is this legitimate legal action or a straight or what political

attack? >> it's hard to say i understand why a lot of people don't trust the fbi, this is the same institution that use the clinton campaign funded sony steele dossier as justification in the fisa court to get warrants to search and investigate the trump campaign. the same fbi which falsified information according to the inspector general falsified presented for the fisa court in the fisa judge as a result and then we found out the entire russia, trump russia collusion is nothing more than a conspiracy theory it was made up from the beginning they spent two years and tens of millions of dollars investigating donald trump and by the way this is the same fbi but chuck grassley just reported last month the fbi whistleblowers came to him the said the senior fbi officials tried to suppress the hunter biden investigation in your fear by presenting information that was edible as russian disinformation in the same fbi that merrick garland use to

weaponize against parents and were completed about their children's education. americans look at this and say the fbi did all these things they spent the last half decade relentlessly pursuing donald trump and now all of a sudden they rate his house. it seems pretty fishy to me. stuart: doesn't make trump more likely to run in 2024 or more likely to declare early. >> i think it makes them more likely to win. if the goal was to stop donald trump, what would happen if you had republicans, they feel that donald trump has been unfairly treated for the entire four years of his presidency, they don't like what happened on january 6, they don't like donald trump's behavior and they were looking to support another candidate maybe i'll support 70 is in 2024 this causes republicans to rally around him because his being attacked by the fbi in the justice department. it makes it more likely that is going to win the nomination. if these people think he can win

back the presidency again look back at the pictures crying in 2016 when you thought he couldn't win the presidency and beat hillary clinton, this could be the catalyst that catapulted him back into the white house. stuart: are the democrats more afraid of ron desantis were former president trump. >> i think they should be afraid of ron desantis. ron desantis is trump's and without trump without the baggage that donald trump has, he is a counterpunch or just like donald trump. he doesn't make a lot of the same mistakes that trump does they should be afraid of him but what they're doing by pushing the race is making it less likely that desantis is the nominee and more likely than trumpets. also hypocrisy, hillary clinton has 110 classified e-mails under private server according to the fbi seven of which were top-secret special access

program codeword information the highest level of classification of the federal government in the justice department inspector general found that those e-mails were compromised by foreign intelligence services, no one is suggesting that anything in donald trump's home was compromised by foreign intelligence services were compromised national secrets. how was hillary clinton tom never rated but trump's was how was hillary clinton not prosecuted and all the people now say that was no big deal are cheering the fact that donald trump's home was raided, there is a huge level of hypocrisy going on. >> all good questions thank you for being with us, always good. back to the markets i see green for the dow industrial the dow is up 13 points but we have a negative read on the nasdaq which is down 120 points. take a look at micron they will invest $40 billion in chip

manufacturing in america which is going to create 40000 new jobs. the announcement came after president biden signed the chips act. common lauren that is micron they are down 5% even though they're putting up a $40 billion tax rate it'll take a long time together. >> ford motor's they reopened their order but to take reservations for the f150 lightning i'm not sure there is a direct correlation but they did raise prices. the starting price on the new f150 lightning is $47000. $7000 more than when they closed the order books a few months ago. stuart: they have strong orders. stuart: the price of everything has gone up, that is pricing power made wall street not convinced. stuart: planet fitness. >> so shocking, it is inexpensive, popular, they grew their membership but they missed on revenue and investors don't

like that the stock is down 7.7%. stuart: would you ever want to be known as a cheap jim. >> i think planet fitness markets on that. they don't say they're cheap but affordable and reaching out to a lot of different people. i guess wall street is saying your inexpensive prices aren't working you're missing on revenue even though you're adding more members something's got to be wrong because everybody is looking to save a buck and lose a pound. stuart: tell me about american airlines they cutback the schedule. >> the largest airline will trim it again for november by 17%, the stock is down 4%. the other part of the story the dreamliner of boeing is making deliveries after two years. american airlines is getting one of them but this news is overwhelming bad news. stuart: we have snapchat rolling

out a new tool for parents to monitor their kids online. >> it is called family centers, parents will get this list of all the kids is that they are talking to on the app, they can't read any of the conversations that you see the list, anything's positions, he reported to snapchat, the bottom line is safety enhancement privacy is protected a lot of people agree that's good snap wants to add more features and content control, the parent needs her own account they need to be bejewel friends with her child that's a problem and that's when the kid set up another account hides it from him again didn't see getting financial advice from tiktok. i guess it's quick and relevant, 34% of jens engine get theirs

from tiktok, that compares to 33% getting it from youtube. just 24% getting money from an actual financial advisor. if the stranger doesn't make sense to you. stuart: i don't know what financial advice there given. >> what stock to buy quick relevant clips timely instead of formal discussions and conversations about what you should be doing. stuart: that's understandable sharp into the point uncomplicated, i can understand that. whether the best source of information. stuart: i would argue, i preferred the traditional financial planner makes me feel safer. stuart: staff shortages, airport staff shortages so bad one airline asking executives to volunteer as baggage handlers. yes, we've got that story.

