don't really want to do it because the market is way down. i better do it because it's a financial and political show. here you have it, the dow is down 450. the nasdaq is down 246. that is nearly 2%. there is a big drop friday. big drop monday morning. my time is up neil will take you through the downside move and anything else. what have you got, neil? neil: 10-year is up to 3%. that is not helping matters. next couple hours we'll take you through all of this. a major selloff in the corner of wall and broad. they say the bear market rally is over. the federal reserve might its its hand at the sum it where i believe jerome powell will speak at friday, echoing what we hear from a number of distribute presidents and fed governors who

err on the side of extra aggressive to interest rate hikes. a number are continuing to make it 3/4 of a point on the overnight bank lending rate. let's get the reed h read on all of this jonathan hoenig, capitalist pig hedge fund manager. we have michelle schneider joining us. from your vantage point we're suddenly worried about the number of increases we'll see and how big they are, where before we heralded news hinted of a slowdown that oddly enough would limit those increases. so it is a chicken and egg argument but what do you make of it? >> well i never was in the camp that the fed was going to pivot or soften their stance on the fight against inflation. that was a very hopeful market but also very typical after stagflation environment where you will see rallies and you will see trading ranges and this was a great time to read a chart if you doesn't know how to do one before.

all the indices cleared their day 50-day moving average, giving a buy signal. all failed 200-day moving averages, giving you a good sell signal. so we're smack in the middle. certainly i don't think we'll see anything different from the fed. we still have major inflation issues. we have issues with drought in the yanker see river not getting ships and out because banks are dry. -- yangtze river. that is fueling for inflation even though we see a sort of a plateau here. neil: she is wise to mention that the drought will affect food and related items that rocket in price, even temporarily. jonathan, that combined with news out of europe, they're looking at the inflation rate that could still be in the double digits, well into next year. record high inflation rate in britain. we've not even anything quite like that, but individual items we're seeing key food items

continues to run at a breakneck pace. how do you sort this out as an investor? >> unfortunately, neil, inflation is a longer-term phenomenon. as they say the toothpaste that can be quickly stuffed back into the bottle especially give the size of government spending these days. the market is reflecting that. there are long periods of time, especially the 1970s is the best example, stocks because of inflation went nowhere for years, 1968 to the 1980s the market was flat the economy was dealing with inflation. michelle was spot on for the stock market. 70% of stocks are below their 200-day moving average, neil. the fed once again behind the curve here. the curve is so tremendously inverted. that is bad side. it always heralded a recession yet the geniuses in washington haven't declared recession yet. i think we're not only in for pain but flat, boring markets

like we saw in the 1970s or first of the decade of the 2,000s. neil: michelle, two year notes are trading at much higher rate than 10-year notes. it is the widest in quite some time. other people look at that as another recessionary signal, do you? >> it is certainly a factor you can't ignore but everything has changed in terms of the metrics, and what it is really reflecting the chance of recession. certainly we're already in a technical recession. the key will be what happens with the yield curve if we're looking at the classic ways that we really see in a recessionary time which would be housing and many people are calling for a housing bubble. i don't know if i necessarily see a bubble but i certainly see correction continuing. two would be labor, right now is the holdout because it is relatively strong even though that doesn't reflect the labor participation which really hasn't come back at all. so i think you got to look at all of that combined and just to pick up what jonathan said, this

inflation thing, putting the genie back in the bottle is not so easy, even with higher rates. some things may not be necessarily impacted by that. that would wreak more havoc in the yield curve, the fed continues to fight to raise until they get to the point where they destroy any demand. neil: was this a head fake, this whole rally from our lows, jonathan or are we making a big deal out of it? a people say the bear market rally is over but i think that is premature. >> the market tires people out. neil: it does. >> frustrates the bulls and bears. what is frustrating investor inflation forces you to think short term, as an investor, even a homeowner how you can you plan three, five years out on rate of anything knowing prices are rising quickly. not addressing it in washington? i think you are correct the jury is still out whether this is a bear market rally or not but

this is still a bear market. often those last for a long time, longer than other people think. 1934 to 1950, neil, a flat period of markets. this is not uncommon to have that choppy action that just fires everyone out. neil: something of that duration would be. we'll watch it very closely. i want to thank you, very, very much. meantime want to go with peter doocy traveling with the president at rehobeth beach. peter, president is considering something that even democrats say could make inflation worse. what do you have for us? reporter: there is, there is a lot to this, neil. first democrats are admitting the inflation reduction act doesn't mean inflation reduction anytime soon, the white house is out trying to explain what this bill does do, things like discounted solar panels. >> if you are low income, you can get your home entirely weatherized through the

expansion from the bipartisan infrastructure law, significant expansion. you don't have to pay for anything. if you want heat pumps insulation, new windows that is covered. if you are moderate income, today, you can get 30% off the price of solar panels. reporter: the president's self-imposed deadline to either forgive some student loan debt or not looms next wednesday. larry summers, the clinton treasury secretary around obama economic advisor is saying don't do it, tweeting today, student loan debt relief is spending that raises demand and increases inflation. it consumes resources that could be better used helping those who did not for whatever reason have the chance to attend college. it will also tend to be inflation inflationary by raising tuitions. this is all the education secretary will say about that. >> i don't have a decision for you today but what i will tell you that daily we're having conversation about this and the american folks will hear before

the end of the month. reporter: president biden is vacationing here through at least wednesday. he was rejoined by the first lady last night who finally tested negative for covid. neil? neil: peter, i'm wondering if the administration has sized the possibility of a lot of people responding upon news that there is going to be an extension of student loan relief for folks, the folks who did pay their bills, the parents who did pay off those loans and it could boomerang on them? reporter: it does not seem to be part of the calculation as upsetting people that made the commitment and then followed up on it and made their payments on time. but over the last couple of months they have been teasing the potential benefits of this. they have had brian deece out making the opposite argument that larry summers is making. larry summers says if you do this inflation is going to go up. brian deece has been out if you do this inflation, it is not

going to have any kind of an impact. it is something progessives in the party really, really want f democrats are trying to get their base excited ahead of midterms, august 31st would be a politically advantageous time to do that. neil: peter doocy, thank you very much. anti-inflationary, inflair nary which is is it. kevin hassett former trump economic advisor. what is it, kevin? larry summers has concerns something like this would make inflation worse. what do you think? >> yeah it will make inflation worse basically there are a lot of students all around the country that are paying off their student debt a little bit at a time, if that is forgiven they will have extra 300 to $1000 a month they can spend on other stuff. that will increase demand for things at the same time, the biden administration with their corporate tax hikes and so on, they have been attacking supply. if you feed demand and attack

