dogs. a quarter of new yorkers was 1/4 of new yorkers say they push their dog in a stroller. i have two elderly dog so of course you have to push them in a stroller. i have an 18-year-old dog and a 14-year-old dog, they lose the ability to walk at some point. not shame people with strollers ever. thank you so much. "varney and company" starts right now, take it away. stuart: we don't often start the show with just one stock but we are talking apple. that's different. here's the story. the stock is closing in on its all-time high, the only big tech company that is almost where was in november and we have the guy who talked it up. dan ives says apple will breakthrough attire 182 and head north of $200 a share. i've got to show you this, bed,

bath, and beyond, investor ryan cohan's plan is to get rid of his entire stake. i am no fan of new stocks and that is down big time. the federal reserve, the fight against inflation, in for a lengthy fight. the market is shrugging that off, the dow is off 30 points, taking 20 points at "the opening bell". interest rates steady, the yield on the 10 year treasury 288, oil hovering around $90 a barrel. gasoline down one send, an average of $3.93. diesel down $0.02 to $4.99. politics coming in a few hours, judge bruce reinhardt will rule on the release of the affidavit used to raid mar-a-lago. attorney general merrick garland wants it secret. newsweek says the fbi was looking for trump's, quote, private stash of documents relating to the russia probe in

the 2016 elections, these leaks from anonymous sources will continue as long as the affidavit remains seal. my opinion it is part of a democrat campaign to keep sliming trump as long as possible and here's the musk headline of the day. he's gone political. he held the fireside chat with house republicans leader kevin mccarthy in front of a group of republican mega-donors, the richest man in the world sitting down with a man who may be speaker of the house in a few months and therefore third in line for the presidency. what is musk up to? thursday, august 18, 2022, "varney and company" is about to begin. it is a beautiful day in new york city.

it is thursday, almost to the weekend and bright blue sky and low humidity, mid 70s, great day and look who we have with us today, smile, you are on. dan ives will stay with us for the entire hour. i want to talk apple right from the top. it has been on a tear up 30% for a single quarter, only 4% from its record high of one hundred 82. tell us why you think apple will keep going, break its old record and go north of $200. >> if i look at demand from china and the us i think iphones will be up from iphone 13 and ultimately fundamentally you combined that with services, $220 price target, this is one look, the heaters will heat on apple and it comes

down to fundamentally, what they will do and iphone 14 around the corner. stuart: you think they will make the announcement right after labor day, that would be a huge accomplishment if they could bring in iphone 14 this year. >> it is almost inconceivable that you will have this iphone 14 launch that wednesday after labor day september 7th given if you go back to april and may there were thoughts they would delay this until the end of the year because the 0 covid shutdowns in china and that's why continues to be cook, the performance, you will see apple in our opinion moving high. stuart: you may move the market today, hope you do too. let's get a deep dive into the meme stocks in a moment but i want your thoughts on bed, bath, and beyond down 17% today. ryan cohen is going to dump all his shares of the bed, bath of

bed, bath, and beyond, where is it going? >> you will see this overall risk off play especially on these names and it shows there's a danger on some of these in terms of how they move up and that's why our opinion we like to continue to focus on fundamental names we think go higher. stuart: so bed, bath and beyond is kept down. >> it is a dangerous game, you are seeing more meme stocks move higher but it also speaks what you see in the broader market, the risk on that is starting when you get sea legs. see legs. stuart: good morning, lauren. let's go the deep dive into meme stocks. lauren: what is going on is what you said, stocks have rallied back from june lows of the risk appetite is back in the market so is speculative trading, retail investors noted

some meme stocks like amc and game stop have held up during the capitulation of this year, they are doing okay and this is my question specific to bed, bath and beyond, the ryan cohen intrigue, he's an activist, he hyped up the redit crowd with purchase of those. call options that it could go to 80 bucks. now he pulled the rug out from everybody looking to liquidate his entire stake so is this particular crowd just following ryan cohen and the intrigue he has or do they really think it's time, their fundamentals are awful. stuart: i think they are gambling chips. last word to you on meme stocks. >> we focus on the microsofts, apples the go-to mentally. stuart: thank you, stay there. is this too, the ceo of bank of america saying it doesn't matter if we are technically in a recession, it's how we feel that matters.

>> enough with politics and semantics, feel like we are in a recession, that comes from ryan moynahan and he says this, recession is a word, whether we are in a recession or not is not the important thing, it's what it feels like for the people going through this, we are worried about the us broad-based consumer the increased rents as we go into this natural term of rents, not sure what he meant by that but when the gas bill is so high, the rent bill is still high, that is sticky inflation, he thinks there's going to be a slow down but he defines that is a mild one so stop with the semantics of recession or not recession. stuart: people act the way they feel and today, judge bruce reinhardt decides whether or not to unseal the mar-a-lago affidavit. newsweek today saying the fbi went hunting for trump's private stash of documents but

my point is this speculation is going to continue until the affidavit is unsealed. trump derangement syndrome will never go away, will it? >> it really won't. anybody who thought it was going to go away once he was out of the white house has to be really disturbed. in a lot of ways it has gotten worse which what we viewed with fbi agents rifling through the former president's papers at mar-a-lago was one of the most extort mary moments in modern american politics and if you listen to the argument prosecutors are making for why they don't want this affidavit to be released it is because they don't want to reveal their sources and methods which really does sound like it is a real effort to trap him in a crime and catch him in this crime which is a great deal when you 're trying to catch an actual criminal or trying to bring down the mafia or

something like this but we are talking about our president of the united states, somebody who still maintains a huge political following in this country, remains a very viable candidate for president in two years. this is extraordinary and these people are all operating from the standpoint they have credibility, the doj, fbi has never had less credibility than they do right now and all of that stems from their insane pursuit of this president. will when i will make a prediction. i don't think they will reveal the details from this affidavit. don't think it is in their interest to do that. i think they will keep this going as long as possible, keep leaks coming out all over the place to slime trump through november elections. it is a political trick. that's my opinion. charles: i agree with you but i would take it a step further. i think it is entirely possible they keep pushing this thing to

an indictment and it will be a flimsy indictment, a -- we are talking the preservation of presidential papers act, this is not, this is all debatable in the political sphere, this is not an urgent crime threatening people's lives or anything like that, this is insane and entirely possible that they will pursue an indictment and no matter how flimsy it is it will hurt donald trump publicly and in a political sense and that's where i agree with you completely, that is what they are after. stuart: thanks for joining us, see you again soon. elon musk met with a number of key republicans including kevin mccarthy. i see musk getting into politics. lauren: he said democrats need to stay out of your wallet and republicans need to stay out of your bedroom, kind of the

middle ground in a way and yesterday he was practically in liz cheney's wyoming back yard, that event was hosted by kevin mccarthy. 's district is where space x is headquartered in california and they held it fireside chat. stuart: i -- to my way of thinking that's important because musk is the richest person in the world and he is sitting down for a quiet chat with kevin mccarthy who may soon be speaker of the house and third in line for the presidency. musk is right in the middle of it. >> through the twitter saga musk, can't put the genie back in about, he talked about his political thoughts and it is our view even before the trial starts that musk -- that's how we see it playing out, it is important wildcard as we go to the coming months. stuart: high-stakes game. check those futures out again. still sitting a little bit of green, left-hand side of the

screen. the media finally admitting the inflation reduction act doesn't actually reduce inflation. watch this. >> it doesn't live up to its name, let's be real, they called it the inflation reduction act as a marketing device, in part to lockdown the vote of joe manchin. we wanted is too late, the bill has been signed into law. china will send troops to russia for joint military exercises, looks like a new world order shaping up, china and russia versus the united states. is that how general jack keane sees it next. ♪

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stuart: in kentucky, a live shot that looks great. it is only 64 degrees at this moment on august 18th. it is a nice day. check futures police, still showing a little bit of green, 13 up for the down, 12 up for the nasdaq. the us drone strike in somalia killed 13 members of the terrorist group out shabbat. >> it is linked to al qaeda, its largest and best financed affiliate, there was a strike and an initial assessment finds no civilians injured.

