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 lewis.

chief cone mist mark zandi says it will barely move prices. electric vehicles, queer running out of materials to make them. we have a lot to get to. let's get started. the top story, the fbi unprecedented raid on former president trump's home. ashley webster is live outside of mar-a-lago with the latest details. hi, ashley? reporter: hi, jackie. this time yesterday there were multiple agents swarming over the property of mar-a-lago behind me and the question today is, exactly what was achieved and why did the fbi take such drastic step. i can tell you this, anger is growing not only among republican politicians, cars going by honking their horns and the republican base for sure has been fired up. the bottom line here is, that

the investigation we believe centers on the possibility of donald trump taking classified documents out of the white house when he left office and some of those coming to mar-a-lago. it is all based on documents that were found earlier this year by the national archives department, saying wait a minute. we got some boxes back. yes there were classified material in here but donald trump's point of view, i've been cooperating all along. we just found out fox news has learned that investigators with the department of justice were meeting with trump officials behind me in june. so obviously that didn't work out because we saw a raid yesterday. but i can tell you people in florida, trump supporters came out last night. they were protesting in front of mar-a-lago, waving flags, also expressing anger against the fbi. they came from across the state. said i had to jump in my car and express my anger over what is

happening. some of those protesters talked to fox digital. take a listen to what they had to say. >> we love the president. >> as soon as i saw it i drove here from tampa. this is nuts. we all know what you're trying to do, doj trying to create some kind of a charge so he will not be able to run. >> it is a fishing expedition. i think they're trying to tarnish him a little bit. >> they will do anything they can to get him they're terrified of him. reporter: those say that is the case aer. a smear campaign. that could galvanize the republican base and base support of donald trump. we still have not heard anything from the department of justice or the fbi for that matter. no comments, not even a statement. we certainly haven't seen what was the basis of that search warrant that was approved by a magistrate judge right here in florida. we're waiting to find out, jackie, back to you. jackie: ashley webster, thank

you so much. meantime president biden's top aides are telling fox they were given no advance notice about this raid on president trump's home. fox news white house correspondent peter doocy joins us live. hey, peter. reporter: jackie, ahead of this afternoon's white house press briefing where we expect this to be the dominant topic white house reaction from the biden administration is pretty thin. all they are telling us a official in a statement is, we did not have notice of the reported action and would refer you to the justice department for any additional information. the justice department hasn't provided much yet either although republicans in congress seem most urgently hearing from the fbi director, christopher wray. the top republican on house intel, congressman mike turner of ohio, writes to wray, quote, as ranking member on the house permanent select committee on intelligence i'm unaware of any actual or alleged national security threat posed by any information data, or documents

in the possession of former president trump. many elected republicans are accusing the fbi of having a double standard searching trump's house but not hunter biden's amid an ongoing probe into the president's tax affairs. the house speaker nancy pelosi meanwhile is urging patience. >> i don't really have too much to say except that, to have a visit like that you need a warrant. to have a warrant, you need justification and, no one is above the law, not even a presidential, a former president of the united states. reporter: president biden has two events today. this did not come up at the first one. a chips bill signing. we will see in just about two hours whether or not he talks about this at all today. jackie. jackie: peter doocy, thank you for the update. here now to dig in, former deputy assistant attorney general tom dupree and former u.s. attorney for the southern district of florida guy lewis. tom, if i may start with you,

this was and you unprecedented search as our reporters indicate, right now the base seems to be rallied by this people are angered this happened. it happened to another american president before as mike pence noted in a tweet. and people are wondering why. if president trump was cooperating with any kind of investigation into allegedly taking document the out of the white house why this step was necessary at this time? any thoughts you can provide on that? >> sure. and r absolutely right, there is a mystery going on here. look, make no mistake this was absolutely unprecedented in american history searching the residence after former president of the united states and you got to think that merrick garland and justice department knew the firestorm that would erupt when news broke of the rate. all i can say i will see what evidence they provided to a federal judge in florida to had to sign off to approve this search warrant. we don't have that yet.

we may not get it for some time. that to me what is boils down to, what evidence the justice department has which warranted extraordinary step which is normally reserved for drug dealers and the like. jackie: the fbi did execute the search warrant. we want to know details of that. what they said to the judge to convince them this was a necessary next step. we know, guy, the justice department has two ongoing known investigations connected to president trump. one of them the efforts to overturn the 2020 election and what happened on january 6th. the second is the handling of these classified documents. apparently the handling of the documents has nothing to do with the previous investigation that i mentioned but these have been ongoing inquiries that you know, have been reported in the news for quite sometime. your thoughts on the timing of this? it seems pretty interesting. it could end up backfiring. your thoughts? >> jackie, it stinks to high

heaven. having done this myself as a federal prosecutor, having gotten warrants, having gone to a magistrate and then having serve u.s. attorney down here there is absolutely no justification. apparently we're talking about some classified documents. apparently, allegedly, that trump would have taken from the white house and kept at mar-a-lago. we're not talking about the nuclear launch codes or anything like that. we're talking about basically a document retention policy. to go into a magistrate and to allege that a federal crime has occurred and for the first time ever searched the home of a former united states president, outrageous, outrageous in my view, especially when they could have gone in with just a subpoena and while they're talking to the president's lawyers in real time. jackie: it is interesting too, because this is the personal residence, tom. and i think that guy brings up

very important point. which is that we're talking about a bunch of papers here that could have been dug into or received in a different way this is an interesting way to do it. you go into the house. there are reports that they went into his personal safe as well. we're not necessarily sure what other personal contents they dug into. many people are saying this was above and beyond overreach. >> yeah. this gets to what i was saying earlier about this being the way the justice department typically will bust drug dealers, right? normally if you're dealing with some one who is withholding records wrongfully or trying to negotiate the production of documents you have a subpoena, file some minute straight tiff claim, negotiate it, reach a compromise resolution. you don't kick the door down to their house, blow up the safe. that letting me think there is something going on here. i don't think how the justice

department thought this was justified. they are dragging out nuclear arsenal to kill an ant if that is what is going on. jackie: can you speculate what else is going on? >> there had to be some late-breaking juice, jackie. the documents if they were removed from the white house trump left office in january of 2021. we are now a year-and-a-half or so after that point. what's changed? what created this sense of urgency that they had to take the extraordinary step of executing a search warrant on the home of the former president? so i think there had to be something in the last few months that gave the department of justice some reason to think this would be the appropriate step. jackie: i think there could be, i think there is a certain possibility. tom, pardon me, guy, many folks out there, they have been after him for quite sometime. they don't want him to announce a run for 2024. they just want to completely knock him out of the race together. from a legal standpoint, investigations like this would that knock somebody out from being able to run? forget the public perception of

