bath & beyond. the thing right now that stock is up what, 60 odd percent as we speak, 69% up. this is the return of the meme stocks. that is what bed, bath & beyond is. to me frankly that is a gambling chip. i hate to see youngsters gambling on these meme stocks as opposed to investing in real american companies. that's my opinion. hey, neil. how are you doing? neil: you're not a bed, bath & beyond fan. i want to thank my friends, realized i have to get my fannie back here for job security. thank you to all of them. i was talking to charlie brady my dear friend here at fox

business. he is a keeper of the numbers and he reminds with the surge today buoyed by retail stocks walmart and home depot, the minor loss in the nasdaq notwithstanding how is this for perspective, this is coming right from charlie brady, from the summer lows we had early on i guess about seven weeks ago the dow has rebounded about 18%. the s&p 500 about the 23% and the nasdaq 23 1/4%. i should say from those lows 17r the s&p, 23.25%. putting into perspective at our worst levels this year the nasdaq was down north of 32%, the s&p down 23% and the dow was well into bear market territory, right? now we've got a dow down 6 1/2%. s&p a little bit more than 9% and nasdaq halved those bear

market plus lows to drop 16%. i threw a lot of numbers out there, to put into perspective the come back we've seen in the markets. timing is everything. whether this holds is anyone's guess. look what is happening with the major market averages it is sustained by the belief steady as she goes, that we're through the worst of it. that is debatable. whether or not there is help on the way, whether washington can provide later today. in 3 1/2 hours the president will sign the inflation reduction act. that is always a mouthful for me, inflation reduction act. sort of like me saying calorically challenged instead of just fat. anyway, it is what it is and the president will trumpet a lot of things in the package, benefit the economy, lead to smaller deficits, get inflation under control. it is herculean leap to put it mildly. hillary vaughn following all of

that from the white house. reporter: neil, the white house insists the inflation reduction act will cut costs for american families but you may have to spend a lot of money before you can actually save some money. >> there is 30% tax credit that you can claim in 2022 for installing energy efficient windows, heat pumps, energy efficient appliances. if citizens want to install solar panels on their roofs so they can generate their own power, that is another 30% tax credit. reporter: for families making the switch to clean energy the biden administration thinks that the inflation reduction act will pay off with lower energy costs but for people that don't they will be paying the price. there are several taxes in the inflation reduction act targeted at u.s. energy. a 16-cent tax for each barrel of crude oil, a 900-dollar tax per ton of methane gas and a dollar tax per ton of underground coal.

all these taxes industry experts say will make energy more expensive. tim stewart, the president of the u.s. oil and gas association telling me this, those taxes will be reflected in higher energy costs in everything from manufacturing to agriculture and will fall disproportionately on millions of small businesses and families who were already rightfully concerned about their future prosperity. washington never seems to grasp that someone, ultimately has to pay and it is not just tax hikes that some tax analysts say ultimately will trickle down to average americans. supersizing the irs in this legislation means that middle-class families are going to face more audits. the congressional budget office, the non-partisan organization found that $20 billion in revenue in this package will come from audits on people making under $400,000 a year. neil. neil: that is where the money

is, the middle class, stands to good reason. hillary vaughn at the white house. douglas holtz-eakin former congressional budget office director. doug, always good to see you. despite targeting rich and companies, paying 15% minimum tax, if you're pouring $80 billion into the irs over these next few years you will have to tap more than the well to do and some companies, right? it stands to me at least individuals, middle class, even below will be hit? >> almost certainly, neil. the irs's job is to collect taxes legally owed. the $80 billion is to improve their ability to do that job, so they're not going to pursue whatever the political message is. they will pursue the money and in the tax gap the money is in small businesses t can be in people who misfiled the earned income tax credit. can be not particularly affluent

americans and small businesses. they are going to feel the impact of this. neil: so when the administration talks about paring deficits over the next 10 years, i think they're talking about 300 billion over 10 years. let's round it out to 30 billion a year. we've been running trillion dollar deficits, this is in the eye of the beholder, do you believe even that? the current cbo at least seems to have doubts near term it will america sure up. what about you? >> that's going to have zero impact own the inflation outlook. by the way they have already spent money that offsets that. they passed a 300 billion-dollar deficit financed chips and science act. they passed up to 600 billion-dollar increase in veterans benefits in the pact act. they continue to do what congress does, spend and borrow. this bill will have zero impact on the inflation outlook. neil: talk a little bit about the backdrop for this though, an economy that might be getting washington help to deal with inflation. what if inflation itself peaked?

certainly nothing to write home about but still a problem but there is a growing belief at least given the market performance, i don't know whether you agree, doug, the market's saying we're through the worst of it? is that premature? how would you describe it? >> if i was in the white house simply very concerned. we have labor force participation rate that hasn't gotten back to the february 2020 before the pandemic. so there are about 3 1/2 million workers fewer than otherwise would be. productivity growth has been negative for two quarters and so it's workers and productivity that deliver increased in output, increases in the standard of living. i would be all in focus on those things that increase longer run supply side growth. that would be low taxes on returns, savings, investment, innovation, incentives to work, a light touch regulatory burden and this administration is doing none of those things. so i would be very concerned even if inflation has peaked and the fed conquer it, what comes

out is a economy that will not deliver for the american people. neil: grat catching up. douglas holtz eakin former cbo director. with this inflation package the president is going to sign today anding of it hasn't written off entire package, some pieces of it. near term it is looking a 20 billion-dollar hit in taxes that sort of thing. meantime the backdrop for all of this as i say is a strong consumer. we're seeing that evidenced with home depot and walmart sales and earnings numbers which, in either case were not boffo but were better than expected. that is propelling interest here that maybe, maybe, we are through the worst of it. madison alworth following all of this at a home depot in teterboro, new jersey. madison. reporter: hey, neil. we saw both home depot and walmart report earnings before the bell this morning and like you said beating expectations but i do want to bring you inside of those two reports

because it does paint an interesting picture about the american consumer. we're seeing sales up. it is really because of that inflation. first take a look at home depot, right? their sales up 6.5% but that is driven largely by inflation buy more expensive transaction. the average amount of a transaction is up 9% but here's that interesting turn. people are shopping there less. the total number of transactions, they were down 3%. that is the fifth quarter in a row that transactions fell. when people walk in the door they have to spend more because items are costing more. you know shoppers, they're really searching for those deals. that is on full display when you look at walmart's earnings report. sales grew more than 8% but that was mostly due to necessities like groceries. cfo john david rainy, 3/4 of walmart gains in food came with customers annual household