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♪ i will wait for you ♪ ♪. stuart: the song is called i will wait, that has a record to the airline delays that were seen. dallas-fort worth delivering up to speed with airport cancellation abilities 183 flights canceled as of today all across the country. 1000 flights have been delayed reduced all the chaos at the airport. qantas in australia asking executives to help with the staffing shortage predated 100 people to work as baggage handlers they would have to commit to work for three months. it's not clear if they keep their salary. back to the markets i see green for the dow industrial but not for the nasdaq, that is down 132 points, here is something i don't understand. speaker pelosi just said china is one of the freest societies in the world.

look at this china is one of the freest societies in the world, don't take it from me that is from freedom house, a strong democracy, courageous people. i have no idea why she would say that or why she is saying it now, the chair of thor equities that knows a lot about international relations in business. joe joins me now. one of the freest societies in the world, china, why did she say that, do you agree with that. >> no, obviously not but maybe she's trying to backtrack from overstepping her bound in bringing extra heat to a hot situation. stuart: in almost an apology, anyway you are a real estate guy and you invest all over the world in my right saying your pulling your investments back to the united states, on shoring is where you're at, correct? >> most definitely james carville used to say is the

economy stupid, is the politics stupid. for us it started with paid attention to the blue state, red state salt taxes and migrating our investment out of the blue states in into the red states and running from new york because of bail reform, the old mirror reality and now it's investing in the by polarization of the world. stuart: you say the chip act is called the chip bill attune of $200 billion that was just signed. that is an incentive to bring your money back here. >> it's three different dynamics, the overall causes of by polarization and how concerned covid exposure that we were rely on china and asia and we suddenly wake up and we see energy issues, candidly more than energy it's taiwan chips. i think losing chips from taiwan could do more damage to our country than what's going on

with ukraine and oil. as you referred it is the investment and biotechnology here in the united states and of course climate and energy that will drive a massive wave of production and on shoring into the united states. stuart: a massive wave that's an interesting expression. you talk hundreds and hundreds of billions of dollars of increased holding in the united states commercial and industrial facilities in america bringing back manufacturing here, that big a deal. >> i think the old rough towns and rough manufacturing has tremendous ability to come back. infrastructure is there. one of the things that you need for all of this is power and electric and you need water and they've already got the infrastructure from the old manufacturing. as a result of these acts coming through into onshore and take away our reliance on china i

think it could be explosive in terms of the growth domestically in the united states in the west in general. stuart: when you talk about real estate investment you're not talking about single-family homes. it doesn't put a lot of money into that. >> you know what today were not but i would say that's another example of an area not really related but underfunded. our country because of covid and candidly will politics we underfunded so much sometimes infrastructure, we underfunded fossil fuels here on your show about two years ago i talked about oil prices that will skyrocket. energy is going to skyrocket all of that is because of underfunding. another thing short supply in housing and obviously that's a different topic not related to china. stuart: you're going to be building industrial plant and facilities, aren't you. >> i think industrial will be the place to be. stuart: midwest? >> yes and europe we see the

same void but were scared candidly of their politics. germany the new slogan is freeze for peace, the good to give up having energy from russia, ukraine, et cetera for quote unquote peace. when they see the damage that's going to happen it might hurt them but the go to the same dynamics of needing to onshore and get manufacturing away from china. stuart: that is fascinating. on shoring is back back to building in america, good stuff we appreciate you being here. real estate closings are now taking place virtually in some states, this is not the do normal surely. >> i better go with yes it's happening in 43 states in may be more because delaware, massachusetts and washington, d.c. are looking to pass new real estate laws. before the pit to make you could only do this here in their and 22 states yet a big rise out of

necessity, online document signing boomed great for people trying to buy a property across the country but it's simple you get on a video call with the lawyer the notary, that's verify your identity and then you sign electronically i see a lot of people doing this because it's easier it may not be safer. i prefer to meet in person make it a big transaction but a lot of people disagree. stuart: i just worry about the technology which i'm not good at and i admit that but i worry about that. stuart: a lot of millennial's are starting to buy homes. stuart: those kids all tell you. miami wants to build a homeless encampment on the beach near some of the most expensive real estate in the country or the community is pushing back and we have a report. democrats and the media thrilled about the fbi raid on mar-a-lago. >> perhaps the orange jumpsuit is forthcoming. >> the national democratic action is hallelujah. stuart: harmeet dhillon a lawyer

