how close are we here? you got it right, ash. ashley: ah. good guess. >> that is 250,000 visitors per day any given day in 2019. they spent $17 billion those tourists. ashley: lucky lot. stuart: two episodes ever my fox business show air to night at 8:00, you got to watch it. neil is back, thank you very much. neil: stuart, look forward to that. we got a little bit of buying here. i stress a little bit of buying. step back, this is after labor day, everyone focusing after work, getting back to school, a number of kids have been back to school a number of days. what are the odds we negative year into positive one. in today's "wall street journal" while they are fractionally very

small turn around double-digit averages in the back, likely higher where we are now. looking at odds in history, this four-month period going back to 1928. but to get back in the black that would take a lot, where you think we stand right now, all major market averages with the dow down 14%. s&p 500 about 17 1/2%, of course the nasdaq is down almost 26%. can we make that leap? kenny polcari joins us, and we also got mitch roschelle, macro trends advisors partner. kenny, begin with you, it would be quite a climb, not totally unprecedented but next to impossible but what do you think? >> listen, i, i am in that same camp. while i was much more positive earlier, earlier in the summer i just don't see it because look, the s&p is down nearly 18%.

we have to go up 22% just to be even 4100 on january 1st. as much as i would like to say we'll get there, i think the road will be rough. i think we have a rally into the end of the year i think it falls short. neil: would be even tougher, if you think about it, mitch, for the nasdaq down close to 35%. you have to make up that kind of ground to get back into just flat even money. that's a leap. what do you think? >> oh, 100%, neil and the leaders in the nasdaq are tied to the bond market, the 10-year treasury in particular and every time the yield on the 10-year goes up and it is over 3.30 right now the big tech names like apple and microsoft tend to sell off. a lot will be dependent on the inflation story which is what drives up rates. fed, how they respond and i also think between now and the end of the year the big story could be the midterm elections and what

the outcome is there. the markets are not baking in a red wave, not a red win if that is not the case you could see a mark set selloff as a result. neil: as you hulbert did not get into election years how they sorted out all there. he did say towards the end of the piece, the conclusion is not totally bleak one talking about herculean leap we would have to get to a positive market. the odds the stock market will finish in the black seem remote there is a some decent odds it will rise to some extent. he goes on to say, all four-month periods of s&p 500 rose 64% of them. in other words, six out of 10 times we end up higher where we were going into those four months. what do you think of that? >> if we end up higher, listen we're in the four months, we're at 3924. do i think we'll be higher than here at the end of the year? i think we'll be higher than here. i don't think we'll be 4800 on

s&p. to mitch's point, i've been saying it as well, i think over the next month or two it will be very choppy and volatile. the bias is to the downside which will put us further away getting back to 4800. i think we get back to where we are now. i think we'll be stuck somewhere between the low 4s, 4,000, 4200 by the end of the year. neil: we haven't even talked about capitulation, gentlemen. investors say the hell with it, i'm protecting gains, i'm selling out my gains so that could accentuate this. mitch, how do you see this playing out? every time we have a bit of a rally the bears come in or try to catch whatever profits they can and cash out, how do you see it going? >> well i think it will be earnings dependent. we have in the midst of that time period you have third quarter earnings coming out and maybe this is a market that may care about fundamentals. so much of this market runup has

been based upon the free money the fed has been doling out. the market is volatile right now because there is a threat they won't continue to do that. we don't know the impact of bond-buying program disappearing, also known as tapering. but i think, third quarter earnings are really going to be the real story and we're going back to fundamentals and you're seeing companies more and more be more transparent in guidance. so let's see what happens in the third quarter earnings season. neil: i want to pick your brain a little later, guys, to be a late the kind of environment we're looking at right now as we go into these final months. in the meantime the president is sort of getting the lay of the land here. he has been out campaigning, again sending hissage democrat will be very good for the american people and by that economy and the trend is his friend. too soon to say that. we do know the president will meet with his cabinet today. we'll peeking in on that a little bit. jacqui heinrich at the

white house what we might be able to expect. reporter: hey there, neil, republicans say all this rhetoric from the president talking about maga republicans as sailing his predecessor former president trump that leaves very little room for discussion about the issues voters care about. that could play right into republican hands this november. >> you have to call your opposition names when you have nothing else to point to. we went from safe streets to record crime. we went from a secure border to no border. two dollar gas to five dollar gas. stable prices to record inflation. reporter: president biden is not changing course. all but abandoning his campaign pledge to be uniter in chief and continuing week-long assault on republicans at events in wisconsin and pennsylvania yesterday. amid fresh questions whether he respects 70 million republicans that voted for trump or 70 million americans who voted for trump he is adding a layer of nuance here trying to

distinguish between gop voters and gop lawmakers now. president biden: the biggest contrast from what maga republicans, the extreme right, the trumppys, they want to go, these maga republicans in congress are coming for your social security as well. reporter: trumppys. that is the new one. after those attempts to rally his base the president is convening his cabinet. while at it they might want to have a huddle on messaging. >> the president of the united states is making case about democracy as fundamental question for the midterms but at the end of the day it is about jobs and inflation, is it not? >> it really is. it is about the economy. it is about supporting businesses as well. you know i think keeping our economy moving forward, creating opportunities. reporter: a little bit of a disconnect there. we'll see the president around 1:15 for his cabinet meeting. unclear, neal if he takes any

questions. neil: thank you for that jacqui heinrich. you know the drill right now in a midterm election always hard for the party in power to not lose some seats in the first midterm election year. it happened throughout presidencies. in fact looking at all midterm elections, one big exception in 2002 incumbent president george w. bush actually gained some seats. of course that was a carryover from the rally around the flag and the leader after 9/11 but that was the exception, far from the rule. let's get the read on all of this what could happen with sarah westwood of "the washington examiner. normally, sarah, as we indicating party in power loses seats, sometimes a lot of seats. right now the betting seems to be at very least given close margin right now all you need a six or seven pickup you have got a new party in power in the house. but republicans were hoping and still are hoping for a lot more than that what are folks telling

you? >> neil, actually just five seats that republicans at this point have to pick up. you saw the numbers just on the screen there in the most recent midterm election cycles that presidents had in their first terms. the pickups were really significant, double digits. redistricting already structurally is boosting republicans. less than the historical precedent but that is already structurally built into this. i think the talk we've seen over the past couple weeks that democrats are liking their chances of retaining their majorities is pretty overblown because the wind is still at republicans back. it is sort of baffling to see biden turn to what we heard jackie talk about for closing argument demonizing trump and his supporters rather than trying to pervade some of those people still in the middle to come over to the democratic side with any sort of welcoming message, anything that confronts issues that voters care about. i think democrats are getting a bit overconfident here based on a fucherry picked numbers in the final stretch of midterms. neil: it is dumb question on my