president biden, hundreds of special operations troops to somalia to fight back. stuart: do not know if it was a drone strike. china is sending troops to russia for a joint military exercise. general jack keane, looks like a new world order united states versus russia and china. >> the strategic partnership they formed publicly prior to the beijing winter olympics and prior to the invasion of ukraine, certainly this is another step to certify that partnership. what has brought them together is what you are suggesting, a new world order, they don't want the world order that existed post-world war ii led largely by the united states and like-minded democratic countries. they want their own sphere of influence. that is the reason for the partnership, the reason they

will continue to conduct exercises going forward. we do exercises while our allies and partners, i do believe after the recent aggression china has shown over taiwan, we've got to step up the game in assisting taiwan with more arms and munitions. the model we are using ukraine won't burke dealing with taiwan, we are providing more weapons to ukraine after the invasion started than before. we've got to do the opposite, provide the weapons now so there is deterrence, we have to fight our way into get them weapons after conflict started and we need to practice, exercise with taiwan, our partners focused on the chinese aggression as pertains to taiwan. that is what is needed in the near term going forward. stuart: does the afghan withdrawal, i should say the afghan debacle have anything to

do with this formation of the new world order? >> the afghan withdrawal as much as it was so disappointing to our allies and partners dollar nato countries participating in that with us advised president biden not to withdraw which they wanted to stay and keep their forces there as well but the impact on our adversaries has been very distinct and obvious, russia/ukraine several months later, china's aggression towards taiwan, iran stepping up its activities in the middle east, theirs had been a corollary in the fact that our allies and partners, disillusioned and disappointed in the united states to be sure and somewhat shaken by it and our adversaries have stepped up their game as a result of it because they perceive weakness in this administration and believe they can take advantage of the united states and that

is unfolding right before our eyes. we when we seem to be pressed on all sides, we just reported drone attack against out shabbat in africa, we have ukraine, china, taiwan, do we have the military capability of responding on all these fronts at the same time? can we handle it? >> that would be impossible if we had to do that all at the same time. the only time we could do something like that is when we have a cold war military. the army, 785,000, the army now would love to be at 485 but they can't even get to that goal, they are going to 466, we are much smaller in all the services, when we had that kind of a threat. i believe we are in a dangerous window in terms of the china/russia/iran threat dealing with radical islam and have less military to cope with it, we are trying to dig

ourselves out of the hole and increase the defense budget but it has to be a more sense of urgency to get us out of this hole that we dug ourselves into with 9/11 wars and obama erosion of the defense budget. stuart: thank you, always appreciate it. we have formal talks beginning with us and taiwan, trade and defense. >> the talks start this fall, taiwan is our eighth largest trading partner, this is an economic plan covers 11 different trade areas designed to deepen economic, cultural, technological ties with taiwan and at the same time count for china, china doesn't like it. stuart: we want the chips, thanks. check those futures, the market opens in 7 minutes and we will go up just a fraction for the dow, nasdaq and s&p. back with "the opening bell" after this.

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stuart: well well well. look who is here. gary kalbaum. today is august 18th. are you all the way back in? >> i'm not. we started july 19th had a couple weeks later, a few days ago we added more and i already sold that because i'm worried we are hitting a little bit of a wall here and maybe i can buy cheaper, but to a certain extent after staying out the whole bear market and keep fingers crossed things get better and i have been saying watch oil prices, watch the 10 year yield. if they stay down or go low that is good. if they ramp back up to the upside i don't know if the market can stand that. stuart: most of our viewers are not in and out, they don't trade this market, most of them, i think i haven't done a survey, but most of them will buy something and hold it until they get tired of it or

something else turns up. what do you say to those people? they won't be in and out of this market? >> make sure what you're holding long-term is working. peloton, you want to hold, citigroup is down 90% from 2,009, you want to hold that long-term. if you can find great stocks like apple and hold them long-term god bless you, you can change your life, make sure you babysit everything, be paranoid, look over your shoulders, the market is not a friendly place when things go awry, very much have to keep watching, making sure those companies are doing the right thing. we when i was talking to dan ives who sits next to me and i said i never ever owned a single share of apple. my question to you is should i buy some apple stock now? >> i'm not a buyer right here. one of the greatest companies in our history, their earnings

have slowed and their valuations are on the high side so i am not sure right here but on the pool backs if the market gets in trouble again and they take it back down that is fine but let me repeat one of the greatest companies in history when you talk about holding long-term, this is what i mean by it, you buy into greatness and stick with greatness, you don't buy into crap ines and stick with crappy nests and a lot of that is going on with some of these crazy speculative stocks and i would be careful on that. stuart: i'm with you on that one hundred%, thanks for being here. let me turn back to dan ives. take me as a client. should i buy apple now? >> ultimately our view -- >> not to put you on the spot but are you going to ruin me or not? >> from the mentally it comes down to what you are saying, we are only halfway through this upgrade cycle globally. the big thing with apple is the

services business. we think that is worth 1.2 to 1.4 trillion, that is the rebating of apple, a name haters will continue to hate but we think it is a stock that continues to move higher. stuart: i wonder if it is a case of fear of missing out, like myself for example, fear of missing out on apple. had i never invested in it, fear of missing out on it now. i do actually. i do. hold on a second. we are about to open that market. here we go. it is thursday august 18th and we are off and running, slightly lower, call that dead flat, 1/3 of the dow up, most of them on the downside, a rough approximation. not much price movement, the dow turned positive, but mere point. s&p 500 up 0.06%, the nasdaq composite down 0. 4%. i call that no movement. as her big tech, they are all

down except for alphabet which is a fractional gain of $0.08. more retailers reported before the bell, let's start with bj's. they had a record profit and revenue. lauren: revenue up 22%, comp sales up just about 20%, in an environment the shopper sees value in they know it. of the one next what is coal, what did they say? lauren: they said the sales would fall 5 to 6%, hadn't predicted they would drop. this is a department store, not exactly where pennypinching customers are spending their money lose their was a flurry of activity and they say we will stand alone so investors are saying prove this strategy works out for you because numbers are terrible, stocks down 10%. stuart: then we have tapestry,

another retailer, they are down a fraction, they on coach. lauren: luxury is held out for the most part and now because they do a lot of business in china and because of lockdown their sales fell 30% so their outlook for the year isn't as rosy and stock is flat. stuart: i hear that tesla is cutting down on the delivery time in china so order a tesla car in china you can get it faster. is that a big deal. lauren: it is a big deal when it was between 8 and 24 weeks and the other big deal part of this is they completed the upgrade to their shanghai production line at that tally crank these goals out, their goal, 22,000 a week there, the timelines here amaze me. if you took delivery in the second quarter you had to wait 175 days for the model-y and 89

for the model 3, that's a long time to wait in the us, you're nodding your head. stuart: it is an impressive performance on the delivery side. >> one of the biggest achievements even from moscow over the last 4 or 5 years because ultimately what they' re doing in china is the hearts and lungs of the production story for tesla. there is despite the 0 covid shutdown they have come back roaring and second half of the year they have significant momentum not just in china but globally. stuart: a price target? >> thousand dollar price target, stocks quit next weekend i think this continues to be a name as they prove it, you will see some see legs. stuart: i've forgotten the stocks, what is it? 3 for one so to get to $300 stock as of next week. >> do you think elon musk needs a superhero cape as well? >> that's going to be the next

drumroll from a production perspective and austin, that has become key in terms of overall production muscles along with berlin. stuart: some great companies, apple, tesla. >> don't forget that company, microsoft. stuart: what i ever forget that? let's get more mundane compared to apple, tesla and microsoft, cisco. lauren: the number one dow component. so they make routers, cybersecurity products, business spending is strong, solid revenue topping $13 billion, they saw strength in products and services, the guidance, always shipping disruptions in china and still able to deliver for investors. stuart: ira member cisco from the 1990s, that went straight to the moon. to your pics, let's start with apple. we've done a lot of apple in the last 33 minutes and you are the man to cover it for us.

tell me why you think it goes above $200 a share. >> some of the parts, one is the iphone cycle, we think 240 million of 1 billion iphones have not upgraded in 3 and a half years so massive pent-up demand on iphone and number 2 is what we see in china, massive recovery story we are picking up in asia and the stock has two in front of it. stuart: a two handle, $200 a share. palo alto networks, i know you like them. >> cybersecurity, that continues to be the one pocket we are sending spending not slowing and look at cisco, look at the narrative across the board from microsoft to cisco, palo alto is going to be robust, that's where it is. a one last one, microsoft, let's be honest. what are you laughing at? >> using him as your personal

financial advisor. we when he's pretty good. microsoft at 289, does it have a 3 handle on it? >> we think, 320 base case, 340. because of the cloud storage, come down around the edges, you could see, we will see in the next 12 months, this is the most important thing the 44% of workers are in the cloud, they have the golden touch in redmond. we want the cloud is the back office for major corporations. >> and more companies, more consumers accessing the cloud. you get the aws piece of amazon and gcp, it is the rock of gibraltar in this market. stuart: anything to add to that? >> did you major in literature? the rock of gibraltar. stuart: what did you major in? >> i majored in finance but i

like to use metaphors because it just shows especially in this very rubik's cube market best ways to play. stuart: you are very good at this, back to the markets, the dow is down 20 points, fraction of 1%, 33-9, dow winners headed by cisco systems, 6% again, chevron, merck, ibm and caterpillar all active, the s&p 500 cisco systems, key site technologies, lots of energy companies out there this morning, nasdaq winner, cisco tops the list, broad, and so is xcel energy, plenty of energy stocks doing well today. is what is coming up, rory mcelroy describes tiger woods's persons during a meeting with pga tour players about live golf. >> i think it is pretty apparent when we get in the room there is an out far in there and it is not me. stuart: i guess that would be

woods. his presence and taught pga players. he's talking about the switch to live. we have a report on that. credit reporting agency fitch predicting a severe housing downturn where prices could fall 15%. real estate guy mitch rachelle says that's not going to happen. we have a debate on it. the white house beefing up the irs with 87,000 additional agents. art laughter was economic advisor to president reagan, those guys will not be targeting the rich. he knows what he's talking about too. art laughter after this. ♪ ♪

stuart: the market showing an mixed picture, small loss for the dow, s&p and nasdaq. art laffer is with us. the president has spent 3. $8 trillion, the fed is printing trillions more. my question has all the money washed through the system yet? >> it has not. my best guess is we are not through with inflation by any means. we've had a nice downturn in oil prices which has offset the other prices increasing so we had a 0 number for the month of july but those trends are not going to stack on the downturn will maybe help the inflation number but those numbers are coming up in my view over the next year. stuart: is that because of all the money still being pumped into the economy? all the money? the old-fashioned definition of how we get inflation, is still with us. stuart: >> there you go. i love your word for fear of missing out, you want to incorporate that, that is

