stuart: we dropped the ball on that one but so what? ashley: we certainly did. we're rubbish. stuart: see you again tomorrow. thanks a lot for being here. quick check of the market the rally pretty much holds. we had been up over 300. now we're up 172 on the dow. had been up over 100 for the nasdaq but we're up 76. we'll take that green. neil, i'm out of time. it is yours. neil: thank you very much for that, stuart. we're in the green although not as much in the green. the dow up 165 points. we interrupted last week what had been a month for losses pretty much with technology. people saying it isn't what it appears to be. interesting indicator they look at forward earnings to show it is still rich if you want to look at the technology group as an aggregate, if you look at apple, microsoft amazon, tesla, even meta and look at those as a group. they're right now trading at

about 38, 39 times earnings. s&p 500 trading half that, 16 times earnings, forward guidance, from these companies. that could give you pause they have been beaten down enough. by some estimates not nearly enough. we'll explore that in a little detail with jim bianco, bianco research strategist. jim on the idea, particularly of the comeback of technology stocks, there is camp out there no, no, with all the buffeting we're seeing we're not done. what do you make of that? >> well i think that on the separate camp you're right, i don't think we're done. there is a bigger picture play at work here. we're in a post-pandemic economy and i think we are in the process of beginning the restructuring process, of changing that. that is the supply chain problems that we, that we're having, that is the cheap energy problems that europe is having.

that is labor issues, that we're not only having labor issues and wage growth has been around 5% for the last year or so. if everybody is getting a 5% raise, that is great, you can pay 5% inflation and that could be problematic. so yes, when you look at those technology stocks with those big valuations yeah, it is down a lot but from where it was in january but they're hardly cheap at this point. neil: you know i'm wondering if the administration might know, something, jim, that we don't? planning a number of aggressive announcements on progress on inflation, i'm thinking myself i know we have inflation report out form, retail inflation report. i don't know what kind of heads up they get, the message, we'll hear more about this from our white house reporter that we're through the worst of it. let me ask you, are we through the worst of it? >> yes and but it might not matter. yes we might have seen the high at 9% but i argued that has been never the real issue.

if we stayed at 9% inflation for extended period of time that would be in a world trouble the question when it decelerates where does it stop? does it stop at 2% like the fed says or does it stop at four? that is an enormous interest. does that mean interest rates go back to two, 2 1/2, or four, four 1/2. remember they're in the low threes right now. does that mean we have much higher interest rates to go? i fear 4% would be nearer to the post-pandemic rate of inflation. that inflation will not be anyone's friend but assuming that it stays at four. neil: assuming it is getting ready down to two this is a long, long haul. >> yes if inflation does stop at four, we have to go tightening much above that you talk about 5% inflation, that's a problems

especially going back to to the top. if s&p forward earnings are 16 that might work in 2% interest rate world but definitely does not work in a 5% interest rate world so that is why that matters. 9% might be the peak. the he will riesch real issue where do we settle down at two or some rate higher than that? neil: what led the parade to the upside, what has been reading a downdraft on the flipside here, now interesting anecdotal developments from looking at where average folks are putting their money. i notice proshares ultrapro qqq technology bellwether if you will is looking at report one day inflows. i'm wondering why that is. do you think it is premature? do you think investors is saying this is as bad as it will get and i'm getting back in to see this ride move up again?

where are you on this? >> mean reversion is a powerful drug on wall street. when everybody sees something down they immediately buy it. look, you want the ultimate example of that is the ark innovation fund. i'm a fan of cathie woods but her fund is down 55 this year and has gotten inflows all this year. i don't think there is actively-managed fund fallen that much and people still hold the faith. a lot of them if you ask them, it is down 55%. the next 50% move has to be higher. there is a lot of mean reversion thinking going on wall street. to be fair that worked prior to, prior to the pandemic, you know before 2020. every time the market stumbled buy it, it rebounded and the question is does that still work post-2020 and the record is very spotty on that right now. neil: you always forget that. just because something fallen 50%, doesn't mean it can't still fall further. thank you very much. >> it could fall another 50%. neil: right.

all of sudden you're catching a falling knife. go to the white house right now with edward lawrence. edward we were touching on with jim here, the notion, the white house, does it know something we don't? is it aware of the inflation report or at least the broadest outlines. that they have been echoing the president and his advisors are through the worst of it. the rate of increase is slowing that is a trend that will be america's friend. what are you hearing? reporter: so i think there is a hope that inflation has leveled off at this point. i don't think, i'm hearing from white house economic advisors that we're at a peak that this is peak inflation we're coming back down but they could -- hold your breath and wait to see what this number is of inflation. now when you talk about oil and energy we're in a cone vergence related to that. inflation is mixed into this with gas prices because you've got the strategic petroleum reserve runoff ending -- full

ban on russian oil happening in the european union. that happens in december. so treasury secretary janet yellen says those two things alone could spike gas prices and that relates to inflation there. so i spoke with the head of the american petroleum institute earlier today. hehe said, mike summers, he said that the u.s. could single-handedly rescue inflation as well as the european allies by releasing the energy independence again of the united states. listen to him here. >> none much their policies have pursued issuing where we can actually continue to produce here in the united states. in fact continually what we see from this administration is more [inaudible]. reporter: the plan to reconsider

burdensome and ineffective environmentally disclosure proposals which deny access to capital for future investment. that is important. listen. >> what we are really seeing the energy transition has been mugged by energy reality. we're going to need fossil fuels and oil and gas in particular for decades and decades and decades to come. if we're not making the investment now we'll pay the price later. reporter: even some democrats now starting to say that this all-in approach on electricity when the u.s. isn't quite ready might not work. >> i've said many times we can't just shut the spigot off on oil, gas, carbon-based fuels t will take some time to get it done. meantime we need to start the transition because it makes sense. reporter: so president joe biden trying now to keep gas prices under $4 a gallon through the midterm elections to help some of their prospects on that front but again no changes in the energy policy for the united states. neil? neil: thank you very much for

that. edward lawrence at the white house. this energy policy of course is something very different going on in england right now where they're looking at capping energy prices but still to pay for that, allow more offshore oil and gas production, presumably in the north sea. we're not quite moving in that direction. chuck devore joins us now, the texas public policy foundation vice president, former california legislative member. chuck, let me first of all get your take what has been going on in california where their grid is being supremely tested. they haven't had widespread blackouts yet but they're already urging people to conserve what they have. even those with electric vehicles, and this is the same state that wants to go all evs, by what, 2035, or at least stop selling gas-powered vehicles, a reminder that their grid is still compromised, right? >> yes, you're absolutely right, neil.

