hundreds of them, there are many that escape. they cannot catch everybody. this president and this majority congress will not even fund the adequate border control. >> i appreciate it. congressman from new jersey. thank you. >> my pleasure. >> you are watching "the evening edit." that does it for us. thank for watching. have a great evening. >> happy weekend to all. welcome to the program that analyzes the week that was in helps position you for the week ahead. i am maria bartiromo. the biggest climate bill in history. i am getting reaction from tennessee senator on that. why it took days for him to

admit he personally signed off on the rate of president trumps mar-a-lago home. looking for information about nuclear weapons. trump calling those claims a hoax. inflation slowly slightly in july but remaining near a 40 year high. dan niles is here with what is next for the economy and the markets. fighting back against the left. a new etf that is flying in the face of the climate change agenda. blackrock, the founders here to tell us all about it. first, the democrats pushing through their massive $740 billion spending bill. we do not even know how much it actually cost as a new fox news hole shows a whopping 75% of americans are not happy with the direction of the nation. joining me now is science and transportation committee manager

marsha blackburn. thank you for being here. >> short. good to join you. you are right, maria, they do not know what this thing will end up costing, but they are gleeful that they are spending so much of the taxpayers money. >> it is pretty extraordinary knowing that we have all of that spending last year. that is why we are battling 41 year high inflation right now. can you tell us a bit about what is in this plan? they cannot even tell us the impact on the budget for a few weeks. what is in it? >> you are correct. they cannot give us the specifics, they don't intend to give us the specifics right now. it will be weeks before we get that detail. what we do know is that there is at least $369 billion for the green new deal.

313 billion new dollars in tax increases. we do know that there is $64 billion for obamacare. there is money to go out and plant trees. over $1 billion for that. and then, of course, $80 billion for the new irs agents that will be focused on the middle class. we know that and i think our democratic colleagues are fully aware of that also. i will tell you this, tennessee knows that. i have been in nine different counties this week. every time i talk to someone they say, we know they are coming after us and we want to get this thing stopped. maria: it is pretty incredible that 87,000 new irs agents think the overall number of irs agents to 166,000. compare that to the 20,000

border agents. these are the priorities. all the while we have corruption in plain sight. got to get your take on the radon president trumps property. former president trump giving the go-ahead to unsealed the warrant for this week's raid on mar-a-lago. the washington post of all reporting that the doj was searching for materials related to nuclear weapons. forgive me if i do not believe the washington post given the fact that they lied to us for four years about the russia collusion live. president trump came out a call that a hope speared drawing parallels to this nuclear story. to the steel dossier. >> they had to come up with something that would potentially terrify the american public into free their constitutional freedom. the verge of nuclear war, maybe

it is acceptable that they violated the president's constitutional rights. >> that is just extraordinary. what you make of all of this? >> yes. there are plenty of great people that work for the fbi and have worked for the fbi. there is a cobol within the fbi that has politicized the agency. they did this from the time that donald trump came down the escalator and announced his campaign they have been after him. so, in some way shape or form they cooked up this raid, they had christopher wray agree with the raid and of course garland signed off on this. it is extraordinary and it is unprecedented because the trump administration was negotiating

with the fbi and archives on documents. this is something every administration does. you did not see the fbi raid the obama's, the clinton's, the bushes, you did not see that done. they did not go after rating hillary when she did the bleach bit on her computer. unprecedented and it is important that we get answers. it is unacceptable that to this point the fbi has not given us the specifics that we need and christopher wray should have been talking with us immediately because in order for this to make it to garland desk he had to participate in this decision. maria: i think you make so many important points because we have been watching the fbi having gone so over the top political now for several years it was the

russia collusion my that the fbi knew that the steel dossier was fake and they still pursued warrants to spy on officials. there was the hunter biden laptop that we saw all the money the family took in and yet the fbi sat on it while president trump was facing an impeachment trial for a phone call with the head of ukraine. all of this news about hunter biden accepting $1 million in ukraine. there was the entrapment that we are told around gretchen witmer, the governor of michigan and yet no commentary whatsoever about any of this from the fbi. instead, they tried to stop trump. you think this is about stopping him from running for president in 2024? >> whether it is about stopping him from running or just trying to absolutely destroy his reputation, his life and the life of his family, we do not

