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 that

long ago. beginning of last month we were at at bull market that emerged. that was then, selling is rampant now. two year, the yield keeps soaring on that puppy. the highest levels we've seen since back in 2007. let's get the read on all of this with connell mcshane following it very closely for us. reporter: neil, rates in the bond market telling what you is happening today people anticipating higher interest rates from the fed. we had interesting economic data. we're all looking for the jobs report tomorrow. the labor market is so tight, lableoffs are not as big of an issue as they might ordinarily be. if this was normal economic downturn. the initial jobless claims went down 5000 to 232,000 last week. what appears to be happening you have this, this labor market has been relatively strong, has been even with the fed raising rates. we know from the numbers we had earlier in the week there are

about two jobs open for everyone employed person out there. even if you see a headline as we have from a company like ford, walmart, announcing a round of layoffs, a lot of times it seems those laid off workers are now able to go back out in the job market to find a new job quickly, so much so, maybe they don't even have to file for unemployment. looks like we're seeing that in the claims figures. this does come ahead of the big one tomorrow, government jobs report expecting 300,000 or so new non-farm jobs to be added down from well over 500,000 in july that would still be a big number. unemployment rate expected to hold steady at 3 1/2%. what happens if it's a bigger number? we'll see tomorrow. this is manufacturing, manufacturing activity was expected to fall for the third month in a row with but it didnt happen. that number you see on the ism, that is the exact same reading we had last month. remember anything over 50 is expansion, right? that is pretty solid on

manufacturing. the inflation watchers out there, a lot more inflation watchers these days than in the past, they pay close attention to the prices paid component for that report. that fell more than expected. 52 1/2, maybe reinforcing the argument that inflation has peaked because that 52 1/2 was 92.1, look at that, in june of last year. so that is how much we have come down. finally we had construction spending declining by .4 of a percent in july. exactly what the economists expected to it to do. try to put all this together, neil. you talked about it at the top. bond yields up. stocks are coming down. maybe a little anticipation maybe from investors that this jobs report will be a little strong, too strong a little too hot tomorrow, which will push the fed to be too aggressive. neil: we shall see. connell mcshane. luke lloyd with us, strategic wealth partners strategist. luke, the jobs report put out

tomorrow, if some of these early reads are right it could be strong, normally welcome news. in this market these days still fearing higher interest rates i don't know. what do you think? >> yes. so i think the market will retest the june lows. here is my quick take on the current economic and investment environment. you remember a year-and-a-half ago i said the economy and stock market was in a win-win situation. badback then the economic data was bad. federal government would be more accommodative. if economy was good the fire on all cylinders and help stock earnings. that is essentially what happened. it was a win-win. the mistake was the fed waiting too long to cool demand. fast forward to now we're complete opposite environment. this is a lose-lose situation. there is no getting around it. there is no soft landing. the landing gear is falling off the airplane. if we get any good news of any

kind, economic data, more spending, more jobs, that means the fed will not do its job. that people live off of debt longer delays inevitable. negative news, less jobs, less spending, less demand the fed doesn't have a choice this time to be accommodative. neil: that means where the backdrop is steady and rather robust job growth we could have an extended bear market here? it does seem weird at the surface. >> i think so, neil. here is interesting thing about the job market. don't get me wrong, it is extremely hot. there is like two jobs open for every person looking for a job but the important thing right now isn't how hot the job market is when it comes to job openings. how hot the employees are in terms of productivity. we saw historically low productivity rates in the job market that means employers essentially are not getting any roi for hiring additional workers. and their current workers are not as productive as they used to be. i've been talking with a lot of

recruiters and there has been a huge interesting shift over past couple years. employees are demanding higher wages but also demanding more benefits like working from home, right? i'm all for people making more money, living the best life working from home. this is not the same environment we were in a years ago. businesses can't sustain themselves at low productivity rates. you have to remember the world economy was fueled by debt over the past four decades. when an economy fueled by debt, any productivity rates, when productivity rates get this low, there needs to be recalibration in the labor market. if not, we have bigger, longer-term issues that recalibration will come over the next year. neil: a lot of people talk about recalibration, luke, they're looking at alternatives to the stock market that has been going on for a while here. you are seeing cd, savings rates move up but very paltry. but maybe an environment where you're losing principle or you're losing money you invested, keeping it safe might be reason enough for stocks to see some serious competition.

what do you think? >> yeah. so, you know as an investor you can only control what you can control, right? you can't control what the white house is doing, what congress is doing, what the fed is doing, but you can control what you own, what you're buying, what you're selling. this is not the time to be a hero like you were mentioning, neil. here are the questions every investor should ask themselves. number one, how do you minimize risk of a draw-down in your portfolio? a lot of investors got a second chance to sell the stocks. we dropped a lot very quickly again but we're still 8% off the lows. this is not the time to go all the way back in the market if you have cash on the sidelines. cash with 10% inflation doesn't sound good but sometimes cash is the right place to be, raising cash, capital on the sidelines, i think makes a lot sense right now. then understanding technology that have higher margins, that have pricing power, that are able to you know, lay off workers to money to the margins make a lot of sense. microsoft i think one of the stocks that will hold up the

best in this environment. smaller cap stocks, usually are not the place to be but a stock like rmni, they essentially, companies outsource clouding, cloud software and outsource their management to remni street. it less costs also more efficient and quicker communication. stocks like that you have to get very creative. cash isn't always the worst place to be. neil: wild stuff. thank you very much, luke, i think. after to luke's point, technology taking it disproportionately on the chin today, given higher interest rate environment, two year note at the highest level since 2007. 10-year following along the major rates following along, disproportionately affects technology stocks. all of those issues are under considerable duress. we have for example, a 10-year treasury now over 3.25%. keeping an eye on that, also keeping an eye on you know, how washington responds or wants to respond to all of this. of course the president has been big on spending including this

