lauren, who is a whiz at history, what do you say, lauren? lauren: going with grover cleveland because i think he was the earliest of that bunch of presidents. i think labor day has been around for a while. [laughter]. ashley: you can laugh but you're right on the money. grover cleveland. the law was signed june 28th, 1894. and lauren simonetti again, a whiz at history. take it away, neil cavuto. neil: all that is very good to know. thank you for sharing that. ashley: yes. neil: following same thing we've got going on here, concern how strong do you want the economy. a lot of strong news. normally that would avoid a recession, the problem right now as connell mcshane can tell us good news is interpreted these days as bad news. i guess, connell, the fed will keep tightening and tightening. reporter: [inaudible]. good news is bad news as

covering financial news as we know, neil. if you're jay powell and the federal open market committee you're looking at the economic data it makes exactly that case. the fed is trying to slow things down, bring inflation down. today we learned number one consume remembers more confident, more confident than we thought. there are more jobs open than we expected. if we look at that number, jolts number, job opening, labor turnover survey, well over 11 million jobs in july. that was an unexpected rise. we still have a very tight labor market. we see a quits rate, number of times workers quit their jobs. that edged lower. if you look at headline number, put it in perspective, pre-pandemic we had 6 million jobs open. it topped out we think, 11.855 million, march of this year. started to look like we would come down from those highs. to edge up back in july is interesting. put it together with latest

figures on number of people technically unemployed out there looking for work. that was 5.9 million in july, that is a pretty big mismatch. if you're the fed, looking at the mismatch, cooling it off, labor market at least this is not very cool. there is a lot of demand out there. maybe this makes a case for even more aggressive federal reserve. then there is consumer confidence, bouncing back, more than expected in august after being down 3 months in a row. this is the conference board reading on consumer. index is above 103. it was 95 the month before. we saw increases here pretty much across the board what they call the present situation and expectations index. so, in your present and your future, this is an indicator maybe spending picks up because people are getting used to gas prices coming down. they seem to like that, the consumer, you put all the numbers together with the recent fed commentary and you know, you have investors, we see this neil in the market, today, braced for appears an extended period of

higher interest rates. that is what they're thinking right now. neil: they do not like this. 80% of those polled looking for 3/4 hike in interest rates. connell, our national correspondent on that. bob donald, crossmark chief investment officer. bob, good news is bad news i guess but in this case it doesn't sake much to get a selloff going. if you look at the dow over the last three or four trading days, we dropped 1200 points. what is going on? >> so i think back to the speech last friday, that got so much attention, the fed chair basically said there is no fed put, there is no fed pivot. so brace yourself for higher interest rates until we can slay the inflation dragon. too many in the market listened to the fed's last meeting and press conference and in the language somehow interpreted that the fed might quit raising rates soon and inflation is not

going to be a problem? the fundamentals don't suggest that. inflation is still a problem, even though it has come off the peak. neil: what is interesting, bob, talk about how aggressive federal reserve has been, talking about jerome powell channeling inner paul volcker. we've seen rates go up full two percentage points over the course of four meetings. how do we end the year? if we maintain three quarter hike next month, maybe future fed meetings down half a point, you're still teasing 4% on the fed funds rate in a matter of a few months. then what? >> see the problem, neil, the fed funds rate is way below the inflation rate. typical cycles, fed funds become negative, fed raises rates past the inflation rate. let's hope and pray the inflation comes down faster than the fed has to it raise rates, we get to that point. if the inflation rate is still

down, fed will have to go further. neil: bob, meantime, the backdrop has been we've seen a lot of ads in the papers, what have you, for cd rates that have sort of a tiered guarranty for potential customers, 1 1/2 or, 1 and 3/4% now, 2 1/2% next year, 3, 3 1/2%, so on. i know in this market environment where people have seen a lot of their holdings collapse, equities holdings, that sure beats that, regardless how tame those rates are. when does that get to be a competition for stocks? >> otherwise, cash is king. if i look in the rear view mirror, cash at any level, cashing under my mattress had higher return than the stock market. you will see people increasingly do that as long as these markets stay as sloppy as they are. neil: what will happen to those who are on fixed incomes, getting potentially good news

for them as a buffer from the higher prices? social security benefits, maybe cost of living increases running close to 9% clip, could get up to 10 plus percent clip next year. i think that would be the highest advance in benefits paid, at least the amount since 1981 or so. so there is that, right? >> yeah. that is definitely a plus for consumption but we're trying to dampen consumption and dampen the job market. that is what the fed wants to do. i talked to a retiree who knew 8 plus percent is coming first of the year. his comment was, yeah, but my fuel prices are up a lot more than that year-over-year. neil: very good point. >> so are my food prices. i'm not sure i'm getting ahead even though that is a pretty big absolute number. neil: with all of that, and then we're back to the good news argument, bob, we still have very strong labor force. so one million plus more, you

know, waiting in open job increase, so now we're over 11 million who are in this position of you know, the openings are there. they're just ignoring them. i'm wondering how long that lasts? >> yeah, that could last for a while. we know there are some demographic and pandemic reasons for that, those weird numbers if i can put it that way. but some people will take the bait and get hired and do some work but narrowing that gap, the fed's ideal role would be destroy all the jobs that are not yet filled so nobody has to lose a job to dampen the economy but, it is not going to be quite that easy, neil. neil: we still have this inversion going on between the two-year and the 10-year, not quite as wide but still the highest we've seen in more than a decade. i'm just wondering i know that is not always the most accurate of barometers, we've seen number of times, with every rewe have

gone into it has been a constant there so does it worry you? >> yes, it does. i prefer the 90 day t-bill to 10 years which is not as inverted but nevertheless the messages are not positive when you see inverted yield curve. we all know the stronger, longer the economy stays, the more the fed will have to do, the more the fed has to do, the higher chances of an outright recession. so be careful what you wish for. let's hope the economy on its own merits and with the fed's raising rates, comes to a slower pace, so we can bump our way through this nasty period, get inflation down. neil: real quickly on inflation, i wanted to pick your brain a little bit on this latest wave of government spending, particularly on this student loan relief. no matter where you stand own that it is thought to kind of make the fed's job a little bit more complicated, maybe a lot more complicated, but how do you play that? >> yeah. you're absolutely right.