incomes of over $100,000 or more. the higher income earners are turning to discount grocers because of the inflation. the company makes 56% of u.s. revenue from grocery stores. the store is packed with discount items. we've seen customers pivot away from discretionary items because they don't have rooms in their budget for it. the company canceled a billion worth of orders and thanks to heavy discount sales but they are still working to sell higher priced electronics, home goods and apparel. consumers are spending less on does discretion nary items. they spend a lot of money because of inflation, they're going to the store less often. when they do go to the store, neil, they're buying necessities like groceries. walmart spoke to back to school shopping a that is not in q2 but

in q3. that is necessity item. notebooks selling well, but clothing, back to school clothing still down. so the american consumer is buying what they need to buy at this point. neil? neil: but they are buying. we'll watch closely. madison, thank you very much. let's go to kenny polcari, slatestone chief market strategist. kenney, we're reminded again and again, madison raised caveats, the sales gains are coming not because of more customers or purchasing more items but pricier items. that is saying is about the consumer stronger than earlier thought? where are you on this? >> i'm kind of mixed on it, right? the consumer in a place like walmart, the consumer is going there food items, clothing stuff they are going to need. whether or not they have to go out to buy the stuff they need. those prices are going up. the consumer forced more to do it, right, to buy the products.

i'm not sure it says that the consumer is that much stronger versus the consumer is doing what the consumer needs to do and the prices are higher. appears they're spending more. they're spending more but they are getting less, right? but at home depot i think that is an interesting call. everyone likes home depot. it's a great stock, it is well-owned but that speaks to the housing market, right? when you go in there while new construction is down and existing home sales are down, what you're starting to see is always do it yourself place, right? if you go there you will manage, repair, do work around your existing home. i'm not necessarily surprised especially in an environment where people may have decided look i will stay in the house i have. which means i might have to fix up or renovate it. i think both stocks were freight great. i think both reports were great. if walmart didn't beat the number today after they slashed and burned their estimates three weeks ago, that would be stupid

if they slashed and burned three weeks ago if they took the hit, came out today to miss the estimate it would be almost comical -- neil: we forget that. a lot of these companies were ratcheting down their estimates f they beat them, like the story i told again and again on the show, telling my parents i would have ds and fs on my report card, if i had a couple cs i was nostradamus. i was a winner. beating expectation game i get that. i would like to switch gears, kenny, get your take on feature in inflation reduction act kind of a dog with a bone here this 1% tax on stock buybacks that takes effect next year. would that compel companies inclined to do that, or want to do that, to front-load them this year? >> well it very well may. i guess you're going to start to hear that in more reports if they decide they're going to do that. i think stock repurchases are a key part of company plans how to allocate, how to allocate their

dollars when, if there is no other place to use them, they return that money to shareholders, right? they return value to shareholders but in light of the fact they're looking to tax the transactions it would make sense they try to ramp it up this year and pull back on the amount they will buy. they will still continue to do it but they may do it at a slower pace, right? neil: you know what worries me, kenny? when a new tax is installed it only goes up. i can talk about the value-added tax in europe which a generation ago started out at 5% in most european countries. now in excess of 20, 25%. i'm thinking about the alternative minimum tax which roped in a lot more people than originally intend almost half of u.s. taxpayers pay it. i'm wondering about the new tax on stock buybacks that starts at 1% but i don't think ends there, what do you think? >> listen, i think it's a fertile field, right? once politicians get their teeth into it, you're right, 1% is

actually a big number on a tax on buybacks when you think about the enormity of the buybacks across the spectrum, right? they will realize it is like a little candy shop, they will raise every time they get, every time they want more money, raise spending where will they go? they will go after the big corporations, the big buybacks, why are you returning money to shareholders when you should give money to the government? returning money to the shareholders benefit americans in general who invested in 401(k) plans, ira plans, people have money they're saving, that benefit comes, who are they really taking from? they're taking it from the companies but they're taking it from americans as well. neil: they're going to pay a chunk of that. we'll watch very, very closely. that takes effect next year. we'll see what happens in the remaining months of this year. kenny, great seeing you, my friend. we were talking about the strength of the consumer with kenny, madison, before that, sign of that at carnival cruise lines booking activity nearly doubled to 2019 comparison

before covid protocols were put in place. now we're back to precovid levels for the shipping industry or cruise industry i should say. carnival is also saying booking activity foremonday, august 15th, that would be yesterday, nearly double the level of equivalent day in 2019. signs you need to hear them, for much of the retail industry it's coming back and for those that want to take vacations, we've been telling you this about the hospitality arena, it is roaring back. so sometimes when you hear that we're going to hell in a handbasket i would like to remind you it is not all hell and it is just one basket. stay with us. ♪.

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neil: all right. this could be the coupe de gras for one donald trump who targeted all 10 republicans voted for impeaching him in the waning days of his presidency including liz cheney, perhaps

the biggest fish of all. she has the battle of her life to get the republican nomination for the job she already had. polls show she could lose overwhelmingly. again those are polls for the moment. let's get the latest read what is happening in wyoming now with rich edson with the very latest. rich. reporter: neil, this is polling location here in wilton. in person voting began 7:00 local time. the dogs are out and voters and congressman liz cheney is as you state overcome the trump backed candidate, hagerman, an attorney here in wyoming. republicans are here in the state for fund-raising event. many are supporting or campaigning for hagerman. one is house speaker kevin mccarthy. we asked him if congresswoman cheney has a place in the republican party anymore? >> principle philosophy less government, idea of freedom in the aspect that with the

concepts of a country conceived in liberty and dedicated propositions. reporter: hasn't she fit that bill over the last several years? >> i think her whole focus has been different. her focus is against one individual, whether she has information or not, instead of focusing on her district itself. reporter: cheney responded quote, really difficult to understand that word salad. was there an actual sentence in there somewhere? hagerman argued that cheney is too focused on january 6th and trump. cheney supporters are proud of her work on the january 6th committee. called former president trump and falsehoods about the 2020 election domestic threat to the united states. federal data says cheney raised more than $15 million. spent only half of that in relatively inexpensive state to broadcast tv commercials, radio commercials. voting 7 p.m. local time. 9:00 p.m. on the east coast. there is voting absentee in the state that has been going, neil,

for the last six weeks. back to you. neil: rich, thank you very much. rich edson in wyoming don't you know alaska is another primary to follow closely today. lisa murkowski in the senate, faces serious challengers, talking better than a dozen for her job and then there is what is going on with sarah palin for the one open congressional seat in the state. she of course could benefit from not only the support of donald trump but the fact that she buys his views on the election of 2020 being stolen. jonathan hunt with more now from anchorage. jonathan? reporter: neil, voting has been underway here in person for around an hour here in alaska. senator lisa murkowski with her seat under threat from a challenge from the right has been campaigning hard. senator murkowski of course has been on the top of former president trump's political hit list ever since she voted for his impeachment after january 6.