supply that is inflationary and i think larry summers is right about that. >> you mentioned the corporate tax hike. the administration is quick to point out it would be only on those companies that do not pay any taxes right now, the 15% minimum tax it is talking about and the 1% tax on, you know, stock buybacks would be, in their words infinitesimal and have no impact on average folks. what do you say to that? >> right. well the idea about the minimum tax really is that it makes it so that u.s. companies are disadvantaged vis-a-vis multinationals all around the world because we have this minimum tax that hits them regardless where they do business. so what is going to happen, u.s. located firms are going to either invert, they will move to other countries, they will lose business to companies from other countries and that is a very well-established pattern in the empirical literature. i don't really know why they think it will not have much of

an effect. finally you have to say that it is getting a little tire some to listen to the biden administration out there run arguments past the american people that have the sign wrong on the effect what is they're talking about. larry summers is hardly a partisan. to have brian december out there making arguments forgiving student debt will not be inflationary, that is propaganda and misinformation, it is something that media and economists around the country should condemn. neil: i'm wondering too, those economists who say that the administration will indeed be able to reduce inflation and deficits going forward as a result of the inflation reduction act, you can pick economists to take any point of view, i get that administrations do that, in this case it does seem like a little bit of a stretch. first of all, anything, a large spending program out of washington reducing inflation but what do you think? >> yeah. we all learned that.

we've seen it over the years. somebody who has been watching the economy and markets as long as you have have seen ups and downs. it is not just how it works but here is how it works, neil. this is what we're about to see. you and i talked a little while ago when people didn't believe inflation is not here to to i said inflation is here to stay. inflation is declining because we're close to recession. gdp is something negative as well. three negative quarters in a row it has to be a recession. what happens you go new recession. demand for stuff goes down because people don't have the money to take trips and so on. price of gas go down. inflation starts to decline. question markets will have, oh jeez where does the inflation decline stops? where the inflation declines stop, whatever the wage inflation rate is. right now the wage inflation rate is five, 6%. so inflation will decline over the next six months to five or 6%.

you come back and play the clip. i promise you what happens. while it is going down administration will stay inflation reduction thing works. but we'll get stuck at that. the way you get below that is big unemployment. we're second stage of the recession, inflation declines to the inflation rate. the third stage will be inflation starts to decline because unemployment is so high. that is where we are, with all the spin and everything else it can be easy to lose simple faxes of the story. that is where we are. neil: kevin, a more political question so you're free to poo-poo it but donald trump has always held you in high regard. you avoided some wrath come upon other officials that used to work with him. it got me thinking sometimes happens, kevin, maybe if he were to get back in the white house he would might want to make you his treasury secretary. what do you think of that? >> you know, alls i can say donald trump surprised heck out of me when i went into the

white house. i didn't know him at all. i didn't work on his campaign. when he asked my to come in to be his top economist the, i felt a duty to my country. when i came to the white house i grew to be friends with him. he is a very fun guy to work with. he is very smart. if he were to invite me back to work again, if elected i would take it seriously but i would be happy to help him from the outside. i'm getting kind of old, neil, just like you. neil: be careful, young man. let me clarify that the, all the other stuff not withstanding if he enters the raise would be your candidate? >> that, you know, i've tried as an economist not be partisan but i can't not support president trump. once you're a person on that team then you have to stay on that team but again, you know, if people that don't like president trump and the democratic republican party want to have a private conversation with me how the economy is doing

i will continue to do that and continue to respect the privacy of the people who reach out. neil: kevin hassett, thank you very much. good seeing you again. even with the old shots here. it is okay i can deal with it. i can deal with it. kevin hassett, coins silk of economic advisors under donald trump and maybe again in another capacity if we get another administration of donald trump. in the meantime here you heard about crime, all the problems it is causing in the new york area. you've seen some of these images out of california but wait until you meet a laundromat owner who has been hit again and again this type of crime and wants to move, and fast, and soon. he is next. ♪

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hi, i'm denise. i've lost over 22 pounds with golo in six months and i've kept it off for over a year. i was skeptical about golo in the beginning because i've tried so many different types of diet products before. i've tried detox, i've tried teas, i've tried all different types of pills, so i was skeptical about anything working because it never did. but look what golo has done. look what it has done. i'm in a size 4 pair of pants. go golo. (soft music) neil: to this day a lot of stores, a lot of cities, restaurants still urge you to mask up when you go indoors. one california store owner in beverly hills, a boutique clothing maker, right now they're asking customers to not wear a mask, to avoid it because a lot of thieves wear masks and

they have their way in the stores. this particular store owner is saying do not mask up when you come in here. you can't come in here period. that is kind of like reverse logic but it probably makes good sense to my next guest, eric toms, a small business owner who fled california because of crime masked or not. he runs series of successful laundromats throughout the state. he since moved out of the state as well. don't know if the laundromats will follow precisely because of crime. eric, what do you make, what this one guy wants to do, take the mask off? >> it makes total sense. every recent crime that happened in the laundromats, they get to hide behind their covid mask, you know. nobody thinks anything of it. they will come in when the stores are open, not even necessarily breaking in at night, they will come in midday and kind of wait for an empty time but they still be able to wear their mask and hide their

face. so i completely understand what he is saying. neil: you have laundromats all over the place, in oakland, hayward, a la mead today, berkeley, i could go on and on. they stay, right? so far they're still open and operating. you and your family have moved out. where to? >> we've moved to alabama. neil: alabama. the draw there was what? >> low crime, definitely more strict laws. they're definitely not afraid to put people in jail. very, you know, smaller community. everyone is very friendly to each other. you just don't have to deal with all the stuff that comes with california, you know. i mean, you have to be sensitive to everyone in california, even especially as a business owner, you really fear even saying the wrong thing to somebody and being boycotted out there, you know. it's crazy out there. neil: what about those laundromats that you still have?

i don't believe you closed one yet, although you're open to moving them. what's the latest? >> yeah. i would probably sell more than anything. it is just too expensive to try and move everything. i have recently purchased one out here with my brother, my whole family moved. i purchased one out here with my brother, so if we can restart out here and slowly phase the california ones out, that would be ideal. i actually, somebody else just messaged me on facebook after all this and he has got about 10 stores he will be selling next year. he fled to texas. for same reason. neil: cameras show this, people coming in after-hours, for all i know maybe during hours, willy-nilly have their way. what do they take when they take stuff? >> yeah. if you actually, the video where they're running through the truck, if you look at the top

left-hand corner you can see customers in there at the time that they ran through the front of the store. so, you know, to be honest, generally they wind up with nothing and so, it's a pain because they do a bunch of damage, right? they don't get anything. then they try an come back. as soon as this video playing right now, this lady came back this morning with a flashlight and was trying to look through the windows again. it is same lady. neil: does anyone apprehend? do the police ignore it? what is going on there? >> no, it is not that the police ignore it. really, their hands are really tied. you know i'm pro-police, no offense to them but you know they lack the leadership there, you know. they, i'm sure they're afraid to be fired or anything and they're so busy with shootings, stabbing s things far more important than just property

crime and any of these, the reports i filed, i have never heard back one time, never. neil: incredible. derek, wish you well. derek thoms, small business owner, fled california because of the crime. setting up shop in alabama. decidedly more friendly to business, when it comes to issues like crime, a fraction of what which he moved. meantime have you ever been delayed or stuck on a plane or flight outright canceled? the transportation department is on your side saying there is probably and should be a free meal in it for you. i kid you not. after this. ♪ research shows that people remember ads with young people