both the inflation reduction act, quote, unquote, and the student loan issue fuels more economic growth and therefore makes the fed's job even harder. this is a period of time when the fed wants to see economic growth slow so they can have a chance at slowing inflation. we have not even talked about demand side versus supply side. a lot of inflation is on the supply side which the fed has no control over. neil: that's the part that worries me because they can raise rates all they want but it's not going to bring more natural gas into this country or get more shipped out of this country or abroad so we shall see. bob, great catching up with you, my friend. >> ault best. neil: let's get the read on the american consumer bus consumer confidence is still stubbornly strong. we told you security on the jobs front for now. you know, but you take this with a grain of salt here, there are still a lot of people are dialing things back ahead of the holiday shopping season.

how significant could that be? psychologically they're already preparing themselves to potentially spend less? go to gerald storch, store you remember his days running toys "r" us. gerald, how are you? >> hello. neil: where do you see the consumer now cautious when it comes to spending? dollar general, dollar store, not so much the high-end guys, but where do you see the consumer about now? >> i think we're at a inflection point. coming off the post-pandemic euphoria, people were excited to travel, excited to do all kinds of things. we're getting to the post-summer headache around labor day, where consumers are looking at things. inflation is pretty bad. i'm not very happy about the economy. there is a lot of warning signs out there. you see that in the way consumers spend their money. as you point out more dollar stores. more in value places. less on things like electronics or apparel, which had been a big

gain, gamer coming out of the pandemic. more on necessities putting food on the table. consumer sales are up, but they're up for food. neil: so dollar general, dollar store, some of these low-cost retailers are benefiting, it didn't even extend all the way up to walmart and i'm wondering what that tells you? because on the super, super high-end the wealthier are proving not saying totally impervious to this but they're spending like it is nobody's business. so where is this pocket that you worry about? >> look, it's actually quite consistent of a story. keep in mind the dollar stores were doing great before the pandemic. they did okay during the pandemic. they're doing fantastic now. people are worried about money, where they spend it. we say walmart is not doing that well. they're not doing as nearly as bad as target who is really taking it on the chin. both of them retrospectively got caught as consumer spending

shifted out of things like apparel, electronics, into necessities. that is where they really got killed. they had too much of stuff people didn't want anymore. dollar stores didn't have the problem because they never carried apparel to begin with. back to walmart, they're doing vastly better than target. easy to say they're doing poorly like target put them in the same bucket but they're not. their gross margin erosion, not good at 100 basis points first part of the year, target was almost 900 basis points gross margin erosion. as we turn to the back half of the year, walmart's strength, nation's number bun grocery, walmart is consumers want to be, value-based products puts them in very good stead. i would not put walmart and target in in the same bucket. cosco, tj maxx, who is doing poorly? department stores are a disaster. macy's did well. that was compared to very poor

low expectations. kohl's numbers are terrible. nordstrom are disasterous numbers. gap numbers are bad. you don't want to sell apparel these days. neil: for the holiday season you used to say running toys "r" us, people shop for the kids, they will surrender goodies for themselves for the kids. to me depends on how i feel about them any given day, having said that what do you see the holiday season? >> very good memory. by the way toys were very strong sellers during the pandemic. i think largely because kids were home. you had to buy them a lego set or something or else there is lot of noise in the house. toys have been selling great throughout the entire period. i would expect that continue throughout the fall holiday. the question comes, talk about luxury doing well, high-end products, well generally that's true but when the stock market is down, luxury sales eventually have to go down because that fuels luxury growth. highest r-squared any analysis i

ever done in retail between the stock market and luxury sales. they're very highly correlated. the market continues to be rough. eventually sales will eventually settle down. you will not see that for the holiday. see it much more in necessities, much more for your kids. that is always a necessity in toys. it will not be that great. i'm really worried about the future here. i don't think we're taking the right steps to deal with inflation, economy. for the fed keep raising rates, higher, higher. that is a single-minded solution to a big problem. all it will do drive a stake through the heart of the american consumer eventually, by government you mean what is going on in congress right now and all the extra spending now, right? >> neil, the problem we have was not created solely by lose fed policy. certainly that was a factor but highly created by fiscal stimulus, right? spending tons of money. by supply chain issues, transportation, distribution, shipping. by energy going up in price and government policies that suppress the production of

fossil fuels in favor of longer-term gains in terms of global warning. by employment issues. saw it again today we simply don't have enough people to staff the jobs. there are five different reasons why we have high inflation and problems we have, all we're doing is saying okay the fed will take care of it by raising rates. eventually all the fed does put us into massive recession f that is the only tool you use, you don't address government spending don't address the supply chain, don't invest, address the energy issues, you don't address the employment issues you're not going to fix the problem. neil: all right. we'll watch very closely. gerald, good catching up with you. thank you, again. >> my pleasure. neil: meantime california certainly knows how to set the nation's direction, right? by 2035 banning sales of all gas-powered vehicles. now a move afoot, at least in california to control exactly how much fast-food workers are paid, not their bosses. the state after this.

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♪. neil: all right. they're discovering right now you might be able to get some of your college student debt forgiven, but that doesn't mean you get all the taxes forgiven. peters doocy on that side of the story you're not hearing. he is at the white house.