ideology is great but when it meets physics it meets trouble. they have been adding solar power to the grid, a little bit of wind power. they passed legislation that banned renewal of power contracts generated by coal-fired power plants. this led to a big problem especially in the afternoon where they don't have enough expensive battery capacity to help them get through what is called the duck curve which is when people come home from work and turn on the air conditioners at home, charge their teslas, the sun is running down and they start to run tight on electricity supplies. neil: i wonder is it more lurk than wisdom avoid ad energy debacle for them? >> well that and as much as they would hate to admit it it's a lot of fracking in texas that has kept the price of natural gas lower than anticipated. neil, you might remember that 16, 17 years ago they were all anticipating we were running out

of natural gas and that the west coast would have to build about a dozen lng import facilities at more than a billion dollars apiece to import natural gas from australia, indonesia, and united arab emirates. instead the fracking revolution in texas allowed america to become energy dominant. it reduced the price of natural gas such that california when it made this transition, shedding more than hatch of their nuclear power, getting rid of the roughly 18% of the power they imported from coal-fired power plants elsewhere in the west, what they went to was mix of mostly wind, and a lot of solar backed up by natural gas. if it wasn't for that huge price reduction of natural gas about 10 years ago their electricity costs would be even higher than they are today. neil: you're right. it would always gets back to the basic issue wechatted about, why can't we be all in on all energy? this way you're not hedging your

bets, you're going all in on everything, not one at the expense of the other, you know? >> well the challenge with that, neil, is that let's say you go all-in on everything and you end up subsidizing a fair amount of wind and solar, the problem with these two sources of energy they're periodic and they need to be backed up. the more of it that you have, neil, the more costly that backup becomes. it becomes exceedingly costly, for example, to have the massive battery farms or a significant amount of natural gas capacity just sitting around. it has to be maintained, has to be staffed. cost of capital. then you use it for maybe a few hours or a few days every year to keep the grid energized. neil, that problem is going to become increasingly more difficult when you start to have more and more natural, pardon me when you have more wind and solar. one last thing about california, neil, it has the most mild climate in the united states and they have largely deindustrial ayed. a lot of their industry is in

china. their per capita electricity use in lowest in the country. partially because of deindustrialization and partially because of a mild climate. if it is going to be difficult in california, imagine how tough it will be in a place like new york where you don't have any solar power to speak of in the winter. frankly the wind power isn't all that great in the winter either. neil: it's a good point. but anytime a state is recommending you keep your thermostat at 78, all right, you're in a bad way. chuck, great seeing you again. thank you so much. >> thank you. neil: all right, want to take you across the pond right now where queen elizabeth ii's coffin arrived in edinburgh, scotland. we also got more details who is invited to this. it is a packed house. already indications two invites went out to the president of the united states and his wife jill biden. no others. how is that going to go down, after this. ♪.

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at 1-800-217-3217. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. neil: all right. great britain's long good-bye to queen elizabeth ii continues today, beginning in of course he hadburg, scotland. we'll go to greg palkot with more from buckingham palace. greg? reporter: neil, yes, it's a long

good-bye and a very warm good-bye. we're here at buckingham palace for the start of a week plus honoring the late queen elizabeth ii but the focus today is in fact up north. the casket of the queen is now resting in st. giles cathedral in edinburgh, scotland. remember she passed away up there. following service it is on public view. first time many of the fans of the beloved queen can pay their respects up close. crowds packed the center of the city for solemn procession of hearse driven flag draped coffin followed by foot her children in uniform. prince charles iii, princess anne and out of uniform prince andrew. it was a joint session of the house of commons an lords at the medieval westminster hall in the complex. they offered condolences and he had a short but poignant

message. >> she set an example of selfless duty which, with god's help and your counsels, i am resolved faithfully to follow. reporter: in his first public statement since the death of the queen prince harry referred to her as granny. he praised her commitment to service, her sound advice and her infectious smile. neil, the queen returns here to buckingham palace tomorrow. the casket is on public display back at that westminster hall starting on wednesday for another four days and then the state funeral a week from today. president biden and the first lady have confirmed that they have received invitations and that they will be attending. the policy according to reports are that only heads of states of country and their spouses will be formally invited. so unless rules are bent we don't know if any former presidents will be going but we

still got a week to go. neil? neil: it will be a crowded affair to put it mildly. greg palkot, thank you so much for that. i want to go to nigel farage, former brexit party leader. his thoughts how this is going. nothing impresses me more how you and your fellow brits say good-bye to someone with much pomp and ceremony but with a lot of heart as well. this will continue through the weekend, with formal burial next monday, your impression how you think it is going? >> it has been quite extraordinary. even though she was 96, and even though she was in failing health, three months ago it was the platinum jubilee and she appeared on the balcony of buckingham palace with the fly over. we convinced ourselves she was immortal. that is very silly for all of us. when she did die it became a profound shock. i don't think, there was the

death of diana 25 years ago, that was a tragic accident, but never frankly i never seen the british people emotional as over the course of the last five days. people saying things like me i have never realized what i felt about this woman until she was gone. people saying to me i can't sleep at night. she has been there for 70 years. 70 years and none of us have ever known anything different but also the qualities and the values that she represented. you know she was honest, diligent, profoundly christian. she believed in duty, service, she always put everybody above her own interests and it is kind of, it is the passing, isn't it, of what we call the greatest generation, that world war ii generation that stood up against those evils, liberated the world. they just, i think, neil, to be honest with you they have better values than many of us have today. so i think it is going well. the crowds around buckingham

palace, the queues to lay flowers are simply enormous but the thing that strikes you, i was down there yesterday for a couple of hours, the thing that strikes you despite enormity of people is the silence. people aren't talking. they're just quietly, they're paying homage in their own very, very private way. now of course for king charles iii to come into all of this must be incredibly difficult. i mean what other job in the world do you get thrust into immediately one of your parents dies? i think even he, given how tough these circumstances are, i think he is carrying himself with great dignity. he spoke to both houses of parliament this morning. he is now up in edinburgh tonight at st. giles cathedral. at 7:20 our time he will stand vigil by the coffin as members of the public walk past. given just the emotions he must be going through i have to say i think he is doing incredibly

well. neil: i'm wondering too, you reminded me many times, nigel, in britain time can heal a lot of wounds. you mentioned the death of princess diana 25 years ago. at the time camilla was popular usama bin laden. and now charles rebounded to the extent he has and stature and right tone. most agree with you on that. i just wonder what you make of that, whether it applies now to meghan markle and the controversies around her and of course prince andrew cannot wear medals or reflexsive of his palace role essentially taken from him but how do you size it up? >> what family that you know doesn't have divorces, that doesn't have the black sheep of the family, right. >> someone let them down. this happens in every single family in the world. the difference in when you're the british royal family under

full glare of publicity. tough say i think charles should really have married camilla back 1972. i mean that is the absolute truth of it but he didn't. he didn't. he was in the royal navy. she was also a catholic and at the time that was difficult for a nation that is founded since henry viii on protestantism. we're much more relaxed about these things now. in the end they got together. 30 years went by they got together. i think she has been good for him. he was prone at times to be a little bit petulent. now he is older too. i think she has done a wonderful job. as for harry and meghan, well, i mean nobody has ever let the royal family down like them. whatever simpson and henry viii did nothing compared to what harry and meghan has done. for the last year of the queen's life, for constant insults to be thrown and i think it is very, very unfair and wrong but in

