the day everything is back on the menu. a clearchoice day changes every day. schedule a free consultation. meet a mining company that doesn't mine. advance united's au marketplace platform is ready to disrupt the pr eropesti, then connecting isthe property ownershe with potential buyers. advance ituned. ashley: neil: we figured if we played fast-paced music with a catchy tune, you wouldn't worry about the money you are losing in the fact you have to put off retirement and the kids might have to go to community college if they go to college at all.

mixing it up here, you would be okay with that and so would every one. all of these forecasts about rates that could go higher but unlike that open, with no musical accompaniment, now. >> was that the all american rejects? a lot of work going on behind me, landscaping work, the machinery, don't need the music but the fed chairman said that americans will feel this economic pain for another two years of the fed projecting gdp growth will end at 0.2%, barely above a negative number, the fed saying inflation will be increasing toward the end of the year. i asked this. >> economic pain in your mind, job losses, interest rates on credit cards. >> it is all of those things, higher interest rates, slower

growth, softening labor market are all painful for the public we serve but not as painful as failing to restore price stability and having to come back down the road again. >> reporter: the federal reserve putting interest rates at levels not seen since 2008. the fed chairman says they will likely get rates to 4.6%, two more big rate hikes this year and one more hike in 2023. government spending makes this problem worse. >> the biden administration is loading the bad spending economic policies, bad energy policies onto one side of the equation and saying it is the fed's independent and letting them do what is necessary but makes it harder for them to get a handle on the problem we are facing.

>> because of the government spending the federal reserve is saying inflation won't be back to the 2% target at the end of 2025. >> grady trimble following the business developments including companies that have to adjust to this rate environment that goes higher and higher. >> the problem is sticking around. it is taking a bite out of americans budgets, that's the take away from darden restaurants, they loan longhorn steakhouse, and a number of other chains falling 3% or 4% in today's trading. they met expectations on profits and stood by its outlook but same-store sales are dragging stock rising by 2. 3% for the quarter and the biggest revenue generator,

olive garden and even with the good deals there, unlimited soup, salad and breadsticks for $10.99 the ceo says inflation is weighing on customers especially those with lower incomes and the chip shortage is wreaking havoc on the auto industry, toyota the latest to cut production because of semiconductor supply, planning about 800,000 vehicles in october, one hundred thousand short of its monthly average. ford's ceo said it is not just the chip supply that is causing trouble. >> chips are improving, not many are having problems. it is either maintenance or absenteeism. >> reporter: tesla is recalling a million of its electric vehicles, more than the total number of vehicles tesla sold all of last year.

federal regulators say the windows could pinch a person's fingers when being rolled up. the recall applies to certain model 3s, model-plapss and model xs. they will have an online software update rounding out a not so good week for the electric vehicle maker. earlier in the week, one of its big battery packs at an energy storage facility caught fire causing a bunch of problems including roads being shut down. hazmat teams called in, that is the problem with the ion batteries. sometimes they burst into flames. neil: they don't say that in the brochure, that they could burst into flames. thank you very much. is the internet boom about to go bust over again? you got to wonder. [dialup sound]

>> welcome. you've got mail. >> i can even send e-mail on the internet. my favorite is live chat. that's how i net my new kayaking buddies. >> we are focused on one thing. working to serve your needs. neil: times have changed a little bit, a big financial conference, the idea of a more level playing field with silicon valley, silicon valley was growing but detroit lost its way and went bankrupt, now it is coming is coming back with a few technologies showing what is possible, starting a company. no idea what that means except we could repeat the sins of the last boom that became a bust and then of boom and bust. let's go to susan lee on that. welcome to both of you. all kidding aside i think he is saying we could be setting ourselves up for something. where are we going? susan: valuations have been frothy, in that panel in new

york city, talking about convergence of media and tech, aol, $350 billion in 2000. i was doing the inflation math, must be $1 trillion in today's money. neil: that was the time to do it. within days it was in play. susan: what was the interest rate? we've seen 0% interest rate for the past decade and that made these valuations. he admitted that but think there is a difference between this time it back then and back then in 2000 because at least, they were not making any deals, what were they valued at? some of these companies are not making profits per se but there are real sales on the balance sheet, valuations have gotten ahead of themselves, possibly. neil: there's a possibility to enroll in new technologies, seems unthinkable you would be

