confirmed, like it or not, he's the guy, at least for the moment it seems like he might really mean it. that's encouraging because we have to have a solid currency. without that we don't have a society. >> is a great point and will be watching after labor day as we go into the fall, how people are feeling, james freeman, brandon arnold, great to be with the. "varney & company" is up next, actually taken away. >> good morning, my wife has a very similar video of me raiding the fridge at midnight as the groundhog. i empathize. good morning jackie, thank you very much. good morning i am ashley webster in for stuart varney today. the department of justice has responded to former president trump's request for a special master to oversee the review of the radon mar-a-lago at the very

latest developments on that story. president biden now says defunded the police, not the answer despite his change in tune, his own party has failed to pass bipartisan legislation in the house that would increase funding for lower enforcement officials around the country. banks in new york city locking the doors overnight, why, the atm lobbies have become a haven for homeless people who use them to sleep and as bathrooms, going to talk to new york city councilman joe borelli about that. the quiet quitting trend is leading to a new trend, quiet firing. we will tell you about that as well, the last day of trading for the month and a tough month it is been, the major averages down more than 3% this month thanks to the selloff over the last few days, green on the screen as we can see in the premarket today but we had the same story yesterday and it went south. we will see how it works out, let's look at the ten year treasury yield if we can, to

higher the yield that goes normally the harder it is for the big growth stocks, big tech for sure it is up ten year treasury yield at 3.13%. take a look at oil, that particular measurement continues to fold down another $90 on fears of a recession. snap is the latest company to lay off workers, the stock is down more than 85% this year, not good. we have a big show as always, gerry baker, liz peek, my huckabee and lara trump among others, wednesday the last day of august, the 31st, 2022, "varney & company" about to begin.

ashley: a little bit of tears for fears this wednesday morning, everybody wants to rule the world, a great song to get us kicked off, on six avenue manhattan. let's take a look at this. a new op-ed in the wall street journal that says, was this the summer that saved the biden presidency? what a provocative question, gerry baker wrote it and he joins me now. great to see you. let me ask you this, is biden 2024 a real possibility in your mind? >> thank you very much for having me. who knows, i think a month ago including most democrats were saying no way is he going to run again. his approval ratings were in the basement, everything was going south. there was something discovered he was an old man, apparently four years, two years after nominating knowing everything was going wrong. i'm having a little bit of fun

in the op-ed saying everything is turned around in august. i do think everything has turned around in august. if you read the media and much of the mainstream media it is been a good month for joe biden the democrats. approval ratings are backup according to the real clear average polls, up about five points, always in the low 40s opposed to the high 30s. he did get this legislation passed the so-called inflation reduction act, miraculously has already reduced inflation if you believe joe biden. according to joe biden it was last month. nobody believes that either. the media is having a fun time here. and of course they said the big thing donald trump's headline again. we've been seen that all month with the radon mar-a-lago. the point i make in the article, the more the conversation about donald trump in particular donald trump's obsession with relitigating the 2020 election, the less the conversation about joe biden in the mess joe biden

and the democrats are making the economy and the better for the democratic party. there's no surprise, were a long way from saying the biden presidency but no surprise the democrats are looking better shape today than they were a month ago. ashley: very quickly to pick up on the media obsession, we are now talking about a red ripple instead of a red wave, the president going after trump supporters, 70 fascist. what the 70 fascist, that's like being a little bit pregnant. i don't understand. >> i say is that somebody who is half authoritarian. what is a man fascist in the 1930s the annexation of czechoslovakia but not poland. i'm not done yet, we don't have answers from joe biden. the future of democracy tomorrow night, thursday night, we look forward to seeing that then. i do think the media has been saying, the republicans have a number of candidates in the senate races who frankly are struggling. prickly because it not good

candidates. it does look as the house races are tightening. it looks like that republicans are favored strongly to take the house but there's no question the numbers have moved in tightened in the last month. in the last month the democrats have been able to keep the focus on donald trump rather than their own record on the economy. ashley: we shall see, is a longtime of politics, great stuff thank you for joining us. i want to turn to the mean stocks. good morning lauren simonetti. there is now a way to investigate these stocks. >> this is great for skeptics, the mean craze, the exchange products the provider is adding ten new inverse single stock etf or a short etf, they target gamestop, amc the other day trading, robinhood, investors go short and then they get to meet in the offered by an exchange traded fund meaning they don't have to sell short but they have to buy the product, we don't know how much is going to cost,

dave portnoy, an investor says a short pin etf, can we figure out who owns racks and does this mean were going to the moon. >> i think last year end this year all the mean stocks are down sharply this year, the idea of it is here to stay. ashley: that's exactly right. again, picking up on the story, goldman sachs rolling back the covid-19 restrictions. so is it back to the office for all workers? >> pretty much. it's almost like covid didn't exist if you live in new york. what goldman is doing is clearing the path to get bacteria desk in the office building, they are lifting all covid-19 requirements starting the day after labor day, tuesday the sixth. if you are unvaccinated you can enter the building you don't have to show a negative test or use a mask. here at the two exceptions, new york city and lima peru. about half of their staff don't

work from home full-time, they might have hybrids but people are at least coming into the office, half of them a few days a week. >> it is not, you are right. now this the department of justice responded to former president trump's request for special document sees for mar-a-lago. they say that measure is unnecessary. todd pyro is here with us. good morning todd. as the president's request unnecessary? >> it is unnecessary if you are the d.o.j. and don't want an extra set of eyes. two things stand out to me. how is an extra set of eyes going to harm national security as was stated in the filing? it seems like this investigation has been leaking like a sieve from day one. how does one neutral set of eyes, one more neutral set of eyes all of a sudden mean were

to be compromising sources and entering world war iii, that line of logic doesn't add up. secondarily, assuming literally every single word and yesterday's motion is 100% true and anti-donald trump. if you are the day d.o.j. don't you want the neutral arbiter, the special master to come in and give an extra layer of credibility to what is going on. for some reason the d.o.j. doesn't and it applies they don't want people looking over their shoulder and deeply, deeply investigating what they're doing to me that is a problem. and it's really going to be a problem to the american people with american transparency. ashley: another one for you, the d.o.j. banning political appointees from attending partisan events. this comes in the wake of revelation and bias of handing the hunter biden laptop case but the question is why you have to enforce a ban, shouldn't the department be nonpartisan by

default, you would think so, as you well know, d.c. is so interconnected, there is so many marriages where a husband of an fbi agent, may be having a political event that he or she needs to go to, that is the first part, to your point everything should've been log off to begin with. if you look deeper at what this request does, it basically says there's no intermingling at all between congress and the fbi. that pegs into question what if you have a problem, what if your whistleblower, garland says this protects whistleblowers but to my earlier point this seems like another check and balance to protect the d.o.j. and insulate them from peering eyes. that's concerning. ashley: concerning all-around when it comes to these issues, todd, lauren. ashley: we had three straight days of down going back to last friday and the last trading day

of august. it is not been pretty, the dow and s&p down more than 3%, the nasdaq down more than 4% for the month but having said all that, we are in the green, we are in the premarket, the dow up 117, the s&p up a half 8% and nasdaq up 1%. we solved the same thing yesterday and it didn't last more than 30 minutes. coming up president biden student loan handout is leading americans that already sacrifice to pay off their debt behind. i'm going to hear from a 2020 graduate this is the handouts are a slap in the face. meantime, remember when democrats called to defend the police, listen to this. >> yes i support the defund movement. not only do we need to defund but we need to dismantle and start new. why is the word defund, this is a work coming from the streets. >> despite past calls from his own party, president biden says the answer to public safety is to fund the police. we will have more on that next.

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ashley: what a beautiful shot that is, you are looking at rhode island where it is currently a comfortable 73 degrees, the lucky folks enjoyed the early time on the beach. let's take a look at the futures. 15 minutes, a little less from the opening of the market on this wednesday, we are in the green, the dow up 87 points, the

s&p up half 8%, the nasdaq up eight tenths. same story yesterday, we quickly lost her mojo, 30 minutes into the session, we will see weather weekend win ground back after three days of selling. now this crime in washington, d.c. has spiked 89%. the washington post is calling out mayor bowser, come in here todd, what did the paper say. >> muriel bowser to disrupt criminal activity, even though the liberal washington post calling out for a fail policy saying the sunday night carjacking and shooting of washington commander brian junior, saying it's unclear how bowser's policy to cut crime in the district is working considering, by committing violent crime is up 89% and part

of the city. two months after she launched a program to disrupt patterns of violence at three city nightlife hubs, the washington commander running back shot and injured during an armed robbery in the article highlighting that robberies including carjackings up more than 100% from 13 at this time last year to 28 so far this year end there have been a reported assault with a dangerous weapon. that's an increase from five at this time in 2021. not to mention, the murderers, the homicides. it's a scary time to be in d.c. like a scary time to be in so many cities throughout a great nation. ashley: no kidding. todd, thank you very much. president biden laid out the safer america plan and pennsylvania yesterday. take a listen. >> they call it the safer america plan. both you remember the congress voted for it. it's based on the simple notion. when it comes to public safety in this nation, the answer is not defund the police, it is fund the police. ashley: okay, no better person to talk about this, liz peek is

here, now the answer is funding the police, sound like a change of tune. maybe, just maybe because the midterms are coming up, right? >> you think? yes, ashley. biden is trying to rewrite history here, take democrats off the hotplate for encouraging crime. by the way, it's exactly because of the midterms, what are the top five issues that voters say they will vote on in the midterm elections, by the way it's also one of the top issues were biden's approval ratings are way way underwater, only 58% of the country approves of his handling of crime. what he wants to do is turn this around and say republicans are to blame for the crime spree because they after all did not vote for the funding of police that was in the american rescue plan. a tiny portion of the $1.9 trillion democrat handout that by the way all republicans rightly voted against and it did