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neil: taking a look at tesla stock, north of 2 1/3%. i don't want to overdram maze too, taking it on the chin, higher interest rates and fear of federal reserve aggressively continuing hiking process where meeting growing consensus seems 3/4 hike. tesla's case there is wrinkle on self-driving software that the company's chairman elon musk says will see a higher price. in fact a much higher price. gerri willis following all of that. gerri? reporter: neil, much, much higher price. a la carte tesla software getting more pricily. tesla ceo elon musk announcing a 25% price increase for its premium drive assistance system which is called fsd for full self driving. let's take a look at share price

down 2.3%. stock is struggling much of the year. musk is announcing twitter software package currently worth $12,000, priced to $12,000 increased to 15,000. this is by september 5th. fsd is the company's most driver assistance option, includes traffic stop, sign control, navigate on autopilot. those are features that allow the tesla cars automatically slow down for traffic signs, navigate highway on and off-ramps and make lane changes. while musk called package a big step forward still not offering truly autonomous driving. using autopilot feature tesla tells drivers to be ready to take over the controls at anytime. by the way, it is not just tesla raising prices. the average price for a new ride at the end of july was $46,440. that is up $439 from june but at

that price you get a whole car, not just software. neil: yeah. that is an expensive car, even with or without the software. gerri, thank you very much, gerri willis. regal cinemas is the latest big theater chain hint we have problems, we just might have to file for bankruptcy. all of this flies in the face of the talk that we've got packed theaters which in a lot of cases we do but apparently they're blockbuster dependent. maybe we're running out of blockbusters could be for a while i have no idea. i know susan li does. she is following all of this and latest headlines. reporter: all of expensive content going on streaming platforms, we'll talk about "house of dragon" quick, amc doing innovative. instead of giving out dividend to its stockholders they're issuing the special stock instead. it has a ticker symbol of ape, an owed to their rabid retail investor fan base. so this is pretty interesting,

but that means more supply, more equity coming on to the markets and that of course depresses prices and that's why amc selling down 37% today. ape the special dividend stock is trading up. there is also i would say concern weighing on amc's stock that maybe with box office receipts down a third from 2019, pre-covid maybe people are not going back to theaters. we're looking at the latest numbers that suggest that. other meme stocks, bed, bath & beyond another down day after the 40% selloff on friday with brian cohen selling out of his stock. blueberry reporting bed bath might look at suppliers, not shipping them anymore goods because of unpaid bills. sundial another meme stock on the bottom going out. i also want to talk about movie theaters. i mentioned they're struggling hbo max, the premier of hoist of

dragon, warner brothers discovery prequel to "game of thrones,," 90 minute debut, thousands of viewers could not watch it for the next few minutes. amazon "lord of the rings" prequel rings of power debuting on september the 1st. amazon committing billion dollars on five season, the most expensive tv production in history. with the expensive platforms driving users to streaming platforms there is reason why viewers watch more content on streamers than cable last month but if you looks at the stocks, you have to start making money at some point with all of the high costs that go into these productions. now is there enough, shall we say subscribers out there? can they raise prices enough, to see less churn in order to start making money on the bottom line, neil? aply i'm told you need to watch all six to eight seasons of game of thrones to watch "house of dragon." i haven't watched it. we'll see if neil cavuto

partakes. neil: if you see something at a theater, would you go by yourself at a heat to watch? why can't i bring friend, family member, a date? just saying. neil: very few people are going by themselves. i don't know what that means. maybe in your case you don't want to be you know, bedeviled by autograph hounds. i just was curious. that is one of the phenomenon i noticed. susan, thank you very much. if you were trying to fly this weekend, past couple days you had a devil of a time, airlines say because of weather in other places, more the things they're getting used to, thousands of flights delayed even more today. it continues to be a theme particularly at the tampa international airport in florida. now the transportation department is intervening to say you know, these airlines they have to do something for flyers when they're in a pickle like this. madison alworth with more on that. madison. reporter: hey, neil.

yes the department of transportation looking to hold airlines accountable and you as a traveler could be getting paid as a result. so, right now airlines are required to refund passengers who have had a significant delay or cancellation. the issue is, it is up to the airlines to department what significantly means. so that is why the department of transportation is looking to standardize that definition with the following criteria. so what they're suggesting is, you get a refund if your flight is delayed more than three hours for domestic, six hours for international flights. if your airport number of connections or aircraft is changed. you said it for travelers coming in and out of florida they experience the most delays. you see the top five, really filled with florida destinations. we spoke to the head of operations here at tampa international airport who explains why that happens and passengers who could really stand to benefit from updated policies. >> you sprinkle in some weather. you have got military exercises. you have faa staffing shortages.

you have rocket launches on the east coast that creates a pretty challenging situation to handle all the traffic in a confined airspace. >> they didn't compensate me or say why they had canceled or just canceled it and texted me. reporter: so you just heard from donna. she had a flight yesterday that was canceled. she is hoping to make it home today. we're still right now in the 90-day waiting period for those rules i suggested earlier. in the meantime the department of transportation is also pushing airlines to make immediate changes. the two things that they're suggesting neil, giving meal vouchers if your flight is delayed over three hours. then a hotel if your flight is pushed or delayed or canceled to the next day. been a summer of crazy travel. we'll see if the department of transportation can do something about holding airlines accountable. neil? neil: don't a lot of airlines already doing that? i guess it is just not law, right? >> it is not standardized. it is not legal. like it is not required that they do it. a lot do it policywise.

but what you notice is, it really depends how much the customer knows. so, donna, for example who we heard from, she should have gotten a hotel. she said there was no communication as whether or not she would get one. she has family to stay with them. but under policies she should have gotten a hotel. yet it was never offered to her. if the d.o.t. steps in, these things would be standardized. clearly some travelers are falling through the cracks. neil: cinnabon voucher would do it for me, madison. thank you very much for all of that. if you want to know how housing can turn itself around because it has been in a funk as you know, don't look at interest rates. what if i told you look at the stock market. i will explain after this. ♪. this thing, it's making me get an ice bath again.