it. i think the public perception helps him. >> i don't think it is going to prevent him from running unless arguably he is convicted of it. that is not going to happen here in the near future. no way they're going to be able to charge an offense and get a final resolution on the case. i think you were right, jackie, it is just empowered, whether you love trump or not, it is just empowered him. probably has led to the making of his decision. if by chance it's true, that the biden white house didn't know about this which i don't believe for a second what does that say about the communication, the level of competency and communications that is going on between the department of justice and the while house. holy mackerel. what a, what an extraordinary event. jackie: i think you're right. i think that it is hard to believe that they didn't know, but of course that is the line that they are feeding the press

right now. tom, guy, great to see you both. thank you. >> thank you. jackie: when we come back the push for electric vehicles driving up demand for lithium so much it could eventually cripple the ev craze. we'll have a live report how one company is dealing with that issue. ♪ it■s hard eating healthy. unless you happen to be a dog.

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jackie: welcome back. global demand for lithium expected to go through the roof by 2040. lithium producers warning that carmakers about the power push that is coming. kelly o'grady with us from reno, nevada, on where we can find the juice. kelly. reporter: good to see you, jackie. well amidst that soaring demand to power the ev craze the company that i'm at today, lithium america, is seeking to bolster domestic production and processing capability the. i want to give you a context. lithium is key component to an ev battery. prices have spiked more than 400%. with global demand increasing 14 times by 2040. producers are warning that investing in lithium mining is to manage the cost of ev supply.

the u.s. is not a major player in the lithium market. this is the largest in the country, could be the largest in the world. once facility keeps going, they could produce enough lithium to power a million evs. less dependence on foreign powers like china. >> -- processed in china and, we already seen where oil and gas, even food is being used as a weapon. this has the ability to really cause an economic security issue and a national security issue. reporter: okay, so i want to show you what i got going on here. you have some processing machines in the back. this is what comes out of the ground over at thacker pass. you can see it is kind of gravel. what is cool what comes out of the ground you have a lot of money, time and energy. you can pop this from thacker pass in water. it separates easily. the clay comes to the ground.

that is what we've got here. a couple more reminding processes you get to lithium sulfate. this is important. this previously what you had to send to china. they dominate the process being market. we're so relying on them. lithium america has invested in technology to get to lithium carbonate. there are couple more steps to go into the lithium battery. the future of lithium independence is possible, jackie. the ceo tells me without investment, without bipartisan support, not just these green mandates that is what will be important to make sure we do have enough lithium going forward. jackie. jackie: we'll have to watch this very closely t will power the future. kelly owe grady, thank you so much. the inflation reduction act offers tax breaks for electric vehicles. without the batteries you can't power the cars. constellation research ceo ray wang and macro trends partners

mitch roschelle both here on that story. ray, i will start with you. talk about lithium in terms of global reserves first, because the united states actually has a larger supply of reserves than china does, but china has the first mover advantage. they have been mass producing batteries already. so now i feel like the u.s. producers are trying to play catchup here. it feels like what the white house making this kind of a push so quickly feels like we're late to the game. >> we're definitely late to the game. 76% of the world's lithium-ion batteries are produced in china. 8% is in the u.s. we have to build and ramp up the capacity to be able to do that we're heavily reliant on china. the other thing happening china is strategically acquiring mines for lithium around the world. that is where we're falling back. even though we have great supply, we have to get lithium out of ground. jackie: acquiring real estate,

farming, china never stops, mitch. when it comes to bat i ares and comes to electric cars we really need to ramp up production. in some ways you think about the oil supply problems you see globally and domestic hikes here in the united states. it seems, mitch, batteries will be the new oil in a way and in we're not producing enough, still we're going to find ourselves reliant on our enemies? >> and you know i like your analogy with oil which is we have the supplies. we have constraints on our ability to refine them due to regulations and due to some bad policies. we could be in the exact same situation where we have to outsource refining of lithium. one of the things you get in the weeds on that ridiculous piece of legislation, there are big incentives or big requirements rather, that the production of these evs be in the united states. there is also a lot of push to make them affordable. so when you layer on the cost of union labor in the automobile industry, the requirement to do

this in the united states, all component parts being in the united states, heavy cost structure in the united states versus other places around the world it may be very, very difficult to have evs be produced solely domestically as legislation requires. jackie: you make a good point. we make everything else cheaper in china. right now the average cost of an ev is roughly $60,000. they have to bring that down, to bring it to the mass market if that is what they really want to do. i want to switch gears while i have you both. ray, look at stocks. market is slightly lowers down 22 points. it feels like it's a nervous market waiting to see what we'll hear about inflation, the latest numbers, digesting the passage of this spending bill and other factors as we get earnings reports. warnings from companies like nvidia, for example, just the latest? >> yeah. it's a great point, right? the semiconsuelo mackket, micron will fall short on revenues as well as profits the i-shares

semiconductor etf lost 3% yesterday. nvidia earnings missed 1.4 billion, a huge loss, across the board coming from gaming revenue. people are seeing impact of inflation on the markets as well as interest rate hikes. people are wanting to see, investors want to see what happens next. stock market is a little bit nervous as to the just semiconsuelo mackket or early warning cycle? jackie: that is the key, right? you have to watch technology. you have also to watch retail watching what these companies say very, very closely because that will impact and give us a sense of what's to come. that is what investors are nervous about. ray, mitch, great to see you both. thank you. >> you bet. jackie: gop lawmakers looking ahead at the potential aftermath of the fbi search of mar-a-lago including why it has some worried about an expansion of the irs. we're going to break that down.