know. that is something we will find out. but we do know this. we know that the american people, and i know tennessee is looking at this and they are saying we can do this to donald trump, they could do this to me. they are also looking at this, maria, and they are seeing two tears of justice. they find that to be very unsettling. as you look at that 87,000 irs agents that will be marching out across the country, whether it is a corporation that is large or a medium-size small business manufacturer or a mom-and-pop on main street, they are just, they are looking at this and they are saying how in the world could this possibly happen in the united states. there should be equal justice for all.

maria: yeah. for sure. senator thank you for being here this weekend. we will keep a spotlight on it. we appreciate your time. inflation easing a bit in july. consumer prices still skyhigh. what it means to the economy and your investments next. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence. t. rowe price. in a recent clinical study, patients using salonpas patch reported reductions in pain severity, using less or a lot less oral pain medicines. and improved quality of life. that's why we recommend salonpas. it's good medicine.

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tell your doctor about all your medical conditions, medications, or if you are or plan to become pregnant. if you can become pregnant, use birth control during treatment and for 3 months after you stop taking zeposia. don't let uc stop you from doing you. ask your doctor about once-daily zeposia. maria: welcome back. where markets ended the week. we did get new inflation numbers this week. smaller than expected increase for consumer prices. rising eight and a half% in the month of july. full expectations with an increase of 9.8% for the producer price index. we are also hearing about a surge in layoffs as the economy slows down. joining me now is dan niles to talk about the macro story and investing in it. great to see you this weekend. thanks for being here.

>> my pleasure, maria. a start off point on assessing where we are right now. on the one hand, we had this big rally in stocks beginning in the middle of june until now. we are still seeing the nasdaq and double digits. at the same time, two quarters of contraction. how do you assess where we are right now, dan. >> that is a great question, maria. it is easy to get caught up. you have a lot of people calling if you step back from it all, there are several things that you know. usually people say it in a bullish manner. this time the feds still have a lot of work left to do where rates are two and a half percent and the summary of economic projections, they have said that will go to three and a quarter, 3.5% at the end of this year and

4% by the end of next year. you don't want to fight that. for the first time in two years, during this last earnings season, you had estimates for the s&p 500 actually go down. so, those are the two components that really make it difficult to believe that this is anything but a bear market rally within a longer-term down. >> we heard from a number of companies, you mentioned the fact that they had a recent negative preannouncement five weeks after guiding revenues lower. we had a walmart situation. we have tech, retail showing real weakness in the upcoming week. starting to get a read on the upcoming consumer. you say don't fight fundamentals and don't fight the fed. >> on june 17 we put out a post on social media saying we expect

the next bear market rally and we are positioned to take advantage of that. if you look back through history, even when paul had to take rates up tremendously, you at six rallies in the s&p of averaging 8% each. this year we had for averaging 9%. this one is beastly bigger than that, but it is in the normal move. we have sold into this rally now. now we have more shorts again then we had long speared we have raised a lot of cash. a lot of the names have done well during the most recent bounce. what we are anticipating is more data coming out about the consumer, don't forget we have the jackson hole meeting of the world central bankers at the end of the month. they will say we still have a long way to go to kill off this

inflation so a lot more rate hikes. the fundamentals of the consumer and what the central banks have to do, that will put more pressure on the market again. >> a lot of information on dan niles.com. a recession with inflation still over 3% is our best case for 2023 with a 30% drop in the s&p 500 from current levels. does that mean you are selling into this rally now while also expecting many rallies in this overall bear market going into 23 and 24? >> absolutely. the names have done really well during the last move up. we have gotten shorts again. we raised a lot of cash. don't forget you look back at the global crisis or the tech bubble in your five rallies in the s&p between 18-21% and you lost half of your money during

both of those periods of time. so, you do not want to get caught up in this latest move unless you really think we are done with inflation so that the feds can stop and the fundamentals are not getting worse. all the company reports you have seen indicate an aggregate that demand is still slow. >> always a pleasure to speak with you. thank you very much for joining us. a new fund is targeting oil and gas companies, but not in the way you may think. brand new fund fighting back against the left climate agenda. he is coming up.

