ringwald, remember when she worked in the thrift store the, and we all wanted to wear -- >> cheryl, you and i don't remember because we are 21 years old. [laughter] cheryl: oh, that's right. just turned 21 again. guys, thank you very much. mark tepper, mercedes schlapp. great show. great to have you both here. ashley webster's in again for stuart varney. he always looks nice and sharply dressed and fancy. ashley: oh, well, thank you, cheryl. hey, a ketchup stain is a badge of honor this if my household. thank you so much, cheryl, appreciate it. good morning, everybody. i'm ashley webster, indeed, in for stuart varney. stocks basically starting the month where we ended august, lots of red. month of september, by the way, historically poor for the markets, so get ready to buckle up. this is what we're looking at, the dow off close to 200 points, the nasdaq down 110. the yield, let's take a look at the yield on the so -- 10-year

treasurily. the higher goes, that tells the story. up more than 5 basis points at 324%. as the yield -- 3.24. as the yield starts to climb on the 10-year. overnight the paris buses of migrants arrived in chicago. texas governor greg abbott says chicago has been touting itself as a sanctuary city, so it's time to put their money where their mouth is. officials in chicago not happy. officials calling the whole thing racist. we'll get into that. meanwhile, the white house continues to say migrants are not just walking over the border. really? congressman mark bream just returned from a trip to the southern border, and he's got a warning. the congressman is here to talk about it. joe rogan says democrats mishandled the pandemic, now the democrats want everyone to boycott spotify. and it gets even crazier.

an adviser claims maga republicans are a domestic terrorist cell. i'm not kidding. this comes on the heels of president biden, of course, calling maga republicans semi-fascists. my, oh, my. what a world we live in. we've got a big show, as always, mollie hemingway, art laffer, pete hegseth just to name a few will be here. it is thursday, september the 1st, 2022. "varney & company" about to begin. ♪ if muck. ♪ ♪ ♪ say that you remember. ♪ dancing in september ♪ ashley: it's always great when you start with a little earth wind and fire and, appropriately, september on this thursday. mid you know manhattan. and, yes, it is the first day of september. guess what?

if our good friend gary kaltbaum is with us this morning. gary, all right, we had a tough august, the major indices all down 4 plus percent. is september going to be more of the same? tell me. >> i wish i could give you some good muse. look, shorter term the best thing i can tell you in 11 days, the dow including today's futures, is down 3,000 points already, and the nasdaq 11 is %, so maybe sooner rath rather than later we can bounce. but there are two things that are sticking out, and that is yields are back up to 3.225, up again today, and you have a central bank where one of them, neel kashkari, came out and and said that he was -- and i'm quoting him -- happy that the dow dropped 1,000 points last friday, and that gulfs the market an -- gives the market an indication that they are targeting the stock market and investors' 401(k)s in hopes it drops even more so to kill the

inflation that they created in the first place. so i'm not very thrilled. and then, number three, you've got three big warnings out of three big software companies today, and all three are down markedly on that news. and i can tell you software stocks that are so important to the market had been doing better up until about 10 days ago a, and it looks like they're rolling over badly now. and, again, that's one, two, three and we're not starting off september too well. ashley: a well, you've been warning this show about this, gary, for quite some time. you've been on the case of the fed. you said all that loose money creating these bubbles, bottom line is, or you know, you've always said the fed needs to to get the heck out of the markets. and if you had your choice, you'd abolish the fed, would you not? >> absolutely. and every person needs to ask themselves what have they done for us. seriously. they took rates to zero, screwing every saver. we ended up with bubbles like

crazy, and now guess what's coming down now? housing. that's the last shoe to drop. and what's the outcome? we ended up with big inflation, an economy that's on the ledge right now. i think we're going into global recession, and these same people the last two days are saying everything's fine while the last two quarters we had gdp negative, savings rates plunging and credit card usage skyrocketing. and, again, it's hear no evil, see no evil, speak no evil in the last few days. it's amazing to watch. ashley: is there any sector -- i've got about 30 seconds left, gary -- anything out there that you're tempted to move into in this market environment? >> i can tell you there's great relative strength in solar ares, obviously, because of government largess. you definitely have some relative strength in energy but not really all of them. and i must tell you, even getting some defensive issues recently because the price is going up, it even has hem having

to pay more. so there's not much out will i'm seeing. i backed away again last thursday after just buying into a little bit, and i'm just out of the way right now and keeping fingers crossed because i like bull markets better than bear markets. ashley: yes, don't we with all. gary kaltbaum laying it on the line on thursday morning, the first day of september. gary, as always, thank you very much for your input. let's move on to sam's club, if we can, thank you, which is owned by walmart. it's raising their annual membership fee. good morning, susan li, why is this a big deal? >> the first time in nine years. fees are going up from $45 up to $50 for club members and plus members need to ponemy up $110 -- pony. and that's up from $100. by the way, that's the first time walmart has hiked the plus price in 23 years. you have to go back to 1999.

walmart, of course, blaming inflation. but discount can bulk retailers, as you know, have benefited from covid lockdowns, price conscious shoppers who want to buy more in bulk, and they've been doing it at a discuss count at sam's club, costco, bj's. so if sam's club is bumping up prices, what does that mean for costco? they last raised their prices in 017, so maybe i think the timing suggests this year must be ripe for costco to increase their yearly fees. ashley: we'll see. you could be right -- susan: but you know who'll be buying costco, you know who will be buying -- ashley: mr. varney wandering the aisles, getting his hot dog. you're with absolutely right, susan. yes, indeed. now this, a new bus filled with about 16 migrants from texas arrived in chicago last night. the mayor's office saying texas governor greg abbott is without

any shame or humanity. ever since he put these racist practices of expulsion in place, we have been working with our community partners to ready the city to receive these individuals. this doesn't make any sense to me. mollie hemingway joins me now. mollie, why is it racist for government abbott to provide transportation from texas to a self-declared sanctuary city? >> well, the statement is wrong in multiple ways. there's no expulsion, this is a voluntary or offer of bus rides to various sanctuary cities throughout the country. and it's just fascinating, we're talking about 16 people. texas is absorbing hundreds of thousands, millions of illegal border crossers each year, and that's no big deal, and the federal government is sending people by airplane to various places throughout the country. nobody cares if it's the a small town that can't really absorb the public health costs, public schooling costs, but you send a few dozen people to new york,

washington, d.c. or chicago, cities that explicitly and proudly proclaim how they're sanctuary cities, and hay claim it's racist. it's just ludicrous to hear them say. ashley: it really is. it's just galling, to be honest with you. all right, mollie, i have to move on. democrats in key battle states are backing out of debates with their republican counterparts. this includes john fetterman in pennsylvania who insisted that debates are an important part of the them can contact process, so why won't he debate dr. ozsomesome. >> i mean, the problem for fetterman right now is he had a stroke, and he's unable to speak coherently or clearly. his campaign has admitted to various media outto lets just today that he's unable to handle what they call chaotic auditory environments. now, everyone wishes fetterman the very best as he recovers from his stroke. his problem is he's running to be a united states senator. speaking and being able to operate many an auditory

environment in is a very big component of job. this is a chamber where people debate and discuss and reason with each other, and he can't handle a debate. again, that's understandable, but this is a major problem for him. he can't really do public appearances. we get videotape of what he's saying, it's extremely uncomfortable. other people are avoiding debates because hay also are having trouble matching up. in arizona mark kelly has an extremely liberal voting record, and he also comes off kind of like a wet fish. and he does not want to debate blake masters who's very effective on the debate stage. stuart: all right. just two examples there. mollie hemingway, thank you so much. great stuff, we appreciate it. >> thank you. ashley: president biden is getting slammed, by the way, over the amount of time he spends on vacation. come back in, susan. exactly how much time has he spent away from the oval office? susan: 40% so far. that includes two-thirds of august so far and a total of 234

days with 7 out of those 10 weekends spent in delaware. now, cbs says that biden, his vacation days actually outpacing donald trump, obama in the first 18 months many office, only george w. bush has outpaced biden so far. as you remember, spent at camp david after 9/11. ashley: exactly. all right, susan, thank you very much. let's take a look at futures, if we can, give us a sense of how september is starting, and guess what? it's starting exactly the same way as it finished in august. it's not a laughing matter. dow off 180 points, the s&p down more than half a percent, the nasdaq down 102 with the markets opening in just under 20 minutes from now. coming up, a reporter at cnn says republicans provided a layup for democrats with the defund the fbi push. let's take a listen. >> now is the time i think a lot of democrats believe to go on offense, especially when republicans seem to be walking

into a trap. ashley: walking into a trap. do the democrats have an opportunity ahead in the midterms? jason chaffetz will answer that and much more later mt. show. meantime, americans are facing the threat of noting being able to afford hair housing costs with rent surging. jeff flock brings us that report right after this. ♪ ♪