wonderful, my feelings all the time. of the want talk to me about the irs because i think you had some experience not of being audited but in economic advisor to president reagan and he had a lot to say about the irs. do you think the irs with all its new money are just going to go after the rich? are they going to target? >> don't think they can just go after the rich with this highly automated world of ours. i'm on the board of a number of companies and there are so many people who go through accounting, the lead director, chairman of the audit committee, outside accountants, inside, all sorts of audit people, these things are highly automated, i don't think that's where the irs can go. they have to go to less sophisticated operations and once they do that they have to go much lower and to get any of the money they are talking about and they are not targeting people who have refunds coming, they are only

targeting those places they think they can get more money and it is a waste of energy and time in my view. it is like expanding the number of divorce lawyers in society, doesn't make anyone better off. stuart: shuttering at that one. let me go back to straight economics. you say we are not done with inflation and the fed is not done fighting inflation, that sounds like we are headed towards a recession. what say you? >> that could be the case. we had a major slowdown. i know twitter says it is not right to use the word recession but we had two quarters down in gdp, that is a bad performance, you see the economy is not growing like it should have been, i think we are in secular stagnation and a long way without any real prospects for rapid growth, nothing out there tells me we will have a bounce back in strong economic growth like during the reagan or

kennedy era. i don't see any of that. stuart: there is nothing in this huge spending program about growth. >> don't think there is anything there that would cause growth. hiring more irs agents put a damper on growth. most of these other programs are redistribution where you are taking from producers and workers and giving to people based on characteristic of the work etheredge. the 15% minimum tax, you've got a company that has profits and they do this big green investment and a huge tax credit for it and it reduces their tax rates below 15%, now the gap accounting, put a 15% tax on and ruined all the incentives for the green investment. it's not going to happen because they don't get a tax break from it. it is washed out by the 15% minimum tax.

all these things are anti-growth, slowing the system down, make it more confusing and less incentivizing. it's a sad bill and it will need to hire inflation. stuart: it is 1979 all over again. >> it is 1979. stuart: you and i remember it. >> glad we are old, glad we are making it. stuart: what is next? lahren on deck. develop plans. lauren: she's got a lot of money now. 's they need to spend the money and how will they spend it? the plan in 6 months, she calls the money a monumental opportunity to reshape the agency, the democrat priority, so her top priority here, clear the backlog of cash returns and modernize the equipment. that needs to be done. she will not increase audits on

those making $400,000 a year but not a lot of people believer. stuart: i want to talk about this 1% stock buyback tax. surely that would concern you as you follow apple. nobody does stock buyback like apple. are they going to stop doing it? >> in terms of buyback if you look across the board, background noise, they are not going to change their buyback strategies, it continues to be something you, the last thing you want to see is this given that has been a huge positive. >> that 1%, once it is accepted it goes up. stuart: everybody, the cdc admits it's covid response fell

short. director rochelle wolinsky, out performance did not reliably meet expectations. i want us all to do better starting with cdc leading the way. and then there is this. >> be your new bus driver. >> i'm filling in for julio. stuart: that may be funny but the school bus driver shortage is real, not funny. more on that next. ♪ ♪ the horn on the bus goes beep beep beep ♪ lawhorn on the bus goes beep beep beep all through town.

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stuart: it is not just teacher shortage schools are facing. it is nationwide shortage of bus drivers. madison allworth in chicago, school begins monday, how many drivers are they short? >> chicago schools are short 500 bus drivers which i spoke

to some parents who don't know if their kids will have a bus route starting the school year. here is the concerning thing. parents i have been speaking to have children with special needs and under illinois law, they are required to have transportation. it is supposed to be under an hour. we spoke to a parent, she says the district is not doing its job. >> it will take two hours to get to school and two hours to get home. we can't do that. not sure what to do, chicago public schools, transportation line, trying to get hold of anyone, you can sit in the line for hours waiting to get through. >> reporter: families with special needs students can't get transportation, $500 a month. they will be given an excused absence until it is corrected.

across-the-board cities are trying to hire bus drivers and offer incentives. chilean here in illinois some companies have raised pay and have seen success. take a listen. >> a lot are sitting at home but when they see they, the pay is what they have been looking for. we've seen an uptick in people coming in over the last 2 or 3 months. >> reporter: the company short 15% of their drivers making good gains. the school year for chicago public schools right around the corner and the parents are concerned they will see what happens last year which is 2100 kids not picked up on the first day of school so we have to wait and see what happens. very concerning considering 400 spots are open. stuart: what would you do if you're a parent of a child and don't know when your child has a ride to school on monday. great story. check the markets please. i have read inc.

again, the dow is down 80 and nasdaq down 20 points. i want to thank dan ives for offering original news report on apple, apple 14, the iphone comes out. >> drum roll, thanks for being here. stuart: ben dominic, carol markohvit z, the 10:00 hours next. ♪ ♪

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♪ somebody turned around and shouted -- ♪ play that funky music, white boy. stuart: good morning, everyone. it is 10:00. straight to the money. look, this is not a big selloff by any means. we've got some red ink. the dow's down 80, but this is hardly a selloff. let's see how we close. at the moment it's a very modest loss. the 10-year treasury yield, where's that this morning? 2.85%. the price of oil, where is it? $90 a barrel? 89.91. that's as near to $90 a barrel as damage is to swearing, as my mother would have said. [laughter] bitcoin is --

[laughter] you know, you get this stuff n. $23,400 per coin, and now the most important number of week especially for realtors, it's the latest read on to existing home sales. number, please. lauren: the number is 4.81 million. so that's seasonally-adjusted annual rate of units sold. let me give you -- stuart: that sounds to me like -- lauren: down more than expected, down 5.8%. we're down to 4.8 million, we started the year at 7 -- 6.5. i believe this is the lowest since june of 2020, so just add to to another, sorry for the word, crummy report on the housing market. stuart: how about mortgage rates? >> they're down too, 5.1%. listen to the commentary from the chief economist at freddie mac, inflation appears to be beyond its peak, and that has stopped these rapid increases in rates. but they're still high. and you're still dealing with a market with little supply.

stuart: yep. we need a real estate expert, you know? [laughter] we've got one. his name is mitch roschelle. great to have you with us. existing home sales, homes being sold at an annual rate of 4.8 million. i call that weak. what about you. >> i do think it's weak, but the bigger question is, not that i'm giving you the questions to ask me, but is the housing market in a recession, and i say, no. and the reason for that is we saw two days ago the sentiment of home builders being down. then we saw housing starts being down. that means we're going to have less supply. and my belief is that demand is going to stay relatively constant because people still need homes. the volume of transactions suggests these are coming from a period where interest rates have spiked, so i think people backed off a little bit. but now the mortgage rates are starting to stabilize a little bit, i think you're going to see into the buying season in the south which starts pretty soon a

pick-up in volume. stuart: okay. we've got the credit reporting agency, fitch -- and i'm sure you've seen this -- they're saying that home prices cocould fall as much as 15%. that's a dire warning. you completely disagree with that? >> i disagree completely, and i'll tell you why. first of all, they rate mortgage-backed securities for a living, so i think it's in their best interests to be very conservative because the rating agencies were the ones who were not conservative going into the financial crisis, and i think they have a rearview mirror, and they're saying we don't want to do that again. okay? the second issue is i think they're looking at it the wrong way. housing prices went up, and we talked about it a lot on show, 20% last year, 20% the year before. if the housing market gives back, let's say, 10% of those price gains, that's not a washout of the housing market that's done so well over the last two years of covid. i don't see a dire situation

especially if demand is strong is. stuart: professor brian brenberg is with us this morning. weak housing market in terms of existing home sales but no price crash according to mitch rochelle. what do you say? >> i don't think the price crash is going to be a big issue. i agree with the second part of what he said. i could see a 15% comeback in prices. something's got to happen, mortgage rates have got to come down, prices have got to come down -- stuart: o.k.. guess what? guess what? your microphone's not working. >> oh, really? [laughter] that's intentional. [laughter] >> i unplugged him. lauren: but ours should be picking his up. to the rescue -- stuart: hold on a second, everybody, we've got to take a pause -- [laughter] and in the meantime, gentlemen, hold on. now this: [inaudible conversations]

political. elon musk sat down for a fireside chat with kevin mccarthy, the are republican leader in the house. it was a q&a session in front of republican mega-donors. think about it. here's the richest person in the world sitting down quietly with the man who will probably become speaker within months. a fireside chat with the third many line for the presidency with the richest man in the world. in republican circles, this is important because musk is taking sides within the party. he is positioning himself in the middle saying he supports the left half of the republican party and the right half of the democratic party, end quote. after trump call him a b.s. artist, musk said e trump should hang up his hat and sail off into the sunset. doesn't sound like he supports a second trump run, does it? sit-down with republican elites was a great opportunity for musk to influence the direction of the party. we don't know if he opened his checkbook, few it's -- but the it's a possibility mt. future.