reporter: at first, neil, white house officials will tell us what new money will pay to cancel some of this student debt. instead they're saying it is affordable because they're spending less money this year than last year. >> i don't have anything to announce on this. the president does believe, and you heard him say this directly, not just here at the podium, the amount of deficit reduction we've seen is enough to pay for this program. reporter: bad news in 13 states where people who get debt forgiven may have to pay tax on it that would be in a saw, hawaii, idaho, kentucky, massachusetts, minnesota, mississippi, new york, pennsylvania, south carolina, virginia, west virginia, and wisconsin. and now one of the senators from wisconsin is not worried about this becoming a democrat ric talking point. >> i mean to hear the rationalizations is jaw-dropping. is it true it will not increase the deficit? yes it will. federal government taking over

the student loan program, this was design towed pay for obamacare. one of the-fors for obama care, it never paid into it. it has been a lose are from day one. you almost incentivize defaults. reporter: new filing with the fec this morning, shows the the biden presidential campaign apparatus updated paperwork. there is no official announcement of a 2024 campaign for the president but they are getting all their ducks in a row, just in case that is what he decides to go forward with. neil? neil: thank you, my friend. peter doocy at the white house on that. ro khanna is still celebrates what the administration is doing for 40 million students or former students who have those bills to pay. that they're going to get some break. row kahn narcs of course the democratic california congressman. kind enough to join us now from washington. congressman, with all the warts and all the problems and all the people not included in this, those who paid their debts but will not get any reward with

something like this you still like it? >> i do. it benefits a lot of people in the working class and in the middle class. remember many people who take out these loans are the first in their family to go to college. their kids of working class families and it is providing actual relief. so i am for the policy. neil: what about the people who are also part of the working class who get squat out of this? >> well, we should do other things to help them. we can cancel medical debt. we can make sure there is a credit that can be used for vocational education or make community college free where many people -- neil: that is not part of this. that is not part of this at all. >> yeah but i agree we need to be doing more. i, look, even to become an auto mechanic these days you have to take a course often in technology and i would say let's have a 10,000-dollar credit for anyone who wants to do that. the loans are forgiven by the way for vocational education but federal loans as you know are not used as much for vocational education. so let's expand vocational

education to cover it. neil: what is to stop, though, congressman, a college or university from just continuing to do what they have done for decades now, keep raising their tuition, room and board prices because now they know prospective students their debt obligation just went down? >> that is an important issue. that is why i have proposed we have public college be free and those grants be tied to not having large tuition increases. that is actually what we had in this country from 1860 to 1960. land grant universities were basically free. then we had state budget cuts. if we go back to that, tie the money to not having inflation increases beyond inflation then you would get the cost of college under control. neil: what about just the concept when you enter into an agreement with a bank or a lender, and you sign off on it, you're not an idiot, right? arable obligated to pay it back, if that is broken, that pact is

broken what is to stop others from similarly wanting to break it? >> neil, i took out over $100,000 of student loans, i paid them back but i don't think that is the right type of society. what other country makes you go 30, 40, $50,000 in debt to get an education? i don't think that will make us competitive. neil: many do, many do pay those off. many recognize someone gives you money there is agreement to pay it back. you're quite right to say the sums can be staggering what you do for some, do for all or open the gate to people who are what, 20 million plus americans, congressman behind on utility payments? 30 million who might behind on their mortgage or car payments where do you stop? >> i think education is a public good, just like we don't charge people for kindergarten, we don't charge people for high school. i don't think we should be charging people for vocational education or college, public college in a modern economy. if which want to compete -- neil: that is not what id is? what about these people who have

these other obligations also signed on the dotted line. then all of a sudden now, realize, for this sliver of people in this group, that is, you know, having trouble paying back their college loan, 10,000, up to $20,000 in forgiveness i want some of that for me because i have a mortgage and homes are important, or someone else says i have a utility bill i can't afford, being warm in the winter is important. what do you do? >> i think there is a difference between education and health care, whether you have a loan to buy a new car or to paying electricity. i think in this country we have always said that we value public education. we have always said there is some obligation of public health care. that is what this is saying n a modern economy -- neil: it is a moving target, right? when we came up with obamacare, the affordable care act which had a lot of good features to it, the idea was more a right than a privilege. and we attached to it with that. i'm just wondering now does this

extend really beyond this loan relief to some college kids as you said? you want to expand it to, you know, other venues. so where does this stop because last time i checked we're running a 30 plus trillion dollar debt? >> we are. the reason we have that debt is that we don't have taxes on billionaire. in fact we've been cutting taxes. anyone who is talking how we will pay for this should first explain how we were going to pay for the two troll trillion dollar point. neil: fair enough, congressman. you could tax billionaires 100% of they're taking in. that would not address the amount of money that we're spending right? i see it is easy to target a group and get money, siphon it from them but it is not close to paying our obligations that are already going out. i don't see any appetite for that in washington at all. >> well, it is not just the billionaires f we reverse the trump tax cuts on the affluent, on people over 400,000, you

would raise a lot of revenue. now that is philosophical. neil: and you would spend more revenue. you would spend that more revenue. you wouldn't do anything about the debt already piled up? >> but we did with the inflation reduction act, 300 billion of that went to deficit reduction. neil: you really believe that? that is one of my commitments to lose weight. i hate to break it do to you congressman, you're fit and fit young man. i make promises to. they already said that 300 billion thing is not adding up but costing more. >> i am for making prudent financial decisions but it is unfair to say somehow the democrats aren't doing that when the republicans -- neil: no, no believe me i'm a bipartisan ripper. this is why both sides hate me so much. i feel vulnerable. it is okay. you're quite right, republicans and democrats got us knee deep in all this red. i wonder how you get out of it. goals are altruistic, and good and well-intended but we can't

afford them. i don't see any effort to try to rein that in? i don't see any effort reminder people you sign on a dotted line to pay someone back and the government absolves you of that, what else will it absolve you of what else will it spend money on and what else will drag us deeper into the red? hanging on notion to tax rich guys to full hilt you can pay the bill when you know the math doesn't add up. >> neil, we have to distinction from productive investment to just spending that is not productive. i believe that investing in education, investing in vocational training -- neil: how is it protect tough then to give someone 10 or 20,000-dollar break on their bills, no other people a break on their bills? hough is it productive for others who are not getting a penny to underwrite that loan forgiveness, when they did everything right, now pissed off these people are getting the fruit of their bounty?

