50, 71, 90, 110. as lauren pointed out there are a lot of variables. what do you say, lauren? lauren: number one, 50. it is not a good question. ashley: it is not a good question. lodge your complaint. you know what? despite that you're right, it's 50. it is 50 licks. you know who would know the answer to this, i have a feeling? neil cavuto. neil, i've done a lot of research myself on this topic but i had no clue. take it away, my friend. neil: i could do it in one. all right. thank you very much, my friend. speaking of which the markets are getting kind of creamed today. buyers have been iced out if you will and we're in the cone of uncertainty. that is about all i can do with the ice cream analogies here but a lot has to be the follow-through from what we saw with friday's big drubbing. the pivot we thought we would see out of the chairman of the

federal reserve did not materialize. the markets were on route to a down month, unless something changes quickly over next couple days that has not changed. interest rate environment has not markedly changed. lowest level, i'm sorry, the highest level since 2007. the gap between the 10-year and two year yield, we're off the worst levels of the day we were down 310 points. we cut that in half. roughly looking at about 115 point decline here. let's get the read on all of this from jonathan hoenig. jonathan, obviously we had a bit of rally going before everything hit the fan before last week. people are concerned it was a head fake. >> despite the rally, 7500

stocks below 200-day moving average. most stocks are still in their downtrends. we have today, new stocks at new 52 week lows. all stock to fed, inflation hasn't gone anywhere. you showed some of the treasury yields, neil, just in the past year the short-term yield has gone from .2 of one% to 3 1/2%. investors are still dealing with the inflation. the government isn't dealing with it. why you see so many stocks in such a morass and a malaise right now. neil: elizabeth warren weighed into the conundrum from the markets. she is very concerned that the fed will do something it shouldn't be doing. want you to react from elizabeth warren commenting on the fed? >> you know what is worse than high prices and a strong economy? it's high prices and millions of people out of work. i'm very worried that the fed is going to tip this economy into recession.

neil: we know where she is coming from. a lot of people share the angst maybe the fed can overdo it. i think the signal from the fed chairman was that is what it takes so be it. how did you interpret where powell was coming from? >> well, neil, i have to laugh a little bit from elizabeth warren she is so concerned about the federal reserve trying to battle inflation, not so concerned about government who created inflation, continues to create inflation with the chips act, so-called inflation reduction bill. that what is created the problem. elizabeth warren doesn't seem to understand where wealth comes from. powell, the economy writ large has big pressure on its hands neil. look back to history. in 1980, the stock market was below where it was in the 1960s. that is despite a number of bull and bear markets in between. that is frustrating about inflation it wears the producers out, wears the innovators out, destroys the economy from inside. even fed raising interest rates,

helps put inflation back on its heels. will not eliminate it all together. i think markets reflecting that. neil: how long does it reflect that? investors thinking about the rally we enjoyed, came off 50% from our lows and all the major averages that could be over. now they're overdoing it on the other side. what do you tell them? >> unfortunately inflation makes you have to think long-term, neil. it is very hard to invest -- even if you're an everyday investor or a big executive building a multibillion dollar factory, how can you look, three, five, ten years out with all the true warning signs in the economy? we're looking at yields on short-term government notes and government bonds. if nothing else the inverted yield curve, the fact that the two-year note yielding considerably more than the 10-year yield always indicated trouble is on the horizon. i think markets are reflecting that. for investors you have to be a lot shorter term than you otherwise would be. i'm looking at emerging market, currencies all ideas outside the

bread and butter of s&p 500. i think they will outperform what is difficult time for stocks. not because of american innovator or american companies but what what is not going on in washington, d.c. neil: i'm curious what you make the winner is the u.s. dollar, a flight to quality, a haven for a lot of of folks. obviously for u.s. multinational concerns. that isn't always something to celebrate. it impacts extrapolated -- earnings extrapolated back into dollars. i get all that. what do you say the world is say? >> anti-capitalist we're here in america the rest of the world, pension liabilities, even stimulus spending in a lot of cases is even worse, during all the turmoil, basically during the pandemic the u.s. dollar has been a great safe haven. what worries like what happened in the 1970s that trend turns. 1970s saw cover stories from "life" magazine, business week, all about the crumbling u.s. dollar. that really worries me about the

u.s. dollar. i think a lot of investors might want to consider international stocks and bonds as hedge. if the u.s. dollar falls, neil, u.s. americans costs will not go up but significantly way up because of all the important goods. time for the long-term investor to diversify out of strictly dollar goods. i think the dollar had a huge run which i think will ebb right now. neil: i wonder post the remarks heard from jerome powell, he would risk a slowdown, in fact telegraphed job losses economic pain for americans but all vigilant fight against inflation. i'm wondering will it get to that point? in other words, even strong economic news, that shows that we are veering away from that, let's say we get a strong jobs report for the month we're in on friday, i think it shows consensus seems to be 300,000 new jobs, that will actually be deemed disappointing because it's too good, and it keeps inflation and ratcheting up of

rates going, what do you think? >> neil, unfortunately the damage has already been done. people look like jerome powell like he is the "wizard of oz" behind the kurtin and tweak the economy. that should have been discussed when all the stimulus spend something going on. that is what the inflation the federal reserve is dealing with right now. 3/4 of americans already said we're in recession. further ahead of most economist who are considering the fact we're in a recession. jerome powell, whatever move he makes is the wrong one that fears me. not necessarily a major collapse in the stock market but that 1970s period of flat trendless markets which makes being a long term invest that much more difficult, especially not only rates but costs go up year after year after year. neil: i respect the heck out of but having lived through the '70s. this ain't the '70s. it ain't that experience. it could be right, i don't see any hinting of that for the time

period,. >> your mouth to god's ear, neil. neil: i will ask god how he feels about that but he is worry. thank you, jonathan hoenig. look at alternative insvelts if you will if you thought you could find safety in bitcoin. well a coin will set you back in and out of the 20,000-dollar level. what to make of that susan li following it all, what is going on? reporter: would you think high inflationary environment bitcoin would be performing because thought to be inflation hedge and diversification from bad government policy but we really haven't seen that. bitcoin dipped below 20,000 this weekend. we're looking five days of pretty much declines with the broad market sell-off. because cryptocurrency has pretty much been a stimulus resent -- receptacle. when there is fast money it chases alternatives. some would say bitcoin is recipient of that.

