baby craig is named after lydia's husband. congratulations to the entire family. i just want to thank ken for coming on board again. we really like your stuff. i can't believe how much money people are prepared to pay for it. >> i appreciate it. stuart: it is all good. thanks everybody. great to have you with us today. we'll be back tomorrow morning, right now it is neil, your show. neil: stuart, thank you very much for that. we're focusing on hot things going on not in the market but as what is happening across the country. about half the country if you will enduring triple-digit temperatures throughout much of the west. this as the energy grid is tested like it has been tested in that part of the country. all of this in the face of skyrocketing prices go egg on for energy. not here but more to the point, in europe. we'll have more on that and what the british prime minister liz truss wants to do to address that meantime let's go to hillary vaughn on capitol hill with how these grid issues in california are complicating

other matters. hillary. reporter: hey, neil. remember just a few days ago california's push to ban sales of gas-powered vehicles was being championed by many democrats as the future but now that future is temporarily stalled. californians that are driving electric vehicles today are having to pump the brakes to give the state's electric grid a break. california governor gavin newsom telling people to avoid charging electric cars to help conserve energy and everyone else is being asked to skip out on some bare necessities. >> precool your home. run the air-conditioning earlier in the day when more power is available. we encourage you to close your windows and blinds to keep your home cool as well. today and tomorrow afternoon, after 4:00 p.m. in particular, 4:00 p.m., please turn your thermostat up to 78 degrees or higher. avoid to the extent possible using any really large

appliances. reporter: if californians don't listen that comean rolling power outages. the state's grid operator declaring level 3 emergency. the highest category for a emergency in the state. they are pushing californians to go green with a grid not quite ready. congress is not second guessing passing billions of dollars of tax credits to encourage people to make the switch to electric vehicles despite an overheating electric grid. >> do you get why people might be second-guessing this go green agenda when they're being told that if they have an electric car they can't plug it in, how do they get to work, how do they pick up their kids from school? >> first of all this is an option. there isn't a requirement. the more you you reduce the carbon emissions the bigger your tax savings. people like the choice. they like their freedom. reporter: neil, going green is not completely green. a lot of electric grids get

their power from sources like coal and natural gas. in california half of the electric grid's power comes from natural gas. only 10% from renewable energy sources. neil? neil: they could have boosted that in prior years, maybe to better prepare for something like this but they never did, right? reporter: no. neil: incredible. hillary, thank you very, very much. let's go to dan ever heart on canary ceo. california is in the position trying to voluntarily ration energy that is the best way to explain it here. it was years ago they started siphoning off or limiting natural gas and or coal to power a lot of their plants. a good many are still powered that way. thank god for that. they keep the grid up and running. what do you make of that? that was a clear choice? >> well look there's two main factors here. one the politicians and

headlines are way ahead of what business can actually accomplish. california can outlaw internal combustion powered cars. they can you know, push the grid in a certain way but business has to keep up. in this case the businesses are not quite ready. the fact of the matter the california is overly reliant on solar. everyone in california is about to pay the price for that. i'm all for renewable energy and be smart about it. business and political leaders need to talk, need to understand what we can actually accomplish. the second thing is, natural gas whether you like it or not, natural gas is a transition fuel. that will get us to a greener future. right now we need natural gas and politicians need to recognize that. neil: not that it is awful fuel. in scheme of things it's a pretty clean fuel compared to what the rest of the world is doing. that is neither here nor there dan, i want your thoughts whether the state could get as abrupt as things are in great britain right now the new prime minister there, liz truss is

seriously talking about a freeze on energy prices, energy bills that would cost the government about 130 billion-pounds. i guess that works out close to 150 million, billion i should say u.s. dollars. with woe ever be pushed in that direction you think? >> well i think california specifically could. the problem is they have shut down all these coal-fired plants. they have become more and more reliant on importing electricity from neighboring states, from oregon, from nevada, from arizona f those states have similar mini crises, they will take care of themselves first and california is not going to be able import energy. when they do that is when solar goes off-line from four to 9:00 p.m. at night. people are plugging in electric cars, exactly the time the other states, that they're importing energy from are going to need it. so i think california is the weak link in the chain here. neil: i'm just wondering, this is the same state by 2035 wants to ban sales of all fossil-fueled power cars,

gas-powered cars, presumably with the goal of being fully electric. they can't handle five to 7% of vehicles that are electric now in the state. perish the thought when you get substantially above that. >> there will having to be huge invests made. power plants are powered by three things. they are powered by nuclear, they're powered by coal, and powered by natural gas and some renewables. renewables like wind and solar are partially reliable. tough pick natural gas as the main fuel. we have to make invests accordingly. if we get electric car absorption from 5 to 7% to 25 to 40% in the state of california that is enormous investment. politicians need to be honest with people what that investment is. neil: to fix the grid but address it in a lot of states, red states, blue states, i remember couple winters ago in

the problems of texas. things happened, confluence of tragic events happened that america us rely on that grid like never before. texas's went down. california's, threat of going down. so this is going to be an expensive undertaking. >> absolutely. look, if we're trying to wean ourself off of oil and oil and gas and off of quote we're going to need to rely more on natural gas, we're going to need to rely more on renewables but the investment to accomplish this will be mind-boggling. we'll be three or four times more reliant on the grid in 2040 than we are now if a lot of these green activists have their way and more reliant on electric cars. neil: dan, thank you very, very much. tell it like it is. we don't like to hear what you're saying. dan eberhardt, the canary ceo. let's get the read on all of this. i want to talk about the markets, what is happening, triple digit advance. i don't want to get leery of that, with the markets running

up but giving it up by day's end. back to, scott martin, if you don't mind on this energy situation, might be a preview of coming attractions going on in california and i don't know if the nation is prepared for any of this give the clean energy push and all of that but it will come presumably at a very, very big price, if we have to do a wholesale revamp of our grid? >> yes. doesn't it always, neil. somehow, if you look back in history last five, 10, 15 years, 25, 30 years ago neil when i was a small wee one in the crib they were talking about running out of oil, running out of water. not to belittle the point, my friend we do somehow human nature, human force get through this it does feel terrible this time like it did the other times. we will come out on top somehow. i don't know exactly how. i don't know how much pain to use that word we have to go through to get there but you're right, it is an very inopper tune time.

the mess damage from the government and d.c. all changes they want to make in a snap that we don't have infrastructure to do that. there is reality it will hurt some followings. we have to work together through this if we can even though the administration is foreign to doing that. neil: the market is a beast, you've covered it for a long time, oil is the lowest level since we had back in january, hinting of a slowdown, fears of a slowdown trading respectively that way. we're celebrating u.s. trade deficit today sinking 12 1/2%, that was nine-month low. if you think about it just the idea right now export growth isn't what it was. imports are very, very pricey. so it is reflective of just a slow down. i'm wondering how you see that playing it out, how the markets might welcome that in this environment when they're afraid of rate increases?