>> well they are not underwriting it if you have progressive taxation. neil: you're paying for this congressman with debt. you're paying, increased our credit line, visa credit line. there isn't cash paying for this. it is going on the debt. we all pay that. debt is paying this. you just increased our credit line. >> but here's the reality you know this, most of these loans weren't being repaid, so what was happening? people's credit was being destroyed. this is -- neil: that is on them, that -- >> debt was already there. what we're saying if you're forgive it you will not destroy people's credit, can go work -- neil: they're getting rewarded, getting rewarded holding off paying back those loans, reward the guy who is holding back on paying you tilt bill. reward the guy who bought a car got in knee deep didn't realize it. you see what you're opening up here with -- >> would you feel differently, neil, say we were charging for years for public high school and that someone came along and

said, you know what? we should have free public high school in this country and forgive some debt of people have to pay for high school -- neil: that is not what we're doing. we're doing this, again with all the right intentions, i don't get mee wrong are i don't think you're evil person or callous, different person, you're losing sight of paying for something opening up a credit line bragging about as the administration has bringing our deficit to only a trillion dollars, saying your ship has come in. that better than trillion dollars that we brought the deficit down is good enough to pay for this. it is not. it is not new money coming in. it is tapping a visa line with a mastercard line and it is our money? >> important for folks to understand that a lot of this money was not being repaid. these are often people who have nod finished college, who did not have a job, who weren't repaying it so that deficit was already there. what the administration is saying by forgiving you will not

destroy their credit, be a functioning person in society. neil: not everyone in the country is forgiven, right? someone pays for this. this notion it is manna from heaven, it is added to the debt, that is something which all americans share responsibility and a part and a portion, right? >> i agree. and the debt was there regardless. now what we can say is that the cost of college are too high. we shouldn't be making people, 18, 19, going 30, 40, $50,000 in debt. i say this as a son of immigrants who paid back the debt but i don't resent or hold against other people who may not paid, who didn't have -- neil: there are a lot of people who resent that. i'm not being callous, i had a ton of student loans myself. my wife as well. i hear where you're coming, congressman. message you sent to everyone who did the right thing, they are saddled to the debt, added to the debt, on top of obligations very few are taking advantage of, they're looking at this saying where is my piece of the

pie? i get no pie? >> i think we have to say first of all a quarter of people who are going to college own students loans are coming from working class families. i have been to union halls, many people do fund-raisers going to college. neil: this is start for you? this is step in that direction? more to come? >> more to come on education and more to come from working families. i think that is it what this country needs. we've lost 25% of working class wealth since 1980. we have to focus on building bug that back. neil: the government can't dole it out. we'll talk about another time. congressman very good having you. >> always great.old. ♪ remember this? but i spoke to our advisor, and our vanguard investments are on track. “we got this, babe.” so go do what you love. thanks for being our superhero. only at vanguard, you're more than just an investor—you're an owner.

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neil: all right. when it comes to the economy maybe more shaken but not necessarily stirred because of the fact of the matter is when it comes to a lot of data we're showing you being compared to periods where things were at record highs. for example, housing is example of that. when people look at softening housing numbers, for example the

latest period of case-shiller shows home price appreciation running at 18.6% annual clip, that is down from 20.5% annual clip the month before but i want you to think about that number. it is appreciate eighting 18.6 year-over-year. it might come down to 13.6% in the latest month but it is not reversing. it is not, going back into the negatives here. it is coming off of a higher level but still, at a pretty sizable gain. so want to put the real estate world in some perspective. here so do this kristin jordan, real estate extraordinaire. knows mat man had tan. that is her lifeblood. first your take, on this notion uh-oh we're heading for another housing crash. what do you say? >> it is hard to say we'll have another crash. that crash would be supply

outweigh demand. there is still tremendous demand for millenials that have not entered into the market yet. only supply is resale market, people selling homes for homes they own, it is hard for them they refinanced to to to great rate. neil: some on the homes in florida want to catch the gravy train before the train is gone but not at wacky levels. >> no. the homes appreciated so much, if they want to sell they could sell at a pretty good profit or a number makes it comfortable for them to go someplace else. neil: what happens in this city? i tend to think manhattan could be a preview of coming attractions? it's a different world but what do you think? >> new york city is a has demand from all over the world. >> as much demand from all over the world? >> we have much demand because we're experiencing low inventory.

we didn't experience appreciation of 20, 25% the rest of the country did. we had different movement. we had a lot of people who moved from the city. a lot of people entering the city, young people entering the city. want to come back to have fun with their friends. neil: 18 to 20% on multimillion-dollar property is very different math. >> exactly. neil: so what could kill this? what could disrupt this? >> yes. neil: higher interest rates are a problem, volatile stock market, currency for a lot of people who buy homes or means they borrow against for homes, what is happening there? >> regulation could definitely slow things down. this idea of raising rates even further, that conversation around rates going up again is actually where a spur of activity this summer has come from. everybody knows rates are going -- neil: get in before it gets worse? >> we're seeing a ton of activity especially at the lower end of the market. they're saying hey, this is my last chance before things go up again. neil: what if rates don't get

wacky? i know fixed mortgage rates are on the rise, but so many different types of adjustable rate mortgages. that used to be poo-pooed before, there are rates you lock in a rate for 10 years and take advantage of refinancing at a time when these other rates get down. what do you see happening? >> the biggest myth really is the mortgage rates are that fixed-rate is the only rate. it is true. there are some different options. the more that we dig in on that, interest only, adjustable rates. i think that buyers in the short term are just fine. they can usually find some kind of a mortgage product that works for them. they can refinance later, lock in as soon as there is lower 30-year fixed. they can hold on to that for a long time. neil: you and i were chatting, i don't see the craziness covered the housing meltdown, covered it across the country when that was going on. we were trading properties like chits on a gambling table. they were packaging risky loans. there might be something beneath

the source i'm missing but -- >> the only area i have seen with speculation is investment properties. we saw 20% of the sales were towards the end of the last quarter of 2021 those were investment sales. we saw those across the u.s. but as you can see with rising rates, with uncertainty or people not having down payments they need to afford the new prices of homes, there will be more and more renters out there. there is also conversation saying hey if that was only place there was specific speculation, but there is huge pool of renters that need to rent i don't see a crash. neil: rents are going up a lot. >> that means investors had made the right buy. neil: very well-said. thank you very much. kirsten jordan, follows the real estate market. uncannily prescient about some of the these developments when a lot of people were going nuts. the sellers are going nuts. federal reserve is marker, a

bummer for people, will raise interest rates, maybe a lot. the betting down close to 90% the odds the next rate hike will again be 3/4 of a point. third time in a row we've seen that. more after this. i'm sholeh and i lost 75 pounds with golo. i went from a size 20 to a size 6. before golo, nothing seemed to work. i was exercising for over an hour every day. it was really discouraging. but golo's so easy, the weight just falls off. welcome to allstate where anyone who bundles their home and auto insurance saves. isn't that right phil? sorry, i'm a little busy. what in the world are you doing? i'm in the metaverse, bundling my home and auto insurance.