reading newspapers. it is standard. susan: what is dialup? neil: there has been a lot of bloodletting since. >> there's going to be more difficult for these high-tech companies to get off the ground, to get developed and how you could book reading or e tablet or whatever you call it but that's established technology. what we are looking at now our new technologies that we don't even think of yet. we can't conceive of. neil: you could make that argument after the bust but eventually it starts rising. >> no stopping technology and we are more demanding of technology. we are looking at labor shortages and have problems on the medical care front we never had before because an aging

population, strong incentives for technological change but that may not happen overnight. neil: so many times people give up on technology, someone comes out with something new or different or ease of use, elegance in the case of apple and survive. only a few survivors after the internet boom went bust and still around today, are we going to go through that? susan: people only want to pay for actual profits on the balance sheets. speaking to a lot of tech ceos, the era of dc money thrown at anything that seems to have some sort of power point, silicon valley is more picky and choosy and it is about survivors and who can show me that people want to buy.

neil: the rich guys don't have as much money because they are not as rich. mark zuckerberg lost tens of billions on paper, only the 20th richest man on the planet. i wonder if that affects their investment strategy if they want to hang onto what they have. >> of course it does. less money available for startups, zuckerberg knows that a 1-year treasury deals with 4% without any risk. that is a more difficult environment as far as obtaining the financial capital you need to get going. ivr ideas our way down. this here is moving along at a pace that is the lowest since 2008, that is incredible. what is happening then. >> there hasn't been much since then. and these higher rates means

people are less willing to spend their money and how much it costs with the interest rate hike yesterday in the us government, $150 billion in cash,. neil: i compare it to real estate handwringing, but i don't see the problem we had back then for people providing mortgages sight unseen. but my point being this idea everything is going to be obliterated. and i just don't see it, >> the 2008, the subprime mortgages.

and and that is the froth. >> you see who brought to market, and although stocks, and that is what steve case is making the case, in 2,000 you saw stocks store 90% in some cases, that is part of the market, very similar. neil: do you think investors, he knew that it was getting along? susan: steve case. >> he probably knew that there was more competition. technology always changes and something -- exactly. susan: a lot of money in that deal. hundreds of billions of dollars. neil: with the top, a great time. >> somebody else is left holding the bag. susan: i would rather be lucky than smart in some cases.

neil: i would rather be rich. who has the most toys? thank you both very much. in the meantime, all the bankers and ceos on capitol hill, they got ripped a new one, the house wasn't much different today in the senate. tell you all about it after this. ♪ ♪ in a rich man's world ♪ money money money ♪

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neil: those banking executives on capitol hill, they are peppered with questions by senators who aren't keen on the more hillary vaughan who is following and chasing them on capitol hill. >> america's top ceos, and how congress could help bring down inflation and the answer from the ceos was support, stop spending money, that was music to republic and years but not democrats are plotting ways to spend more and yesterday

rashida tlaib asked the ceos to advance the progressive priorities by ending financing of fossil fuels but was not happy to find out not everyone was on board. >> your bank have a policy against funding new oil and gas products? >> that would be the road to hell for america. >> everyone who got relief from student loans has a bank account, and close their account? >> reporter: republicans sounded the alarm over the push to make financial institutions political. >> do you think this trend in shareholder activism complicates your ability to serve your clients on yield value? >> i will do the right thing regardless of that it caused me a lot of consternation. >> reporter: yesterday many of the ceos they complied with est

standards that way the environment and social impact of an investment, not just whether or not it is a good investment but it is costing these banks tens of millions of dollars, jamie diamond saying it is $200 million at some point. i tried to ask him today if it is complying with esg, would be bad for business. >> no, you cannot. i'm not going to answer those questions. >> i have a follow-up on esg. >> we tried to get more clarity on what is to come for esg and whether some of america's biggest banks can afford to comply with ever changing and evolving environmental and social standards. neil: at least jamie diamond very politely ignored you. that is a testament to you.

the price of a dozen eggs has gone up 80% in the past year. now in the grocery store customers are scrambling to get around that. that is exactly what i worried about. ♪ dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it.

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neil: inflation is running at an 8% rate but when it comes to eggs, try ten times that rate and it is pretty widespread. madison?