spur inflation. this is a whitewashing of an issue that is serious. when people see scenes of thugs running into stores, carrying out all they can carry in the way of merchandise, no one stops them, there is no accountability, this permissiveness starts at the top. it's a big problem in this country, joe biden is totally complicit with this trend. ashley: i want to get to this, the new op-ed about biden's student loan handout, you say democrats have given up on middle america, explain. >> when tim ryan who is locked in a very tight battle in ohio comes out against the democrat and comes out against this plan it's because he knows he needs blue-collar workers, that traditionally voted democrat and have moved away from the democratic party for a number of reasons but the truth is they don't like this plan because it

gives money to higher income americans, americans by the way who have gone to college and to stand out earned working-class americans for the course of their lifetime. waitresses, garage mechanics, people in low-income jobs are funding the careers, the college careers of higher echelon americans, is ridiculous. guess what is unpopular, this is a real problem. by the way in the swing states were indeed it was a break from union workers that defeated hillary clinton, this is a big problem for democrats and november. ashley: even though fund the police, tough on crime is a message, we shall see. great stuff as always. we do appreciate it we did not get time to talk about james carville description of the democrat party but we will.

>> to fiscal coastal elites. thank you. the administration has cleared another one and a half billion dollars in handouts, why not. this is for defrauded borrowers. >> i show something sympathy here. the department of education found that westwood college does not exist anymore that they routinely misled students about the job prospects and expected earnings after they graduated. they had operated in 15 campuses, illinois, virginia, colorado. if you are enrolled between 2002 and 2015, the doe just cleared your balance forgiveness for 75000 borrowers clearing them of what it happily in dollars and the doe says students were defrauded in westwood profited off of their debt. >> fair enough, thank you very much, let's take a look at this futures, pointing higher we did

this yesterday, hopefully again we could get a rally going the dow up 102-point to the premarket, the opening bell is next. ♪

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ashley: let's check the markets for you we are showing a slight gain in the premarket all very modest, the nasdaq up 1%, but spring and shall go, our good friend we see three straight games of a selloff, i was looking at your notes you said it looks like were heading lower, do you believe that? >> i do, it's nice to see you. this is maybe in my opinion a breath of fresh air and a market that's been choked by higher interest rates, federal reserve according to chairman powell in the jackson hole speech is can committed to raise rates as long as necessary and highest necessary to combat inflation. for the feds target rate of 2%

on inflation i think it's going to take years to get through. i believe the target rate is going to be moved to 4% in terms of inflation is going to take a long time that means higher rates for longer and that's going to choke off the massive recovery that we seem to have off of the june lows. i think that is over now. ashley: interested we called you the king of dip buying, have you been buying anything over the last three days? spit we missed buying the june lows, we did like a lot of managers and investors, play catch-up, little bit of fear missing out and it did take on some positions. as the market was bouncing our mentality and the psychology we don't know how high this can go, i think the market has lowered to go we're going to buy great companies that are on sale and will happily buy lower average

down of the market comes back down or will put very tight stops and if we reverse will get out with profits. now we put stops close to everything that we bought if we reverse were good to get out and will look to get and the fed avoid a hard landing, we know what they're saying it's all about price stability, getting inflation under control, they say yes it's painful but not as painful if we do nothing. are we looking at a recession with some depth or not? >> i think that we are looking at a recession, how deep we might be into that recession or get into that recession i'm not sure, the economy is moving along nicely we know the idea of demand destruction by raising rates is going to change and i think the market is going to be impacted by that, already starting to cut earnings estimate for the third quarter in the fourth quarter and that's

going to work its way through as the fed continues to hike. ashley: that's the way it is we just have to accept it and i appreciate your input this morning. shah gilani thank you so much. the dow up 54 points, the s&p up slightly, same story on the nasdaq but the major industries are down three or 4% for the month of august, this is the last day of trading for august, good riddance. let's take a look at as they clap and hoot and holler, there is a young lady using her elbow to push the button at the nasdaq, great step, we are up and running, and let's take a look at the big board the dow 30 stocks, a lot more green then red but it's all very modest the dow up 18 points, cisco, honeywell out of the chute and chevron in particular. let's take a look at the s&p 500 if we can, a slight gain there,

we will have to wait and see up a third of 8% for the s&p up about 4054, .5 for the nasdaq up three quarters of 8% of 93 - 94 points talking at the nasdaq let's take a look at that. the growth stocks despite the tenure moving higher, we are getting some traction for the big tech stocks, apple up half 8% with 159, amazon, alphabet, microsoft up, look at meta platforms, facebook up 5.5%. let's take a look at the broader market if we can, good morning to you susan. we've been down for the last three sessions, can we buck the trend today, that is the question what does a crystal ball say. >> at the end of the month there might be short covering as you buy back the shares in your betting against to close up the books for the month of august.

however, the s&p 500 is sitting a lowest in the month and you had a federal reserve president talking about much higher rates to come so cleveland fed president calling for 4% interest rates, at least by next year. no cuts through 2023. if you do the math 4% means at least 75 basis points month, a lot more to come from the current two and a half plus levels that were at, then you couple that with the new york fed president williams yesterday who's been calling for three and half% rates. as you heard from jay powell in the fed, they expect more painted, in order to bring down the 40 year high inflation let's take a look at bed bath and beyond, i understand

ashley: i want to look at snap the company going to lay off 20% of their employees, what is the issue. >> they confirmed in the last few hours it comes down to tiktok, competition, slowing, advertising, growth in the apple privacy settings, that is impacting all social media companies including snap, snap

says they are restructuring they just announced this and they confirmed the earnings report earlier that a thousand jobs are being cut from the 6500 that they employed and those layoffs are starting today and mostly going from hardware in developing that will be affected, it's a tough year for snap mist on spring sales and profit, the lowest weekly monthly profit growth and sales growth that they've seen as a public company and pulling the current quarter guidance, the stock dropped about 25% in the session afterwards and it's not the fact that you're up 7% and the restructuring saving exercise. the stock is down 90% over the past year. ashley: 90%, speaking of snap, netflix hiring two of their executives. ashley: that's the launch of their frontier, and expected

extra 2023 they may jump ship from these executives because they knew the layoffs were coming, the former chief business officers, sales vp are moving on it gives netflix madison avenue, respective ad executives, athletes is doing something to read hastings that he says he really didn't want to do which is offering ads in the service but slowing growth, a drop of subscribers, netflix, also disney are introducing, disney with their ad in early december in its realization amongst all of these big streaming companies. the streaming world has changed. my question will that change the binge model the netflix pioneers since ads are maxed out when you have an episode drop per week, you have the watercooler effect in anticipation of the next episode. ashley: i love the binge i don't have to wait a week, i'm spoiled. we had some earnings before the bell. >> how many hours was that i was thinking of the bid on stranger things, has to be so many hours. >> a billion something. hp, the computer people reporting before the bell.

>> they had an in-line spring sales and profit and they were up in the premarket, because they talked about enduring demand for business spending and it spending in particular, hb q which is a consumer side hewlett-packard's put up i to companies, i want to talk about the owner of calvin klein and tommy hilfiger, pbh they are cutting jobs, 10% of jobs by the end of 2023 also cutting the full-year guidance in talking about a challenging economic environment and are hoping to save $100 million each year through the job cuts. you see this running theme as we headed to the jobs the payroll number on friday, a lot of these companies are pulling back and slowing economic growth environment. ashley: a sign of things to come, what about chewy the pet people, down big i understand today. this is ryan cohen, bed bath and

beyond this is his original company, pet products retailer made money instead of losing money in the spring quarters, this has more to do with their guidance going forward and they are predicting that sales are lagging, prices are up and consumers are focusing on food and medications, as you know if consumers have less to spend and inflation is high they tend to pull back another discretionary spend. ashley: a great rundown today, thank you very much as the dow turns negative, coming up day after day we have shown you video of illegal migrants walking across the border, apparently the white house has not seen that video. take a listen. >> it is not that simple, it's not that people are walking across the border, we have a plan in place. ashley: people are not just walking across, we have the

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ashley: let's take a look at the markets, we were slightly in the green right out of the chute, 12 minutes later we are there the dow turned negative up at ten to