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♪. neil: all right. in case you had any thoughts that maybe elon musk was rethinking his twitter deal here, well between the whistle-blower and everything else he sort of affirmed, no, i have not changed my mind, don't want the company. susan li following all of that. what is the latest? reporter: i read his amended filing. neil: is that the whole thing? >> yeah, whole thing. a few pages involved. that goes back to the whistle-blower complaint. we knew he of course would bring that up in court. this comes back to the original agreement. musk and his team are arguing material adverse effect, meaning twitter has already breached and violated the terms of the 44 billion-dollar deal. so he should have the right to

walk away. when he talks about breach, not just when it comes to overstating the amount of actually accounts an user on the platform, they went against, violated their 2011 ftc agreement on user data in terms of technology and patents and itgoes on and on. if you look at the stock price, there is 14-dollar spread between 54.20 and $39. thinking on wall street, new filing will give them more time ahead of that october trial. will give him more discovery power. he can subpoena to ask for more documents, or, twitter could be pressured into a lower price. neil: or twitter could implode? >> well -- neil: this may be more about whether he gets it, whether anyone would want it after this. >> there is no second bidder right now. there is no white knight. neil: right. say it is proven they inflate the numbers or inflate them as

take the insider at his word, that is game over, isn't it? >> that is up to the judge as well. we know in the four or five day trial in delaware. does he walk away by paying billion dollar breakup fee, walk away without paying anything or some sort of negotiated settlement on damages. neil: that is hard to hang around when you have that around your neck, right? >> twitter is bringing up the fact that people are looking at timing of whistle-blower complaint is opportune for elon musk f you listen to the interview with pieter zatko former security chief at twitter he had no communication with the musk team. this is what he feels is egregious defects. he quit in january. he was fired in january of this year for being a bad leader. yeah. neil: okay. not a nice person. but we don't know. >> that is it according to twitter. neil: susan li, thank you very much. chris rockfishly turned down an

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write off chris rock. he already said he is not interested in hosting the 2023 oscars. so maybe a slap in the face to the academy. i will try that joke again because we got one of the funniest people on the planet. i thought that would resonate. kirsten, my director did not even so much as smile. love this guy. i'm so happy the nation and world getting to appreciate what we've been spoiled to be around every day. jimmy this chris rock thing. >> yes. neil: i had different stories that they didn't want him to come back, others that they were not interested in coming back. may be the post-slap thing, what is it? >> good to be here on rim shot tuesday. it is exciting. i think oscars are handling this wrong, there is so much anti-celebrity sentiment these days, let us slap one presenter during the show. i'm not advocating violence.

chris rock is loved by everybody why this aged so poorly from will smith. i don't think he wants to define his career. if you google chris rock that is all what everyone is talking about. neil: he is popular come median. would have sold out venues. >> that is the thing. they would see him any way. they were getting a story. that is the mistake will smith made, i won't names, plenty of comedians he could have slapped, most of america would agree, chris rock, tony rock are, sweetest people. picture fox, somebody takes a swing at charles payne we will beat him up. if they swing at you, we will pat the guy on the backs. we will say that is about time. neil: many who would pay you for that. >> [laughter] neil: let me is you, you mentioned will smith, wonder what is he doing? where is he in hollywood right now? you know -- >> kind of on the time-out step.

neil: a long time-out. >> if you remember a month ago he issued a apology to chris rock was really poll bring to will smith. he had a bunch of preselected questions. the second one hey, did your wife tell you to hit him. he was like, nye wife had nothing to do with it. the fact it was in there to me his wife had something to do with it. the apology didn't ring true, hard to be sincere three camera shoot. i'm sorry. lights, sound, hair, makeup for apology. neil: has it hurt his future movie deals or anything? he is bankable, multimillion-dollar star. >> he will come back around with the right vehicle. we forgive a lot. we were told never watch another tom cruise movie after he jumped on oprah's couch. he made nine "mission: impossible"s." "top gun" killed it. i find it we're after the first

seven, that is not impossible. maybe hard but doingable. neil: making money hand over are these friends to begin with? >> this is interesting. chris rock took a shot at jada in a previous hosting gig at the oscars. neil: his wife. >> jada picket smith. talked about how she would boycott the oscars. he made a joke. will, jada pinkett-smith. boycotting oscars, that is me boy coting rihanna's panties. that was a joke. you were not invited the first place. there was bad blood previously. they had a friendship. that started ball rolling. it ain't a thing. neil: but you are a thing, "fox across america." host extraordinaire. even dressing really -- sign of success. >> stop it. neil: we'll somewhere more after this.

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neil: we don't know how far this inflation thing gets out of control. that is what stevie wonder was thinking about.

i digress. welcome back. so glad to have you. both parties agree that inflation is a worry and how it plays out at the polls. both have different ideas how it plays out. hillary vaughan has the latest. it is a big worry for voters. >> reporter: one of the top voting issues voters are concerned about as they head to the polls for the midterm election but both parties admit it is a problem. they have different ways to fix it. republicans say government spending is to blame for high prices today but some democrats think what could be the cause might be the cure. democrats in battleground states handing out cash to help people deal with high groceries and gas prices ahead of the midterms. >> i want to give pennsylvanians the stepup they

need, $2000 to any family making $80,000 or less. >> reporter: some states are cutting those checks, new mexico offering $500 in relief payments, the final check hitting new mexicans bank accounts. in colorado eligible taxpayers getting a $750 tax rebate by the end of september. delaware is handing out $300 payments to help offset high prices and in alaska $3,200 will start popping up in bank accounts on september 20th. part of the to help people deal with inflation. some democrats in competitive midterm races say it is businesses that are to blame for high prices. >> as family struggle oil companies are earning record profits. the corporations take advantage of a crisis, that is price gouging, it is wrong. >> reporter: republican say it is government spending that is to blame and promising if they take back the senate majority they will put a stop to any new