>> reporter: eggs have been seeing a huge run up in price. the tiny food product behind me is a staple for breakfast, bacon, a huge source of protein for americans across the us. this is gone up in price, probably the food that has seen the most inflation over the past year. eggs have gone up 82% in price and you can see that with the cost of a dozen eggs last year compared to what you're paying you are paying for this year. when it comes to inflation, things like labor and materials, they are driving up the price but for eggs that is not the only part of the equation. one of the biggest causes is avian influenza. this disease has been hitting the egg industry hard, forcing us farmers to kill millions of egg laying hens, lowering the supply and driving up the food lose when a farmers hit with the virus, it could take over six months for them to get back up and running. >> once you get it you are completely shut down.

you have to clean up the whole farm completely, take the birds out. everything, you're out of business. >> reporter: so far this year 45 million birds have been infected. these are all the states that have seen the virus. another factor taking chickens off the market as well as changes in policy. massachusetts and california have switched this year to cage free chicken and eggs only. when that switch is made, they are off-line again taking certain eggs off the market and once that process begins it takes more labor to get the same amount of eggs. with those two changes, avian influenza and this transition, we don't expect producers are telling me they don't expect the price of eggs to come down anytime soon.

neil: thank you for that. let's go to senator mike baran, indiana republican on the senate budget committee. this is another example of inflation running far above the raid and advertise rate we've seen, 10 times 8. 5%, what we are x8.5%, what we are seeing nationally. all food items are so after all these rate hikes that have yet to dampen that do you think? >> i harken back to when i first got started, 10% at bargain rate. paul volcker had to take them to 20% and it took five years to tamp inflation back down, 2% from 81 to 86 so when you unleash this, part of being political enterprise errors, i have been here over four years, $18 trillion in debt when i got here, 30 now. look at all the spending we

did, on top of what probably wasn't needed, the $4 trillion through the cares act. we should have been cautious, they know fiscal policy and the fed accommodated the boot and contrast it to the way it was paris covid. the best economy i've been a part of, no inflation, interest rates low, wages going up, less regulation. we need to get back to that. how you get back down, took five years. ashley: neil: the debt was going up under donald trump as well, you are right to point out, accelerated with covid. i wonder how you get out of this because your point the higher interest rates are adding to the cost of the debt. one hundred $50 billion as a result of rates going up, without anything being added to the debt. i am wondering, if the fed is

the only game in town how high rates go? >> one% on $30 trillion is $30 billion and you get a few down, you're spending as much on interest as you are just expending or fans. here's how you get back to it. it has been an equal opportunity and ever putting two ares on the credit card. obama said what you do is double them down, it has been a frenzy ever since and i agree both sides, put a balanced budget out there recently. every democrat voted against it and a few republicans to boot. we 've got to start doing budgeting, having done one in 20 years, compared to regular order through committees, appropriating to where we have discussions how to do it. last time we did that, it was four months after the fiscal year and both sides agree the reason government spending by 6.2%, that is a bad business plan and it is not the way to

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neil: does the new york attorney general have a case against donald trump. he cooked the books, she says, and did a lot of unusual things with the money, valuation of properties, you know the deal by now but is any of that kind

of stuff to bring criminal charges down the road and referrals of such? charlie gasparino following this, what did you find out? charles: there are parts you have to laugh, something is x, and adding square footage to make it bigger. that said, he was running for president, this is a classic donald trumpism, it dollar sign 10 billion, you could see in this lawsuit that is what he was aiming, to inflate assets to get to that number. pretty clear. neil: a lot of people dodged

that. charles: forbes had that, they cite forms critiquing him cutting back net worth, and it was funny. couldn't help but laugh at these things. i talk to a lot of lawyers, there's a huge problem in this case and the big problem i believe is several problems. number one, she keeps saying he was supposed to provide this stuff, financial information based on generally accepted accounting principles and the accounting firm mazer says donald trump promised to do

this via gap except for these instances. leica plus are a of instances. there is that. there is no victim here and that is the problem she has. neil: what about the document he provided? charles: that is part of it but he would say here's our analysis. deutsche bank questioned his net worth. they said his net worth was 3 billion give or take. $700 million, and they are doing their own analysis. masers said you must do your own analysis. everybody presents rosie scenarios. neil: if you look at the trump