grief we do tend to come together. what we saw over the weekend were the two brothers with their wives coming out of windsor park to look at the flowers. let's hope, let's hope this is some kind of rapprochement. i don't know whether it will be. the big fear harry has a book coming out later this year. if he and meghan just want to make money by being nasty about their own family, well, then the riff will never ever heal but there is at least a glimmer of hope over the course of this week that it can. neil: we'll watch closely. nigel, thank you very much. nigel farage, former brexit party leader, giving you updates, great britain, the united kingdom as they become available here. meantime we have the last big primary before the actual midterms in november. want to take you to new hampshire right now where republicans are lining up candidates to take on three

different democratic incumbents, two in the house, one in the united states senate. as for the challenge that governor john sununu, chris sununu, i keep talking about his dad in token opposition there. he has a big lead by a country mile over his democratic opponent. his thoughts what is happening in the granite stay right after this. ♪.

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let's go to hillary vaughn sort of here to lay it out for us what is at stake there. in london berry, new hampshire. hillary? reporter: neil, some republicans running for senate here in new hampshire fending off friendly fire from some in their own party. some indumb bent democrats fighting to keep their seats are turning on president biden. republicans lining up for a shot to beat senator maggie hassan in november, trying to flip the seat for republicans but some in the gop are actively campaigning against the current front-runner in the race, retired army brigadier general done boldick. there is worry in washington he is too far right and controversial to beat senator maggie hassan, potentially republican shot to take back the senate majority. >> reason they're afraid of me, they can't control me. i am not a career politician. i don't favor special interests. i scare them. so they call me names, right?

not being a serious candidate, well i will leave that to the granite staters to decide. reporter: outside group who has past ties to mitch mcconnell funneling four million dollars in attack ads targeting bolduc and boosting his more moderate open don't state senator chuck morris. some republicans are trying to stop bolduc. governor chris sununu endorsed morris not calling bolduc is a serious candidate. reporter: do you think your opponent don bolduc would blow it in a chance to flip the seat? >> what is clear in the last election i am the candidate that can beat maggie hassan. reporter: i caught up with democrats here in new hampshire fighting to keep their seats. senator maggie hassan and congressman chris pappas on the campaign trail over the weekend. they a attacked not just republicans they're running against but president joe biden.

>> i think the administration was asleep at the switch when it came to managing inflation. >> i think the president was, took too long to really begin to tackle inflation. reporter: neil, we're here at sd country store in londonberry. i talked with the owner, tom. he brought out his energy bill and showed it is twice as high, twice as expensive as it has been in the past. he says this is actually the first election he is put up a sign for bolduc at the store. he marched in a parade for him. he has gotten political because this is the most fed up he has been so far. neil? neil: thank you for that, hillary, very, very much. to the state's very popular republican governor chris sununu right now who has gone ahead and put his name and clout behind bolduc's more moderate opponent chuck morris. governor, always good to have you, sir. >> good to see you. neil: what do you make of this, this, i guess it would be considered the populist wing of the republican party versus the

trump, you know backed part of that, the more moderate candidate you seem to be endorsing here? is it as acute as it is in other states? how would you describe it? >> well, look, there is a five-way primary because there is a lot of candidates that can definitely beat maggie hassan. i put my emphasis behind chuck morris. he clearly has the best shot at beating her. he is the most results driven. done more for the state of new hampshire, understand how this stuff works. we put our emphasize behind there i think he will win tomorrow to be sure. just understand that senator hassan is that bad. everybody wants to fire her. that the truth i talk all the time the fact she spent $35 million so far and her approval number hasn't moved an inch. she didn't show up for five years. folks want her gone. we can't take anything for granted. this is new hampshire. you have to fight it to the end. we'll see what happens. but you got to put forth the candidate with the best shot winning in november. if you don't win in november,

you can't govern if you don't win, right? you have to put forth the best candidate to win in november. that is chuck morris. neil: a lot of republicans thought that would be you, governor. they wanted you to run for this position. you opted not to. any regrets? >> oh, goodness no. look, the fact, if it was just me that could beat her or something like that that might be a different story but we have a lot of other candidates that can beat her. i think chuck can definitely do it. i can protect the interests of new hampshire. governors can protect interests of their states against administrations like this far better than a governor who makes 100 decision as day as opposed being in the senate. the senate is important, it has its role but when you look at epa regulations coming down, how it is impacting the ability to develop strength of our economies, pushing off inflation, all of those solutions an opportunities can be created by governors at a localized level. new hampshire is best with me as governor. i'm confident will have the 51st or 52nd republican when we beat maggie hassan in

november. we'll win. neil: you're familiar, governor, mitch mcconnell, concern that maybe republicans are a little overconfident about taking back the senate. he is not so sure they will. talked about the quality of candidates running but not all candidates but without getting into the weeds what do you make of his worries? >> look i think some of the candidates over the summer months in georgia, pennsylvania, a few others were not polling as well as we would have liked to have seen but at the end of the day we should be concerned as someone who has run for office a lot, you have to run like you're three votes behind. that is what you do to put 110%. at the end of the day folks in november will make decisions on gasoline rates, inflation things, those types of things hit people at the kitchen table every day. and they are party agnostic. people are really fed up. here in new hampshire even democrats now quickly panicking trying to turn against the administration to show thereby partisan in some way. the fact of the matter senate

hassan has not been involved last five years. where was she? only when she starts running again she pushes back to have some type of centrist attitude. at the end of the day at least in new hampshire our voters are very smart. they know what subpoena haing to their families, their communities. they will vote on that type of change. we all agree, neil. we want washington to change. everybody across the country wants washington to change, so why would we send back the same people? we got to bring the change to bring it. neil: you're a different bird in the republican party, i say that with great respect, don't get that wrong, you challenge a lot of fixation the party has with all things donald trump. not disparaging as much to say maybe it is not the party of donald trump. i think that is what mitch mcconnell was getting at, worried about with some candidates the former president supported and supports now. do you share that worry? >> no. look, the former president called me about a week ago. i talked to former president trump. we had a great conversation.

i was trying to get him interested in endorsing chuck in the senate race. he chose not to get involved this time. we had a great conversation. i just don't think, the media, social media tends to focus on trump, not trump thing with republicans -- neil: you kind of started that governor. you had great fun at his expense. it was funny with the capitol gridiron dinner -- >> it's a roast. neil: you don't seem to be in his wake here. are you sending a message to republican there is? how would you define it? >> no, no, no. look, the only message to send, this is really serious, the message about 2022, the importance of it. if everybody is worried what might happen in 24, who might run for president in 24 tell you we will blow it. republicans have to close the deal with their candidates and their constituents on their races in november of 22. if we do not do that, then 24 ain't going to matter. politically you have to stay focused on what is ahead of you. you have to stay focused.

the trump, not trump thing, all of that that is not critical for 22. that is where we need to focus. neil: you can tell me, no one else is listening, governor, did donald trump tell you he is running for president and will kick off in new hampshire, anything like that? >> well look, i am not going into details what i talked to the former president about but no, look i can tell you this, i think a lot of folks will run for president in 24. let's focus on closing the deal in 22. our governor's races are local races congressional, senate, if we do that independents will galvanize around the republican party. independents will see confidence when we come together as a party and don't get ourselves split. neil: governor, great seeing you again. we reached out to the governor's likely democratic opponent, tom sherman, the state senator. we have yet to hear back. we always try. meantime for how is this starting off the football college season, three games into it, nebraska's head coach got fired. that didn't take long. what happened?