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♪ ♪ ashley: isn't that a beautiful picture? york beach in beautiful maine where it is currently a very

comfortable 65 degrees. just beautiful. by the way, if you like the music we play on the show, make sure to follow us on spotify. just search "varney & company," or you can scan the qr code right there on your screen right now. good stuff. all right, now this: rent, believe it or not, topping $# ,000 a month many june for the first time ever -- 2,000 -- and now americans are increasingly facing, unfortunately, the threat of being evicted. jeff flock is in philadelphia this morning. what's the latest near you, jeff? >> reporter: germantown neighborhood here in philadelphia, much of it made up of rental properties like the ones you see behind me, ashley. i tell ya, cities like philadelphia across the country rents are out of control even in places where there's rent control like new york city. take a look at the map with the worst offenders. yeah, new york city now the average one-bedroom apartment almost $4,000 a month. in san francisco it's $3,000. in san jose, california, and

boston, $2700 plus a month for a one-bedroom. that means, according to the u.s. census bureau, 8.5 million people are now behind in their rent, and almost 4 million of those say they expect to be evicted. we checked in with the eviction lab, an organization that keeps track on six states across 31 cities. since march of 2020 they have e reported 1.1 million eviction filings, and in the past week 8,50 plus eviction -- 8,500 eviction filings. we talked to the head of an organization here in philadelphia, he says it's tough both for the tenants and the landlords these days, many of whom are mom and pops with only one or two ten habits. listen. >> both are suffering right now. the tenants because her going to be evicted and, of course, the rental property owners because

they have to go through the very expensive process. >> reporter: and i leave you, ashley, with attorney general garland who has stepped in and made a video saying that he is urging lawyers to come in and try and stave off the eviction process. of course, that helps some people, but the landlords, you know -- [audio difficulty] payments, that's tough on you too. ash. if. ashley: it is, indeed. yes, sad state of affairs. jeff flock in philadelphia, thank you so much. economist art laffer is here now. art, i'm sure it's just as expensive these days in nashville where you are. what do you make of these sky-high rents? >> yeah. well, the difference between nashville and these other places that you were talking about is we actually have very low unemployment, we have great employment levels, wages are rising and the affordability, even though the rents are highet higher -- people are not being

evicted anything like they are in california, new york, illinois. these types of awful places, massachusetts, which have no growth and high taxes, they're the ones. yeah, what do you expect? we have a housing market that's collapsing, these people need places to live. they move into the homes there and they have to rent their homes, and that's exactly what's happening. and that's why, ashley, that's why we're not going to see a drop in inflation. this accounts for about 32% of the cpi. st called shelter. -- it's called shelter. ashley: yeah. >> this is rising across the nation. ashley: very quickly, art, i want you to look at this tweet from president biden. he claims his $1.9 trillion spending plan has taken the u.s. from if an economic crises to an economic recovery. is that how you see it, art? >> no, no, it's not. i mean, what is happening if you're lying flat on your back on the basement floor, you cannot fall.

that's the welfare state. [laughter] not only cannot fall, you can't achieve anything either while sitting flat on your back. it's the european model, making sure that no one loses, making sure that no one has losses at all. and once you do that the, you guarantee no one has profits, no one gas -- has gains, productivity growth. so we are getting into a stage where we're guaranteeing no one has losseses or profits either. is and you may remember it from the old country, i sure as heck do, and it's just not something that america's all about. but that's what biden's put in. ashley: yeah. i remember it all too well, unfortunately. art laffer, great to see you this morning. >> me too. ash a ash thank you so much for stopping by. >> thank you, ashley. we miss you here many mashville. ashley: thank you very much, art, appreciate it. all right, going to move on. los angeles county launching a universal basic income program. susan, give us the details.

susan: we're talking about $1,000 a month and more than 180,000 los angeles county residents have already applied, but only 1,000 residents will get the handouts over the next three years, so it's even harder than getting into harvard. those chosen need to be over 18, you have to make less than $56,000 a year as a single person, for a family of four, less than $96,000. and the money, this is interesting, will be transferred through a debit card, and the program will try to assist those chosen to reach their financial goals. the reason i find the debit card interesting is a lot of those lower income workers are unbanked. meaning they don't have access to a bank account. ashley: right. yeah, that's a very good point. susan, thank you very much. as we head to the break now, take a look at the futures. still a lott more hand-wringing by investors over the fed's rate plans. the dow still up -- off by 158

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ashley: let's take a look at these futures. different month, same story, i'm afraid. the dow off half a percent, pretty much the same story for the s&p and the nasdaq down nearly, again, 1%. d.r. barton, good morning. i mean, how long do you see these choppy markets lasting? we i all are pretty much seasick by now. how long does this gone on, do you think? >> i think your seasick analogy is great, ash. you know, we talked last week about the big bounce that we got off of june, and what we see when we look at a big recovery, a bit of a recovery like we've seen in the markets over and over again after a big bear drop, here's what typically happens, is that we get nice pullback and then we get this

nice if push-up and the i pullback after about 50 trading days which is exactly what we're seeing. that's the way it's happened the last 15 times we got a bounce off the bottom like this. so what we see typically is now, unfortunately, a couple of months of sideways kind of motion, and then we could see a little bit of a recovery into the edge of the year, maybe -- the end of the year, maybe even the beginning of next year, ash. ashley: well, you know, d.r., if we do test the lows, and there are those that say we could. i think june 16th was the very bottom, at least that's the date i have, could there be another catalyst lower if we start seeing corporate earnings being revised lower? is that perhaps another catalyst to really hurt the markets? >> i think you hit the nail on the head, ash, in hat corporate earning were stronger than expected on about 78% of the s&p

500 who have reported so far for the second quarter of this year. so because of those stronger earnings, i think, was a good reason that we got that bounce off the bottom. so, absolutely, that could be a catalyst that that we would see that could drop us lower. so it's something to keep an eye on, for sure. ashley: i want ojai light a stock that you -- to highlight a stock that you like, you like microsoft. >> yeah. it's had a pullback to just a place i really like right here between -- it's going to open a little bit below 260 # it looks like this morning, down to about 240. that's the low it hits. that's the sweet spot. i love buying it here and accumulating double-digit gains in cash and in earnings and in revenues over the past three years year-over-year, ash. that's a stock you want to be in long term, buying it on these deeper pullbackings.

i think it's going to serve you well, 1% dividend can also to go along with it. ashley: very good. as always, d.r. barton, thank you for your expertise this morning as we head towards the opening bell. you know what? if august -- august, the dow was down 4.1%, the s&p 4.2%, the nasdaq 4.6%, and we don't expect to be seeing a trend reversing anytime soon at least as we begin september. so let's check it out. we are off and running on thursday heading, of course, into the labor day weekend. trading volume is low which can add to the volatility. lots of red on the screen. the dow right out of the chute down about 1 111 points. boeing could be, chevron -- down, chevron at the tail end of the dow 30. let's take a look at the s&p, see where that exchange stands right now, down half a percent, pretty much what the premarket

told us, down 22 points at 3932. ask what about the nasdaq? the hard-hit big tech stocks and the nasdaq down almost 1%, 106 points at 11,709. talking of big tech, let's take a look at some of the big maims that we are all so familiar with. with the 10-year yield rising so much, apple and amazon down about a quarter of percent but meta and alphabet are on the upside. microsoft, as we were talking about with d.r. barton, down almost 1%. let's take a look at nvidia, if we can, the chip company. down today. is this because of, susan, new government regulations? susan: you have to remember this was chose to a trillion dollar company a few months ago and now probably biggest drag we're seeing today on the markets. nvidia says there are new license requirements for future exports to china. that includes hong kong which will limit the export of two of

their high-end nvidia microchips for artificial intelligence, and that could cripple chinese firms' ability for facial recognition, but also it husbanders nvidia's -- can hurts nvidia's bottom line. and that's only in three months, in a quarter, right in amd also facing the same license requirements, but the stock is down despite the fact thaw -- that you had saying these limits will have 40 no material effect on their business. both stocks are underperforming the broader stock market, which i found surprising. ashley: yeah. we also had some company earning. let's begin with okta. susan: yeah. so great spring thyme for okta, as you mow -- springtime the, the id security company you use to get into financial programs. better sales, better profits in the spring but also improved outlook on the year, which is important. but this is the reason why the stock is down about 26%.

remember they went big on a $6.5 billion acquisition of their competitor also, and it's proving difficult to merge two companies. the synergy is here and hiccups obviously not good news, and wall street is deciding to sell first and ask questions later. i also want to show you discount retailer five below, it's going up because they just indicated on their earnings call that they're going to do well heading into the holiday shopping season with consumers looking for discounts and bargains in the face of 40-year-high inflation. pure storage, this company is up after some pretty upbeat quarterly earning, i would say, better than the rest of the entire storage sector. doing better than most it reported. ashley: very good. let's take a look at disney. apparently apparently, they're exploring a new membership program. how much and what do you get? susan: yeah. think about amazon prime if membership.

you'll get access to disney parks, streaming, resorts and merchandise all for one hoe price according to "the wall street journal." now, how low is it? maybe not low, depends on who you are and how you view prices. [laughter] definitely not low for stuart varney they already have a special program for superfans that costs around $100-130 a year. we know that amazon prime costs you $139 a year, and you get free shipping, whole foods discounts, prime video and music. streamers like disney, why this is interesting, is that disney and the like trying to make more money off users and get more subscribers, so that includes an ad-supported tier which will cost you $7.99 instead of $# 1. and then you have more than 150 million plus disney subscribers. they're trying to get that number up. netflix, there was just a report yesterday that netflix might be launching their ad-support tier by the end of year, and that's

earlier than attempted because they had put in, i guess, early 2023 for that launch. ashley: interesting. all right. let's take a look at the cryptos. they took a beating after jay powell in jackson hole. how are they doing now? susan: still 20,000 down for bitcoin, and crypto kind of trades like a nasdaq 100 stock. so that correlation is pretty tight. we did see the worst august since 2015 for bitcoin, same thing as well for the tech stocks and this is, of course, on federal reserve concerns, higher interest rates to come, less money mt. system. and investors know that september is usually the weakest month of the year. there's this, i'd say, risk aversion heading into september. and, oh, by the way, the biggest story in crypto getting a lot of attention the, crypto.com, remember those matt damon adds, you know, fortune favors the brave? mistakenly sending $7 million to a user in australia instead of $70 for a refund.