at 20,000 we're above the lows we saw in mid-july. it was closer to 17,000. that was june, pardon me. neil: good point. reporter: 20,000 is something we're revisiting those levels in july. you remember we saw 25,000 at the start of this month? saw ethereum, the second most used, largest cryptocurrency, actually went above $2,000 and actually outperformed doubling from those lows. neil: this proves these cyber plays, crypto plays they're not for the faint of heartport port i was looking into how many earns owned or heard of cryptocurrency. a very low amount. think about 15 or 20%. if you look at the decimation of interest, you heard me right, five syllable word there. neil: we don't use big words. reporter: the nft market, you asked me who would buy a cartoon monkey. neil: gaspo would. reporter: yeah i trust he likes

risk. that dried up on 95% on open sate. neil: normally when there is capitulation, no interest, people are like, ah, you could say that's it. we hit the bottom. reporter: i love the chart we brought up that our producer just made, i want to give her kudos for this, look at google trend search for bitcoin that pretty much evaporated as well. when times are good, prices are high people are look for money. neil: this is what you see but does that often times translate to a turnaround? same could be said for people looking for internet stocks during the boom and dissipated when people said the hell with it. maybe that could be a good counter. reporter: seen a lot of trends. 2000 bubble burst. '70s inflation. neil: i was there. reporter: talking to a big money manager, tell me this, tell me what the predictions could be, when there is an upcoming

midterm, but the federal reserve is supposed to be a independent institution but don't want to cause any gyrations during a government vote. neil: the dirty secret is they have. that has been done a number of times. consensus says they don't want to do anything ahead of election, more often than not sometimes coincidental it occurs. they have done, rarely acted before presidential election but quite oven times before midterms. but who knows. reporter: especially summer months. september the weakest month. you have very low volumes with portfolio managers on vacation. there is a bit of a distortion effect. neil: i think you're right. thank you very much, susan li, following all of that. by the way we're getting word right now from the justice department. it has a chance to review the sensitive data and adopts they got from donald trump from mar-a-lago's home, a good many documents could be subject to

attorney/client privilege. not the kind of thing could be shared let alone with them, for that matter with the american public a couple different ways to read this. we're all over this, after this. ♪. ♪ ♪ ♪ ♪ ♪ ♪

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♪. neil: well donald trump's legal team said why should the justice department decide exactly what documents get released and what do not get released? someone should be there to sort of being an arbiter in all of this, a master, kind of an official that would look at the same documents and decide what is noteworthy what could be shared with the american people and what could not. it's not quite that simple but a florida judge seems open to the idea. david spunt has more from the justice department where all of this is going. david? reporter: hi, neil, good afternoon. judge eileen cannon has not made a final decision yet, yes it is true the trump team wants a third party arbiter, a special master to see how the department of justice has been handling evidence but within the last few hours doj filed this motion. we can see in this public motion, federal prosecutors announced they have already gone through all of the evidence three weeks ago today was that raid on mar-a-lago and according to this filing the department of

justice found a limited number of communications that may deal with attorney/client privilege, meaning we likely will not see those because of the attorney/client privilege. however the trump team, they want to push forward with this request for a special master. they will be in court on thursday. now a special master is a third party arbiter you mentioned. someone came in like possibly a retired judge, or an attorney not directly connected to the case. if the motion is officially granted, judge eileen cannon would appoint that person. fbi agents went to mar-a-lago on. they have full three weeks to look at evidence. some legal experts say it is too late for special master however the time is not on the side of team trump. team trump want a special master for that perspective. they want any evidence returned not not scope of investigation.

judge cannon will hear arguments on the special master on thursday. avril haines, other members of the intelligence community are taking look at classification levels of these documents, hundreds of classified document the were taken from mar-a-lago to see if any pose a threat. we know the department of justice is doing a parallel investigation of its own, kind of a neutral third party look inside from the doj neil? neil: thank you my friend. david spunt from the justice department. brian claypool, civil rights attorney, good study on these sorts of events and what they could mean. brian, good to have you. we're learning that this judge is open to the idea after special master going through everything. say she goes ahead and does that, what would that person do? >> neil, great to be back with you. i think the judge is doing the right thing. i think she while honor a preliminary decision to hire a

special master. why should she do that? there are documents protected by attorney/client privilege. in the real world without a search warrant how this would happen, a subpoena would go to trump's office, right? his lawyers would go through all the documents and present to a judge what is called a privileged log. you go through every single document. hey, this document is subject to attorney client privilege, here's why. the doj would say why it is not. a judge rules on that before the documents are turned over. here the converse happened. fbi went in, raided everything. this is absolutely necessary to preserve the inintegrity of any attorney/client documents. neil: so attorney/client privilege for whom? let's say we learned from the doj they reviewed a lot of the sensitive documents, some are of that description, possible attorney privilege. does that mean they will never get out? >> great question. by the way the attorney/client

privilege goes to the client. the client here would be president trump. he has communications with a lawyer regarding some of subject matter, right? neil: his argument, sorry to drop on you, my friend, his argument was release everything. what the doj seems to be saying here, this would a case where honoring attorney/client privilege it is in his interest not to? >> well, look, i'm not sure i agree with what trump is saying then. the whole point of a special master is to insure that documents that are not arguably classified are returned back to trump. for example, what if there is communications between his wife? there is something regarding his son in these documents? there is something regarding his other kids? these documents need to be returned to president trump. but look, at the end of the day why are we even talking about this? there was a sham affidavit in my opinion that was used to go raid trump's residence to get every document possible. and neil, one point i want to

make, the reason i say that is because it took the fbi four months from the referral, from the national archive records administration to even sit down and look for the first 15 boxes, right? then they charged in there to get the rest of these records based on some alleged obstruction? the point i want to make, you can't allege obstruction, there has to be an ongoing investigation trump is aware of. he wouldn't even aware there was any kind of criminal investigation going on. so you can't argue, the doj can't argue that trump obstructed justice. he wasn't even aware of anything. neil: they argue, this comes down to document the he had at his home in florida, he shouldn't have had, his office, team, said anything the government wanted, archives wanted they had already given. so something happened. either that was miscommunicated or to hear the government tell it the former president and his people lied. is that what it comes down to? is that really a criminal offense, or is it if you

misrepresent what you said to be the case it doesn't matter whether you're a former president? >> yeah. well, gets back to my point. if trump was negotiating with the doj that is not a formal investigation. he voluntarily turned over 15 boxes right? this doesn't make any sense this affidavit is a bunch of garbage. neil: he said none of these were sensitive data was in there. he said he declassified them. as a president he he could do t. >> right. neil: some of these documents when the national archives was begging, pleading, actually demanding for him to hand them over, already been there, done that, handed them over. if that is a misrepresentation, if it is intentional, you lied about it, is that a big deal or no? >> i don't think it is because again i don't believe trump realized that there were some

type of criminal investigation going on. he was just having a next. obstruction of justice occurs when you make a false representation during a criminal investigation. so the million dollar question is, was there a criminal investigation going on when they questioned trump? i would argue absolutely not. he voluntarily turned over documents. neil: if he had documents he shouldn't have, said he didn't have them, he did have them, they were mixed with other personal papers and magazine clippings. >> right. neil: that doesn't sound right but what do you make of that? >> that is not criminal though, neil. look at, the two laws cited by this fbi agent in his affidavit, by the way he is not an attorney but he cites two federal laws in this affidavit. one of them requires willful behavior on the part of trump. that is really hard to prove. is trump really trying to hide something? second element he is doing this to try to disseminate or injure the company. that is what really blows my mind here. how many months have gone by

since nara got these documents? the sky hasn't fallen. nothing bad has happened to the world. i really think that is the crux of this, right? how do they even -- neil: in the wrong hands or copied said documents, i mean wasn't that what this was originally all about to track them down say some were very sensitive? national archives relayed that, that these were sent tiff enough they continued petitioning the biden white house? >> right. neil: so where does this all go i guess i'm asking? >> yeah. another good question. again if that's the case, trump has confidential documents they possibly compromised national security i would argue he hasn't done this in a willful manner. just got a bunch of documents at his place. that to me rises to the level of being careless on his part and negligent on his part but that to me does not rise to he is willfully concealing documents to allow them to be disseminated to an enemy, to injure our

country, or, for example, he's hiding these documents from everybody to obstruct justice. i just don't think it rises to the level of a crime. i think they just retrieve the documents, get them back. give him his documents back. they're personal to him. and move on and, not make this is political ambush, neil. neil: all right. just odd to me, you were the lawyer and expert here, when hillary clinton was charged doing the same thing the republican side and donald trump himself all but called for execution. i'm wondering, i understand politics how that works, just going to linger on i guess. we'll watch it closely, brian. brian claypool on all of this. >> you bet. neil: look at the dow, we radically cut our losses about a third what they were a little bit earlier. we have interest rates still reflecting the fact that the federal reserve will likely hike interest rates next month by 3/4 of a point. that seems to be the betting. the odds are 65%.

put this in comparison a little more than a month ago a third of economists polled were expecting that kind of move. often times they're very wrong. but that is the betting. we'll have more after this. ♪.