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>> a former president, potential opponent to biden in 24, his house gets raided. we know the biden administration targets their opponents. merrick garland targets democrat opponents. here is what needs to happen today. separately merrick garland, christopher wray, joe biden need to do press conference, take all questions, explain why they're doing what they're doing, what each of them knew when. this should scare every american until we get answers, this should be, you should have unbelievable concern. jackie: that was republican senator rick scott slamming the fbi raid of former president trump's home and he is not the only lawmaker speaking out. house minority leader kevin mccarthy vowing to investigate attorney general merrick garland if republicans win the house in november. the editor-in-chief of "the hill," bob cusack, on what this raid means for republicans

and their chances in november as well as trump's 2024 prospects. bob, great to see you. first, just want to get your 1000-foot view on the raid that happened. many people are saying this is just broad, broad overreach. it is an abuse of power. it is targeting the other side as the senator mentioned there. my guess the head of the fbi, doj, president will not hold a presser to answer questions about this but anything's possible, your thoughts? >> i do think will be a tough spot for the government because they don't usually talk about investigations but at same time they are getting beat up. i think they have to show some type of transparency. i don't think they want to follow the pattern of james comey years ago in the midst of the 2016 election, in hindsight did not look so great. even congressman like peter meijer who recently lost to a trump-backed challenger to a primary, a republican, there needs to be more transparency

here. listen if you're going after a former president, you better have the goods. if they don't they're going to be grilled repeatedly, probably next year by a house majority, maybe a senate majority. that will be very interesting to see. i do think that the fbi has to say something but they can't say everything. jackie: yeah. this is what it sounds like. we're waiting for more details as our previous guest suggested. the important thing what exactly was in that warrant? what made it so pressing for the judge to give the fbi that warrant to conduct this raid. having said that a lot of people are pointing to hypocrisy as well, ask you what do you think, when it came to hillary clinton hosting emails on private server, when it comes to the hunter biden and laptop nobody wanted to acknowledge existed and that is was true, investigations don't play out the same way when you're dealing with the democrats? >> well listen, there were some major mistakes in the hillary clinton handling, whether that's not recording her interview or,

remember there was a hammer that an aide used. they never really get to bottom of that. so overall i think this is something that democrats have to be concerned about, republican claims of hypocrisy. jackie: stay there, bob. senate democrats passed the climate health and tax package which includes roughly $80 billion in irs funding but new data out of syracuse university, that irs audits poorest families in this country five times the rate as everybody else. fox news congressional correspondent aishah hasnie is live with more from us on capitol hill, ashiah? reporter: jackie, that's right, democrats really hope and believe that more money for the irs means more audits against the wealthy but historically speaking, you just touched on it, folks have reason to be concerned about what will actually happen. as you mentioned new analysis by syracuse university revealed that the irs audits the poor about five times more than

everyone else and in 2019 "propublica" revealed the top five places for audits were happening in black rural counties in the deep south. now why is that? experts say budget cuts over the years caused the agency to lose their most experienced auditors who could go after the wealthy. >> auditing the working poor is much easier than auditing the affluent or the wealthy t takes many more resources and time and so the audits are not just way, way down for the rich and for corporations but they're thinner, they're less good. reporter: so back then in 2019 the irs commissioner, charles reddick called on congress to increase irs funding to help them fix this imbalance but taxpayers we spoke to have some mixed opinions about whether that will actually happen. >> i'm not quite that worried about it. some of my family i am worried about. >> i have nothing to hide. go ahead. have a look.

>> the record of the irs as an institution is one that should not lead to us think that this money will be dealt with responsibly. reporter: meanwhile republicans are now using that raid on former president trump's home in mar-a-lago to warn folks about the irs. senator ted cruz tweeting this, the fbi raiding donald trump is unprecedented, it is corrupt and abuse of power and with 87,000 new irs agents they're coming for you too. we don't quite know if there is going to be 87,000 new irs agents but we know there will be 87,000 new employees. reddick says the irs will not target middle income americans or small businesses. taxpayers telling us they really hope there is going to be plenty of congressional oversight along with that big fat paycheck. jackie. jackie: aishah hasnie thank you

so much. she is absolutely right, it is an expansion of the irs, bob, with respect to its funding and budget, roughly six times what it currently has. i want to ask you, some people in the wake of this raid, saying this is big government at its worst. this is a police state. you know, if they could raid the former president of the united states, his private residence, what can they do to you? you're the little guy? they're expanding the irs, essentially to come after people that don't have the defenses to stand up to them. a lot of times unlike what the guy said in the sound bite, he said i don't have anything to hide, a lot of time people don't have anything to hide but they make simple mistakes on their tax returns and end up paying a huge fine as a result. it almost feels like a shakedown, bob. >> the irs has so much power as we all know. people are concerned about the economy. they're concerned about inflation, they're concerned about crime and now republicans playing hey, you have to be concerned about the irs coming after you. i think, going back to

congressional oversight i think it is very important for hearings of where this money is going to go, honestly, jackie, the only way it happens if republicans win house and senate. democrats will not have a hearing who they are targeting. republicans don't get their questions answered when they send letters to agencies unless they're in the majority. that is a big stake here for both the house and the senate because we want to know who they're going after. jackie: you make a really great point there. obviously expectation after what we've seen over the last year-and-a-half there will be a red wave in the midterms but i always say never say never until every vote is counted and people should not be lax to stay home to think their vote doesn't count. everybody needs to vote, bob. having said that might be easier to take the house than it is the senate. >> yes. i think the house is likely gone. democrats had a good run recently over the last month. the senate looks better than previously. i also the senate would flip two months ago.

i think that is very much a jump ball. the house likelihood with 30 plus retirements from house democrats that is a sign they see a wave coming, they will retire instead of trying to defend their seats. jackie: we're all over it. bob we'll have you back. thanks for joining us today. >> thank you, jackie. jackie: still ahead, getting ready for a recession, a supermarket chain ceo warning of a economic downturn coming up. ♪ you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence...

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job cuts. lauren simonetti with all the details. count the companies laying people off. it will slowly start to add up. we might see it start to get worse. reporter: it is. the list is growing. we'll show you to you in a second. when you think about it, it's a tale of two stories. on one hand you have the latest jobs report. the economy added 528,000 jobs in july. that stunned economists t even stunned the white house. then you have corporate america painting a very different picture with thousands of layoffs this summer. here is a few. here is the list that continues to grow. it is across sectors. ford, netflix, apple, amazon, robinhood, oracle, all birds the sneaker people they're cutting jobs or freezing hiring. the tech industry is getting hit the hardest. crunch base 32,000 tech workers let go this year alone. so yeah, it is big companies. but even the small ones too. crypto companies are not immune. major ones like coinbase and gemini slashing their workforce.