she says she doesn't care that trump came here and called her lousy. she doesn't care that he called her the worst senator in the united states. she says she is focused on alaska itself. listen here. >> you tell me any candidate, any candidate that will be on this primary ticket on tuesday that can deliver the results for alaska like lisa murkowski. reporter: you're confident you will remain senator lisa murkowski? >> i am. i believe people of alaska will return me to the united states senate. reporter: senator murkowski chief challenger from the right is kelly shebaka. something of a political novice but has a ringing endorsement from former president trump. she has been happy to embrace that endorsement. she says it is time for change in alaska and she has been trying to tie senator murkowski

to president joe biden. listen here. >> she consistently votes along with the d.c. insiders, whatever makes her popular with the friends she had for 21 years on capitol hill. her friend joe biden, she votes with him 70% of the time or more but that is not in the best interests of alaskans and we know it. reporter: there is also a special election here for the vacant u.s. house seat. former alaska governor sarah palin is running for that seat. although she has been largely absented from the campaign trail, running instead almost entirely on name recognition. that has drawn criticism from her chief republican opponent, nick begich. said quite pointedly to us, this is not a episode of "celebrity apprentice" this is about running for the u.s. congress. neil. neil: jonathan, great report as always, my friend. admit it you're in front of a

green screen, you're no more in in alaska than i am? what a stunning backdrop. reporter: that is beautiful. thankfully to thomas our brilliant cameraman as always to make it look that pretty. he is only that can make me look anything like presentable on tv. neil: he is great with green screens. that is outstanding buddy. what a beautiful, beautiful state that is. jonathan hunt following all these developments. they sometimes as headhunters to so go rest of the workforce. in case of apple they're laying off some headhunters. you you think to yourself this is company at that employs hundreds of thousands all over the world. these are the people that recruit those workers. so what's going on with that? after this. ♪. and buying your starter home. or whatever this is.

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neil: all right. this sounds weird on paper. you're talking about a company that is laying off some of its

recruiters, the folks that try to get people work let's say in this case apple. what does that portend? after all apple has thousands of workers all over the globe so what's the big deal? the big deal the fear it may slow down on hiring in general and maybe this is reflective of the company's underlying business. now of course that is a leap maybe too far for some but gerri willis has been digging into this whole issue. what can you tell us? reporter: neil, first off very good to see but here's the beg picture, the tech downsize something continuing and this time it's apple who will lay off 100, they are contract-based recruiters in an effort to slow hiring and spending. now these recruiters are responsible for hiring new employees at the company. they were told that the layoffs reflect changes to apple's business needs. apple is not the only company slowing hiring. microsoft, amazon, meta, tesla, oracle, all those companies slowed hiring or cut back on

some departments in recent months as they grapple the problem with inflation and silicon valley market downturn. not all of the company's contractors were let go though. apple is keeping on board the full-time recruiters. those staying on board back in the office. according to reports the company set a new deadline for return to office policy starting on september 5th. apple's corporate employees will be required to work from the office three days a week, tuesdays, thursdays, and a third day to be determined on a team by team basis. now their return to work plan has been pushed back several times, including a plan to have employees back in person on a hybrid schedule. so the beat just keeps going on. now we're seeing more and more of these companies do the layoffs and require the rest of their employees to be back in the office. neil? neil: i guess depends where those offices are. thank you very much, gerri willis. i mentioned where the offices are because if you're in a high crime area workers are less

inclined to go back according to your bidding at the company. doesn't the ceo of goldman sachs know it in your neck of the woods, new york city. take a look at this. >> we have to have a safe environment for people. the city is certainly less safe, i would say grittier and a little dirt ier. neil: mitch roschelle joins us to talk about this. macro trends advdvisor, founding partner. mitch, he is not saying anything we don't already know, that crime is an issue and as we were saying very early on much more so than the buy risk, with easing in the city, the crime situation was not and that's a problem. now he is kind of eating his own words, but he all but threatened workers to get their fannies back 24/7 now realizing that is easier said than done. what do you make of all this? >> it is easier said than done. when i started working in the '70s in new york city, late

'70s, that is, when i started working there were a ton of people on the trains, there were a ton of people on the streets, there were a ton of people on the subways and one of the challenges with the crime situation those trains, those subways, those streets aren't as busy as they were in the bygone days, which makes people more scared for their lives literally when they're commuting to and from work. if you're working at goldman sachs, burning midnight oil, find your car in the street where it is, because they were generous enough cars to send people home or your uber, you're a little nervous out there. i think that employees are you know, basically speaking with their feet saying you know what? i don't feel safe. i'm happy to do the work from home but i'm worried about being in the office. neil: certainly safer where you are in the florida area. in fact wealthy americans we're told are flocking to the sunshine state at about four times the rate of any other state. you're seeing it, you know, up close and personal.