remember, facebook's mark zuckerberg spent $350 million to influence the 2020 election. a man whose fortune exceeds $200 billion could have significant many influence on candidates and policy especially if kevin mccarthy becomes speaker and third in line for the presidency. ben domenech is with us to offer professional and intelligent analysis. all right, ben, how much could elon musk influence the republican party? >> well, i think he could have enormous influence if he really wanted to use it. right now he's kind of playing footsie with the party which is something that elon tends to do. but i do think his analysis of being for the left flank of the republican party and the right flank of the democratic party is a position of diminishing return especially considering that, you know, elon is not someone who's run away prosecute kind of -- from the kind of culture war issues at least in terms of his opinions on twitter and the like

that typically is identifying of that kind of middle, centrist position. i do think it's going to be very interesting to see how he reacts to a potential sea change in washington has coming up this november. we have two very excited, very energized portions of the country, democrats and republicans are going to see very high output in terms of the level of turnout across the country. and that's going to have an enormous impact many sweeping away a lot of these generation alleyeders who have been around for a very long tile, stuart. you could have a very young generation, closer to mucks' ideology as -- musk's ideology as well. stuart: your saying there's going to be a sea change many november, but the democrats could keep control of the senate. the republicans are in shaky races many georgia and in pennsylvania. -- in georgia and in pennsylvania. >> it's definitely something concerning to republicans, i've written about it, and it's receiving a lot of attention in

washington. but one hinge i would remind people is when you look at a place like georgia, there are not going to be a lot of people voting for brian kemp who's running for governor and for rafael war mock in the senate. i don't think -- raphael warnock. what does that mean? i it means they have to lean very heavily in trying to get a base election out, an election that includes a lot of republicans and a lot of frustrated independents who are unhappy with wha these shakier candidates with less experience. stuart: has the raid at mar-a-lago shored up support for donald trump? >> absolutely, it has. i've been talking to consultants over the past week in terms of their reactions to it, getting a lot of different feedback. and they say one of the things that's happened is the dobbs decision on roe v. wade e which excited so many democrat voters, got their donors to start opening up their checkbooks, that's something hay see -- they

see playing out right now in terms of the reaction to the raid. it's unprecedented, obviously, but i think it's made the excitement on the republican side match that kind of democrat enthusiasm. you're seeing two waves coming and crashing into each other. [laughter] stuart: fascinating, isn't it? especially if you like politics. ben domenech, he likes politics. thanks for joining us, ben. >> great to be with you. [laughter] stuart: we just love it. let's have a look at this, bath and bodyworks, i mistook that. ing i thought it was bed, bath and beyond. it's moving 40% up. what's the story? lauren: they're doing something right. they're opening up new stores not in malls. they've got a domestic supply chain, you can right size, inventory and keep it fresh faster than competitors. several brokerages today are increasing their price target. stuart: i don't see how you get

a profit out of oils -- lauren: have you taken a 6-year-old into that store? stuart: never. [laughter] lauren: they put your hand sanitizer in these little $10 cases that are shaped like dinosaurs and make noises, but they're $10, and you're buying them every time you -- stuart: with a profit margin of 95%, i'm sure. [laughter] i digress. tell me about v.a. lear row. eye hoe -- valero. >> r lauren a lauren they're running near capacity. they think demand will stay strong. so we're heading into a slower time of the year, you know, back to school, fewer vacations, and they haven't seen much sign of demand destruction can. stuart: well, energy stocks are doing very well. lauren: oil up too. stuart stuart we're back to peloton. lauren: we are. stuart: $123 a share -- 12 a share, what's the story? >> credit suisse believes sales

will contract futcher, hoe they like -- further. they like the assemble it yourself -- stuart: do they? the worst three words mt. english language? [laughter] lauren lauren however, if that bike were to be cheaper, you save money and they save money, the gas that it costs -- stuart: okay. are you trying to sell me peloton stock? lauren:, not at all. i envy people. mike murphy says he pelotons at 5 a.m. seven days allege every -- a week. >> that's mike murphy though. stuart: show me streamers. are more people streaming now than watching, people like me, cable television? lauren: you see like an epiphany. it's been a slowly building trend, and now for the first

time in the month of july when there's fewer sports on television, streaming captured, i'm going to give you the numbers, 34.8 percent of total tv views versus cable tv at 34.4%. so it's small, but it's a first because streaming has become ingrained in how we view content. everybody's competing with everybody especially on price. netflix has an ad-supported tier now coming out. stuart: you're reck wrecking my career at the very end of of my career. lauren: my cable bill just went up $90 something. we're going to -- stuart: okay. rory mcilroy speaks out after tiger woods met with tour players to discuss the saudi-backed liv tour. the media finally are realizes the democrats' so-called inflation reduction act doesn't actually bring inflation down. watch. >> it doesn't live up to its name, let's be real. they called it the inflation reduction act as a marketing device in part to lock down the

vote of joe manchin. >> this is marketing branding genius. stuart: marketing branding genius. [laughter] well, maybe, madam. kayleigh mcenany's going to be on the show. she'll deal with media's sudden epiphany. the fed just raised rates, the famed economist known as dry powell of the fed, needs to shock the market. i believe he's 97, 98 now. i used to know him in the '70s and '80s. he was a very powerful economist, and he's saying the fed's bot to shock the market? what will brenberg say about that? we've got his mic working, by the way. we'll be back. ♪ ♪ ♪ i got into debt in college and, no matter how much i paid, it followed me everywhere.

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stuart: see that graphic? ah, the state of the economy. what is the state of my? the ceo of bank of america says recession doesn't matter to the average person. all right, lauren, so what does matter to the average person? lauren: your rent, the price of gasoline, and both are, unfortunately, high. that's why brian moynihan tells the ap whether we are in a recession or not is really not important, it's what it feels like for the people going through this. gas prices are coming back down, but rents are going up 10, 12, 15%. and rent can end up taking 40% of the household million. stuart: yeah, that's a huge impact. brian brenberg, professor of economics with us now.

what do you think of this? it's not the numbers that count, it's how people feel. >> well, and i think what people get sick of is hearing the administration jump through hoops to try to deny this, just accept it. it's not good. call it recession, call it whatever you want, we've got to fix things. the administration won't do that. that's what people get upset about. sue stuart you've got it. i want to talk to you about a very well known economist back in the '70ss, henry raufman -- kaufman. back in the '70s every friday afternoon you'd get these money supply numbers, and henry would make a comment, and everyone would to go crazy. he's still alive, he's in his late 90s, and he says the fed is behind the curve. he says powell needs to shock the market to, i guess, to get rid of inflation. he's talking like he's got to do a volcker -- >> yeah. stuart: -- jack rates up and bring inflation down. >> i'm with him that powell's behind the curve, but i'm not

with him about the shock. and this is why we keep abe this like it's a demand-side problem. we've got to curtail demand. the problem here is supply. pleasure we sill don't have enough -- still don't have enough people in the labor market, we're still not producing enough. if you've got an administration that eat raising taxes in the middle of a recession, you're not going to get where you need to be. the shock is on the political side, not the monetary side. political side. pressure. stuart: what do you think powell's going to do? i mean, he is behind the curve. >> they're going to keep raising rates .75% maybe, maybe next raise it's half a percent, they've got to do that. but keep focusing on the demand side, we're going to miss point here. stuart: true, that would shock the market. if he keeps on raising rates 50 basis points, if he does that the, that shocks -- >> i don't think that shocks the market. stuart: no? >> i think the market basically expects that. what would shock the market is if we had an administration that quit talking about spending money and quit talking about tax

increases. that's what the economy needs. lauren: that's not going to happen. mary daly of the san francisco fed made these comments this morning, and i wrote them down. she says, and i quote: the markets have a lack of understanding what consumers understand, that inflation is too hot. pleasure she says there's no way we're near declaring victory on inflation. basically saying do not expect rates to even level off. they're going to go up. stuart: right. lauren: the market's sometimes betting we're going to cut because we're slowing so much. she's saying that's not going to happen, inflation's too hot and consumers understand that. >> it won't work if the fiscal side of the house keeps spending and taxing. folks, it's a supply-side issue fundamentally -- lauren: and now they're going to cancel student debt, so that just adds to the problem. stuart: good debate. coming up, meme stocks -- no, let's do it now. meme stocks, are retail investors actually diving back into this mania?

lauren: not today. look at these declines. bed bath and beyond down 26%. you have the original gamestop and is amc lower as well. i was speaking to a couple of people on e-mail and with our producer, ellie, and some hi9 that the retail trader is becoming more cautious. i mean, you know, there's no rationality here. meme stocks can't just going up when, in bed bath & beyond's case, hay don't even have enough to spend for their christmas inventory. go ahead, sorry, it's your show. >> let him wind up here. stuart: wouldn't it be mice if retail investors came to the conclusion these are gambling chips? when ryan cohen fulls out and says i'm probably going to dismiss all of my stock holdings, these people are left holding the bag. when are they going to realize that you were duped, ladies and gentlemen? lauren: by ryan cohen. >> tell the us what you really think about.

stuart, people want to be a part of this. a community thing, it's a social thing. there's an identification people have with small guy and wanting to be part of this -- that's why reddit's so important, why personalities like cohen are so important. you have to understand this is a social phenomenon paris, not an economic -- stuart: don't you hate to see these youngsters screwing around with their money and losing it and getting turned off real investing for life? >> i hear what you're saying. on the other hand, you learn a lot when you do something like this. you get burned like this, you think differently next time. simes the best teacher is failure, stuart. you've got to let people fail. free market lets people fail. stuart: 15-love, brenberg, i give you that. [laughter] employees at twitter are now reported wily quitting in droves over the missing takeover drama can. i'm surprise ared. i thought they didn't want musk to get it and would stay if he doesn't get it. anyway, we'll figure it out. bill gates just became the

large individual farmland owner in america. that's not sitting well with a forth generation farmer in georgia. he says gates doesn't know what he's doing. that palmer is next. ♪ -- but don't be alarmed. ♪ it's just country boys and girls getting down on the farm ♪

