gavin newsom shut down the state capitol from people protesting and the capitol opened up again as soon as black lives matter came on. it's complete hypocrisy going on. liz: thanks for joining us. i'm elizabeth macdonald. you've been watching "the evening edit" on fox business. thank you for watching and have a good weekend and join us again monday night. maria: happy weekend to all. welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm maria bartiromo. thanks for joining us. growing outrage this weekend over joe biden's student loan ballout. republicans calling it a political stunt to buy votes ahead of the midterm elections. and even democrats speaking out against the handout that could cost up to $600 billion. senate finance committee member

bill cassidy tried to stop administration from going through with it. he will be here coming up. fed chair jay powell says the central bank is committed to fighting inflation. i'll be asking investment strike investmentstrategist what the fo do no. and bomb shell claims at twitter. experts will tell us how vulnerable we are to foreign hackers and what it could mean for investors. first, massive pushback against biden's student loan bailout. independent analysts say that the plan could cost between $400 and $600 billion over the next ten years and will shift the burden onto struggling families. fuel inflation, and ramp up a cost of a college education. joining me right now to talk about it is louisiana senator and finance committee member bill cassidy. senator, thanks for being here.

you sounded the alarm about this months ago. how do you assess it? >> yeah, this is a total spit in the face of somebody who did it right. i'm getting text messages from the guy that did two jobs, who lived in a smaller home, bought a more modest car because he had to pay back his student loans and now he feels like he's been played by a sap. and the guy that -- the gal that never went to college, went to trade school, that's what they could afford, they feel like they've been played like a fool. this is something that the president felt like he had to do for a far left commitment. it is wrong for the american people. maria: so why would he do this? all accounts tell us it will stoke inflation, that it will add to the deficit, and very disturbingly it is also going to send the price of a college education higher. the committee for responsible federal budget writes the cost of a college is absolutely a huge problem in america that should be addressed, forgiving

$10,000 to $20,000 a person is costly and it will raise prices for the cost of a college education. larry lindsey says the same thing in his lindsay group, back in 2017, the federal reserve bank of new york estimate that had policy changes for student debt over the previous decade had allowed tuitions to rise by 60%. >> this makes all that worse and it also sends a signal that you don't have to play the game fairly. if you just wait long enough there's going to be somebody that you get into office that's going to tilt the field in your direction. that's why americans are cynical. folks talk about the swamp. they're not just talking about big corporations but sweet heart deals for con stitch june seizure disorders groups of whoever happens to be in office. constituency groups of whoever is in office. the government should be fair and not tilting one way or the other. but when they dorks they're not only unfair but they do

everything you described. they put a lot of other bad things in the way of our educational system, in the way of inflation, and the way of the costly college. maria: what's the point in is this to try and buy votes of college kids? >> i think it's clearly trying to buy votes. i say that because they continue to defer repayment of college loans until after the election. that's another part of this. that's $5 billion extra per month and it expires after the election. it is cynically putting a future cost upon taxpayers so that joe biden can do something about a terrible set of midterm elections. again, it's why people get cynical about washington. biden is feeding that cynicism. plea: : that's such a -- maria: that's such a great point that this expires after the election. this is obviously for the election. i want your take on the other major story of the week, the doj

releasing a redacted version of the mar-a-lago affidavit and that affidavit supposed to tell us what the heck was behind a raid on a former president's home. trump's mar-a-lago property raided earlier this month and president trump apparently furious that the fbi targeted his family, even searched his wife's closet. what's your take on this? what's going on at the fbi, senator? >> we need transparency. the fbi clearly has had reputational damage through a variety of mechanisms, and there's the appearance of the politicalization of the fbi. by the way, i want to support the fbi. i support the police. they've got to establish that they're actually above board and that they're not being used as a tool of this administration to go after our future political opponent. maria: what needs to be done for the integrity of the fbi?

>> maria, i'm not in law enforcement or the fbi but everything they do has to be transparent and beyond rapprochement they're asked to be transparent and why they were searching mar-a-lago. we want to know or it's part of a pattern. for the sake of the american people, it's important it's not part of the pattern but important that the fbi be beyond rapprochement we have a ways to go. maria: senator, will you take it in november or will the gop win out over the elections? >> never take for granted. we take the house but never for granted. the senate will be a battle. we have a lot more states to defend and they have to defend and the democrats have to defend. it's going to be up for us to work hard for everyone that thinks we need pushback upon these types of policies that

biden is doing. for example, the student loan forgiveness. we need them to work for their candidate, give to their candidate, to help that candidate get elected. maria: we'll be watching all that. senator, good to see you this weekend. thanks very much. >> thanks, maria. maria: bill cassidy in louisiana. quick break and federal reserve officials meeting in jackson hole, wyoming, this weekend to grapple with sky-high inflation, slow growth and recession. what can they expect from the fed's at next month's meeting. all eyes on september 21st meeting and i'll ask investment strategist when he's telling clients to do now.rst ♪