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♪. neil: if you ever wonder how the housing slump could end here, remember six months in a row of declining home sales. my next guest says pay not so much attention to interest rates but the stock market. they use the stock market as collateral to purchase homes they want to get. katrina campins real estate luxury founder. katrina, it is an interesting issue here we forget that people are the wealth they see from their financial statements or 401(k)s, what have you, and this cuts across a broad swath of folks. that has not been looking great certainly in the market this is year despite the comeback we've seen from their lows. play that out for me. how does that affect home buying? >> hi, neil, great to see you, absolutely, everything you said

was 100% in the market. playing not only into liquidity but psychology of a lot of buyers in the market, whether it is first-time home buyers who you know are dependent on 401(k) or luxury buyers which have a portfolio or not as liquid or has decreased in value. i think another great point, very important point is the fact that 1/3 of all homeowners right now in the united states are actually institutional investors. buyers, builders themselves. they're much more likely to have a knee-jerk reaction to a lot of economic factors in the market, then let's say someone who owned their home for 20 years, raised their children there and so forth. they're much more likely to have price declines and, or decide to rent out their property. another really important point homebuilders have basically paused when it comes to home building right now because the cost of building a home has gotten much more expensive but

also interest rates increased and made the cost of a home more expensive for buyers. so, all of this is definitely an indication. i do think that the market will pick up now going into the fall season. the spring and summer were very slow. we saw sales decline and we saw price appreciation slow down but i do not believe we're going to have the crisis that we had in 2008 because it is a very different situation. people had a lot of equity in their homes and remember that homeownership has been one of the main ways that people built wealth in the united states which is why i think institutional buyers are definitely putting that at jeopardy for a lot of united people in the united states of america but also i think that, that is another reason why the stock market is an indication of what's to occur in the real estate market. neil: generally better if stocks are going up than going down, i get that. let me ask you in your neck of the woods where overall letses,

the inventories jumped by 20% year-over-year. not too surprising people taking advantage of a boat they don't want to see leave harbor here but what is happening to prices as a result? >> well there is a lot more homes coming on the market, by the way i think it is very healthy. we only have 3.3 months of supply and a regular market has healthy market has six months of supply a lot more sellers decided to put their homes on the market. a lot of them are trying to really take advantage of the market because they don't know what the future holds. there is a lot of uncertainty in the market but i think a lot of sellers have had a reality check the fact they have to give buyers concessions. they will have to negotiate a little bit more because there is more inventory in the market and i do think the fact that homebuyers have actually paused on construction will actually help homeowners, existing home sales i should say, there is more opportunity with buyers

when it comes to existing home sales but miami and tampa continued to see, the sunbelt as we call it continues to see very high demand because i do believe that people are still looking for a better quality of life and they are able to work remotely and i don't think that is going to change even if it was paused because it was a little bit of a sticker shock with inflation and higher interest rates interest. so i think certain markets will see price appreciation, pause the west is more volatile if you will. neil: thank you very much. good catching up with you. katrina campins on that. speaking volatility, especially mortgage arena, dow hit session lows, down 527 points. the worry there, kind of what we were talking about with katrina, the fear of interest rates, much higher interest rates. we're on it after this. ♪.

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neil: all right. different day, same crisis at the border right now but it goes beyond just migrants trying to get in but some very nefarious folks in the process. let's get the latest from casey

stegall at eagle pass, texas, casey? reporter: hey, neil, the last couple of days the bulk of the activity we've seen here on the front lines has been right at sunrise. as the sun begins to emerge it reveals groups of people trying to cross the border illegally here into the united states and once again, as the sun came out this morning we saw a rather large group. since we have been here, it has been quite busy in fact. look at the video. we've seen hundreds, of groups, containing hundreds of people making their way across the rio grande river this morning. then they are apprehended by u.s. border patrol, most voluntary surrender. you heard me right when i said hundreds at a time. while others try and evade law enforcement, we've been telling you about that, right? this is video of a pursuit and bailout in texas, about 100 miles southeast of here. close to three major checkpoints and the local police chief tells

us that human smuggling cases are up in that county about 100% or so, adding that the cartels recruiting average americans with promises of cash who are now increasingly caught transporting migrants. listen. >> we have nurses that have done it. teachers. we have teenagers that are being targeted because because easy money for a teenager they see a couple dollar signs and they're in. even elderly. reporter: the chief says drivers are recruited online. ultimately they don't know how many they will ultimately transport until the moment they arrive at the gps coordinates at the designated date and time given to them about it cartels. all of this of course, extra action is too much for small communities like encinal, as we begin yet another week here along the southern border, still no solutions or fixes currently

on the table from d.c. to fix it. neil? neil: casey stegall, thank you for that. daniel garza on this, libre initiative president. daniel, it is out of control, that we know, that you've been saying for quite sometime, been eerily prescient on this getting much worse but we're getting a better look at numbers and throngs coming in by the end of this fiscal year 2.2 million of them, a record by far, they're not all from the obvious countries. a lot of them of course are from mexico and some of the triangle countries, guatamala, what have you, well beyond, better than 100 countries represented here. what's going on? >> yeah. as the net grows wider of countries obviously the influx grows larger, neil. the misguided policies of this administration allowed narcoterrorist cartels to exploit the situation, really embolden them to set up, neil, corporate level logistic

operations of human trafficking. just like the report was saying they have increased their scale ever operations and mapped out transportation networks across all border states. they have, they're must selling out competition while increasing profitability. of course mexico under lopez obrador is watching it happen while law-abiding citizens live in fear on that side of the border. our services on this side of the border are overwhelmed when it comes to food banks, health facilities, schools, housing. it is a terrible situation.neilt your reaction to what the newly elected and sworn in president of columbia is kicking around. the idea of de-criminalizing cocaine and just sort of regulating it at a government level. i guess it would be a kin to what the western world has been doing when it comes to marijuana. but i've always argued they're two very, very different substances and perhaps the goal is to take the teeth out of gang and like that control and cartel

that control everything, not only columbia but much of south merck. what do you think of this? >> neil, the attention i think -- intention is right but columbia is the biggest producer of cocaine in the world and just because you legalize it in columbia, doesn't mean you can bring it to the u.s. un-income bernards healthcared because it's illegal in the u.s. and it'll only increase productivity of cocaine in columbia and of course it'll become -- be coming in higher quantities to the border and this will divide further the relationship between columbia and the u.s. and the biden administration is opposed and senator ted cruz is proposing to cut off any future counter narcotics, but i think what needs to be stressed here, neil, is sadly addiction reaches into the lives of millions here in america and consider that nearly half of all americans have a family member or close friend dependent on drugs. we need a renewed focus on empowering individuals to break

free of addictions to have thriving communities and the actions will be irrelevant. irr. neil: yeah, whatever columbia cause regarding cocaine doesn't mean the rest of the world will and it's high demand for the product across the country, including our own. daniel thank you very much. daniel garza, the libra initiative president and dow down 54 points. 50 points, stay with us. dow down 504 points, stay with us.