part, sarah, net pickup of five unusual seats in the middle of the year democrats picked up for only duration of the year? that it is still a net pickup of five for them? >> i believe so because when you think about the special election that occurred in texas that flipped a seat to republicans and i do think there is expectation that maybe that alaska seat can flit back to republicans won by mary pelota i think republicans liking chances of picking up some more of those seats. neil: let's talk about the senate where it seemed that maybe mitch mcconnell, just to raz the troops so to speak saying it will be a leap, talking about the quality of candidates available, reference to those who donald trump supported that they're unelectable. he didn't say it outright, but that was the insinuation. how does the senate look? >> the senate is a little more of an uphill battle. it is true there are some candidates in potentially winnable races for republicans

are struggling. you have "dr. oz" in pennsylvania i think you start to see the margins tighten. look at that pennsylvania raise, for example there is mounting scrutiny of democrat john fetterman health issues he is refusing to debate. georgia seen the margins tighten significantly over past couple weeks between rafael warnock and herschel walker. blake masters is gaining traction. softening stance on restrictions on abortion only supports late-term abortion. republican candidates who were how the unelectable and struggle gaining ground in those races. i don't think maybe it is uphill climb as mcconnell suggested but things are looking much more successful for republicans looking at the context of the house rather than the senate. neil: i'm curious what difference the president might make? he was in battleground states. he has gone to pennsylvania more

often than i have gone to denny's. the fact that is priority there, i get it, how how influential or forceful could he be to democrats up to now have been avoiding them. >> i think he could be detrimental. when he was in pennsylvania the first time he went last week john fetterman did not join him on stage. when he went to wisconsin, mandela barnes did not join him for that event. again it is really strange to choose a closing argument for democrats that has not been successful anywhere it tried. terry mcauliffe, biggest example in virginia ran the whole campaign demonizing trump and trump supporters, that did not be successful in a blue state. hillary clinton notably failed with the strategy in 2016. for biden to reprise that when democrats are on defense across the board is a strange choice that i think could backfire. neil: always great catching up with you, thank you very much. sarah westwood of "the washington examiner.

oil prices slip-sliding away despite the bouncing around we're seeing a little bit today but betting seems to be that opec plus countries are gathering right now to see if they can cut production a little bit to maybe get the math more in their favor. in so doing, they could be insulting the president of the united states who all but begged them to increase production. they might take out that promise and set something anew after this. ♪. your shipping manager left to “find themself.”

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♪. neil: all right. remember when opec blinked a little bit to try to help the president out and increase production about 100,000 barrels a day to look like they were doing something to help the president out of a pickle he was in with supply crunch and higher rising energy prices. right now they have taken that back, at least opec plus countries stand to take it back by cutting production the same 100,000 barrels a day they increased it. grady trimble is in chicago. reporter: opec countries are missing production targets by millions of barrels a day so

this production cut of 100,000 barrels a day is a symbolic one a swipe at president biden and europe. the message, saudi arabia and other opec plus countries are sending, they don't care we pay more for oil and gas in the united states. in fact some of them like russia probably like it. they want to keep oil prices high so they make more money. the production cut of october comes days after the g7 countries announced plans to put a price cap on russian oil t comes about as you alluded to after president biden's visit to saudi arabia to ask them to drill more. after that trip opec plus increased production by 100,000 barrels a day in the month of september but reversing that by the same amount in october. on that trip president biden said he was doing everything he could to increase oil supply and made this comment that doesn't seem to have aged well. reporter: saudis share that urgency. based on our discussions today i

expect we'll see further steps in the coming weeks. reporter: moscow had said it will keep the nord stream pipeline to europe closed until the west lifts sanctions on russia. the energy cries is in europe is getting increasingly bleak as winter approaches n italy the government will regulate heating in businesses and homes to try to limit gas use. in the uk the new prime minister is expected to announce a plan this week to use government-backed loans to freeze household energy bills. i will end with the good news, neil. that is the fact that even with all of these developments oil and gas analysts don't expect prices at the pump to increase for the foreseeable future here in the united states. neil: of course. they have been wrong all along the way, haven't they? reporter: yes. neil: fingers colored they can be right once in a while. thank you very much, grady in chicago on this. victoria coates, joins us now,

former deputy national security advisor to president donald trump. victoria, good to have you. this twin whammy for u.s. oil markets and world, if you think about it, between russia cutting off the pipeline maybe indefinitely, that will hurt energy prices, certainly for europe. what is going on here for us, if opec plus makes good shaving another 100,000 barrels of oil a today, seems like a one two punch for western nations what do you make of it. >> it is, neil. good to see you. i think the main problem the saudis have with the biden administration's policies they are posturing themselves as a consuming nation. we're basically making ourselves energy vulnerable for begging for supply around the world. the saudis consider us a producing nation. we will ask for more product they expect us to be producing everything we can here at home to take our share of that burden. they don't see us doing that. so they don't think we're serious. neil: how much of it is sticking

it to the west over our posture on the ukraine war, less so opec countries i know? it is a whole different sort of mind set there. maybe having fractious relationships with joe biden going back many years but i'm just wondering what this means? because if you think about it, just in the case of vladmir putin himself, i mean if you think about it, victoria, he's the one oddly enough in the driver's seat here and the world was leaning to as from size and cut him off completely. he seems to be the one cutting them off? >> no, it is really preposterous. you add to that the fact that we're depending on the russians to be our intermediaries in the negotiations with iranians in vienna. we're not doing a good job cutting them off at all. in the gulf, we they would much rather have strategic partnership with us. this administration called them

pariahs. shunned them. only time in communication when we want something from them. so it's a real disaster for that relationship and saudis who we depended on during the trump administration to help us with things like iran sanctions, now, you know the president can't get them on the phone. neil: you know, i didn't want to surprise you out of nowhere, the new british prime minister, liz truss, said to be in the mold of maggie thatcher, hoping to get the ground running particularly dealing with runaway energy inflation. maybe supporting caps on energy prices, hard to tell. but that is the sort of stuff you generally don't hear conservative governments doing and i wonder how you see that playing out in britain? >> no, you absolutely don't and i'm a member of the thatcher center for freedom at the heritage foundation so we've been watching this very, very closely and you know we welcome the new prime minister. hopefully she will be another iron lady but boris johnson made

a major blunder with energy policy at the beginning of the summer i think contributed to his misfortunes in that he imposed a windfall tax on major oil companies instead of the incentives that had earlier been proposed to encourage investments by shell and bp in the north sea. all of that got reversed. now you've got a crushing tax on industry, no increase in production, i would strongly encourage the new prime minister to take, revoice that's decision, take a good hard look at it, make sure she is taking a thatcher approach to energy issues. neil: we'll watch very, very closely. thank you very much, victoria coates served in the trump administration weighed in on all sorts of issues, including these paramount today. meantime this is after labor day. a lot of people returned to work. there is edict, sort of unwritten one, but certainly a strongly echoed one on the part of bosses, get back to the office. it is no longer a choice, after

this. ♪. >> i generally come in at least 15 minutes late. i use the side door. that way he can't see me and, after that i just sort of space out for about an hour until -- >> space out? >> yeah. i just stare at my desk but it looks like i'm working. i do that for probably another hour after lunch too. i would say in a given week i probably only do about 15 minutes of real, actual work. >> the thing is, bob, it is not that i'm lazy. it is that i just don't care. >> don't care? ♪.