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maria: welcome back. fighting back against the left climate agenda. launching a new exchange traded fund this week buying u.s. oil and gas companies pushing them to revolt against the pressure cutting back on energy production. great to have you. congrats on the new etf. i spoke with missouri attorney general this week. he and 18 other attorney general's sent a letter to blackrock demanding answers about the firm's focus on climate investing and the impact on investors. take a listen to what he told me. watch. >> a common theme here. a government that is completely out of control. force these companies to adopt their woke ideology, abandon their duty to get the best return for investors. this is a serious issue. >> a similar crusade here.

tell us about your etf. >> two prongs to the solution. through states being able to take action and the others through the market. i am really glad they are focused where they are, but they also need market solutions. this is our first. it is a u.s. energy index funds. it is really simple in its key difference. at mandates energy companies to drill, to frak, to do whatever allows him to be most successful over the long run without regard to any other environmental or social agenda. what is happening today, over the past five years the largest in the world like blackrock have used the money of every day citizens to advance agendas that most of those every day citizens do not agree with. i think that that is a fiduciary breach. at the end of the day it was not just to complain about it was to do something about it for creating a vehicle by owning the market.

deliver a different voice that both better represent the will of every day citizens investing in the market. unlocked the potential of the u.s. energy sector which trades at a lower multiple then the s&p 500 but could trade at a much higher multiple if it takes these handcuffs off of their behavior. that is the point. >> that is right. many investors do not even know. they are not aware that it is larry fink rolls. that he is doing the voting. whether they like it or know it or not. we should point out that oil stocks have been among the best performers. you have that as well. holdings that include exxon mobil, chevron, occidental petroleum, good for you. your fund is doing incredibly well. what kind of a reception have you gotten from this?

>> incredibly positive. one of the top etf lodges of its kind. i think that that reflects the will of the everyday citizen to be represented properly. most people do not know. as they start to know, you know what, i don't want my money abused by some other asset manager that is speaking on my behalf, mandating companies to be doing things i don't want them to be doing. i don't want $5 gas to one-handed my four okay subsidizing something without me knowing what is going on. between june of 2018 and the last of last month, july of last year, they outpaced u.s. technology companies. stock prices trail dramatically. why is that? this asset management industry, what it does is it applies low-price to energy companies saying that there will be this

great energy transmission. no fossil fuels after 2030. let's wake up to the reality that fossil fuels are not going anywhere anytime soon. if u.s. energy companies step into the void, fill the supply and demand imbalance right now, that can be an opportunity to actually thrive. in order to do what they need new shareholders delivering a new mandate. >> they are hungry for this message. they are not like the employees of twitters that want to resist what a new shareholder may tell them to do. these employers are waiting on the wings to go in this new direction. if you are an asset manager, be honest about what you stand for and what you don't. don't try to be everything to everyone at the same time. there may be people in states like california or new york that say that we want to advance environmental agendas with our money. you know what i say, great.

strive will not be a good home for your capital. we respect your decision to go elsewhere. at the same time we stand for people that want to deliver a message to american companies including american energy companies. excellence over politics. i think that that honesty is what we are missing a capital markets. government at its best is asking for people to just be frank about what they stand for and what they don't. as we get through, i will keep you posted in terms of what we hear. so far, we are keeping it simple. >> thank you, sir. don't go anywhere. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity.

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and congressman jason smith plus former defense department chief of staff. my special guest sunday, 10:00 a.m. eastern live on fox news. right here on foxbusiness start smart each weekday with mornings with maria. that will do it for us right now. have a great rest of the weekend everybody. i will see you again next time. ♪♪ >> hello. i am james freeman and for jerry baker. fbi credibility on the line after president trumped mar-a-lago home was raided. what we know and what we learned this week of the attorney general. democrats tax-and-spend bill womack simply expand the irs. job description