new initiative to forgive a lot of kids debt, better than 40 million of them, college debt up to 20,000 per person but that could compound this mess. steve, of course the former trump economic advisor. steve, where are we in terms of washington right now, what it should or shouldn't do? sometimes the better part of valor is to do nothing but what do you think? >> i think the central ailment of the economy right now, neil, is just way, way too much government spending and debt. the most important thing congress could do right now to make sure that the economy doesn't crash is to reduce the spending and reduce all the debt that is out there and of course washington is doing just the opposite. you know, the price tag, we don't know exactly what the price tag is for this student debt relief because we don't know exactly all the details of it, how many people will sign up. i've seen estimates anywhere from 300 billion to a trillion

dollars. that just adds fuel to the, to the flames of an economy that is in a precarious position. i want to make another point if i could. there is no such thing as a bad good jobs report. i mean if we get 500,000 jobs tomorrow that is fantastic news. now wall street may react negatively to that but they shouldn't because when more people working, earning more money, they can buy things, that is good for business as well. so we'll see. i think the big worry i see right now, quite frankly, is after this next fed rate increase, is, how fast is inflation coming down? look howing strong the dollar is right now, neil. it is soaring. import costs fall. seeing commodity prices come down pretty rapidly. so this is good news in terms of the fight against inflation. neil: of course the flipside of that for u.s. multinationals have to translate to local currencies back to dollars, they

get fewer dollars. that is not a picnic. >> that is true, too. neil: let me ask you a little bit about the backdrop for all of this. i agree with you, better to have a strong jobs report than not. i see the jobs backdrop very different from the '70s experience we were losing jobs, not gaining jobs. what do you think? >> right. i never seen anything quite like this before. we have an economy hit hard by the inflation oaf the last year and yet we have one of the best jobs markets we've seen in your and my lifetime, for people that want to get jobs but i think the other policy advice i would give to washington, look, stop paying people not to work at this point. it is one thing to increase unemployment benefits and food stamp benefits, other benefits to people when there are not jobs out there but when you have two jobs for every open job, i heard so many small businessmen and women on your show, neil, they can't get workers back. they can't get the new workers to fill the jobs. partly because they are

competing with uncle sam. casey mulligan, one of the top labor economists in the country at the university of chicago, estimates people can earn in some states 80, $100,000, free rent, free health care, free food, unemployment benefits, you add them up, it is hard for a small business employers to compete with uncle sam. neil: let's talk a little bit where the u.s. stands in all of this. with all our troubles we're not doing as poorly as other countries across the global. that is a compelling argument for the bulls to say, keep investing here. i know you're not a stock-picker, but i'm wondering about the wisdom of that argument? we're sort of like the tallest dwarf in the room. do you buy that? >> yeah. you just took the metaphor, words out of my mouth. i like the united states. any we're making a lot of policy mistakes but i think that they may not really show up for the next year or two.

so, that's why the dollar is strong, neil. why is the dollar strong? relative to virtually every other currency because we are the tallest midget. also when you have a, worldwide situation where everything is in so much flux right now, europe is in recession, china is in recession, people rush to safety, neil. and where do they always rush to? they rush to the dollar, they rush to the united states even though i think we have some big policy problems here. neil: by comparison though, our problems pale but again, how long does it last. as you say, steve, anyone's guess. thank you very much, steve moore, trump former senior economic visor. the dow is still down in and out of this selling wave that now is entering a fifth straight day. in that time we've lost what, close to 1800 dow points. a lot of people are saying you know, now that the nasdaq's kind of technically in and out of correction territory only a couple weeks after we formally

left a bear market, we're back in a bull market, people are scratching their heads, all right, it's stocks, that's one thing but what the heck is going on with homes, new homes, existing sales, you name it. builders and sentiment and real estate, after this. ♪

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♪. neil: all right. interest rates going up, mortgage demand heading down in this latest period. mortgage applications, for example, fell a little bit more than 2%. it's a steady trend right now in the face of these higher rates and a lot of americans getting very skiddish about whether this is a good time to be buying real estate at all. some say it is a bubble that is bursting. others say at the very least it is losing some air slowly but assuredly. glen kelman joins us now, redfin, one of the largest brokerage giants joins you now. glenn, you're worried about this

but how worried? >> medium. some demand has come back in july and august but what is really fallen off of a cliff are listings. anyone who doesn't have to sell a home now isn't. he or she is waiting for a better day next year. hopefully the fed will lower rates in 2024. there is no sign of that happening in 2023. neil: now depends on the market though, right? in florida, a hot market of course, ground zero for a lot of folks in this boom, now what some fear could be a bust, you're seeing a lot of new listings hitting the market, people hoping desperately they can take advantage of what once was a very hot commodity. i'm just wondering how you see that sorting out nationally? >> well, there are hot spots in the market but you, tend to see more listings where there is more builder activity. in florida builders have been very active. that is an example of an institution that does have to

liquidate the inventory. often builders borrowed the money to build the houses. but if you look at a place likes jacksonville, about 25% of all sales have been canceled where the buyer exercised contingency, said 9 inspection was wrong or appraisal was low, decided to exit the deal. that is one of the highest rates in the country. even florida not immune. neil: what happens when people do bow out of contracts or are they doing it of their own volition or does the lender say, the math doesn't add up for you, you will have to cut bait? >> well, you see both and, the great financial crisis in 2008, we saw people walk away from their ernest money because they just couldn't afford the house. they lost their jobs. often the lender will be the first to notice that. in this case, i think people are worried about their stock portfolios because the market has been down but employment has been really strong. so i think mostly these are buyers just looking at the headlines, deciding that time is

on my side. that if i wait another three months i will get a better deal. neil: what about the high per capita income markets? i believe you're based in seattle? that would certainly qualify as one of those but even there we're seeing trepidation. what is going on? >> home prices increased too fast in 2020 and 2021. the markets that have been hardest hit are in california. so the only place where prices are down year-over-year on an absolute basis is california. look at san francisco, san jose, people are leaving california for other states. some of that is because of tax reform. some because of the cost of living but it's a real challenge for that state long term. neil: when you look at the rate environment it does seem, all of sudden for people getting used to three something mortgages, now you're approaching six something on a 30-year fixed it is a big adjustment but there are adjustable rate