[laughter] and the company didn't even realize it for seven months, and the user already spent the money, so crypto.com is trying to get the money back somehow. ashley: wow. what a mistake. all right, susan. let's move on the to orb on to electric vehicle makers just reporting delivery numbers. how did they do? susan: you have to extrapolate and what does this mean for elon musk and tesla. delivery numbers for august weren't that bad but with not good enough because you had any owe delivering 6 --ny owe delivering 6% more cars than in july. then you had deliveries drop in august from july for the likes of li auto and xpeng. they're blaming a slowing chinese economy, lockdowns, supply chain problems. it was of just predicted that tesla sold a huge 77,000 cars in august in china.

77,000. by what i see and i remember, that would be three times what they sold in july, so that's a big positive for tesla there. ashley: it is. very interesting. all right, susan, great stuff as we look at the ev makers. let's check the big board for you. the dow, 7 minutes into the session and, yep, picking up from august, down 181 points on the dow. down about half a percent. let's take a look at some of the winners if we can find hem on the dow. we can, of course. j and j one of them, up half a percent or so, amgen, up half a percent, mcdonald's up a third, visa and merck also moving higher, modestly, this morning in the early going. take a look at the s&p 500 winners, alphabet/google up 1%. dish network up 1%. and and, well, there you have it. dish network doing okay this morning. the nasdaq winners, again, alphabet's up there, amgen, amazon. all of those movinged modestly

higher. alphabet, though, up 1.25%. coming up, president biden may be forgiving some student debt, but the president of southeastern university says, well, that's not going to solve the real problem, and he's here to tell us us what will. take a look at this headline, there's been an uptick in prescription drugs geffen to children during the pandemic -- given. what's going on here? i'm going to ask karol markowitz. and also, remember these comments by joe rogan? roll tape. >> i'm hoping that now that this is over, people are going to, you know, recognize that some serious errors are were made and not repeat hose. that's the best you can get out of it. >> so what are you telling those people? >> vote republican. [laughter] ashley: well, guess what in the cancel culture is targeting rogan once again, calling to boycott spotify for having an opinion. my, my. we'll bring you all the details next. ♪ -- from the day that i met you

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ashley: all right, let's take a look to at these markets, still singing the rate hike blues, as you can see. the dow off half a percent, same story in the s&p. the nasdaq down three-quarters of a percent, 11,732. ray wang, good morning to you. has the nasdaq found its floor? it lost 4.6% in august and not starting september in great shape. what say you? >> you know, in general, yes. it looked like a dead cat bounce, but 11,000 seems to be the floor. what we're seeing is trading ranges between 11-12,000 is kind of where the nasdaq's been sitting, and i think it's going to be there for quite some time. ashley: you say in your notes, ray, that we have a unique buying opportunity right now.

you like salesforbes alphabet, microsoft, adobe -- salesforce. what's the opportunity? >> yeah. these are cloud companies, they're in the enterprise. they've got a great portfolio, hay do more than just sell one digital monetization model. microsoft is growing 12%, google's growing 13%, adobe's growing 14%, salesforce is growing 22%. we're talking billions of dollars here, right, of growth. we come back and people rebalance their portfolios in september, and they'll be, like, look, what are the growth stocks? if the enterprise technology companies. ashley: how about google? you know, we don't put mush -- we talk a lot about apple and microsoft these days, what about google? it seems like their ad rev maw's the still pretty good, right in. >> yeah. ad revenue's growing well, but the other piece is their enterprise cloud which is growing at the 40-50% range. google's no longer a one-trick

pony on just ad are revenue, right? you're seeing almost 30, $40 billion without revenue, and that's the fastest point offing google's business going forward. ashley: when you look at the sector overall though, ray, aren't you concerned as we see these rates rise, we know what the fed's going to do. we're seeing the 10-year treasury yield moving up quite high. that that really does squash these big growth tech stocks. how much of a concern is that for you? >> so, in general, when we look at the interest rate hikes, everyone's worried about where the growth's going to come from, but these companies are in the enterprise, and enterprise is continuing to buy. we're seeing consistent double-digit growth other time. microsoft's growth has been double digits for quite some period of time, and that's because they have long-term contracts. these cloud contracts are two years, three years, people are buying enterprise software, and this is going to reinvestment as opposed to some other areas. ashley: also want to the talk about apple. they've got their big event

coming up next week, i believe. a new round of iphones and, you know, there's some buzz possibly about some vr products. do you like apple at this price, $157? >> i actually do. i think they probably should be closer to the 170 mark. we're sill in the middle of a supercycle reflesh of i -- refresh of iphones. but the interesting part of apple is really the services revenue. what we're seeing on the services side is amazing growth. they'll probably get to about 25% of their revenues coming from services in the next two we're -- two years. ashley: very good. as always, lots of great information, ray wang. thank you so much for joining us this morning. now this, joe progarntion we mentioned this, facing new calls for a boycott. come in, susan. this is all because he said vote republican? is that right? susan: yeah, you have to remember that this is not new, joe rogan judicially -- usually does get into controversy. remember neil young pulling his

music from spotify you have because of joe rogan controversies. rogan in that three-hour-long podcast is with aaron rodgers, he's blaming the democrats for errors in can covid policy, heavy-handed lockdowns, close where ares -- closure of businesses and schools. now break -- a form of suppose a payback for businesses closing down due to the pandemic. dangerous rhetoric. and gop embraces full fascism, retweet to a man that spotify -- demand that spotify drop joe joe rogan. more subscribers, more listeners, and he does get paid $200 million from spotify. ashley: yes, he does, and he's absolutely right, just, you know, free publicity. but, my gosh, just because you don't like something, you shouldn't boycott it.

but i digress. one more for you, susan. one tech worker is getting a lot of criticism after she complained about returning to the office. what did she say? susan: and i would love to hear your reaction because we had this atlanta woman on tiktok, and she's been working from home the past three years. and she says going back to work will affect her lunchtime workouts. yeah. and adding that work from home is crucial to her mental well-being, productivity goes up, in her view. and if she has to go back into the office, well, she can't work out or do her laundry either. [laughter] you know, i guess everyone has their own battles. goldman has lifted all those protocols to get workers back. google workers are now pushing back after hair three-day return meant with an outbreak in their l.a. offices, but occupancy levels is only at 44% across america many big cities, right in. ashley: that's amazing. susan: you need people back in

for these big cities to survive. ashley: i understand she doesn't want to go back -- susan: who war -- what are you doing in the lunchtime, ash hi? ashley: i'm not working out -- susan: kind of a top gun shirtless -- ashley, no i'm in the kitchen. [laughter] all right, susan, we'll leave it right there. thank you. [laughter] coming up, a dnc adviser likened republicans to the leadership of nazi germany. what? listen. >> the maga republicans are a domestic terrorist cell operating in america. this is a group of people who have decided that it is acceptable to use violence and threats of violence to try to achieve their political mean. that is terrorism. ashley: maga? it's a domestic terrorist cell. >> i'm going to ask ben domenech what he makes of that. i'm sure he has a few things to say. we are, indeed, headed into the

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ashley: millions of americans are preparing to travel by plane this labor day weekend. robert ray is at the atlanta hartsfield airport. morning to you, robert. we know airlines have been struggling with delays and cancellations, we've talked about it a lot. should we be prepared for more of that this holiday weekend? >> reporter: good morning, ashley. you know, it depends on where you're at and the weather and any other glitches that occur. but, you know, almost 13 million people are going to take to the skies this weekend for labor day weekend. and, you know, i don't know if our viewers know this, labor day weekend created -- designated back in 1894 by president grover cleveland. because most of the workers across the country were union members, and he said people need a break for a few days. so now here we are modern day, people hitting roads and the air.