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neil: all right. back to work and back to a new iphone. the iphone 14 set to debut tomorrow in a big companywide announcement. this won't be i think the first since 2019 before covid hit, all of that gerri willis following

all of that, what we might be able to expect. reporter: good morning, neil, welcome back. apple's new product launch is tomorrow with the usual bells and whistles and a new iphone of course. it will be the first launch in person since covid. reporters expected to attend a flashy event at the cupertino campus. you can watch it on the website. 10:00 a.m. pacific time, 1:00 p.m. east coast time. the company shares down marginally ahead of the event. among the launch expected iphone 14, four new models, a 6.1-inch model. i phone 14 mr. pro, a 6-inch 14 plus. iphone pro max, easy for me to say. the high-end models, better camera, you can glance at your phone to see if messages are coming in.

the apple watch is for improvements with a new pro edition targeting athletes, retailing 900 and 1000 bucks. the updates include bigger screen to inconclude more fitness data. the high, high-end one is $1200. new airpod pro 2 is expected to feature a new processor, higher quality sound, charging case, can play a sound when owner searches through find my iphone or iwatch. i love that. that is great upgrade. watch for upgrades razzle-dazzle. the company is calling it far out, man. neil: i wonder what the far out of meant? is that a camera reference? we try to go into the weeds here. reporter: you saw the picture of the website, right? they're showing all the stars, far out. neil: i remember they were saying it's a bunch of little iwatches and people magnified, it is not iwatches. reporter: what you are you talking about. what are you talking about.

neil: the mystery will be settled. reporter: it will be revealed tomorrow. neil: thank you very much for that. to kenny polcari, mitch roschelle with us. guys, this is coming rite of passage in the fall. now of course an in-person event to get the media into it here but comes at a time when a lot of companies are saying, get back to the office yourselves. everything is back to work, back at the office. i'm just wondering, kenny, given the fact that "new york post" reported judgment day has arrived, very few can escape the judgment or can they? what do you think? >> i think the post has it right. i think it has gone on long enough. the fact that people are not going back to the office shows their own ambition. i can't imagine people starting financial services business, doesn't want to be around the office, establishing relationships, establishing a real network. for them to stamp their feet no, no, i don't want to go back to

work yet. i want to work from home. i think there are plenty of people want the seat, jpmorgan, goldman sachs, plenty of people want it. that is very shortsighted for people not wanting to go back to the office. neil: if you think about it, mitch, even if people do return to the office it's one thing if you're in the investment banking business where you know, that tripp is important. a lot of your customers want to make sure you're in the office but not all industries work that way. how do you think this sorts out? >> well, let's remember, most of our economy is a service economy. if it was a manufacturing economy you would have to be in the place of work because you couldn't build something remotely. as in the service economy for the last several years, what really happened is, the young people, believe it or not probably want to be in the office but they're finding that middle management is in the diaspora. it is really hard to get the mentoring in person. they're finding out you know

what, if the boss isn't here what is the point of me being here? and companies struggling to retain talent, forget about attracting, retain talent, they have been very, very flexible about the workplace. i think it will take a long time. i think the financial services industry has some leverage over the workforce because their compensation model is very bonus-heavy. when there is that carrot out there of bonus people will do virtually whatever it takes to make sure they get one but in other companies with different compensation models where the compensation is not necessarily tied to where you are, but tied to getting the work done people are finding they can do it from anywhere, and they will stick with that for a while. >> that might -- neil: go ahead, kenny, finish that thought. >> that might be true, the article in the post today was specifically talking about financial services, jpmorgan, goldman sachs. neil: right. >> they were specifically talking about this industry, mitch, i agree with you on some of the other remote stuff but in

this industry i think they're making a huge mistake not going back to the office. that is everyone. goldman sachs called for everybody to be back in the office. neil: i wondered when they said that think of jpmorgan chase. they're building a three billion dollar sigh scraper headquarters, they want fannies in that thing i get that you could make an argument, couldn't you, mitch, for that business for clients or hose who will plunge down money they will think differently about an investment banker might be at home checking their order, giving them advice, whereas someone who is in the office, i don't know, psychologically i think that would make a difference to those customers, what do you think? >> i would tend to agree with you, but what i can't wrap my head around, neil, is, think about mergers and acquisitions transaction, right? neil: right. >> you have the bankers perhaps in the office. then you have the lawyers who are working just as hard but they may not be in the office, right and does the client

view -- neil: does lawyers work just as hard any was wondering. i was kidding. >> yeah but for argument sake say they do, many law firms have a bit of a remote model and they're keeping it that way, because that is the way they're attracting and retaining lawyers. so it is very interesting. i think you're right, the customers of these industries are going to ultimately set the rules and what their expectations are. but at the end of the day, i agree, kenny, the article was narrowly about financial services. neil: it was. it was. >> at the end of the day execution will be what customers want. if the customers get execution, regardless of where the workforce is, it may end up not mattering. neil: yeah. quickly on that kenny. the fact of the matter is, during the whole shutdown companies productivity was pretty robust. a lot of them were still making money hand over fist. some of them in fact did better. you could make a credible

argument in some businesses, probably does not quite fit for the investment business, whatever works, whatever makes money, right? >> no. and you're right. so that is kind of the difficult path, right? because you can't argue that some productivity was actually, you could argue in some cases even better than it was in the office. but i just come from the school that going to the office, being in the workplace, surrounded by people there, building a network was so much more important and i'm not sure where these young people are building those networks over zoom. it is not the same to me. neil: i don't know. my company just said, neil can pretend he is doing a regular show with a camera. we'll set him up. get him out of our hair. i guess it depends on the business and the individual. guys, thank you very, very much on all of that. >> right. neil: meantime everyone is returning to work including the united states senate and they have got a busy legislative agenda. they want to get a lot of stuff