>> bingo, that is exactly it. that is what is going on, neil. it is darkest before dawn period. if you look at experts quote-unquote, not myself including, everyone turning tail on the markets. reality everybody coming to the forefront, things will be terrible again, bear market is coming. i don't believe it. you mentioned trade deficit numbers, energy numbers behind the scene are coming down explicitly so are other commodity figures. there are good things going on behind the scenes the market is not paying attention to. i'm telling you when the fed will get through this, i don't know exactly what that is. i'm hoping november is the last rate hike that they back off and let data react to the hiring they have done i think the market comes back faster than richard simmons, because so many people bailed on this market, they have thrown in the towel. they told investors, analysts told us the market is dropping 10, 15, 20% whatever your number is. i think that is the time when you have to go in here to start

buying stokes because the fact everybody is so bearish. neil: the strong dollar work as couple different ways, right? in this trade report because it was so strong it certainly made imports cheaper coming into this country but there wasn't a great of demand worldwide for what we make. so we did benefit a little bit there, you herald that, the oil thing is another issue here but, back to the dollar, if you think about it, for international companies, that's not a good thing. a lot of their strong sales abroad and earnings when translated back in dollars are getting fewer dollars. so it is sort of like a double-edged sword, right? >> maybe triple edged. i would add this. currencies are so fun. massive movement year-to-date of currency. euro, yen, renminbi in china, u.s. dollar, canadian loony, we had a massive move in currency markets. that is strange to be a outlyer

to be fair. this is the third edge of that sword, neil, if i may, currencies, bonds denominated in u.s. currency gets bit, interest in the buying of those bondses because they're denominated my friend in u.s. currency. as we talk about the markets and say their sensitivity to interest rates think about it, when folks come in internationally buy things denominated in dollars which are the u.s. treasurys, they go up in price, down in yield. that is something the market wants to see as well that could be a boon for the strong currency. neil: scott martin, thank you very, very much for that. we're showing you the british pounds down to levels it was in 1985 when ronald reagan was president and maggie thatcher was the first prime minister, female prime minister of great britain. the present, the latest female prime minister, the third, fourth under conservative leadership over last dozen years, liz truss, is reportedly ready to outline a plan where her government will cap energy prices to the tune of about 130 billion pounds. that works out to close to about

150 billion u.s. dollars. now conservatives say she is going against the free markets but brits have seen a 80% hike in the utility bills will no doubt welcome this the is are not doted, the ts are not crossed but the latest word yet the new conservative leader of great britain will in fact impose these limits if you will. the world is watching here closely because as britain goes, europe goes, dealing with these high prices, remember the entire european union wants to go this route, the pressure will be on the u.s. to do the same if things get out of hand there and hire with our utility bills. we're on that after this. ♪.

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kurt knutsson following in cupertino, california. what are we in for, kurt? reporter: i wish we were in for an air-conditioning app. it is hot here in california inside of apple park, where apple really bucked the system. we have smartphones down leading into pre-holiday sales about 9% but not affecting apple iphone. today their launch of the lates iphone 14 expected, four different models. neil for sake of history, remember the sides of this one? this is the iphone 4. this is one shortly thereafter. this is the current iphone. unbelievable what they have done with size. and size is what it is all about today, a 6.7-inch screen expected, maybe a little bit of design change on it with thinner bezels, faster chip inside of it. keep your eye on a word pro for a lot of products coming out

here. airpod pros 2 coming with some sort of innovation. this event is called far out. does that mean something related to satellite or communicating with apple products? i don't know. the imagine could go wild. or are they introducing since prices are expected to jump 100 bucks per phone at least for the pro model are they banking on what was rumored to be a subscription model where you're not shelling it out for each product cycle, but instead you pay a monthly fee on netflix, voila, you get a new phone as it goes. something similar to the background of their operating model in the past but whether that works going forward, got our eye on that one as well. then, you know, inside of this building first time in three years they really had a an event on this magnitude, this scale here. it will be interesting to see how they roll it out. i have heard that there will simply be the most products announced at any one time that apple's ever done. we'll have to keep our eye on that one. the watch is due out, neil, this

is the apple watch, brand new from last year. the watch 8 is due out. apparently a whole new pro watch for super athletes like yourself with an extra button on it. so whether that connects the satellite, whether that can, i don't know, transport you to another planet i have no idea but we'll find out here in just moments. neil: you don't want to be the guy who doesn't get the extra big watch for athletes. because you're almost screaming to the world, i don't work out. we'll see how that foes. good luck putting up with the heat my friend. reporter: exactly. thank you. neil: kurt, great seeing you. we'll have more on this and how much will be underwritten by a lot of big carriers, verizons, at&t, t-mobile, sometimes they cushion the so-called blow on these phones, absorbing it to get you to hook up with them. we'll keep you alert to all of those developments. keeping you alert to the ongoing battle between twitter and the world's richest man.