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♪. neil: you like going to the movies? how about on saturday paying three bucks to see one? all the major chains, including amc, regal cinema, all the major film studios are part of one-day only effort where you can see any movie a blockbuster, current run movie for three bucks. they want to bring people in, presumably the labor day weekend is slow time for films. that surprised me. i would think that is busy weekend. apparently not. people are doing other things. let's follow a couple other developments right now. this is a lot more expensive by

the way than $3. this is like a trillion dollars. this is a plan the student loan forgiveness the administration wants, apparently more pricey by the day. hillary vaughn with more eye-popping details. hey, hillary. reporter: neil, the white house insists they don't know how much this is all going to cost because they don't know how many people will take them up on paying off their student loan debt but the white house did come out with a general ballpark estimate friday saying it will cost around $240 billion but that is a lot less than what other analysts are predicting. the penn wharton budget model puts the price tag instead to cancel some student loans a at more than half a trillion dollars. they say that combined with other changes made to student loan repayment plans could balloon the cost to one trillion dollars. white house says no matter how high the price tag this plan is paid for because of the drop on

the national debt because of president biden. fact checkers are putting biden in check. factcheck.org, booed inch misleading again cutting deficits by a, most of the cuts were expired emergency pandemic spending. republicans say either way this is government spending which is congress's job, not the president. >> what they have done here is unconstitutional and more importantly is unfair. the nancy pelosi said couple months ago the president said he can't do this there has to be a but this is unconstitutional in our judgment. reporter: some progressive democrats are cheering the move. they say the next step is making college free. >> we have to be looking at the core problem of high every education becoming unaffordable. i think that there are a lot of ways to address that. my proposal with bernie sanders for free community college and

free higher education two and four year colleges, that is a really important proposal. we need to get being able to do that. reporter: and neil, the president in a late-night tweet last night insisted this billion dollar student loan bailout is not going to hike inflation even higher but, neil as you well know the great thing about inflation is, you definitely know if it is going up. so people are going to be able to tell if this is going to have an impact on their wallets. neil. neil: sometimes immediately. it doesn't take long to find out. hillary, thank you very much on all of that. bob cusack with us now "the hill" editor-in-chief. bob, the administration is clearly hoping this also pays off in the polls and that more people getting this will be inclined to vote maybe robustly, enthusiastically for democrats but we're hearing from good many not part of this who might go to the polls as well and vote against democrats. how do you see this cutting? >> neil, i think this is very

tricky for the white house and that's why president biden took so long to decide what he was going to do. he was under tremendous pressure to do something on student loans and as republicans, some democrats, those even running for office are suggesting this is not the way to go, this is not fair. what about the high cost of college, have you addressed that at all? then going forward. what if they take out a loan in couple years? right now the plan does not include them. so the pressure from the left is going to continue and this has gotten a really mixed response. if you think about it, initially, candidates would say, that is great, it will get people out there, others are saying wait a minute, why are at the getting special treatment i don't, whether 10 years ago or 10 years from now? neil: not only for those who have gotten college loans not part of this, but a lot of people behind on their mortgages and a record 20 plus million americans who are behind on their utility bills, they might

start looking around saying what about me, right? >> oh, absolutely. as far as the cost, republicans are going to try to get the costs. i'm sure they're working on trying to get some estimate what this is going to cost whether through the congressional budget office or other official core keepers. so i think it is one of those things to watch. democrats have been doing pretty well but this is actually caused more controversy than i initially thought and republicans are slamming it because obviously they think it will increase inflation, not decrease it. neil: the jury is still out on that, to your point, what is interesting to me, the loan forgiveness announcement the wind was at the back of a lot of democrats are narrowing the gap in terms of performance and how many see the house races going. stilt still expected to tip in

republicans but not nearly the amount as it was before, do you get a sense? >> democrats had a rough year after the withdrawal from afghanistan last summer, as you know, neil, politics doesn't get changed. this doesn't get super serious until after labor day. we see candidate debates. democrats have made up some ground, can they close the deal, keep the senate, keeping the house, that will be awfully tough. neil: the fact they're opening up their wallets, democratic committee trying to keep house democrat. one in key races in california, new mexico, one in ohio, before they were not doling any do i out, what are we to make of that? could it be conceivable they actually hang on? >> i mean anything is possible, neil, just history would suggest this would be a huge, huge, upset and the fact that money is coming in. watch the money, whether it is republican groups putting in

money, taking out of money, seen that on the senate side, some republican groups are pulling out of some states, that is where the competitive races are, where the money is flowing. when it gets a little separation between the democrat and republican one side usually pulls out. usually happens after labor day. we see a little bit of it so far. neil: we'll see what happens. bob, great catching up with you. meantime everything old is new again including our quest to go back to the moon. we were ready to start that process today with artemus. the launch delayed until friday. but an interesting little footnote on artemus, it was named after the goddess of the moon, twin sister of apollo. that might tell you something, apollo program is being reshaped, redone, and at a big price tag this go-round. will it work? at this go-round there is plenty of company up there, after this.

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from the most innovative company. bring on today with comcast business. powering possibilities. neil: all right. our next latest turn to go to the moon, latest scrub at least for today. let's get latest on what prompted artemis to have to cool it for another few days. jonathan serrie at cape canaveral with more on that. jonathan, what happened? reporter: neil, the problem was they literally could not cool it at least for one of the engines. they faced a series of delays overnight. at first they were concerned about lightning offshore. then they, when they started loading the rocket's supercooled liquid oxygen and hydrogen fool, they found two potential leaks. they were able to resolve those. there was temperature one of the rocket engines they scrubbed the

launch. the engines have to reach a specifics temperature range to start. engineers do this releasing or they call it bleeding a small amount of that supercool fuel into the engines but one of those engines, engine three, was not cooling to the perfect temperature during the engine bleed. nasa officials determined the issue could not be fixed within today's two hour launch window and decided to scrub. >> and i think it is just illustrative this is a very complicated machine, a very complicated system and all those things have to work and you don't want to light the candle until it's ready to go. reporter: this nasa animation shows what the liftoff is expected to look like once they're able to launch this rocket. the mission is intended to stress test this type of rocket which has never been flown before and it is the most powerful in nasa history and to

stress test the orion spacecraft that rides atop the sls rocket before they put astronauts on board for future missions that will eventually carry humans back to the moon. neil, two opportunities coming up to attempt this launch once again. the first one on friday. if that doesn't work they will try again next monday. back to you. neil: got it. jonathan, thank you very, very much. jonathan serrie on all of that. scary news out of russia concerning the ongoing war in ukraine. i told you at first what vladmir putin wants to do. he called up 137,000 more soldiers that seems to indicate he wants to be there a while. but the most worrisome news is that russian forces got very close to hitting a nuclear plant that just so happens to be europe's largest. what could possibly go wrong, after this? ♪