coinbase by 18%. and the reasons for the layoffs are varied. of course high prices, cost of labor, slowing sales, consumer that is rapidly changing. some companies are just being proactive in case the economy slows further. so the pink slips have the white house and wall street at odds. the president and his cabinet have denied the u.s. is in recession repeatedly but some industry analysts say, we're already in a recession. jackie this could be just the beginning because inflation is putting pressure own the bottom line. the latest read on inflation, cpi tomorrow morning the fed's response to it, likely means higher borrowing costs which are higher costs for corporate america. jackie: right. >> reporter: this could be the beginning. jackie: not just corporate america, but consumers, raising rates like that will push us deeper into recession. if the administration thinks that is the answer to the spending bill and prief louse frivolous spending that got us

here in the first place. the job report, people are confused about that. didn't seem the pandemic jobs still not recovered. still leisure and hospitality. it was still manufacturing. the layoffs we've seen as a result of that. i guess corporate america maintained or was able to maintain a lot of its workforce through work at home during the pandemic. reporter: not for the service companies like you mentioned who had to, downsize. jackie: right. reporter: a lot of this, the changes that we're seeing are just down right weird. a lot of jobs created are actually jobs restored. jackie: restored. lauren: jobs alive and well in 2019. you dent know what the status was. now for most part they're coming back. the economy feels like it trying to come back the sense of new normal as we deal with covid. jackie: i think big companies, big tech companies, these headlines are really important. the guidance is very cautious. lauren: market got so competitive for these workers. look i think everybody should make a lot of money. the bigger your salary the

better but some of the perks which is crazy and demands employees were making. you have corporate america, i would say particularly the tech sector because they have big funds for the most part are looking at it, just saying you know that job has been unfilled because we can't find some one of the right status to fill it for x number of months. we're just, maybe we don't need that. maybe we don't need that. just reassessing. jackie: especially with things slowing down. lauren simonetti, good to see. lauren: thank you, jackie, one store chain is preparing for a downturn. carnes food is dropping some brands and carrying lower priced products. scott carnes joins me now. you have the pulse what shoppers are feeling right now. i imagine there is some difficulty. we've been reading about the trends, the store, the generic brands are more popular right now. people are cutting back, for example, on their higher cuts of protein, right? the expensive beef cuts. they're switching to chicken.

what are you seeing in your field and your day-to-day? >> well of course the consumer has traded down a lot. they are definitely going to the store brands which in some product there is absolutely no difference. others there may be a flavor difference but if you're talking a bag of sugar to a bag of sugar, that is a good win for the customer to save money. jackie: do you hear from people shopping in the stores complaints, difficulties making ends meet or having to put things back, having to sort of look at the grocery list and reprioritize? >> every day. i mean everything across the situation in the store is up in costs so they are trading down. a lot of times they're going from expensive steak down to chicken cut, going to burger, going into the pork products or just doing a different type of vegetarian meal. we definitely are seeing them trade down from where they were buying a year ago to today. jackie: with respect to your

supply chain, i mean do you see things changing anytime soon? because i talked to other food providers who essentially say their prices just continue to go up? >> yeah. i don't see this as going down or seeing deflation on the food market. you know, with the cost of energy going up, with eggs being short supply from the avian flu, with the wheat issues that we're dealing out of the european market, there is not going to be a deflation in food. i think there could be still some acceleration coming. jackie: just commentary, color commentary from shoppers, and their frustration, anybody you know, kind of voice their concerns to you about how hard it is for them? >> we hear it all the time. it is hard. they're paying tremendous amount for fuel. like i'm paying a lot to get trucks to my stores. farmers paying a lot to get fuel and fertilizer for farms. they're constantly telling us about pricing issues. and we tell them to stay, look

for the bargains for items for sale. trade down to a different type of product. jackie: we were talking about the nuances in the labor market right now, how it can be confusing to get a read. i'm wondering with respect to your labor, do you have difficulty, trouble finding workers right now? >> it has been a continual problem ever since the covid epidemic. a lot of people went out of the market and they just haven't returned. i do think some of these higher prices will make employers come back into the market because they have got billings to pay. they will have to make a little bit more money. jackie: that is a good point. people still sitting on the sidelines from covid. it is hard to believe but at a certain point you imagine they have to get back at it to put food on the stable. scott carnes, thank you. >> thank you. jackie: coming up why economist mark zandi said housing correction could be dead ahead. we'll talk to him next.

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jackie: house lawmakers expected to vote on the inflation reduction act this week. my next guest says the impact of the bill is marginal for many years. joining me now moody's analytics chief economist mark zandi. always great to have you on the program. $739 billion more of spending after we've seen unprecedented spending by this administration. many are saying this does not reduce inflation at all. actually it will make the problem worse. the studies show at least within the next two years we're still going to continue to suffer before you may see a marginal reduction later. your thoughts? >> well, i think, it leans against inflation. it is not a game changing event for inflation but it will lean against it and for some groups it is meaningful. if you're a low income household that receives health insurance through the affordable care act this is a big deal.

if you're a senior and you will benefit from the lower prescription drugs prices later in the decade. ultimately we all benefit from the climate change provisions because that will reduce the emissions and ultimately our dependence on fossil fuel and should lower energy costs for all of us. you're right, it is not a game changing inflation event for the next year or two but certainly moves inflation in the right direction and has a meaningful impact for certain groups within, within the american people. jackie: within, with respect to the point that you make on health care, for example, certain segments of the population will see a benefit as a result of that but of course you can help certain segments of the population rather with their health care costs you have got to pay for it somewhere. they're doing things like expanding the irs to do it. so i hear what you're saying that it may help certain people but overall does it help? >> yeah, i think it moves things in the right direction. you know, the most important aspect of the legislation though isn't the inflation fighting

aspect of it. that is not the key part. jackie: but they called it that. i mean they called it the inflation reduction act. >> that was a political decision right to get it through congress. it was pretty difficult to get it done, they needed that through to, the big thing is the climate provisions that is a big deal. significant amount of funds. first time the federal government tried to address climate issues. it will make a big difference in terms of emissions and future natural disasters. jackie: i think you're right, i think it will make a big difference, impact, mark. how does that back to the point, i'm sorry you didn't name the bill they did but addressing climate change this way actually bring our costs down. short term it certainly won't with all of the investment in alternative energy that is years and years down the line. what people need right now is relief at the pump. they need to us pump some more oil toe bring the supply up but that is definitely not happening. actually gas prices will go up

from here? >> of course they're down, so peaked at five dollars a gallon. that was the peak in june. they're down $4 a gallon. jackie: mark, i have to push back a little and say i hear you. they're off the peak and a dollar helps. every dollar counts but having said that they're still on relative basis almost $2 higher than where they were. most people are not feeling relieved at the pump right now? >> i which say if you go back pre-pandemic the price of gallon gasoline nationwide was $3, 3.50. fell during the pandemic obviously because we weren't driving, got crushed. came back. we're probably a buck away, less than a buck away from you typically see. we're certainly moving in the right direction. hopefully the russian invasion and fallout from that continues to fade away, we get oil prices down so i think we're moving in the right direction on that front. but, let me say one other thing. fighting inflation in near term is really not the purview of