i guess, grady trimble in chicago, the judge gave him a split win. elon musk can use the whistle-blower, what he has brought into evidence but as far as pushing this thing back beyond october, that doesn't look like it's happening right? reporter, right, neil. those were the two asks for musk and wanted to delay the trial and collaborate these new whistle-blower allegations into his suit against twitter. as far as delay of the trial goes, the judge said that will not happen. it is still scheduled for october 17. the musk team wanted to put it back four weeks. the judge said no because it would fear it would add harm to twitter. allegations in question are from twitter's former head of security, pieter zatko which were made public last month. he was fired from twitter earlier this year. he said twitter had egregious privacy security, content moderation problems.

among them twitter deliberately undercounted the number of bot accounts on the platform. musk made a similar case in his attempt to drop his 44 billion-dollar takeover deal. twitter has disputed both of those men. the court will after how musk and twitter to negotiate on targeted document discovery related to those claims. the two sides rather, traded barbs in the courtroom yesterday. twitter claiming musk wanted out of the deal over fears of a world war breaking out after russia's invasion of ukraine. musk's team said trying to get discovery information from the tech company has been, quote, a game of hide-and-seek. both sides putting outdueling statements after this morning's ruling. musk's attorney says we're hopeful that winning the motion to amend takes us one step closer to the truth coming out in that courtroom. a twitter spokesperson says we look forward to presenting our case in court beginning on october 17th and intend to close the transaction on the price and terms agreed upon with

mr. musk. so the discovery takes place behind the scenes. whether they will close that transaction after all is still a question. we should know more in mid-october. but for now, neil, the saga continues. neil: it doesn't stop. great reporting, thank you, grady trimble on all of that. you know we are all back to work. so is the united states senate as everyone sort of trickles back but there is a lot on the line here. you might say what can they get done in a few weeks for the midterm election here, eight, nine weeks. well they have, one thing they have to do in the next like three weeks to a void a government shut down. where is that going? we'll talk to senator chuck grassley on that after this. ♪

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neil: all right. stop me if you heard this one before. washington has got to get its act together in matter of weeks to avoid a government shutdown. chad pergram on that where things stand. chad, what is going on? reporter: neil, good afternoon. funding the government is never just about funding the government. democrats are working an a spending bill to avoid a government shut down in october. what is in the bill could hinge on what can past. there is democratic, republican infighting how to address covid and monkeypox. >> last week the administration sented us a request for a number of funding items they would like us to work on from aid to ukraine, pandemic relief and other items. this process of course needs to be bipartisan. reporter: republicans say democrats should address something else in september. >> our democratic colleagues have given no indication that cutting inflation, fighting crime or securing the border

women be on the senate's agenda in september either. when our people are hurting this badly, speaking this clearly it take as willful choice, a choice for democrats to ignore them. reporter: there could also be a provision to reform permits for oil that was a promise made to west virginia democrat joe manchin in exchange for his support in the tax health and climate bill in august but republicans will balancing at that. >> supposed to get some special deal for some pipeline in west virginia on the continuing resolution to fund the government. i will not vote for a continuing resolution that is part of a political payback scheme. reporter: any bill requires 60 yeas to clear a filibuster. why democrats need gop support. democrats are considering adding to the bill a provision to codify same-sex marriage. they could handle that as a stand-alone bill if they have

gop votes. neil. neil: thank you for that, chad. senator chuck grassley on all of this, iowa republican, senate judiciary committee etal. senator will we have a shutdown, at the rate we're going the two parties seem far apart? >> it always starts this way. the government shouldn't shut down costs money to shut the government down. it costs money to start the government up. government service for the american people, protection for the american people, both domestically and internationally. it is just not the right thing to do. i think that there is a legitimacy though for republicans to question some of this spending, maybe the amounts of spending but not so much the amounts but whether it is going to be paid for and there is a lot of covid money in other funds appropriated over the last two years that is not being used and republicans want to offset

some of this additional covid and other health care spending with offsets. there is only one place where i think there is a legitimacy not to worry about paying for it and that is our tradition of helping people that have been hurt by natural disasters and it's legitimate to have some money in here to help people that are hurt by floods and other natural disasters to get the help but beyond that, i think it ought to be paid for. neil: i'm just wondering, senator, given, i know you're running for re-election. you have a bit of a lead right now in your state but the fact of the matter is for republicans in general who had been hoping to take the senate even mitch mcconnell says it will be an uphill battle, do you agree with that? >> no, i do not agree with it. i think we got good candidates in most states and we'll take the senate by 52 votes to 48. remember, we have 21 republicans up and only 14 democrats, so the

numbers are against us but we've got real opportunities and you got to remember that this president is underwater as far as approval, particularly for the economy and particularly in the question of, is the government headed in the wrong direction and i hear this at my town meetings the whole month of august. neil: then why are republicans having trouble, that is why i ask, i think you said most of your candidates, senator are good. he seemed to, senator mcconnell referred to some candidates, some quality candidates that may be some of these donald trump picks might be problematic. that seemed to be what he was intimating. do you share that view? >> no, i do not share that deal. i shared this, that this country is heading down the wrong road with the polls showing almost0% of the people saying the country is headed in the wrong direction

and head-to-head generic republican versus democrat it is even-even. we could be down nationally by 2 percentage point and still have a tremendous victory in the house of representatives and stick take over united states senate. that is what polls in previous election. we don't have to be way more popular than the democrats to take control of the congress, particularly when history is on our side. neil: you're right. mostly is on your side. obviously there is a different environment right now. a good deal of the focus as you know, senator, has been on donald trump's back and forth over this doj, fbi raid on his home a month ago and that that is kind of sucked a lot of the oxygen out of the room. your colleague, senator mike rounds told me wished that were not the case. he wasn't disparaging the former president, saying the party's fixation defending him for the most part and the democrats

fixation with only talking about him, 100% of the it is getting in the way of discussing the issues you want to discuss. do you agree with that? >> sure. i agree that it does, yes and, i think most places in the country outside of the big cities, trump would be welcome as a bringing a great deal of vitality to the base as long as he just talks policy. forget about the last election. neil: but he doesn't do that. he doesn't do that. >> well i am giving him some advice. just policy, forget about the 2020 election. you can't do much about that. the laws have been changed in some states to make sure it doesn't happen again. policy is what counts and policy is going to win this for the republicans and anybody wanting to run for president in 2024 is going to be in a much more