alternatives, not like the days of the last boom, people were able to jump into something pegged to the 3 or 6-month bill. the flipside of that though in a year or two you had to get out of it again or the rates would back up and you would be in a real pickle. now your 10-year loans hold constant for that long, allow you time to, you know, renegotiate, you know a fixed-rate more to your liking. will that buffer the blow? the fact that we have a few more flavors here? >> a little but recently we saw an inversion in the market where adjustable rate mortgages actually had higher rates than the long-term mortgage. so realtors have been saying for decades to date the rate, marry the house. neil: right. >> in this case that has gotten harder to do. one unintended consequence of low rates in 2020 and 2021 is that we just have a massive amount of rate locked inventory. we created this landlord nation where so many people who

normally never would have rented out their home, when we talk to them about moving up, they decide they can get someone else toe pay the mortgage on their old place quite easily, they want to keep the 3 1/2% loan for the rest of their lives. neil: let me ask you this. you've been around the housing arena a long time. i can remember the last meltdown. it was a big one. i don't see any of the features of that now. i don't see people willy-nilly trading properties sight unseen like chits on a poker table. i, you know, we obviously are a lot more stringent getting people approved for mortgages. we've advanced from, you have a pulse, you have a loan. and i also look at the backdrop of very strong job growth. now that might be taxed, it might be waning in the months ahead if these rate hikes keep up but the backdrop to me, the overall backdrop, looks pretty good or maybe i'm just naive, what do you think? >> no. you're not naive. so i was the ceo of redfin in

2008 too, and what we saw people way over their skis on their mortgage, where they had to sell their house f we thought it was worth 400,000, they were hoping to get five, they would still put it on the market because they were short on the loan. that created a massive glut of inventory. today we have trillions of dollars of equity that people who bought in 2020 and 2021, may have been in a high-water mark but they're still in good financial shape. so we're not going to see a mass exodus in the market. there has been some volatility because of the builders have been getting out a little bit. the i buyers have been liquidating fast but the rest of the market is holding steady, actually keeping inventory off the market. it is thinly traded right now. neil: i guess. glen, thank you very much. good seeing you again. good luck with everything. glenn of redfin. >> thanks. neil: meantime, waiting for word from a florida judge weighing the possibility of a special master or someone other than the justice department to take a

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neil: all right. we're about an hour away right now, not even, actually i think a little more than half an hour a way from a florida judge deciding yea or nay on donald trump's request for special master to review a lot of the documents and other material taken from his florida home a few weeks ago. it is not a slam dunk the former president will get his way. david spunt pro west palm beach. reporter: neil, the former president's attorneys walked in a little while ago. the department of justice attorneys on their way right now. we're talking about this idea of a special master. we've been talking about it for weeks since the fbi went into mar-a-lago.

a special master is independent third party arbiter, a retired judge or attorney that has nothing to do with this case and potentially return evidence not related to the scope of the investigation to the former president. last night, neil, the trump team out with 19-page filing to argue for special master. the former president says it is necessary to have a neutral party to make sure the doj was above bar with every aspect of the investigation. the trump says the government does not cite any precedent the movant, donald trump, has to appoint a special master. past requests for special master, assume rightly a target of search and seizure has standing to seek review of seized materials. doj says as initial matter the former president lacks standing for judicial of oversight as to presidential records because those records do not belong to him. the presidential records act make clear the united states has complete ownership, possession

and control of them. up to judge eileen cannon, a federal judge ironically appointed by president trump. she will make the decision as soon as today from the bench, neil. neil: thank you, david. fred tecce, former special prosecutor. fred, what are the odds that the trump legal team get the special master? >> if i was a betting man i think odds the judge will appoint a special master for a lot of issues. not the least every issue justice department raised can be ajudicated by special master and she can call balls and strikes one way or the other. neil: the case boils down to documents that the former president shouldn't have had, lied about having it after that and then claimed that he had declassified them long after the disrecovery was there that he had them in the first place. so is that obstruction, if you

lied about this? >> well you know it is interesting, neil, you see obstruction thrown around a lot more more and more all the time. the question whether or not that is obstruction whether or not there was kind of an underlying crime. if you're standing in the middle of times square, you see fbi citizen, did you see elmo and you say no, and they grab your phone and see a selfie with you and elmo, charge you with obstruction, watching elmo going down the street is not a crime. the question really is whether or not what the president had was obstruction. when i invent a time machine, after i go back fix issues with my father, one issues i may go fix there is lot of blame to go around here. the government tried to work with trump with respect to getting documents. they issued a grand jury subpoena. you always have the right when you get a grand jury subpoena to file a motion in federal court to quash other limit the grand jury subpoena which they didn't do. once that didn't take place, the government takes the next step, escalates for lack of a better

term issues a search warrant. this issue whether or not trump had the documents had are legal or not illegal could have played out a little bit differently than we're seeing now. neil: we don't know what is going on behind the scenes, you're quite right, fred. we do know there was a point where donald trump said he was cooperating fully with investigators and those that want to get their hands on the documents. as i said at the outset he said he didn't have such documents. after they got the first wave of them voluntarily we might point out, we're told that the trump legal forces said that's it, there is no more here. then we had information to suspect that many more documents were there. now i guess -- >> correct. neil: the reason why i'm belaboring this point it seems, and you're the lawyer, i'm not, but that the justice department is honing in on those inconsistencies saying one thing and actually doing or having another and that alone warrants

the type of thing that they did, raiding his home to get the documents because they argued in the end, you knew, mr. president, declassified or not, whether you declassified or not you shouldn't have had them in your home. you did it and now you're in trouble because of it? >> that's a great point. so that gets back to what i was saying earlier, when you get a subpoena, when anybody gets a subpoena, it may ask for a through d. you may say i don't think you're entitled to c, d, e. i give you a and b and not give you c, d, e. when you do that you should file some type of a document indicating you objected to producing these documents which didn't happen here. there is a lot of blame to go around quite frankly on both sides including president's sides, his lawyers. they should make it clear they are not producing everything. they are producing what they believe to be covered by the grand jury subpoena. had they done this kind of the right way, had gone through a federal judge, look the government is asking for this.

