earnings guidance is weighted to the fourth quarter this year and if recession is coming and things are looking as bad as it does that might be it. jack: i remember when molson was fancy. great ideas from everybody. to read more checkout this week's addition of qualcomm one.com, follo that does it for us. have a good evening. ♪ ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: and happy weekend to all. welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm maria bartiromo. enough is enough. despite raging ebb nation and -- can inflation and new reports of fraud, democrats are still looking to spend billions more in covid relief provisions. kansas senator roger marshall on the move he just made in the senate to try to stop all the spending. and his response to credit card companies' plans to track your

gun store purchases. plus, the federal reserve's rate hike sinking stockings. david bahnsen on where we go from here. plus, a new lawsuit just filed against florida governor ron desantis over flying migrants to martha's vineyard. i'll be talking with florida attorney general ashley moody about that. and new details of a major drug bust in florida that seized enough fentanyl to kill 4 million meshes -- americans. but first, while america is struggling under sky-high inflation and we are getting new reports of fraud, the biden administration is looking to spend another $22.5 billion in federal covid funding. this as they're keeping the country under a national covid emergency declaration that allows the president to have special executive powers. senator roger marshall made a move this week to try to put an end to this emergency declaration. he joins me now. it's great to see you with, thanks for being here. >> maria, always great to be with you. maria: so the president said the pandemic is over.

what does he want with more emergency money? [laughter] >> yeah. maria, certainly this president talks out of both sides of his mouth. what your listeners need to realize is when there's an emergency declaration, it does give the president more powers. he's used those powers, whoever's running this white house sure knows how to use those powers. they've locked our cuds out of schools, shut us out of work and now he's asking for more money, more inflationary spending on this continuing resolution that we're nation. he's also using this as an excuse excuse to make school loan payments and to basically eliminate some of those school loans as well. so this does give him more power. that's why we've introduced a resolution that could stop this, and we've got the votes to do it. we'll need nancy pelosi to do the same thing on her side of the capitol. maria: so where is going? clearly, the president says the pandemic is over, yet he wants to spend more money. all of this spending has led to

40-year-i high inflation. >> yeah, that's a great, great question. and why this inflation is not going to stop is because the president won't reverse his policies. again, back home all people are talking about is the cost of groceries, gasoline, their safety and security. but i think this will put a lot of pressure on the white house, and they're going to have to walk this back. i don't see how he can do the student loan forgiveness without keeping this in place. maria: will you be able to stop this spending package that he has agreed with manchin on, or will there be a government shutdown next week? >> maria, certainly we're very, very, very par apart right now. i know it'll go down to the last second. we haven't seen in writing what they're wanting. all we know is they want to borrow more money, probably $40-50 billion more on top of already an inflationary number. so we'll be spending more money in ukraine than we were on -- we are on the southern border keeping families safe. i think this is a large group of us that can get to yes, maybe 10 senators on the republican side

that will, but we'll be fighting them every step of the way. maria: it's interesting you mentioned that, because no new new funding for the border. in fact, there are about 15,000 border agents, but joe biden wants 166,000 irs agents. that's where his priorities are. i've got to switch gears and ask you about the letter that a you and other senators sent to visa, a mastercard and american express. you warned them not to move ahead with their plans to track gun purchases. what should we know about this? >> yeah, maria. well, woke financial institutions are using esg to defund, to debank the oil and gas industry. now they're using this, these esg scores to do an in and around our second amendment, basically creating a gun registry. we should all with worried when senator elizabeth warren is taking a victory lap and praising an action, and then she basically cites these credit card companies can work hand in hand with the government to track our gun purchases. that's why i led this letter

with 12 senators as well as 23 state attorney generals including my state attorney general, derek schmidt, very proud for his efforts on this, warning them that if they do in this, heir going to be sued, and we're going to do everything we can to fight back. maria: unbelievable. you've only got less than 50 days until the midterm elections. how are you feeling about this race right now with all of the moves that you've been making for the american people? >> yeah, certainly, maria. we're seeing the polls move in the right direction. i'm sure you saw the polls in nevada yesterday. two polls said the republican candidate is now leading where we were behind by 10 points, we've closed to 2. where we were behind by 2 points, we're now ahead. i really think as americans go to the polling booths, they're going to think about the cost of gasoline, that last tank of gas, the cost of groceries up 13%, they're going to think of safety and security of their family. i'm very optimistic are republicans control the agenda in the senate.