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♪. neil: all right. more than half a year now into the war in ukraine signs from russia it is not relinquishing anything. we told you last week about plans to add an additional 137,000 russian troops to the region and now signs that it is going to be a devil-may-care plan of attack including hits

near europe's largest nuclear plant also in ukraine. alex hogan has more from kyiv. alex? reporter: hi, neil. delegates will arrive here in kyiv today from the international atomic energy agency. they will travel to the s&p zaporizhzhia power plant. after months of international concerned about overlooked safety protocals inside of the plant and the fighting taking place on the footsteps of the facility. again the international atomic energy agency has tried to get in there. this is a sign of hope they say and ukraine's foreign minister today celebrated this move and its news while also warning of the dangers on the journey ahead. >> but without an exaggeration this mission will be the hardest in the history of iaea give the active combat activities undertaking by the russian federation on the ground. reporter: new shelling once

again today taking place across the river from the power plant killing one person and wounding five others. attacks last night created this inferno destroying homes and wounding as many as 10 people near the nuclear facility. the iaea reported on sunday that radiation levels were normal at least for now and in nearby nikopol radiation measurements quadrupled to monitor the current threat. as the war rages on russia's defense ministry claims it has taken a settlement near the southern sound of mikoliv. they said it was a short fight. ukraine has counterattacks to defend itself to push back russian offenses. this is one day after ukrainian president volodymyr zelenskyy promised last night to retake occupied territories. neil. neil: thank you, alex hogan in

ukraine. michael waltz, republican florida congressman, a former green beret colonel. i'm glad i can ask him tough questions. congressman, very good to have you. what do you make of alex is reporting from ukraine a pretty close call for this nuclear power plant? it doesn't take much to sort of quite it h literally involve all of europe if that thing is hit? >> it is incredibly concerning to have artillery dual about europe's largest nuclear plant. the other piece is concerning, that 30% of ukraine's electricity is produced from that plant and russia is taking steps to take it off-line. you couple that with this winter, their ability to starve ukraine of gas flowing through the pipelines and you're essentially starving what's left of ukraine of any type of

energy. so i think zelenskyy at this point knows that he has no choice but to try to take it back if the russians are indeed going to take it off-line and i'm somewhat relieved to see the u.n. inserting itself at this point. neil: you you have to wonder th, congressman, if it's a suicide mission for putin. say he damages it with radioactive fallout. radioactive fallout canned wander, move ice ward into russia itself. he has to comprehend the craziness of that? >> one can only hope in that he is applying some kind of rationality to this effort but on the other hand i think this entire invasion has been irrational. it is hard to that understand what is actually being fed into putin in terms of intelligence reporting and how much of his own propaganda he believes but again the fear is he completely takes it off-line and makes some

type of a mistake in doing so and even if an artillery shell doesn't crash into it and make a mistake internally to cause the thing to melt down. this is just fraught with a nightmare scenario across number of angle here? neil: do you think he is trying to wear the west down? reason i mention that, germany is there to help ukraine as long as it takes, we indicated that, i don't hear the daily drumbeat of constant support from fellow nato countries that they're all on the same page on this. are you concerned by that? >> i am, neil. i was just out there in kyiv. i had a two-hour long meeting with president zelenskyy. that's top of mind for him. this war falling off of the headlines and the europeans backtracking. germany specifically they have way, way underdelivered from what they promised. if you look what they have

actually delivered in terms of military aid it's a fraction of what they promised and what they promised is a fraction of what the united states is actually delivered. so the europeans need to step up. it's easy for them to talk tough now in the middle of a heat wave but this winter when russia starts tapping the brakes on gas flowing into europe, zelenskyy and i share the concern is very afraid of even further european backtracking. neil: if i can just move to another halfway across the world while i have you, congressman, we're getting word right now that u.s. navy ships are indeed, you know, ignoring the threat from china to stay away from the taiwan strait. the u.s. ant teeth emand uss chancellorville are already there. that it is open free international waters. the chinese said just the opposite. where do you see this going? >> it is worth noting, neil, in the late '90s, the last taiwan

strait crisis we put two aircraft carriers through the chinese, through the taiwan strait. the biden's pentagon said that would be too provocative. that is basically china deterring us. i'm glad to see these two ships going through. why does this matter? half the world's trade and shipping flows through the taiwan strait. about 90% of the biggest types of container ships flow through there. it is not just china aiming to dominate taiwan. they aim to dominate the western pacific which would then would have china controlling 50% of global gdp and trade. we cannot allow that to happen. we have to help taiwan arm itself now but importantly we have to reduce our supply chain dependencies from pharmaceuticals to form land, you name it, across the board, computer chips, rare earth, solyndra lar panels, rare earth

materials. the united states has to bring the supply chains back home, if we can't get them in the united states at least get them into the western hemisphere for a allied country. that will be the top priority of a future republican-led congress. neil: we'll see. thank you very much. congressman michael waltz, former green beret colonel. much more on the implications of all this. the major market averages have come back mightily here. there is a balance between interpreting strong economic news that will likely warrant still more hikes by the federal reserve. it seems to be a given right now they're expecting a 3/4 of% hike in interest rates when the fed meets next month. there is a good out look, that is won't lead us to going to hell in a handbasket that is the hope at least right now that could change in a minute. more after this. ♪ (vo) while you may not be running an architectural firm,

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♪ ♪ if friday night i crashed your party -- neil: see, i wanted to save that part from billy joel, friday night gonna crash the party. that happened friday during the market day, but what a crashed party it was. the dow falling 1,000 points. it's trying to rebound today

from the worst levels when we fell another 300-plus points but, you know, this song ain't over. so let's get to the latest on what we can make of this and whether the market's now given up on federal reserve pivoting and they're just adjusting to it a little bit better when it comes to willy-nilly hiking interest rates for as long and as far as the eye can see. scott martin is here, david nicholas as well, nicholas wealth management ceo with. gentlemen, welcome to both of you. scott, let me begin with you on what the markets are trying to pull off today. if they can avoid even more selling, that might say that maybe they overreacted. but if they can't, you could read into that that, you know, it was just a bear market rally. how do you feel about this? >> i agree. i think a rally today as we've kind of seen already, neil, but into the positive would be huge. this market changes its mood day by day, to say we get a rally

today and a selloff tomorrow is anybody's guess. i think what's changed is let's say chairman powell doesn't want to sing us a song like the by january mow man did -- piano man did. maybe that pivot coming, maybe recognizing -- which i think he'd be blind not to see it if the data was coming in softer, which it is. maybe recognizing inflation is bound to peak, if not now, has peaked already. market is dealing with changeable pattern in the fed. it is to worried, certainly, and i think it should be, about more rate hikes than needed, which, in my opinion, is two of them, one in september, one in november, and then they should pause. neil: david, the markets in the past used to say, all right, the fed missed boat on the severity of inflation, started hiking too little, too late. now he's hiking and now he's sounding like paul volcker, and they're still complaining. it just seems odd to me, but your thoughts. >> well, it's an odd market --