neil: manic to maybe mayhem to the markets here because this particular monday after our first down week after four successive off weeks were taken on the champion after fears that the federal reserve will maintain a very aggressive posture coming to interest rates. the growing betting seems to be that when this entire week is over and we have the jackson hole federal reserve conference and hear from the chairman himself jerome powell, he's not going to take anything away from the notion that rates are going to continue going up and at a smart and aggressive pace so we'll keep an eye on that because it's busting all the

major -- buffeting all the major averages as the note moves over 3% and first time we've seen that in the better part of 6 weeks and that gap between two year and ten year securities this inverted yield curve here has widened considerably and in some people's eyes previewing a possible recession. that's the fear today. it could be gone tomorrow. that's what this manic nature of the market seems to be indicating but lauren cinco de i following not only that but it's giving buyers pause. lauren: yeah, i don't know that jay powell knows what he's going to say on friday because there's another cpi and jobs report to get through after he speaks and before the fed's next meeting. we don't know. investors are worried that, yeah, hawkish jay powell will show up when he speaks at jackson hole on friday. that's as you noted what's sending the 10 year yield above 3% for the first time in a month, higher yields pressure big tech and take a look at

netflix set for worst day in ten months. research cutting netflix to sell and rough second half of the year and it's the cheaper advertising tier and might not be visible for the stock till next year. it's a tail on two apples. apple down 1.5% and jp morgan versus web bush. there's lower interest in the new i upcoming iphone 14 says jp morgan and could be driven by limited new features in this phone compared to the 13. they also expect it to cost $100 more. so rumor has it that the new phone, the iphone 14, starts at $799 but the most expensive model will start at $1200. dan ive says b demand is holding regardless and apple gets a $220 price argument and apple place #-d a initial order for

90 million iphone 14s and that's as flat as the 13. this is interesting, the devices are expected to be revealed after labor day, and that's conveniently when apple workers are expected back at their desks, physically in the office, three days a week. some are pushing back saying, look, we're happier and more productive at home. layoffs are another issue. they're happening at ford. they're slashing 3,000 workers as they make this transition to electric vehicles. in an e-mail today ford wrote to staff saying building this future requ requires changing ad shaping aspects in how we've operated for years and as we've discussed in recent months means re-deploying resources and addressing our cost structure, which is uncompetitive versus traditional and new competitors. neil, ford management believes not enough of their work force has the skills required for this shift to software-driven

electric vehicles like teslas so it's like you're driving a computer or the computer drives you in the future future; right. you need to make sure that your staff is trained to do that. i find is scary but that's where we're headed. neil: that's what causes people to people anxious about jobs and a 180 a little more than a year ago. lauren, thank you for that . i want to pick up on that point from jim bianco following the labor market closely. jim, now we know eight out of ten workers are fretting and nervous about their jocks. news like this just seems to bring it home, doesn't it? >> yeah, it does and also you've got to throw in there too we're in a post-pandemic economy. the job market is very different than it is, and you could see that because on the face of it, people shouldn't be worried about their jobs. there are more open jobs right now than there are workers in the united states. it's a statistic that jay powell

likes to cite, but yet in uneasiness about the post-pandemic economy has everybody on edge, especially when it comes to work. neil: so, jim, there's still a lot of workers who are very reluctant about many of them with the work force returning to the work force, they don't see a need. that's a pocket of folks, but close to 11 million of them in that position right now. so what is the real condition of the labor market as you see it? >> i think that there's a push/pull when it comes to work from home. this is a real thing, and it isn't going away. i think a lot of people are having a hard time believing it. oh, they'll come back when the recession comes. actually, might be the opposite. when a recession hits because people with signed value to work from home, you won't get a raise, you'll get another day otathome is what they'll do durg the recession. because of the work from home thing, so many things have changed. your consumption basket changes. you consume more things, you're

outlook on what kind of job you want because you prefer to work from home or not work from home. some people don't actually want to work from home, but many do, especially in that 3 30-50-year-old range is where -- that sweet spot where a lot of people want to work from home. we have a economy, a labor market in big tran cig right now and it's very -- transition right now and it's very difficult to put any kind of markers on where it should be because it's not like 2019. it's not like 2018, it's something unique to what we've seen before. neil: you know, while i have you, jim, what's going on with the sell off today and we'll see how it sorts out in the next three hours or so before the markets close, but a big hit for the dow, big hit for technology stocks and some people immediately pounced on today as a sign. see that, it's a bear market rally we were experiencing, nothing more and nothing less. get ready for worse. what do you say? >> yeah, it could have been. that's the open question, but i heard your earlier part where we talked about we're all waiting for jay powell and whether or

not the chairman will come out hawkish, but i'll through no something else, there was bellicose language by french president m macrone this weeked and they'll have to close offices in europe and manufacturing depends on cheap energy. if there's going to be a big manufacturing slow down in europe, you can't make bmws and mercedes just to use two examine millions if you -- examples if you have gas prices at the levels right now. there's a shortage of stuff coming worldwide, and this is now starting to come into focus. it was hard two weeks ago, it's 85 degrees and everybody is on vacation going we're going to freeze this winter. but that's not changing and people are coming into focus, there's a big problem for europe coming this winter. winter. neil: yeah, natural gas prices an the indication that russia

will cut off supply. those prices are up 20% just today over in europe. your quite right about that, bear is watching. jim, thank you very much. i think, jim, i think. >> thank you. >> jim bianco following all of that. in the meantime, a lot of people are talking about the improvement we've seen on the traditional gas that you put in your car and prices coming down. gasoline prices have come down substantially in this country, but if grady trimble is right in chicago, don't get used to it. grady, what's going on? grady: yeah, neil, some expects think the national average around $3.90 today is as low as it'll go, and of course gas prices at the pump are dependent on oil prices as they're traded. let's take a look at that because to jim's point, there was a big sell off this morning partly driven by fears about a recession, especially in europe where energy prices are even higher than they are here, but you can see crude oil back up to right around $90 a barrel where

it started the day or 91 is where it started the day, the high of the day. prices at the pump have fallen for ten weeks in a row at this point. the biden administration as you know, neil, didn't take responsibility as gas prices were on the way up. they placed the blame largely on vladamir putin, but the administration is taking credit since things are looking a little more favorable for them as gas prices are down about 75-cents -- or 50-cents rather from a month ago. >> only really substantive action that the biden administration took was the release of the strategic petroleum reserves, and i think that contributed about 15-20-cents a gallon of the gasoline price decline. >> our bob gasoline spot price down about 11-cents a gallon and that can streak for now and at the same time natural gas prices as mentioned have been surging and that's something to coop an eye on, but -- keep on eye on but i don't know if we're done with the decline just yet.

grady: even if prices continue to go down, the savings at the pump could be offset by the cost of heating your home this winter. natural gas prices are already high, they're expected to go hire and that'll impact people who heat their homes with natural gas, neil, almost anyone that uses electricity and natural gas is used to generate electricity so even if you don't heat your home with natural gas, you could feel the pinch this winter. neil. neil.neil: all right, thank youy friend. grady trimble, following c3 solutions. your firm is an expert in all things energy and there's a hiring here and doesn't seem to get some stability at the pump and that could be short lived if grady is right. we'll get walloped when it comes to the other gas, natural gas and some of the utility bills that could rocket as a result. what do you see happening?