powerful position if they can show that they contributed to republicans taking over the united states senate and house of representatives. neil: do you think he is sucking the oxygen out of the room? >> right now we don't have one national race, we have 33 different senate races and you got to look at each state separately. neil: so in that argument you talk about inflation, you early on talking about some of these problems that the administration has had overreaching here and spending. none of that seems to be puncturing or getting through, even in polls that look at americans without a special preference to one candidate or the other democrats enjoy a 3 or 4 point lead. i'm just wondering why and how that is? >> well, don't forget, that republicans have almost always been a minority party by a lot of percentage points or a few

percentage points. year ago we may have been up five or six points. today we're even. we have can still do very well, and besides, the campaign is just starting now. i think you're drawing conclusions, neil, from what went on you there the summer, not enough people pay attention during the summer and then now is when the campaigns is starting. the next 60 days is going to be the biggest difference and this decision people give to the republican control of the senate and the house is not made today, it is being made over the next 60 days and everything is in our favor. 8 1/2% employment, 8 1/2% inflation. neil: right. >> then you have the big gas prices. remember inflation was only 1.4% on january the 20th, 2021. it is 8 1/2% today. and gas went to five dollars and

now it is down to a little bit below $4. then we've got the border not being enforced. we got all the crime in the big cities. this is not working in his favor. neil: all right. >> biden's favor or the democrats favor. neil: we'll see what they do, whether that gets out with all this other political stuff going on. senator, always a pleasure. thank you very, very much. >> thank you. neil: chuck grassley. we did reach out to his opponent to get them on. haven't heard anything but we will always try, fair and balanced. meantime here. here is how bad things are getting. not only is the cost of halloween rocketing, no matter what your views are on that, candy all of that, but now we're hearing the price of a turkey is hitting an all-time high. we said what the heck is going on? kindly the guy who runs butterball is here to sort of break a leg and tell us that we don't need to worry about paying too much for a leg or the rest of the turkey, after this. ♪

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neil: in case you're waiting for any signs of a fed pivot, going slow on interest rate hikes, lael brainard, number two at the federal reserve vice-chair, the only one below jerome powell the chairman, likelihood rate hikes continue through the end of the year. that is the signal she is giving here saying restrictive monetary policy will be needed for some time. she cited retail margins for some of these price pressures quoting here, monetary policy will need to be restricted to provide confidence inflation is moving down to target. target said 2% we're a long way from there. 8 1/2% inflation rate. there is a chasm before the goal, fed's goal where we are right now. the better part of valor, presumably she says keep raising interest rates to slow this all

down. how the markets react right now, they're at session highs. maybe they will digest the thing differently or react favorably the fed's mission is clear and unobstructed. meantime following number of other developments when we talk about rising inflation, what has been happening with rents and mortgages particularly on the rising rent side how people are dealing with numbers that are nothing less than eye-popping. madison alworth has more from newark, new jersey. madison. reporter: hi, neil. median rent in the u.s. has officially hit $2,000 that is the first time we've seen that number in the united states but when you look at the city centers it's even more egregious. we're live in newark, new jersey, for a one bedroom if you want to comfortably afford it here you need to be making over $71,000 a year. one bedroom, that is usually younger renter. here is the thing the median wage for millenials in the newark area, it is $25,000 below

what that one bedroom rent region is. so you see there where that separation happens. that is why we're seeing millenial renters, gen-z rentals looking to other cities so they can afford their lifestyle. i spoke to one that lives in new york city. she wanted to move to the city for the work opportunities. now her income can barely keep up with the rent that she pays which is close to $3500 a month. so she regrets moving to new york. she is actively looking to move to texas. >> kind of fell victim to the mind set i have to live here. now i'm realizing once my accountants go through everything i have only this much left over to invest and retirement. i don't have an emergency fund now because i spent it here. reporter: so a big part of the problem is inventory. the housing market remains tight so people who would have moved into homes are signing rental leases again. you kind of touched on this, neil. mortgage rates have been rising

this year and eventually that could bring the overall costs of homes down but for now we still see very strong housing prices which means that rising mortgages just make buying the homes that are already expensive more expensive, keeping more people in the rental market, particularly those first-time homebuyers, those young millenials. that is why a majority of those that moved home during the pandemic are still there, we're seeing 67% of those who made the move back in staying at home is really tough out there, either to buy the home, also to rent it. neil? neil: all right. thank you for that. madison alworth, following all of that. inflation alive and well, doesn't my next guest know it, preparing for something that could give you sticker shock but not the traditional sticker shock. when you try to pick up your thanksgiving turkey. it will be a lot pricier, maybe three times pricier than it was in places last year. jay jandrain is the butterball ceo kind enough to join us. what is going on here?

i'm seeing over $6 a pound? >> like other segments, neil, certainly the food industry is impacted by inflation but there is good news for the holiday. from a survey we recently completed we know that 90% of the american public will participate in the holiday which is actually up from last year and 85% of those intend to have turkey at the center of the table. the good news is also, is that, turkey is usually heavily featured during the holidays. that really mitigates a lot of impact you might see. people go to the grocery store to buy the holiday meal, the turkey won't be the thing they see with the biggest price increase. they will see some very good deals out there. that says good news for us for the economy overall. for the turkey industry and certainly for butterball. neil: still at around 6:50 a pound, couple years ago less than two dollars a pound. i understand higher prices all

of that, people might have to make counter arrangements, a smaller turkey a store turkey. how do you prepare for that? >> sure. well, first of all the 6-dollar a pound doesn't relate to the whole turkey they buy during the holiday. that is average price that looks across a number of different categories. you find turkey featured for 99 cents, $1.19 a pound. specifically the turkey for the holiday it is incredibly incredit good value. neil: i know that. could you explain for me, for average buyers take a lot not to buy the turkey or different size turkey, are the prices double from a year ago, tripled, what are they? >> we don't set retailers price. neil: i understand. >> they will be very similar too what they were last year. again it has to do with the way the retailer markets the product. the turkey itself will see very little change during the holidays. which is great news for the consumer. neil: so the whole allure of

butterball, your turkeys are real moist and all that. i assume butter is in there. how does it get in there? >> actually there is no butter in the turkey. the butterball name is representative of the way the product looks but the turkey is certainly juicy and moist. neil: what is in there if it is not butter, it is butterball, what is it? >> that is top secret stuff, neil. neil: i see. >> [inaudible]. tell you what, neil, to make sure your experience is best possibly can be, reach out to call the turkey talk line at 1-800-butterball, go on the website. they make sure you get the best turkey possible for your holiday. neil: if i call the 1-800-butterball number, i ask what is in the turkey if not butter will they answer me? >> they will tell you in the ingredient statement but goes much deeper than that. neil: got it. is it oil? >> no, it is not oil. neil: really?