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♪. neil: all right. everyone getting back to works the whole back to work thing including the united states senate. unlike a lot of folks it actually has a pretty busy agenda, or an agenda it hopes will be busy and productive. chad pergram with more from capitol hill. chad, what are we talking about here? reporter: neil, the senate is back today, the house next week the pressing issue is funding the government but will the government funding bill include money for covid-19. >> without congressional action we would be forced to make difficult tradeoffs to reallocate existing funding to meet pressing needs. the lack of additional funding prevented us from adequately replenishing our national

stockpile at home. reporter: republicans are reluctant to pass a democratic plan for $21 billion in covid aid. it goes for vaccines, therapeutics and tests. republicans say democrats must reprogram unused coronavirus money, not spend new money. and democrats may need gop votes to keep the government lights on at the end of this month. they would use interim spending bill known as a cr. >> my instinct tells me get the cr. probably won't get covid money with it unless it comes out of existing funds. and i think, you know, nobody wants a government shutdown. so the democrats will have to make a decision at that point, do they need republican votes? reporter: democrats may try to attach a provision to the funding bill to codify same-sex marriage. senate democrats could make another attempt to get gop members on the record about abortion just before the midterms. democrats want to weaponize the abortion issue against

republicans. it's a frantic period. >> they're only are a handful of weeks before they go home to campaign for reelection which is, of course, their critical priority right now. clearly both sides are going to be trying to score as many political points as they can to help them in november. reporter: another factor, republicans will use the warrant served at mar-a-lago as a way to energize their voters. neil? neil: chad, thank you for that. let's go to douglas holtz-eakin, former congressional budget office director what he makes of this. of course the agenda for democrats is to get a lot done but realistically in a midterm election year, any election year, in final few weeks before it, how much realistically can get done? >> well, there are things they have to get done as chad mentioned. there is the cr to fund the government but also the national defense authorization act. there is the user fees that fund the fda, the prescription drug

user fee act, some others along those lines. spectrum reauthorization, national flood insurance program. these are all essentially not optional. these are things they will have to get done. meanwhile they want to score political points so rather doing something else. gets them very, very busy. it will go right down to the end. neil: we did learn from this whether republicans like it or not, democrat the like it or not, even with a slight majority, everyone stays in check, everyone stays with the team you can get some big things done. now republicans look at some of this including very pricey chip legislation that did have some bipartisan support but the, you know, the inflation measure, whatever you want to call that was all one way. the move right now on the part of the president to forgive college loans for some, all one way. i'm just wondering, if that isn't a reminder that those with majority, even a scant couple of votes, that can often times be enough?

>> yeah it can get very complicated. i think there are two pieces of this landscape that are a little bit different. first, we're past the period where you can simply borrow everything. at the depths of the pandemic in march and april of 2020 when we lost 20 million jobs, it made sense to borrow and spend. it doesn't anymore. so finding offsets for new initiatives has been going to be a premium. that is something that people are just going to have to get used to. the second thing that's important in this kind of a setting is the white house. only the white house can go to their side and say look, we get it, you don't love everything in here but this has to get done, we're the majority, we have to run the government. that is a role very important for the white house to play. neil: for the white house, they sense this momentum, there is a little bit more pep in the step of the president and a lot of democrats but in reality hard for party in power to gain any seats in environment like this. it has only been one since by

george w. bush soon after 9/11 but that is a glaring exception, is it not? >> that is a very big exception. the landscape is stacked against the democrats in the mid terms. the white house knows this, they're thinking last thing we need is a government shutdown which will label us unable to run the government on top of problems with inflation. so their goal should to be get out of september with a government funded and necessary bills passed as smoothly as possible creating no new headaches. they have enough on their own, natural consequence being a party in power. neil: we'll watch what happens. doug, great seeing you again. douglas holtz-eakin, congressional budget office. meantime here britain has a new prime minister, the fourth conservative prime minister in little more than a decade right now. she fashions herself another maggie thatcher even though she didn't start out that way but a lot of people are getting encouraged by some of the things she wants to do, not all of the things she wants to do, after

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>> we will transform britain into an aspiration nation with high-paying jobs, safe streets, and where everyone everywhere has the opportunities they deserve. neil: liz truss i should say taking over as the new prime minister, the fourth conservative leader here in britain since conservatives took the helm of power back in 2010. that is about as long as she has been a political figure. this is meteoric rise. she didn't start out maggie thatcher right but she is now. get preyed from nigel farage, former top advisor to the prime minister. nigel, always good to have you. maybe you can give me an idea what we can expect out of the new prime minister? will she follow in the mold of a maggie thatcher, someone she repudiated not too many years ago, i'm just wondering your thoughts? >> you were right.

a young protester. thatcher out protester. she was a very strong liberal. wanted to get rid of the queen. voted remain. she says she is on a conversion. i was elected as a conservative. i will govern as a conservative. i thought, wow, what a lovely change that will make after 12 years and three previous prime ministers, all of whom pretended to be conservative but governed as social democrats. so she clearly does believe in free markets. she believes in lower taxes. she believes in helping business. and on energy, which is the big one and this country is on the edge of a financial precipice unless we sort this out, on energy, she has talked about increasing uk supply. so my position on this is i'm not sure whether to entirely believe her but i will, absolutely for the sake of the country giver had the benefit of the doubt, give her a chance to

prove who she is. neil: i'm wondering what do you think explains, since i guess cameron came to power this left ward tilt capped by boris johnson raising taxes, fairly dramatically? how did that happen? >> it is really funny. tony blair was a very, very dominant figure in british politics t seemed david cameron wanted to model himself on tony blair around since then, we really haven't had a proper conservative figure. the country thought boris johnson was because he picked up on the mantra of brexit, controlling borders, something i forced him into i won the biggest majority in 40 years n all the capital cities, conservatives are influenced by big business, big media, finish up miles away from ordinary voters living outside of the

beltways that happened again and again to the british conservative party. they have not been conservative at all. this woman says she will be, let's give her a chance. neil: nigel, you can help me understand maybe there is parliamentary systems and your parliamentary system the way it works where a few dues-paying members can turn the course of history. i get that. that is your wont, it worked well for you guys but i'm wondering if it then, you know, takes away the oomph of the passionate members of the party who very much did like boris johnson and some of the good things he did, felt that you know, the party turned on him and that seems to happen a lot where the party is what turns on the prime minister, not outside forces? >> yeah, i mean you know we don't have a presidential system. we don't have an open primary system. we are a party run country and what we vote we don't even vote for a prime minister. we vote for a member of

parliament to represent our constituency but i have to say with four prime ministers in the space of six years i think there is one or two questions neil, asked in this country the way things are working. there are imperfections in both systems. ours is not the serving us well. unless the conservative party gets a grip, pound going free fall against the dollar, inflation going through 20%, energy possible blackouts coming this winter and a massive socialist labour majority next time around. liz truss said some of the right things. she now needs to act very, very quickly. neil: to your point the british pound continues to swoon. close to 40-year low versus the dollar. the euro is not doing much better i might point out. what is going on there, how can she address that from the outside, if you think outside of the european union? >> it is all down to one big six letter word, energy.