4%, the s&p upper quarter, 3997, the nasdaq up half 8%, can we hang on to the games, with lines of this op-ed growth so week. the author of that piece is anthony chan and he joins me now. good morning to you you say in order to answer that question look no further than the trend in employment growth, make your case. >> that is right in the article that i recently wrote, i make that case because employment growth has actually turned out to be a lot stronger and we know when economic growth is slowing down while employment growth is accelerating, what are you going to get your going to get some i then establishment to compute payroll by 1.9 million, if you

adjust for the household survey and use a single assumptions as establishment survey and you look at the numbers on a year-to-date basis, guess what you find the household survey is actually stronger then establishment survey. in short employment growth is very, very strong. then i use another data series by bright query, and exciting company that now looks at not just a subsample of an appointment but the whole economy any company that files a tax return, anybody out there any business public or private employing people you capture it all and guess what i find survey until lucite eyes upward the number of jobs in their latest preliminary revision that will be released in february, in short stronger employment, slower growth you get a weakness in productivity growth 70 people are surprised except if you

realize of and just yesterday you saw the survey showing a lot more job openings of people expected to. ashley: there is almost two openings for every person looking for a job is that right, it's remarkable. >> is exactly right we have close to two job openings for every which is why the federal reserve is now going to be tracking very closely what happens to wage gains to try to be able to bring inflation back down towards its target. i just completed other research and guess what i find, i find that you should use the atlanta fed wage tracker index focused on the job switchers salaries. they are now earning 8.5% year-over-year wage gains compared to the number for all workers that is five-point to percent. what i find with the differential widens and is at the widest since the series began, the entire history of the

series you get up with price pressures, it's not that they're trying to crush wages to they want to lower wages down to the 2% inflation target an allowance for productivity. if you look at productivity down to the 1950s, 1.6% year-over-year. you want to have wages in the three have - 4% range. were above that and that's what's worrying the fed and that's what the fed will be watching. in the next implement reporting future ones too. ashley: i have 30 seconds, anthony has inflation peaked in your mind? >> i think inflation has peaked but again it's peaked at a high level and a slowdown so slowly given the fact that wage pressures are so strong, john williams of the new york fed said we have a situation where aggregate demand is stronger than aggregate supply. you don't have to be an economist to figure out that that means there's a lot of upper price pressures. inflation is coming off the peak

but it is no time to bring the marching band out, it's going to take a lot longer and a lot of hard work to brigade down to the 2% target. ashley: no marching bands anytime soon, anthony terrific stuff, a lot of great information, we really appreciate it. as you pointed out the fed chairman, the new york fed president john williams says rates aren't coming down anytime soon, why not. >> inflation is too hot, williams told the wall street journal that rates are going to stay high for quite some time. >> will get a need to have restrictive policy for some time this is not something that were going to do for a short period of time and change course, it's getting policy to the right place to get inflation down and keeping it in its position when it helps make sure and the next few years not only are we moving to 2% but we achieve our 2% at almost the same basis. >> they are not cutting rates anytime soon. back on friday you got the pain

speech from powell the market has sold off sense and we've seen the pain echoed by almost every member of the fed. actually there is a chance that these fed officials talk like a hawk but the act like a dove maybe not on september 21 meeting that may be in the meetings after that because the data has been pretty good and inflation is starting to come down. ashley: we can hang onto that, we'll see, good stuff. stay there, han solo's prop gun, the one used by harrison ford in the 1977 star wars film sold for much more than was expected, inflation, how much. >> $1 million it was expected to fetch half of that. as low as 300,000 by one estimate. this was the gun that harrison ford used in his role upon sold throughout the 1977 star wars. instead of bullets and fire burst of light that they called

bolts. i'm not the biggest star wars fan, it's probably obvious right now, is the obvious. >> i'm not either i love it but what about todd ruf en if you had a million dollars would you buy it. >> let's get the trifecta nobody in this threesome has watched star wars. when harrison ford ultimately gets bitten by death, it's going to go up even more. >> very good what a bunch of party poopers we are. todd, lauren, randi weingarten, she speaking out over the recent attacks on teachers, she said quote, it's never been as bad as right now, people have a different view of how to do education, it was not this attack on people's basic humanity. we will tell you what else she said and whether she has any regrets, would you work at a fast food chain for $22 an hour, new legislation can make that happen, have the report next.

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ashley: a new bill in california would hike the minimum weight of fast food chains to $22 an hour. kelli o'grady has a story and los angeles, kelli, my question is could this cause some of the chains to lead the stay altogether? >> that is one of the big concerns, actually a new study that i was reading from the 84% of economist thanks that this would make these chains less willing to operate in california and in fact mcdonald's reps are telling state senators here that they wouldn't necessarily expand here or they would leave altogether if it becomes law and what are the biggest reasons is the increased cost of both owners and consumers. a new study finding labor costs could increase 60%, prices would spike 20%. folks are operating on single-digit profit margin, restaurants cannot absorb the wage increase without passing some of that to the consumer. higher prices can exacerbate inflationary pressures and lead to less sales but you think of

the big corporate brands, you have aaa behind me, california is mostly owned by franchise, more than 70% on one location. >> a lot of times first-generation business owners and americans with a 20% increase in a food tax which is effectively what the council, the wage portion could create. it really could be the difference between staying in business or going out of business for a number of the smaller operators. >> on top of that fast-food has really been essential for providers of affordable food of crippling inflation offering better values and grocery stores, this won't just be felt by the franchisees but nearly 70% of californians who visit a counter service restaurant each week, this is all up to governor gavin newsom, while he hasn't taken a public stand propose a

bill, many predict design a presidential run, it's going to be interesting how it balances voters and small businesses with very small powerful labor unions. a lot of states are to be watching, what happens in california tends to migrate elsewhere. ashley: yes it does. or they just migrate from california somewhere else. thank you, let's bring in todd and lauren. let me start with you lauren. twenty-two dollars an hour, even the restaurant may be forced to leave the state weather forced to close down altogether. >> when you look at the story from the businesses point of view, this is painful cost on top of other restrictions that they have in the state of california. it makes it nearly impossible sustained business. ashley: we've already ran out of time, we have to say goodbye to todd. we unlock the studio door. you can make a run for it. thank you so much, he is gone. thank you so much todd, lauren you are stuck. former arkansas governor mike

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♪ ashley: a live look at new york city this morning. blue sky and clouds in the big city. good morning, everyone. it is 10:00 eastern and, yes, i'm ashley webster in again today for stuart varney. let's get straight to your money. why not.

we are in the green on the major markets but marginally so. the dow flat up 10 points and s&p up a quarter and the dow turns negative and nasdaq up just over a half a percent. let's take a look at 10 year treasury yield if we can. the treasury yield as we see goes up and it's harder on the equities, especially the big techs. right now up mortgagally at 3.1l is on the way down. under pressure down another buck, now below $90 a barrel and $89.83 and take a look at bitcoin if we can, just above 20,000, $442, 20,279. now this, president biden making stops in key swing states ahead of the midterms but he is still not really talking to the media. get this, it's been 201 days since he's actually sat down for a one-on-one interview. former governor of arkansas mike

huckabee joins me now. governor, is this a -- you know, so much for clarity; right. for a wide open message to the media. i mean, is it because he's afraid of defending his record? what say you? >> i think he's afraid of making a gaffe or maybe she's not afraid because he doesn't realize he's making them. but his staff is afraid if he sits down with a one-on-one and it's unscripted and he can't squint and yell at tell prompter and half the time voter that up, they're just afraid he'll say something they have to spend the next two weeks digging out from. it's kind of sad that the president of the united states is unwilling to sit down and talk to the media. here's the thing that's even sadder, the media doesn't seem to care. the press ignores the fact they're being ignored because it's joe biden. if donald trump failed to talk to the press for 200 plus days, there would be a running tab in

the new york times and the washington post saying here are the number of days that the president won't talk to anyone. ashley: yeah, that's the double standard which we're all so familiar with. next one for you, the governor of maryland, hoglan saying there'll be a ripple instead of a wave. what say you? >> it's depending on what kind of message the republicans want to put forward. if they focus on gasoline, groceries and god, they win big. if they get into the nuances of all the intricate policy issues that really glaze over for most people, it could be a rougher time than we expect. we ought to win big. i don't think larry hogan has a handle on it because he hateds trump so much he can't see past that. people like trump's philosophy, they like his policies. they remember their groceries

were cheaper, the gas was cheaper, that their businesses weren't constantly under the gun of greater regulation and felt secure at the border, none of which they feel under joe biden. i do think the republicans have got to step up their message, and do a much better job of speaking to the kitchen table and not the corporate board room. ashley: very good. we'll have to leave it there, governor. governor huckabee, thank you as always for spending time with us. >> thank you, ashley. ashley: the new york post editorial team has posted a warning to republicans ahead of the mid terms, what is it, lauren? lauren: now that donald trump is back front and center because of the mar-a-lago raid, the opinion writers at the post say republicans must move beyond trump to keep the focus on biden's disasters and then the writers hammer home the consequences of recent policies like the exorbitant spending, student loan debt forgiveness and the open border.

it's fair to say the president can't defend his record and that's why he hasn't done a tv interview in 201 days and there's this link and the post discussing between trump's recent decent and the midterms. the writers argue that you need to make your case. republicans need to make their case to the american voter about policy. not about president trump and democrats want to keep all the focus on trump because they think that's a winning strike sy for them. ashley: exactly. all right, interesting. again, a day is a long time in politics. so much can change but, lauren, thank you. let's get back to the markets and bring in eddie. good morning, eddie. i was just reading and you say, look, we will have to hit new lows before we hit new highs in the market because we believe we will be in a recession. that's what you believe.