government spending. >> the american people decide they want to go in a direction that is different this fall i assure you a republican house and senate or house or senate will not be interested in passing any more of these mass spending bills. >> reporter: the dnc has a 7-figure by blasting airways bragging what democrats in washington have done to get hold of inflation. one of the big things, the inflation reduction act that ironically has billions of dollars in new government spending and billions in tax increases inside of it. neil: let's go to a former reagan economist. i just read that from the resume he gave me. it is always good to have you. i want to bounce this off -- i

don't remember any government spending initiative of any size. that ever reduced inflation or for that matter deficits. >> they can't. when people give you free money they will choose more leader and be less productive of goods and services. that by itself is inflationary. it will have to be funded and financed in the capital markets and if the fed is controlling interest rates it will expand the fed's balance sheet which it has done, $9 trillion number and that will provide more money and less goods, pure inflation. too much money for chasing too few good increasing money and reducing the amount of goods is an inflationary strategy. neil: here we are with the federal reserve saying all this

must stop. since jerome power made those remarks in jackson hole and trying to drag -- dig out of that. it is time for the reality that he means what he says and he says what he means. >> that is true. the way he should do it is removing the price controls on interest rates right now. let interest rates seek their own level like paul volcker did. we had interest rates, it is 20%. that is how they take control of inflation. neil: he did raise rates he could control. it had that effect. he didn't come in and stand back and watch it. >> he let interest rates go up and reduced monetary base simultaneously and made tight money which is what you need to

stop inflation and reagan increased supply of goods and the two together brought inflation down like a stone. if you remember the time we had mortgage rates 16, 17%, you are just a baby. neil: did i tell you when my wife and i paid for our first mortgage? 50 times i told you that. now we have new spending going on. the administration, it will not be inflationary, the college loan relief, i am wondering how likely that is because it will complicate the federal reserve. what do you think? >> don't care what type of economist you are, keynesian or supply-side, but if you look at it scientifically and most agree the giveaway on the loans will increase inflation. that will increase inflation. spending bills will increase

inflation. they add to the monetary base and reduce the supply of goods and services which is inflationary across the board. where we disagree is how to solve it. that the huge difference between larry summers and me. i want to cut tax rates and expand the supply of goods and release interest rates of the monetary base comes down and they don't want to do they. they want to increase demand and you can also reduce inflation and that will lead to a recession slow down. my solution will be like a reagan solution, leading to the boom of the 1980s as inflation collapses before our eyes. neil: this notion we are paying for this, we hacked away at the deficit the way i likened it is paying that with expanded credit line and that isn't cash on hand.

>> it's the way they can formulate arguments beyond belief. what is the fed balance sheet? that's the monetary base, that's $9 trillion, 45 years ago it was in the billions, not trillions. they expanded the monetary base, the economy slowed dramatically. whether it was recession or not they will argue how many angels dance on the head up in but the truth is we have slow growth and we've not progressed since february of 2,020. a slow economy needs the supply of goods is short, the money is long and that is inflationary period. that is what you will see. i don't think next next month's numbers will be big but once we get past the spot commodity price change you will see inflation numbers coming back substantially.

shelter, which is one third of the index is going straight up. that is a rental from your own home as well as rent and that number is not tapering off at all. we have an inflation problem for a long time to come and they are not doing the right thing to solve it. neil: wise words, it is a worry for these markets because they are down additional 300 points so over 1100 points in the last three trading days since the big thousand point selloff friday. that was started by the notion the federal reserve is going to raise rates here. there will be no pivot, no accommodation made. michelle russ snyder, managing director, the markets don't like that message and still don't like it. what do you make of this market reaction? >> reporter: it does give us a dose of reality given the rally

we saw from june to august highs based on hopefulness there would be a pivot, based on recessionary numbers that were coming out and good old technical oversold conditions that i would say retail investors used to buying the debt. what will happen right now is interesting because we have to see how 50 day moving averages in all the indices hold up. they are slightly below although small caps are holding them, the nasdaq is below but that doesn't mean anything because it is an areuse it is line in the sand so if the selling dries up a little bit as we head into a long weekend you might see more buying coming in but what you have to remember is we are range bound and i know the recession discussion is going on and on but i'm sticking with stagflation which is typical of having trading ranges, not a major crash and not a major rally.

neil: we have jobs opening, $11.2 million, speaking to underlie yang job strength. consumer confidence not what it was but better than we thought it would be, 10 year yield out of a 2 month high, seemingly indicating a robust economy that has to be clamped down but home prices still running at 18% year over year clip and people say it wasn't the 20% clip we saw the month before. robust across the board. i don't see the stag part. >> that would make the case for nata recession. these numbers we are seeing, the question is can they sustain? that will be the key? i heard art laffer talking about inflation.

we believe inflation is not going away anytime soon, which could in turn affect the labor market, could affect the housing market and the consumer confidence. that is why we are focused on retail sector, the transportation sector and those are the inside of the market. all of those are just hanging onto 50% of where we saw the lows to the highs so it remains to be seen in terms of whether we could grow from here or not but we are mode going to stagnate. neil: the managing director, some signs out of toyota that the stag part of that is on, the slow part is on and we will tell you what the company said because it is the third month in a row it has said it after this.

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neil: is toyota goes so goes the world, the fact is one of the world's largest automakers in terms of overall sales is an world of hurt for the fourth month running. what is going on they tell a story. the toyota stories the company saying it's july global vehicle output dropped again, 8. 6% year over year. this is the fourth straight month the company missed its target. a few reasons for sharp declines, covid outbreaks, persistent chip shortage and recall probe having impact on the company's ability to produce vehicles. the company might have to drop its annual production target as well. it is a significant -- there

are changes that youtube, chief business officer robert kinzel leaving after 12 years. to lead streaming video, secured a replacement, maryellen co. google's president, to stay at the company to help facilitate the transition. look at shares of best buy, quarter the sales, wasn't a modest drop, 13%, consumers pulling back on spending. inflation is an issue. with summer coming to a close kids going, getting ready to go back to school, some are ready to resume the commute to the office of families are reevaluating their budgets. that is an important note. neil: i know you have to report on the sec's thing.