maria: welcome back. take a look at where markets ended the week on wall street as there was some certainly

shopping for bargains on wall street with a initial contraction of nine tenths of a percent and core pce report out friday and feds preferred measure of inflation and cooled in july and up one tenth of a percent on a monthly basis and up 4 4.6% from a year earlier. federal reserve chairman jay powell speaking on friday morning at jackson hole about the outlook for the u.s. economy. >> there will very likely be some softening of labor market conditions while higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses. these are the unfortunate costs of reducing inflation. maria: investors looking for clues about how much the federal reserve could raise interest rates at the next meeting on september 20th and 201st. let's get ahead and joining me is janny montgomery scott investment officer mark.

thanks for being here this weekend. >> thank you, glad to be with you. maria: so now that we got the data for the last month out of the way, the jackson hole meeting, we are all focused on september and the next federal reserve meeting. what are you expecting and do you think we could see another 75 basis point hike? are they going to take the hammer down or start getting stable in terms of rate hikes? what's your take? >> maria, we think it's unlikely that they go 75 basis points. i know there's still some probability that priced into the fed fund futures marketplace at this point, but it seems that given the most recent data that we've had, both in terms of just the economy showing a down shift in economic activity. at the same time we've seen a reading from the cpi and as you mentioned this morning's personal consumption expenditure index giving indication that perhaps at least on a month over month basis, the same store

sales comps if you will have begun to show signs of receding, and i think that's evidence that perhaps the federal reserve no longer needs to be quite as aggressive in going up 75 basis points particularly when it's happening coincidence to the time in september that the fed is also going to be picking up the amount of bonds it's allowing to run off the balance sheet in the form of quantitative tightening and could have an affect on further tightening and amplifying of the economic conditions. maria: yeah, i think those are all really important points. what i'm trying to understand is how much of an impact these rate hikes have had already. how do you assess the macro story at this point, mark. how slow have things become? here we are teetering on recession and we want to wait to see what the third quarter looks like, but do you think we're seeing an economy that's slowed considerably and is that why oil prices are down from the highs?

>> well, that's having an effect. if you look at goldman sachs financial condition and it's inched up to the level of tight. we're not quite there yet and it's probably a little dis-concerning for the federal reserve because they probably like to see it move up and across that tightening level that would show that the lag effect of their tightening policies are working to thwart de-up and down or slow down and realtime track -- demand and slow down with the gdp and up to 1.4% in the reading and down from a start to the third quarter of 2.8%. maria: mark, what does all that mean in terms ofs inning today? there was a pretty good rally in the month of july. is there lags? how do you want to allocate capital here? >> the challenge for investors is they have to be prepared to with stand some volatility that we continue to expect to see

probably over the next at least couple of minnesotas once we get through a -- months once we get through a few more inflation readings and the fed's reaction to it. but at the same time they shouldn't be shaken out of equity exposure. we've been a little more cautious on the near term expecting that perhaps we could see the lower levels that we've trended down to before we saw that really sizable summer rally and probably still has some legs. however it's not necessarily clear from the economic standpoint that corporate earnings, which are really the support for equity prices will maintain the consensus gains that are expected and therefore we're seeing that in the near term, urging some caution, kind of a neutral stance on equities but at the same time be prepared to see that if by chance the recession is avoided or is mild only in nature that we can once again see a resumption of the advance that investors would be caught off sides on if they were sidelined waiting for a better opportunity to put money into the equity market, particularly

for those with long-term growth aspirations. maria: that's what we're waiting for to get back to long-term growth. mark, good to see you and thankers very much for waying in on all that. >> thank you. maria: all right, mark at janny montgomery scott, president and cio. twitter giant hiding major security flaws that make it vulnerable to foreign hackers and spies. what it means for our national security and investors coming up next. ♪

♪ ♪ how's he still playin'? aspercreme arthritis. full prescription-strength. reduces inflammation. don't touch my piano. kick pain in the aspercreme. maria: welcome back. bomb shell claims against twitter this week. whistle blower peter is set to testify before the net judiciary committee next month after he

said massive security violations are happening at twitter. the former executive says twitter is jeopardizing national security and misleading investors. twitter ceo calling the claims "foundationally, technically, and historically inaccurate". i'm joined by cybersecurity expert l lisa and lou. lisa, i want to kick off with you, we don't have the specific details in terms of where the national security flaws are, but what is the vulnerability of a company like twitter in terms of its impact on national security? >> great to see you, maria. if we con contextualize this whe blower report and it's flat configuration someone highly classified in the community and in the community for decades and with twitter for ye years and we

contextualize twitter itself and platforms where many people get their daily information and check facts and things like that, this is problematic because we see major violations of best practices in cybersecurity and lack of encryption. we see the principle of least privilege being violated that looks like he's alleging half of twitter's employees have access to detailed information about users, including national figure heads, celebrities, and we saw problems with twitter's operations in the past just in 2020 where a few teenagers gained access to high-profile twitter accounts. these allegations in the report are explosive and significantly against cybersecurity best practices. maria: i think you laid it out well, especially since, lou, we know this is not exactly an independent group. they are against republicans. they are against conservatives.