trump made america energy independent. while biden has not been particularly keen on hydrocarbon production, compare that to us where we refuse to produce our own gas, coal, and nowhere near enough oil and germany, who were totally dependent on russia and now mr. putin has decided to turn off the taps. that is why the euro is so weak. that is why the pound is so weak. that is why we are subjected to gas prices. unless government acts literally would put millions of people into cold and poverty >> thingsf the pond have gone wrong because we've gone for a net zero agenda and deciding to go green and rely on winter binds that's great when the wind blows and catastrophic when they don't. we're in big double on this side of the pond and needs a big reignsrethink. neil: such is their challenge. nigel, thank you, we'll have

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neil: all right, it's not often dow down about 88.5 points right now and fourth week in a row starting off on a negative note. three down weeks and a lot of people still worried about that balance between rates going and you happen a recession coming down. in the middle of this, president biden back to work today meeting with his cabinet.

what we might expect from the white house to edward lawrence on that. hey, edward. >> yeah, talking about spending more money. president joe biden, kneel, making a huge splash talking about the money his administration got through congress and congress secretary announced a four objective plan to build a semiconductor chip manufacturing sector in the u.s. with $50 billion from the chips act. >> today the united states consumes more than 25% of the world's leading edge chips and produces zero of those chips. >> last week the secretary was giddy on the spending in time for the midterm elections. >> quite honestly, i'm very lucky that i get to work for a bus who gets -- boss who get this is because he gets it. every time we brief him, he says, secretary, don't tell me how much money we're spending but what we're doing for the people of america and that's why

it's so exciting. >> the president has been in three different cities in the past week alone. a lot of travel for him touting how much money the government is spending and that is exactly the problem according to republicans. >> this idea that we just -- the democrats just want to keep spending money and we've got to stop this. we have this unbelievable inflation right now. if the democrats keep this up, i don't know huh anybody will be ever be able to retire because they won't be able to afford it. >> right now the president is in his fifth now cabinet meeting, his administration and talking about, you guessed it, more spending by the government. back to you, neil. neil: edward, thank you very, very much and they're sell vising the meeting and we'll share that with you. the market gauge group managing director and capitalist hedge fund manager. jonathan, i'll begin with you on what, if anything, you want to hear from the president of the united states. i'm just wondering what domented

to hear from him that -- do you want to hear from him that might reverse some red on the screen. >> neil, he's talking about spending more, even though it's the p prolific government spendg and worse year for stocks and bonds in 50 years and safe government bonds, some are down 25% this year, and that is specifically due to the inflation. it's not just that costs go up but that investment is destroyed. that's why over 65% of americans already believe we are in a recession. neil: michelle, i guess it's semantic now than anything else and a lot of people feel they're up against the wall with the rising prices and indications that that is not easing with the exception of gasoline. almost everything else continues to rocket away. so how do you see the rest of the year going? >> to pick up a little bit here on the recession conversation,

it's going to be a question of the soft landing or not soft landing if the fed can pull it off, which of course will be dependent on what happens with inflation. apart from government spending, there's issues here that's beyond anyone's control and gop politics and russia and the energy prices. opec saying they'll cut back production and we still have food issues. pakistan just basically drowned in their flooding and we still have major draught in the u.s.. is there prices and housing and can we actually have some economic improvement that at least prevents recession and keeps us more in stagflation, which of course, neil, i'll say the word again, stagflation, which is where we're at and could be for awhile.

neil: you know, jonathan, when you look at the environment for investors, you could argue that very close to that capitulation that they say the heck with that, i can't deal anymore. a lot lot of people wait at turning point and we're still waiting. do you need that or have a constructed turn around or bounce off the lows as mark hoberg writes in "the wall street journal" and make up for that in the black and all is said and done or at least making money but higher than where we are now by year end. what do you think? >> neil, you're absolutely right. there's some indications that investors are getting fed up and that tends to be the bottom of the american association a lot of investors -- how could you blame them given the damage done in the markets this year but i tell you, neil, the best indicator was the inverted yield curve and short term rates above

long-term rates and talked about it months ago always being a sign of recession and over 80% of stocks are below their 200 day moving average and most stocks are still in a bear market and yet government keeps spending, biden keeps spending, the democrats keep spending which chemos us in the re--- keeps us in a recession. neil: the comeback we've seen, jonathan, is not really brought us back to levels or valuations that we had and feels some come up here particularly for technology stocks gotten to the tune of all 35% this year and even they know some people are saying is it enough? >> yeah, historically there's been period of time and michelle knows that and markets have simply been flat and not necessarily being falling off thefully and 1980 stocks were below where they were in 1969 and think of tech stocks from 2000 to 2013 and they were in

effect dead money and the leadership stocks where there's leadership stocks are not technology and that's a big change from what we've seen in the last five years. neil: guy, thank you all very, very much and michelle, i apologize we're having audio issues with you. it is not personal. please know that . i want to thank you both for joining us. on the fallout on that move that the state has to eventually been all gas powered vehicle sales by 2035. of course a lot of problems have popped up in the meantime what's the latest, william? >> neil, a lot of americans live under california rules and don't even know it and goes back to 2007 when governor jerry brown sued the epa for stiffer tailpipe meigss and about a dozen others got board and became the effective national standard and that's where we are right now. 18 states at a cross roads in you will: . are they going to stay with that all electric mandate from

california or jump ship? most of them will. colorado and pennsylvania probably will not go along. minnesota's not so sure because electric cars, they don't perform as well in the cold, republicans in virginia are saying absolutely not. >> we find ourselves today with this ludicrous law that virginia has to follow california's laws. the law itself is ludicrous. virginia last year 2% of all cars sold were electric vehicles and to say that in 2026 we're going to have 35% and phase them out totally by 2035 is just ridiculous. >> right now, nationally, about 6% of cars are electric fully. california's closer to 12%. now new car sales have to be 35% all electric in just four years. very aggressive standards here. the concerns price and electric getting more expensive and also you need a charging station and

need the electrician to put it in. people in condos and apartments, they can't get a parking space let alone a charging station and a lot of electric people have both two cars so they don't have to take twice the time to go to ssan francisco or phoenix. that's a concern. not to mention just having electricity at all. >> try not to use two much electricity in those key hours. the key hours between 4:00 p.m. and 9:00 p.m. in the evening. >> power grid is already taxed and then you're going to put greater demand, significantly greater demand on it by having all electric cars. i don't see that as a recipe for success personally. at least not in that time span. >> we're now in our sixth day, neil, of a flex alert basically saying don't use power certain hours and he'll say, hey, 13 years is a long way away, by

then we'll have a new grid and we'll be okay and having all electric at that time and everyone else not so optimistic and government works quite that well. back to you. neil: yeah, under any time frame. thank you very, very much. the fallout is with the western states petroleum association. kevin, nice to have you. 2035 is a little more than a decade away and by that time, california wants no gas powered vehicle sales. other states will likely follow suit as often as the case. i don't know if we're ready for that. we drove our cars, trucks, boats, rvs freely around the country to go visit friends and family and do things we haven't done for the last couple years. one group that did not was ev owners in california because our governor said you can't charge them because there's not enough power. that's what we're facing, this is the point.