here in atlanta, the world's busiest airport, they are preparing for about 1.6 million people to come through here starting today all the way through next tuesday. ashley, the three busiest airports across the country if you're traveling, here in atlanta, denver and los angeles, lax. so be prepared. we are told by officials here also that, you know, if you're going to come to atlanta specifically, get here two hours before. literally, not get your car, bus, taxi, uber, whatever, two hours before because you're going to have a wait at tsa and then to snake your way through all the different terminals. we poke to some folks -- spoke to some folks here about hair expectations. let's listen. >> we expect to see about 1.6 million travelers coming in, out of or through hartsfield-jackson from thursday until the tuesday after the holiday. that's a little bit more than we projected last year, 1.3 million passengers at the same time. so it looks as if travel is returning, as if you immediate

me to tell you that, and things are picking up. >> actual -- actually, travel's been pretty good. quick many and out of the lines, so it's been pretty good. >> reporter: so it just depends on who you talk to, ashley. nearly half of americans will be hitting the road or the air weekend for a little r&r are. ashley? ashley: yes, indeed. we wish them well. robert, thank you so much. great report. yeah, if you're going to the airport, good luck. all right, still ahead, brent bozell, pete hegseth, ben domenech and congressman mark green. the 11 a.m. hour -- the 10 a.m. hour, i'm getting ahead of myself, the 10 a.m. hour of "varney" is next. ♪ get up, get up ♪

..

ashley: a little bit of fog in the machine. the dog days of summer, are they behind us? you see a beautiful shot of the empire state building in manhattan. good morning. it is 10:00 eastern time.

let's get straight to your money. september looks the same as august. dow off one hundred 11 points, the nasdaq down 1%. let's look at the 10 year treasury yield spiking a little bit this morning, well above 3%, 3. 3%, 3.25 up more than 6 basis points. let's look at the price of oil, downward pressure on the price of crude and that continues another $2.5, $87 a barrel for crude and look at bitcoin, bitcoin has been moving lower, we don't have it but we just got the latest read on mortgage rates, 5.66% for 30 year fixed up from last week, average 5.55%. a year ago at this time it was 2.87%, it almost doubled which is why the housing market is cooling off.

the ism manufacturing coming in at 52.8 for august, that is unchanged from july to august so there you go, no bounce back on manufacturing. now this. it has been 202 days since president biden has had a sitdown interview with any member of the press. jason che fits --chaffetz is here. why is he avoiding the media? >> he's not very good at it. this is the white house puppeteers saying putting president biden out to answer impromptu questions doesn't workforce, we've got to script him. he is not a good communicator and his cognitive capabilities are in decline. obvious to everybody. ashley: difference to donald trump who was in front of the camera every day answering any question anyone asked.

>> on the one on ones, on the way to the helicopter we got more trump than you can imagine. that's why i make the argument donald trump was one of the most open and transparent presidents we ever had. he would answer anybody at any time almost the opposite end of the political spectrum is president biden. ashley: i don't know if any president to match that transparency. some republicans are calling to defend the fbi in the wake of the radon mar-a-lago but one cnn reporter says the push is benefiting democrats in the midterms. >> republicans set up this layup for them with this defund the fbi push. most recently democrats have an opportunity at the least to neutralize this issue for them going into the fall. they are taking advantage of

generally improving political environment, now's the time a lot of democrats to go on offense when some republicans are walking into a trap. ashley: walked into a trap. what do you say? should the gop back away from this issue? >> yes. the overwhelming majority of republicans support funding for law enforcement and that includes the fbi. there's a deep concern about the unequal application of justice, you can use the power of the purse to compel certain things but that does not mean defunding the fbi and if any republican said that they should take it back, it's not the right policy and i think the party as a whole should come out strongly and say we support law enforcement, federal law enforcement as well as local and state law enforcement. ashley: marcus versus extreme

partisanship is the most extreme threat america faces, this is a consistent strategy from all democrats from the president on down that essentially the amaga crowd are terrorist cells. what say you? >> he is sorely disappointing, he's been on the receiving end of a lot of criticism but i would think the defense secretary will understand the chinese pose much more of an essential threat to the united states of america and for him to suggest it is partisanship, we have a long history of debate in this country and i think there are extremes on both sides but if we don't care of business and have the biggest baddest military on the face of the planet we will not have peace on earth and that is what we should be achieving and right now our military is not of good leadership. ashley: it does not but i want to get to that issue of the characterization, we had the

president using the term semi-fascist. i feel like somewhere this is the dictate from the dnc to all democrats from the president on down this seems to be their approach. is that effective? >> don't know what a semi-fascist is but when you can't talk about inflation, immigration, crime, the core issues people talk about then you want to vilify the other side and say they hate democracy, they are a threat to democracy, such a bogus claim but that is what happens when you can't talk about any policy success that is out there and don't want to talk about the core issues people care about. ashley: stay right there, we've got you for the hour, locked the studio door so just hang tight. take a look at this, texas busing migrants to chicago last night. gradation. there, how many migrants are

already there. >> reporter: 60 migrants were on board those two buses, many of them waved at our cameras giving the thumbs-up, one man said something to the effect in spanish of thank you, president biden. by my count, at least a dozen of the migrants, maybe more, were children including infants, the migrants i spoke to told me they thought someone would be here to help them when they got here. >> it is unfair to be thrown here without any information and just get out of the bus and that is it. >> reporter: you don't know. >> we were not told anything. >> reporter: after half an hour members of chicago's office of emergency management did come, loaded the migrants into two city buses and said they were taking them to a shelter. william, the person you heard

from just there actually messaged me this morning and said he arrived at a shelter 20 minutes from the station where they were dropped off. in a statement governor greg abbott says mayor lightfoot loves to tout the responsibly of her city to welcome all regardless of legal status and looks forward to seeing this response ability and action as they receive resources from a sanctuary city and mayor lightfoot hit back saying this he would provide shelter, food, and protection taking a swipe at abbott saying texas governor greg abbott is without shame and humanity but every since he put these racist practices of expulsion into place we've been working with our community partners to ready the city to receive these individuals. so far abbott has sent 7400 migrants to washington dc, 1500 to new york city and chicago will be added as a new drop-off location.

ashley: very good stuff. back to the markets if we can. mark avalon is with me. we are starting the month where we finished august. how long does this go on? we have the big jobs report friday. how long does this choppiness go on? >> the choppiness goes on as long as the fed is carrying a big stick and is concerned about inflation and jobs reports will be a big ingredient and that. on that. it sounds very ironic but the stronger the job market the more aggressive the fed is going to be in the worse it will be for stocks. the jobs reports we have been seeing, we are seeing strong jobs reports the market doesn't want to see. ashley: that is it because the friday jobs will be key and if it is anything like the adp report wednesday the private-sector, that's going to be a problem.

why? >> what we are seeing a strong wage costs, labor costs are rising, the highest in decades were, reminiscent of the late 70s, early 80s, wage cycle that led to that huge inflation and the fed clamping down but what we extrapolate forward, you couple that with this continued war of china shutdowns, the energy crisis in europe investors are saying is this a place i want to put my money into and that is why things will be choppy for a few months. ashley: a super bubble in stocks is yet to burst, what do you make of that? >> a broken clock is right twice, he might be right. i'm not sure we are in for that calamity. he's made a name on doing that. he has reason to be concerned. it is rockets -- markets are down.

not like he's breaking down but at madigan alum interfere which i don't think is good for long-term investors. don't think we have a situation going into 2023 where the fed isn't so much pain that we have this global calamity, catastrophe. i think they will stay firm but be sensitive to how far they can go and in 2023 it will hold out a little bit. neil: very good, we will have to leave it there, terrific stuff, thank you for joining us okay. some starbucks -- thank you. starbucks executives have been sued over the company's diversity policies accused of making race-based hiring decisions the benefit minorities. let's bring in jason chaffetz. what do you think? >> this is a trend across the country, there are going to be people that pushback, file suits and say i was the more highly qualified person.

we shouldn't be selecting people are not selecting people based on their race. i think it is based on your qualifications, your aptitude and if there's a clear case, i know there are other large corporations having to deal with this and i think you will see more of it. neil: thank you very much. we head to the break, the largest pilot union in the world is organizing protests outside airports across the country coming ahead of what is expected to be a chaotic labor day travel weekend. we have inflation ballooning the cost of back-to-school shopping this year. madison allworth will tell us how much more you have to spend to get your child back to the classroom and this, national test results confirm what many long suspected about the effects of remote learning, math and reading scores dropping to their lowest levels in 30 years. the president of southeastern

university will be on the show. we will dive into the devastating effects the pandemic had on our children and that is next. ♪ nobody can drag me down ♪ nobody can drag me down ♪ ♪ ♪ ♪