>> really. >> what are you doing? >> we're just making it a really special way that make sure you get the best possible meal you can for thanksgiving. neil: they are delicious turkeys. jay, i couldn't break it out from you. i know you have a lot on your plate, that is the best i can do. jay jandrain, thank you very much, butterball president and ceo. you sort of pick your battles here, but again no butterball, butterball, no butter in it. so there you go. we have a lot more coming up here including the battle back and forth with student loan relief. joe manchin is saying it is getting a little pricey but not everyone agrees. ♪. with my hectic life you'd think retirement would be the last thing on my mind. thankfully, voya provides comprehensive solutions and shows me how to get the most out of my workplace benefits. voya helps me feel like i've got it all under control. voya. well planned. well invested. well protected.

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neil: all right. it's the big decision the big guy made by himself. right now he is running into some opposition from fellow democrat who says that joe, you gone a little far here, this student loan relief program that you want done, and done soon is costly for one thing. he is not even sure the president can do it. others are saying much the same thing, mostly republicans that the president has gone one step too far. the president as you said wants to forgive 40 million students former students college debt up to $20,000. brian brenberg joins us, kings

college business, economics professor, fox news contributor. maybe a lot of students in your class, brian, are benefiting hope to benefit from all of this. what do they say? >> they hope to benefit. everybody from here to eternity will hope to benefit from this but that is not the relevant question. the question, is it sustainable and is it just? senator manchin says this is excessive, extra helping at tater tots at lunch is excessive the question here, this is unjust. you're talking about millions and millions of people who paid back the loans, intended pay back the loans, now they're looking at, my students are they happy to get the handout potentially? probably but they're also smart enough to know this can't last, this can't work over time and it is definitely not fair to the people, many of their peers who are doing other things, starting a business, buying a rig, getting equipment, getting a loan for it. they're not getting that loan forgiven. you scratch the beneath the surface of a political payoff which is what this is, it's a

vote buying scheme. it doesn't work. neil: tuition, room, board, mitch daniels, president of purdue university, frozen tuition and board at the school better part of a decade. he knows full well when you increase aid to students they only increase the tuition, it goes up exponentially. >> just more powder you can bring to pay for college. who ends up winning? i'm a professor. i like being a professor. if these colleges have not delivered enough value to help the students pay back their loans you should note give them a raise. neil: talking last time, inflation in general a big issue. i still try to get to the bottom of what is in a butterball turkey. but all you know everything is a lot pricier, everything is out of control. >> this is the important thing, even if the rate of inflation comes down a little bit, which might, of course we're building on last year's price increases, all those prices on the shelf are still going to look very, very high to people. neil: way beyond the 8 1/2%, official inflation rate.

a lot of those foods, double digits. >> talking the foods that you see in the grocery store shelf, talking rent segments, rent is through the roof right now. neil: yeah. >> so people look at that say i don't really care what you tell me on the number, and i still think the numbers aren't going to look good, i don't care when you tell me on the number. i can see the rises are high and not coming down anytime soon. why a politician will dough new a thing people see in front of their face the only reason i see because you're awfully desperate. neil: didn't have professors like you in my school. >> that is why you learned so much. neil: i had one professor would sleep, usually when i would raise my hand. i got through the class, holy cow, where were the guys like them. we've got the dow 269 points, not really bumming out over the latest read from inflation on lael brainard it will be around a while and interest rate hikes will be around a while. stay with us. ♪

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reverse mortgage lender. - call the number on your screen. neil: this is apple's big day, big announcement of new phones, not to rain on that parade, some potential supply-chain issues might impact the company including the change in the production site, one of the key ipadmakers trying to get additional staff to make up for lockdowns remain in the city, another city that is also under

covid lockdown, it is a supply center to go into those new gadgets being announced today. we don't know how much of a disruption this will be. let's get the latest from susan lee with the big day in the big announcement. >> we are underway, apple ceo tim cook live in person on stage, behind me. the first time in three years, back in person component to this event. we are back here to see the new product apple is launching. you get the new iphones for them including a larger screen, regular iphones.

that will tell us about inflation and as tim cook, everybody's impacted by inflation including apple. you get a $100 increase this year, possible 10 to 12 increase in price because apple needs to pay more and supply-chain, we hear those shift days, don't tell us how china is running with the 0 covid policies and lockdowns you just mentioned, to ship these apple goods in a few minutes. there is some easing in the supply chain. maybe apple hasn't been affected by 0 covid policies in china. possible many home, apple tv, apple watch series 8. there is a lot to surprise and delight viewers here and people who go back to apple park for

the first time in three years, a lot to extrapolate. are they willing to shell out for these expensive iphones. despite the fact that we are a 40 year inflationary level, people are still buying expensive devices in the latest earnings report last month. this takes away not just devices itself but the consumer, the local economy happening in china. neil: a lot of the price is absorbed by carriers willing to take that on to sign up customers. i assume the same go around this go around. >> what does it mean for the upgrade cycle for telcos will give you the next john iphone 14 cheaper. the economic environment and to

still spend. steve jobs has the last thing, tim cook does one last thing. given this event is taking place a week earlier than usual. before the nfl season starts, you could get an announcement of shelling to billion dollars each year to the sunday ticket to put on streaming and as you know these companies would spend. neil: let us know how that goes. there's a lot on the line, looking at apple as a barometer, consumer demand, retail stock as it is a consumer player, technology juggernaut.