our infrastructure is not ready and how we get to those numbers and 2026 is a very key date, not 2035. we have to get to 35% of sales by 2036 is a really -- 2026 is a big lift. neil: we're not ready for it if california's grid is compromised to the point they tell ev owners cool it on the charging thing, that's what they want to be their exclusive thing. they're not ready. i dare say at least they're bore head of what other states in the process so they're having some problems. i'm sure it's a national issue. >> it is. california is about 12-16% of sales now and halfway through to the 2026 goal. so we still have a lot of work to do and only about 11% of chargers needed. if you look across the country, look at new york, virginia, where you have the governor rightfully kind of pointing out how difficult this will be. these states represent about 40% of drivers in the country so

california's going to impose across country and we can't be sure some states won't follow. i think it actually will become a important question this fall during elections. ask the candidates to go to an all electric grid for transportation by 2035 and ready to implement a 35% sales goal by 2026? this is an emerging issue and it ought to be because there's a lot of questions and it's very expensive. neil: you mention expensive. if the cars weren't so expensive and trying to bring them down, they're very heart poppingly expin sieve and with federal credits scattered among some models and issue of charging it. it takes forever to charge if you're so blessed and helped by a state that will allow you to do that in this environment. unless they bring those costs down and unless they can improve the speed at which you can juice up again, i don't know if this is going anywhere. >> no, average cost of ev is

$66,000 each. you brought up charging and most are level 1 or 2 chargers and very few fast chargers available. level one and two chargers take hours to get you about 35 or 40 miles or more range. count the number of chargers but it's important, are they fast? are they level 1 or 2 and what that all means and too much data for people to think about. what's important here is all americans need to know this is coming for you. let's be honest, we know the activist groups behind these things and politicians and not looking at facts and science and data here, this is a political decision and these politics -- this is not the finish line. if you have a boat, rv, off road vehicle, they're likely coming for that vehicle sometime here soon. that finish line will continue to move, the cost will continue to group, americans continue to face further restrictions on choices best for their family when is it comes to travel and mobility and, you know, meanwhile we're all going to be

scratching our heads of how did we get here? how did we get to this absurd place? neil: let the market decide and folks decide if they how they want to go. you can't order people to do something you think is politically or environmentally correct and not doing a good job ring leading that cause. kekevin, thank you very much. tropical storm earl is predicted to be the first major hurricane of the season perhaps by the weekend. it is expected to grow in strength in the coming days as it heads toward m moderate to strong wind sheer and national weather center predicting it'll have winds stronger than 115 miles per hour by the end of the week. it could be just an atlantic ocean development and not hit land. but the winds certainly could. we'll have more after this.

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comcast business. powering possibilities. ™ neil: a lot of folks are back to work after the labor day holiday and unofficial end of summer and some companies are demanding or hoping workers return to the office and those in the investment community who are very close to requiring it without outright requiring it. that seems to be the read from black rock and some of the other

investment firms and charlie following all of that. hey, buddy. >> we were talking jp morgan, likely to impose some sort of soft mandate or mandate and david solomon at goldman sachs: they'd like it. if they stop short of saying mandating just so you know. goldman went as far as mandating and morgan stanley said we want you back. larry fink is going that way as well in terms of over at black rock. the largest money management firm in the world will be on with liz and me at 3:00. $10 trillion under management. neil: is that right? >> yeah, it's amazing how big the firm is. he put out a memo today, this morning, which essentially said, listen, the three day in, two day home thing, i guess schedule is still in effect but we want everybody in.

so it's funny because no one outright says, this is a mandate. they're just saying we're watching you if you don't come in. neil: how do they break it down in the meantime? three days in, two days not? >> that was the previous. neil: they look scansly at those who are not. >> that's what i'm saying. you get the feeling from all the memos saying we're more effective if you come to the office than if you don't and management is paying attention. so, you know, black rock's the latest one. we've been reporting all last week about the others, morgan stanley, goldman sachs and jp morgan. >> that is a people profession. neil: you could make a credible argument that makes sense for that . >> i an think all of wall street and if working at home and client stuff at home, it's not totally secured and you don't know. neil: what about back office personnel and all of that?

>> computer people have to be in. i think there's some functions that the graphics department may be for the newsletters and stuff. neil: right, right. >> maybe they can work from home. that's not heavily regulated and you need them in there and at least that's what i'm hearing from the firms and they bought all this real estate. neil: i know. about $ 3 billion tower and wants it filled. what's going on with that -- it's getting more macabre -- >> there was a tragedy this weekend and some was covered financial implosions in the past. this does happen where someone kills himself and is the cfo. neil: but didn't leave a suicide note? >> yeah, no. most people do but he didn't. his wife was there but it's a tragic story. it's against the backdrop of a company if deep trouble and he was essentially out there creating the restructuring plan.

the stock gets crushed, it's a whole side story about how it is largest investor, chewy founder ryan cohen is now the gamestop came and bought a chunk of the company and had three board seats and then just sells everything. sells the entire stake. still hasn't really come out with a statement on exactly why. you can assume why he thought it was going -- problematic and the company announced structures. neil: business model gone there? wasn't it -- >> it's problematic. here's the odd thing that the cfo sold something like a million worth of stock the say day that ryan sold the stock in august. this is a bizarre story. there's no doubt that the sec is kicking the tires on this stuff. i could tell you that for cfo to jump out a window, i mean,

people have emotional problems and mental problems. you can't -- neil: that's enormous pressure trying to get financial backers and we don't know the whole story. >> we don't and don't know what he was going through personally. sometimes it's un-related. it's a tragic story. you get a lot of stuff on twitter and social media and how dare you cover this. it's tragic. neil: it's a big story. >> how does a journalist not cover the cfo killing himself in the middle of a financial tsunami that hit his company, including the fact he sold stock the same day literally -- neil: there's a lot there we don't know and you have to pursue it. >> you have to. it's a sad, tragic, and story that's not over yet obviously. neil: no, not by a long shot. charlie, thank you very, very much. i believe we're at session lows and the dow down 233 and back and forth seems to go back to fears that the federal reserve