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search "varney and company" or scan for qr code on your screen. just on the right. look at the markets. same story. we are down for the fourth day in a row. the dow off 280 points gaining a little more, down 1%. the s&p down 1%. the nasdaq more than one. 5% so selling continues to pick up. let's switch gears to president biden's student loan handout. the president of southeastern university, doctor, good morning to you. you say the biden administration can forgive as much student debt as it wants but it is not going to solve the real problem, the high price of tuition. >> thank you for having me on the show. we could talk all day long on the policy or politics of this decision and is university

president who has the privilege to help students discover and develop their calling to get out of the workforce, i am all for helping student debt but the real issue, you will not hear many college presidents say this, the real issue is responsibly for universities to drive down the cost of tuition to make it more accessible and affordable and we don't have to go on the backs of hard-working americans to pay for student loan forgiveness program which is what will happen in the situation. we need to attack the real issue of providing affordable education, we've done that at the last 6 -- southeastern university, 235%, when the last few years for most colleges have declined 5% to 10%. ashley: very quickly before we move on, how do you do that? how do you force universities

to bring down the cost of tuition? >> it is the way you deliver education, you have to be innovative in doing that, the cost of traditional campus is high because you have to curricular activities dollars costs but you can create new delivery system so one of the things we did here was instead of speaking students to come to us let's take scholarship to the streets so we partnered with faith-based organizations in communities across the country find out what their educational needs are and provide fully accredited degrees and cut tuition costs by two thirds and pell grants to the possibility, these students are on the way to graduating debt free. that is one way we approach the issue and we've seen trauma this growth. ashley: sounds terrific. i want to move on to another topic. national test results were

released this morning that highlight this david -- devastating effects the pandemic had the reading test scores dropped 5 points compared to 2,020. math scores fell 7 points over the last two years. will these kids ever recover? >> i hope they will recover and it will have to do with how we approach education and how ready we are in methods of how we deliver education, no doubt about it, the pandemic and politics of the pandemic caused our children to suffer in learning capability but a direct result is our schools were not prepared with the kind of learning that needed to take place in the midst of such a pandemic. ashley: expert say it could take a generation for some schools to rebound. do you agree? >> i absolutely agree but we have to provide the right access to the delivering

education that will help students stay strong in their academics and move forward with that affordability piece which is important to students across this nation. ashley: great to talk to you. thanks for joining us, appreciate it. all right. now this. the cost of sending your child back to school is going up this year. madison allworth, how much our families having to pay this year? >> reporter: families on average will be spending $864 to get them ready for back to school, $15 more than they spent last year, $168 more than they spent pre-pandemic according to the national retail federation. they are having to dish out a ton of money to get their kids ready. they are expected to match last year african spending of $37 billion and even with inflation

they will match it, maybe not surpass it, people are looking for deals. families are focusing on buying in their budget going off brand when they can. >> a lot of it was the getting the right bookbag, getting the binders, folders, pens, papers, calculators, highlighters so i probably spent a few hundred dollars easily. >> my kids want to go to staples. it is convenient. that tends to be higher. when i am worried what they are doing i will shop around. i will look for walmart is a better option. >> reporter: shopping off brand, when you look at how these name brands have gone up in price, scotch tape over 70%, all of this leading to tough choices, 38% cutting back in

other areas to afford getting supplies for school, 18% working additional hours to afford it, 12% from going into debt in order to make sure they get all the supplies their kids need for the school year. many families have gone back to school, those not yet in session will be going back after labor day, but when it comes to school costs it doesn't end when the school year starts. sports, academics, families facing a tough road as you get ready for a new school year. ashley: great report, 70% more for scotch tape. thank you. now this. energy secretary granhome says low oil supply demonstrates the need for clean energy. >> in this moment more supply did not meet demand, you want to increase supply but ultimately it demonstrates that

we have to move to clean reliable energy. ashley: or we could drill for more oil. we've got that story coming up. california's great operator asking residents to stop charging their electric vehicles to avoid blackouts just days after the state announced plans to ban the sale of gas powered cars. kelly o'grady has the report on california's mixed signals next. ♪ ♪ going to let it burn burn burn burn ♪ going to let it burn burn burn burn

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finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. ashley: president biden's energy secretary is claiming the low oil supply is why we need clean energy. listen to this. >> the president recognizes in this moment supply did not meet demand, demand going up, supply was not there. he wanted to increase supply but ultimately it demonstrates that we have to move to clean, reliable energy and that is why he has put a big emphasis on moving in that direction so we can plug in electric vehicles

and have solar panels and all of that. ashley: supply didn't meet demand because this administration has crimped oil production. don't we need more oil production? >> i know it is aggressive but these people are idiots. don't tell us the president wanted to increase supply. if you wanted to increase supply he should not have cut off the pipeline on day one. he should not have inhibited the ability to get permitting to get this done. i believe and republicans in general have taken a position of all of the above energy. yes, there is room and need for alternative energy absolutely but when you won't even consider nuclear, you take that off the table, won't consider clean coal and other development of petrochemicals, everything is going to cost more. we go through this inflationary

period and they blame putin. that is embarrassing. that is why i am saying it is idiotic what they are doing, they still have no solution. i love solar panels, i would love to get some and windmills are great but you can't get from here to there and if you do it will take 10 to 12 years. ashley: you will love this next story. california is asking residents to cut down on ev charging to avoid blackouts, almost a joke, comes one week after the state announced plans to ban gas powered car sales by 2035. kelly o'grady is in santa monica talking to residents, what are they saying about the ev push? >> many think it is happening too quickly. on top of the cost, you can't charge your vehicle if it gets hot out.

listen to how folks feel about the mixed signals. >> kind of scary. what if you need it? what if you really have to go somewhere. >> a business trip or whatever you cannot do without. you have to do your work. >> better infrastructure to support the switch to evs, we are not there yet, the grid can't support it. >> reporter: this historic heatwave is posing a test for the overtaxed power grid in the triple digits through next tuesday. to address that vulnerability the state has issued a flex alert. the grid operator is asking residents to voluntarily conserve energy from 4:00 to 9:00 pm, measures include keeping the thermostat at 7 or higher, request to avoid charging your tv. social media users pointed out the minority, steve scully's tweeted out, this is what

democrat control, it is not just a 2035 problem. the california energy commission's predicting supply will for short of demand, 5000 in a heatwave, that picture does not look short of 1800 megawatts, leaving 1 to 2 million without power, the loan able to charge their evs, and your electricity rate increases. that worries this heatwave is proof the group it is too vulnerable to handle that influx of switching to evs but the plan to transition in a feasible way simply isn't there. ashley: thank you very much. ben dominic joins me now. california is pushing a green agenda but residents can't use or afford.

what say you? >> consider the possibility we are led by idiots. one more example of how ridiculous this approach is, it is setting us back toward the dark ages the idea that people in this modern era have to conserve energy in ways that rank up there thermostat, prevent them charging their devices is absurd. it is ludicrous. it sends such a terrible message when it comes to the idea of grappling with the consequences of a green agenda in a serious way which would lead to the ramp-up of investment in nuclear power in ways that would bring us into the future as opposed to having us go back to this backwards approach to fueling all of our devices via call in the kind of electricity approaches in california. it is totally backwards,

ridiculous mindset and as steve scully's said it is something the democrats want to export nationally. ashley: next one for you, another good one. president biden comparing himaga republicans to fascists but one dnc advisor taking it to a new level. i will get your comment. >> we are watching a very radical and extreme republican party mirror what we have seen in other places like nazi germany. we've seen this playbook before. this is a dangerous line, the republican party is under full embrace of autocratic ways and means is nothing but disastrous and we have to stop it. ashley: seriously, nazi germany, this coming from an advisor to the dnc, what say you? >> this is utterly abhorrent, i think it is shameful and the most autocratic thing that is

happening, in the last several years when it comes to politics is this autocratic redistribution of wealth via the forgiveness of student loans for we are seeing done by this white house in ways that are totally unconstitutional and illegal. to use this kind of language about so many millions of americans and turnaround and say why are we so divided? why don't people trust our institutions, this is why, they have someone from a major party in an advisory position saying this kind of radical language about so many republicans who are their neighbors, this kind of thing is abhorrent, it should be rejected. it should be apologized for and the more we see it from the democratic side more likely we will see the kind of red wave i think a lot of us expect to happen in november. ashley: we have to leave it there. great to speak to you, appreciate it.

former president trump's legal team take a request for a special master to a federal judge today as reports say the doj will have to wait until after the midterms to announce any charges that may be coming against donald trump. the media research center says 11 pro free-speech groups have permanently banned from tiktok, there's no explanation as to why. we will break that down for you next. ♪ ♪