lawmakers, congress and administration. that is really about the federal reserve and policy, monetary policy. lawmakers have very few tools they can use to address near term inflation. jackie: okay. we'll have to agree to disagree, mark. we can go down that road but i want to switch gears talk to you a little bit about real estate. you've been warning that a housing correction could be coming, many people are thinking the same thing as you mentioned with the federal reserve with anticipated to hike rates. >> yeah. i mean housing is already weakening right? that is by design. the federal reserve is raising rates, efforts to slow the economy peace growth so we don't exacerbate wage and price pressures. that is their goal. the moist interest rate sensitive sector of the economy is housing because most people when they buy a home, they need a mortgage and that mortgage cost is now much higher because of higher interest rate. so home sales are way off from where they were. new and existing sales. home building is starting to weaken. i expect we'll see house prices

which are still rising -- [inaudible]. start to go flat. we'll see price declines in some parts of the country. housing is going to correct. that is part of the process we're earn gauged in as the fed tries to slow the economy growth rate. jackie: we'll watch. fed will not take action until september. mark zandi, great to see you. thank you. >> thank you. jackie: still ahead on the second hour of "coast to coast," historic move by the fbi. president trump's mar-a-lago home raided and some republicans are calling for the fbi and doj chiefs to explain themselves to congress. more backlash over the democrats 739 billion-dollar inflation reduction act. why won economist warns it's a terrible tradeoff. ♪

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>> welcome to the second hour of cavuto "coast to coast" i am jackie deangelis and for neil cavuto. the fbi search of trump's home sparky political and legal fireworks, we have a live report from mar-a-lago in the breakdown from fox news contributor andy mccarthy. more red flags for the democrats nearly 740 billion-dollar inflation reduction act, the

former trump administration economist says the most foolish trade-off imaginable. what the warning has to do with your healthcare. the u.s. getting whipped over chips, president biden signing the chips fall but can the u.s. catch up to china we're going to bring you the latest first let's get to our top story, the fbi rating former president trump's monolog a residence fox news correspondent griff jenkins is live in washington, what was the fbi searching for. >> that is a question. if you don't go unnoticed, this is a most aggressive law enforcement action ever taken against the former president, naturally we are wondering how did we get here, the answer may lie and the justice department month-long investigation into trump's handling white house record dn weather may have this handle classified information that dates back to january with the national archive said they received 15 boxes fromm

white w hteord of t thahet now ntiredti nrevi d ilfintd the house boxes, he also said informatioa his office was in communication with barbara trump staffers for presidential records that were not in the archives which is required by the 1978 act, as you asked it is unclear exactly right now what the fbi was looking for but the former acting attorney matt whitaker said this could've been obtained without the heavy-handed approach. >> a particular thing we are looking for a subpoena could've easily accomplished the exact same retention and grabbing of the documents that a search warrant code. >> the former president also got a little worse today, the court

of appeals really the house ways and means committee has the right to view trump's personal tax records, that was previously blocked, the committee now says they expect to receive trump's tax returns immediately. we will see where that goes. jackie: griff jenkins, ashley webster is standing by and joining us with reaction from tamara lago, what is the latest there. it's quiet today 24 hours later after the unprecedented grade by the fbi, there are a few trump supporters out today they are out last night and they are here today. a handful as many as i would say they are flying the flag for trump supporting donald trump. they are pretty angry over what they are saying harassment when a politically weapon iced affect that they believe to try to force donald trump not to run for president in 2024. the same sentiment in the sense of outrage was sweetly echoed by

eric trump donald trump's son when he talked to sean hannity last night. take a listen to back my father has been so collaboratively with months, the an amazing relationship with these people. all the sudden condo notice, 20 cars and 30 agents, this is my political persecution of donald j trump. >> what is interesting the argument now, what is the consequence of donald trump is found guilty of this document subpar, rating, the rules set aside the have to be set in a secure place. some people say you can't run for president because the law says anyone in office currently or going to be cannot if they are found guilty. however, there are scholars saying that's not true if the

constitution is that the god wills who could run for president. the same argument is put before hillary clinton and questions about her e-mail, private e-mail with government documents to the forefront and she was never charged, maybe this is something up for debate that donald trump will not be prevented for doing for what he wants to do in 2024. jackie: that is a big question, we've been talking about all our wood it comes to his important affair tried to embarrass him or putting him in the spotlight in his face because only been valid and more supportive. >> absolutely. jackie: it's interesting unless there is criminal penalty, we will see. good to see you. let's begin senior fellow national review institute andy mccarthy. always great to see you. the big question, a previous guest said they treated him, this is the rate that you do on a drug dealer not a former sitting president, why didn't they just subpoena the

documents. >> you cannot separate this from some of the other things they have done in the last several weeks. you can about the very same question with respect to jeffrey clark and john eastman, two of the lawyers that of come up in the investigation of the justice department knows. the stuff that they wanted from those lawyers, they could've easily issued grand jury subpoenas but they intrusively rated with a search warrant, the home of clark and they braced eastman and detained him for a short amount time to take a cell phone as he was coming out of a restaurant. they did not need to do it that way. i think the justice department is under a lot of pressure, political pressure from the democratic base to bring charges against trump and the people who are working with trump in connection with the events that led up to the capital riot and

that they were on the case and working aggressively. they do not have a case, i don't think they want to come out and say trump is the subject of a criminal investigation arising out of the capital riot, didn't want to perceive that they told the court that they have probable cause which would need to get a warrant on the basis of such crimes. with respect to the lawyers, they say there is a justice department officer of inspector general that we are searching for in connection with. here they say this is about the presidential records act and potential mishandling of classified information. it's all about january 6. jackie: you make a really good point. a lot of the media made the point that investigations are not related but it's difficult to believe that they are not.

let me ask you from a legal standpoint, when you get a warrant the federal judge issues in the fbi, we don't know what's on it but let's say it pertains to the alleged documents that are in his possession. the fbi goes in and then they find the documents but they witness personal and they found something else. they did go into the safe and there wasn't really anything in there. in when they stumble upon something that was not necessarily cited in the warrant, can they take it, can they use it? >> the rule of the road as long as the agents have a lawfully legitimate basis to be on the premise and searching they can take anything that obviously looks like evidence of a crime. in this connection, that's why i think it's important that a presidential records aspect to this. it's not just classified information that they may be looking for. if they are aware there is a claim that he's taking documents in violation of the presidential records act even though that is not a criminal statute that would give them additional basis to take government records.