>> absolutely. look, i mean the fed kind of dropped the hammer on the narrative that they'd be cutting rates any time soon. basically what they said is they're going to do anything they need to do to get inflation down. and the only way can do that is by forcing a recession. right now economically when you take a look at what's happening, we are decelerating at a historic rate, we have a dollar at 20 year highs and inflation at 40 year highs, and the fed hasn't even started accelerating quantitative tightening yesterday. it'll be a very challenging environment and investors need to understand in our opinion, this market won't bottom till we're out of the economic cycle and the economic cycle right now is decelerating while the fed is fightenning. there's very few places to hide in an environment lake that so you have to decide are -- like that. are you a trader and trade around a bear market or are you an investor? ashley: right. you know what, september comes around tomorrow. it's typically not a great month for the markets.

what are you expecting? i mean, we, how much worse can it get with the feds using jay powell using the word expect pain. >> we have to say what they're going to do versus what they're saying. if they roll over $95 billion a month off their balance sheet while they tighten rates, it can get a lot worse. we've never had tightening that fast in this short of a period of time. the rate hikes they've done hasn't even gone into the economy yet. it takes months for that to go in so the big risk is they're going to overtighten, i believe they already have, and we're going to have a hard landing. if we're going to have a hard landing. things will get materially worse over the next few months before they get better in our opinion. ashley: very quickly, eddie, how, you know, how do investors play that? >> look, i think investors, if you're worried about risk management, you have to have a

cash position and can't in my opinion be a 5 or 6% position. it has to be meaningful enough so that way when we bottom, there's less voltity and dry powder to buy the dip. the whole narrative of being fully invested all the time in my opinion won't work in this type of environment. ashley: well, you've said it and laid it on the line. we hear you. eddie ghabour, thank you very much. we appreciate it. >> thank you. ashley: lauren, you're roux loog as some of the big movers. start with the vaccine movers. lauren: let's look at moderna and pfizer and the others. it's here, ashley. the fall covid booster campaign. are you ready? the fda just cleared a covid-19 booster that targets the original om icron and the newest strain. it's the first time there's an been updated vaccine formula by the fda since december of 2020. the cdc has to approve this but

very likely they will and then next week you can start getting this is a new booster. for a lot of people, it would be the second booster shot. omelet crohn lauren: they're goo lose money. they said they were going to have a profit and now they say on the year they're losing money, shoppers are cutting back, and they're buying more of what they need over the fashion that they want and finally your biggest decliner on the s&p 500 is hpq, pc demand, printer demand, all down 32% decline we've seen in the number of notebook computers they sold in the quarter and six brokerages cutting price targets on hp post results. ashley: all right, from that, lauren, more people heading back to the office whether they like it or not. beauty products are seeing a jump in demand; right. lauren: yeah, when we're all sitting and working from home,

it was about the natural look so people spent money on lip gloss and skincare. now we're going back out and the focus is on glam. i can prove it. ulta beauty, make up sells up 26%. elf beauty up 27%. customers are not trading down. lipstick will last you awhile and they're spending money on that. more companies want a piece of that action. cvs, the pharmacy, they're opening a skincare center in some of their stores and a food store, a thrive market, is selling cosmetics. it's a luxury purchase i suppose. ashley: i'm right out of lip gloss. glad you reminded me. lauren: i got a whole bag right here should you need it. ashley: all right, good for you. california lawmakers want big tech companies like tiktok and instagram to consider children's health when building their platforms. we'll tell you how this bill could impact silicon valley. may see one of these signs when

you visit time square and new york is declared a gun-free zone. new york city councilman says this will do nothing to stop gun violence and president biden calling for more police funding and it's a far cry from voices within his own party. take a listen. >> defunding the police has to happen. we need to defund the police. >> yes, i support the defund movement. >> talking about the reduction of our nypd budget and defunding a $6 billion nypd budget. >> not only do we need to dis-fund but dismantle. ashley: well, seems the president is facing pressure to tackle the crime crisis ahead of the midterms. hillary vaughn will have that report next. ♪

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my advice for everyone is to go with golo. it will release your fat and it will release you. ashley: let's take a look at these markets. i think big tech leading the way all though the dow just under the borderline down 65 points, s&p barely up about close to a tenth of a percent and nasdaq up half a percent. not exactly a huge rebound from the three day selloff we've seen. now this, low level crimes are surge in new york city under mayor eric adams. what type of crimes and how much are they up? lauren: misdemeanors but crimes across the board republican. now so are arrests so this is a form of broken windows policing. you're a cop, you go after the small crime to stop the serious crime. misdemeanor arrests in new york

city up 25% between january and june of this year. it's the first increase since 2014. it highlights mayor adams and focus on improving the quality of life, making new yorkers feel safe. so you have cops going after petty left, public drinking, jumping subway turnstiles. more than they have in a decade. but the district attorneys need to determine whether those arrests, the cops doing their jobs result in prosecutions and jail time and if that happens, maybe some of the serious crime goes down too. ashley: the crime crisis is hurting businesses which is already as we know struggling to deal with inflation worker shortages. hillary vaughn is in washington dc. hillary, how are businesses there handling the surge in crime? >> some businesses are having to move or close-up shop entirely and this as president biden admits they need more police on

the streets because a lot of americans do not feel safe right now and that applies to businesses too who are having to move locations or close doors entirely because crime is way up and police presence they say is way down. >> changed operations going into our new location. being mindful of public safety and crime in general in the area. a lot of times we feel like we're on our own. we had to increase security patrols and the police department is helpful when things pop up in the neighborhood or hot spots in the neighborhood. they're so understaffed it's difficult for them to respond with any kind of force. >> reporter: according to the national retail federation, increase in crime and 60% of retailers have seen an increase in crime accounting for this is correct $45 billion in losses and it's more than just money. sorry. it's more than just money that workers are losing. business owners and workers do noted feel safe and neither do

their customers. the u.s. chamber of commerce saying this "retail theft is becoming a national crisis hurting businesses in every state and communities they serve. we call on policymakers to tack this will problem head on before it getting further out of control. no store should have to close because of theft. it's not just a lack of policing though, it's a lack of prosecutors prosecuting the rise in offenders. >> that's the craziest thing ever, a guy robbed us here and was out of jail within 24 hours and came back and robbed us again a few weeks later and was released again. most of the time the police even know who they are and they're almost embarrass when had they show up at the restaurant. yep, we know who they are and exactly where they live. that's the really bad part about all of this is these criminals that just keep getting out again and again. >> reporter: ashley, it's not just mom and pop shops dealing with this, big retail chains like starbucks had to close 16

locations over the summer because of crime. one of their locations right here in dc at union station, which is a few blocks behind me, ashley. ashley: unbelievable. hillary, thank you very much for that report. now, let's bring in if we can, new york city council minority leader. to pick up on what hillary is saying. are you seeing the same type of thing in new york, businesses shutting their doors because of the rising crime in? >> yeah, it's exponential. in midtown, there's less people in the stores, on the subways and everywhere you can imagine and that's having a trickle down effect on the mom and pop salad places, coffee shops and restaurants that make up the bulk of new york city small businesses. until we clamp down on crime, until we get turned control and until our woke prosecutors start putting people in jail, i think you'll see the net result continue in this direction where businesses are closing. ashley: new york is creating

what's called gun-free zones like time square after the supreme court struck down the state's law that limits people from carrying concealed handguns. does this do anything? i mean, one thing is it obviously, you know, hurts people's constitutional rights, that's one issue but does this do anything anyway? >> no, it's completely ridiculous. if gangsters followed signs in time square, they'd all be showing up shirtless in calvin klein jeans buying lion king tickets. this is a unserious way to deal with serious crime, which is gun violence. if new york wants to tackle gun violence, they need to go after the felons they have arrested rather than creating a new class of felon for people who might otherwise be entitled to carry a permit. we have 4,000 people last year arrested for guns and overwhelming majority of them are still on the streets awaiting trials or had cases downgrade to mis-nearbies. that's what the major need --

misdemeanors. that's what the your needs to focus on. ashley: new york struggling to deal with the bus load of migrants coming in from texas and the department of homeland services had to abandon its intake plan and, joe, shouldn't the city have expected this when they declared itself proudly a sanctuary city? >> it's like what did you expect to happen? i mean, frankly we've gotten about 6 to 7,000 migrants coming in and actually the overwhelming majority of those people came across to this state on the joe biden admin straight flight. only about 2,000 game on greg abbott. this is more on the biden administration than anything else. this is a real problem in new york city and the taxpayer haves to pay for it and i don't like having to pay for it and i like that it's causing democrats to admit there's a real cost to housing and clothing and taking care of people that come here illegally. now they cannot deny it anymore. if that's the price, that's the price. ashley: very good. last one for you, joe. your governor democrat kathy

hochul and says republicans should get out of town that they're not new yorkers. quite remarkable. what's your response to that? >> i don't think any new yorkers needed anymore invitation to go to florida. about 3,000 people left the state and took about $20 billion in taxable income during the pandemic. kathy can cheer us on for moving but we don't need her help. the only thing that will change is electing a new governor, a better governor, lee zeldon and maybe everyone can feel welcome and entitled to stay in the state. ashley: can you turn the tide, joe? we scratch our heads in the policies and people leave the state to move to another state with a whole lot more freedom and democrats continue to be voted in. is the tide turning in your opinion? >> i think it is. you know, if you talk to people where i live in staten island whether it's my wife or anyone on the street, they'll give lee zeldon a chance to turn it

around and we might be part of the exodus from the state as well. it's sad but people need ashley: joe, thank you so much for stopping by today. good deal. still iowa hawkeyes head, a work from home over the last few years and we know that but how about working from middle of the ocean. that can soon become a reality with royal caribbeans new partnership. we'll explain. we told you about workers doing the minimum amount of work required. well, now, it's giving way to quiet firing. madison alworth breaking it all down for us, next. ♪

ashley: welcome back. a look at markets and three days of selloff and the dow lower by a tenth and nasdaq up by half a percent. very kind of muted trading sessions so for. bring in lauren.