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♪. neil: well that didn't take long. just three games into the season nebraska just fired its coach, scott frost. jim gray, best-selling author, talking to the g.o.a.t., so much more, fox sports analyst, much, much more. jim, i guess some of this was telegraphed but man, it didn't take long, huh? >> when you lose to georgia southern, neil, by a score of 45-42 and your record is 16-31 that is not what they're looking for in nebraska but particularly to lose to georgia southern, not that there is anything wrong with that school and that problem -- neil: that was at home. >> not go over well to the cornhuskers used to greatness of

frank soich and tom osborn. scott frost had a lot of goodwill because he was on the 1997 championship team. he was quarterback. he took them to a perfect 13-0 season. looked like the table was set. this is so bad, neil, they're paying him out $15 million in a buyout. if they wasted until october 1st it would have only been 7 1/2 million. you talk a lot about money on this program. that shows you how bad they felt frost was right now. neil: i'm just wondering, obviously people were shocked at the timing of it, but the no so much the end result because he lot a lot of these close games soon but could we see more of that? is there growing inpatience in sports in general with performing right away or your heiny is out the door? >> well, money is hard to come by so i don't know that we'll see this a lot particularly in the middle of the season and these type of buyouts. it was impulsive but they had to

do something. they would lose the entire fan base. they have just a terrific tradition in nebraska but i mean look what is going on at notre dame. their new coach, marcus freeman he lost three straight games. he lost to marshall this weekend. the fighting irish are 0-3 under his tenure, 0-2 on the season. i don't suspect they are going to fire him but we see these big, traditional programs really, really failing in ways we never thought. neil: jim gray, i'm getting a lot of emails from georgia southern fans so i will let you deal with those, but always good seeing you again, my friend, thank you very, very much. jim gray,. >> thanks, neil. neil: we have a lot more coming up including what is happening at the border. kamala harris says it is secure and everything is fine. i think some people at that border would disagree. in fact they're next. ♪

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>> we have a secure border in that is a priority for any nation including ours and our administration. neil: what i love about our bill melugin he doesn't play politics

with this. he looks at numbers. you can see for himself, not the right or the left, the sheer numbers coming in it is not a secure border. bill melugin joins us now out of eagle pass, texas, with more on that. bill, secure border. reporter: neil that is exactly right. their own numbers show that it is just not the case. take a look where we are for example. del rio sector, every day here they're averaging upwards to 1500 to 2,000 illegal crossings. that doesn't even account for the got-aways, the people who slipped across without ever being caught. we'll show you what it looks like down here, video our drone team shot after sunrise. as usual another large single group of 200 migrants who crossed all at once, single adult men, most coming from venezuela, cuba, and nicaragua. some hung up a venezuelan flag on a barbed-wire fence here on the private property that the state of texas built. most of these people will

release to the u.s. because they are countries not being title 42. look at this video from el paso, texas. they are so overwhelmed right now, border patrol started street releases. their facilities and local ngos so overcapacity they're letting migrants go on city streets. they're sleeping on sidewalks, sleeping around all over the place. the city can't handle it. listen what they have to do. listen to city officials how serious it is gotten. >> a month ago we were seeing 2, 3, 400 a day. we're seeing anywhere from 1000 to 1400 a day. >> because especially within recent days, and the street releases taking place, we simply don't have space. reporter: so this is what's happening as a result. take a look the city of el paso is busing its own migrants to new york city. some more buses arriving today as well. remember, el paso is a democrat-led city. they are doing this as well.

this is not a governor abbott thing. this is the city of el paso doing this this is they're holding a meeting about signing a contract to a charter bus company to award two million dollars to start sending even more charter buses around the country full of migrants. they say they're overrun right now they could do upwards four buses every single day. most of the migrants right now want to go to new york city. neil, all along the border here in texas the exact same thing is happening. we'll send it back to you. neil: thank you, for that bill melugin, don't tell my next guest the border is secure. it is still a mess. he literally is trying to deal with that mess. john rork, great american cleanup, blue line moving owner. you're trying to help folks clean up the mess a lot of these migrants are leaving behind. it is much more than that maybe you can explain? >> sure. it's, the border is essentially a landfill. i was just there yesterday and the amount of clothes and trash that is left behind bit illegal

aliens when they cross is astounding. part of the trip going down there to shine a light on the border f you're not watching your news station you probably don't know what is going on the border. 70, 80 million voters, you know, don't watch news stations. they're watching cnn which is not showing anything. i needed to go down there. i needed to shine a light on this area. the people of eagle pass, they don't deserve what they're getting. they're essentially trapped in their own county or city. they can't sell their homes. they can't leave. nobody wants to live there. it's a tragedy and environmental catastrophe as well. neil: the closer to the border the worse the mess. right? can you tell us what you find? >> you find anything from backpacks, condoms, all kinds of medical supplies, human waste. last time i was there i found a dead body. there are lots of those the morgues are full. food pantries are overrun. maverick county sheriff's

department, they're spending money on overtime and everything except for police officering inside of their county. their agents, their sheriffs have essentially become border patrol agents. rescuing people out of the rio grande. this is not supposed to be happening. not how it is supposed to work. it is disrespectful to these border patrol agents whose morale is in the absolute tank. i talked to a dozen of them while i was over there last few days. it is painful for them right now. they tell me the morale is down. they haven't gotten passed the whipping from the horses where those border patrol agents had to go through all of that which is complete nonsense. when you hear kamala harris saying that the border is closed but also saying that border patrol agents were whipping people with reins. who are you boeing to believe? neil: if not for you, this police happen as for a lot of folks on their land again and again and again? >> i'm seeing thousands of

people crossing. they are leaving all kinds of trash. they're wandering the down the streets of eagle pass, begging for money at every street corner and every gas station. there are more white charter buses driving through eagle pass than there are cars. the border is completely white wide open i'm been to the border more than joe biden and kamala harris combined. what is going on in the united states? neil: thank you for what you're doing, john. great american cleanup founder. trying to literally deal with the mess and quite a mess and a repeated mess at that border. where were you 60 years ago today at a time we're pondering anniversaries and significant moment, the anniversary perhaps of one of the most profound presidential speeches ever. john f. kennedy addressing a huge audience at rice university on a very hot and humid texas

today to tell them of a goal, to land a man on the moon before the decade was out and they would be part of that. the great ride began then. what the present occupant of the white house is trying to do to imitate that, using that speech after this.st ♪. an i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. as a i promise our relationship ... visit findyourindependentadvisor.com