what's the draw? >> well, the draw is absolute freedom. it is not exactly the greatest weather right now, time of year if you like hot and sticky but things are just open. you know, governor desantis, not to make this political but he, you know, snubbed his nose at overregulation early in the pandemic and that has been the tone down here and so businesses are operating relatively back to normal and have been that way for a year. what people literally come down to visit and say i'm going to stay. my personal doctor who has been a guest on your program, picked up his practice and left the new york area and is going to florida just because he thinks it is a better place to raise his children and it is easier to practice medicine because there is not as much government overreach. whether it be in the medicine field, whether anything, lack of barriers to entry that exist for creating new business in florida

are very appeal fog start-ups and dental, medical practices a like. neil: i'm curious that is the reason why real estate soared more in florida than any other state. looking at anecdotal reports out of some of the state's major newspapers, the sentinel, harold, "palm beach post," it is slowing did you i don't see it crashing. what are you seeing? >> definitely not a crash. here is one of the reasons why it is selling i think a lot of sellers waiting on sidelines seeing prices go up double digits, high double digits, 20% increases, i will hold that a little longer, hold that a little longer to see if i can get top dollar, when things started to cool off, economy started to falter, we got into the summer, people started saying you know what? maybe time to sell. we're starting to see more and more inventory on the market. that is what you're noticing effects of. i will tell you anecdotally in

my neighborhood, when a property in nice condition shows up on the market, it is still going in a couple days. the ones that need more tlc are taking longer to sell. neil: interesting. great catching up with you, my friend. mitch roschelle, macro trends advisors llc partner. that is the wind at florida's back. will it be the wind at the nation's back here, a lot of people are interpreting, buying going on we're through the worst of it. we'll explore that in a lot more detail. we're not losing site of something happening, speaking about heat, the nation's border, number of people slipping through is now breaking records. that isn't probably news to you. who is behind it, probably is. ♪.

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bear witness that the united states of america, the greatest country in the world, lacks the political will to address immigration reform. what we really need is a comprehensive immigration reform to address these issues. neil: good luck with that. that was the democratic mayor of rio grande city who says that the record number of migrants we're getting is far past anything we've ever seen in this country's history, two million so far this year. that used to be the case over the course of a decade, not that long ago and of course these numbers are not all finished here. let's get the latest read on all of this, significance of it, mark green, sits on house foreign affairs committee, armed services committee. congressman, great to have you. these are staggering numbers, congressman. seems like every time we meet they get even more staggering but i wonder if it is resonating with people? certainly from the white house, the approach we're taking there

has been no change. >> yeah, there doesn't seem to be any concern from the administration now. you look at the democrat mayors in washington, d.c., and in new york city and they're starting to get excited about it because governor abbott is sending buses of those migrants to their cities and they're beginning to feel what texas and the border states have felt for decades. it is not sustainable, what is happening from the administration is not sustainable and their fingers are in their ears i guess, they're not listening. neil: we talk about those apprehended, details of got-aways, those who manage pouring through the border but pouring seems to be the operative word here. it is out of control. we're not beefing up manpower at the border. obviously those trying to get in have the calculated edge here. where do you see this going? >> it is only going to continue. it will get worse, way worse because the president is completely ignoring what really

worked, and that is the migrant protection protocols that decreased 87% of the flow across the southern border, those interactions. mexico agreed not to send people back. so it's a double-whammy. the president, isn't, he doesn't seem to care. huge increase in fentanyl deaths. 8,000-pounds, 5000-pounds of fentanyl alone. fentanyl deaths in tennessee have doubled. it is really, they're just ignoring it. they're absolutely ignoring it. so it is only going to get worse. neil: i'm curious when they talk about bipartisan real immigration reform, that has been tried and tested ever since the days of ronald reagan and i'm wondering if anything will come of it and whether republicans put something on the table to say all right, we do this, open ourselves up to this, you, democrats, administration more to the point beef up security at border, build a

wall. how would you characterize the next step if you had your druthers. >> most important thing to do is restate the migrant protection protocols there are ideas how to do that even with a democrat administration. i'm actually meet mike mccaul, the chairman of foreign affairs to look at aid we can negotiate with countries like panama, guatamala, to stop it there. institute some form of the migrant protection protocols with foreign aid through the budget once queer in the majority. there are a lot of ideas floating around. i think we can make some of those happen. we have to win the majority. if anything is going to happen at the southern border. neil: real quickly, congressman, i know you serve on the armed services committee. you're aware of some heightened tensions between ourselves and the chinese. now of course they moved a battleship near sri lanka. that has the indians upset to put it mildly. they're taunting taiwan. we have joint military exercises

between ourselves and south koreans planned we're told for next week. this is getting messy. doesn't take much for a false trigger, does it? >> no. that's an important point to make but i think the chinese are watching what happens in ukraine. they're seeing the west push back. they're getting a little louder. there is also a new president in south korea who is very pro-america. so they're going to get loud but hopefully the president doesn't back down, the exercises happen and china sees that, you know taiwan, it cannot be taken by china. i mean xi's promise to his people, it can't happen. 94% of the high-end semiconductors there, supply chain crisis we have had will look like a kid's playpen. we'll do everything we cannot to let that happen and china should know that. neil: just to be clear, sir, that if china were to try to seize taiwan you think the u.s. should intervene militarily? >> so you're asking me about the old adage of strategic ambiguity

and whether or not we should throw that to the curb. there are people who say we should. there are people who say we shouldn't. clearly the administration, the president himself has said you know, that we would and then walked that back. neil: how do you feel? how do you feel? >> i think china, we cannot allow china to take taiwan until, at least the chips act is executed and we can produce our own chips. neil: got it. congressman, thank you for taking the time. mark green of tennessee. in the meantime you know electricity prices are soaring. so for all of you who get these fancy electric vehicles you're paying a little more than you used to but in california you're actually paying a lot more. our jeff flock on top of that after this. ♪.

[acoustic soul music throughout] [acoustic soul music throughout] [acoustic soul music throughout] [acoustic soul music throughout] [acoustic soul music throughout]

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ask your doctor about once-daily zeposia. millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network and most recommended wireless carrier. that's a whole lot of happy campers out there. and it's never too late to join them. get $450 off any new purchase of an eligible samsung device with xfinity mobile. or add a line to your plan today at xfinitymobile.com so... i know you and george were struggling with the possibility of having to move. how's that going? we found a way to make bathing safer with a kohler walk-in bath. a kohler walk-in bath provides a secure, spa-like bathing experience in the comfort of your own home. a kohler walk-in bath has one of the lowest step-ins of any walk-in bath for easy entry and exit.