we've given them it. this they think there is more that they're entitled to. call balls, call strikes, tell us which way to go here. instead the government gets stonewalled. you know what? when the rottweiler has his teeth around his arm, you reach up with other hand, you pet it. you don't punch the government in the nose. because you get armed fbi agents and a search warrant. so how we got here is kind of a series of missteps but here is where we are. neil: this is a very dumb question but you entertained them over the years from me, fed, what if the president and legal team made copies of everything taken by fbi agents? >> if they did? that raises a great question. if the documents he has he is not supposed to have, it's a crime to have, he turns around makes copies of it that would not be such a good idea. if i was the government, if i was president's lawyers, i would be saying look, these are, government is asking for this stuff. ultimately if we prevail you make copies or get them back,

but making copies now when the alleged crime you have documents you weren't supposed to have in first place, having two of them would be twice as bad. neil: interesting. fred, thank you very much. >> thanks for having me. neil: he along with much of the nation waiting to hear what we get out of this florida judge's courtroom, whether she will in fact allow the president the opportunity to have a special master to review the very documents that the justice department now has in its hands. it is very clear that donald trump is quite familiar with those documents. but there is a worry and a concern that this is a stacked deck against him and he wants to see exactly what doj has and just how valuable it is to them and to him. after this. ♪.

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though unlikely, a risk of pml--a rare, serious, potentially fatal brain infection--cannot be ruled out. tell your doctor about all your medical conditions, medications, or if you are or plan to become pregnant. if you can become pregnant, use birth control during treatment and for 3 months after you stop taking zeposia. don't let uc stop you from doing you. ask your doctor about once-daily zeposia. (fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher investments. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different. neil: all right. migrant buses just keep on coming and coming. this time to chicago, another

sanctuary city. grady trimble following all of that from the windy city, grady? reporter: neil, we were there as those first two buses of migrants arrived in chicago last night around 7:30. several migrants waved at our cameras. one gave a thumb's up. one said in spanish something to the effect of thank you to president biden. [speaking in native tongue] reporter: two buses had just under 100 migrants on board. at least a dozen by my count maybe more were children including infants. the migrants i talked to they thought someone from the city would be there to help them when they got there. >> i think it is unfair to be thrown here without any information and just get, get off of the bus and that's it. reporter: you don't know where you're going to go? >> we don't know anything. we don't know anything about it. reporter: after halve half an

hour members of chicago office of emergency management. they loaded them into two city buses they were taking them to a shelter. greg abbott loves to tout the city to welcome all regardless of legal status. he looks forward to responsibility in action as these migrants receive resources from the sanctuary city. for her part mayor lori lightfoot says they will provide migrants with shelter, food, protection. taking a swipe at abbott, unfortunately governor greg abbott is without any shame or humanity. ever since he put the 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 more than 7500 migrants to washington, d.c. more than 1900 to new york city and now he says that chicago will be a new regular drop-off location for migrants.

neil? neil: so they're offended they have to deal with now what texans have been dealing with on a daily basis and they don't like it? reporter: something they have welcomed for a long time, anybody who comes here will be welcomed, will be given services, won't be reported to i.c.e. and now governor abbott in some ways is calling their bluff. neil: seeing the results. thank you very much, grady trimble in chicago on all of that. also keeping you abreast of a couple of other developments. of course a big labor day travel weekend is on. we're told a lot of folks will be traveling. likely a lot of planes could be delayed or canceled. look at the bright side. a commitment from the airlines if it ever were to happen to you at the very least, at the very least, you get a nice food voucher. after this. ♪.

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♪. ♪ this is major tom to ground control, i'm stepping through the door ♪ neil: instead of major tom, major elon? elon musk always finds ways of

making money this is pretty big. his spacex was awarded at least five more crew flights courtesy of nasa, five more of them to the tune of $1.4 billion deal to help shuttle astronauts to and from the international space station. he is their contractor de jure for that. in case you're counting, spacex has enjoyed 14 such total missions with these now promised through the space station in 2030. the guy is on fire. no matter where he goes he has a way of making substantial amount of money off of that. we'll follow that. if your views or at least your goals are a little less outer space than that, but you still want to get up there and fly around this weekend, certainly for the labor day weekend you could have some waits and delays and now possibly an airline pilot walkout. we'll get the details on that in chicago with garrett tenney at o'hare international airport.

garrett, what is going on there? reporter: yeah, neil, it's safe to say no one likes their flight being canceled much less delayed. there has been a lot of that going on this summer. pilots don't like it either. that is in part why they're out here picketing today at o'hare airport and airports across the country. calling on airlines to improve operations and cut down on delays and cancellations. since june u.s. based carriers canceled 47,000 flights according to flightaware. here is the local spokesperson for the airline pilots association. >> we're right there with the traveling public. pilots experienced same delays that the traveling public has. again that's why we're here. labor is the source of keeping those pilots flying and we're here to support that. reporter: this is the third time this year the union has pick kitted and timing of these actions is important to note. it comes right before the busy

holiday travel weekend. as airlines pilot association is in the middle of contract negotiations with airlines for roughly half of its pilots including delta air lines tells us in a statement, these exercises by off-duty pilots do not interrupt customer operations. this is picket something to simply gain leverage at the negotiating table. the airline industry has been under a lot of pressure over the staffing shortages after receiving $54 billion in federal aid in payroll to cover the pandemic. so far airlines have hired more than 5500 new pilots, more than any full year in the last three decades according to consulting firm future and active pilots insiders. getting the new pilots trained and up to speed t does not happen overnight. it will likely take time before we start to see the result of that effort show up on the flight board. these pilots, all of the pilots picketing are off-duty. the airlines say it will not affect travelers flying out this weekend. neil. neil: to clarify on that,

garrett, the pilots you see behind you picketing they were not scheduled or decided to hop off flights they were a planned pilot? reporter: correct. they're picketing on off days. when they're scheduled they're back on planes. this is informational purposes, letting folks know that are traveling we're here with you. neil: mark mark murphy our travel expert, that is reminder, mark, what flyers have to put up with, taking garrett at his word and airline industry says it won't affect existing flights that are going out but it will be a nightmare up there for a lot of folks. what do you see? >> well i think you will always have these delays going forward because of the staffing shortages. that is the root of the problem and when you talk about the billions of dollars airlines took in order to maintain staffing levels which was the purpose of the money from the government to subsidize them, to then end up in this position when travel rebounds is beyond despointing for the travelers