lauren, you're looking at some of the moores today. begin with snap. lauren: up 15%. they're laying off about 130 130 workers, 24% of 6400 employees and this affects teams building its apps, games, glasses, two senior executives are leaving. stocks up today but it's down 80% this year. the gains today are helping meta. this is your top performer on s&p 500. facebook up 6% and also impressive considering what's happening in california. they just targeted meta and other social media companies on two fronts. first, california passed a bill that requires products made by the social media companies to consider the affect they have on children and also might soon have to disclose what they pay staff. my last mover here, ashley, is chewy. the online pet supply people. they cut their forecast for sales for this year. they say, look, double digit inflation in our business, we pass that onto customers and

they pulled back in discretionary categories and that stock is down 6%. ashley: very good. i want to pick up on something you just said there, lauren, california may soon require employees to disclose their pay on the state's job listings website. why are they doing this? lauren: to be the great equalizer. large companies in california like as we discussed, meta, but also apple, disney, they're going to need to disclose their pay ranges and also information on what existing workers make. they have to do that when they're hiring on a job listing. this is a first in the nation in that they're also making these big companies reveal pay scales by race and gender. it's all about transparency. in some sensuous it's like a great equalizer in the workplace. workers might like it. companies don't necessarily. they say it's burdensome and if this is only in california, it's a national headache for them.

maybe it's an internal headache and you know what, ashley, if i knew what so and so made, i might get mad; right. ashley: yeah. lauren: i'm not taking a position on this, but i can see a lot of people getting annoy when had they finally find out what their coworkers are making. ashley: yes, little bit of resent want perhaps. all right, lauren. you'd never be like that, i know that. let's move on, the quiet quitting trend ising being quiet firing. managers are silently ignoring requests for promotions or higher pay all in the hopes that the employees leave on their own. isn't this interesting. madison alworth has more. >> quiet quitting is a movement on social media and employees doing less at work and bringing hope the same pay. some of the employees are facing the consequences. nearly half of workers have seen quiet firing happening at their offices. so that's loosely defined as when a employee does not get a raise, loses responsibility, and

is in general passed up for any sort of advancement. the hope is that eventually the employee leaves on their own. both quiet quitting and firing happen when the employee is not engaged, which 54% of the youngest workers in our work force say is the case. some of those workers will choose new jobs, find new careers, but for those who choose quiet quitting, experts warn and not only puts you in danger at your current job, ii qequiet firing, but could have longer term effects on your career. >> quiet quitting is intentional and voluntary and not like burnout, which is involuntary and you can't control it. this is a choice. you're creating this doing anitive dissonance in your head over time and what that means is that there's a chance you might sort of slack off in other ways that you don't even notice. >> gina and others argue it's dangerous to lean in on the

happiness and does not solve your problem and helps you with future jobs getting there and having support that you might end up liking more. ashley. ashley: exactly right. fascinating, madison, thank you very much. bring in john. good morning to you, john. what do you make of the quiet quitting trend and what happened to getting a job reference; right? >> yeah, absolutely no sense. if i'm a young person and i want to work hard in that job and i want to get ahead in the company and i want to show them what i can do. if i'm alienated from my job, why not leave and bother to stay there? i think if quiet quitting is widespread, this helps to explain why we were looking at the deepest year over year decline by labor productivity in the history of this statistic that begins back in the late 1940s. ashley: we have the jobs report friday morning.

john, what are you expecting and looking for? >> a much smaller monthly increase by payrolls and they were up by a greater than expected 528,000 in the month of july. i think that's going to come down to 275,000 new jobs in august. that's still healthy. that does not indicate a recession but it does show us that hiring activity is slowing down and as a result, we've got to get braced for a much slower pace of consumer spending in the final quarter of this year. ashley: you know, the stat that came out, absolutely flaws me is that there is almost two jobs every person unemployed. have you ever seen anything like that? >> never before. but, you know, it could very well be that there are not enough people with the skills that right now are in demand in&that explains this chronically wide gap between job openings and the much lower

number of individuals officially unemployed. ashley: goldman sachs warning home price growth expected to stall completely and will average 0% next year. that's pretty extreme after what we've seen. what do you think? >> i think goldman sachs is on target. after all we have jerome powell as taking dead aim at the u.s. economy in order to slow it by enough to bring inflation down to that 2% target. it's now something well in excess of 6% that's pce price index inflation. we just had news today on mortgage applications for the purchase of a home. that was down by 24% from a year ago. housing right now is in a recession. if the fed tightens monetary policy as expected, the housing recession will deepen and with

that pockets of home price deflation will arise. ashley: given what we've heard from jerome powell, is there anyway to avoid a hard landing? >> no way. this will become a big issue. this tightening of monetary policy by the fed as the midterm elections approach on november and it'll be a big headache for the democratic in incumbents. ashley: it's it'll be painful to be so aggressive on raising rarates and cuts back on the hue balance sheet the feds have and less painful than if we didn't attack it now? >> yeah, he has memories of the 1970s where it took forever to bring inflation down and took that very severe recession of 1982 to bring inflation down to what became a range of 2% or so. it may be correct.

that being said, i don't think the current situation is exactly the same as what we faced in the 1970s. for one thing we have a much more globalized economy and moreover, this is an older economy and work force and because of the aging of the u.s. economy, we may be shocked at the speed with which household spending slows to that pace, which is consist with stable prices. ashley: terrific information this morning as always. john lonski, thank you for joining us. >> thank you, ashley. ashley: the dea seized rainbow colored feintal in 18 states just -- fentanyl in 18 states just this month. mexican cartels are targeting our children. we have that hotter in the next hour. meanwhile, the average life expectancy for americans fell again in a historic setback. what's going on? what's driving that decline is

next. ♪

ashley: all right. let's take a look another these markets for you. not really going anywhere this morning. modestly down now on the dow just off 52 points. s&p just turning slightly negative. the nasdaq was up half a percent and essentially flat. just up one tenth of a percent and not a lot of conviction in today's market. goldman sachs is finally lifting covid protocols for employees. come back in, lauren. does this mean they're coming back to the office? lauren: school's in session, ash. starts tuesday. all right, goldman lifting all covid protocols telling employees return to your desk five days a week and no more vaccine requirement except for new york city and no more masking and goldman will not

accept excuses from employees that claim covid as a reason for working from home. you said in the 9:00 hour, ashley, you said i feel like this isn't the end of it. i think you're right. this would be the third labor day where many employees worked from home. you can't change three years of status quo like that. or maybe you can. ashley: they're going to dig their he heels in. yeah, we'll follow it. sorry, i'm moving on. life expectancy in the u.s., see ya, has declined for a second straight year in a row. it now stands at 76.1 years old. what the heck is going on. steve harrigan is in atlanta. good morning. what's the meaning to this drop? >> these numbers are coming from the cdc and this is the sharpest drop over two year period in almost a century. three years ago, the average american would live to age 79.

now that's just at age 76. while covid is a factor, it's not the only one. >> covid-19 is really the driving factor in decline of life expectancy. it's the most significant -- it caused the most significant rise in mortality but it's not the only factor. we could see continued declines depending on what happens with drug overdoses even as the pandemic goes away. >> fentanyl deaths in the past two years increased more therein 60% and 108,000 americans died from opioids last year and ordinarily life expectancy changes are measured in months but now it's years. black americans among those hardest hit losing more than three years after life expectancy. right now at 70.8 years, that's a six year gap between black and white americans. also the gap between men and

women continues to get wider. average life expectancy for american men, 73 years. for women it's 79. ashley, back to you. ashley: just heard my wife laugh. steve, thank you very much. randy w weingarten says teachers are being attacked at an alarming rate and biden calling student loan handouts a slap in the face. the president is trying to buy votes using their hard-earned cash. we have that story next. ♪

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ashley: now a look at your markets. we've had three straight days of losses and last trading day in august and dow and a and p down 3% for the month and nasdaq down more than 4% and however, we're

just meandering a bit today. the dow essentially flat, just up 4 points and s&p up two tenths of a percent and nasdaq up a third of a percent. interesting to see as the day unfolds where the numbers go. now this, oil workers are slamming joe biden's student loan handouts. come in, lauren. what are they saying? lauren: why do we have to fund it? many of them didn't get a college degree. they opted for hard work, dangerous, physical work instead. matt cody is the president of oil and gas workers association. listen to this statement he gave fox business. "people constantly referred to or looked at as dumb or uneducated are now being asked to foot the bill for a bunch of people who think they're smarter than all of us who work out here in this industry". look, some oil workers, in fact many, did go to college and a lot make more than $125,000 a year and they wouldn't qualify

anyway saying we work really hard, we don't want to foot your bill so leave us alone. >> i think that's very well said. said ashley: a i think a lot of people feel that way in a lot of manners. thank you very much. take a look at this headline. it says "why i sacrifice to pay back my student loans". campus reform correspondent joining me now. kate, you're calling these loan handouts a slap in the face essentially. what makes this so angry? angry >> i took out $28,000 in student loans and knew it was my responsibility to pay them back. i chose my college for financial reasons and worked multiple jobs so make sure i would graduate with minimal loans and started baying back my loans why didn't have to and i mean that i'm a 2020 graduate and we've paused student loan repayment for federal student loans since

march 2020 because of the pandemic. ashley: you have a lot of friends just out of college and do they feel the same way as you? lauren: biden's policy is urging graduates to do the right thing and not pay their debts. why i started paying back so soon, i wanted to pay off my high interest loans and my unsubsidized loans so when student loan repayments started again, i'd be in a good financial place. instead when i told my friends and family what i was doing, they thought i was crazy. they said biden might forgive $10,000 or more in student debt. so that's exactly what's happening here. i'm a recent graduate telling you we're being incentivized not to pay back our loans and instead have the taxpayers do that instead. ashley: yeah, which is terrible. i was reading your article and in part of that, you say there's a disconnect between students realizing going to college and