given strength we saw in a key servicer sector today and pouncing saying there's more key rates and any day and any excuse and any reason but we are starting a fourth week of potential losses after three down weeks in a row. we're staying on it. you're watching fox business.lo ♪se

neil: we learned about the impact covid had certainly on the nation two years we were all sheltered, but the dis disproportionate impact on students and kids. kelly o'grady in los angeles with is that story. >> yeah, neil, we have the day touchdown pass prove the impact of closures on the nation and in california, some districts remaining remote the longest ad when those numbers come out

later this year could be worse than the national average. the nation record card is showing a 5% drop in reading in 9 year-olds and the biggest since 1990 and the biggest ever in math. black students mask worers drop 13 points widening the gap between white students and parents sharing a bigger frustration is more kids falling through the gap because of zip codes and test scores are no surprise because they've seen the reality developing in their living rooms. >> created a system addicted to the status quo and don't work for our kids and we don't care because we don't care about the outcomes for our kids. we have data to quantify it and now we'll hold them actable because we're mad as hell. >> the administration was blaming its spread cespedes torr and touting -- predecessor and parents saying it's more time, extra classes, summer school, tutoring. no amount of time will re-coop those lost hours and how covid education relief has been spent.

of the rescue plan, california received $15 billion, 20% earmarked for learning loss but a new analysis showing 4% spent on additional summer catch up programs. >> these billions of dollars going out across the country, these school districts in planning their budgets should have made sure that they implemented tutoring for all of the children. >> neil, it's heart breaking talking to the parks because they -- parents because they feel helpless and future leaders and future voters and if they're not learning, this it's not goio work. neil. neil: thank you, kelly. cory, is the director of school choice, the american federation of children director as well. cory, good to have you. we shouldn't be too surprised with these numbers, cory. what's remarkable though, in other countries where they had

shutdowns, they didn't have this fallout on test scores that we're doing. certainly do the tree we're experiencing. degree we're experiencing. what happened? >> no, the power hungry teacher unions in this country should be ashamed for committing human rights violations against society's most vulnerable, our children. they held children's education hostage for multibillion dollar ransom paints from the taxpayers and the hostage takers received the ransom pay payments and at e end of the day, the teacher'sdownon traded in $200 billion in ransom payments for two decades of student learning. we should never for give them for that. i don't think parents are ever going to forget what happened when teacher's union bosses like randi wiengarten fought like heck to keep the schools closed for political gain. the good news is that families have woken up and they're never

going back to sleep. they're pushing for policies that give them more power as opposed to the teacher's unions like school choice and funding can follow the child to provide real competition for the teacher's unions to have an incentive to do a good job and listentology parents and labeling them as domestic terrorists. neil: i don't know how it works abroad to other countries providing money to retrofit schools and provide more support for those taking classes remotely. they didn't have this tumbling in scores. even in china with the rolling lockdodowndowns in the face of this -- lockdowns or shutdowns and their scores are at all time highs. something is weird about that. >> weave had data on this the entire pandemic period where there's rigorous research released from national bureau of economic research finding districts that closed longer in the u.s. all else equal of

controlling for democratic characteristics in the area experienced larger learning losses when it came to math and reading test scores. something we knew all along and knew there were tons of data suggesting that school reopenings didn't increase community transmission orissing of covid in other ways. the whole fight about school reopenings and keeping the schools closed had more to do about politics and power dynamics than safety and the needs of children. the prove schools were able to figure it out from the get go. private day cares and other businesses fighting to reopen but the teacher's unions on the other hand and the public sector fighting to keep their doors closed because there was a difference of incentives. they received the children's education dollars regardless if they opened their doors but worse for that, they could hold children's education hostage to secure more money. they prioritized themselves at the expense of families at the worst time possible. even though the schools are open now, they're wrong doings when

it comes to the teacher's union continue because to this day there's teacher strike votes happening and in seattle, it happened in seat and will don't know the result yet but people expecting they'll close schools again and held children's education hostage again. two weeks to slow the spread turned into two and a halve years to flatten a generation of children and parents, again, they're never going to forget what happened no matter how many times the union bosses try to gaslight the public into eternity, these families have woken up. that's the only silver lining here. neil: but, cory, charter schools and catholic schools were also shut down and doing classes remotely, the impact on those kids and their test scores were minimal compared so even with the same set of circumstances in a lot of states and counties where this was required, the results were remarkably different. why?

>> yeah, virtual learning or remote learning isn't the same thing as government schools at home. the public school sector had a really tough time trying to figure out how to get things done at the last minute with the school load yours and the virtual charter schools have been doing it for decades and doing a good job. something you've chosen to enter in a type of virtual schooling that does a good job. it's not the same as zoom school at home put together at the last minute in the government school system. i will say, we shouldn't call it remote learning in that sense. it was like remotely learning because the kids weren't learning all that much the way they were doing in the public schools. neil: to your schools, inconsist so it didn't apply to all. cory, thank you very much. cory deangeles following a disturbing development because it doesn't jive with the exact conditions experienced in other countries and in our country among private and other types of academia where the numbers weren't nearly as bad. we'll keep on top of that and

keeping on top of right now, what's happening with president trump getting his approval for special master and some say it could muster a run for president again after this. ♪

neil: donald trump has special master review all those documents taken from his home almost a month ago at the very least it'll complicate any criminal proceedings that the justice department might be considering but it gets even more in the weeds than that and more on what happens now. david. neil: neil, we need to find out who the special master welcome. >> the department of justice and trump attorneys have till friday

20 submit proposals to federal judge aileen cannon who hay want to be the special master and one person going through thousands of documents and pages and the appointment of the special master slowing down the investigation into donald trump the former president. yesterday on labor day, judge cannon issued this order and a special master appointed to approve the seized property and manage assertions of privilege and make recommendations thereon and evaluate for return of property. cannon told the justice department stop immediately using and reviewing any of those seized documents for part of the criminal investigation. the investigation underway by the director of national intelligence avril haines to determine the classification of the documents and will not stop and will go on. doj working alongside haines and

can continue the classification assessment but in the same breath the judge says the actual investigation into donald trump must stop. for the eleventh circuit in atlanta, georgia, and a live picture outside the circuit court would hear the case of 11 judges active on the court and six appointed by then president trump. a doj spokesman tells fox news they're looking over the order and no steps given how high the stakes are in the case and really in uncharted waters as i told you last week from palm beach. every day it's something new and all parties are learning something new. many expect doj will file an appeal as soon as possible. neil. neil: all right, thank you for that. david at the justice department. guy lewis, can he read into these developments and he's a great lawyer and can get through my thick skull, which by the way

is an achievement. guys at the very least, this buys time. >> not only does it slow it down, neil, it brings whatever investigation under pressure to a screeching halt and district court jung enjoined and stop, don't pass go, don't collect $200, don't move. no review of the documents, no use of the documents, nothing till a special master and the court gets more involved. neil: it's not anyone can step up and be a special master. there's security clearances and explain that process.