neil: yeah, that's true. >> it's a catch 22 for the economy and for the market. the stronger economic data that we get, you're going to get a more hawkish fed. so i think at this point you've just got to watch the data. we've got ism on thursday, jobs report on friday, september cpi. i mean, strong data, all of this is positive for the economy, we should all be concerned because that means you're going to have a more hawkish fed. higher interest rates, more inflation, slower growth usually isn't the best recipe for success with stocks, sost hard for me, neil, to be aggress with i on stocks right now when you have an aggressive fed. so i think that's why investors are cautious. we're going the see a better with buying opportunity around the corner. neil: is it possible, scott, they could be overdoing it? that is, investors. the same investors who were welcoming the comeback in the markets. more like 25% losses. but do you think they're overdoing it here? i know it's fickle and it swings like a pendulum and extreme both

ways, but if we get a strong jobs report on friday, you know, as david was referring, you know,, let's say it's 300,000 jobs. normally that would be celebrated, that even with the rate hikes the economy's holding up just fine. now it seems to be read as the rate hikes are not doing the job. the economy's just fine. what do you make of it? >> well, it just goes to show how involved and how kind of central to everything the fed is these days. they say that the fed is not political or market-driven, i think it's a complete farce. and i think they know that to some degree, but it's a scary position to be because everything is not in a vacuum anymore. you have a good jobs number, and the fed is likely to maybe hike a little more in the future than what i predicted. look, i think the reality though, to chairman paul's -- powell's position, he's kind of like the kid that got teased a little bit in school. i just dropped off my children, i don't think they're getting teased, but who knows in the kid who got teased, no, you're too weak, too dovish, and now

powell's got the chance to go, oh, yeah? now i'm not going to do anything for you, market, economy, and see how staunch i am on my position. and therefore, to david's point, i think, there's a risk hat fed does overtighten because they want to show that they can go both ways when in reality i think market was used to the fed being dovish and supportive of stock prices. neil: if he's right, it's a new chair now, very vigilant, might have been linked to the party but, man, is he making up for lost time. in four meetings we've brought rates up two full percentage points, essentially. where do you see this going by year end end? >> yeah. i mean, i think the fed put is gone. i think you have the federal government put that's back on with the amount of e deficit spending that we have year. i think the fed is fighting that. what happens is you've got fiscal stimulus plouffe through this -- flowing through this economy. i think inflation stays stickier for longer. look, i don't like it, but i think we're going to realize at the end of this year that

inflation is not going away to the degree we want it to, and i think it's going to put the fed in a hard place. i think 4%, hopefully they look a at that and pause, but, neil, you could see 4.5-5% into earlier next year because i don't think the fed's going to have a choice unless we see some of these cpi numbers coming down. neil: are you guys surprised economy's holding up as well as it is? housing is well off its worst levels, i get that, but it's not like the collapse we saw back in the '70s. gas prices have come down, still significantly high, only 70 cents or so from where they were about a year and a half ago, but having said all of that, the economy and some factory numbers, not all, retail sales numbers -- some numbers, not alp surprisingly well. what do you make of that? >> well, it shows the resilience of american economy and the american consumer. now, the economy's bifurcated. the folks on the high end are doing well, those in the middle class and lower are struggling with, obviously, inflationary

pressures. jobs numbers, neil, those numbers look funky to me, so that seems tock -- to be an area that's going to soften soon. housing is very important to all of us on a personal balance sheet level, and consumer confidence is falling too. and business confidence too with respect to what's going on in the labor market vis-a-vis jobs that are out there, so there's a good winddown, but i think think the data that's ooh been likely strong is likely showing the fed what they're doing so far is working and hay don't need to go too far in the market hikes. neil: would you be at all involved in this market, david? or would you just hold off? >> that's the million dollar question, neil. i think if you're putting money to work here, is it in tech or more in value names? i'm inclined, our analysts think value's where you want to be. i think the energy trade is still on. we like owning energy and health care here. so a name like merck is a great health care name. but you can't go wrong with if marathon oil, the exxon.

these are cash flow kings. i think value will outperform in the short term. i'm waiting on tech because i think there's going to be a better buying opportunity over the next few months. neil: all right, guys, thank you very much. we'll tap you later in the show to get your thought on interest rates. the fed doesn't control a lot of those things, including mortgage rates that you were both alluding to. in the meantime, the pain at the pump is still there, it's just moved. let's go to kelly o'grady in long beach, california, with more on that side of the story. kelly. >> reporter: hey. good to see you, or neil. yeah, we just had the longest losing streak for diesel prices in two years, but that has come to an end. after falling for about the last two months, we're now seeing the price back up above $5 a gallon, and that's happening as farmers, others are stockpiling fuel before that harvest season. so i want to show you today diesel prices at $5.05, $1.80 higher than a year ago, and it really signals this looming trouble as diesel future

contracts have jumped fortune 20% -- more than 20% in two weeks. you're a trucker, filling two 100-gallon tanks every time you go to the pump, with the national average, that costs $1,515, a 54% increase versus last year. and by the way, at this station we're well above $5, $6.19. that means $1,857 each time. neil, i've had the opportunity to speak to a number of truck drivers on how this is impacting them, and unsurprisingly, it's a real squeeze. >> with prices going up, it's definitely harder to make a good profit. >> it is hurting everybody, and we're going to feel it at the stores. we probably are in our pricing when we go to the stores. >> so that kind of cut cans into a lot of our money for our business because everything's going for fuel. so it's making, it's making it difficult. >> reporter: now, a lot of that cost increase gets passed down to the consumer, and that's why diesel is known as the canary in the coal mine for

inflation. trucks carry goods, the price of diesel goes up, a good indication is so will the cost of everything we go by. but as winter approaches, with the war in ukraine, diesel is becoming an alternative to soaring natural gas prices in europe, but as exports flow out to those european nation, there's also a stockpile shortage happening in the northeast. so the worry is this crunch could get worse if we were to see a severe weather event. so, neil, that inflation may keep ricing if diesel prices do. neil yeah. that's one area where we can ill afford it. kelly, thank you for that. back with scott martin and david nicholas on what they make of this story because they were both touching on this sort of thing that could impinge in this economy. these are truckers, this affects the price of goods that they haul. you know how that goes. so play that out. >> yeah. i mean, if we tie it back to inflation, right, how can inflation come down if energy prices are only going up? if you look across europe,

energy prices are skyrocketing. this is before we get to winter. so this is what we thought with, obviously, the rush russia-ukraine crisis. if can lower their dependency on russian oil, that will put some stop on putin and maybe we'd see some resolution there, but we just haven't seen it. exports from russia are still continuing to china and india. but domestically, neil, that's one of my keys is why i don't think inflation's going to go down. as we get into these winter months, oil prices are going to continue to head higher or stabilize, in my opinion, it just means americans are paying more at the pump, they have less for other goods and services, and that's how you get that sticky inflation. i think the fed is going to have to continue to be more hawkish. neil: scott, how is that going to bring down the price of gasoline? i understand opening up the strategic patrol judgement reserve, everything the administration's bragging about and, yes, it would slow the economy down to the point where people don't drive as often or limit how often they fill up,

and that would bring the demand down, that's the hope anyway. that is, that's something that might not pertain to diesel though. but it's certainly not applying to natural gas with prices which power so many of our utility plants. so that part is almost fed-tightening proof, it seems to me. >> so far it is. the gas situation is definitely one that's a head scratcher but also something that's a are result of a lot of factors around the globe as david kind of touched on. look, i do think the demand story is to keep an eye on and diesel to some degree. if you think about the trucks, trains and boats that move stuff around the world, look, if demand drops and there's not as much need for trucks to haul shipments, then there's going to be a drop in price of those goods. so the reality is that we have to work our way through it. it's not something that's going to happen tomorrow, the next day or certainly taken care of by the biden administration. be i -- but i do believe there