on concerns the fed is going to ruin this party. charles: and 11 point swing. it is something i've been reporting on. there is disbelief among traders or backup, fed watchers, people who watch the fed, paid to have sources at the fed, they are telling me powell is committed to a 2% inflation target. saying he was going to back off and not going 75 basis point -- neil: anti-didn't pivot. charles: there was a disconnect between what the market was saying and the fed watchers were saying and jackson hole he was explicit about it. whether he keeps on with this,

he knows he made a huge fiscal monetary policy mistake by keeping too much liquidity in the system. we have amc trading at levels, well above, 50 times cash flow which is insane. if you still have that you have a big time bubble in this market and that inflation, you have high diesel prices which is a huge driver and the problem is we have fiscal policy that makes it worse, no drilling, increased regulations. we could be in for some rough waters. neil: what else have you got? charles: something that was said to me once but i like you, what do you want? what do you want?

neil: i thought it was very interesting. you are following this whole thing and i read a lot of interference here. charles: conservative groups are suing the sec to prevent them allowing nasdaq. nasdaq is the big stock exchange, put in new diversity and esg groups where they are trying to force companies the list on the exchange to adopt progressive policies whether it is on the environment, to apply the chinese company you who continue to murder and imprison people for their religious beliefs. they can impose the stuff on us companies and is is being challenged in court. the national center for public

policy research, they challenged the rules they allow the nasdaq to implement in new orleans, they think they are going to lose at the appellate court is a panel made up of mostly democrats, they think they will lose and my producer today, they plan to appeal to the supreme court so this case could go to the supreme court. that is if it does get hurt by the supreme court, could probably rule in favor of the plaintiff. that could be a big blow to the movement of woke activism on the corporate -- in corporate america. this is one example. there are many others. what began with conservatives attacking democrats on critical race theory is now very interesting, has morphed into

the esg realm. you will see a lot of activism from conservative groups, congress if they pick up the house and maybe the senate on this whole woke stuff in corporate america. it will your big issue. neil: so many acronyms, so little times. great job as always. charlie gasparino following that and we are following the nuclear plant in ukraine, europe's largest the russians have taken over supposedly back online but we don't know if it is in working order. the un inspecting team is there, we don't know what russian soldiers who control that plant are letting them do. after this. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech.

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neil: united nations nuclear inspectors on the ground in ukraine. we don't know if russian soldiers will lead them into it

for this plant that might or might not be online or the subject of russian attacks that might or might not decimate ukraine but the entire european continent. the former deputy national security advisor to dick cheney. where do you think this goes? we hope there is no problem with this plant. it is a pretty big plant. >> the good news if there is good news in this is if russia is effectively controlling this plant, there is little incentive for them to couple the plant and when the word nuclear as part of the conversation, where chernobyl is a very relevant part of it. for those who remember this travesty. there's lots of reason to be on

edge, the inspectors are able to verify this is not one of those great risks but we are 6 months into this and we don't at this point have a good read on it. where europe and the united nations should be doing a bit more of their job. stuart: the you follow it more closely than i, explosions that were heard not too far from the plant, near another facility, that is stating the obvious. more than playing with fire, but with the safety of an entire continent. >> there engineers who could speak to the potential risk if a plant like this is hit and there is an ordinance explosion, different from detonating a nuclear device. none of us like using the words

nuclear and explosion in any sentence but there is significant difference between an accident or explosion at a plant and actual deliberate attempt to detonate a nuclear device. neil: you worried the russians don't seem to distinguish or play pretty recklessly, their behavior calling up 137,000 more troops. they are not going anywhere for a while. what do you make of this? >> that to me as a collision of trends. the russian invasion dozen seem to be coming to us middle. there stock from the ukrainian this escalating to push back to pre-2014 boundaries. that's optimistic based on current conditions. the welfare of this plant, and other dangerous materials in this war zone, that is very risky. hopefully we get inspections to give us a basis to judge the way forward on that.

neil: thank you for joining us. to get any news out of ukraine, keep you posted. meanwhile speaking of energy, jeff flock is noting in the philadelphia area the change and complexion of energy products, what europe is looking at and where that stands after this. ♪ ♪ don't you want to stay for a little while ♪ ♪ riders! let your queries be known. uh, how come we don't call ourselves bikers anymore? i mean, "riders" is cool, but "bikers"...is really cool. -seriously? -denied. can we go back to meeting at the rec center?

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neil: forget paying more for energy, the electric utility is

going crazy where they are making moves to reduce or force cutting energy consumption, closest we had in this country was in the 70s coming back on gas usage, those of a certain age, maybe jeff flock remembers it. he's in philadelphia and we could be reliving the history. >> reporter: my parents used to make me stand in line or sit in line. i am an electric company substation in philadelphia what you see behind me, we think our electricity prices are bad, we've seen nothing compared to europe, full-fledged crisis right now, in various european countries because of high cost of electricity and germany,

hanover, in public buildings, limiting air-conditioning used to 80 one degrees, can't go any lower. in spain, cut the lights off buildings overnight and you get fined if you leave your a seed on and your door open, kind of stupid anyway but that's the bottom line, on the average electricity bill in the uk going up to $345, could the same thing happen here in the us, could we get in that situation? experts say it is possible because there are a lot of similarities between them and us. >> we have the resources and ability to meet the demand, largely regulatory processes that can obstruct the development and delivery of these in a timely fashion. >> we are more energy-rich than europe but you start limiting it, energy prices go up like

our electricity prices up 15% year over year, the highest increase since 2006 and it is worth noting this hits the poorest among us hardest, behind on their bills, 20 million people, 20 million customers, $23 billion in arrears, $10 billion in 2019 before the pandemic and it is a regressive tax because percentage you spend on electricity a lot higher if you don't make a lot of money. it is a small percentage. progressive tax in addition to all other high costs. neil: great reporting. do we have to worry about what jeff outlined? always good seeing you, do we have to worry what jeff was talking about? >> if we repeat the same