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stuart: little price change so far today. look at that on your screen, the dow's down a mere 70 points and the nasdaq down 20. not much movement. we are looking at some stocks which are moving significantly. bj's to start with, they're up 7%. lauren: all records. are revenue increased by 22%. they're king in this environment. they know consumers look for value. they're a warehouse club, they offer that. stuart: another retailer doing well, that's what it's. estee lauder, i think of hem as a beauty company. lauren: with big business in china, and they expect china for the full year to grow double digits. stock is up 1.4%, they also had better earnings overall. stuart: here's an important company, we don't hear much about it.

it's called verizon, and it's down 2.7 percent. >> moffett and may thanson cut them to -- nathanson cut them to sell. verizon has tried not to offer discounts, and that time is over. there's the haves and have nots, and right now they're a have not. the price target is down 25%. stuart: oh, that'll hit you. thank you very much, lauren. a fourth generation farmer in south georgia raising concerns after bill gates became largest individual owner of farmland in america. he's reportly purchased more than 200,000 acres in 18 states. well, will harris is the owner of white oak pastures, a farmer in georgia. sir, you have objections to gates owning this land. one of your objections is you say he doesn't know how to use it. how do you know that? >> good question. thank you for having me on, by the way, mr. varney.

i meant every word i said about bill gates' acquisition of farmland, and and i stand by it today. i'm wholly unapologetic. but at the same time, i do can regret that my comments were construed as criticism of gates personally. my criticism is his brand of misapplied technology. stuart: hold on a sec. i don't get that. misapplied technology. what's that that mean? >> yes, sir. so reduction of science gave us the technologies to implement the linear factory farm system. incredible efficiencies came from using technology in a complicated system. stuart: okay. >> a complicated system is like a factory or -- [inaudible] hose technologies were is

efficacious to make that very linear, scalable, complicated system work, and we misapplied -- my father's generation and my generation -- misapplied those technologies to a complex system that were designed to complicate it. a complex system is like my farm or our ecosystem. and when we, you know, if many a complicated system like a factory -- stuart: yeah, but wait, wait, wait. why can't bill gates own a chunk of land and make use of it in his way in maybe using technology or not? if is he not going to use it right, in your estimation? >> i would go to war to defend any individual's right, legal right to own land. whether it's the right things to do or not is a very separate and different question. out suiter look, i'm almost out

of time. i really have to get to the point as to why you don't think he will use it properly. you don't think he'll produce if enough field, is that it? >> i think that the complex system has so many unintended consequences, and those unintended consequences fall on the backs of the keg are rahation of our lanker our water, our climate, the impoverishment of rural america. it's the -- we have a very bad food production system. stuart: okay. i'm terribly sorry, will, i'm out of time. i'm always pressed for time on this program, and i'm pressed for tame right now. look, i want to thank you for coming on the show, and maybe at some point in the future we can get you back again, and we'll get into more detail. will harris -- >> i would love -- >> thanks for being here. thank you very much. okay. employees at twitter reportedly quitting in droves. is this because of the musk --

lauren: yeah, are you surprised? it's absolutely because of that. he's anti their culture. stuart: yeah, but he ain't gonna get the company. >> and that's one of the reasons why they're quitting. the new york post spoke to several of them, and they said we're disappointed with -- management, with our executives. the. answers we keep getting is twitter is conducting our fiduciary responsibility. they're ticked off by it. twitter actually started reclassifying those resignations to be musk-related. stuart: okay. i think i've got that one. here's another one. the crib toe broker, genesis -- crypto, they are cutting jobs. lauren: another one. stuart: how many and why? lauren: about 50, a fifth of their staff, and their ceo also. because they loaned money to a hedge fund that went bust, so they're just the latest crypto-related firm not immune -- stuart: yeah. it's all rippling out, isn't it?

crypto confidence, cutting employees. what does that tell you? >> you lend a bunch of money to people who want to buy it, that's what's going to happen. i think it's something like 4,000 layoffs to date in that space. i don't think it's going to end there. you talk about bubbles, that's one of them. stuart: yeah, it is. it was a bubble fueled by all that money that the fed was printing -- >> there you go. stuart: the wall of money ain't there, and cryptos come down. >> wall of money falls. stuart: thank you, brian. the nfl returns to normal three years after the pandemic first began. we're going to tell you what normality means in the nfl are. the cd can c commitments -- admits its failures in covid. hillary vaughn reports after this. ♪ ♪ my bad habits lead to late nights ending alone -- ♪ conversations with a stranger i barely know. ♪ swearing this'll be the last, but with it probably won't ♪

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stuart: dow industrials down 95. nasdaq composite down 19. not much movement. director of the cdc, that rochelle a walensky, admitted to failing the american people. now she's calling for an overhaul of the entire cdc agency. hillary vaughn on capitol hill. what changes is the agency going to make? >> reporter: stuart, an entire shake-up at several different parts of the cdc because the director, rochelle walensky, openly admitting to senior staff yesterday that their direction during the pan dem economic their public guy dance was, quote, confusing and overwhelming. so changes are on the way including changes at the. communications office, redesigning its web site, hiring more staff with less turnover so requiring employees handling public health emergencies to be on taffe for at least since months. some lawmakers are not con convinced this is the right fix. >> they say part of the road to recovery is admitting they have

that -- that you have a problem. like so many things at the cdc, the left has misdiagnosed the problem. sphwrr and the cdc director may be on to something. a pew survey many june found that public rust in the government is at an historic -- trust in the government is at an historic low, only 2 the in 10. but it's not just the cdc that has eroded some of its trust with the american public. 52% of americans see big government as a major threat to the stability of the country, but under president biden government is getting bigger. the irs hiring 87,000 new irs agents has average americans worried if auditors will be coming for them. >> senator crapo who said why don't we have a rule that these extra 87,000 irs agents won't awed a admit people with incomes below $400,000. every single democrat in the senate voted against that amendment. >> reporter: and there is also

scrutiny swirling around the fbi and the doj following the raid at mar-a-lago and questions if that raid was politically motivated. >> i think to release this affidavit would at least put some transparency in the hands of the american people because we need to have faith many our justice system. we need to have faith in our fbi and, unfortunately, it has really been lacking for a lot of americans. >> reporter: so, stuart, a lot of trust in several key government institutions has been slightly lost. right now it's interesting to see how at least one way to, one way to address part of problem has been to build up the government, hire more staff, make the government bigger. but a lot of people seem to think that may not be better. stuart? stuart: big government is better or not, good question. hillary, thank you very much, indeed. the nfl season is returning to normal three years after the pandemic began. what's normal? lauren: no more testing.

stuart: oh, that's it. >> those testing tents, they're not doing that. all the preseason traditions are back like the packers, they would take the little kids' bikes and ride to the stadium where they practice -- the. stuart: oh, really? if didn't know that. [laughter] lauren: i thought that was the coolest thing mt. world, especially when i saw pictures of it. the camaraderie -- >> you can high-five someone. lauren: let's do it. >> you can high-five again. stuart: you're allowed to do that now. >> 40 -- how do you like that, stuart? stuart: what about the draftkings of the world, does the normality change things for them? lauren: no, because they're not profitable. they're cutting back on their marketing expenses because they have to prioritize their profits. it seems unusual, but think about it. they've expanded to, what, 36 statements recently. that comes at a cost. and if they want to expand further into other states, they've got to save their money for that. stuart: you ready for normality? >> yes.

stuart, of course, in everything and especially sports. let's quit moving games, let's quit suspending guys, not letting them play in canada, for example, in baseball. that's ridiculous. play the game. we should be doing that. there's no to reason any of the hangover from 2020 -- stuart: and get vax mandates ou? >> out. stuart: -- and bring djokovic in to play the u.s. open. is are there anything wrong with the best tennis player being in america. >> not according to stuart. stuart: what? >> i'm agreeing with you. [laughter] stuart: hold on a second. this one's for you. pga guy rory mcilroy speaking out after the pga big meeting between the pga and tiger woods. now, what's mcilroy saying? lauren: after three and a half hours, he's saying, look, tiger woods, the base of the pga tour, his presence and his voice carries weight. >> it shows how much he cares about the tour. i mean, he's the hero that we've all looked up to, and, you know,

he's -- his voice carries further than anyone else's in the game of golf. i think it's pretty apparent than that whenever we all get in the room, there's an alpha in there -- [laughter] and it's not me. stuart: well, there's still -- can i mean, it's a rear guard action by the pga, tiger woods. they know that liv golf is making significant inroads, am i right here? >> well, money talks. and guaranteed money means everything in sports, and li v is providing that that. and tiger cares because his whole legacy's wrapped up in the pga and all the championships, but these young guys who haven't made their money, you're going to guarantee no matter how i do you're boeing to give me that moneysome. lauren: and tiger adds weight to that push because he's the ultimate comeback king. he moves the entire golf industry. so when he's reportedly turning down an $800 million contract with liv according to the pga tour and rory mcilroy is

basically idolizing a him -- stuart: lebron james and the los angeles lakers have agreed to a two-year, clash 97 million -- $98 million contract expense tension. this makes james the highest earning player in in nba history with $532 the million career guaranteed money. how about that? >> big money. stuart: we're in the wrong business. [laughter] still ahead, believe with it or not there's a new nasal spray that may prevent seizures and could offer some protection against alzheimer's. doc sooging will tell us how it works and whether it work in our next hour. parents fighting back after some schools in the northeast try to keep students mag -- masked up. karol markowitz left new york to escape this kind of policy. she's in florida. she joins me next. ♪ i don't want to go to school, i just want to break the rules. ♪ boys and girls --