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getting at gas pump seeing just the opposite when the electric bill comes to your front door because that is soaring. depending where you are in the country it is really soaring. we're going to get the latest from jeff flock in doylestown, pennsylvania with what is going on. what is going on, jeff? reporter: you got the power, neil but do you have the money to pay for it is a big question. it is getting crazy in main street america. this is doylestown, the classic american town. double-digit increases here but that ain't nothing as they say when it comes to other places in the country. take a look at these numbers. electric price increases, in ohio a company called applied energy, that is the dayton area, 131% increase for electric bills. state of texas, 76%. xcel energy in colorado, 37%. florida power and light, 20%. and just bring that home in real terms. the average bill in ohio,

dayton, ohio was about $42 last year. it is now 95 plus. and why is all of this? well it is because where we get our electricity these days, largely natural gas and what you remember a year ago in terms of natural gas it was $3.30 on the futures market for the million btus. it is now over $9 trading today. and remember, natural gas is where we now get most of our electricity, almost 40% by coal, renewables nuclear power. they are passing it along. a lot of local utility boards granted increases because that is what the power providers are paying to make the electricity. not pretty out here on main street, sir. hope you have enough power or money to keep the power on. neil: all right, my friend, we were feeling good about how things were turning around. thank you, my friend for putting the kibosh on that. jeff flock in pennsylvania. let's go to dan eberhardt good

news is relegated to the gasoline pump but won't last forever. he is falling this closely. oil prices tumbling at late. that is has a lot to do with china. carryover on gas leads to lower prices there. how do you see this playing out? >> sure. i'm not kind of a macrochina guy, look, chinese demand for fuel is down 10% year-over-year. i find that kind of alarming, right? that is putting downward pressure on gas as is price of oil and potential of iran diehl putting new supply won't market. i think we had demand destruction at 5-dollar, 5.5 gas. as gasoline prices go down it will bring more consumers back to driving. the spr runs out in end of october. that will pull a million barrels a day off the market t will put upward pressure on prices. this is false calm before the storm. we'll get right back to 100, 120 oil as we move into q4.

neil: really, that high? >> yeah. neil: the china thing i guess you're saying doesn't last thatting long. china a big, big purchaser of the oil. if the demand is slowing the economy is hiccupping, they cut rates to address that, that sounds like something that would last a while but that is not a factor here? >> no, i think it's a factor but i'm more looking at u.s. is consuming 10 million barrels of oil a day, 11 million barrels a day. the government is putting one million barrels a day with the strategic petroleum reserve. when that runs out for biden, end somewhere in october shortly before halloween. when you take the supply off the market, demand is the same, you will see the price pop upwards, start to hurt consumers even more then. neil: real quickly, dan, the saudis commitment to increase production, 100,000 barrels a day or so that is really a drop in the proverbial oil bucket so

do you think that changes anything? >> that is eyedropper, rain drop. that will not make a big deal. the saudis used the flex capacity they have and opec is underproducing what they said they would produce anyway. i don't think they have the spare capacity or can reach off-the-shelf and do inexpensively anymore. so i think that they used that up with the russian barrels coming off the market. so i think we're in for a tight market in 2023 and beyond actually. neil: all right. we'll watch closely. dan, great catching up with you, dan eberhardt, canary ceo, all things oil and gas. when we come back all things real estate from the perspective of redfin, one of the largest players in the real estate arena what that they are seeing that others are not? we'll ask him after this. ♪.

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at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect. neil: little-known story on that song, it was meant to presage the big inflation reduction act the president signed into law 2 and half hours from now. i just made that up but again, it is a nice piece of legislation depending on the map you are using, $730

billion, pick your poison on this would. republicans say it is all poison and that is why not a one of them voted for this which we are following on the fallout from this and whether it looks up to reduce inflation and deficits over the next few years. ahead of that i want to get the read from lydia on what is happening in environment right now where drivers, the environment isn't exactly all that appealing right now but for electric vehicles that depends on the timing of it. >> reporter: it is interesting because inflation reduction act is going to change the attractiveness of buying an electric vehicle when it is a costly period to be in the market for a car at all. across the border drivers are paying $700 a month for a new car for the first time ever, average new car transaction prices are near all-time highs.

$45,800 because demand continued to outpace supply with higher interest rates, they are pulling back on the incentives they once offered because they are not struggling to make sales anymore because as these factors force costs of a new car up we have the inflation reduction act expected to be signed today and change the availability of tax credits for electric vehicle purchases moving forward making it harder for consumers to find electric vehicles that qualify. under the new law when it is signed, the new ev purchase can qualify for $7500 in tax credits but the new car price can exceed $55,000 for a car, $80,000 for an suv, truck or van. there's an income at pay, single tax filers, earn $150,000 a year, married

couples filing jointly capped at $300,000 to qualify for the tax credit and heads of households capped at $225,000. finally, assembly of the car is going to determine whether or not you can get an ev tax credit. it has to be assembled in north america for in stages and that' s a problem for automakers between toyota, general motors, ford, volkswagen will likely clear this hurdle but another requirement is key materials and battery components have to be made or assembled in north america, that could pose a problem. a lot of materials come from overseas, the bill would also create a separate tax credit of $400,000 for use electric vehicles but like the new evs various caps and restrict and supply. restrict and supply. what we once had that were created to make evs and attractive car option because they are expensive the tax credits might be harder to obtain, car prices across the board are very high.

neil: will as many people by? thank you for that. let's go to aishah hasnie. the white house is planning to go full throttle with this after the president gets back from vacation and people return from the labor day holiday and this is a full country assault. >> reporter: the president has plans to go on a tour and tout the inflation reduction act. he's expect at the white house within the hour, and sign this into law in the next couple hours. americans might be surprised to find the inflation reduction act might not actually reduce inflation as soon as the president signs this if at all. let's look at the pen wharton budget analysis and cbo found, the impact on inflation is statistically indistinguishable from 0.

republicans are calling this a big scam though the white house is pushing back. watch. >> when you put it in its totality you will see it will lower the deficit, here is the thing, 126 economists, republicans and democrats who said it would fight inflation. >> reporter: that their message. here is what the package does. it will add $370 billion in climate initiatives, 50% minimum tax rate on billion dollar companies. extend of portal care act subsidies. it is going to insulin at $35 for medicare recipients and $80 billion are going to be handed to the irs to expand tax enforcement. the whole question is who are they going to go after? the irs commissioner said they

will not go after more than they are, lower and middle class earners, people making less than $400,000 but if they do more audits we expect the number of audits even on those income earners to rise as well. the president is expected to take this show on the road though some critics say despite his dismal polling numbers it is not going to help. >> the president has two problems, he doesn't have a good message and second of all his numbers are so bad democrats are starting to get away from him. how many places has he gone already where people said i am a democrat candidate for office, don't want to appear with him. >> we expect the president to sign this into law later this afternoon. not sure if this will be open to the press. it is still scheduled to be but the first lady has covid, the president is a close contact so