and, i think it directly impacts the economy because people don't realize how important air travel to a booming economy. you didn't talk about it but the airports and how airports like heathrow putting a cap on flights. neil: right. >> now you've got the airport in amsterdam doing the same thing. it will be climate change or going to be staffing, any number of things but seems like self-inflicted harm is the way to go these days when it comes to travel and by air. neil: apparently the airlines worked with the department of transportation to at least provide some support to flyers. they're going to provide meals, hotel rooms for those who see their flights delayed or canceled. i always thought that was a normal staple of events anyway but i guess not. what do you make of that? >> they're trying to formalize it. when you're saying it i'm kind of chuckling to myself because oh, if you're delayed and it's our fault, here is 12 bucks to

go get a sandwich which in these days in the airport, this thing called inflation might get you a snack pack or something. you know what? it is at least a step in the right direction. more rights for passengers. think about all the reasons why flights get delayed. it's the weather. it is the air traffic control. it is a slowdown at newark. the airlines can basically weasel their way out of providing anything if they want to, short ever something that can be directly attributed to their own actions and that is going to be a little tough. so it is going to come down how much pressure you can put on airlines from a pr standpoint but then again you if you think about it, 85% of all domestic air travel is controlled by four airlines. so where is the leverage? if you're in a hub like atlanta, delta, that is basically your choice. so you don't have many options these days as a traveler. of course we're also seeing a spike in ticket prices to go along with this. neil: most obnoxious trend at all, i can understand delays,

weather, flights outright canceled, we covered a lot of that of late families, everything waiting for a big trip, their plane all of sudden canceled, and no alternatives given, it is just canceled. there has got to be a law. >> right. the problem you run into it is act of god, it is the weather, or you know what? we'll proactively can sell flights because we know there will be issues because of pending weather, what have you. therefore in order to avoid massive fines from the federal aviation administration which they can impose, we'll preemptively cancel flights. you see that in winter time when there is pending storm. that is proactive cancellations. that is a direct result of those rules. neil: they are the ones left scrambling, depending on your expertise, mark, going online, see what you can book, that shouldn't be on them? >> no, it shouldn't be. what i always encourage people to do, if you have a trip planned, it is tied to something like a cruise departure you need

to get out early. if you are tee delayed, there is domino effect. if you're not booked three or four days. your ship in down in the caribbean. good luck catching up with that. neil: advising people on delays, waits, what is advice how early you have to get to the airport? >> i would get to the airport two hours beforehand because it is hit-and-miss. i would download my tsa app. see what wait times at different terminals in the airport. that is pretty decent giving you heads up. i would look at alternative airports as well. always look getting first flight out. you can go see that inbound flight that was coming in for that 6:00 a.m. departure, it may have already arrived the previous night at 10:00 p.m. it is sitting on the tarmac, already at the gate. there is no issue whether or not you get on the plane. that plane will be sitting there as opposed taking 4:00 p.m. flight, delay from chicago, connecting flight never gets there.

that is the flight you will board. now they're okay cutting back on flights, they're cutting back on schedules. there is not as many open seats. planes are full. you will get bump and may not get rebooked couple, two three days if it is a bad weather issue. neil: lovely. wise words all. mark murphy, thank you very, very much. mark murphy travel expert, he knows his stuff tries to help folks out getting through stuff that could be unpleasant like long lines. look at bright side. get the 12-dollar vow etcher. wonder if it is good at cinnabon? probably not. more after this. ♪

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amy: neil: the dow is down 173 and 2 thirds points. we are opening the florida hearing to decide whether donald trump get his sort of master that will oversee a lot of the documents the justice department gathered from his home. the special master whatever

role he or she will serve again if the judge approves could go a long way toward resolving the heat and everything else generated since the raid, the selloff in the dow, the nasdaq itself is in and out of correction territory, 10% or more from its highs. the major market averages in the last five trading days and fifth day of losses in case of the dow down 1800 points in that time. selloff ensues, we are keeping an eye on it because we are getting the economic news that propels that. gerri willis is with us on that. >> reporter: one stock is trading higher, trading a little higher with internal communication revealed that the company, an unknown number of jobs, that plan is response to the slowing economy.

employing 95% in 2021. it will spin off its healthcare operation, the numbers after posting its third straight month of declines, it is a signal recession razor overcoming dwindling supplies. while price swings due to diminished trading activity as consumption declines in the us and europe, prices spiked $120 a barrel. remember after russia invaded ukraine, trading below $95 a barrel and finally t-mobile shares lower after the company said it is laying off workers, managers and executives, the moves apart from the restructuring program, thousands of jobs, the company emerged from sprint.

neil: you know it is getting pricey to buy a home, you should rent one these days. jeff? can you hear us? all right, you will have to trust me on this. madsen money founder, with stocks, a lot of jitters. all the people running to stocks, i apologize, don't have that there. we are prepared for this possibility, put crazy glue on it. the bigger picture items, you

and i have seen this all the time. and and attractions to other companies that might do the same. >> an ongoing trend emerging now, laying people off and the economy is not what it was. we could be heading into recession and we had two back to back orders of negative gdp growth, 3m shares, people get confused, people being laid off and wall street says we are taking action and we like that. neil: a lot of other companies are bored and chairman and ceos and that could be tonic for us. >> like a flu the catch is across corporate america, ceos talking about what we can do, things are not going as we thought.