accepting debt is something that they're going to have to pay back. you believe that's true? >> absolutely. the leadership institute's campus reform, my whole job is speaking to college students and a lot of college students don't know what loans they're taking out, how much their college costs, and they don't even have a plan for how they're going to repay their loan after they graduated. the institute releases study that only 52% of college students even know what loans they took out their freshman year. this is definitely a problem with biden's policy is that he's not focusing on the cost of higher education but instead incentivizing college students to not know what loans they're taking out and not know -- and rely on the taxpayer instead to pay them back instead. ashley: what part of this do you think, kate, is perhaps the cost of going to college is out of control and could even go higher from here. is that part of what's at play here? >> one of the biggest problem is

students aren't sitting down and looking at the loans they're taking out in the first place. i sat down with my parents and discussed the options i had for college. my mother's master degree and had loans when she graduated and my stepfather chose not to go to college, he's a railroad ennear, and we discussed -- engineer and we discussed the options and how much i could pay back. my dream school was $6,000 more a year and my other school i ended up going to was albee indian college and gave me a bunch of scholarships. i couldn't justify graduating with $24,000 more with debt so i chose albean college. looking at biden's policies now, i don't know that i'd have done the same smart financial decision that i did back then. ashley: i think you made very good decisions and congratulations on getting rid of that college debt and not having to rely on a handout. kate hirzel. very interesting indeed. we appreciate it. now this, the president of the

american federation of teachers, randy weingarten sounding out on teachers . she says on usa today, it's never been as bad as it is right now for teachers where it's not just political, it's cultural. people had a different view of how to do education but there was not this attack on people's basic humanity. this is really new. okay, she feels for the teachers she represents, 1.7 million. she's blaming politics and cowelture she created -- culture she created and she advised on gov restrictions, forced vaccination, that's what made it harder for teachers to teach. she's blindfold seizure behind d culture she's now blaming. ashley: look in the mirror is what we're trying to say. thank you very much.

we've had three days of stock selloff as we know and we're me anderring a bit and big august jobs report and down 11 points and meanwhile the s&p winners on the dow, engine, walgreens, mcdonalds up 1% and goldman sachs up a third of a percent and s&p 500 winners, netflix, paypal, gilead sciences and nasdaq winners as well. big tech was a stronger earlier in the session. but still up. netflix up 3.5%. that's pretty good. again, charter, paypal, gilead on that list. still ahead, martha mccallen, laura trump, and more. the 11:00 a.m. hour of "varney & co." is next. ♪ ash >> we're the

third and >> stronger moment growth, slower growth, a weakness in productivity growth. that's what we're seeing. >> biden trying to rewrite history here, take democrats off the hot plate for encouraging crime. it's also one of the top issues where biden's approval ratings are way, way under water. >> the more the conversation is about donald trump, the less the conversation is about joe biden

and the mess joe biden and the democrats are making with the economy and the better it is for the democratic party. it's no surprise the democrats are looking in slightly better shape today than they were a month ago. >> the republicans have got to step up their message to and do a much better job of speaking to the kitchen table and not the corporate board room. ♪ ashley: look at fox scare in midtown handout hat tan. par -- manhattan on the party rock anthem on this last day of august. it's 11:00 a.m. on the east coast again on wednesday, augus. hi, i'm ashley webster in again for stuart varney. take a look at markets. we started yesterday in the green. we started today in the green and both times we've turned negative and not by much. the dow up 43 points and dow town a tenth of a percent and same story for the nasdaq.

big tech names for you and they're up earlier in the session but now kind of a mixed bag. meta, microsoft, and alphabet are continuing to move higher. meta plat for the purposes up nearly 5 -- flat form up nearly 5% and apple down a tenth of a percent and amazon down three quarters of a percent and ten year treasury yield and not good for the big tech stocks we see this rising and barely rising but still at 3.11% on the ten year yield. >> we'll see the oversold balances and bear market and remain we're focusing mostly on dividend payers and you've

probably heard that 100 100 tims already and short flow cash standpoint and they're going to work in the short run and the long run if you stick with dividend growers, companies that are growing their dividend. they outperform over longer periods of time as well. healthcare and consumer staples and focus in the sectors. ashley: what about meme stocks, do you entertain any of these? >> i stay as far away as i can, buyer beware. fundamentals do matter at some point. reddit traders are driving these prices all over the place and they've done a good job. however, fundamentals will eventually matter and look at bed bath and beyond just getting absolutely destroyed and they've got their $350 million lifeline last week in the form of a loan. now they're issuing $500 million

worth of stock. it's a company that obviously is on life support and they're struggling. that's not bullish for that stock nor is it bullish for amc and game stop. ashley: do we retest the june lows or not? i mean, it all looks pretty bleak right now. the markets responding to what jay powell had to say and when he uses the word pain, i mean, that just certainly gave the market the jitters. >> i don't want to say this but i have to say this, we retest the lows. when the s&p was at 3600, 3700, i didn't think it was low enough. when we look at all the metrics from forward pe to the high yield spreads that were not quite blown out yet. you look at all the various metrics and we really weren't at a bottoming level. i think if we were at maybe 3300, 3400, i'd be a bit more comfortable but i do think unfortunately that we do retest those june lows.

ashley: given what the feds said, mark, are we looking for a protracted length of time here into next year where it's going to be rough going.ing. >> the fed really hasn't changed what they've been saying and they've been saying we're going to continue to fight inflation as hard as we possible can because we have to and the market has interpreted it a heck of a lot differently. the market has wanted to just kind of slug it off and continue this little rally but i think the market's finally beginning to digest the fact that the fed is going to stick with hiking rates and we continue to hear more and more hawkishness out of the feds and hopes of a fed pivot next year and i don't think it'll happen unfort unfortunately. ashley: no, and the markets agree with that. going to move on now, next case, get back to politics and republicans say they plan to impeach president biden if they

retake the house. you can see some of the headlines. great time to bring in martha mccallin this morning. is impeachment becoming the new norm? it's a word being thrown around these days. >> it would look like it. it's a dangerous precedent to set where every solution to a problem of million seizure policy you don't likeis to impe. unfortunately it has been set in the prior administration in a way that is dangerous. there's so many kind of ways of doing business that have been broken through and both sides claim that elections were illegitimate and it's adenous trend. i think that the areas that they point to, which are failure at the southern border and failure in the exit from afghanistan particularly at the southern

border issue is a basic tenant of providing national security and that's what the president is entrusted to do. if you let the boarders go, i think there is an interesting argument to be made that that's an abdication of your duties. on the policy point, i understand to some extent where that push is coming from. ashley: are you buying into the premise here that's been a bit of a c change. democrats starting to gain a little more traction, the president himself using words like semi-fascist and trump supporters unveil his plan to fund the police and not defund the police and it's a strategy some argue is starting to work a little. would you agree? >> i would say so. i would say that the numbers have improve add little bit. i think that you've got inflation tapering a bit. you've got gas prices tapering a bit and there's an effort on the part of the white house to seize

that momentum and also use it as a opportunity to shift the narrative, which has been very troublesome for them and it's low in the remarks on handling crime in the country and it's a tough turn. it's like turning around the titanic to go from pointing the finger at law enforcement across this country as the bad guy to suddenly saying you want to support them with hundreds of millions of dollars to hire 100,000 new police officers. we'll see if they're successful at it but all of that was a big caveat, ashley, in that it's august. polling is always a bit odd during this period. it's tough to find people to answer question when is a lot of people are enjoying the tail end of summer and many of them on vacation. we're in a better sense of all this. i think we'll see with labor day around the corner. ashley: it certainly is. i want to get to this one,

martha. believe it or not, today marks 25 years since princess dianna was ki killed in a car crash in paris. what do you make of her legacy with 25 years after her death? >> it's hard to believe. she really was in kind of a big turn around moment in her life. shshe seemed to be finding a way to enjoy her life outside of the royal family, obviously the mother of the future king and the spare, she didn't like to call harry that. she'd be very distressed at this point and it's fair to say her sons are so estranged that that relationship has broken down so irreparably and the destructive nature of meghan markle to her family's life. ashley: yeah, it's going to be interesting to see when charles eventually becomes king and we'll have, i guess, queen consulate kansas city chiefs kansacamilla.how will that go d?