has a lot to say about that and she is next. ♪

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stuart: democrats and the media celebrated the raid on mar-a-lago. watch this. >> this gives me confidence that the justice department is pursuing this thoroughly objectively and then a nonpolitical way. >> we are going to rheem representative remain together this is a night you will remember where you were. >> obviously as biggest stakes as you can have. >> perhaps the orange jumpsuit is forthcoming. >> the national democratic reaction is hallelujah. stuart: let's bring in harmeet dhillon welcome back to the show

always good to see you. the media cheering the rain what do you say to that. >> that's pretty predictable you would be crazy if you did not expect that exact result we had a lockstep media against president trump with very few exceptions since he started to run for president, this is one of the latest episodes of that. what i see is more surprising the number of republicans and congress and the senate who are not stated up to loudly condemn the abuse of our federal justice system for political purposes. i don't think that's partisan it shouldn't be hard to do that. i think they need to step up, this is outrageous. stuart: in what way is it an abuse of our system? >> we have never in history before seen a president of the united states use the police, the d.o.j. and fbi to investigate their likely opponent in the next election

who also happens to be the predecessor and this includes circumstances like hillary clinton's admitted abuses of government records requirement in many other instances i could go into. we have a sitting president of the united states, his family has implicated clearly in a number potential illegal activities if you didn't see president trump going after that family during that time. there is a line that we don't cross in this country and the violations that are being talked about here are petty and non- violations from what i know. we will learn more about this. what i know as a lawyer from representing journalists and this type of situation we are seeing the tip of the iceberg to get a warrant like this means a lot of representations are made from a federal judge and search warrants that we have not seen.

not just in this probably numerous other records, warrants, document warrants, warrants to cell phone providers and so forth that we are not aware of and magistrate judges get these warrants and they rubberstamp them unfortunately in violations or had. when you see people defending this in the media and otherwise say this is not a raid this is a judicially approved search, judges on the fisa court also approved illegal searches based on false information. i'm sorry if i have no confidence in the appropriateness of that. stuart: give me 30 seconds on how you think this plays out. >> it suddenly boosted president trump to be in the front runner of 2024, incredibly popular and galvanize the republican base, it is backfiring. stuart: got it. thank you for being with us, great stuff. we appreciate it always.

now this something completely different miami is considering building a homeless encampment during an extremely wealthy community and laborers are up in arms. >> not here in the city is listening to them there pushing back plans by six months this proposal to build 100 tiny homes on virginia key beach right off the coast of downtown miami just down the street where the average price of a home is $1.6 million where brad pitt, richard nixon have all owned homes. the protesters say a homeless camp would be bad for the environment and make the area unsafe and plus they want to put these people on a secluded beach where the nearest grocery store is 6 miles away. you can see the plans are on hold for now. stuart: no easy answer to that problem. >> everyone seems to be against it. stuart: we need a sense of the market will show you the dow 30 which shows quite a few in the green, nine and the red and the

rest in the green, there is buying even though the dow is down a tiny fraction down 11-point wait for it boxer in youtube star jake paul launching a sports betting started. >> our app allows you to bet on every single play, score, drive and player in real time. every single moment of the game was exciting and betr is the best app. stuart: that is jake paul. he is on the show next. ♪ n belly dancing! i am a triathlete. i've always been into health, and wellness, and fitness... i tried everything with diet and exercise, and nothing worked. there was just kinda this stubborn area on my stomach.

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stuart: what so many of our viewers are eagerly awaiting, jake paul the professional boxer and youtube are launched a new sports betting and media company called betr, the new project with sports betting entrepreneur, joey leavy. they join me right now. great to have you back i'm going to start with you jake you raise $50 million for this, where did the money come from.

>> it was mostly the sky joey is the ceo and i operate the media side of things but we have some amazing investors, florida funders, roger aaron burr, leah capital, travis scott. we have over 100 investors and super grateful for their support in strategic. stuart: why don't you tell me what makes betr better than other competition. >> from a product standpoint we focus on two primary things one we consider ourselves the world's forest micro betting app, micro betting instead of betting will team a b team b your betting on the baseball game and will the next picture

of the baseball game via ball strikers and play, will the next play of the football game be a pass or a run your betting on the individual moments. stuart: can you speed up the number of beds that you can place on anyone game and you can bet and bet and bet, that's good for your business. >> that is the fun is the tiktok of sports betting and i was not a big sports better until joey showed me this demo and that's when i became a fan of sports betting because the micro betting it made the whole entire game fun betting on every single gameplay versus waiting for hours for the magic outcome. i think what makes your product better is simplifying the betting experience because my generation, our generation were