illustration it is leica trust. rules are different. charles: i asked why she didn't bring a similar case. here is what john coffee, one of the smartest guys in the world, said. she has authority to bring criminal cases. the of already the open cover bank fraud is limited. the superintendent of banks to essentially say do that or she would need to go to them. she did not go to them, because there is no criminal case because there is no victim here. most of the due diligence was up to the banks to do anyway. what did i learn from this? donald trump likes to blow smoke. it is just what he does. neil: nothing here could go to make a settlement without --

charles: the us attorney, us attorney looked at this and you can see why. there is no, i don't know, victim, like if it is a retail investor, or if this was an ipo, it was deutsche bank and these other banks. neil: thank you very much. what do you think of that? no harm no foul? there is nothing to see here, move on? >> that is a strong legal defense for the trump team. the prosecutor's perspective or attorney general's perspective she doesn't need to prove that someone was actually defrauded by this but it is hard to see how a jury is thinking, would be affected by that, if the purported victims of this fraudulent scheme unleashed by the trump family really were upset about it, felt they had

been misled, given loads under false pretenses, they would have complained. neil: depends whether it is a little examination or significant, if you are claiming your apartment is 30,000 square feet, don't remember the exact number but turns out it is a little more than 12,000 and that materially affect the valuation, that is one property. what do you make of that? the degree by which you are exaggerating? >> i agree with that. lawyers like to say valuation is not an exact science is what they mean is there is some wiggle room and room for disagreement. to your point, it is how far off you are from what most experts in valuation would say, one hundred billion over a $20 million property. neil: a little star connection. we will leave it at that.

there is a lot we don't know here. we are looking at these other investigations going on. half a dozen of them by last count and whether that is going to affect the former president's plans, whether he has them. but it is too early to tell. just sort of weighing the possibilities now, how high interest rates go, the federal reserve add another 3-quarter point to those rates and a quarter point hike is coming, maybe another one in between meetings after that, to end this year well north of 5% that o that% on a rate last year this time was essentially -- ♪ ♪ struck by your electric ♪

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lauren simonetti has an idea and connect all of this. what is going on here? lauren: they over hired last year. i'm not ready for this. who did this? too early, not even halloween. we are already making our christmas presents, you have 94 days. here is the deal. retailers are flush with stuff. they know your budget is tight because of inflation so they are competing early for your business. target is running their first set of deals that starts october 6th, earlier than ever and if you find a cheaper price elsewhere target says they will match throughout the season. walmart is saying perks like curbside returns, they will go to your front door and if your monthly walmart member, send it back. not to mention if you look at walmart's top toy list half of it is under $50, the biggest

rival, amazon, has a second hyundai in october to juice sales, this is the early crawl that potentially dilutes black friday at the end of november. it could mean deeper discounts as retailers look to unload the loaded inventories. 85%, footlocker, gap, look at these numbers not far behind, the worry is this forecast, holiday sales are going to rise to almost $1.5 trillion but one third the pace of last year's holiday sales. that's the christmas cut back, walmart cutting back, only hiring 40,000 seasonal workers compared to 150,000 last year. neil: you are not sharing the joy of christmas. lauren: my kids started two days ago. seriously?

than i said we will tell santa early and plan ahead. you have a higher will -- a halloween costume. why do that? neil: thank you very much, lauren simonetti. the christmas stuff, the demand for energy, electric bills shooting up in this country, massachusetts they got 60%. the reality is this is happening abroad as well. the new prime minister is talking about freezing those rates, how to pay for that and what to do going forward, after that, anyone's guess. good to have you back with it. some eye-popping utility bills, how eye-popping? >> reporter: thanks for having the. prices for everything are going up and as we look at the first

day of fall we are standing for winter. prices in electric bill and gas bill will go up particularly in the northeast. why is that in the northeast? they haven't built pipelines to sell natural gas so they are constrained up there so we need to build more pipeline infrastructure. otherwise they will burn heating oil, that is more polluting fuel than clean natural gas so it is an energy policy problem for them in the northeast and the reason natural gas is going up around the country is twofold, the economy is rebounding, that's a good thing and demand right now is outpacing supply and we had a hot summer. what does that mean? we were using more natural gas for air conditioning to keep people's home school. charles: in europe they are talking about capping energy prices and to pay for it the equivalent of a windfall profit

tax on energy companies, i don't believe liz truss is considering that but she's considering freezing those rates. where do you think this goes? sometimes that happens at least in england, brought us the beatles, monty python, now some energy. what do you think? >> we are paying $7 for natural gas, they are paying $55. at the peak of the war when it began it was one hundred $10, you can imagine what happened in the united states, we would have people in the streets so they have to take extreme measures all over europe because they tried to rush towards a much cleaner future without a plan b or insurance policy. the insurance policy was russia and that didn't turn out well. they are having to take extreme measures. they are concerned but if you look where they are versus where we are even though we are at a higher price environment, we are much better off.