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♪ stuart: a mom many philadelphia says she's going to sue the school district after her 5-year-old son with asthma was isolated for not wearing a mask. details, please. lauren: philadelphia public school students will go back to school in masks for the firsts 10 days. everybody has to wear a mask. not okay with this mom. >> my son has asthma. when he has a flare-up, he cannot breathe. he gets really hot with a mask, no evener would be able to see that he is -- teacher would be able to see that he is having a flare-up, and the school district is basically isolating any kid who is not willing to wear the mask. nobody's really happy about this mask mandate. there are a bunch of moms who have grouped together to sue for mental health reasons and medical health reasons. lauren: they've had must have if, and they're trying to find out who is making these rules. where do they come from? stuart: good question. lauren: is it the school board, the the health department, the

teachers union? stuart: we don't know. i'm pretty sure you have a strong reaction -- >> sue hem. take them to court again and again and again million those questions are answered and we actually start making some decisions based on science. this is inpure rating for parents -- stuart: i can't understand why the least vulnerable should be so protected with masks when masks don't work. it just makes no sense to to me. there's more on this. the fairfax county school board in virginia pacing criticism. they sent out a memo saying students would still have to mask up during high rates of covid. in philadelphia, schools will requiring students and staff to wear masks for the first 10 days of the new school year. carol markowitz joining us now. karol, you moved out of of the northeast, new york city specifically, you went to florida because of that kind of thing. i take it you've got to no mask problems in the schools in florida? >> no, i haven't. and, you know, part of that is just the confidence that i have

that this is not going to happen in florida. this is why we moved, right? i like being sure that my kids weren't going to have to go through this for 10 days, 3 weeks, any amount of time. but the thing is, virginia has same situation. when fair pax county announced they were going -- fairfax county announced they were going to require masks, the next line was, well, we cannot actually require masks, so if you want to opt out, you can. you said it best. the masks don't work. zero covid because of masks, that literal has never happened. it's become such a political hinge. you know it's a left-leaning district when they impose mask mandates. i was in scotland recently, and nobody was wearing masks, nobody. i mean, i would say i saw fewer masks in scotland, a very left-leaning country, than i saw in free-wheeling florida. so i wish we would get over the politicization of this. stuart: can you explain to me why is it that a democrat-run cities tend to go for masks far

more than the republican-run cities? >> yeah. stuart: i mean, why are they like this? >> well, or yeah. i really think it's a way to show that they belong to a certain in group. i think that they believe that if they don't mask, if they don't push masks, then they're, you know, trump supporters. like wearing a maga hat. i really do believe it's become a way to convey to other people that we believe something, we belong. and it has nothing to do with covid, science or any of it. it has to do with showing you're part of a group. stuart: virtue signaling. >> exactly. stuart: congressman jamaal bowman has repeatedly called for defunding the police, but he's seen crime skyrocket 30 percent in his district compared to last year. this is another reason why you left new york city, isn't it? >> yeah. yeah. i watched my neighbors who i lived in park slope, brooklyn, a fairly affluent area, put defund

police signs in their windows because they didn't have to worry about it. they weren't going to experience this 30% increase in crime. and representative bowman is the biggest hypocrite. when he got nervous after january 6th, he requested more police presence at his home. i mean, can the rest of us do this when there's some crime on our block? can we where for -- request more police presence at our homesome we can't. it's always these privileged, rich people who really don't have crime impact them the way that representative bowman's district does. stawrt stuart or are some of your old friends and colleagues in new york kind of angry at you, giving you a hard time for jumping ship and going to florida? [laughter] >> simes. i get that sometimes. but i think the majority really understand, and anybody who can leave has left or is planning to leave. it's just -- look, i love new york, i really do. i want it to recover, i want it to get before the.. -- better. but he can't when you have representative bowman calling for defund police with a 30%

increase in crime. it's not sane, it's not a path forward, and i don't see new yorkers standing up and rising against it. stuart: have you been back at all? in the last year? >> i have, yeah. stuart: okay. what's your impressionsome. >> well, i spent a lot of the summer at my in-laws who are big fans of yours, and i spent -- on long island. i was mt. city, look, i see a lot of, like, just mentally ill people on the street in a way that i don't think i have trout my life. i grew up in brooklyn. i'm a lifelong new yorker, i was. so i've seen it before, but i think the numbers now are just so high of just people on the street who clearly are, you know, on drugs or have mental health issues, and they need help, and heir not getting this help. i don't know, i just don't see new york turning the corner, and i really wish it would. stuart: okay. karol, thanks very much for being being with us. >> thank you, stu. thank you. stuart: brian, i'm going to thank you very much for being with us for the entire hour. >> thanks for turning my mic on

for almost the entire hour. i appreciate that. stuart: we couldn't believe you mute -- leave are you mute. thanks, brian. still ahead, dr. marc siegel and "wall street journal" guy dan henninger. the media and the democrats will never get over trump derangement syndrome. endless leaks from anonymous sources keep on surfacing, and it's all designed to show rump must have done something -- trump must have done something wrong. that's my opinion and it's next. ♪ so so what, i'm still a rock star. ♪ i got my rock moves, and i don't need you. ♪ and guess what many. ♪ i'm having more fun, and now that we're done measure -- ♪ i'm gonna show you tonight i'm all right, i'm just fine. ♪ and you're a tool ♪ you'll always remember buying your first car. and buying your starter home. or whatever this is.

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>> the doj, fbi, has never had less credibility than they do right now and all of that stems from their insane pursuit of this president. >> twitter says it's not right to use the word recession but we have two quarters downing gdp, pretty bad performance, there's nothing out there the tells me we will have a bounce back. >> make sure what you're holding long-term is working. if you can find great stocks like apple and told them long-term god bless you, it can change your life.

>> my belief is demand is going to stay constant because people still need homes. stuart: 11:00 eastern time thursday august 18th. look what is going on in the markets, not much to be honest, the dow is down 70, the nasdaq is up tween 9 fractional gains for the s&p, how about big tech where the money is, all of them down except for out for but the loan winner which is up $0.18. the yield on the 10 year treasury moving up, moving down 2.85%. now this. this is not the way it should be but it is the way the democrats want it to be, endless leaks about the mar-a-lago rate from a norma's sources, that trump must've done something wrong. the latest is from newsweek, it claims fbi agents were going

after trump's, quote, personal stash of documents relating to the russia collusion probe and 2016 election. before that the washington post reporting those seized documents related to nuclear weapons and before that, multiple reports about classified material, trump's possible criminal liability, the contents of milania's closet, this is all speculation because mary garland refuses to one seal in full the reason for the raid. unseal that and we will know what he's looking for and we will find out if it was important enough to warrant the search of the former president's home. the judge in the case will rule, i think he should. our country should not be left in the dark on something as important as this but he won't reveal all. the leaks continue. the media and democrats will never get over trump derangement syndrome. the raid is the best way of keeping it going, third hour of

varney starts now. wall street journal guy dan heninger wrote about this extensively, the mar-a-lago rate in the wall street journal and i read your piece today titled after the mar-a-lago raid let voters decide trump's future. we will see more leaks. >> absolutely. what you just described in your commentary is a troubling development in media press in this country, you describe three stories, the one thing i can guarantee is in none of those stories will you find the name of the director of the fbi, the attorney general, the head of the cia or national intelligence, all based on anonymous sources which

happened in the russian collusion narratives. that something the press began to report anonymity to any no one who would convey a leak like this, making it extremely difficult for viewers or readers to have any idea the importance of that source of information, whether it is hearsay and people don't believe it. half the country no longer trust the press to give them an accurate reckoning of what is going on with stories with steel dossier and mar-a-lago. as i write to my column this week, a lot of people think the degree of political rancor is something we could absorb endlessly. i don't think that's true. it is not limitless, the government described picking up noise about civil war on social media, and around the supreme court.

we are heading in a very dangerous direction. stuart: you say voters should decide about trump with these investigations, when do we get to vote? >> we will get to vote during the primary system. the question is whether donald trump is going to run or not. the republican party has to have a big debate about that, there are views on either side with her trump himself should run orbit whether he should remain a kingmaker. that is an important useful political conversation. liz cheney will go out and perhaps run for the presidency and try to stop donald trump. that is a democracy, the way we settle issues like this rather than leaving it to the attorney general of the united states based on some evidence they may have dragged out of mar-a-lago deciding whether to could bring, all charges against a former president of the united states. he was elected.

more than half the country voted for donald trump in 2016 and those are the people who should decide his future. stuart: it is astonishing that you conduct a raid like this and not tell people what it is all about. a raid on a former president's home as he's engaged in a presidential run, that is extraordinary. >> that's why the magistrate, bruce reinhardt releases the details of that affidavit after these leaks. stuart: i don't think we will at all. >> some of it. maybe not the most sensitive material that would allow the washington post to write another story about nuclear secrets. stuart: we will be watching closely. back to the markets, not much price movement, the dow down

90, nasdaq down four, some red ink but not much. david, you know i read your stuff and you think stagflation is coming. make your case. >> the federal reserve reducing interest rates in a meaningful way, we get the 40 year mark in september. inflation happened as a result of the covid spending, trillions of dollars went to the american people, we got overheated so every monday deal got done. every ipo got done. we propped up the stock market and the crypto markets, the housing market and i believe the overheated state will lead to stagflation where we have lower gdp and more unemployment at of us. stuart: a long-term recession you think?