that's what's going to stop inflation. maria: yeah. but biden is still planning on raising taxes on everybody next year, right? >> oh, or absolutely. our basic goals would be to stop the spending and then to stop his tax -- he's trying to take away every tax cut that president trump made. and don't forget the regulatory part of this. i think regulations under president trump were rolled back, that really helped the economy. this president, president biden, has replacedded all those regulations and more. so those will be our top priorities along with the safety and security of your family. look, i'm the son of the chief of police. i believe in law and order, i believe in border security, i believe in a strong military. maria: yeah. and all of those policies from your colleagues on the left while also, like you said, elizabeth warren wanting to work with credit card companies to track people's purchases if they own a gun. >> yeah. again, if elizabeth warren is cheering this, americans need to stand up. this is a threat on your second amendment. this is step one to create a gun registry. the next thing is to come and

take our guns. and i absolutely am convinced this is coming from an international body. china's intimately involved with that. not only with our businesses or our government know who owns guns, i think china will as well. whenever there's this registry created, you know right now china's watching your e-mails and my e-mails. maria: that's right. senator, it's great to have you on this. this is really important. we appreciate your time. thank you, sir. meanwhile, back on wall street the markets taking a nose dive this week after aggressive moves by the federal reserve. david bahnsen on i've always loved building things. not just structures and skyscrapers, but teams who make it all possible. after all... we wouldn't be where we are today without them. so we made sure that like these buildings... their futures may also stand the test of time. ♪ ♪

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and fill in a missing piece of your plan. like i did with preservision" ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq maria: welcome back. now a look at where markets ended. another volatile week and a down orer after of the federal reserve raised interest rates by 75 basis points for the third time many a row, boosting rates to the highest level in more than 14 years in order to try to fight inflation. ceoss of the nation's biggest banks testifying on capitol

hill, sounding the alarm on the penning financial pain ahead in stark contradiction to what we heard from president biden this week. >> i think there's a chance, not a big chance, a small chance of a soft landing. >> inflation is impacting those who can afford it the least. >> i think inflation's going to to be a little bit stickier than we would like. >> i think we're fortunate to have had the consumer in good health something into this, but we do expect tougher times ahead. pleasure. maria: joining me right now is the bahnsen group founder, author of "dividend café.com," david bahnsen is here. david, thanks very much for joining the conversation. do you disagree with what you heard from the bank ceos, that we are likely headed into some dire straits on the economy's front? >> no. i mean, it's impossible to disagree with them that we're headed into some form of slowdown and contraction. the disagreement would just come down to the we havety of it, maria -- severity of it, maria.

nobody knows how bad it will get because the problem is mixed data. i mean, it really is a conundrum when you see reasonably strong labor data up against mostly other negative points. so the one positive continues to be reasonably low unemployment, decent wages, and then everything else around it trending negative. that mix -- that makes for a tough mix of economic news. maria: well, look, we had that most recent inflation report, and food prices stayed painfully high. each though you did see a little let-up in the price of oil, food inflation continues to be elevated, even shelter is elevated. i mean, rent as well as buying a home. even with mortgage rates where they are. what's your sense of the most important impact of this 40-year-high inflation? >> i have no doubt that it's in good inflation. actually, rent prices in august came down month over month for the first time in quite a while,

and that's because they're so painfully overpriced, as you point out. the way that they measure c cpi, there's quite a lag in when the housing prices and what they call owners' equivalent starts to come down. so that continues to hurt number on the housing side. but the food prices are realtime, and that's the point that i think is most sticky and and problematic politically and in the way we're gauging all the inflation. because i'm seeing trucking prices coming down, used car prices coming down, and none of those things are necessarily done. you want the inflation lore, but if they're coming down because of economic slowdown, that can be problematic. maria: yeah. >> but inflation in food is the area where people feel it the most. maria: and all of this has led stock markets to sell off. you've got the dow industrials down in the double digits year to date, you got the nasdaq down 30% year to date, and it was another week of losses this week, david. how do you want to allocate

capital differently with this new macro story that seems to be slowing and slowing fast? >> i really want investors to think about two different stories. it's not all one. the first story is a lot of things that were overpriced getting hammered, and that when you see the nasdaq down over 30 and other things within the nasdaq, even some big tech names down over 50%, that's about prices having to correct because they were so overvalued. but then the second story is everything else, maria. it's like you mentioned the dow down double digits, consumer staples, industrials, things in the economy that were not like heck, and they're coming down because of the fact that people perceive economic slowdown as a by-product of the fed tightening. so liquidity coming out of market, a higher cost of capital pushing expectations lower, and bear market investing is difficult and painful, and i have to say having done it now through several cycles myself