signal for the rest of the country, will people absorb higher prices? they have in the past. >> i love my phone but not in any rush to buy a new apple phone today. i love my ipod but not rushing to buy a new one because the old one worked pretty well. today's far out announcement isn't just about apple but people's utility bills going up 35%, 40%. it is going to be spent elsewhere, apple is pushing the limit on prices, with higher prices. we are worried about utilities, to spend on apple products, it is a different type of environment. and a ton of products, and what we are used to.

neil: with the news or statement coming out of the vice chair of the federal reserve saying she thinks they will keep the monetary policy going for a while. it means keeping interest rate hikes going for a while and they are not selling off on that. it confirms love you outlined by jerome powell two weeks ago but the market holding up in light of that news. >> the market is increasingly pricing in these interest rate increases and there is a tug-of-war in washington between the federal reserve who is desperate the trying to put out inflation, a bigger economic problem in the country and washington which continues to spend money and the consumer is stuck in the middle of it and you see that with apple today. the consumer is running out of

gas as they say and because of washington spending, making of the fed's job more difficult. i appreciate their willingness, and be the adults in the room. it would be great of washington could follow suit and financial markets are at a loss, they are worried about rate increases and it will be successful at slow the economy. you are seeing it in housing and showing up in data and consumer demand. consumer electronics this winter, exports coming out of china slowing, that's a sign to buy less stuff which might be good in the long run. it is not good for consumer driven economy when you see deceleration. it is inevitable when costs are going up and income isn't going up. the most exciting figures cash management. that is what everyone asks me about, they get an extra 1% to 2%, and it is not going in to risk assets and plants and

equal intent people are chasing yields. desperate for income. neil: to wrap up a point, an important point to put it in perspective here, none of this changes for some time. these rate hikes needed for some time and back to the need what we get back to our inflation goal which is 2%, running 8% clip. pretty obvious we have a long way to go. gerri willis keep an eye on other business developers, so focused on apple, google, a month away. >> google coming out with some big announcements, not to be outdone by google. they are officially announcing two new phones plus they will launch a long-awaited pixel launch. by october 6th, it is october 7th. when you look into that it is

williamsburg which is a superhip place to have an event, an in person event, pixel 7 and pixel 7 pro powered by a new chip. google is saying new devices will offer more personalized features, and speech recognition. don't know the pricing, we have no answers on the pricing point. the products are expected to be available from launch day on words googlestore.com. the pixel watches the first-ever entrance into the category, entirely designed and built by google that incorporates the fitbit apps and designed to work with all pixel and android phones. google shares higher today. rosenblatt security saying the price target, $156. google's ceo hinting at head

count cuts to give more details on how he plans to make the company make 20% more efficient. neil: is it there? >> we don't know. something needs to be more efficient. neil: thank you very much. and barack obama and michelle obama, as their official white house portraits are unveiled. sometimes it is up to the present where they put them. after this.

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neil: you get a beautiful portrait of you and your wife in the white house, a big honor and a big event and a lot of

pageantry to it. they have been doing this since presidents have been honoring former presidents in this job back to jimmy carter and on and on since. the perception of donald trump at the time be that as it may this president will recognize his former boss by unveiling his official white house portrait along with michelle obama coming up in the next hour. jackie heinrich at the white house with total star power that can rub off. >> reporter: it is the second time the former president has been back at the white house since leaving office, first time back in april he got the warmest of welcomes. a 2 minute standing ovation when he entered the room, a kiss on the hand from nancy pelosi and the swarm of staff and lawmakers clamoring for his attention. there was so much attention on obama that the sitting president, biden, was left

wandering the room at times are no go together attention from anyone. he got so much attention he made this joke and didn't exactly land well. listen. >> vice president biden -- vice president -- [laughter] >> that was a joke. [applause] >> that was all set up. president joe biden. >> reporter: the washington post reports that line punctured the celebratory mood and biden loyalists, intentional or not as part of a pattern of obama's disrespect for his former vp that still lingers. some biden loyalists are resentful obama didn't throw his weight behind biden's

aspirations, even now obama's team does not fully respect biden. they right there is still this resentment and the biden world after obama worked hard to prop up hillary clinton's presidential run but did comparatively less in 2,020 and even that infamous warning from obama people should not underestimate his ability to f things up, generated headlines at the time, the white house dismissed any tensions ahead of today. karine jean-pierre said the bidens are eager to welcome the obamas back to the white house, eager to resume the tradition of unveiling her predecessor's portrait, that donald trump skipped last time. neil: thank you very much. whether there is anything to this, what do you think? >> reporter: jackie nailed it on the head. in addition to restoring this tradition there's an opportunity for the white house

to cash in on much-needed last algia just weeks before the midterm elections, they are excited to have the two presidents together once again but the problem is obama ghost biden in the crowd, there was the friendly joke that in retrospect looked a little bit like a put down. for the white house to really excite the base ahead of the midterms, to remind them of the good times of obama and biden, there will be much more attention paid to the stagecraft here and behind the scenes the resentment is real. neil: be careful what you wish for, barack obama remains popular in his party and could risk upstaging the president. if you forgot barack obama with you backing what you are doing, this is preferable to another four years of donald trump and

he will maybe reflect that today. i know he was impressed with legislative initiatives, surprising wins even controversial e-mail or text congratulating him for that. is it as bad as that? >> i think the main goal here is for him not to upstage the current president like he did last time. watching biden in the room, he's the leader of the free world and his staff, his cabinet are flocking to the former president. to your point biden has a lot more he can point to this time around, whether it is the inflation reduction act or some movement on gas prices, things he can how to, but the fact remains that obama being there today or being there back in april, he would not have been able to return to the white house for this type of ceremony if it wasn't for joe biden

doing something obama said he couldn't and that is win. the wound is fresh. the president certainly remembers and his team certainly remembers how in 2016 obama pushed him out of the way to make the path clear for hillary clinton and now this is biden's show and in order for both camps to get what they want, for them to present a united front going into the midterms perhaps obama has to show more humility to the current commander in chief. neil: there is the issue of style and all that, is the former president doing enough to help democrats? he's helping to view election battles but he picks and chooses where he wants to go and there has been concern he or his people who have been critical, his economic people, the initiatives he has taken, it is not all warm and cozy.