mistakes of others it usually results in the same outcomes and stating the obvious europeans are learning that spending trillions and exciting renewables to be a dependable energy source was a bad bet. our problem is in 18 months the biden administration spent half $1 trillion to steer us down the same path with the same destination awaiting us. i hope our past will save us. the last 10 years when europe was making the transition they were closing down their options on natural gas develop into europe, they dropped by 26%, us raised hours by 50%. i'm hopeful the past will save us from those price shocks. neil: i would like to share your optimism, germany is looking at more fossil fuels, even nuclear, japan, nuclear,

but beggars can't be choosers, looking at other options, even in china, why can't we be all in on anything, now is not the time to pick and choose. >> exactly right. i talked about the all of the above approach, nuclear and coal, difference legals of the spectrum are important, energy policy being threatened by bad public policy, starting to repeat history, going down the same path like i say and the problem is inflation reduction act speeds is the same direction of the rest of the nation and the rest of the nation's grid, i'm hopeful the past will save us, natural gas supplies which europe doesn't have but the reality is our consumers are paying increases in prices likely europeans

have, we are paying $9 versus $85 so that the saving grace but the reality is we will all feel the pain. neil: the notion of raising interest rates as the fair chairman indicated, the prices will come down because stick it to the economy, all of this becomes a distant worry. >> nobody wants a recession. we are heading in that direction and that impacts everything from manufacturing to the small economy shop so we have dug into the ira bill the last three weeks since it has been passed and i don't have good news on natural gas prices, the impact hits small producers who do most of the new energy development in this country and as a homeowner who relies on natural gas for cooking and heating and

cooling, those prices go up as well until we reach balance, a streamlining bill to follow the ira, we find the generation will get more expensive. neil: great seeing you, the university president has a message for you to take advantage of student loan relief, be careful what you wish for because you might not find it in your life. ♪ ♪

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point on the heels of the jackson hole speech to didn't pivot, didn't blink or give any sign that he's about to change his aggressive belt tightening and interest-rate tightening that have seen rates go up two full percentage points. another hike expected to come next month to the tune of 3 quarters of a point, the third such increase the fed has and acted on this aggressive campaign, no sign of easing up but the government is going to be trying to find ways around inflationary practices, think again, the student loan relief the at ministration is considering, mitch daniels joins us now, more importantly, now, it is from that perch, and

wherever they are seeing, and higher tuition and explain your worry. >> it is hard to show restraint about the subject, very upsetting. has all the demerits you and i discussed, rewards wealthy, at the expense of those less well off, grossly unfair to those who lived up to their responsibilities are never went to college at all, it is expensive and will aggravate our terrifying national debt picture but on top of all those things it is cynically political done before an election, the president himself, speaker pelosi and others admitted they didn't

have legal power to do this. they seem to have discovered they have. are you thinking it is a disappointing event all around, one that will have if not reversed serious long-term consequences. >> on this very show, how ultimately you pay for this and whether it is good for students who are getting this. i want you to react to this. what else will it spend money on and what else will drag us printer the red? >> we have to distinguish from productive investment to spending that is not productive. this isn't actually -- it was already there and now what we are saying is if you are forgiven you will not destroy people's credit so they can go work and -- neil: they are rewarded for holding off on paying back

those loans. you are losing sight on paying for something by opening a credit line and bragging about as the administration has, bringing the deficit down to $1 trillion. that is my worry and it went on and on but what you do for some it is not surprising you will hear from some others who are not part of that and want to be part of it. >> when the university since a young person into the world with the diploma it should connote that person has learned something of marketable value and we believe part of our job is to foster character traits like personal responsibly. 99% of our graduates pay back any student loan they took out and we are proud of that but i don't know what to tell him when others who didn't, require

the necessary skills or choose to live up to their obligations are freed from those, it's a breach of warranty on the part of the university when it happens. you should cover part of the cost the taxpayers are otherwise going to bear. neil: you led the nation in necessitating bigger loans and you've done this year after year after year after year and yet when we get loan forgiveness or even if there is no forgiveness, the more loans kids take out, that and then some as the increase in tuition and other related fees, how does this help? >> doesn't help. in my healthcare days, the key your makes the disease worse as well as establish that each time the government has added

subsidies, universities have pocketed, one federal reserve study said 15% to 17% in higher costs and no reason not to believe that will happen again. i really think this is a very unfortunate demonstration on the part of those who discovered the power, half $1 trillion with the -- those who assert that right in the presidency by the stroke of a pen should not lecture anyone else about lack of respect for democracy. neil: what worries me more, the governor, that it is a 3 meal and we are paying it off and the best i can tell is running off a credit line freed up a little bit because we paid off

a little more than we expected from a $30 trillion in debt and that credit line we are using, that all americans have to pay. >> followed his logic, about individuals having their credit damaged by their failure to repay student loans. i wish he were more concerned about the credit of our nation which is already serious jeopardy, is going to be, the court might intervene 600 trillion or billion, really critical debt crisis.

neil: because we are more than $1 trillion off our worst figures last year, a $3 trillion plus deficit and the savings from that we brought that down a little bit. we are kind of like robbing a mastercard line to pay off a visa line. >> very like that and that's not the first visa i would say almost comical sophistry. in 2,010 and administration that nationalized the student debt program told us it was going to turn a profit and supposedly $68 billion of savings has turned into 600 billion or something greater debt loss. this notion that a less alarming deficit is something to celebrate never made any sense to me. if they told they loved one's

temperature had dropped one hundred 10-one hundred 8 i would feel no less concerned about their health. neil: the other analogy i use is like promising that i would lose 50 pounds, lose 5 pounds and recheck the math and say i don't have to worry about the other 45. it adds to the confusion. i wonder where this goes. he will step down from the university, this thinking is not granted on college campuses, certainly not rampant in washington. what do you do now? >> what i do doesn't matter. neil: so much pay attention -- >> appreciate the sentiment. someone achieves standing. a plain face front to the first amendment gives the power of the purse to congress, not to any president. we've just had i think the

related case that suggested the supreme court is prepared to reign in unwarranted and excessive executive assertions of power so i see two grounds on which this very unconscionable policy might be stopped but somebody has to pass the technicality to make those cases. neil: i wish you well. i know quite a few friends who sing your praises, they call you a rockstar, you look like a rockstar, to them you are, i can see why. mitch daniels of purdue university, kept it like that year after year after year after year. more after this.

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