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ashley: the department of justice is more likely to wait

until after the midterm to ann against donald trump following the raid of his mar-a-lago home, the policy bars them talking about investigation 60 days before an election. what is your reaction to this? there has been a lot of publicity close to the midterm elections. >> when the department of justice released those photos that was a violation of their own policy, that was done for public consumption to spin and to taint donald trump. the double standard is what is bothering tens of millions of americans when they understand that hillary clinton had documents that were classified. i was the chairman of the oversight committee and these documents were under subpoena somewhere so sensitive that even as chairman of a congressional committee with security clearance i couldn't read them and yet many of these were destroyed by hillary

clinton on her senior staff prosecuted? know they weren't. i don't think there are charges that will be brought forward, comey set the standard. this happened at the irs where we subpoenaed documents and they then destroyed those documents after the subpoena was issued. was any home rated? didn't happen. it is ridiculous notion the way they treated trump is absolutely fundamentally and totally wrong. ashley: thank you very much. i want to get to this, it has been 202 days since president biden had a sitdown interview with the comedian -- american media. tim, this is more than any of his predecessors. is it that the party wants to keep him away from questions he may not be able to answer? >> certainly. his last interview was with lester holt around the super

bowl in february. that was on tape. they are even afraid of a biden interview on tape. one thing to put them on live but they don't want to put him on tape and what is sad is to hundred to days. have you heard anybody in television land complaining, the washington post with democracy dying in darkness complaining? they don't care. ashley: this is a president who talked about transparency and no one can be more transparent than donald trump who spoke daily to all the media answering any question they had. >> if you look at the first 15 months, they found biden gave 23 interviews and trumpeted 95 so the idea that somehow trump -- trump hated the media. trump is not transparent, trump

loved being on television so he was going to grant those interviews and lester holt was more hostile to trump than he was to biden. ashley: let's move on to another topic. tiktok has permanently banned 11 pro free-speech groups from the platform and you say the chinese communist tied company is basically muzzling conservative want freethinkers. >> yes and we should state they will call you permanently banned and sometimes after bad publicity they will go we will put you backup but here we have a communist chinese owned social media outlet that maybe we shouldn't even allow in the united states and dedicated to showing youth how to dance or whatever and what do they seem to be in, young americans foundation, students for life of america. we can't let the young people

see and opposing point of view. when they don't like freedom, when they don't like videos that attack communism you might guess it is a communist channel. ashley: they seem to get away with it. tiktok was under the microscope with the donald trump administration but they seem to get away with it. >> that is why we think it is important to keep track of these incidents. not just permanently banned outlets that are permanently banned but our tv account is shuttered so there are groups that can get their message out on this platform trying to reach out to the young people. ashley: free speech, the irony. great stuff, thank you very much for jumping in and talking to us. berkeley university is now requiring students to mask up if they don't get the flu shot.

i will ask if that is necessary, remember when congresswoman giapol voted to deny security to the families of supreme court justices? she has been receiving around-the-clock security for herself and her family. jason rents has the details next. ♪

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ashley: some democrats in new york moving away from governor kathy huchul. >> the final straw to get so many things, one is bail reform, second is parolees. why was he released, 24 hours

to have a hearing to stay remanded. neil: a story we hear, the policy of the democrats is done to new york what it has. it is very frustrating. do you think there will be a red wave in new york? >> lee selden, you have to elect different people. they've seen kathy huchul who hasn't done much at all, crime has gotten worse, not better, she keeps punting, hasn't dealt with bail reform. she seems to approve it. want to come with my wife and kids, but i've got to tell you it is not a safe city and they are coming to the city, not

spending and the people deserve better than what they are getting out. try electing republican leesville than for governor and you will see a different approach. ashley: progressive congresswoman giaopol received security that she denied for families of supreme court justices. don't know why i am not surprised but i am not. jason rents has the story. a man at went side -- to scream obscenities at her. police arrived, he has been charged with felony stocking, the congresswoman was concerned, she called the us capitol police, the us capitol police ended up calling the

seattle police department asking additional security, they got it throughout third-party. they have this added security the congresswoman, that this happened. you can't say a month earlier you're unwilling to provide added security for the supreme court justice's families at a time people were marching outside their homes doing the same thing which was screaming horrible things and an assassination plot, it is security for thee but not tv. ashley: stacey abrams defunding the police movement despite being a board member of a foundation which has repeatedly called to abolish the police, she's not fooling anyone. >> the good thing is when

democrats are good at branding, they attach themselves to a toxic grand, they are concerned about crime. you are talking about it and folks understand the rise in crime is connected to the defund movement and policy around it so you are seeing not just stacy abrams but president biden trying to distance himself from the movement and pretend this is the party that is pro-law enforcement. they are good at branding, everyone knows where they stand. ashley: you think anyone is fooled by that. i asked you this before, this hypocrisy, not for thee but for me, it is so galling, even though they are doing it. >> they are able to get away with it. we will call them out on this network but do you see this coverage on the left-wing outlets? they get a pass.

ashley: great stuff as always, thanks for joining us for this hour. lots morehead on the show, pete hegseth, tennessee congressman mark green, and wall street journal guy dan heninger. the 11 a.m. hour of "varney and company" is next. don't go anywhere, we will be right back. like any family, the auburns all have... individual priorities. some like strategic diversification. some like a little comfort, to balance out the risk.

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>> texas is absorbing hundreds of thousands, millions of illegal border crossers each year, send a few dozen to new york, washington dc or chicago and they claim it is racist, a ludicrous thing to hear them say. >> lying flat on your back on the basement floor you cannot fall. that is the welfare state. we are protecting everyone from losses, guaranteeing no one can have profits. it is not something america is all about. >> it goes on as long as the fed is carrying a big stick and concerned about inflation and the jobs reports are big

ingredient on that. >> what we see typically is unfortunately a couple months of sideways motion and then we could see a little bit of recovery to the end of the year. ♪ how you like me now ♪ how you like me now ♪ how you like me now ♪ ashley: great picture of the statue of liberty, the sunshine in new york harbor. it it is 11:00 am on the east coast on thursday, september 4th. i am ashley webster in for stuart varney. maybe a different month but the same story, september picking up where august left off, 250 points, the s&p down 1.4%, nasdaq down 240 points, down 2%, the nasdaq lost 4.1%, down 2%. %.

big tech names in the red, alphabet, amazon and microsoft, down 2%. the 10 year treasury yield up 9 basis points. this will take the wind out of the big tech names, 3.28%. that really does take the wind out of the sails. come in, david, good morning to you. 5 things move on markets. inflation, interest rates, what the fed is doing, corporate earnings and geopolitical events. there are risks in all of those areas. ashley: thanks for having me. there are risks in all 5 of these areas and i don't see a lot i am excited about as we crack september this morning and historically september,

october, not great months and a lot of negative headlines out of europe right now, china in a recession, new taxation next year, new regulations showing up. i think the average american is recognizing whether the numbers accurately reflect better recessions. hard times and we have more ahead. ashley: how do you play this? what are you telling clients when we look at the board again. >> the point is we need a parachute, we have to secure one prior to the meeting of that, we have a process we call cpr, stance for cash, protection, risk, 3 categories of assets based on time frames and liquidity needs. we know what cash assets are today.

the goal is to be liquid, to have dollars available to deploy back in with these but also protected assets and this is more concerning, we will raise rates until things break as well so with those rates rising, there significant pressure on bonds, growth stocks that you mentioned. bonds have been the place where they sit if i'm going to fight volatility i needed to low up on bonds with less stock and the alternative is let's beat inflation. relative to inflation, people might be surprised, investment, structured notes, fixed index can give us defense on the downside, reasonable rates of return on the upside give us peace and confidence as we are looking at things. the third parties risk assets.

we want to look at risk assets in 3 time frames like a minute handed a secondhand. we will do so with the right investment strategy. we want to deploy the right things at the right time. we are looking more and vigilance, free cash flow, hung wanting to hold in a longer-term based on the economy we are seeing. ashley: great information, thanks for joining us as we see the dow up 250 points. i want you to listen to karine jean-pierre explain why amaga republicans are dangerous. >> the president think there's an extremist threat to our democracy, the president has been clear as he can be on that particular piece, when we talk about democracy, freedoms, the

way he sees the amaga republicans are the most energized part of the republican party, this is extreme threat to our democracy, our freedom, to our rights. they just don't respect the rule of law. ashley: guess who is here, pete hegseth, great to see you. this is supposed to be the administration of unity, the great unifier, this sounds very divisive. what say you? >> clearly never felt more energized, more extreme, more dangerous than i am today as they lump us into a big basket and basically compare us to al qaeda. you want to laugh it away because it is so ridiculous but you see how coordinated it is, not just president biden saying i am joking, it is coordinated through surrogates, the press

secretary, they are talking about it. you want to dismiss it as campaign fodder which in part it is because they have nothing else to talk about but it is the beginning of i will use their word, dangerous shift in dehumanizing your political opponents not just one or two or certain aspect but the entire base of the republican party. or opposition party as you raid the former president's home and won't be transparent about it. everything falls under the threat to democracy. we are not a democracy, we are a constitutional republic but maybe someone will tumble -- tell them one day and they are going after political opponents hoping to score points which i hope they will focus on the border, inflation, economic factors, crime the stuff we should be caring about. ashley: doesn't stop there. one dnc advisor comparing republicans to nazi germany. >> we are watching a radical and extreme republican party mirror what we've seen in other

places like nazi germany, the places, we've seen this playbook before, this is a dangerous line, the republican party under full embrace of autocratic ways and means, nothing but disastrous and we have to stop it. ashley: it is pathetic and i are you to your point it is because they don't want to talk about the big issues, the economy, inflation, the southern border, they want to sling mud. >> once you invoke the nazis you lose because nothing can compare in our political discourse to that and by throwing that hyperbole out your entire argument ought be dismissed both by the disrespect you show to those who were killed and had to confront nazi germany but inferring disagreements we ought have enough tolerance aside with pluralistic views, your opponent, because they think different leaving you maybe they are pro-life or like