as to the safe you would presume they had authority to go into the safe. the whole reason to get a search warrant in any normal case would be to search places where people might keep evidence of crime, i am not accusing the former president of committing a crime i'm saying basically it would be strange if you had a search warrant and you did not look in the safe. >> i understand that but what if the state was not explicitly listed in the warrant. what if they did not know the safe was there and what if they decided when they were there that they wanted to go when it. >> it would be pretty standard practice for the agents to put in in the u.s. attorney's office in the warrant when they go on the premises to look in any obvious compartments or concealment containers and that sort of stuff. >> they covered themselves. >> on that i think they are

covered. >> i'm also wondering as were sitting here right now, hunter biden's laptop, hillary clinton and her e-mails on the server i made this in the previous hour investigations when their suspicious activity surrounding democrats they seem to be carried out very differently if at all and you see what's happened with trump, this is a fishing expedition and there after him, it is just political capturing if it were the same on both sides i would say he does not have an argument, it is hard to contest that. i do think anthony pete work. the country in the reality we have a two. justice system. when hillary clinton was under investigation for intentionally creating a system to defeat the government record keeping procedure for classified information was implicated they

never tossed her residence or did anything that aggressive, they went to her lawyers and asked pretty police, would you cooperate and when it turned out that she gave only 30000 of the 60000 e-mails that she had, that's okay, will do the case it's obvious that both sides are not being treated equally. you want to know why you got trump in the first place, this is why you got trump. jackie: in the election when i asked her if she had white server and to try to be cute and made a joke out of it, the people that were watching it was not that funny. andy mccarthy always great to have you on the show, thinking for bringing that down. >> thank you jackie. jackie: our next guest they said better have an ironclad or reason of serious crime or they are destroying the most important tradition of a functioning republic independent women form senior policy analyst

and this statement joins me now. it's great to see you. that was a great way to set up this conversation with the legal standpoint here. but the point that i was making the former president feels that he's been politically targeted in his supporters feel that way too. your thoughts? >> there's a reason this has not happened in 2050 years of our republic. this is an incredibly serious step once you prosecute people who came out of office before it doesn't stop there is going to be a tit-for-tat between the two political parties and that's how the republics dies. this is causing, if they're going to do something like this like toss the residence of a former president they need extremely serious residents is a very serious crime that the presidential records act, events that the president president trump could say in court any charges i waved my hands around

the oval office and declassified three seconds before i left the presidency this is not, if that is true that that's the reason that they did this this does look like they're looking for crime and they're trying to look for crime, the former president i don't care how much you hate donald trump. jackie: that's not the way you work. >> that is crossing the rubicon for the republic. >> this white house is a has no knowledge that the raid was going to take place in the justice department and fbi not commenting from what i know so far. your thoughts on how this is handled, having said that it's difficult to believe that the justice department is not removed from the white house to a certain degree. >> everybody is passing the buck. this is real evidence what andy mccarthy said is absolutely true it seems like there is a two-tiered justice system and nothing will destroy this country faster than the correct

perception that politics plays into whether or not the highest law enforcement agency in the country comes into your house, this is not to play, it is unbelievable to me that i'm sitting here in the united states having this conversation in poland and clean people hear from all over the world. this is an incredibly serious day will begin i am frankly shocked that would come this far but further evidence of the fact that these institutions government and outside our politicizing crafted we need to reform the administrative state with people call the deep state road with fbi you will yield enormous power but not elected their authority comes through those who are elected and abusing it. jackie: i hate to say president trump made over and over again,

having said that whatever previous guest said the only way to deal with this is to have a congressional inquiry. we see a red wave in the midterm potentially that will happen. if we don't then the status quo just continues because as you say these agencies wield so much power what can anybody do about it. >> the republicans in congress some indicated there will be an investigation that's a good first step the necessary follow-up is to reform the laws of this country that these people can be fired. career civil servants cannot be fired and we seen these folks defy the constitutional order over and over again with regard to president trump and they disagreed with his politics that is not acceptable. the idea that these are apolitical, in 201695% from federal employees went hillary clinton. 95% at the faculty lounge, this is not a political and the only

way to fix is longer-term in the constitutional way is to restore the power of the elected president, right now that means joe biden. in some sense he should be in favor. we need to restore the elected officials because right now unelected bureaucrats. >> there is no way to hold them accountable. >> great to see you, great to see you in person coming up how the inflation reduction can hike the price of prescriptive drugs for some people we will dig into that will become back.

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jackie: president biden has crowd about the inflation reduction will bring down healthcare cost but reports indicate it will do the opposite for some people. gerri willis is here to break this down it's interesting how you see how it impacts different segments. >> it is interesting. even if more americans get healthcare treatment due to rising prices, long-term impacts of inflation reduction act may well increase the very cost the authors seek to constrain. the new rule to allow government to negotiate prices on 20 drugs for medicare recipients will undercut competition and lower cost generic drug development.

>> the regular loose in the short run and people worry this will be an and to allege. over time it can be expanded into substantial impact comprehensive drug price controls that can get in the way of innovation and really take the fuel out of what is extremely productive and extremely important industry in medical progress. >> the senate parliamentarian struck down one aspect of the bill and plaintiff limit drug price increases to the levels of inflation for private insurers, experts say the impact may be small because few people pay the sticker price and recent drug inflation has tracked with inflation prices after inflation increases not over other elements remain notably capping seniors out-of-pocket spending for drugs 2000 premier and raising the government's contribution to affordable care act premiums, the pope says the bill ignores the healthcare

price hikes and hospital prices which doubled in the past decade and a much faster rate hike are those of drugs. some of those are attributable to drugs but prices for major surgery continued to escalate to pay $100,000 for a major surgery. the bill presents headwinds for small and medium-size business operators in drug development price controls on drugs will harm the pharmaceutical ecosystem which is dominated by small businesses that count on policy, consistency and that is from the business entrepreneurship council. meanwhile democrats are already fundraising on the healthcare provisions in the inflation reduction bill sending out a letter to donors yesterday saying we are making government work for working families but long-term maybe not. >> there is a lot to drill down. thank you for breaking it down