they have to make some hard choices. and doing some things they prefer not to do. neil: not quite energy related, the fed keeps raising interest rates and eventually slow things down to the point that demand get sapped a little bit, prices come down at this goes away, the risk is you can go too far and pushes it into a recession. >> can't be rushing into this, we are heading into the holidays, and they purchase goods for their kids but with rampant inflation, the only tool in the toolbox is make things expensive, we need a more balanced policy going forward. neil: very good seeing you again. with the dow down 8 points avoiding a government shutdown is the hope in the next 8 days,

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neil: does not on anyone's radar because they don't think it will happen or too worried about it because there's a lot of bluster. i'm talking about the possibility of shutting down at

the end of the fiscal year. chad program is following this drama. they always say it isn't going to happen but we get close to the brink and often passed the brink. how are things looking? >> they don't have a bill just yet. majority leader chuck schumer indicates he will start the process. he will sign something later today for a procedural vote tuesday. last night something important happens, we got the text of the provision that joe manchin, democratic senator from west virginia wants to put into the spending bill, part of the deal he cut with chuck schumer to get his vote for the ira, the big health, climate, and tax bill passed through congress in early august and joe manchin insisted this provision to expedite permitting must be in the interim spending bill. there's been resistance from the right, lindsey graham, republican from south carolina says if we put this in the bill this is a payback to joe

manchin, you have a was born for massachusetts who says the same thing, progressives who are concerned about the environment and the house of representatives have their own reservations. chuck schumer insists this has to be in that spending bill. i asked about this tuesday and for the third week in a row he said it will be in this bill. nancy pelosi, the house speaker, has taken a path to see if this will tread water in the senate. they have to get 60 votes. if they don't they might have to change it. she's not willing to weigh in just yet. listen. >> my understanding is the process will begin today and because of rosh hashanah monday and tuesday they can't take it up until after sundown on tuesday. that will start the further process. we would hope as quickly as possible they would come to agreement, send it to us. we are prepared to take up.

we have same-day authority. we don't have to -- delay it in any way for procedural purposes and hopefully that will happen tuesday night and we will have an idea how long they will take. if they don't, we won't have to started over here. >> reporter: you have a procedural vote in the senate. if it gets through there, that is it and pelosi will tangle with it in the house of representatives. if not they would have to start the spinning process but they have a short week because of rosh hashanah. to indicate how tough things are there is a procedural vote they just took in the house of representatives to get a series of police reform bills up. and house of representatives before you put a bill on the floor you have to pass the rule. if you don't have rules in place you can't debate the bill and there were a lot of progressives, liberal members of the squad who didn't like some of the police provisions here. they said there was not enough

police reform, this issue the democrats struggled with as they tried to defend themselves against this defend the police mantra, members of the squad, corey. democrat from missouri, has advocated for and moderate democrats who face reelection bids. that is why they want these police bills on the floor. they will probably pass this police bill later tonight and house of representatives, they passed the procedural vote by one vote. they got presley from massachusetts, a member of the squad to vote present. as she voted the other way the rule would have gone down and that would have tank to 've tanked the entire bill. neil: weighing the odds, seems to be very risky to have something like this happening midterm elections or right before. makes me think it is not going to happen. >> we are 50/50, but they are running abstract, next friday night 11:fifty nine p.m. is when the government funding

expires and they've got to move this through both the senate and the house and short week next week because of rosh hashanah. neil: all right, thank you very much. chad program on these developments. the dow barely budging right now, the markets trying to assess how far the fed goes on this. nothing about a government shutdown so far, we see what happens. charles payne right now. charles: what is britannica? never heard of that. i loved is that. neil: i loved them all. charles: i am charles payne, this is making money. investors woke up asking where is the love? the fed has directly economy, people get paid a lot of money not to work. after toying with they're way too many emergency spending bills they have to front run.