neil, you know what will happen. >> each side will submit names and the court may very well have their own person in mind. she'll make a selection from those various names, but it is a tough task, no question. the special master will immediately start. she or he will try to get through this thing quickly and expeditiously but i suspect this thing is going to drag on for minnesotas months and months. months and months. neil: the justice department pursue ago criminal investigation, they have to sees and desist. >> they do. what's fascinating about the order digging deeply into it, neil, is take a look. if you get a

chance at footnote 12 and the justice department last every argument for the most part and one of them they were saying, look, this is almost like a case where you find cocaine, and it's illegal and the defendant -- not the defendant but the target donald trump has unclean hands and can't come in and make these arguments. she says, and it's very sort of slyly put, she says in that footnote, wait a second, this isn't nothing like a case where the documents themselves, it's illegal to possess them. what i find fascinating about it, neil, she's had a chance unlike you and me unfortunately for the rest of the world, she had a chance to look at the affidavit. she can see what the evidence s what the allegations are. i always thought that they better have in the affidavits some evidence of document destruction. i've said that from day one. i'm just telling you, she's

looked at it and she says look, having these documents on site, not illegal per se in effect. neil: if having the documents isn't a crime, what about lying you head them in the first place repeatedly? >> those are the backup issues and references to obstruction of justice, when you see in the original affidavit. those are hard. having done them myself on both sides, those are hard cases to make, much easier cases to defend and you better have good, solid evidence that show donald trump knew about it and knew he was obstructing justice and knew he was in violation of the law and some of the things that she says in her order in terms of cooperation and trying to turn these over, it just doesn't read like that. it doesn't bear those kind of

facts out. it is very interesting. neil: amazing. see where it goes next. guy lewis and former u.s. attorney. there's more here that meets the eye and certainly that's now become the case as special master takes over. in the meantime, they say in a great literature the rich are very different from you and me. sometimes when they're up against the wall, they eat at casual restaurants. who knew? after this. ♪

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neil: all right, they say california sets the stage for the rest of the country and even the world. it's one thing when talking about banning all gas powed vehicles by the year 2035. quite another when you take immediate action to raise fast food workers pays, restaurant workers pay across the state to $22 an hour to kick off state controlled effort to police that industry. they say not police it but just try to get them into a more fair pay situation. i have a feeling zane may have a

different view on the effort. the chairman and ceo behind some just fantastic restaurants. applebees and the well to do is going to your restaurant because they get better service. >> so they say. neil, the overreach, the extent, socialism is forming a committee to determine price and wage. isn't this that? it's beyond. i can't believe. neil: it's very generous in california with pay to begin with. saying nothing of what's been happening. >> while it looks really good on the surface, somebody will pay that price. yes, the pay is good and now it's better and it's got to go into the price or you close. there's no magic here. more has to come in than goes out when you have a business. neil: just as the industry is trying to come back post-covid. how is that going for you and

your restaurants? >> with us, it's been quite good quite candidly but the data real quick, knowing i'm going to come see you and it's great to see you in person, beyond great. the industry as such is about 8% under 2019 employees where the first or certainly the second larger employer in the country as a industry, the restaurant industry, yeah. and we had 10 million employees pre-covid. there's about 9, 9.2 million. so we're still dramatically under. there's still restaurants -- neil: that is as a result of a lot of restaurants closing. >> absolutely and great resignation. lot of people don't -- restaurant work is hard work. fair is fair. neil: how do you keep them? what do you do? i would just say, give me free fries and i'm okay. what do you do? >> it's not hard, neil. just treat people with respect and with the importance that they deserve. we stayed in touch with

everybody through the two and a half years of covid. i made sure all our managers, called our people to see they were okay. we never had a struggle hiring back. in fact, i'll say on air, we have more people than we need right now. i need to open more restaurants and the struggle of opening more restaurants is the variety that we're in right now. neil: that's just a logistical nightmare in a lot of states and i'm curious this trend now and maybe wal-mart was the first to hint of it where a lot of higher end shoppers are coming in, maybe look for deals, looking for bargains. i guess it applies to restaurants as well. you know, you're very popular restaurant chain to put it mildly. all of them are. >> thank you. neil: now that crowd that wouldn't go to a restaurant like yours, not to demean it but but they're branching out and that could be good. >> it's more like anything when

you seal with people and human beings it's more complicated than somebody trading down to a better price point. i think whenever the graph of restaurants is going up and grocery stores are going either flat or down, restaurants suffer. when they go up together and in fact grocery stores and wholesalers are more expensive than they were. the gap is narrowing -- we're increasing but the gap from grocery stores to us is dramatically less. what does that translate to? it's not just economics. it's more complicated i say. you take a black car as opposed to subway for convenience. you fly first class rather than the back of the airplane for 6 inches and pay an extra $1,00. you board first, you get off first, et cetera. the convenience of eating in a

restaurant vis-a-vis, i got to get my car and put gas in and shop and have the time and i come home and cook. all that -- neil: plus early on it's comfort food. >> no doubt. neil: that was a big thing. monte ch cristo sandwich? >> yeah, we do. come on in. neil: i need more of that. >> i'm waiting for you. neil: that's the whole idea. get people back. that's the great united. >> correct. it's much more convenient. much more convenient than washing dishes, shopping for my food. >> and now cheaper. >> and now cheaper. if i add up the cost of my time shopping and add up the gas in my car and it is less expensive. i don't like cheaper. that's not a good word, neil. neil: i didn't mean that . >> you mention less expensive. neil: he's thin and fit and works in the restaurant industry. enough. more coming up. ♪ &%c1 su &%c1 su

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as a main street bank, pnc has helped over 7 million kids develop their passion for learning. and now we're providing 88 billion dollars to support underserved communities... ...helping us all move forward financially. pnc bank: see how we can make a difference for you. neil: charles payne, so sorry, melinda, my executive producer back from italy. she can't time a show. she went over. i apologize. charles: i would still be in italian time too. neil: you got it. charles: good afternoon, i'm charles payne. this is "making money." the market struggling for direction here, really trying to decide, especially nasdaq, get this, it was 1.8% at the open. rallied 1.7%, dropped another percentage point. how do you deal with this volatility and remain sane