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neil: all right we're getting word today that president biden is going to try to channel his inner john f. kennedy of course famous this day 60 years ago for laying out his plan to land a man on the moon by the end of the 1960s he did so in a very hot rice university stadium, where he outlined that plan, and the ambitious costs that went with us. more on that in just a second, but this occurs at a time the president has been tapping, of course, the appeal and the popularity of barack obama just last week for the portrait hanging at the white house, and now, of course, another popular democrat popular president in general, jfk, and this , with the backdrop being trying to sell programs and initiatives and using these two gentlemen, maybe to help that cause. we have more from peter doocy at the white house. peter? reporter: and neil, first, it's a more practical approach, the president is taking. he's in boston, he's at logan airport and he's trying to explain to skeptical mid-term voters where all this taxpayer

money the democrats are spending is actually going. >> we're going to be spending a lot of money and we're going to get it done quickly and go all through america making our airports best in the world again that's what this is about. reporter: tom, there's going to be a big inflation indicator dropping. right now, or at loots check, i should say, prices were 8.5% higher than this time last year and people are making big changes to adjust their lives to this inflation. per gallup, 24% are only buying essentials now, 17% are traveling lessor canceling vacations, 17% driving less, 12% buying generic, 10% eating out less and 10% growing their own food now. so republicans, including the one who stands to be speaker of the house, if the house flips , say that all this financial hardship is the president's fault. >> what we've watched from the democratic policies, their wasteful spending. i mean, their wasteful spending has brought inflation.

the cost, rising cost of everything you want to buy from not only your gas but in the grocery stores. every american should ask themselves, could they afford to give up one months salary? the most people would say no, but do you realize that's been taken from you? because of how high inflation is , based upon the democratic spending? reporter: even though the inflation reduction act turned out to be more of a climate change and tax code act, democrats and the president are planning a big celebration to mark its becoming law here at the white house tomorrow, so white house officials must be feeling pretty good about these inflation numbers to come. neil? neil: i'm just wondering, would they have advanced numbers on that or have a good idea what most of the report will look like because that's a leap to get this far ahead of their skiis. reporter: as we understand it, they do get some indications ahead of time, but this is something they've had on the books for weeks.

the bill passed and then congress went on recess and they wanted to have a big celebration in september, so inflation reduction act, whether it does that or not, of course the folks around here say that's exactly what it does. it is more about climate spending though and lowering prescription drug costs and that is going to be the day here tomorrow. neil: all right, thank you my friend always great hearing what's going on there at the white house, peter doocy with more on that. the president will be in boston, of course for a big speech on trying to address cancer deaths in this country and having those deaths in the next few years but the backdrop at the kennedy museum is to harken back to another big goal in agenda set by then-president john f. kennedy about landing a man on the moon before the decade was out. it was at rice university in texas, but this could be a different approach here, especially on the part of two presidents with two very different styles. take a look. >> some say the moon. i choose this as our goal, and

they may well ask, why climb the highest mountain? why 35 years ago, fly the atlantic? why does rice playtex as? we choose to go to the moon. >> [applause] >> we choose to go to the moon. >> [applause] >> we choose to go to the moon in this decade and do the other things. not because they are easy, but because they are hard. >> i remember we're going through this in the moon shot and my saying that i was told patience don't want to share their data. they all want to share their data. >> [laughter] >> sometimes, you all don't want to share what you know. >> many years ago, the great british explorer george mallory who was to die on mount everest, was asked why did he want to climb it. he said because it is there.

well space is there, and we're going to climb it. >> let me close with this. there's a quote that when i made one of these speeches years ago, five-six years ago, attributed, i later was informed it was a tribute to vince lombardi. >> [laughter] >> for who ever the hell gave the quote, it makes sense. here is the quote. "practice makes permanent, only perfect practice makes perfect." neil: okay, so, i want to go to jerry baker, wall street journal at-large, the host, great writer , great thinker and great historian in his own right. jerry, i don't want to be unkind to joe biden but i know jfk. he's kind of like a historical friend of mine. that's no jfk. i'm wondering about the backdrop and using that as your launching

pan, no pun intended. the comparison might be found wanting. >> yeah, no, i forgotten actually seeing that speech of kennedys. i'd forgotten that line about why does rice play texas and that's why we choose to go to the moon and a terrific example of his ability to deploy humor, you know, even at the most when committing himself to the most significant goal actually probably of his presidency. yeah, he's, biden is obviously known kennedy and look this moon shoot thing, this cancer target is no moon shot either. of course it's great, everybody be delighted everybody wants to work, everybody is working towards reducing deaths from cancer and if it can be and there's some way of getting cancer deaths down by half that's one thing, but look the important thing is the difference between that goal and the moonshot is the cancer that's one can be let's be honest. it can be numerically or

statistically manipulated. they can claim cancer deaths from all kinds of the most important cancers are declining already so we're already on that path. in 1962, jfk was sitting at a very specific goal to get a man on the moon and return him safely to earth within seven years. that was by the end of the decade. that was an extraordinarily goal and actually, you talked i've talked to some of the nasa scientists who are involved in this. their reaction was, we can't do this , this is crazy. we're committed to something we can't possibly achievement a lot of it was unachievable. neil: he got into pretty heated arguments with those engineers, can't be done, and he said you'll do it. so we can look back at that. this is a little vague, right? you've got, the president wants to cut cancer fatalities by 50% over the next 25 years. no matter how you strike it, but again, that's something that you can't be expressed in the same manner and approach as jfk did 60 years ago for space.