>> yeah, the solution for high prices is high prices and that's caused some demand destruction, you've seen people traveling less over the past few months, but we're heading into a holiday weekend where 137 million americans are going to travel. that's about the same as it was last year when gas prices were 75-cents lower than they are today. then we have, you know, your electricity bills are increasing, you have some supply constraints for natural gas for oil. this is all going to result in potentially not only more pain at the pump but also more pain for natural gas prices for home heating oil as we head into the winter months, we're shutting off our air conditioning and turning on our heat, and that'll only put more upward pressure on prices. neil: do you notice or is there presthere -- precedence what has in the stance here and when the russians cut off whatever available gas supplies were left and ran up the price in natural

gas prices there. is there history to suggest that what happens there hits us over here or two different example s? >> a little bit. they're in a bit of a different crunch as they've been so overreliant on russian natural gas that when russia cuts off that gas, they have been left to try to restrain energy consumption, closing businesses, forcing some sort of rationing, and they made some bad policy decisions like shutting off nuclear plants in germany so there's a bit of apples and oranges, but it's also caution for what the u.s. policymakers should be doing because if we restrict investment in new energy source, whether that's for conventional oil, for renewables, for nuclear, we'll be put in that same position where energy security is at a premium and energy affordability is really going to be on the forefront of american's minds for years to come. neil: all right, we'll keep an eye on it.

nick, thank you very much very much more that and put this in perspective now for the selloff with dow down about 550 points and all sectors, s&p 5 500 secs are part of the selloff and cathy wood flap ship and ark invasion are polling on the stocks. she was buying more of these issues as if to spite this trend that she says wouldn't last. well, today it's resumed. we'll have more after this.

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neil: welcome back, everybody. you might know know the name alexander dugin and speaks to populous causes and the justification for the attack on ukraine. says this is all about uniting the great mother russia and he's widely praised within the circles that vladamir putin of course controls. his daughter, darya dugin was killed in a car bomb attack that some suspect was meant for her father and there's growing concern for how that happened in the first place, whether ukraine

was behind it. the ukrainians say no but it raises something brought up on the show a number of times whether there were and are efforts to topple vladamir putin or kill him. or at least allies to him. we know back looking in history, there were a number of attempts to overthrow adolf hitler and if this is the case, and it reminds those in russia whatever is going on in ukraine could be reverberating back home. we have general r juaquin with s and whether the daughter was a target or meant for the father, what do you think? >> yeah, there are a lotted of questions certainly. but they were both attending a festival together. it was his car that she was driving, and he was supposed to be with her certainly and he decided to go with somebody else. # it likely that he was the

target. she's also an ultra nationalist like he is, a political commentary, but she doesn't have anywhere near the stature that her father has, and you're absolutely right. i mean he's considered apart of putin's brain trust and providing sort of the geopolitical foundation of russia into the russian empire and taking down ukraine. something that dugin has been advocating for a number of years, even before the 2014 incursion here. listen, there's no evidence that ukraine has participated in this. the only tangible evidence is that the car bombings that have happened inside ukraine against russian officials in the last couple months who are occupying ukrainian territory. but there's no evidence that ukraine has ever taken any

action outside of ukraine and certainly in russia. as a matter of fact you crane has been quite disciplined in my judgment in terms of not doing anything militarily inside of russia. they certainly recently have been attacking crimea, which russia considers part of russia but certainly as far as ukraine is concerns, crimea is part of ukraine. neil: more of a word for vladamir putin is that someone inside the country or a group that forces are opposed to what he's doing inside ukraine pulled this off. >> the more interesting question in and of itself in terms of what's happened internally. what isw studying wars mass been tracking and opposition on both sides inside of russia. one that russia has not been aggressive enough militarily and

really slamming the russian military for it is incompetence. then there's others that feel that putin has considerably overreached here. is bringing down what has always been a poor economy into an economy that's tanking and going to have significantly long-term impacts on the russian people. so there's criticism inside of russia, much more now than what there were when the invasion began on february 24th with the huge nationalistic support. i don't want to overstate this, many of the people in russia still believe that putin is doing the right thing here, that he's stopping ukrainian genocide, which is a false narrative, and that is why he's inside of ukraine. he's created this story line that he's had for 20 years that the west is enroaching on russia, and we have to push back on it, and ukraine is a puppet of the west. neil: there are insiders who dispute that or have a different

view of things. is it a different from those we learned that tried to topple hitler. there were those worried that he was putting them out of dangerous -- them on a dangerous suicide mission. not comparing the two -- i guess i am but what do you make of that and that there could be those high up in the country who might be pondering a coup. might have already attempted such that we'll learn later? >> certainly that possibility is there when you think about germany and gnat seizure natzis. when he took charge of the military operation himself and was directed it over what most people believe was a fairly -- regardless how you feel about

natzis but the german military was pretty confident when it came to military operations and he started directing those himself. putin, i think, is very much involved here, but i do believe that the security around putin is probably pretty solid, and i don't see certainly there could be attempts, but to succeed at something like that is really a stretch given the protection that he has, and i don't think necessarily while there's some opposition to it, i don't believe it's risen to the level that you would -- that we saw with adolph hitler with so much of the future was really at stake. it was obvious that germany was going to lose this war because of -- in the minds of those opposed because of hitler's decisions himself. that's not the case, i believe, that we have here yet in russia. neil: yeah, we'll watch it closely. general, thank you very much,

very much. general keane on all that. we'll keep you posted on prices in europe and natural gas rocketing up today because russia is apparently just about set to cut off gas supplies to european countries. it's walloping the likes of france and germany and those that depend on that energy who now might lose it earlier than thought and those prices rocketing and european stocks taken on the chin and we're taking it on the chin in this country, but we're not directly affected by what's happening on the natural gas front over there. the prices you see here are over u.s. numbers over there and it's a different market and they're soaring like crazy. we'll have more after this. ♪ come on, come on, listen to the money talk. ♪ come on, come on ♪.