>> they've done a good job of getting people to accept her in a warmer way and the discussion of the kind of person she is and was incredibly patient through all of those years as difficult as it was, as diana said there were three of them in the marriage and if she were alive, i like to think she'd have helped harry navigate the years better and if she were around, i would imagine she'd feel that way. it's been a really difficult time. she'll be accepted as the queen consulate. it's not a ruling role but the person married to the king. ashley: glad we got to that. fascinating stuff. thanks for joining us. of course we'll be watching you on the story, 3:00 p.m. eastern time on fox news. all right, now let's bring lauren back in if we can. lauren, you're watching bed bath and beyond.

lauren: blood bath and beyond as mark teppe likes to say. it's getting scorched, ash. investors don't think the new turn around plan will do the trick. that's $500 million in new financing and closing 150 stores and cutting jobs and the story looks bleak here. take a look at versus frequency, down 10%. it's a retailer, they swung to a second quarter loss, cut their outlook for the full year and ceo says inflation is dampening spending by customers who make less and it's slowing traffic particularly at their factory stores, which are discounted stores. i have a winner, it's paypal. they're up 2.6% on upgrade from bank of america and they hiked the price target from 94, where it is now to 114. they see growth driven by additional cost efficiencies and shares. ashley: nice to see a stock

moving higher. great stuff, lauren. now this, fast food workers in california can soon be making $22 per hour and that's got some economists sounding the alarm. we'll get onto that story. plus, the governor of new york telling conservatives get the heck out of the state. now the governor of florida is pulling her out. we've got his response and the white house doesn't seem to think migrants are walking across the border. really, roll tape. >> it's not like somebody walks over and [inaudible]. >> what's happening? thousands of people are walking in a day. ashley: he sees people walk over every day and he'll have the report next. ♪

ashley: another bus full of migrants just arrived in washington dc this morning from the texas southern border. matt f finn at the border in eae pass, texas. good morning, matt. do we know who's paying for these rides? >> yes, ashley. texas emergency management tells us that the state of texas has paid $12 million so far shipping 9,000 migrants to new york city and washington dc. that boils down to about $1,300 per passenger but texas says it cannot confirm the cost of each

migrant and it varies and the operation is ongoing. we're told right now fema is not reimbursing the busing cost because the biden administration previously denied texas' request for disaster funding. texas governor greg abbott has requested an appeal for that denial and texas republican governor abbott and arizona republican governor doug doocy shipped migrants to sanctuary cities saying they should be welcoming migrants. it's apart of their policy. the buses program has spark add feud between texas governor abbott and new york mayor adams and dc mayor bowser and they're accusing mayor adams of using immigrants as political pawns and they're relieving overwhelmed border towns of hundreds of thousands of migrants pouring in and border patrol says there was a record total of 2 million migrant encounters so far at the u.s. border this fiscal year. ashley.

ashley: remarkable, the numbers are staggering and matt finn, thank you very much. my next guest says joe biden's open border policies is causing a "tsunami of death". jim skinner is the sheriff in texas and is joining me now. good morning to you. are we talking about drugs, this tsunami of death? >> we most certainly are. good morning, ashley. any sheriff in this nation would tell you that the situation on the southern border is an unmitigated disaster. the drugs trafficked by the drug cartels are simply a tsunami of death in the u.s. and the murder weapon is fentanyl the drug cartels are pushing into every community, town, and seizure disorders in this nation. city in this nation. in colin county, we're the second largest county in the

country behind maricopa county in arizona. we've had an increase in fentanyl related deaths since 2019: if you get those numbers for why you are community and calculate those, you'll find a similar trend if not worse where you are. for me, i have to tell you, my friend, this is a colossal failure of leadership in washington. the result is 107,000 debt americans for one and the fact this administration slashed almost a billion dollars from the customs and border protection budget, $428 million from the u.s. border patrol. so when they say the border is secure, there's no problem on the border. well, they're either willfully behind or willingly ignorant to this ongoing catastrophe. ashley: or maybe both. fentanyl deaths, fentanyl is the leading cause of death now among

18-45 year-olds. i want to get your comments on this one, sheriff, president biden claims that mexicans are most worried about gun trafficking at the southern border. listen to this, i'll get your comment. >> you know what the mexicans -- mexico has real problems and causing us real problems, know what they're biggest complaint is? can't we stop the gun trafficking across the southern border into mexico. ashley: really. how would you respond to that, sheriff? >> wow. you know, we've been trying to get a meeting with the president of the united states for a year and a half to talk about this situation on the border. so if the deaths of tens of thousands of americans to fentanyl poisonings don't get his attention but guns going south do, then, great, i'm glad you're finally in the game. how about you pick up the phone and call the mexican president. you two guys get a game plan together and let us know.

ashley: one last one for you, sheriff. the white house insisting that people are not just walking across the border. listen to this. >> it's not like somebody walks over and that's not how -- >> that's exactly what's happening. thousands of people are walking in a day, some of them turn themselves over. some of them are caught. tens of thousands a week are not. that is what is happening. >> it's not just that people are walking across the border. we are fixing a broken system that was actually left by the last administration. ashley: well, just we're almost out of town, sheriff. i got to get your response to that. >> like i said, you can just watch the television. maybe he should turn over to fox news and watch some of the people streaming across the border. but again, it's all about had -- for us, this public safety issue is fentanyl and what is this

administration doing about it? what they should be doing is running television commercials and social media campaigning warning panters and young people about how deadly fentanyl is. funding analysts and technology that we badly need in order to combat this problem. funding sheriffs in this area to put criminal interdiction units out and most of all regain control of the southern border. ashley: right. that's a good place to leave it. sheriff skinner, terrific stuff. thank you, sheriff, for taking time to talk with us this morning. >> have a great day. ashley: yep, you too, sir. new data by the way shows that many new residents in texas originated from california. come in, lauren. gimme the details. lauren: in the past three years, 11% of new texans originated from california. they moved in and the influx is fueling business at popular california hot spots like inand out burger -- in and out burger,

trader joes and they're popular in texas too. people leaving out west and going to texas where you get nice weather, you get low taxes, and you have sometimes a more friendly business culture. ashley: yes, indeed. come back in here, mark, tepper. i would imagine you're not surprised by this at all. >> not at all. the interesting thing is they're bringing their consumer preferences with them and they're eating their in and out burger and shopping at trader joes. let's just hope as governor abbott told all of them, do not bring your voting preferences with you. leave those in california. ashley: right. lauren: or keep it to austin. ashley: that's the biggest concern. yeah, it's the biggest concern in florida too. we don't mind you being here. but don't even think about bringing your politics. lauren, got this story for you, lawmakers in california just approved a new bill that could increase the minimum wage where workers at fast food restaurants, how much are we talking? lauren: $22 starting next year

and then 3.5% increases each year after that. so california would create this new ten member council to oversee this. the governor gavin newsom has until the end of september to officially sign the bill into law and you have to remember, he's eyeing a presidential run so, yes, this move is very popular for fast food workers. it's not for businesses, it is not for customers, there's one study that says menu prices, what we would pay to go into a fast food restaurant would increase by 20% because they have to pay so much more in wages. ashley: that's if that business hasn't already gone out of business. lauren, thank you very much. now this, the homeless problem so bad in new york city, some banks are locking up their atm lobbies at night. if not, people will sleep in them or even use them as toilets. oh my god. we've got that story. plus, the president has not done a tv interview with mainstream news outlet in more than 200

days and comes as approval rating sits at a dismal 38%. laura trump takes that on next. ♪

♪ ashley: that's the giant artemis rocket that you're looking at from port canaveral and one of the biggest ports down there. wearishing you all that and -- we're showing you all that and royal caribbean by grading the cassioppi -- intergrading their access and it's available by the first quarter of 2023. guess what, they'll make it a whole lot easier to get work done on a cruise if you want to. out on the deck taking in some sun. while pretending you're hard at

work. what do you say, mr. teppe? >> i think one of the best thin? >> one of the best things about being on a cruise it sources you to unplug. the last thing i want to do is be sitting on the deck pool side with a laptop on my lap cranking out some work. i would say, no, i'm going to pass. i would think for anyone who is working who thinks that, working on a cruise ship is fun, they're probably so boss arkansas boss that they actually probably have a i can yacht of their own. go do that on your yacht. ashley: it seems almost sacrilege yous to do your work and cruise -- sacr sacrilegiouse cruising and doing your work. lauren: i agree with mark and i've taken several cruises and i like that you can't reach me. it's a huge mental break. for elon musk, this is a huge move because the uses of essentially putting internet access and connectivity in the middle of the ocean are

tremendous. ashley: yeah, but now you have to answer the work calls because you can't say there's no internet. oh well. check the markets. come in, susan lee. i think susan lee might hang out on a cruise ship. >> i'm not a cruise kind of girl. i can't think of anything else i wouldn't want to do than being trapped on a large boat with thousands of people i don't know. snap is confirming they're cutting 20% of their staff, a fifth of the work force. a thousand jobs and includes the drone photo division, the snap originals premium programs, and they also guided for slower sales growth. in fact, much slower than they anticipated at the start of the year and they say that slowing sales growth might stretch into next year, 2023.

this isn't really a surprise with snap reporting its slowest quarterly sales growth in the springtime, that's the slowest we've seen since the company was listed but now is trying to find half a billion in savings in order to preserve cash. for the entire social media space, it's about tiktok competition, slowing ad revenue, apple privacy changes and that's hit all social media companies on the bottom line and, oh, by the way, you have meta and the like rallying today because if snap can make the changes and cut back on their spending and preserve cash, maybe these other companies can as well. now, i want to show you that two snap executives are leaving for netflix. maybe they knew about these layoffs that were upcoming and former head of business at snap, vp of sales and gives netflix two experienced madison avenue approved execstives as they launch -- executives launching ad supported tier expected next year in 2023. by the way, roku up and disney supporting an ad supported tier in early december.