was some lower demand over the summer than i think originally was thought and, therefore, prices did come down a little not. -- not to say they can't go back up, but hopefully respectful of the economics going on here, there is going to be an increase in demand if prices stay this high and that should help stabilize prices if not come down a little bit. neil: david, along comes elon musk to say the world needs more oil and gas. mr. , v says we need that. that -- mr. ev. that's got to be one of the things we have many our quiver, and it's not percent time being. what did you make of that? >> you've got to love it, the man whose net worth is built on ev is saying the world needs gasoline, another sign of the crazy world we're in right now. neil: right. >> but i think he's speaking to a true sessionnd. evs are about 5% of the market. we all want a more sustainable future for energy, we're just not going to get there overnight, and it's petroleum is in all of our goods that you just alluded to, neil, batteries

we need for our evs, so this is going to be a challenge that policymakers are going to have to face head on in the coming years. you know who's stuck in the middle? it's the american middle class who are being squeezed in this transition that we all want to make or many of us, but the middle class is going to feel it. i think for the years to come, neil, because we don't have a coherent policy on energy here at home. that's going to show up in the pump prices, it's going to take money out of the economy which also impacts personnings -- earnings. i don't see any short-term fix to that, neil. neil: guys, thank you both very, very much. and to show you how this inflation can hit when you least expect it even to some things you didn't think would be affected, we're learning right now that that pumpkin spiced lattes are now getting priced almost out of reach for a lot of people. very popular drink. if you've never had one, i highly recommend it. you might have to share it with some friends, but it's going up from $5.45 for a grande size

version of this to $5.95, a 4% increase compared to last year. now, considering that inflation's running at about an 8.5% clip, count your blessings that your pumpkin spice latte is only up about half that. if that eases the wound here. after this. ♪ ♪ lost my heart, i lost my mind without you. ♪ without you ♪

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neil: all right, i was lucky to get gasparino here. we are going to talk about the zuckerberg and the biden stuff and all that stuff, but he is just apoplectic about the pumpkin spice latte -- [laughter] inflation news. it really hit home, didn't it? >> as you know, my fetish for pumpkin spice lattes -- neil: you don't like any sweet drinks. >> do you like it with the whipped cream? neil: yes, absolutely. >> i'm big on the whipped cream. neil: that's a sign of the times. >> i don't understand why people think inflation is sub subsiding because you did that segment on

diesel fuel, doesn't most trucking run on diesel? doesn't that have a huge impact on prices if trucking costs are going up? so i don't understand. i think jerome powell screwed the pooch here, so to speak, you know? neil: that's why he wants to keep tightening -- >> yeah, but he's the guy that helped create this. neil: i hear you, but he's now born again, right? >> paul volcker. neil: paul volcker. >> pretty soon he's going to have a cigar -- neil: can you imagine? [laughter] so what's going on with the whole zuckerberg saga and the fbi responding to what he was saying? >> well, he was on joe rogan -- neil: right. very popular podcast. >> i'm a huge fan. i was actually listening to it -- neil: he's a great interviewer. he really is. he does -- >> -- a little bit, but -- neil: so do you. >> yeah. but he's mostly a friendly, it's a friendly give and take. neil: very smart guy. >> really smart and very accomplished. he does a million things. he's an actor, comedian, mma,

and he does great podcast -- neil: and if you don't like him, he could beat you up. >> he could crush you. not an unformidable young man. neil: as are you. >> i can handle myself. i don't know if i could handle joe rogan, but in any event, he basically said, listen -- neil: that is, zuckerberg, right? >> -- 2016 and said there's going to be a ton of russian disinformation -- excuse me, 2020, the 2020 election that was then trump versus biden. just alerting you. now, that's what he said. i don't know exactly all he said, but he took that as carte blanche, essentially, to deplatform or to throttle down the new york post hunter biden exclusive. so what he did was they put -- neil: the laptop thing. >> the way the algorithms work, you couldn't see it at the top of your feed. you might have to search a little bit or a lot, and it throttledded back the engagement of it. which is kind of remarkable. not kind of, it's creepy, let's face it.

mine, the fbi comes to you and saying the les russian disinformation. it's one thingyou're looking for bots, it's another thing that a full newspapers -- full disclosure, i'm a columnist here. but journalistically, the post does a story. whether it's real or not, we're going to find out. we should point out hat biden administration, as that story was published, did not deny it. go back and rewind the videotape. they didn't want to comment on it. they did not deny a story that the president's son -- neil: isn't the issue thatter berg went even further? -- that zuckerberg went even further? >> well, he throttledded it. you had to search for it on facebook, so he basically clamped down on the dissemimission of a major story. neil: right. >> but if you're worried -- neil: but going further than knocking it down can, or trying to -- >> he didn't eradicate it. neil: obviously not. >> if you listen to him. there's a couple stories here,

number one -- neil: what did he admit to on rogan? >> throttling it back so you wouldn't see it as much. you could share it with your friends. remember twitter for a time you couldn't share it. it was banned on twitter, and i'm sure they got same notice from the fbi. a couple things here. should twitter and facebook be monitoring whether people make death threats against dr. fauci, who you had on? of course, you don't want that. should they be looking for russian troll farms sending out fake tweets? maybe, yeah. okay. should they be, essentially, killing a story in the new york post when, if it's false, okay, if -- neil: if it had been "the washington post" -- >> they wouldn't have done it, of course not. but if it was because it's coming from a news outlet associated with rupert murdoch and what they perceive to be the enemy, okay, which, by the way, got it right. neil: absolutely. >> and by the way, not only that, it was not denied. and this is what i don't understand, why zuckerberg is caving in and all these guys are

caving in on this excuse. it's a pony if excuse. obviously, they were playing politics here. it was phony because you would is have known if it was false the minute it came out. biden would have came out, his campaign, and said, okay, hunter biden wasn't sleeping with huge -- hookers, he wasn't spoken -- smoking crack. we would have had direct evidence, they would is have shot it down immediately. we didn't get that. we got silence. because it was all true. neil: so why not reregulating these guys? it's an open forum outside of death threats, anything goes, let the reader, viewer decide? >> i agree. neil: and, you know, because, to your point, that would get the information out. it'd be widely debated, disseminated. >> this is why people don't trust fbi in this trump raid, why they think it could be him packing a bunch of boxes and just taking whatever i want, it could be that. [laughter] neil: was that your impression of donald trump? >> no.