neil: it's the great debate on student loans and whether 7.5 million college kids who have them will get a moratorium on paying them back. hillary vaughn has the latest from capitol hill. what are we hearing? hillary: hey, neil, the president keeping a lot of students in suspense on whether or not they'll have to restart their student loan payments starting on september 16 1. the president has nine days to decide if he'll spare people from making the payments and keep the pause in place. >> i don't have a decision today but daily we're having conversations about this and the american folks will hear before the end of the month. hillary: the committee for responsible federal budget says simply delaying payments till the end of the year would cost $20 billion effectually wiping out the first years of deficit reduction passed and the biden administration is down playing

the impact of delaying payments for borrowers saying it's not going to be a big inflationary impact. but the former chair of the council of economic advisers under obama disagrees had has zero impact tweeting this: if your claim is student loan debt relief is not inflationary because it's happening instead of permanently canceling all interest payments for all borrowers for all time, than you're just replacing one source of inflation for another. the administration is flirting with complete student loan forgiveness and the washington post reports the department of education is working on the fresh start initiative that would bring about 7.5 million borrowers behind on payments out of default, scrub their credit history of the incident, and make them eligible to take out more loans. republicans are calling this idea crazy. congresswoman virginia fox saying it's the definition of insanity and it's wrong. if these individuals were unable to pay back their loans the

first time they borrowed, how will giving them access to more debt help? neil, student loan forgiveness would only benefit about 13% of americans who have student loan debt, but ultimately every taxpayer would end up paying the price for it. neil. neil: what's a little creepy on this is the fact that the federal government could then get involved in having it wiped out your credit report. that's a big one. hillary: yeah, it really would be. neil: maybe that's why you're wearing red because you can already foresee the implications. thank you very much, hillary vaughn. that's wild. let's go to preston cooper, the senior fellow foundation for research on equal opportunity. preston, there's a lot of big issues to be addressed here. that last part that hillary got into where if the administration went ahead and forgave the loans, they'd strike it or have the government strike from your credit report, that gets a little weird. what do you think? >> it certainly does get a little bit weird. this so-called operation fresh

start basically the biden administration is planning one student loan payments resumed to take the 7.5 million borrowers in default before the student loan payment pause started and basically clear that default from their credit histories. this is a bit of a mixed bag so on the one hand, that means if you're out of default, the federal government is no longer going to garnish your wages, it's no longer going to take your social security benefits, which would benefit a lot of people but on the other hand as mentioned earlier, this would give you the right to take out new loans from the federal government. we would basically be allowing people who have demonstrated that they're going to default on their loans to suddenly take out potentially thousands of dollars in new loans, and i don't really think that's a great situation either for the taxpayers or borrowers who are going to be loaded up with more debt irresponsibly so. neil: then i wonder about other borrowers for mortgages or student lopes and you did this -- loans and you did this for them, do for me. >> exactly, there's a real risk

of this kind of getting out of control. the executive action the president took on student debt, they will justify them in the abstract but the executive branch has an owe normouse amount of retroactive student loan program and it's a possibility that president biden will announce forgiveness of $10,000 a piece for 45 million borrows at the cost of 230 billion and after that, you know, you have every democratic presidential candidate from now till the end of time basically trying to one up one another on how much student debt they're going to forgive as president and event law you end up with a loan -- eventually you end up with an open ended grant program that will give out free money to students, which will then give free money to colleges and universities until congress takes it upon itself to actually reform this program and put a stop to the insanity.

neil: the one amazing thing about this argument no matter where people substantiate is this idea that people -- stand is kids didn't know what they were getting into. you signed a loan document and especially going to college you had to be aware of an obligation to get money has to be paid back and stretches credibility that you're shock that ed that you ho pay it back. i don't -- shocked that you have to pay it back. i don't get it. >> if you took out a student loan, you signed on the dotted line and you should have to pay back the loan. i don't think we should excuse the implicity of colleges and universities in this. they're enrolling students who are not ready for college and not allowing them to graduate or giving them credentials with very little value in the labor market and millions of students are unable to pay back their students and lo loans and the colleges and universities are profiting the proceeds so, you know, i would say rather than

considering back ward looking forgiveness, we should be considering more forward looking reforms to basically say, how are we going to hold colleges and universities accountable for the outcomes that their students are experiencing. if we see so many students defaulting on their loans, what are we going to say to columbia legs that are in -- colleges that are in lock step. neil: preston, thank you. the dow is in session lows better than 609 points and now a lot of this again is on this combined rate hike and recession concerns. all the major avera average at r lows and technology in a environment where they fear higher interest rates taking it on the chin and lean sectors are part of the broad market sell off and this comes after last week we experienced first down week after four back-to-back to back up weeks. now again, some people read this as an overreaction ahead of

jackson hole, wyoming, economic symposium that'll be capped by friday remarks by jerome powell, the chairman where he can kind of say anything he wants and the bulls will read into what they want and the bears read into what they want. given that we have inflationary pressures building in europe and energy prices rocketing in europe, some fear what's going on there could happen here. hard to say. this much is not. the better part of the dollar is to sell first and ask questions later. stay with us, you're watching fox business.

neil: quickly, the selloff and dow jones industrial sliding more than 600 points on top of friday's decline of 2894 points bringing us over to -- 294 points and bringing us to over close to 1,000 points we have lost in a two day period and in perspective, the markets have

mightily come back from season lows and the beating seems to do with higher interest rates and back up comfortably and back up over 3% on the perception and we'll see more of this type of thing here with the fear that the federal reserve could telegraph rate hikes to come. this is the big jackson hole conference in wyoming that takes place every year a. lot of people like to go there not just for the scenic environment here for the federal reserves annual look at world so-to-speak. of course jerome powell speaking on friday. ahead of that and a lot of fed governors district presidents powering the need to stay on top of inflation and raise rates aggressively as well. the consensus seems to be building around the third three quarters of a hike in rate the next time the federal reserve meets and looking at this and own charlie brady relating down to the s&p 500 having worst day since june 16 and nasdaq since

june 28 and i can't vouch for the agoraseizure disorders. they're selling off aggressively. we're following other developments and other things going on in the world including washington dc where i'm not talking about some legislation that could be proposed or even some relief for student loan in debt and can't pay them and this concerns a vaccine mandate that the district is considering for students going into the school year. mike emmanuel has the latest on that. mike. >> good afternoon. the superintendent's office of dc public school says all students must have up to date immunization certification on file with the school within the first 20 school days or they'll not be allowed to attend school or school activities until the immunization certification is secured by the school. one local mom tells us the pta wrote to the washington dc mayor

and city council asking for the vaccine mandate for students. >> i'm very happy that dc government has listened to parents, has listened to our pediatricians, and listened to all, you know, to scientists and, you know, have implemented this vaccine mandate for students. >> but the naacp president here in washington is worried about students of color being left behind. >> the naacp is in strong support of covid-19 vaccinations, particularly within our schools. however, of course we are very concerned about the racial and educational inequities that will result from the mandate. >> education secretary says his priority is making sure all students across the country are safe and can go to school health reigns leading. >> that's why we've been fighting from day one to increase vaccination efforts to

make sure that the schools have the tools for the mitigation strategies that they need, that we have information. >> aside from the nation's capitol, only new orleans have a similar mandate ahead of the school year and los angeles pushed the vaccine back to next year neil: michael, thank you my friend. in the meantime, seems ironic that the two scrutinized state states in the country, new york and florida, new york for tight covid controls and florida for not tight controls will be featuring primaries on the same day tomorrow. what's at stake and who's at stake, after this.