costs continue to rise and economic activity seems to be weakening. that's a vice grip. neil: we will talk a little bit and we have talked on and off in the last hour or so with real estate players, this is nothing like the last one. there's going to be a let down for people, this can't go at its pace so things slow and it's not going to get worse. i am wondering about that. you look at this closely. >> big fan of the real estate market. people are worried about 15% correction and real estate prices but if you see gains of 20%, 30%, 40%, that shouldn't concern you because you are giving back something but not everything. the real concern for the economy is going on with rent

prices, that is deeply worrisome because those people have no options. maybe you were trying to buy a home but want to rent but rent prices, $4000 a month. very nearly there, that's concerning. people will get hurt in this meltdown, may not be people who stretch too much for house but builders themselves. neil: average folks as well, you are what you perceive things to be. consumer confidence has dropped to pretty low level in the backdrop is different than it was in the 70s. i wonder are we starting to see signs that they are acting on that, they are certainly going to different types of retailers, but they have already decided to change the way we do things. neil: i scour walmart's reports

and people trade down and it is not just trading from branding goods but from a full gallon of milk to a half-gallon. that is something to use, i'm not going to buy the full gallon, there's pain out there particularly for some folks and it is worrisome to see those prices continue to rise. can be get a break? that would be fabulous but so far americans are concerned about those prices. neil: i'm not deeply concerned about hitting you unannounced and everyone out of the park, but enjoy it. we have got jeff flock with us on the aforementioned phenomenon, out of control, how to deal with that. jeff: i apologize for earlier. i got talking to somebody in the street and stopped listening to you. don't know how i did that. some days.

i'm in the town of philadelphia, a lot of rental properties, rents are out of control, a lot of people behind on their rent. 8 million people behind, they think they will be evicted and it is because of high rent prices as well as high price for everything else. gerri mentioned in new york out of control even though you have rent control, 40,000 for the average 1-bedroom apartment in new york, 3,000 in san francisco, san jose in boston pushing $3000. crazy and even actions on the way up across the country, st. paul up double from what it was normally in terms of evictions. houston up double as well, tampa up 50% over normal and this has led merrick garland, the attorney general to make an

extraordinary video appeal to the nation's lawyers to come in, volunteer their time to fight evictions in court to keep people in their apartments. only problem is that is a good idea but what about the landlords many of them small mom-and-pop landlords were counting on that money. we talked to a landlord group in philadelphia here, only one other alternative if they get underwater. >> if you are a rental property owner and say to yourself i am not making money, what is my alternative? the alternative is turnaround. when they see what they can make, a decent choice for them to say okay, i will throw in the towel, take the money and run. >> reporter: that is just what is happening. the property you see behind me is fully rented, it is on the market as folks can't seem to

make the numbers work, that they don't get their rent and you know what happens when a property sells, first thing the new landlord does is comes in and raises rent. it is a bad spiral. neil: thank you for that. jeff flock in philadelphia, the rent phenomena and store you don't hear much about. for rentals it is just as crazy these days. in the meantime the hearing the will decide if donald trump gets his special master review documents taken from his home by the fbi, that is on, but the judge will decide, whether to approve the special master, we are hearing from the justice department isn't necessary and under control amadou we do that after this.

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neil: our ever intrepid david spunt doing the story of stories at the moment, putting up and toiling in west palm beach, florida, a very

beautiful locale. it is very hot and he's right to say that but he's following a story that is harder, whether donald trump gets to look into exactly what the justice department talk and why they took it and whether or not that is fair game with the raid on his home a few weeks ago. this judge will decide if a special master should be appointed. that's what it comes down to. >> reporter: exactly. we don't know when federal judge eileen cannon who was appointed by donald trump two years ago to the federal bench will make this decision. we know the government and donald trump's attorneys are inside, 10 minutes ago it began but we are in uncharted waters, we have never seen anything like this involving a former president, no telling how long this could go, the department

of justice trying to build a case against the former president from violating the espionage act and potential charges of obstruction of justice but it is interesting while the doj in its filings mentioned the word obstruction multiple times the trump team used no such word in its 19 page filing, focusing on this request for special master which we said is a neutral third person are better, retired judge or attorney not related to the case that will look at the evidence collected and return some evidence not related to the scope of the investigation. the trump team pushed hard for a special master. that is what they will do. the former president says it is necessary to have a neutral party and make sure the doj was above bar on every aspect of the investigation. the trump team to the government does not cite any precedent for a certain the movement meaning donald trump lacks standing to request the appointment of a special master court assessing past request for the appointment of a

special master that assumes rightly the target of search and seizure has standing to seek neutral review of these materials but doj says the former president lacks standing to seek judicial relief or oversight as presidential records because those records do not belong to him. the presidential records act makes clear the united states has complete ownership, possession and control of them. what will federal judge eileen cannon do? we will see what comes out of it. neil: former deputy assistant attorney general, whether there is a special master or not approved by the judge this case comes down to was donald trump on the up and up with federal authorities when he said he didn't have any documents when he did and furthermore down the road to say what documents were voluntarily turned over and there were more. so that is what it comes down

to. is that what the doj is looking at? a simple case of obstruction much more than having documents in hand, lying about it. >> exactly right. the justice department focus like a laser on the obstruction question. the obstruction case is easy to prove, just say a was false, they knew it was false, there's your obstruction case. we will hear the question that is not related to the underlying question. what we will here is whether the judge will appoint the special master which i don't think will affect the bottom line outcome of this case as much as it might delay the proceedings. neil: how would it delay it? give the special master time to review the documents, everything the justice has? justice took the documents the trump team knows were there so there is no mystery to what is missing.