screw you, i'm taking 'em. come and get me. so it could be that really. neil: sure. >> and people are saying, you know, if you're going to get the fbi directly involved in the 2020 election, why wouldn't they overreact to a bunch of boxes and donald being honest nate, right? -- obstinate, right? isn't that a logical conclusion? obviously, we don't know what the all the redacted stuff is -- neil: well, they can keep track of missing top secret documents, and then they're wondering whatever happened to -- >> whatever happened to the codes? maybe donald took 'em. i mean, listen, it's so farfetched because -- neil: but it's made people cynical, hasn't it? >> yeah. aren't you questioning it? if you think the fbi's overly involved in all the russia stuff with trump -- neil: right. >> -- that's one thing. the other thing is these social media platforms want it both ways. they want that section 230 protection which essentially lets them put everything online. they can put the ayatollah

khomeini on will saying let's kill all the jews, and he does say stuff kind of like that, and they can't be sued by -- neil: what about free and fair game? say outlandish things on your site or to some of your users, because any type of policing leads to this. >> i think if they're going to police, they should lose their section 230, and they should do it right. they should be considered publishers like us. neil: right. >> we just can't say anything or we get i sued for libel, right? if i say something about dr. fauci that's factually untrue -- neil: or bother people who like pumpkin spice lattes, that is the third rail. >> i wouldn't do the pumpkin spice lastties, it'd be -- lastties, it'd be other stuff. you get it, right in. [laughter] why not treat them like we treat neil cavuto? treat mark zuckerberg, he has to have the same -- neil: standards. >> -- standards of libel on the platform, or -- neil: open up to everything and let the reader/viewer decide.

barring, you know, death threats. >> barring crazy stuff, right? they can't have it both ways. neil: you're right. >> and it's really disgusting. and, by the way, trump didn't -- neil: we don't know, we're not going to weigh in on it. >> neil, the -- i've never, ever, ever and will never believe that the election was stolen by the ballot boxes and, you know, venezuelans and all that stuff. that's crazy. but, but he has a good case when he starts talking about, well, maybe social media was against me and that swayed public opinion. that is really a good case. that that election was swayed by social media essentially -- neil: but very different than rigging an election. >> it's a different type of rigging, but it's -- i think that's where he's on very firm ground. neil: and you don't thinkable goes anywhere, the d the oj saying some of these documents are attorney-client privilege and so i don't know what that means, but i don't think

anything comes of this. >> i don't know. andrew mccarthy's a really good prosecutor, he looked at it and said i don't think there's a case here. neil: he says donald trump could run, the more he talks about -- >> of course. that's what will happen. because he keeps bringing it up and won't stop. [laughter] neil: all right. good sew -- seeing you, my friend. i do not kid when he's the best business reporter on the planet. he uni covers all these stories building around us. the consensus seems to be building that, apparently, the fed chairman believes what he's saying and saying what he believes and has discovered his inner paul volcker. now, if you're a fan of paul volcker and wiping out inflation, you might welcome that. if you're a fan of the u.s. economy not going to hell in a hand cat bet -- hand basket, you're probably worried about that. we have more on that after this. ♪ ♪

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neil: all right, it's been a rough time for housing, we're told, and now we're due for a serious correction if not a crash. that might be overdoing it, but you go to the really hot markets or at least what were ground zero in the runup of housing and now some say the rundown to housing, it's not quite panning out that way. the palm beach post reporting that florida's developers are kind of shrugging off this slowdown because they're convinced that hawaiiiers are going -- buyers are going to keep flocking to florida and that the demand is there even with a supply going up. if let's get the read from the national housing conference ceo. david, good to have you. do you agree with that? essentially what the post is saying, the palm beach post, and other florida papers echoing it, things are slowing down but nothing like the complete reversal if not crash of the last housing, for want of a better term, crisis. what do you make of it? >> thanks for having me, neil. and i completely agree, this is nothing like the last crisis.

all the major fundamentals are very different. the law of supply and demand is never repealedded, so we have a very different situation where instead of having a demand-driven crisis, we've actually had a supply-driven i crisis that has increased home values and home prices by a lot. now, in markets where you're going to continue to have a steady demand -- florida may be one of those -- then you're to going to see a much smoother are recessionary impact which i think is what we really are dealing with here, and you're also going to see in z many markets that have not seen a huge increase but have kind of been pretty normal, you're going to have them remain largely so. in the most inplaited markets, you're going to see -- inflated markets, you're going to see prices come down. but i think because the demand is so high and supply is so short, we still are going to have a muted response. now, that's a real problem for

chairman powell, because one of the ways he controls inflation is by raising rates. and if the supply remains out of match with demand, then the big tool in his toolbox is definitely blunted. neil: all right. but now it's too much supply, talk to a lot of floridians, for example, that's a hot market that say i want in on this gravy train that i might have missed and they start putting their homes up for sale, that could change math a little bit. we're already seeing signs of that in markets like boise, idaho, but what are you seeing? >> yeah. i think that, you know, florida is always a bit of an aberratio- neil: right. >> they have a lot of population change, he was a lot of people moving down there, but they also have people dying. and we have to really look at that and recognize that housing, when you look at the op five housing -- top five housing markets in the country, florida is, you know, probably three of hem. neil: but when you say people are dying, you're just saying a

lot of people go there to retire, is that what you're saying? >> yeah. they have a big influx of retirees. neil: understood. >> so it's the churn. when you look at demographics, you have to look at all the elements of demographics. and i think that it's not unreasonable for home builders not to be in a opinionic -- panic. but certainly we're looking at a slower period, and, but we still have a lot of need out will. housing affordability is the worst it's been in most people's lifetime -- neil: but, you know, i wonder about that because you to mention florida, and you're quite right, the boom goes on. but what a lot of florida homeowners are discovering is is so do those the real estate taxes. while it's a very tax-friendly state, when it comes to real estate taxes, they ain't exactly cheap, and the value of those properties have liz -- risen ott point where a lot of those homeowners are saying, well, there is a flip side to this. >> real estate taxes and also development fees have a big

impact, and i think local municipalities need to take a close look at that as they plan for the next couple of years -- neil: but bottom line, david -- i keep jumping on you, i apologize, just want to be clear, you're saying you don't see type of experience we had with the meltdown a little over a decade ago. you don't see that. nationally. >> very different situation. market was fueled by toxic mortgages, and people were getting interest rates on a teaser basis that they couldn't can possibly repay. neil: got it. >> those things are gone. neil: we hope so. knock on whatever. david dworkin, in washington d.c. in the meantime, we're following a couple of other developments when it comes to how people are escaping high prices. they tend to go to these less expensive retail stores, dollar store, dollar general, family dollar. they're wholesale. they're doing okay. not all of them, but enough to make people believe that, well, the consumer's still out there. after this. ♪

♪

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and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity. neil: all right, we keep talking a lot about the strained consumer, but the consumer seeks out places where they can at least afford to buy some of the goods they want, any of the dollar store chains, those that put dollar in the name even though a lot of the stuff you get there isn't in the dollar range anymore. nevertheless, they're the draw. madison alworth is in new jersey. madison. >> reporter: hi, neil. with yes, with inflation just eating into that budge, they're turning to stores like the dollar tree in order to get by. we saw profits reported from dollar tree and dollar general, two of the largest chains of dollar stores, and you saw that

strong retail profit growth. those stores not only seeing loyal customers, but growth has really been driven by new customers that are coming in and searching for deals. those new customers, they're higher income. in the past year, the majority of new shoppers at dollar tree, they make a minimum of $80,000 a year. that's much higher than the typical consumer for these types of stores. this is really showing that consumers are looking to stretch their budgets further. i'm also hearing from these reports that shoppers are buying less, they're only buying essentials, and they're clearly changing their go-to stores and brands. >> so as long as prices are exceeding what the average household can absorb, as long as that inflation is still really chaining our wallets, we're going to continue to see customers making these trade aoffs, tradedowns -- trade-offs. >> reporter: even if with their successes, the dollars stores are seeing the --