neil: all right, another primary tuesday coming up. this one is interesting in that it features two st state that always seem to be at each other's political throats, new york and florida. brian yennis with the very latest from new york city. brian. >> neil, good afternoon. at least one democratic heavyweight's career will come to an end tomorrow.

representative jerry nadler and representative caroline maloney friends and allies forced to group against one another in new york's twelfth congressional district thanks to messy redistricting that did not go the democrat's way, it's gotten quite contentious. maloney, who's 76 challenged nadler's mental state questioning whether the 75-year-old is too senile for the seat and she's said she doesn't think president biden will run for a second term, but nadler received a new york times endorsement and seen as a favorite. then there's patel who's a former aid and friend of president biden and hoping to retire them both. >> the two of them talked about the 1990s, the early 2000s and all these things they've done, fighting to take more credit for two decade ago accomplishments. i'm the only candidate in this race talking about the next decade. >> another race we're keeping an eye on is the special election in new york's 19th district. this is a race seen as the

nation's first true bell weather race about abortion. democrat pat ryan has made this race about prot protect abortion rights and railed encinitas the recent supreme court decision and republican mark malinaro betting inflation and crimes will energize voters more. >> the court decided this is a state matter and the state has broad access, agree or not. voters all across this district are concerned about paying their bills and protecting their kids, and they want us to focus on that. >> new york's races, neil, are particularly unpredictable this year and low turnout expected after that messy redistricting process led to a rare summertime primary here. neil. >> thank you very that. neil: brian yennis. let's go to florida now where a number of crucial races are at stake. isha. >> hey, neil, the waters in florida are calm and the campaign trail for republicans

is choppy. here in the 13th congressional district and air force veteran and trump endorsed paluni told me she and her staff were the target of vandalism in this race and slashed tires and smashed windows and she thinks it's because she's a front runner. >> i'm the type of person they're very afraid of. our stuff is getting vandalized and four of my staffers had tires blown out and i've had my windows smashed, and we're not backing down any time soon. >> her opponent kevin haslet condemns any political attacks and he laughed out loud saying that luna is trying to play the victim card for votes. >> you heard about this and you must have because you're laughing and you condemn it. >> first, of course i condemn that, but you understand that this is someone who -- >> why are you laughing? >> i'm laughing because she's taking out dozens of restraint -- this is her mo. she plays the victim. when she feels threatened --

>> meanwhile republican strategist amanda macky who's taken shots at luna trying to sell herself as the no drama choice. >> i've heard from the people of this community, one thing they don't like is the negativity of all the things that have been happening but when you focus on what their issues are at home, it's the rising cost of fuel, the rising cost of groceries. >> and interestingly enough, neil, we're actually hearing less about those issues: inflation, gas prices around this area. more about the candidates and where they want the gop, the party to go. neil. neil: thank you for that. scott bolden, the former washington dc democratic party chairman. always like having scott on. scott, now we're told that a lot of people, i don't know whether this is etched in stone, eight out of ten not confident that america's best days are ahead of them. similar statistic about eight out of ten workers are worried

about their job and losing it. not a good environment for democrats for the time being. what do you make of it? >> well, i think when you use those types of statistics but there's more to the story if you l. the inflation reduction inflation act, climate change act and all the legislative victories of biden are changing that slowly. then you've got the january 6 committee, you certainly have the antiabortion decision by the supreme court. everything i said to you a month ago about biden and the democrats, i take back. they've got life right now, and they are looking to make a race of these midterms in november and they've got a story to tell. they have an energized base now because they like the climate change legislation, they like the inflation reduction act, and they've got to tell that story and message to their base that's energized now to go out and vote. if they go out and vote, we win. neil: all right. might energize the base to your point, might be too little too

late to swop the house -- swap the house but the senate could be another matter. what are you seeing there? >> we're ahead in georgia and we're certainly ahead in pennsylvania. those are two bell weather states but states that the republicans wanted to pick up and so they're in trouble because of the bad choice and trump's choices for these candidates, if you will. so that's going to be a problem for the republicans. here's the key, here's the key for your listening audience, the voters, independents, democrats, and republicans have got to feel that gas prices are going down, inflation's going down. i mean, we're creating a half million jobs a month so we can't be in a recession if you will, but voters have to feel the impact of this democratic legislation -- neil: they're not feeling it at the grocery store. you're right at the pump but don't know for how long. does that worry you that so few democrats want joe biden to campaign? >> yeah, right now. give it 30 days though because once the messaging hits, once

the impact of this legislation hits and stuff, you're going to have those in heavy democratic districts wanting joe biden to be there and those in competitive races and moderate republicans maybe, maybe not but even then if it's a close race and the democrats have a story to tell, biden will be there. neil: do you think voters will perceive from the inflation reduction act that it does. i can tell people that this is the neil cavuto thin anchor at fox and people will say, no, you're not. there's very little evidence that this suggests this reduces inflation, at least in the near years so you think americans are buying that? >> well, i don't think they're feeling it, and that's more important than buying it because real or perceived, it's going to be a powerful piece in their minds and in their pocketbooks and in their homes. the question is: can the democrats accelerate making them believe and making they will feel that the democrats are the right ones to lead? this legislation has the potential to do that but it's

always about democrats and the messages despite what the republicans are saying because donald trump is under investigation, the january 6 committee, they don't want to talk about it but that's one of the big -- neil: democrat's whole goal is mentioning trump, trump, trump. that's all you talk about. >> we want to talk about reducing inflation. healthcare.healthcare. neil: you just mentioned trump a few times. is it all about trump, trump, trump? >> not all about trump. can you say that three times? neil: scott, it's always good having you on here. we'll see how it all sorts out. a democratic dc party chairman. they say it's about how you feel now following how you photoin november. we'll see. more to come.

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neil: all right. let's see what my buddy charles payne can do about the selloff i'm leaving him with the dow down 637 points. he has his work cut out for him, charles. charles: i'm usually confident. i admit this is a tall order. we'll try our best. thank you so much. good afternoon, everyone, i'm charles payne, this is "making money." breaking right now you could call it a case of monday blahs. it is worse than that. investors are threating about jerome powell about the big speech at jackson hole that is the end of the summer rally but is this only a temporary lip but will we go back to retest the bottom? we have a lot of great market watchers to discuss with. imploding economy casting even