>> something that jumped out to me, the president's last four speeches he hasn't mentioned to student loan forgiveness program. that is significant. that signals that type of policy plays well with a certain section of the democratic base but is not something you tout when you are in pittsburgh talking to union steelworkers. the administration is being strategic about this but also recognize there are some incumbents out there right now who don't see the president as a value add. they don't want to be on the same platform with him if they can help currently. look at the realty or politics average, the president's approval has ticked up slightly but is still in the low 40%. neil: the issue of where they hang president are portraits is up to the occupant. >> really curious to see where biden puts the portrait, fascinating the history here in

the tradition. it was interesting to me to realize, the famous portrait of george washington that hangs in the east room today is the only original artifact currently in the white house. it was in the white house when john adams was in so it will be difficult for any president to move these portraits and it is a big decision for biden to make. where is he going to put his old boss? neil: they don't move washington, all others are up for grabs. we will see what happens, thank you very much. it is always history. but there is a little friction as well. and egos. in the meantime we are following what we are getting out of apple right now. a whole new bunch of goodies, the iphone 14 and super max, i

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neil: apple can be looked at as a proxy to the us economy, retail stock, technology juggernaut gets disproportionate attention. announcing a slew of products that don't come cheap, susan lee on what she is learning. susan: right now they are

leading with the new apple watch series 8, that ship september 16th and again that tells us the supply chain is holding up and what that means for production in china and they will ship next week, in line with expectations. no knock on the fact from the ongoing closure in china priced for the apple 8, same as it was last time. they are offering cheaper apple watch series. maybe inflation isn't beating the price of the wearables, a fortune 100 company, the apple watch, the last 7 years, this is how you extrapolate from the sample events. how much is inflation pushing up these devices. apple, $1 billion a year, world's largest company trying to make sure people pursue.

it will tell us whether or not they will in the economic environment. we expect to those iphones to come out at some point. we've not heard about them yet but the iphone 14 is consensus across wall street, more wearable announcements like the air-powered row, a new home part many, apple tv. a lot to go in this presentation but it will tell us how the global economy is holding up and what the company is doing about it. neil: they are not having these supply disruptions? you hear about various towns in china shut down or locked down because of covid. susan: i was impressed with the ship date of september 16th. will it be for the same for the ipad? a staggered release and ship between those lockdowns in china?

that will be important and tell us how things are operating in china but apple and tim cook illustrated they will lose $8 billion, hit by those china lockdowns and possible ongoing ones the rest of this year. neil: thank you for that. we have charlie gasparino saying it is a proxy and they've got this, they always find buyers. charles: i will make a bold prediction. apple is going to buy netflix. everybody is talking about it. the journal having a great story, when this gets cheap enough and you know that apple is getting into streaming battles. this is a company that they can

buy. at some point it is cheap enough to buy. neil: is it worth it? >> i think so. the distribution is interesting. jenkins, i don't want to plagiarize him. all these companies that are streaming only companies, having a hard time making ends meet whether it is is in your discovery, netflix, the notion of having a distribution seemed appealing even though the distributors couldn't run a talent based entertainment company, didn't know how to do it. apple might make this work and you can see how apple, google, will get into this business and become the pipes that at&t with its cable and satellite couldn't be. neil: they are getting big.

charles: i should have been an investment banker and would not have to put up with this. i would make a lot of money and not how to deal with these millennials giving me a hard time. did you see me yesterday? neil: i was hosting that. charles: she was saying there are studies coming to my next story. working from home is good for productivity. neil: working hard -- charles: our latest wall street firm coming get back to the office, technology, stock market, 5000 employees, traders on the floor like the stock

exchange, less and less as well. tech support staff, marketing, management, 5000 people, they are mandating two ways in the office. as of labor day, nasdaq employees are expected to come back to the office for two days, the boss is paying attention and that is getting pushed back to 5 days a week or childcare. that shows you how hard to. it is not an easy lift. we had larry fink on this, he made the point that there is no doubt this flies in the face of jen's the which he said about studies. a nice kid. trust me. it flies in the face. charles: supported what you were saying. charles: take her out of it. just let me take this out,

flies in the face of people saying there are studies. charles: we talk about study. charles: larry fink who runs the largest money management firm saying you are more productive at work so kids, get your ass back to the office. neil: thank you, he is the best. he is very good at what he does. 80% of americans. thank you. it gets better. lawrence is here to dig us out of this. talking about technology companies and the move afoot right now, where are we going here? >> they told me i could work from home, they didn't tell me it wasn't going to be my home i am working from. the news story, talking about twitter, missouri attorney general posted the victory in court they won in this lawsuit

with the administration, twitter, and facebook, he posted this, the post was not flagged. the lawsuit against biden administration for colluding with social media companies to censor speech, the court ordered the doj to produce records from key white house and hhs officials like doctor anthony fauci and the white house presbytery karine jean-pierre. i asked the white house secretary about this, no official response but administration official tells me the president believes in freedom of speech but also that it is important for all media platforms including social media to represent factual information and combat misinformation and disinformation. representative jim jordan agrees with the lawsuit the collaboration represent a vast censorship enterprise across multiple federal agencies. >> the white house went to twitter and said take down people saying things against the white house position, they formed the disinformation governance board all the ways

they try to chill speech because the left controls the democrat party and president biden is beholden to, they have a position where they don't respect and honor the first amendment. >> reporter: meta spokespersons as lawmakers on both sides of the aisle called for more collaboration between social media companies and law enforcement. the white house downplaying this coordination, the latest coordination saying it started under donald trump and when some things are labeled misinformation many times in some cases misinformation turned out to be true. this debate goes on. neil: careful who is labeling, thank you very much. a lot more coming up including the first full day of prime minister liz truss's -- swinging to the fences. >> we want new jobs and new opportunities and that is what i will deliver as prime minister. >> can't she see there is

nothing new about -- when asked, who pays, says it is you, the working people of britain. >> there is nothing new about a labor leader who is calling for more tax hikes. ♪