we might see that scaled-down. neil: the signing what happened today. >> reporter: the signing what happened but the press reporters may or may not be allowed in. neil: aishah hasnie following us out the window, washington examiner, the administration argues this will reduce inflation, the equation about offices in the near-term it will do no such thing. this will pair the deficit by $30 billion year over the next 10 years. considering we have trillion dollar plus deficits, i am wondering if they are trumpeting all the wrong stuff. >> reporter: absolutely, not only do most economists agree it's not going to do anything to reduce inflation in the short-term but some predict it will make it worse in the long run. any time you add billions in federal spending with little to no accountability there are

going to be economic consequences. i think voters know that because the white house's messaging is so off base. neil: the administration says the fact of the matter is if you allow the government, medicare, to use its clout to forcibly call for lower drug prices that will make a difference and allowing for those who might be roped into paying more taxes, they say they will make up for that and savings elsewhere, do you by that? >> reporter: i don't buy that and that is longer down the road and have to wait and see what the financial consequences of drug pricing is in reducing those drug prices. i'm sure that will be a benefit to the american public but why not passable for that reason? republicans would have gotten on board with something like that, they stop the bill full of climate change initiatives americans are apathetic about and wanted to seriously expand the scope and size of the irs. if this was really about making

drug prices more affordable we could have done that separately. neil: stepping back i never like to look at policies in this situation and all of this, all the networks do that to the point my head explodes. the arguments you hear from the white house is the trend is their friend, things are changing, got this climate thing along party lines, got the infrastructure thing through a while back, they are getting more their way and they like to point out with dropping gas prices, some of the improvement we are seeing in retail numbers, it could make a difference this fall. do you by that? >> i don't and i don't think most americans do, you look at public polling and americans are pessimistic about the state of the economy, most fear we are heading into a recession, the housing numbers we have this week confirm that. the housing market might be heading in that direction as

well. consumers and investors are a little bit worried and not buying what the white house is selling. neil: let's look where things are. the markets are on a tear of late, whether it is a bear market trap or i get all that stuff. i am wondering if they follow the market or saying these guys who tend to dislike us immensely, the investor crowd, is actually, it is getting confident and will help the administration, that's the way they see it. >> they understand the market is influenced by public opinion. if the white house can drive sentiment to be more positive and more optimistic that will affect the markets. the question is whether they are convincing anyone and i don't think consumers or investors are buying it. neil: we will keep a good eye on it.

housing is a big question. we have more news today that shows present activity and signs of future activity are ebbing if not crumbling. it depends on the region. we will see about that after this. ♪ ♪ ♪ ♪ ♪ we believe there's an innovator in all of us. ♪ ♪ that's why we build technology that makes it possible for every business... and every person... to come to the table and do more incredible things.

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hi, i'm denise. i've lost over 22 pounds with golo in six months and i've kept it off for over a year. i was skeptical about golo in the beginning because i've tried so many different types of diet products before. i've tried detox, i've tried teas, i've tried all different types of pills, so i was skeptical about anything working because it never did. but look what golo has done.

look what it has done. i'm in a size 4 pair of pants. go golo. (soft music) neil: housing are reyna isn't what it was. in the latest period housing starts fell more than expected, three straight months of this and we are getting indications, looking at starts or building permits, a sign of future activity, that things are not what they were but is that mean things will crash into something that will be worse? much worse? the ceo is kind enough to join us again, good to see you. >> good to see you. neil: is this a bump? worse? how do you decide it? >> a sharp correction.

i don't think will people realize how bad may and june were, 70% of the listings in boise dropped their price, 60% of homes under contract canceled nationwide. ever seen that level of cancellations. buyers significant he pulled back earlier and now since mid-july things have been getting better. neil: a lot of people put their homes on the market, increasing supply depending what market you are looking at. what are the most vulnerable markets as you see them? >> tampa bay, las vegas, san antonio, new orleans, the eastern part of la. those are the markets that got bit up and now are coming down. we are seeing the same in denver and boise. those places that had massive price volatility, so many

institutional sellers, builders and real estate investment, they are liquidating that. and typical homeowners. stuart: compared to to what led to the financial meltdown, more than a decade ago. is it anything like that? >> it sure doesn't feel that way. almost immediately, homebuyers have come back to the market since rates dropped from 61/4, to 51/4 as prices have come down, people are trying to buy their homes again. i don't think those numbers will show up until september and demand is been better. most people, pool their home off the market.

in 2008, $400,000, $300,000 because they were over there skis on their mortgage. neil: i don't want to curse myself by talking about the market comeback as if it is real and everything that preceded it was not. it was boosted a lot of americans balance sheets not where they were for most of them but certainly up from our lows and that is the currency many buyers use or at least when looking to buy real estate. is that dynamic change your view of where the industry is headed? >> that is so insightful and so true. in may and june, some people talk about interest rates but many people talking about their 401(k) on the stock market and since so many people work for technology companies that pay in equity, not just cash, that makes a difference in the down payment. it is massive economic

uncertainty, even if people could afford monthly payment they were worried about the stock portfolio when it was at such a low. it is still a nervous time, a long-term purchase is hard to make a prediction what will happen the next 6 to 12 months but some buyers are coming back in part because the stock market has come back. neil: what are your thoughts on rates they can't control, short-term rates, hiking them substantially but market rates which they don't control sort of influence have been relatively stable. not saying back to where they were but conversely we are seeing a lot of potential buyers look at adjustable-rate loans, some stay fixed for 10 years, like russian roulette with this. how is that playing up?

>> the typical real estate agent pitch is to date the rate and mary the house so you can refinance but prices have come down 10 or 15%, finally gives people an opportunity to get in. there has been lack of mortgage-backed securities because so much speculation what the fed is going to do. dovish comments and rates plummeting. that have never seen them go down so fast. if we get into a period of stability but we know if inflation is a force in the second half of the year, the housing market and the rest of the economy but we are not there yet. neil: we are looking at 15 year and 30-year but you can get adjustable rates, by a point or two depending on the lender. i'm wondering what you make of that, adjustable-rate mortgages all the rage in the last go go

housing days. they would ratchet up over two years, there are new flavors of this. i wonder if that will buffet things a little bit. >> i think so, not giving anyone individual financial advice because if you can't afford a rate hike, you should be careful. credit reform a significant in the aftermath of the financial crisis. the canonical story of a star a picker buying a mc mansion isn't happening anymore. people who are buying houses, 650, 700, they feel more confident with an adjustable rate mortgage because they are betting the two years from now when they refinance they will get a better deal, not a were steel. neil: do you think we are over the worst of this or there's

more sweating to come? >> i don't know. it is a great demand for housing where we are seeing more relocation than ever because people can work remotely and there is this demographic trend. there's a deep sense of uncertainty in this country, hard to say what 2023 will be like. if you know send me a memo because i would like to know too. neil: when i talked to many in your industry you seem very confident. so the guy doesn't have caffeine, that's a given and can keep his cool. this must cause sweaty brow days.