>> we measure the world in three indicators, short-term, midterm and long-term. the hour hand is negative, the two negative gdps in a row give us what used to be the definition of recession but others go into this as well. on the long-term we see a ball market. we are looking negative right now but after the midterms, sooner than them. stuart: i am not quite sure what you are saying here. i'm inclined to jump on board with this rally, to buy some more microsoft or big tech and hold it into the next few years. what do you think of that as a strategy. >> certain assets we need to have as long-term investments. in the greater seattle area, we use a lot and the point's we need to be patient in this market cycle, we are not doing

supply-side, doing the opposite of that. 80,000 at a time. not necessarily the recipe we see long-term. stuart: you are not gung ho for stocks. you are very -- i'm reading between the lines. are not happy with putting fresh money in the market this morning. >> i am not and the bond market as well. has interest rates rise the value of the bonds go down relative to net present value. of the 10 year treasury you got on the screen rises that has microsoft out there. a lot of america has a difficult time.

the right now locations make sense and we need to find alternatives to bonds, and bears. stuart: i've got microsoft, blackstone and a lot of money in a short-term fund that pays 2%. where am i going wrong? >> don't think you are going wrong, you may pick a few different names. names have been beat up in a significant way, cash flows, i like how you are going for individual locations over indexes and i like the cash, think we will have opportunities when time continues to go forward. stuart: but not yet. see you again soon. some stocks moving today, not much price movement overall but some movers and let's start with walgreens. >> dow jones industrial average, walgreens and walmart must pay a combined $650 million for damages related to

prices. investors fear this opioid lawsuits are not behind them because the $650 million covers two counties for one state so think of the inundation of lawsuits. stuart: fat very troubling. if an entire industry could be ruined, not the opioid industry, that industry is ruined because of the opioid crisis. >> wouldn't go with it being held accountable. stuart: you can take $600 million, you can take billions, and that is ruining an industry. lauren: i am not going to disagree with you. not going to completely agree but i see your point. stuart: i think of calls as a department store. lauren: you can find better

deals for profit forecasts. everyone has so much inventory to figure it out. you get macy's and nordstrom, with the general trend. stuart: i've got a chip company called wolf speed, never heard of it before. stock is up 27%. >> really strong forecast, their margins were higher, investors are eyeing expansion. stuart: the cdc, they made major mistakes in their covid response and now they are looking to reorganize. watch as a border patrol agent opens a locked fence to let migrants in. fox news cameras captured it all, the border report is coming up. the media finally acknowledges

inflation reduction act won't reduce inflation. roll it. >> let's be real, they call it the inflation reduction act, as a marketing device. stuart: marketing branding genius, kayleigh mcenany coming up. ♪ all need a rock we can rely on. to be strong. to overcome anything. ♪ ♪ to be... unstoppable. that's why the world's largest companies and over 30 million people rely on prudential's retirement and workplace benefits. who's your rock?

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that is boston you are looking at, 73 °. tiktok just announced plans to fight misinformation ahead of the midterms. ashley webster is back. what have you got for us? ashley: back in the air conditioning. the midterms election center is up and running and says it is going to monitor content that violates its guidelines, that includes misinformation about how to vote, harassment of election workers, harmful deep fakes of candidates and incitement to violence. depending on the violation tiktok may remove the content or even the user's account, the future allows users to access state-by-state election information that includes details how to register to vote, how to vote by mail and find your polling place. also sticking to its decision to ban political advertising on the platform through its ads

platform or content creators themselves. stuart: candidate harriet hageman beat lose cheney by a landslide. kayleigh mcenany, candidates backed by trump continued to rack up big games in the primaries. looks like he's running of the republican party and in control of the party. >> there is no doubt trump and trump, the idea he changed the party to bring it more in line with not a total free-trade message, willing to use tariffs where necessary to hold government accountable that kind of thing, foreign policy as well, changed the republican party forever and it is broader than that. he has to win record of endorsements in the 90% range.

i go to cpac, the western conservator summit has him leading the party, western conservative summit had ron desantis. if you look at the names combined, that is the dominant threat, if you don't subscribe to it you won't prevail in a republican primary. stuart: after the primary, lose cheney in wyoming, mr. trump put out some sweets which look back, wanted to rehash the 2020 election. i wish he wouldn't do that. i wish he would stick with policy and carry us forward. would you like to make any comment on my opinion i just expressed? >> look at what he ran on in 2016, drain the swamp, build the wall, challenged the elites, the deep state, these are all issues that lit up a fire in the republican party. election integrity matters, all sorts of states from georgia to texas to florida have put in place measures that are very important especially in a covert world that voter

identification, things we should be talking about because it is important. that being said, looking forward, issues issues issues. if you look at the top 10 in polling it is not climate change or election integrity, it is inflation. social issues like abortion. i do think election integrity matters. stuart: i want to talk about inflation. the liberal media is admitting the inflation reduction act doesn't actually bring inflation down. >> it doesn't live up to its name. they call it the inflation reduction act as a marketing device, in part to lockdown the voter joe manchin. >> are you personally comfortable as an economist calling at the inflation reduction act? should voters measure the success of this bill on how much you reduce inflation in the next couple years? blue when i would love to hear

her answer to that question. marketing, that's what it comes down to, marketing? >> an insult to the american people, won't bring down inflation, the american people know that, 12% think it will reduce inflation, 40% think it will decrease, the american people are on the side of logic where joe manchin coming in here, mentioned it won't bring down inflation, bernie sanders said that. there is something to marketing, you want to define an issue before your opponent can so this is incumbent on the are in the sea, the gop, donald trump, to define this bill before the left does because while people know it won't reduce inflation, you don't want this to be an american situation which was a normally popular, you want people to see the ills of this, the high taxes, the burden that will come and that comes by educating the american public. stuart: we are going to be

watching you on outnumbered, 12:00 noon eastern on fox news. lowe's home improvement people announced bonuses for workers that help them fight inflation. how much are they getting? ashley: they are giving $55 million, not each, that is total to added bonuses for hourly workers, home improvement store has close to 2000 buildings in the us and canada with about 300,000 workers. the company is not how much the worker will receive and what time period but that is the total amount. the supply chain workers and contact center employees are getting the bonus that will be paid next month. not only an effort to deal with high inflation, the labor

market, providing these bonuses and additional benefits to help retain their employees. they got one last year that was from $150-$300 each. not sure what this works out to but better than nothing. stuart: you just got back from mar-a-lago. what is the atmosphere around mar-a-lago now? ashley: surreal. the day after the raid it was a complete circus, cars honking horns, flags. a lot of donald trump supporters there to give him their support but also a lot of anger at the fbi, a lot of rude flags about joe biden we could never show but strong reaction, and foreign tourists turning up to have a look at what was going on and have their picture taken with mar-a-lago in the background but those numbers

started to dwindle because there was always diehards waving the flag saying this is nothing but a fishing expedition trying to find something, anything to stop donald trump from advancing to the 2024 presidential election efforts. a lot of anger but also a lot of support for donald trump. stuart: back to you in a moment. elana musk's dancing humanoid robot was just a person in a costume. musk says the real thing can do a lot more than dance, it can do yard work. we've got another musk headline for you. the first electric musclecar, this one is loud. we will show it to you and ask a question. can an electric car be a musclecar? back in a moment. ♪ ♪

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stuart: dallas-fort worth international airport. showing you that because i have a story about airlines. the points guy, an annual rating at these airlines and who can amount on top. charles: ashley: for the fourth year in a row delta top topped the list of the atlanta-based carrier beat for reliability, family travel and loyalty. its lowest performing category was affordability but consumers are willing to pay more to treat people as humans. united airlines rank third round out the top 5 were american airlines in 4th pl. alaska airlines in fifth. despite the flight cancellations and summer traveler of hell, the survey suggest things will be better in the coming months. stuart: i want to ask about

small seats. any chance they get bigger? ashley: we can only hope. one observer noted the more agony your in the more profit the airline makes. the airlines squeeze more people into planes and with the legroom and in the last 10 years, legroom sharing 35 inches to 31 inches. spirit airlines, relief may be on the way, taking comments on creating minimal standards of legroom about us airlines, the faa is more concerned about safety than comfort. in the event of evacuation. when they are stuck in their. in november 1st, i think i have a hue comments myself. stuart: you are a big guy.

ashley: i am shrinking. stuart: didn't mean to exaggerate. check the markets please. the dow is down, mixed market. gas prices down one more sent overnight to an average of regular $3.93, highest in the country california, 5:33 is the price and diesel down slightly, just below $5, $4.99 is the average price. dodge announced stop making at challenger and charger muscle cars next year but last night dodge revealed its first electric musclecar. listen to it.