law enforcement, they believe in the second amendment not because the government has f-15s but the right of personal protection, now there are autocrats. ashley: i don't either. next one for you, and one tech worker went viral complaining about the end of remote work. and laundry. what is going on. >> that is called saturday for laundry. you could sneak a workout if you want to. this is called lazy. lazy. if you want to be at home and do a job it is great. or business says you have to be back, you are back. he looks relatively young, not a lot of work experience. you put two decades in the trenches you've earned the

right to be home a couple days. get a little work/life balance, maybe the company will work with you but if you want to wear tube socks, i want to wear sweatpants and tube socks, whatever profession she is in it is the wrong one. it is lazy. ashley: when you run out of tube socks and sweatpants you have to do the laundry. last one. i want to get to this. your hosting the fox nation patriot awards november 17th, tickets went on sale. i want you to tell us about this year's big event. >> best show on television. it is becoming must-see tv. bring the entire network, hope you can come as well and the normal awards shows give awards to actors who play heroes on tv, the patriot awards give real boards to real heroes in everyday life, unsung who would never otherwise get the spotlight or saw it in the first place.

foxnation.com/patriot awards, not just an event but a celebration. hope folks will join us. ashley: it is truly remarkable. you scrub up nicely, in your tux as the host of the show. we look forward to that. as always, pete hegseth, great stuff, thank you very much. to the market, let's check individual stocks, if you look at nvidia, down 10% or more because the government has ordered the chip company to stop selling to china down 10.6%. fourth-quarter revenue was up, campbell does expect hi sales growth as supply-chain problems ease in a new fiscal year but stock down 4%.

now show me five below, the discount store. it is up 6%, shows that sales are down 6% from a year ago. still on track to open one hundred 60 new stores, more than 200 next year. growing the stock up 6%. one college is requiring masks for unvaccinated students. not talking about the covid vaccine. pilot and time joining the picket lines at airports, some travelers nervous ahead of the busy holiday weekend, we are on that story. the white house claims they are support curing the border and doing everything to stop drugs from entering the country. congressman mike green got back from the border, was it secure like the white house claims? we will ask him next.

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best move i've ever made. ask your dermatologist neil: now this. the first set of migrant buses have arrived in chicago overnight from texas, grady trimble was there when they arrived. are we expecting anymore buses in chicago in the future? >> governor greg abbott says chicago will now be a regular drop off location like washington dc and new york city. last night those two buses were carrying 60 migrants according to the city, several of them waved at our cameras, gave thumbs up to us, one said in spanish something to the effect of grateful to president biden. by my count doesn't of the

migrants, maybe more were children including infants. migrants i spoke to told me they thought someone would be here to help them as soon as they got off the buses. >> we were thrown appear and don't know anything about what we are going to do so main concern is we know what to do. >> members of chicago's office of emergency management did come after half an hour. loaded migrants into two city buses, mayor larry lightfoot -- lori lightfoot called his policies racist and said the city will provide migrants with shelter, food and protection. abbott for his part said mayor lightfoot loves to tout the response ability of her city to welcome all regardless of legal status and look forward to seeing this responsibility in action as these migrants receive resources from a

century city with the capacity to serve them. adding chicago to this list in addition to new york and washington dc will provide much-needed relief to overrun border towns. ashley: thank you very much. peter doocy pressing the white house press secretary on the number of drugs pouring in from the southern border. listen to this. >> going down at a rate not seen in a century, being driven by drug overdoses. >> we agree with the fact that we are securing the border and securing record levels of funding from dhs to stop illicit drugs from entering into the country, the fact that it is not just drug traffickers we are dealing with, stopping financiers. ashley: congressman mark green, republican from tennessee, good

morning. you just returned from the border, two narratives, no one is walking across, it is secure. what did you find when you got there? >> thanks for having me on the show. we saw tens of thousands across border crossing sites from gaps in the wall. and to cvp and cause it to move, from one region to the other to process these individuals and where the cvp, in those regions with hundreds of people camouflage wearing backpacks, where they dumped the empty backpacks and hand drugs to a vehicle, there were hundreds of backpacks, hundreds of carpet shoes because they

are intentionally doing that so no footprints are made in the sand. this is the white house facilitating people breaking our laws. ashley: fentanyl in particular, the number one cause of drug overdoses, death of 18 to 49-year-old, the white house continues to either deny it or ignore it but this is a national crisis. >> it is a weapon of mass destruction. 100,000 americans died from fentanyl overdoses last year. a 50% increase from the year prior. what is happening at the southern border is killing americans and the president is facilitating it. when i was there, they turned off fiber-optic sensors, motion sensors, told cvp to turn off the cameras. look at biden's 2020 prebudget,

it increases processors to get more people in but decreases detention and 0s deportation. the interim final rule to change the credible fear process so there is no judge involved. everything they are doing is to speed more people into the united states, is a blatant lie. ashley: we have the video to prove it, sanctuary cities, washington dc, new york city, chicago, all the mayors of those cities crying foul, calling texas governor greg abbott a racist, because all of a sudden the border crisis has become a reality for these cities as well, right? >> it is not racism, one hundred 30 countries came across the southern border, when i was in arizona yesterday, a group of russians,

white people, white europeans were there in processing and those people were being bused to chicago so it's not an issue of racism, it is texas is overwhelmed, every state in america is a border state. biden's people saving them to tennessee, airplane loads show up in chattanooga, knoxville, they are going to say everything republicans do are racist, can't wait for the president's presentation to talk how all the maga people are fascist. they can't do anything but call people names, it is ridiculous. >> do you think the country is aware of what is going on? fox news, fox business, we covered, a lot of mainstream media outlets do not which i find staggering but does the majority of america in your opinion understand what is going on at the southern border? >> if americans are watching

the propaganda machine of the progress of media know they are not seeing what is happening, they are listening to the white house press secretary say nothing is wrong, nothing is wrong, and unfortunately people who get their news only from that source are probably be leaving it but in tennessee the vast majority of folks say southern border is the number one issue, they are concerned about the cost of this, not just the human tragedy of fentanyl, but uncompensated care increasing costs of everybody's health insurance, increased people in our jails, cost $80 a day to house somebody in a jail, every county seeing millions in cost, this is massively disturbing and harming. biden doesn't seem to care. they are making it happen. ashley: they are indeed.

have to leave it there. congressman mark green, great to have you this morning, we appreciate your insight on the southern border. look at the markets if we can. as we said all along concerns about rising interest rates, the fourth day in a row we've seen these market selloff, the dow off one hundred 33 points, coming back a little bit but the nasdaq, the big tech stock index down 2%, big tech taking it on the chin, let's look at delta air lines if we can, they issued $6 million in refunds since 2024 canceled or significantly changed flights. laying out new detail steps they've taken to improve customer service $6 billion, stock down 2 and 3 quarters of one%. let's take a look at this video taken moments ago at hartsfield jackson international airport in atlanta. pilots walking the picket lines

pushing for a new labor contract. protests just like this are happening at several airports around the country, making some travelers a little nervous ahead of the busy holiday weekend, the travel booking apps hopper says 13 million people will fly from today to monday. they hope there's enough pilots to go around. they punish doctors for spreading misinformation, and treatments. physicians have their licenses suspended or revoked. that report coming up. the median rent for 1-bedroom apartment is $4000. new york post writer carol markowitz says chinese investors are partly to blame for skyrocketing rent and carol makes her case next. ♪ ♪

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ashley: you are looking at new orleans, sunny, 87 °. if you like the scene on the show, the qr code on the screen right now, we post new playlists every week. let's look at the markets. the same old story, concerns over rising interest rates, investors wringing their hands, the dow up 112 points, and let's bring in susan lee, >> it is now available for paid subscribers, pony up $4.99 a month to have that privilege to edit the tweets for 30 minutes

after you post it. subscription and edited tweets will carry on edit label and twitter users click on the label, previous versions of the tweet. elon musk wants to drive profitability at twitter by making people pay for the service but only if he does eventually buy the company. i want to show electric carmakers, a doubling in sales of $1 billion, that is great, so promising to ship 50,000 cars this year but operating losses widen and china, tesla, china competitor reporting disappointing august delivery numbers. deliveries went up from july with concerns what tesla is going to put in and chip stocks, this is the stock move of the day. nvidia, huge companies, the us government asking them to limit high end shipments to china, they are used in artificial

intelligence, facial recognition in particular, they expect no material effect on their business. nvidia makes $4 million in sales from high end chips and close to $1 trillion company a few months ago. ashley: thank you very much. now to this story. the median rent price for a one bedroom apartment in new york city surged to $400,000, up nearly 40% from this time last year. carol markowitz joins me now. who do you blame for this rise in rent prices. >> in places like new york city, strategies like rent stabilization long made the prices go up. they go down for a certain number of people lucky enough to have these apartments. they don't move when they have

rent-stabilized units. a lot of corruption around rent stabilization, people have to pay key money a bribe to get into these apartments and it is standard out in the open and for many years people knew about it and articles have been written about it. it is very common. a lot of blame to go around. bad leftist policies responsible here but one thing i point to is limit chinese investment. i believe in free market, china does not allow americans to invest in their land, to buy investment in china so why shouldn't it be reciprocal. love the free market, we are in a president biden handout cash before an election to his voter base through student loan forgiveness kind of market. we need to take seriously and

understands we are not in a free market. ashley: you've got the answer, impose the same rules on chinese investors they put outside investors in their country. you have a new op-ed out that highlight the rise in prescription drugs given to younger kids during the pandemic. what is going on here? >> we do things to children as an american society that we know are bad. nobody can say this teenager is taking ten prescription antidepressants off label. and there is a big warning sign on the bottle that says it may cause suicide. we know this is bad in this is happening. the example of all the ways we are choking our society. anybody who ever had any access to children, it goes along with what we've done the last few years of the pandemic.