>> there is no mystery there but usually this would work, the special master would go through the document and during the time the special master was reviewing the justice department would be prevented from looking at the documents so the justice department wouldn't be able to dive in and start reviewing the documents until the special master completed his or her work. neil: what if the justice department is done that? >> they have already done that. the horse not only has left the farm but is running across the pastor and his down the road, too little too late. you should be here after the search warrant was executed, something trump lawyers have to argue against. neil: this obstruction, whether it is something justice will pursue or attorney general garland will go ahead and recommend they pursue is fraught with great risk because it is different we are told when it is a former president of the united states though this is unprecedented i grant

you but what do you make of that? >> the analysis is different, if it is obstruction case against a normal civilian, and different considerations come into play. whether the actual crime is sufficiently important, sufficiently damaging to national security as to warrant the extraordinary step of indicting a former president. if the documents aren't super classified them if you could argue there's a lot of damage for national security that would make prosecution of donald trump harder. neil: the doj says this is a waste of time, the special master and all of that. there are several there that involve attorney-client privilege and the like. how would they know that? >> bringing in a special team,

filter team that would look at documents and a lot of times, attorney-client privilege document, you can tell from the face of the document because it would be a memorandum to trump from a lawyer. this is clearly attorney-client privilege. in a special pile, the doj prosecutors considering, and and for documents prosecutors will actually see. neil: were told that they would wait until after the election, if donald trump as part of that election, say he is elected president again, then what. >> of donald trump or president presumably he would have an attorney general who might see the world different than merit garland when it comes to deciding whether to indict. you have a problem the justice

department's position you can't commonly indict a sitting president, the only constitutional remedy for president who misbehaves is impeachment, they would have to navigate that issue too. we 20 i know you don't wait into politics but this could be another reason to buttress the argument he runs for president. >> you won't be doing anything in the next 2 months, before the midterms. once the midterms happen, you won't have a window of opportunity but if you're putting on your merit garland hat it is the window of opportunity before donald trump becomes an elected official again. if you are thing of bringing criminal charges that the timeframe. of the 20 two years can go by forever. >> this is far from a simple case. if charges are ultimately brought it will be the battle of the century.

neil: the former deputy assistant attorney general. i was noticing dramatically paired our losses, tom dupree is speaking and he is a calming presence, what are we worried about? nothing. a little more after this. ♪ ♪

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neil: wasn't long ago kids didn't go back to school after a summer off until after labor day. most kids started this past week, that has been the college in -- kids in middle school and high school but it is right now in the one shock for kids buying school supplies is they cost a lot more this year.

madison allworth. >> reporter: i remember when i went back to school it was after labor day. some kids at least in new jersey are not back to school and those families around the country finish up their school shopping, hit by huge price tags. you look at the cost on average a family is spending $168 more this year on back-to-school supplies compared to 2019 pre-pandemic. families are expecting to pay $864. we spoke to two moms of three kids shocked by the bills they had this year. >> the calculators get you and you have to by 3 scientific accolade is. >> we went to staples and i paid $150, not sure what, was a lot of paper and folders and binders and that was it and it was $150 before i could think

about it. >> jennifer did a lot of shopping at discount stores with offbrand prices, when you look at these brand names i've done some arts and crafts, sharpys up 55% in cost from last year, and up 70% and costs. when you look at these prices you understand why families make adjustments to make back to school, 18% say they are working additional hours for back-to-school shopping and 17% are doing by now and pay later and 12% going into debt in order to make sure kids have what they need to get ready for school and once the school year starts the expenses they don't stop, if kids are in sports, the end of summer for a lot of kids is sad because it means

end of fun and back-to-school but you get families and costs there's another layer of pressure on families they get ready for a new school year. neil: thank you very much. congressman buddy carter, government spending hasn't helped the issue but these are pretty eye-popping numbers. >> certainly, as reported out, school supplies this year one hundred $68 more than they were in 2019, 30% increase, $164, you got to be kidding me, direct result of president biden's inflation crisis, direct result of the out-of-control spending of the democrats we experienced in washington dc. this inflation reduction act which i referred to as inflation separation act, puts fuel on the fire. people can't count on the federal government to help

them, spending tax dollars on green new deal initiatives or paying back student debt. it is ridiculous what is going on here. we 20 they come back at republicans, you had a role in this and other factors going on as well that contributed to that. it looks like the president will get his way at least initially with forgiving a lot of student debt and would be overruled in the courts, couldn't do that but how do you undo that and this money goes out to all these kids, the federal judge comes along and says you can't do that? >> great question. we've been asking that not only about student debt but a number of initiatives that have been instigated and put into place

by the biden administration, with prescription drug pricing, that something i'm interested in as a pharmacist. how are we going to undo that when we get a majority, that will destroy research and develop an. those questions are what we will be faced with when we get into majority next session. with out-of-control spending. neil: when you get back to the majority are you worried, talk about how tight these polls have become, the seat flipping in alaska, might be temporary, but democrats are feeling their oats a little bit and now some indicators it going to be by the margin you want? nancy pelosi saying we will hang on to the house, forget losing it, the senate is ours as well. what do you say? >> alaska was an anomaly. 60% of voters voted republican

but you got a democrat elected with less than 40% of the vote. that was an anomaly. i've been watching polls and i see -- this is not unexpected. we knew there were going to be some waves here during this election cycle, 68 days to go, i can assure you there will be some changes but i'm confident, we've got the right message, we understand people are hurting right now, inflation, gas, grocery prices, immigration. neil: a lot of people saying you are trying to ride the wave here, disarray the economy and elsewhere, your message to voters is we are not just against something, we are for what? >> that is our commitment to america. we are for making america stronger. we are for making the nation safer, we are for having the future that is free and having the government that is

accountable, those are the pillars of our commitment. neil: what specifics are you don't want to spend as much, cut taxes, a couple other examples to close the deal with american voters who are still a little unsure. >> we are ready and hit the ground running when we get to january to take the majority, we are working on healthcare, our economy, china, telecommunications mall the things people are concerned with we will address those and be ready to go in january. neil: you would be for revisiting opening up more oil lands for production? >> after losing a question. unleashed american energy, do away with regulations that are killing us now and we've got to make sure we are not doing any harm, not putting more money into the economy, that is what is causing inflation. neil: you would cut taxes, they would benefit the rich with

their tax cuts, we are trying to benefit average folks with spending, you are saying it is not the case at all. >> not the case at a perfect example of tax cuts and jobs act we passed when we were in the majority, they are coming. neil: we will watch closely, buddy carter, beautiful state of georgia. in the meantime some trouble for those looking at electric vehicles as being the future, the future stumbling because of something called the utility grid. kelly o'grady on that in california. >> reporter: california is looking at a historic heat wave through the holiday weekend. you never guess what officials are asking residents do to conserve energy. i will tell you more coming up. ♪