it's cumbersome. >> yeah, yeah. it is. the other context there, of course neil was that in 1962 that goal, kennedy committed to that goal, because there was this real national fear that the united states was losing the space race, right? neil: right. >> the russians were the first obviously famously to put, to achieve manned orbit around the earth in the end of 1950s. the u.s. was, you know, that came as a real shock. that was a wakeup call to the united states which thought it was dominant in technologically in all kinds of areas and this was a national, this is a unifying national effort to rest leadership in the world, technological leadership in the world back to the united states and again i don't see this goal in quite the same way. i don't want to knock it. it's great. whatever can be done and by the way the other element to this is political. he's going to claim his infrastructure spending is helping to develop scientific research, which is going to conquer cancer, so there's a direct political link to what we've just been talking about

with the so-called inflation reduction act and all these claims these biden administration policies are having success, but it is a more political objective. it is a more malleable shall we say manipulative number, i don't knock him for doing it. let's everybody get behind by the idea of reducing cancer deaths but i don't think it's comparable to what president kennedy laid out in the end, obviously long after president kennedy was assassinated the great american expertise and technology was able to achievement neil: when you think about it too, i don't know whether these comparisons, whether last week when we're reminded in the different styles with barack obama and michelle obama at the white house for the official hanging of their portraits, and then, of course now, this comparison with jfk, that can't be unnoticed, on an anniversary of perhaps one of the more effective speeches in american history. i just think that sometimes, people will watch these developments and say well you're not that guy. >> well you know, also, neil i

think it's a pattern here and it is interesting that obama was at the white house last week. if you remember, we've been told many many times by these historians who were supposedly advising joe biden that, you know, his great plan to remake america, puts him in the mold of fdr and lindsey graham on johnson, the new deal of fdr and the great society of lyndon johnson these great democratic icons and now we have him compared to john f. kennedy deliberately invoking the example and the inheritance of john f. kennedy and i can't help but think all of this is a little bit of a bit of a dig at barack obama because joe biden spent eight years as barack obama's vice president and i think let's be honest. a lot of people, obama himself, apparently included, was sometimes a little skeptical about biden's standing and whether or not biden really knew what he was doing and there's famous remarks which i won't obviously quote on television attributed to barack obama about joe biden's ability to mess things up and i think he did spend a lot of time

sort of living in the shadow of obama who was portrayed as this great historic president , the first african american, the first mixed-race american president, he won two terms, he was seen as a great historic figure and there's a little bit of biden saying i'm actually even more historically important. i've had my version of the new deal, my version of the great society now my version of kennedy's moonshot. i belong with great american presidents and i think history, the jury is out on that one, shall we say, less than two years into joe biden's presidency, but i don't think there's any accident that that's how biden and some of the people around him see themselves. neil: it gets so convoluted by this comparison and not to takeaway anything reducing cancer deaths by 15% over 25 years, it be more dramatic if he said my goal is to eradicate cancer like we did polio. now of course easier said than done to your point, but again, jfk was mocked even by nasa engineers with that goal, saying it was unrealistic and he just had enough whatever you want to

call it to say i think we can do this and we will do this and gosh darn-it we did do that. gerry, always good seeing you. finish that thought, my friend. >> of course, thanks, neil. thank you. neil: okay, sorry about that. i interrupted a brillianted train of thought. so again there's nothing wrong with what the president is trying to say here but again, when you kind of get into the greys here, the one thing you learn from some of our greatest presidents and talking about great goals, they put it in terms most people can understand. usually, in half a sentence. and then they're off to the races. more after this.

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but with golo, it wasn't. the weight just fell off. i have people come up to me all the time and ask me, "does it really work?" and all i have to say is, "here i am. it works." my advice for everyone is to go with golo. it will release your fat and it will release you. neil: all right we could be very close to a nationwide rail strike. not a passenger rail strike but if you're looking for christmas gifts and things like that, shipments of goods and services, they could be even more impactful. let's get the latest from jeff flock following all of this from philadelphia. jeff, what's going on here? reporter: yeah, i tell you, a rail strike, neil, would gum up the entire works whether it's passenger, freight, you name it. it be a huge mess and it puts the biden administration in a tough spot. they're on record of saying they support unions certainly, but a strike, right now, would not be good for this nation's economy.

this is the csx yard, by the way, in philadelphia. you see all those shipping containers out there. they come in on the delaware river, they come in, go on railcars, off to trucks. the problem isn't with most of the workers on the railroad though. the problem is with the guys that are in the cabs that run the locomotives. take a look at these numbers, neil. the rail industry has laid off about one-third of its workforce over the course of the past six years. that's 45,000 layoffs, and because of it, they say they're being forced to work long hours, a lot of overtime, on call all the time. the money is not the problem. here is what's on the table. a retroactive pay raise. this is proposed by the presidential emergency board that president biden appointed trying to help get this resolved 24% increase over five years, cash bonuses to workers, initially five of the 13 unions involved approved. we think another five have

approved as well. it's those guys that run the trains though, that are holding out. you know, the railroads have done pretty well. actually the optimistic view on this today, looking at stocks, is that they're up a little bit. they haven't been up lately. maybe there's an optimism that something will get settled but i don't know. the impact be tremendous if it actually happens, a rail strike. 39,000 of those shipping containers we just saw be idled nationwide, three-quarters of the nations automobiles would come to a halt going from you know the factories to the dealerships. it would take 467,000 trucks to replace what the rails now move and that be to the tune of $2 billion a day in terms of a hit on the u.s. economy. here's where we stand right now in terms of what could happen. congress because of the railway labor act could get involved. they could order that the deal that i just outlined be accepted by both parties. they could implement their own

deal. they could order an end to the strike and say go back and talk more. they could also ask for last- best offers and choose one of them. problem is, neil, as you know, you need to have bipartisan support for the congress to act on any of those possibilities and i don't have to tell you, right now, there's not a whole lot of bipartisanship going on in this congress. fingers crossed. neil: that, my friend, is an understatement. great job, thank you, jeff, for that. hopefully this can all be avoided. if it can't and there is a strike expect more supply chain problems and higher prices as a result. jonathan hoenig on that, michelle schneider also joining us on that great reads of markets and economies all. michelle, we get something like this happening no matter how long it lasts it's going to further put a strain on the supply chain, and further lift prices, right? >> absolutely. it seems like whatever the resolution is, whether it's some kind of a negotiation that averts a strike or a strike

itself, it's really just another factor in the whole macro that we've been worried about now for so long, which is getting supply and demand in check, keeping supply chain from getting too tight, the labor market which is tight which is clearly part of what's being taken advantage of, and keeping inflation under control, and tomorrow's cpi numbers which i think people expect to be softer , but this certainly won't help if it actually comes to pass. either way rising wages are goods getting delivered. neil: jonathan hoenig you're getting a sense that the administration is prepared to say we're making progress. this is the worst of it. something like this goes and happens that all bets are off, right? >> well, neil, of course the fact that there's so much demand for higher wages goes against their hypothesis of how inflation is coming down. in fact just the opposite is happening. we're talking about a $2 billion hit to the economy everyday, about 30% of all travels over the rails so this could be a major impact on the economy and,

neil, what's so frustrating is so much of it has to do with government-caused inflation. the average rail worker right now makes about $135,000 a year. what's on the table is $160,000 a year, who pays for that? of course employers, consumers, whether it's not in higher costs at the grocery store, but it's higher, lower quality of life when it comes to christmas gifts or anything in the economy as well. neil: i'm wondering about that and the consumer impact then, michelle. a lot of people were hoping that and certainly apple is hoping and i guess in a couple weeks, samsung announcing some products and pricey phones of their own, that there will be pent-up demand for this sort of thing, especially since both maintaining price levels where they were last year but even at that the consumers pretty restrictive right now, so how do you see it sorting out? >> well i know that some are already starting their holiday shoppings in advance. my first reaction when i heard this story is gee, if there's anything i want to have

delivered i better order it quick and i would assume that's probably the philosophy of lots of consumers, but yeah. to pick-up on what jonathan said , we are in an inflationary environment and this is just another example, and these ris ing wages, you could take the other side and say if you look at ceo salaries versus regular worker salaries since 1980 the ratio was 1,008%:1 so people are using this opportunity in any way they can to try to get higher wages. obviously for themselves, and the consumer is sort of stuck in the middle and really, it's going to be, i think, down to what the fed decides to do about all this when they come up september 21. are they even factoring this in? neil: i don't think the fed is prepared for a pick-up in inflation again but i could be missing something jonathan, what do you think? >> neil, already bonds have had the worst year in history. that's how big the move-up has been in inflation. the bond market has lost about