there was a story out how learning last -- ashley: we have to leave it there, audio is cutting in and out. thank you very much, we appreciate it. borrow be honoring the first female self-made millionaire, madam cj walker was known for her entrepreneurial skills where she built her hair care and cosmetics compay from the ground up in the early 1900s. a new doll and now this. country music superstar dolly parton released a new item dog apparel called doggy parton inspired by the singer's love for animals and first album puppy love. a portion of the proceeds will go to the farm animal rescue. how great is dolly parton? really great is the answer. new gun laws take effect in new york, the governor posted this

flyer reminding people where guns are not allowed. the kernels are taking note and reading those, the fda authorized covid booster shots for the fall but no human trial has been completed yet so are the shots safe? doctor frank contassessa will weigh in next. ♪ ♪ ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations,

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>> president biden: fully vaccinated people are at a very low risk of getting covid 19. >> mandates worked. mandates do work. >> we've seen a lot of outbreaks. >> going back to school presents the biggest risk for

the spread of the coronavirus. >> people are vaccinated, they can feel safe they are not going to get infected. it is as we set a pandemic and an outbreak of the unvaccinated. >> right now in the united states people should not be walking around with masks. ashley: lots of messages there. physicians are pushing back on new legislation to put medical professionals free-speech over the debate about covid misinformation. gerri willis is in new york, tell me more about this. >> reporter: doctors pushing back on a california bill that would direct regulators to discipline them, even for their license to practice. if they spread false or misleading information to patients. the bill raises concerns about free speech and freedom to use their own judgment. the great barrington declaration openly questioned public health policy. here's what he had to say about this law.

>> puts the government between doctors and patients. it will add a chilling effect on the ability for doctors to speak publicly when they see public health responsible is going on. >> reporter: how will the law be enforced to given the fact public health experts were forced to change their recommendations over time as you heard at the beginning of this block, flooding on masks, the value of keeping kids from schools and whether a vaccine is the only way to protect against the disease. the bill awaits the signature of gavin newsom but it is dry a lawsuit from a group called physicians were informed consent on grounds it violates the first amendment guarantee of free speech and as somebody who recovered from stage iii breast cancer, doing no small part of my terrific physicians the whole idea that they would be forced to give me a

1-size-fits-all advice or strategy for fixing my medical problem is really frightening. ashley: you're absolutely right. thank you for giving that story to us. the fda authorized covid booster shots aimed at targeting the on micron variant, the us has secured 170 million doses of the drug, doctor frank contassessa, they've not completed human trials, is it safe? >> the simple answer is we are not really sure. what happened is they are basing clearance on data presented for the ba one vaccine that was never put into production into circulation and started developing this earlier this year, the early strain of omicron, early in 2022, as the

strains continue to mutate, the fda asked manufacturers to update and make ba 4 and ba 5 specific vaccine which we have 0 data on. it raises the question is this really necessary? we should target the at risk groups, elderly and immunocompromised and make a push to get these people protected. for the vast majority of people from the general population there's a diminishing need for this, hospitalizations are down, deaths are down. most people who contract covid 19 get a mild cold or mild flu and to have a mass vaccination i expect to see by fall, not sure there's a need for it. ashley: i have had covid multiple times. do i have the immunity already built in? >> good question, you probably don't need it. the unity provided for prior infection has been shown in

multiple studies to be lasting. and across streams. could you get it again? you can get covid again, we all can but you probably have a pretty mild case. ashley: if you have covid how soon before you can get the booster? >> i tell my patients to wait months. they may not need a booster at all especially if you are in a low risk a group. wait as long as you can and put it off as long as you can. ashley: last one for you. university of count on your berkeley just announcing students are now required to mask up if you don't get the flu shot. is that going overboard in your opinion? >> yes it is. studies have shown the effectiveness of routine surgical masks against the flu is mild to moderate at best. this is going overboard. we never needed this before. of young college kid gets the

flu and stays home for a week and moves on i think this is going overboard. they want us to be in masks forever. affect socialization, it affects people's ability to interact with fellow students. i think this is going overboard. a brief comment on that story in the last segment about the law in california going after doctors. the opposite is happening. i recently relocated to florida from new york and the state of florida is doing the opposite. they are protecting doctors free speech. i've been a doctor who has not always toad the fauci line. i broke with the orthodoxy early in my views on covid and mass vaccinations, the state of florida is protecting people to come on a show like this and express my opinions freely without fearing for my medical license. ashley: very good. florida and california are like different planets. great information. appreciate it.

showing the dow 30 stocks. we have been down since "the opening bell". we stay there but look at the dow 30, merck, j and j, walmart up in this session leading the way on the dow, the other end of the annex, and boeing. the new op-ed in the wall street journal reads biden's choice, semi-fascism or american socialism. dan heninger wrote that next. ♪ born in the usa ♪ born in the usa ♪ born in the usa ♪ i'm a cool rocking daddy in the usa ♪

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ashley: new york city has seen a 50% increase in concealed carry permit applications since june when the supreme court expanded gun rights in the state. the new gun laws go into effect in new york today. mayor eric adams designated times square as a gun free zone.

karine jean-pierre explained why amag republicans are dangerous. >> when it comes to the extreme ultra wingo republicans they are attacking democracy. >> president biden: let me say this to my andag republican friends in congress, don't tell me you support law enforcement if you don't condemn what happened on the sixth. >> the amag republicans are the most energized part of the republican party. that is an extreme threat to our democracy. ashley: take a look at this headlines. it reads biden's choice, semi-fascism or american socialism, the two parties are far apart on policy substance making voter choices stop. dan heninger joins me now as he does every thursday. make your case for that headline. >> has to do with the fact they

keep talking about amag republicans. they never quite spell out amag a has a sinister sound to it and make america great again, who could possibly be against that but they decided to turn it into a slur word, president biden likening it to semi-fascism. that was the president's words. i decided to examine the idea that republicans are guilty of semi-fascism getting in the spirit of things i am raising the question whether what president biden represents is semi-socialism because since he was elected as a moderate he has been anything but a moderate, thrown in with the progressive wing of the party, the left and the legislation he has been an acting and the method he uses to put in place these policies i would call semi-authoritarianism.

more executive orders than any president has ever issued before and legislation that basically is going -- price controls, drugs, and the student debt that is out there, looks like a debate over who is in favor of semi-fascism and who is on the road to semi-socialism. ashley: we will hear from the president tonight, do you expect more of the same cover mention of amaga, the word fascism, more of the same tonight? >> more of the same. this speech has been teed up about the battle for the soul of the country. and essentially what the president and democrats are doing is trying to call out donald j trump as a monolith they used to frighten the american people and by coincidence the department of justice is engaged in a legal battle with trump over the

documents at mar-a-lago lodz the president of the united states is going to be out there fighting to put donald trump forward just in advance of the midterm elections. ashley: glad we got all that in. as we head to the break, time for your thursday trivia question. how many hotdogs do americans eat between memorial day and labor day? the answer after this? could it be 7 billion? we will have the answer next. ♪ shingles doesn't care. i go to spin classes with my coworkers. good for you, shingles doesn't care. because no matter how healthy you feel, your risk of shingles sharply increases after age 50. but shingrix protects. proven over 90% effective, shingrix is a vaccine used to prevent shingles in adults 50 years and older. shingrix does not protect everyone and is not for those with severe allergic reactions to its ingredients or to a previous dose. . . recall

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ashley: earlier we asked, how many hotdogs do americans eat between memorial day and labor day. i said you cannot be serious, 7 billion. guess what? that is the answer. 7 billion. it comes out to 18 hotdogs eaten every second. send friday feed pack and fan friday videos. time to hand over to my friend neil cavuto. neil: good to know that the hot dog thing s there separate break down of italian sausage? maybe that is tomorrow's trivia. ashley, thank you very much. you wouldn't say we're having a hot dogity dime today. see how i marry those? we have more, nasdaq fallen 10% from highs not reached all