they continue to sensor them off of the platform, and they censored real information right before the 2020 election in the form of hunter biden's laptop. what does this mean for the company's prospects? and i guess i should also point out this is another layer on top of the elon musk fight where elon musk is saying you're not being honest about the number of fake accounts on the platform. give us your standpoint from an investment standpoint. >> yeah, there's so many risks to unpack i would avoid it. twitter was an investment to buy the rumor of musk taking them over and sell that news. that hit on a thursday and friday and he should have sold on monday when it came out and this is news to twitter about the cybersecurity and privacy risk, but not news to the social media space. facebook has been just a perennial offender of privacy laws and just underinvestment and cybersecurity protections so it shouldn't be shocking to investors. it's a real risk that pervades any of the digital economy names and you have to avoid twitter.

musk is right. if you look, there's a tremendous amount of fake accounts and even if we look at facebook as a proxy. last quarter they had to fight off 1.6 billion fake accounts as and delete and remove from the system. arguing that 50 to 60, 70+ percent of twitter users could be fake is not unreasonable. and sounds bombast ick in the headlines but as an investor, you have to take that very seriously that the majority of the 290 million+ users or so just under 300 million might not be real, engagement is low from an investment standpoint and social media is a saturated marketplace and tough to be competitive and going into a recession and these rely on advertising. i can't think of one positive, honestly. elon musk would be the only positive and i'd wait for him to take over twitter at a lower price before i'd consider coming in as an investor. maria: so you think that's where this is going, elon musk still acquires the company but at a lower price then, lou? >> i think that's happening. look, they got close enough to a

deal and agreement that the executive ranks got gutted inside twitter so twitter has to, they really don't have much of a choice to go it alone anymore. they have to come to terms with a lower price and have to be more forthright where their disclosures and transparencies and elon musk is a private company. even jack dorsey said it, twitter can run more effectively as a private company and you can correct the issues on cybersecurity privacy, try and reinvigorate growth with someone at the helm that's not to biased in terms of separating the audience and censoring content. maria: and the bias is probably one of the biggest stories here, because politics are all wrapped up in a situation that makes the company vulnerable and users vulnerable because of all the data that political hacks have their hands on. >> it's extremely troubling. in addition to the release of this, we only see the redacted

report and lack of encryption and principle and not being able to touch different data points and not enough training being done. we still have despite how many bots or spam persons may be on the site itself, we still have high-profile users that are leaving plenty of their personal information on the platform, they have dms, they have the ability to interact. if we see teen anyoners getting into -- teenagers getting into it like we did in 2020, who knows what could happen if putin did or anybody else and we have questions of what's in the inner workings and we need a better audit and understand the inner workings and have a problem with 30-year-old laws highlighting how these platforms are able to function; right, and that's a problem as we've said with facebook, with twitter, with google. all of these platforms who really need to take a closer look at how they operate because they are private. maria: and who's making the rules? this week facebook told us it was the fbi that directed the company to sensor the hunter

biden laptop story and they're the ones who told meta that it was russian disinformation so who's really running the show? is it this administration or the companies? lou and leeza, great discussion and we appreciate your time this weekend. thank you. >> thank you. maria: don't go anymore, more wall street right after this. ♪

maria: welcome back. we have another big program in the works for next weekend. tune in every friday night at 7:00 p.m. eastern on fox business. i will see you over on fox news channel sunday morning. sunday morning futures is live on the fox news channel, 10:00 a.m. eastern and this weekend we've got exclusive interviews with senator ron johnson, congressman mike turner, and byron donalds along with ohio senate candidate jd vance. join the show live sunday

10:00 a.m. eastern on fox news. on fox business, start smart every weekday from 6 to 9:00 a.m. eastern for "mornings with maria" on fox business and join us every weekday and start your day with us. that'll do it for us for this weekend. thank you so much for joining me. have a great rest of the weekend, and i'll see you again next time. ♪ james: hello, i'm james freeman in for gerry baker. the biden backlash may cost half a trillion of your dollars and it's not even legal. the expected red wave in november is looking more like a ripple and maybe even with a shade of blue. plus, how to hol