11% just this year. the previous worst year was about 3%, so we had trillions of dollars lost because of that inflation, but neil, i tell you when it comes to the rails, it's not just in population. it's also the unions. keep in mind the unions, neil, have bankrupted the u.s. automakers, the u.s. airlines, the u.s. schools, many would argue. now they have the same impact on the u.s. rail system at a time that we need those supply chains to be crystal clear, not muddled by union intervention. neil: we'll watch it closely guys thank you very very much. as they were wrapping up we're getting a bulletin in from the wall street journal concerning goldman sachs. you might recall it was among the investment banks saying get your fannies back to work, we've removed the covid protocols, no excuse but to get back to work. now though saying it's preparing to lay off hundreds of staffers maybe as soon as next week. the journal says the cuts are part of the bank's annual performance reviews, which had been suspended during the pandemic, going on to say that goldman reinstated those reviews earlier this year following a slump in wall street

deal-making. now last time we checked goldman had about 47,000 employees on staff as of the end of june. that was up from 41,000 a year earlier, but they also seem to be signaling we don't need as many people right now in this particular environment, and they are prepared, maybe as soon as next week, to get rid of hundreds of folks, just as they're going back to the office. we'll have more, after this. ♪ ♪ you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them.

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neil: all right, we're getting a few more details of the wall street journal about these planned layoffs at goldman sachs in case you're just hearing this now the newspaper is reporting that the investment bank plans to lay off hundreds of workers, we're told, maybe as soon as next week. now, goldman has been

disproportionately hit by the decline in merger and acquisition activity, what's better known as m & a activity as well as a dirth of a new initial public offerings or companies just going public, and that backdrop is apparently the catalyst for this. the chief executive david solemon you might recall earlier this year back in july said they were watching all these developments, quoting here from the journal "i think it's hard to gauge exactly how that will all play out, so i think it is prudent for us to be cash us" of course the backdrop for all of this is a number of investment banks led by goldman telling their workers you've got to get back into the office five days a week, none of this commuting from home or doing any sort of remote work. the irony there will be many who do come in are going to find out they don't have a job anyway so we'll keep you posted susan li will be following up on some of the other things that goldman and other firms are doing to dial things back. in the meantime, in the meantime , as if americans aren't having a hard enough time paying higher prices for things,

the taxes on just about everything they are paying are going up at an even faster rate, doesn't gerri willis know it. gerri: neil, this is not good news. if you thought inflation was bad , americans are paying more in taxes, than they are for the cost of food, clothing and healthcare combined. take a look at these numbers from the bureau of labor statistics. consumers paid an average of $16 , 700 in total taxes to federal, state and local governments last year. more than the $15, 500 paid in food, clothing and healthcare costs. these numbers by the way are based on households. now, on the personal expenditure side the biggest single expense was food with more than half goes to groceries and retaliatories, households spent $8,200 on food, $1,700 on clothing, and $5 had 400 on healthcare but when it comes to taxes the breakdown looks like this. the feds taking the most 8,500 in federal income taxes, social

security taxes taking 5,500, and state and local taxes taking 2,500, and 2,400 in property taxes. bls of course is subtracting the stimulus payment amounts and they say here it is 2,500. now, compared to the previous year, americans spent 1,500 more on food, clothing and healthcare. you saw the inflation numbers as the cost of living soared, but the average tax bill fell by 400 but still, painful, of course, as we watch these taxes go higher and higher and higher. neil: there's no retreat. gerri thank you very very much. want to go to jeff landry right now, speaking about wall street firms and all the duress they are under, he's the louisiana republican attorney general and attorney general i know you're looking at this initiative on the part of many of the premier investment banks into what is called politically-correct or woke investments at the expense of other investments. you're worried about it. maybe you can elaborate. >> yes, i'm completely

concerned about it . what we've seen is really predatory financial banking investments under the disguise, i believe, of esg policies. what we saw is that blackrock basically took down some financial positions in exxon only to then invest in petro china, invest in the same type of oil fields and so again, the question is, would we push investors into financial investments or are those investments actually going to return the types of returns that those in say retirement funds like in louisiana are expecting, or shouldn't we be continuing down the normal traditional investment portfolio s. again, this goes to where investment groups like blackrock want to be able to basically say listen, we want you to invest based upon policy and not upon

sound fundamental monetary policy. neil: so attorney general, one of the things that blackrock and these other firms aspire to this is that it doesn't mean that they don't invest in energy companies. doesn't mean that they don't invest in some of these more traditional companies that i think there's sort of like a dichotomy there. what they recommend versus how they perform for various state, municipal pension funds is very different. what do you say to that? >> well it's not their fiduciary duty. their fiduciary duty is to return the maximum amount back to those who are putting into the retirement system. their advice is supposed to be able to say look, these are good , sound investment policies. they aren't out there trying to determine environmental policies or social policies. they are supposed to be returning money to the investors the job of social policy happens in government, happens in

congress, happens in state legislatures. this is what happens, neil, when banks become too big. remember i went into congress in 2010 when there was a "too big to fail" happened so now what we've seen is these investment banks are so big now, they are bigger than the government, and they wanted to determine social policy here in this country and around the world and the question is is whether they're taking investment dollars and using those to enhance that social policy or actually giving the investor the return that they deserve. neil: so the irony would have been, right, attorney general, that had they been fully invest ed or invested a lot more in traditional energy companies, that have been making money hand-over-fist for their clients of course some of them skewed that, then they didn't make nearly as much money. >> that's correct and that's what we're going to be looking into. we've got a number of attorney generals that are extremely interested in this , especially because it's our job to protect the pension plan-holders in our

particular state, and so these investment firms are steering those dollars into unsound investments, unproven investment s, such as their green energy portfolios that have not returned anything near with the traditional energy companies have, then they have a problem. neil: very well-said, all right keep us posted on this , louisiana's attorney general jeff landry. we're speaking about investment banks, blackrock of course one premier one on the so-called politically-correct or woke investment. goldman sachs was among those companies pursuing a somewhat-similar agenda, although that might be a leap here but we're getting word as well, that business is such, given the economic conditions, that goldman is the first major investment firm to look at, well some layoffs, maybe hundreds of them, in the weeks ahead, beginning as soon as next week. goldman is one of those firms that has this sort of headcount

they review every year. they've stopped doing that the last couple years with the pandemic but part of this program is involving sort of performance review on workers and in that period, if past is prologue here, they tend to weed out 1% to 5% of workers or those deemed not performing. we're told right now, that this lay off strategy might be on the lower range of that, so maybe closer to 1% to 2% but no matter how you slice it at least a few hundred workers will be going. the irony of course with this , is that it occurs at the time goldman and so many other financial firms are telling, demanding, actually, out right ordering their workers to return to the new york offices. the irony will also be that many will, and find out they no longer have a job. we'll have more on this , after this.