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and i always thought it would be so difficult to lose weight, but with golo, it simply wasn't. neil: we are told electric vehicles are the vision of tomorrow, we want to make them the transportation do sure, going to stop selling gas powered vehicles but might be getting out of your environmental skis. will the energy grid in california has a world of problems. neil: we are dealing with bad heat out here. and and this is the worst heat wave we've had this year, and

officials who deal with that, the california group operators asking residents to conserve energy during peak hours from 4:00 to 9:00 pm, making sure thermostat is at 78 or higher, and and they banned the sale, with rage anxiety, at not being able to charge not getting hot. and we want to make sure how residents feel about the mixed messages. >> the grid can't support it. >> it is kind of a hassle. whereas if you have a gasoline

engine, to crank the vehicle. >> of the men's ability may be in doubt for some time. capacity to the grid, demand is rising faster and it is expected to increase to 1800 come 2,025 relieving 1 to 2 million people without power let alone being able to charge their ev so energy experts and residents worrying this he waves proof the grid is too vulnerable to deal with the influx of evs we are expecting in the transition plan is not there yet to do it financially and operationally. send it back to you. neil: imagine of california got all those drivers, everything was electric vehicle, imagine that system. i want to get back to something that is a big issue, the push to get workers back in the offices.

let's say that is not going down well with a lot of folks, this one in particular. >> crash my car into a telephone pole, with no seatbelt on. neil: you have to see the whole thing to appreciate the magnitude of it but a young person not keen on going back to the office because it disrupts what has been a nice lifestyle, you can work out during lunch, dressed casually and all that, charlie gasparino seizes on stuff like this to say it is all these clueless millennials and younger. much younger. what do you make of that? a lot of people not happy and she is one, you are saying that is all of these people. charles: tech has felt it, people in the office, meta, facebook and wall street starting to lay down the law, people have to come back to the

office. david solomon, james corwin, they are tired of it. the hampered class of worker. neil: do they all need to do that? charles: some of it is not just going back to the office. they turn to wall street. they have workers who have a lot of leverage. three or four years because there was a huge boom of dealmaking or trading and need people to process that. these kids have leverage over what used to be a very darwinian place. that, all of a sudden -- neil: not just kids who had that leverage, 11 million plus americans quit jobs and all that. charles: mostly on wall street, the younger staff, there's a clear divide in attitude, work habits, people of my age and younger and these millennials

are an entitled bunch, brainwashed -- neil: receptionists and other office personnel not that age. charles: that is not where the attitude is, the productivity issue. having been brainwashed and woke college campuses. it is swinging the other way, that is what i hear and one of the first step swinging the other way, laying down the law -- neil: why do you hate young people? you were young once. before they are young and i am not. neil: it is a personal issue eating away at you. you got to take your anger out on them? charles: you should be my entry producer. neil: they are you are coming onset. craig: or charles: we have breaking news.

digital world acquisition, and truth social, and questions regarding its business model. they intend to proceed with the merger. they need more time to make it work. asking for shareholders to vote in favor of an extension of the merger for one year, get stuff in order. that deadline for that extension is september 6th. if you own shares of digital world you might not know it but there is a vote and it is an important vote and management wants that extension because they think they can make this work. neil: it needs donald trump. charles: i don't think that is it. neil: he is the ringleader. charles: convey gone google

play? that is the question whether they pay vendors or disagreement with one vendor, from what i understand, digital world people, they believe the best way to make it work is consummate the merger where truth social have to assess. neil: it is not a slamdunk. charles: one of the issues, people make it personal, the media hates trump, and -- neil: the name doesn't help and truth social is a mouthful. charles: none of these platforms do very well. is twitter, twitter's balance sheet a lot, the musk thing, but you know, it is funky earnings, very little cash flow.

it is intensive, capital-intensive to create an apps where you download it, it seems seamless but to create that infrastructure is extensive. this is a rough game and -- neil: it is rougher? what is so bad about going to the office? i love it here. free coffee, snacks upstairs, bananas. i get to yell at my producer to her face. neil: back in the office because i want to see charlie. the views expressed by charlie gasparino to you viewers younger than 50 are his and his alone. stay with us. ow much i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates,

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next guest, and to free southhampton, super sheep places. more -- good to have you. tell me how you are dealing with this. even your crowd can be price resistant, but how are you handling that, dealing with an entertainment establishment, a place to visit in high-priced neck of the woods so how do you deal with it. >> they are less price sensitive, nonetheless, it is affecting everyone which we are in the midst of a major storm if i can use that analogy. we manage not to raise the prices and the majority of people in establishments did not raise prices. neil: what do you do?

part of your theme on your site as we are keeping summer sexy but sexy comes at a price. your crowd comes in to deal with this, to keep a lid on costs. he really think some of them would bolt if something went up 10%? >> i do believe that. we didn't start raising the price, we raised the standards of guest satisfaction, and mental health is an issue in america and new york and offer amazing, amazing -- and above and beyond great experience, that is how we try to tackle obstacle challenges.

neil: a farm to table type operation, if we don't raise prices how do you counter that? >> we haven't -- nothing. obviously not sustainable for the long run, it has taken a toll, cutting to the bottom line. honesty, a place, a much better guest satisfaction and better service but the truth is we are in the midst of of the storm, things are very challenging. neil: you are going to lose money on people like me. or conscientious about eating, they will hold back but maybe

you could change that. >> we are not changing it. have fun and dance and enjoy our events and the nature of it all. neil: the unlimited -- with the food, i will be hopping out there. best of luck to you. thank you very much. the aware there are alternatives out there. they are a little bit of a drive. a little more after this. ♪ ♪ you will find it ♪ time after time ♪ if you fall i will catch you ♪ i'll be waiting ♪ time after time ♪

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neil: let me go to my buddy charles payne. to see what he can cook up in the next hour. charles? charles: i feel like an alchemist. thanks, neil. i'm charles payne, this is "making money." breaking right now the summer rally is fading fast and the bears are pouncing. i warranted you yesterday to brace for a fall. keep fighting. fortune favors the bold. there is market. you've got to be smart. my market makers will share what portfolio moves you need to make now. companies announce layoffs and initial jobless claims falling