gary gasterlow, you haven't got it outside for us but you have seen it. >> a lot of people say it has will model-plaps plan, it is quiet. they accelerate like that. besides making this look like a musclecar they added not just speakers on it but developed something the chambered exhaust that works like a pipe organ with tubes in chambers to create noise in concert with speed and acceleration. stuart: they are deliberate to giving it a roar. >> can't turn it off anymore. stuart: your mind, you are the car guy, does that special exhaust make this electric car he musclecar? >> another thing they have

done, with gears. it makes it less efficient, i don't care, it is more about the exhilaration than the ultimate speed and efficiency so that is the direction they are going with that and the people who like those dodges in the past, if something comes up they are getting it out and not a brand-new mustang they will debut next month with 6 speed manual transmission. come 2024, people will have a choice, forward with a big v-8, clash of cultures the next couple years. stuart: top of the line tesla-plaps. that can go 0 to 60, and 1.9

seconds, fastest car in the world. the new electric musclecar -- >> they put out the exact numbers, previously the platform me this is being built on. it is quicker. previously they said the platform will be capable of doing what you say. very close to that. it's not how quickly you get there but how you get there that makes the difference. stuart: the price of this thing? >> they said they would try to keep it in the same range they are now. not sure where it will fall but you can buy it for $30-$100,000 and they said that is the sweet spot. just because we are going electric people won't want to spend a lot more. stuart: the range? >> specifically the platform previously, 500 miles. stuart: up to 500 miles. >> in some versions using this

platform. stuart: that looks like a musclecar. >> you see the front, that's not as big as it is. there's a wing covering above the grill that makes it look -- you see it there. to make it more aerodynamic? just to make it look as full as it can. stuart: i have to at least drive one one of these days. thank you very much. tesla's new artificial intelligence humanoid robot called optimist will be able to mow your lawn. musk says they are being built to replace people in repetitive, boring and dangerous tasks. it can also be used for cooking, mowing lawns, caring for the elderly. no word on the cost but musk has said in the future a home robot may be cheaper than a

car. popular covid drug paxlovid, leaving a bad taste in people's mouths, how to get rid of it. there is a breakthrough in the fight against alzheimer's. scientists say the key is in a nasal spray. mark siegel sets us straight on that next. this... is the planning effect. this is how it feels to have a dedicated fidelity advisor

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stuart: i caught the line i smoke two joints. 6th ave. new york city, the song is

about marijuana. if you live in new york city you may have seen these trucks on the left-hand side of the screen. these trucks sell doubles and apparently you need a food permit to sell them. officers have a should half $1 million worth of parking tickets to these trucks and they seized 19 of them. now this. there is a new nasal spray that may prevent seizures and offer protection against alzheimer's. sounds incredible. doctor mark siegel is with us now. tell me about this nasal spray. does it work? >> it looks promising. it is out of the medical college of georgia, animals getting ready to work on humans on this, target something called the peptide protein in the brain, they are trying to

stop the brain from having wild electrical activity either during a seizure or when you have all dimers, the brain gets gummed up with proteins and it starts to get a regular electric activity. it looks like it may have an across-the-board effect of keeping the neurons, the cells of the brain protected from all the deteriorations. alzheimer's, promising seizures, very promising, nasal spray maybe you can give it right away even to stop a seizure or prevented so i like the sound of this but we need more research. stuart: it won't be available for some time to come. >> not for another year or 2. we are getting it as usual on this show at the beginning. you are picking up something that could be a game changer. stuart: i'm interested in dementia and alzheimer's and preventing it. >> too interested in that. you don't have a single cobweb. let's face it.

stuart: the cdc is calling for drastic changes, there's a wholesale shakeup of the entire agency, do you think changes go far enough and was the masking and social distancing of the cdc, where they failures? >> they are acknowledging they've got something wrong, they weren't up to the task, the entire organization based on data that takes forever to put together and they don't have data in real time. didn't give clear messaging so focusing on how to talk to the public, give simple messaging and they are aware a lot of the pronouncements they made led to all kinds of mandates that had tremendous public health costs that are often delayed and out of date so the idea of getting more real-time information to

the american public makes sense. will this go far enough? a lot of this is in the states, the states deliberate misuse, sometimes like being on a ouija board. and the next minute it is changing or something scientists understand. they've got to communicate simply and clearly. masks always fit the right one. doesn't work? maybe if you are at high risk. there's a clear message. you are not getting that from the cdc, and they give you the wrong mask. stuart: is doctor fauci being faulted here? >> no, he is not. i heard from doctor collins who used to be head of the and ih that he thinks the public health officials including doctor fauci were too quick to jump to conclusions at the beginning of the pandemic and rigidly adherent to their dogma.

that's the message here. you have to be humble in the face of evolving science and cannot make pronouncements that turn out to be untrue. stuart: paxlovid, we've got people complaining about paxlovid mouth. what is that and how do you get rid of it? >> one of the two drugs paxlovid is, it is bitter and get into your salivary gland or hangs around. they say 6%. my patients, more like 30% to 50%. it's neils when you stop taking it. it is not a long-term effect, drinking a lot of water helps and if you are a smoker, stop smoking when you are on the drug because that makes it worse. it is a bitter taste but i would argue the benefits outweigh this. when is the last time you heard of a drug the didn't have side

effects? this is a side effect that is very unpleasant but wears off. stuart: it is not a killer or lead to serious medical loss on your part. you covered a lot of ground. doctor mark siegel. >> you don't have a cobweb. i'm telling you. stuart: one of these days i will tell you. it is what we do every single day, we give you a sense of the market, show you all 30 of the dow stocks. look what is going on here. a direct slip 50/50, half up, half down, the dow is up a mere fraction. a huge group, 200 migrants just crossed the border to private property in texas. fox news cameras captured it all. the report is next.

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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 stuart: we reported earlier this week the new york city's mayor wants to turn a famous

hotel into times square into a shelter for migrants. he is expanding his plan. now what? ashley: new york city officials looking for another 5,000 rooms in hotels to house the migrants from the southern border, 600 families are set such to be housed in a luxury midtown hotel but now social service providers have been asked to secure thousands of rooms in hotels across the city. it fully and plummeted it would bring the number of hotel rooms rented for migrants in the city shelter system, up to 6000 rooms. it estimates 4,000 migrants many of whom are seeking asylum have arrived in new york's 5 boroughs in recent weeks. stuart: thank you. it is a typical day at the border, large groups crossing, smugglers hiding, and drug busts. take us through it, what do you see today?

>> reporter: we are seeing another busy day, we witnessed 500 illegal crossings, not even noon yet. look at this video shot in normandy on the outskirts of eagle pass, 300 came across illegally all at once, you can see most of them are single adults waiting to process them and in the last 24 hours we have seen 2,000 illegal crossings. look at the second piece of video after sunrise in eagle pass we saw this group of 150 crossing over. at sunrise we are typically getting large groups crossing into the eagle pass area. look at this video. this was a pregnant woman who went into labor on the river in eagle pass and had to be rescued and hold onto a border patrol boat.

she was having contractions. border patrol put her on a stretcher and had her go to a hospital. we see a lot of pregnant women crossed the border here in eagle pass. take a look at this wild photo. 150 migrants smuggled in a trailer in mexico headed for the us-mexico border. this was intercepted by mexican authorities with the help of us border patrol. we know how deadly and dangerous that smuggling is in this brutal summer heat. last thing we like to show you. a major fentanyl bust in arizona, the cvp port of entry, agents seizing 250,000 fentanyl pills. to resemble candy. back out here live, the same port of entry announced moments ago, another fentanyl bust, same thing, 15,000 of those fentanyl pills, they are concerned this is part of a new trend of cartels making them to market more towards younger

users, definitely concerning news there. stuart: well done, you have single-handedly opened up the border story for america. thanks a lot. and how many states begin with the m. 14, 13, 17, you can do this. see if you can figure out. we will be back in. what do ? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.

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♪. stuart: i thought this was a pretty good question but is also one that is very easy to look up on google, isn't it so how many states begin with the letter m. why don't you start this, ashley. what have you got? >> i understand you looked up on google. what is frightening is i came up with six. obviously, montana, michigan, massachusetts, missouri, mississippi, maine. where are the other, i got six. can't go beyond that. stuart: i think you're firsts montana and maryland. >> i said, i didn't get maryland. i said montana, i didn't get maryland. it is eight. stuart: montana -- >> minnesota. stuart: i missed massachusetts, maine, missouri, maryland. i missed mississippi as well. what is it eight. that's it. folks, don't forget, don't forget send in your "friday feedback" questions

comments, critics, hate mail, we take it all. we want it all, blow me. you can send in your fan friday videos. record yourself, tell us your name, where you're from, got to say this, you're watching "varney & company." do that and you could see yourself on television. don't have time to check the markets because i want to give neil the maximum time for his show. he begins, now. neil, it is yours. neil: your fans can submit videos, friendly videos, right? stuart: some of them do. >> we get videos on this show but you really can't play them on the air. that's good to know. thank you, stuart, look forward to that. in the meantime corner of wall and broad sort of like a standoff here between the buyers and the sellers. on the good side of this the fact right now it looks like some inflationary pressures could be easing because the economy is slowing but that is also some of the bad news here because that