>> what heart is your stock goes $97 to $7 and increases 50% again the volatility drives your employees crazy. you want a stable environment where people know how much they are going to earn and believe in the company, sowa ceo will never say his stock is overpriced. on the complaint when it is underpriced but the ups and downs are equally bad for a company but what i worry about isn't my own welfare. i have been doing this since 2,006, i love my job but worry about the welfare of people working together. neil: a lot of the mark saying we have a boss who is calm, cool and collected but we are losing our shirts. >> people show how much they care. the calm comes from doing this for a while but i love redfin and feel ashamed of the fact

that we had a layoff. i worked my tail off to make sure we are never in that situation again and so don't mistake calm for lack of emotion and lack of passion. this is my life's work and i don't want to see it undone by housing market correction and anything else. i know if i add fuel to the fire by freaking out doesn't help anybody. i still sell homes for more money and lower fee. it's a good thing to do. neil: that is the difference between you and me. i try to freak my workers out so they are always on edge and we see how that goes but great catching up with you. glenn kelman, redfin ceo. we will see what happens. more after this. we all need a rock we can rely on. to be strong. to overcome anything.

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(fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher investments. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different.

♪ you ain't nothing but a hound dog ♪ neil: he died 45 years ago today. that was then. he is an iconic figure that remains a money generator, his best days when he was alive, says something of the painted history he brought and that has reminded people all again of the magic of graceland which is where you will find grady trimble. i can't believe 45 years. >> i'm an elvis fan nonetheless and that's the story. you see the steady stream of people. this is what it is like all day at graceland and you notice the younger audience than before because so many are worried about elvis and hearing him for the first time thanks to that

movie. the estate of elvis presley, $400 million in 2023 through licensing deals, the movie and visits to graceland. even with inflation elvis will make more in 2023 than any other year including when he was alive, nothing new that phones are flocking to graceland. this is elvis week. younger people are coming here, interest is as high as it has ever been thanks to the movie and people are coming to learn about the king alongside the longtime fans. >> those people come by and tell their kids and grandkids, what made my life meaningful is wanted to go after is what elvis had and the united states is really country where it is attainable. >> you see it on social media,

tiktok, instagram, younger generation the just discovered who this guy is. by going to see the movie, and into his music. >> graceland visits have returned to pre-pandemic levels held back because there aren't as many international visitors coming here but people who do come here are spending 40% more than they have before the pandemic. they have been cooped up for a long time and want that elevated elvis experience when they come for elvis week, they expect 60,000 visitors. throughout the year half a million visitors making this the second most visited house in the country behind the white house and is tiktok how you heard about elvis? neil: that's not necessary but i remember some of the songs. the movie was fantastic.

bigger than life as are you. daniel martino is joining us with a look at elvis, this economy, a bit of a heartbreak hotel. don't know how you feel and there back like graceland is back. what is going on? >> don't know if it will be able christmas or not. remains to be seen. a lot of retailers to the upside but by the same token, this beach movie, really killing get these analogies. neil: you had no idea we were preceding you.

you used to sit on the federal reserve and looking at how the markets are doing, looking at some, not all the retail sales news showing consumers still alive and well, based on items but if you are the fed looking at that do you slow down on the rate hikes? do you keep going? steady as you goes? >> the fed has a huge green light. maybe that wasn't the case in may and june, people were feeling more hesitant about big purchases when the stock market was down. the stock market recovered nicely and you see consumers spend, we heard from walmart that higher end consumers are trading down to shop at walmart but nonetheless with amazon prime day we could see the

retail sales report but given what happened in the stock market and retail sales that have been visible that is a green light to keep tightening against this inflationary wave and that is not what investors want to hear. neil: walmart sticking with it second-half outlook, home depot which is leading this reverse reaction to disappointing numbers and people are still buying. it helps costco and bed, bath, and beyond. something percolating on the consumer, is it warranted? >> the consumer is still consuming. simple math, top 40% of income earners in america who are exposed to the stock market are responsible for 60% consumption in the united states so it is a chicken and egg thing. as long as the stock market is

elevated this particular group responsible for 60% of consumption will feel like they have license to spend because they feel wealthier. a lot depends on whether or not this extraordinary rally we've seen in stock things and there. we see the layoff announcements from tiny little neighborhood companies like apple, we are not through the woods yet. neil: thank you for the extra homework and effort on the king's behalf. we are getting word that jill biden has tested positive for covid. how that will affect the president's planned signing of this inflation measure is anyone's guess. it might abbreviate it. how much is a risk for her husband who has been in and out of the covid thing himself? we will ask doctor marty makary after this.

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neil: jill biden, the fat lady, has covid. her husband has been in and out of covid for the last couple weeks. he's fine right now, so is she, exerting mild symptoms but people worry how this goes back and forth routinely among the most powerful people on the planet. witness doctor marty makary, john hopkins professor and fox news contributor and much more but what i love about doctor makary is he was on top of the things we needed to do in our medical healthcare system before it was fashionable to do so or any viruses we knew of. what hospitals won't tell you and how transparency can revolutionize healthcare the price we pay when we talked about these things going years back before these things hit. it is good to have un's good to see you as we try to get

engaged about jill biden and how much danger she is in and the president could be. >> i don't think she is in any danger. we are always concerned about everybody and everything. she is four times vaccinated, her symptoms are mild, the virus strain that has gone around the white house is a more mild strain. one thing about covid that has fooled every expert is the way it staggers, it delays, lingers and then cracks up. we've seen this with different waves and contagiousness. you expect somebody to get the infection a week after somebody else had at the were in close proximity to but might be three weeks or four weeks. neil: the beginning of covid when we started talking, you were talking about the need for transparency. in 2012-13, you were addressing

that. it was not a deliberate cabal as much as don't necessarily assume every word you are getting is gospel. i wonder what you learned through this, that kind of validates that. >> the weaknesses we had in healthcare become magnified, the decision is not made behind closed doors with a small group of medical elites, we saw no diversity of those making decisions, ethnic diversity, experience diversity, a younger group of scientists has more practical approach, they don't believe in gain of function research, they believe in food as medicine, research on behavioral changes, lifestyle changes and many are quick to point out we lock people down people will gain weight and lose that physical fitness. that's important in health and fighting infections. neil: i'm glad you are on set with me, not lecturing me about gaining weight.