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neil: capping energy prices is one thing they are looking at doing in europe. what is going on? >> reporter: the energy war with russia triggered by the real war russia is waiting ukraine is heating up.

the price on russian gas. no words -- bladder put can't finance this atrocious war. two countries called for on the price of russian oil. the economic foreign minister russia putin called the price gap idea stupidity and other customers to go to and if europe doesn't want to supply anything. from gas from russia to europe. they are scrambling for ways to deal with this, five times over levels last year, greece looking to cut public-sector energy use, $500 here to subsidize their energy bills and as for the new uk prime minister just one day on her job. the rising cost of living, outline tomorrow plan to the immediate crisis to get the

country through the upcoming winter and that scheme is an energy bill financed by the uk taxpayers. it is mild over here but with winter looming, things could get hot and cold here very soon. neil: foreign policy advisor to margaret thatcher, if we see liz trust -- liz truss provide relief to those behind on utility bills or capping energy prices, my thought is margaret thatcher wouldn't do that. what do you make of this? >> great to be here on the show today. liz truss started as prime minister and is already addressing the uk energy crisis which will possibly result in

an increase in price of energy for every household in the uk unless -- under tremendous pressure for price freeze in the uk. i don't think that would be an approach margaret thatcher would take in terms of freezing energy bills. i think she would have sought a free market friendly solution but liz truss is opposing the idea of a windfall tax, that is the right approach. i don't think there's anything to be gained from raising taxes at this time. opposing that solution, it is a price freeze, for households but we have to see how that shapes out, but it is important for government not settle future generations of a large

amount of debt. i hope the bridge government will avoid anything that involves a big cost to the taxpayer over the course of many years or decades to come. neil: i would suspect she goes this route to provide immediate relief to the pain for britain, and never raise taxes on anyone, the next move i will make is to cut taxes, to get that out of the way. fellow conservatives will wonder this is not the way you want to start. you have an energy crisis. >> she is under immense pressure. it is vital the conservative government cut taxes over the course of the next two years and liz truss has vowed that she will not raise taxes, stick to that.

neil: she would be reversing what boris johnson did. the record of three prior conservative prime minister's is they were anything but conservative when it came to that. >> we need to see more economic freedom, tax cuts, reduction the size of the state. the british government resisting siren calls to spend more money. liz truss is taking on the socialists in the uk calling for big increases in government spending. liz truss is a free market here, a conservative ideologue, and i think she has strong thatcher like instincts. i hope her administration will follow through with thatcher like ideas to erode the economy. we need more investment in the uk, lower taxes, a cut in the corporation tax which she

pledged to do, free market solutions to the immense challenges the uk faces. neil: thank you very much, niall gardner, just letting you know we are following events at the white house later than planned for the portrait unveiling of barack and michelle obama, the presidential cabinet is there. in the east room of the white house, we will take a break with the dow at session highs. more after this.

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neil: looking at this white house event where president biden will officially recognize his predecessor, his old boss, barack obama and michelle obama, portraits going up in the white house, the president gets inside where they go so we are monitoring that and also interesting developments on the economy front which has not been good for the president

particularly the slowdown as goldman sachs, to get more tenuous next year and mortgage applications today hitting 22 year lows as they start to pull back. what is going on and how long will it be going on? the executive vice president of berkshire hathaway home services, he knows what he speaks. how bad is this housing situation? i don't liken it to the meltdown we had a decade ago. maybe it is more than that. >> i have to look at what this word means. housing recession. i'm not sure what it means. i can tell you what a recession is. economists will tell you the decline in gdp, prior to the

summer, and going out of the craziest two years of housing we ever seen. everything would pale. to show us we were getting back to a sustainable marketplace rather than seeing housing pool back. listen. i think we have seen rates go back by 100% and that will pump the brakes a little bit. we need to pump the brakes a little bit. neil: not an apologist for the industry, i am still seeing we are down to levels that are off the charts, doesn't mean we are crashing nor do i see people leaving their homes because they can't pay for their homes but you don't see a gambling like environment in the housing boom that turned best when people were buying and selling property sight unseen like chips on a casino table. markets in the double digits,

now in the low double digits or high single digits. >> i think so. the underlying conditions remain the same no matter what buzzwords like housing recession. the reality is there is greater demand than supply. we are seeing the number of homes that are transacting be less, we are seeing prices continue to climb because inventory remains at although point and people -- neil: don't mean to jump on you but we are seeing people in a rush to take advantage of what appetite might remain. there seem to be supply. there is good move for buyers and prices come down as a result but how do you see it playing out? >> part of that normalization as we go back to the normal

market, to see the needle begin to move a little bit in their direction. we are not going to see 25 offers on a property but a more normal place and get back to normal appreciation. gaining 25%, 30% in% in a year is not normal. we will likely get back to a 3% range and the market will be a big engine that drives this economy. neil: bottom line with rates, rates have gone up a lot. mortgage rates have not. that is interesting in and of itself. >> looking at the entire body of mortgage rates even at 6%, it is incredibly low compared to the 18% rates people were paying in the 80s. people who are most affected by changing rates and terms of buying power is going to be the

lower end of the ecosystem, first-time homebuyers as we see rates go up it is taking it out of the marketplace a little bit. neil: appreciate that. the general stamp put on a phenomenon going on here, and not to make the next one. usually a step back. we continue to do so. all of the cross currents, more buyers and one bad day after another, tell you what is going on. i'm a performing artist.

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neil: now the big question can we hold on to the gains, almost 400 points for the dow any know one guy who can do it, pull it off with ease, charles payne. charles: they call me charles atlas payne, i will try, neil. good afternoon, i'm charles payne, and this is "making money." breaking right now a rally attempt that is actually holding up. after major decline, major indices is making a stand with unlikely as sis from a fed. how to with you are portfolio to weather the storm. they will turn despite all the