up for the same age they don't care about sports betting because it's so hard to get involved in and it's not intuitive or native, there is no community or social conversation around it. me and my friends we never talk about sports betting but now we're going to take over the younger generation of sports fans and introduce them to a product that is easier to understand, the over unders, the parlays, the minus 175 no one knows what that means in our generation. stuart: excuse me if i just talked to jake about soccer. i don't know if your soccer fan but i believe jake just started following soccer and he's telling me liverpool will be manchester for the league where are you getting this from jake. >> to statistics in los altos is

the goat. i've been to manchester. i've seen the environment, there's no way they can produce a good team. stuart: get out of here, manchester city is one of the premiership for the last five years and because you been to manchester you think you know about manchester city and soccer that's extraordinary. >> i get to be really honest i'm not a soccer expert by any means other than i've been watching it for two and a half or three months but i'm just making my prediction i'm trying to strip a little drama. stuart: you are. you doing quite well. joey can i bet on a soccer game through. betr. >> not yet. will focus on nfl, nba, mlb the start, college football and basketball but we will launch soccer some point soon. stuart: let me go back to jake and talk about crypto.

you were a big crypto guy the last time you were on the show, are you still? >> 100% yet to think about the fact at one point when bitcoin was $5000 everyone was freaking out and they were all rich now when bitcoin drops to 20000 all of a sudden everyone is freaking out the standards are set too high and expectations are too high this is a long game i'm a long-term investor i never pulled out i infused millions of more dollars with ethereum was in 1000-dollar range that's how you play this game and it's a long game. three years ago bitcoin was at $15000 and everyone was excited. now people are so scared that is not how you become a good investor. you have to stay long and you only lose money if you sell when the prices drop.

>> i have a minute, less than that i need your comments on the raid on former president trump's home early this morning do you have any comment for us? >> i think it's bizarre i don't know what's going on but it seems like the fbi's reading everyone's house they don't need to interleaving all the actual criminals out of it. it's pretty sad. >> you have for president in 2024, who do you want to run? >> i'm hoping for trump or desantis. stuart: joey i left you out of the political and soccer discussion, do you want to add anything about president trump you can if you like. >> i'm staying out of it. congratulations it sounds like a very, very interesting company that you are going here.

i hope you can come back and tell us all about it later. jake paul, joey leavy, thank you for being with us. it is tuesday trivia time, here is the question of the day, which country created the first paper money, china, the u.s., italy or japan, back and a moment. wait we don't have a break, make your mind up. i think it's a trick question because i suspect the answer is italy on the ground that nobody thinks italy came up with paper money. >> for the grounds that the italians are great. >> i'm going to guess japan. >> i guessed italy and i think were both wrong. the answer is china they started using paper money in the tang dynasty between 618 -- 0 seven. >> i have is that terminology in a while. >> a little latin.

a quick check of the markets we have a very big day coming up with the latest read on inflation, we get the cpi consumer price it will be very important for the markets. it might show a slight decline in the rate of inflation. let's see how the market takes that if indeed that is the inflation news. what else we got? >> i think the market is on hold for that. pay attention to the core cpi which isn't expected to slow down too much. the fed after this, they get another cpi report after tomorrow's and another jobs report before the september meeting. it is all data dependent. stuart:let's about book to the day the political firestorm which occurred after the raid on former president trump's personal home in mar-a-lago. not only was the place raided by 30 fbi agents, they also got into, the expression i'm hearing, they broke into

president trump's private safe. now that is quite a development in this day and age. i don't remember any raids on hillary clinton's house in chap chappaqua. >> chappaqua. stuart: i don't remember any raids there. i don't remember any raids of hunter biden what he is up to with his laptop. no raids at all. president trump. they hate him. gone after him. 30 agents in the middle of the night going to his place. he wasn't even there. he was up here in -- >> might have been a better more amenable option. stuart: what we're waiting for now to see the warrant. on what grounds did a federal judge say yes, you can go such the house, the home of a former president of the united states? former vice president pence just tweeted this. i share the deep concern of millions of americans over the unprecedented search of the personal residence of president

trump. no former president of the united states has ever been subject to a raid of their personal residence in american history. a fascinating situation developing here. as i said it is a political firestorm which will be developing throughout the day. i would love to see that warrant and the grounds on which the federal judge said it's okay. >> did they find what they were looking for. stuart: jackie deangelis in for neil. >> i'm jackie deangelis in for neil cavuto. president trump's mar-a-lago home raided by the fbi last night in unprecedented move or alleged mishandling of white house records. david: we'll speak with former attorney general tom dupree. former u.s. attorney for southern district of florida, guy