let me ask about where you see the covid thing going? a lot of people citing declining numbers across the globe, there were spikes a couple months ago and it is done, move on. what do you say? >> jill biden has covid. if you tell me she has the common cold i would have the same concern because covid is behaving like a seasonal virus. we don't have a good compass on cases. cases are being over counted in the hospital, deaths from covid, hospitalizations are being over counted because we don't have good tracking, hard to talk about that without sounding callous. the reality is it is functioning like a seasonal virus and it will continue to circulate. i expect cases to go up. if you think about all the quarantine and isolation and mass testing requirements the cdc dropped last week nothing has changed except people

recognized you got to learn to live with covid. cases were of threefold from the spring when they were lower. neil: do you think we will keep getting booster shots, follow-up shots? seems to be more involved in an annual flu shot. where are we going? >> you asked me on the show if a booster was necessary and i was skeptical. my concern is a disproportionate enthusiasm to push the boosters before we see the data. we are seeing it right now with omicron specific booster that is going to be pushed hard in four weeks. you see the white house at this is from my insiders, they are pulling back on the booster push in preparation for a massive campaign to get the only on specific vaccine in september three weeks away. he will see a massive push. i would like to see the data

before we do the massive push. we saw that mistake with baby vaccines, basically ambushed the public and once we finally dug deep into the data it wasn't there to support vaccinating healthy babies that had covid like it was to vaccinate older people at risk. stuart: the you might make enemies in the medical industry, enthusiastic followers, something to be said about that, the best-selling author, the dow in and out of session highs up 300 points, retail sales indicating the consumer -- not done after this. ♪ ♪

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neil: some of the information we are getting from our confirmation at fox news digital examining a lot of leonardo dicaprio's nonprofit foundation work, that might

have used dark money to fund lawsuit against climate nuisances and the like, get a little involved here but gerri willis is good at getting involved and expanding in terms my thick skull can understand. what is happening? >> reporter: this is complicated but a fascinating story. leonardo dicaprio's nonprofit it organization awarded grants to a dark money group which in turn funneled millions to a law firm's be writing credit activism lawsuits. correspondence between a major philanthropist and and carlson, university of california climate professor who is now a senior biden administration official revealing in 2017 the two worked to raise money for its efforts to sue oil companies and this according to emails obtained by watchdog group government accountability and oversight, shared with fox news. in their emails they acknowledge they received

support from the leonardo dicaprio foundation. that email, quote, two months later, terry taman and in his new role with the dicaprio foundation has been a key supporter. the dicaprio foundation announcing $20 million in grants to various climate and conservation causes, one being the collective action fund to, quote, support precedent-setting legal actions for corporations and the fossil fuel industry liable for the effects of climate change pollution but dicaprio's foundation isn't the only philanthropic organization to give money. several have given money to similar causes. including george soros's open society foundation and dicaprio himself uses fossil fuel the power strips over the years, that's well-documented, he took 6 roundtrips on private jets over the course of 6 weeks back in 2014. that was the same year the united nations appointed him a messenger of peace for his work

on climate change, dicaprio flew 8000 miles to a private jet from europe to nyc to accept an award for environmental activism. neil: gerri willis following these leonardo dicaprio moments. in the meantime we have janet lewis, chair of the executive committee, american institute of cpas, here to explain there are potential problems for people that feel they are not affected by this $80 billion in irs funding. and they go with where the money is, the middle class, who is likely to get his audits or scrutiny from the irs.

>> you are responding to the cbo report. the ranking member of the --'s amendment to have no outlets for individuals over $400,000 in income targeted, would increase revenue and the cbo said it would. those taxpayers would be affected with $20 billion in revenue. audits are going to increase. will they go back to the level we had ten years ago? probably. there may not be that additional audits from 10 years ago that held from the last several years. $8 billion in funding to enforcement, $4 billion going to taxpayer services. when the irs is not answering

phone calls, they can't get the irs on phone, we are concerned about the balance in funding. neil: you spend $80 billion to beef up enforcement you want to pay for that and then some and can't get that exclusively from the rich. what will make you a potential target of the irs no matter where you are. what stands out? >> anyone who has certain types of deductions or cash, claim certain credits. they have always been the ones, take deductions or write offs, reducing taxable income, they will be criticized for. folks that have cash based businesses and credits, earned

income tax credit has always been an issue and it does affect lower income taxpayers but has a policy of being abused and the earned income tax credit is overstated by taxpayers. now we have seen, covered the new credits for vehicles, the more complicated it gets the more credits there are for the irs to look at. neil: talking about a simplified tax code, flat tax, forget that, they are going the opposite way. >> it does seem to go that way and all while the service we are getting, backlog of the irs, tax returns they have a process, correspondence, refunds that haven't been sent out, when that is not working if they start doing more of the audits, what if the taxpayer needs to call the irs and talk to them, that is the concern

cpas, they work with clients every day and that is the frustration. we don't like audits, we don't like our clients, and unreasonable irs agent but the surface aspect is a critical area. neil: a booming time for your business, all the more. >> it is in a way but we don't want to have that part of our business, we have plenty to do without dealing with the irs and clients needing to contact them. neil: taking a look at the dow at session highs with major averages advancing smartly, we are on that after this. finding my way forward with node-positive breast cancer felt overwhelming at times.

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neil: so i'm back and i get this email soon as i popped up on air. damn, you're still alive. where is charles payne? love charles payne. hate you. that was mrs. charles payne. charles: [laughter]. she is trying to find a way to keep me out of the house, neil. neil: i hear you. thank you for all your hard work, i appreciate it. charles: it is honor and pleasure, neil, appreciate it. good to have you back. good afternoon, i'm charles payne. this is "making money." breaking right now today would be a pullback session and we would consolidate the gains and just think things over. instead the market is thrilled that consumers are still spending even trading down in brands and quality. by the way it is not just middle class shoppers. forcing the weal