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at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect. neil: all right, following up on our big story for the moment that goldman sachs is going to

be laying off some workers, maybe as soon as next week, could be hundreds of them. now this is a huge firm, i'll put that in perspective. they are going back to employee performance reviews that the last time they did this , a large-scale back in 2019, it does amount to layoffs for some or the lower-performing workers as it's called. this weeding out process might already be going on as we speak, as these performance reviews are reinstated, and again this comes as a backdrop with goldman sachs and other investment firms telling their workers to get back to the office, five days a week. the irony will be as i've been saying that for many of those workers they are going to find out once they do get into the office they are no longer wanted at the office. again we just don't know the exact details but susan li has been following this and other cost-cutting things going on. >> and less perks as well when you get back to the office because you get to keep your job , so there was all this uproar about this cold brew grab and go stand now non- existent at the entrance of

200 west street. wall street journal just joining the new york times reporting that goldman sachs is cutting around 1% to 5% of their staff coming to a few hundred starting next week. these layoffs will start and that's because deal-making is pretty much dried up so you're down 40% or so in deal-making revenue, just from recent quarter, profits down by over 50 %, they are still making $3 billion but you also have to remember that this natural attrition, of the bottom 1% to 5 % of staff is pretty much a traditional, over decades. neil: everything was kind of frozen in place, for the last two-plus years, right? >> right. neil: now newly-released are reverting back. the question is, whose affected, you know, the m & a activity is not what it was, investment- related activity not what it was, economic conditions not what they were, so the big surprise here is that maybe this is occurring later than we thought. >> right because performance reviews didn't even happen during the last few years, which is kind of natural, right? and tradition on wall street as you know, lunch is for wimps

but also the fact that you have jpmorgan now -- neil: that always troubled me. i'm not a wimp. >> lunch isn't necessarily, they call it power lunch two so depends on how you look at it but jpmorgan is also trying to get their workers back into the office five days a week. larry fink recently on fox business says he's going to take a tougher line to get workers back. neil: the blackrock -- >> chairman and ceo and founder but how do you marry the fact that wall street is getting tougher now trying to get bankers back in five days a week and even cutting staff because look, we have enough people. the deal making isn't there just yet especially after a spectacular 2021 so it's a tough comparison, right? but then you also have silicon valley on a hiring freeze. i was just in california last week, but then you still have a record number of job openings of more than 11.5 million so people are telling me that when you have these high-end jobs, these six figure salaries on wall street and silicon valley disappearing some of these jobs, 11.5 million job openings might not look as strong when you

realize that maybe they are more of the lower income type of positions available. neil: timing is everything, right, susan? so it was just a couple weeks ago and louder last week, get back to work, get back back to the office and by the way we're laying off some people and would that add to the frantic nature, oh, i've got to get back >> but also goldman lifted those covid protocols except vaccinations so you still have to be vaccinated to get back into the office but they have been somehow trying to i guess offer a corrot to get workers back, cutting off the free rides , no more free cold brew carts at the entrance, but now, i think they are trying to use a stick. you should want to get back in the office if you want to keep these jobs, and oh, by the way remember the junior banker uproar about working 100 hours per week? they actually paid out more salary, even salaries went up over the last few years, and so i think goldman's view, the bump er years, those really feast or famine time of years

and we've had a feast the last few years pretty much dried up and now it's your responsibility to come back into the office when we aren't making as much money anymore. neil: to read the writing on the wall and hopefully your name is on the wall. susan li, thank you very very much. again, we are getting some more details and susan will elaborate brilliantly here but the fact of the matter is goldman now the first firm to say the reality has sunk in, the economic conditions are such , the environment for initial public offerings or new companies debuting on wall street, as well as merger and related activity, what they call m & a activity, not what it was, a hat trick of problems that now has a number of workers realiz ing that their job is no guarantee, or no birth right, and for hundreds of them, maybe as soon as next week the reality that they have no job at all. stay with us you're watching fox business.

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hi, i'm jason and i've lost 202 pounds on golo. being a veteran, the transition from the military into civilian life causes a lot of stress. i ate a lot for stress. golo and release has helped me with managing that stress and allowing me to focus on losing weight. for anyone struggling with weight and stress-related weight gain, i recommend golo to you. this is a real thing. this is not a hoax. you follow the plan, you'll lose weight. neil: all right, as the nations crime crisis goes unabated you've heard of limited or low cash bail, but how about no cash bail? even in this environment, they are seriously considering it in chicago. grady trimble has more on that. grady? reporter: well, it's going into effect, neil, they beginning of this year, whether states attorneys and sheriffs like it

or not. in fact, a lot of them in illinois are sounding the alarm about this new law, saying that it's going to make crime worse. it's going to make communities across the state of illinois more dangerous. the law gets rid of cash bail entirely and it also limits who can be arrested and held in jail based on the crime they're alleged to have committed. the democrats who voted for this law say it's more equitable because it doesn't keep people in jail, just because they can't afford bail, but those in law enforcement in the justice system who oppose it say it'll lead to hundreds, if not thousands of inmates being released from jail as soon as it goes into effect, on january 1, 2023. they also say it'll make communities less safe in the future, because suspects in violent crimes, dui cases and drug offenses will be out free. one states attorney in a recent op-ed says this. "the bottom line, the law will allow dangerous individuals to

rome our streets. it will deter victims and witnesses from reporting crimes, and it'll make it more difficult to prosecute those alleged crimes." >> there is nothing just and there is nothing promoting safety about allowing individuals who choose to break the law to threaten and to hurt innocent people, allow them back on the streets to do it again. that's the opposite of justice and that's the opposite of promoting safety within our community. reporter: and the business side of this story, neil, is that already, several major corporations have left chicago. some of them citing safety concerns as one of the reasons. crime in the city of chicago is up 37% from a year ago. neil? neil: grady, amazing, thank you very much. grady trimble, january a coldwell is listening watching this wondering what the heck is going on or fox news political

analyst with jenna coldwell, much, much, more, he knows of what he speaks tragically lost his brother earlier this year. christian, so gianno, i'm thinking of this and you must be saying, are you kidding me? >> no, neil, i'm saying i'm pissed the hell off and i was just in chicago this past week, on a story, abou

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