finally the u.s. listed chinese shares and talk about outperformance here. there's talk that some of the companies might be delisting from the u.s. and moving back to asia, maybe hong kong. we know there's an audit taking place. that includes alibaba but the thinking on wall street s there's a recovery taking place in the chinese economy. you have that five year elmore on october 16 and maybe destabilization and one bull market in the world now, ashley, that's in china and chinese shares. ashley: very interesting. susan, thank you very much. now this, it has been more than 200 days since president biden actually sat down and did an interview with american media. let's bring in laura trump. good morning to you, laura. i mean, this is something this your father-in-law would have never done. he would answer any question from anywhere every day of the

week. what's your reaction to mr. biden's performance? >> yeah, you're exactly right, ashley. if anybody needs me to take a cruise, i'm happy to take one and take one for the team. i'll throw that out there. ashley: very good of you. >> no one, ashley, is surprised that the guy who campaigned out of his basement and pressed on the really tough questions like what flavor ice cream he had chosen has been hiding away from the american media. it is a complete 180 degree turn from my father-in-law. like you just said. a man who people loved to hate. they gave him a hard time about everything but, man, was donald trump transparent. you always knew where he stood on the issues, you always knew what he was thinking, but the truth is the team at the white house i think is petrified of putting joe biden in front of a camera whether he's on stage, whether it's scripted or whether it's an off the cuff situation

because we see he cannot handle it. as much as we like to make fun of it and of course laugh at it, it's a serious matter because this is the president of the united states. commander in chief and the leader of the free world. man, he should be able to at least answer some basic questions and americans sure have a lot of questions for him right now. ashley: they certainly do. i want to get to this issue, lara. governor hochul of new york telling republicans get the hell out of the state. >> jump on a bus and head down to florida where you belong, okay. get out of town. get out of town. ashley: how lovely. thank you. well, guess what, the governor of florida ron desantis is now responding. listen to this. >> you have the governor of new york saying all republicans need to get on a bus and leave the state and come to florida. i mean, who would say something so ridiculous to say if you don't agree with me, then you don't even have a right to be here. ashley: he's exactly right. lara, you moved from new york to

florida. what do you make of governor's hochul's kents? comments? >> i sure did. i moved my family down to a free and open state where my kids weren't forced to wear a mask in school and it was a welcome environment and businesses were flourishing and it is sad to see this is the low the democrats have sunk to at this point. i mean, you can't even have a conversation apparently with someone with whom you disagreed. that used to be the basis of our society. used to be able to have the free exchange of ideas and now they just want to shut you down and move you to florida. what i'll say is if you are a republican, if you like freedom, please move down to florida because it is an incredible place to live. i'll tell you, it's been a great place to raise my family, my kids love it, my dogs love it, i'm happy here, my husband is happy here. it's been a great move for us. i don't think that the governor of new york has to ask people to

leave her state. as we know, new york has lost a congressional seat. florida has gained a congressional seat and make of that what you will, the policies matter and people are not happy with how that state has been run. ashley: many have already left, we don't need the governor's help. all right, lara, thank you so much. lara trump, great to speak with you this morning. the white house is negotiating with allies to put a cap on the price of russian oil. they want to avoid an $5 gas disaster. john owns hundreds of gas stations and he joins me coming up. lawmlawmakers desperately tryino save kids from getting addicted and potentially ruining their lives. we're on the ground with that story, next. ♪

new york city are starting to lock their atms overnight. lauren: homelessness are using bank atm lobbies as hotel rooms. it makes people who are using the banks feel unsafe. i mean, think about it. you're entering a confined space with no security at odd hours and taking out money. the new york post reports that bank of america, chase, and citizen among others are periodically closing their doors at night because it's too dangerous for people and too hard torr for them to police. ashley: yeah, it is awful is the word. all right, lauren, thank you very much. moving onto this story. today is international overdose awareness day. nearly 67% of all drug deaths are due to fentanyl. a very dangerous drug that is

flowing across the southern border. isha in charleston, west virginia, to get their state back against the drug war. tell me more. >> hey there, ashley. good to see you. the state is trying to fight back and one of the ways they're doing that is trying to get to the kids before the cartels, before the drugs do. so we actually got an exclusive firsthand look at the mountaineer challenge academy. this is a 22 week long program for at-risk teens like 17-year-old carrie bla blankensp and he's been out of foster care all her life because her parents were adecked to drugs and she is getting help to adopt her little sister and give her the childhood that was stolen from herself. >> i just hope she knows how much i'm trying for her and how much i want her to be what she

wants to be and who she wants to be. >> very, very emotional. vulnerable teens like her are the target of mexican drug cartels. just last week, ashley. police found the first batch of rainbow fell fentanyl in this pf the state. it looks like candy. pills sold as oxycontin and it's blamed on broken border policies but until something changes on the front lines at the border, she is doubling down on prevention programs here at home like the mountaineer challenge academy, and she's supporting businesses that are hiring these at-risk teens to save the kids from the cartels. >> we've got to stop the desire, the need, the market for these drugs. so i'd say to the cartels, we're coming after you and coming after your money. >> and, ashley, i've been so impressed with these kids and they really understand it takes

one moment of weakness with these fentanyl pills, it takes just one pill to kill, and they are way more prepared than they ever were for this crisis. ashley. ashley: great report and great to see you too, isha. thank you very much. now this, despite several rounds of western sanctions, russia still making big bucks from crude, diesel and gas. in fact, a reported 38% increase in export profits this year. what's going on? edward lawrence will have that report from the white house next. ♪

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ashley: well, despite several rounds of sanctions against russia over the invasion of ukraine, new data shows the country is seeing an increase in profits from oil exports. what's going on? edward lawrence is at the white house. good morning, edward. the question is are these sanctions actually working? >> you know, that is the question i posed to the white house here. i can tell you that the russian oil revenue that they're getting from exports of oil actually

increased 40% over the average last year. now, a new report by the international energy agency found that higher gas prices and surprisingly strong performance in oil by russia helped increase the global output and means more money for russian president vladamir putin, $700 million worth month over month and a toe toal of $20.4 billion in revenue from oil and that's an increase in that 40%. >> oil markets are global in nature so unless you pair sanctions with meaningful reform on energy production, that's always going to be the case. russia will always have a sway in markets provided that they have customers, and they do in fact have customers. >> so a full eu ban on russian oil is expected by the end of this year and could affect supply pushing up prices, but it seems that russia found a way around the sanctions. according to the latest data available, china imported 55%

more oil from russia than it has in the past. overall the chinese are importing more oil as their economy opens from the covid shut down in the second quarter and john kirby told me the u.s. stressed to china and india not to buy oil from russia. again, they've not really heeded those warnings and next week the g7 administers will talk about a price cap on russian oil but again, no guarantees that countries will sign onto that price cap. ashley. ashley: that's exactly right. edward lawrence at the white house. edward, thank you. the biden administration is racing to negotiate that possible price cap on russian oil and trying to avoid another potential gas price disaster. john catsimatidis joins me now to talk about this. john, you own hundreds of gas stations. what do you think that could do to the cost of oil? >> well, we still -- i said we

own oil refineries and we get oil -- our canadian crude we need through the pipeline that go into canada. that's the salvation. if north america opened up its spigots, we could produce right now between canada and the united states, we're probably producing 16 million barrels a day and we could probably go to close to 18 or 20 billion barrels a day that would make north america self-sufficient. why are we begging iran? why are we begging venezuela and begging saudi arabia when we could be self-sufficient? anything we do against the russians, it all comes out to be comic books. it doesn't work. the european community whether it's ge germany or italy, they e their own deals with putin and putin has outmaneuvered us in many ways and could be making as

much as $700 to $1 million a day, maybe close to $1 billion at one point. but oil is back down to 88. i said we had reached peak pricing about a month ago, and i was right on it. the right miss of oil in north america could go down to $65 to $75 a barrel. the canadians already on their balance sheets, they are calling for $75 a barrel oil, and that means inflation goes away if we get down to $75 a barrel and we don't have to kill the rest of the united states with higher interest rates. it's that simple. ashley: it is, but some people who make decisions don't get that message. i want to change subjects, john -- >> they used to say something was right in denmark in the old expressions when me and you were growing up.

i think something rotten is in washington. that's the new expression. ashley: something doesn't -- very quickly, crime in new york city, out of control. you bought in your own security, has it helped? >> it has helped because we carry big rocket backs like i joke around about it. the fact is it's out of control, and we have elections this november. the people of new york, new york city, new york state, have to make a decision. whom do you trust to keep you safe after november because enough is enough. people, you can't a a-- allow yr kids to go down the subway or out after dark, and people come up to you and, you know what i say, for whom do the belts help? 8.5 million new yorkers who want to be safe or 3,000 violent criminals -- ashley: john, we're out of time. i hate to cut you off.

we got your message. thank you for joining us. people get upsets and we don't get this trivia. i want to get this in, where was the first labor day parade? boston, new york city, atlanta, or trenton, new jersey? ♪ t-le . . because once you experience thinkorswim® by td ameritrade ♪ there's no going back. we got the house! you did! pods handles the driving. pack at your pace. store your things until you're ready. then we deliver to your new home - across town or across the country. pods, your personal moving and storage team.

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to finally lose 80 pounds and keep it off with golo is amazing. i've been maintaining. the weight is gone and it's never coming back. with golo, i've not only kept off the weight but i'm happier, i'm healthier, and i have a new lease on life. golo is the only thing that will let you lose weight and keep it off. who loses 138 pounds in nine months? i did! golo's a lifestyle change and you make the change and it stays off. (soft music) ashley: earlier we asked where was the first labor day held.

mark, your guess. >> wild guess, go with atlanta. ashley: very good. lauren? >> boston, question mark? ashley: i would have gone with boston too. we're all rubbish. the answer is new york city. >> darn. ashley: the parade was held on september the 5th, 1882, no, start varney did not cover that. he did not. mark, lauren, thanks so much for being here today as always. neil cavuto it is yours. neil: ashley, thank you very much for that. corner of wall and broad there is a little bit of buying. there is a lot of confusion over the some slowdown information that might get the fed slowing things down. don't necessarily buy that but we've seen consecutive days of selling that sliced 1600 points off the dow. we're trying to claw back today. this is push and bull over the overall economy whether these rate hikes started to ding the economy, key parts of the economy. i want to go to gerri willis