inventory is up 5 percent at dollar -- 25% at dollar general. discretionary and higher ticket items are still sitting on the shelves. that's why we've seen stores like walmart cut their outlook earlier summer. the retailer seeing more shoppers their groce -- in hair grocery aisle but had a glut in their electronics and clothing. even still we saw profit reports, and if you looked at the so stock, it has outperformed s&p 500 this year. not surprising when you consider how many new customers and higher-end customers they're getting. neil? neil: madison alworth reporting on that. in the meantime, have you gotten your new covid booster yet? a lot of people were waiting for ones that would be coming out to address these variants, and, indead, they are coming out here. unfortunately, they've been approved before all the trial data a is in. dr. jeanette nesheiwat is with

us, fox news contribute canner. doctor, would you take one of these booster shots that have not necessarily gotten all the trial data? >> hey, neil. well, eventually i probably will because i'm around disease all day long. but what we need to take a look at and understand is this modified vaccine, it's the same vaccine, it just has some tweaking to it. and it's not new. we do this every single year with the intrue went sa vaccine. we modify if it, we tweak it based on what we think will be the upcoming strain of the season. so what this vaccine is, the original vaccine plus they included protection against omicron because right now omicron ba-4, ba-5, that's the dominant strain in the united states. but the question is who, who will benefit from this. who will be prioritized. who needs it. with we know the answer to that. it's those who are high risk, those with underlying medical conditions, heart disease, lung disease, those who have of a weak immune system.

that's the people, that's the group that we need to prioritize. and then for everyone else, let's wait for that clinical data to to come out. i don't want a 19-year-old, young, healthy person who's already had covid and has natural immunity to rush out and get this booster. that would be inappropriate, premature at this time. but for some people, it may be beneficial. neil: so with vaccines and other boosters, was trial data already in before they went out? is this a unique case where that is not the case if if it is, indeed, the case? >> yes, it's unique in that the9 only data we have so far is data in the lab, data conducted on mice, not fully completed in the human trials. which, you know, ideally you do want to see that. that's important to have. but, again, this isn't a brand new vaccine. we're dealing with the same vaccine and slightly modifying it. yes, previously we went through fda approval, then the cdc had to sign off and, of course,

advisory committees. if it was a brand new vaccine or medication from scratch, i would say, whoa, hold occupy. -- hold up. but that's not the case we're dealing with. neil all right. who came up with the concept of those with co-morbidities? the it's really a mouthful, and it really makes people who have said co-morbidities feel really morbid -- >> oh, no, no. i look at it it is if you have an underlying medical condition, we're going to give you execs that love and attention -- extra love and attention. neil: well said. >> a lot of us suffer, that's just the way god made us. a lot of us suffer the from things, you don't know if you're going to get cancer. we just want to give you extra precaution and do the best we can to take care of you. neil: all right. so instead of co-morbidities, co-we want to just show you extra love. that's a lot better. >> yes. neil: doctor, thank you. dr. jeanette nesheiwat.

>> thank you. neil: in the meantime, something that's scaring a lot of people, i'm not talking about covid, i'm talking about the taiwan strait. we've got two big carriers sailing through, no problem, it's international waters, right? well, the chinese have a very big problem with that and now maybe the world because they do. after this. ♪ m... i got some of my gold before i came to this country. i got some of my gold before you passed the bread. encourage one another... i can buy gold for this?! you can buy gold for this. and talk about life's wins and misses. responsibly sourced like my gold but not responsibly cooked. because at the end of the day, nothing keeps it all together quite like - gold. visit invest.gold to see how gold is everyone's asset. ♪ ♪ ♪ ♪

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neil: i'm so glad we have my next guest with us, because she has been so dead-on right warning about china and russia. today reminders how that continues and the threat continues in the case of china threatening u.s. warships that had the nerve to sail through the taiwan strait despite them being international waters. separately, russia getting very close to actually bombing a nuclear power plant, the largest in all of europe. so that's what they call provocative behavior. claudia rose it joins us now, former "wall street journal" moscow bureau chief. i don't think she has any fear, but i love having her on. claudia, that's a one-two punch right there. what do you make, first, of what they're doing in the taiwan strait? we've got battleships will because we're free to be there. china says, no, you're not. so where's this going? >> it's good that the u.s. has

now sent two warships through the taiwan strait, but these are cruisers, guided missile cruisers, and it would have been even better if we had sent, say, the ronald reagan aircraft carrier strait to send an even stronger message. or even more than that and done it sooner. [laughter] and, in other words, we're still not doing anything close to enough. and, neil, what's driving the tensions over this is china. it's created this whole crisis. it doesn't have to. this has all been planned, i believe, and the problem is the metrics here are really bad. when this kind of confrontation took place in the mid 90s when china was angry at taiwan and carried out missile tests and amphibious assault drills and so on, the u.s. responded with an enormous show of military force. we sent aircraft carriers through the taiwan strait. now we're sort of much reduced, late response, we canceled an

intercontinental ballistic missile test while china was staging exercises so as not to provoke them. bottom line, the arithmetic here seems to be as china builds up its military and becomes far more aggressively threatening for taiwan and much else, we keep reducing our military and pulling back a lesser response. that arithmetic really doesn't work out well. neil: do you think they act in concert, the chinese with the russians, and the russians just calling up 137,000 additional soldiers, that clearly means this isn't going to end anytime soon in ukraine, and separately these provocative actions around this nuclear plant in ukraine, god knows what could happen there with one errant missile. are they comparing notes? >> it's not perfectly matched, you know, an olympic ice skating pair there -- [laughter] but, yes, they coordinate a hot. they've announced it to the

world. i believe them. i don't think their partnership is limitless at all, as they said, but they have a lot of shared interests in their hostility to the free world, to the united states, in their ambitions to overrun what has been, what have been the rules of the pax americana, what we call the international world order, a sort of system of relative peace since world war ii. and, yeah, they're obviously coordinating on some things including military drills. which i think are not just symbolic at this point. they're rehearsing things -- neil: rehearsing for what? >> it seems pretty clear that china does intend to try to seize taiwan unless we do something much, much more than we're doing now to stop them. that's going to play out. the same way -- you can see it coming -- that vladimir putin, unless president biden did something much more than look for offramps and so on, was going to move into ukraine, was going to assault ukraine.

so they're practicing for that. they're practicing to deter us, to get us out of their regions, their areas. xi jinping wants us gone from asia, basically, and vladimir putin wants us gone really from europe, certainly from eastern europe. and they coordinate diplomatically, at this point militarily. it's a very disturbing alliance. thanks, neil. neil: to put it mildly, claudia. hope you're wrong just this once. >> me too. [laughter] neil: we'll are have more after this. the dow down 28 points, had been down more than 300. good luck -- ♪ ♪ when you shop at walmart, you get it. ♪ you spend a little less... ♪ and you can carry a whole lot more.

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neil: well it's been a remarkable day. we still have a ways to go, another couple hours to go. we had been down over 300 points. we lost 1000 point on the dow since friday. we brought that to even money right now. i bet my buddy charles payne can do more than that. he is now. charles: hey, neil. good to see you, my friend. good afternoon, everyone, i'm charles payne. this is "making money." stocks right now are extending friday's plunge but as neal pointed out not looking too bad. investors fretting over joe roam powell and his pain warnings. here is the thing though, wall street going short might be a good thing for retail investors. the market is not expecting a lot of rate hikes this year. did jay powell get his