neither really important points, people did not understand this bill when it passed the senate this is the reason there was a rush to vote on it now we have time to digest and explain what were getting for 739 billion. >> it could be better. >> my next guest warning in the wall street journal in an op-ed that the reflation reduction can drive prices higher and is the most foolish trade-off imaginable, former trump administration acting chairman of the council of economic advisors tomas philipson joins me now, we had a great set up from jerry, your thoughts and elaborating on your article a little bit why the trade-off is so bad. >> i think the first we need to realize this is been a sideshow to the discussion of gdp. but the damage imposed by the pharmaceutical regulation is by far the biggest impact of this in terms of loss of value for people to think about your own

life would you basically be willing to give up part of your life to live inflation fee or higher growth economy, very few people would. when economists value things this bill has mortality 30 times the size which is value by fda and other agents in the 5 trillion hit per year and these are conservative estimates, the reason they are so high because living is so valued. jackie: you make an excellent point, i also want to drill down on this notion that people with private insurance with respect to drug and drug prices they will be paying higher cost as opposed to the people who might see the leg affordable care act, this almost seems like a replay of what we saw last time around in the affordable care act came on the scene and everybody said

you can keep your doctor, your plan premiums will go up they did for a lot of americans even though they were access to many others. >> there is some discussion on higher prices but i take that with a grain of salt more c.b.o. trying to downplay the negative impact the c.b.o. was very biased they completely skip the science on this topic saint is going to be very small innovation affect but it's hard to see why farm and biotech companies are so upset about this bill as is going to raise prices, that is exaggerating what is important is the negotiation of the big drugs they say is just a few drugs and that it can be legislative and a slippery slope to more drugs in the future the blockbuster is basically funding the whole development change with 90% of the drugs entering fda have failed. >> that's an excellent point,

and the last moment the argument has a whizbang if you stifle pharmaceutical companies they cannot reinvest in research and redevelopment they will not be the top innovators across the globe we have so much competition and other industries from china and other big nations this is one place we are a leader. it is scary to think this is an administration wanting us to give that up to. >> the main issue the government runs around and screams of the high prices but the high prices are induced by that government. we pay doctors to prescribe more expensive medicare. in price competition and medicare, there is a road for reforming government policy as opposed to induce more government regulation. >> is a good point, thank you so much. coming up florida congressman says the rate at mar-a-lago is bad no matter how you slice it.

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>> why we should not give them 87000 bureaucrats to harass americans with audits. let's hear from florida congressman carlos gimenez. it's great to see you, many people with the thought that the irs is going to be expanded six times its current budget when so many issues are occurring at the border and were not seen more funding there and were not seen funding at the state department, your thoughts on how americans are going to have to cope with what's coming ahead. >> we will have to cope with 87000 irs agents knocking on your door not only of the wealthy but the middle class, the poor, small businesses they

will feel the wrath of the irs. all the 87000 irs agents have to justify their existence and the only way they can justify their existences by getting more money out of years in my pocket and everybody else in america. i don't trust it, i think it is bad we have so many other priorities here that this president will not fund and will not do now is going to come after mom-and-pop's and you and i and everybody else in america. jackie: the problem with the reckless spending bill that he added on he needed to justify in some way that they had a solution or an inability to pay for it but they're basically saying we are coming after you, we are paying for it. people need to understand what happened here, right? >> absolutely nobody asked for this, we have record inflation so the way that we're going to deal with record inflation is by spending more money we are in the midst of a recession the way we will deal with the receptionist by taxing, it's

crazy it's a bizarre world is completely upside down, everything you and i learned that economics is turned on its head with this administration in the democrat party, things that we know will not work. were in the midst of the record inflation because of the trillions of dollars we spent last year so we spend more money again this year and that's inflation fighting bill, what a joke. if you want to know what the bill does not do, any of these bills that the democrats are passing, read the title it's the opposite whatever it says is going to do its opposite. >> we had an economist on before and he said the title had nothing to do with what's going on and i said i think you're right on that and then he said the onus is on the fed they should hike interest-rate, jerome powell has a monetary tools to fix this problem. this administration and congress don't have the tools to handle something like this i did not have the opportunity to go down that road that particular economist but what the issue is

congress absolutely spending that got us into this mess, there's no way to think spending got us out of this mess. we've been saying for the longest time stopped spending. >> also in this bill a gives incentives to not go back to work, with obamacare subsidies people not working are going to get better healthcare the people that are working so people out of the job market right now are going to stay out of the job market which will drive up the wages which will drive up inflation in the taxes or get up in a corporation that means we will not be producing as much, we will have less jobs they will be going over to china which is opposite of what we want to do we want to bring jobs and industries back from china this is the opposite and some is like the chinese are writing all these bills, these bills benefit one place, it benefits china my question is why we know that we are not that dumb why are we

putting all this legislation and why is it being passed things that we do will benefit communist china. >> it makes china stronger and as weaker. there was a raid on the president's home and i'll add this before we go but the investigation onto hunter biden's laptop and why we baby are making certain negotiations and acting in certain ways with china, there could be some light shed there but nobody's reading hunter's house. >> that the 64000 other question is nobody's looking into it we should've looked into it deeply because i'm concerned about the information that the laptop why is it taking all the steps that do nothing for the united states but also makes china stronger, that's a great question. jackie: great to see you. thank you so much. the white house facing pressure to counter china's grip on the global chip market. how will the u.s. be able to catch up this late in the game. we will find out when we come

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jackie: welcome back president biden cited the chip act at 230 billion-dollar investment that he says will supercharge to best take some i doctor, joined me edward lawrence on the latest. >> president joe biden saying this is critical for manufacturing jobs in the united states $280 billion in the bill will go to a number of different things, it would boost the semiconductor supply chain putting 39 billion towards manufacturing incentives in the u.s., 13-point to billion for research and development as workforce development, 500 million to increase wireless tech innovation insecurity the bill promotes regional hubs, president biden cheering all the spending. >> honest to god belief 50 or 75 years from now, people will look

back on this week, they will know that we met this moment. today i'm signing a lot of the chips in science act i wanted a generation investment in america itself. >> the hp ceo saying as a u.s. chipmaker and close partner to the body under broderick industry is a huge step forward that will help across north america, the intel cfo says they expect the money to get into their hands by 2023. the president is promising jobs before that to do that, companies need to get the money and government help. >> were very cautiously optimistic that the department of commerce is capable as stated this program up. secretary were mondo is one of the chief champions of the bill and what she's going to have to do is the workforce and burials

hunter bureaus to do grant applications. >> the critics are saying more government spending will start more inflation no matter when it is in the cell doesn't do enough to help the actual chip industry. back to you. jackie: they make a point. edward lawrence, thank you so much. with that global powered a peak in domestic powers is likelier than ever before to make good on its threat the article is from the soon-to-be released book danger zone american enterprise the institute resident scholar in johns hopkins school of advanced international studies distinguished professor joins me now. it's great to have you on the program we had the break down there and more spending an economy that is already a strain, private companies that had the cash on the balance sheets to be invested in manufacturing chips here at home. they are not there looking to the government to help them do it this is one piece of a larger

china story president trump came into office he said he would make america strong and independent reviver manufacturing in industry and keep china at bay, this administration has undone all of that. >> i think it's a constructive step it addresses the vulnerability that we face vis-à-vis china which is the dependence on taiwan in particular for a very large portion of semiconductor production, i do think there is a larger problem that we are moving into a very dangerous area with china and the danger of the crisis or the war on taiwan strait is getting more significant. my concern that were not moving fast enough to address that. >> and feel the everyday passes china becomes more and more emboldened i don't know how else to put it except to simply say that. >> there are conflicting impulses that working and on the

one hand military power is surging and that's making it in the south china sea in a variety of other areas. on the other hand china is facing a host of economic political and demographic problems that are only going to be a force of time. what are the things that is quite worried now is a long-term future becomes bleaker for china it's impossible that xi jinping will take more risk and use forces here and now that may be unavailable later on. jackie: it sounds the global economic landscape is difficult and challenging for everybody it sounds like easily to take more risks than we are essentially he made his goal to be the world largest superpower it seems that as a mission that he is unclearly. >> the chinese government has been explicit about what it wants. it wants to become not just the most powerful country in asia the most powerful country in the world but there is a debate

about the timeframe in which china wants to realize that. it's no longer possible to say we don't know china's ambition and we don't know what china seeks to achieve in the world the chinese government made it clear, the question is what are we going to do to defend our own interest. jackie: is a big question and were awaiting answers and it will play out over time. good to see you, thank you so much for your insight. >> thank you. >> the los angeles times ramping up pressure at president biden to take stronger action on climate change. what do they want the president to do, find out when we return. ♪

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jackie: take a look at a.m. announcing is planning to issue a one-time devin to investors, charlie gasparino has the answers. >> minutes what next. still wall street is very, very confused about. if you get the special dividend here's what it is the stock will

reflect you have a dividend in the form of a preferred share in your holding the current common with and there's all this talk about issuing more of it that's where revolution comes in and how much will there be, that is where we are getting not very good insight from adam aron the ceo who made the rounds from cnbc and with us last week in a broad overview that did not really get to the guts of what exactly is going on. i had my producer call him today. here's what he had to say, let's get the fullscreen up this is an interesting circumvention. with all due respect ma'am it was not me it was elliott's. i am the ceo of the company, i don't have time to talk to individually. i put out 19 tweets on this matter, it's all there i was on

with liz claman where i explained it. i like aaron adam a lot, he's a resourceful guy, smart guy. i read through all of his tweets and i still don't get the picture. he came out and he said there is bad dilution and good dilution when you issue more stock, this is a good type, explain. >> it is just one dilution. he came out to a few other things, he said something the last time we issued stock it was all for the better of the country, stock is up big time recently. >> 7% in three months. >> over the past year and hit the 70s, remember that a long-term chart it was trading neckties the 70s because it was on twitter pain it was going to go to 1000 that was the rallying cry on the message boards. the other rallying cry there's

all the synthetic shorts out there in the dividend will shut them out not even adam aron goes that far. think about your investment pieces if you're buying at these levels or any levels of this company. still losing money the comparables will be horrible because then i have the same top gun and a beacon. those, still burning cash and if there is not a short squeeze that you are banking on that this uncovers, you have wicked dilutive share. this is crazy. >> this is been a story that goes on and on. >> it's been really interesting, correct myself the stock was down at the last three months in the last three years. >> i get a lot of off from the a.m. ca a ticket with good nature often but i'm going to

say this i don't publish research i don't have any vested interest i don't have short stocks, long stocks. >> you just tell us how it is. >> i have no vested interest either way. >> the inflation reduction act includes billions of dollars of new climate spending, the los angeles times editorial board putting pressure on biden same climate is an emergency and he should use his executive powers to do more, center for industrial progress found in ceo and the moral case for fossil fuels, alex epstein, good to be with you. it seems that the administration is doing quite a bit with the recent spending bill to push the agenda forward and people are calling for climate emergency, what is next. >> i think they are doing way too much. i consider this green energy fastens them, they say the government should have unlimited control over energy and it

should favor solar and wind. the inflation reduction act was in disaster. now the los angeles times is using the pretext climate emergency to say no they should have total power over everything even though there is no congressional support at all. this is an energy emergency in a freedom emergency in the climate emergency is phony. jackie: the climate about inflation reduction, i cannot make the case for it the climate part of this bill and the investment has been made alternative energy that will be ready to use immediately he will only hurt people at the gas pump were not investing or telling big oil to bring oil out of the ground that's what needs to be done to help inflation. >> just in general we need more energy and for the foreseeable future that means more fossil fuels if you want lower carbonara told her to i do, you need to liberate cost competitive alternatives that's where we should argue decriminalize nuclear nothing

substantial about nuclear it is all wrong. >> nuclear is a great option and one that this administration calls and does not want to tap into but it could be powering the future until we get where we need to be with respect alternative. thank you so much. stocks lower of the big inflation report tomorrow. we will have more "coast to coast" after this. ♪ . .

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visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. jackie: welcome back. the dow jones industrial average finishes up 45 points, 45.12 today, it will be out of correction territory. so that little bit is what's holding us back. the blue chip index entered correction on march 7th at the correction low of 29,888.78. on june 17th. the dow was down 19.1% of record close of 36,952. that was on january 4th. meantime we're waiting for some key inflation data tomorrow estimated to be up 8.7% from last year. that would be a little bit after drop of the read we saw the month before but still investors cautious. you can see down across the board. a little selling on the dow.

nasdaq taking the worst today. down 1 57 points will be in the wake of inflation reduction act over the weekend. investors want to know what is coming ahead. if this passes fully, more rate hikes more aggressive fed. deeper recession. that is what investors fear the most. a lot to watch out for, that will do it for us on "coast to coast." i will send it over to charles payne. charles: jackie, thank you very much. love that synopsys. we'll take it from here. good afternoon, i'm charles payne, this is "making money." breaking now, bear market bounce taking a breather ahead of tomorrow's cpi number. i will explain why birmarkets are like great white sharks. the effort to curb inflation will fail. how do you invest under those circumstances? i will ask him. shocking fbi raid on president trump's mar-a-lago