over the last 25 years, bear market investing is where we make all of our money. i think that courage to be able to put money to work in down prices and not worry that you hit the exact bottom, that is ultimately a great opportunity for long-term investor s. maria: i want to get your take on the globe as well because this week the u.k. came out with a new tax cut package. it will add to their debt, and almost immediately u.k. stocks sold off. you also add had a whole host of central banks across the world raising interest rates this week, taking a cue from the federal reserve. do you see a problem around debt that could engulf the entire world making the u.s.' recession that much tougher? >> oh, maria, we live in a problem of excessive global indebtedness, and we've lived in it for over ten years, and we're going to live in it for another ten to twenty. it's the economic problem of our day not just in america, but around the globe, excessive

indebtedness, and les simply no way out of it -- there's simply no way out of it. maria: very troubling. david, great to get your take, thanks very much for being here. authorities in florida busting up a massive drug-trafficking operation, and a florida democrat is now suing florida governor ron desantis for transporting migrants to martha's vineyard, calling it a misuse of state funds. that's next. >> when biden is flying these people all other the fruited plain in the middle of the

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muck. maria: welcome back. florida governor ron desantis hit with a new lawsuit over flying migrants to martha's vineyard. florida state senator jason pizzo suing the governor and other state officials to stop future relocations, he says, claiming the move by desantis

was an illegitimate use of florida funds. this comes after a class action lawsuit was filed earlier in the week by an activist group on behalf of the migrants. joining me right now is florida attorney general ashley moody. a.g., good to see you. thanks for being here. >> great to be with you. maria: well, i fine it extraordinary that these migrants came from venezuela. they were flown to martha's vineyard, and now they're suing over it. >> what's so interesting to me is, you know, governor abbott, governor desantis are arranging for folks to go to states that have said we are sanctuary states, we welcome individuals. and if you look at the images when they are, when they are transported there, i mean, look in new york. they're setting up what they're calling tents. it looks like a hurricane has hit or something, same in martha's vineyard. i think they called in the national guard. these are the types of is situations times a thousand that they're dealing with in texas, arizona and in florida every

day. and so it's really a juxtaposition of, you know, when you say you're welcoming, you're a sanctuary state, but with you don't have to deal with the challenges to health care, education. in florida we will spend $100 million in one year just incarcerating people that are here illegally committing crimes against floridians. maria: wow. >> so it's a different thing to say welcome, but then when we say, thank you, here, help us, they throw up their arms and start filing lawsuits. it's incredible. maria: as soon as those 50 migrants got to martha's vineyard, they put them on a plane and sent them to caped cod. i guess they call themselves sanctuary cities unless it's in their backyard. maybe there's no sanctuary after all. what is the governor going to do about these lawsuits? >> well, think about this, i mean, in some of these situations they're claiming that governor desantis is trafficking individuals?

come on. the federal government has been breaking federal immigration law since the beginning, since day one. i've been in court fighting that. they're been transporting people all over this country that are here illegally. and if as someone who served as a federal prosecutor and as a judge, it is heartbreaking to hear other leaders use that term human trafficking. i've seen the devastation and the death and the victimization as a result of trafficking and smuggling because of open border. i've seen actual victims that have suffered at the hand of traffickers. it is incredible to me that a leader would start using that term and alleging that as it relates to governors that are trying to deal with the aftermath that's been pushed on them because the federal government and this president refuses to follow the law. maria: yeah. well, you have been fighting these issues in court, the immigration problem. and as a result, you've seen

depositions on the record depositions which have conflicted with what the white house is saying. depositions that i'm talking about are on the record. this week you had karine jean-pierre, the press secretary, say the border is totally closed and that they're sending people back, but your depositions from your immigration case is conflicting that, right? >> absolutely. and i feel very passionate about making sure not just floridians, that all of america knows the mealy-mouthed mistruths that are coming out of this administration whether it's the vice president or the press secretary or even secretary mayorkas who i've demanded resign as a result of this abysmal failure at the border. but they are saying things like the border is secure. that's not happening. people aren't walking across the border, you know? mayorkas, we've effectively handled the border. and the press secretary this week said that they will have

removed a record number of folks under their administration, and that's the fact. that's what she said. none of that is under oath. when i put forward the stuff that we've uncovered in our litigation where biden administration officials are under oath, they say exactly the opposite. in fact, the head guy of i.c.e. that is in charge of operations and is removal says this administration, biden -- even compared to obama -- is removing seven times less. compared to trump he's only detaining and and removing 40%. so is it any wonder, is anyone shocked that we are seeing the results? record number of folks came over this year. we're already at 2 million. it's going to surpass that. record amounts of fentanyl killing americans. our entire working-age population now, the number one killer is dependent mall. does that surprise -- fentanyl? does that surprise anyone? when you listen to their own

administration under oath. maria: yeah. well, we have many people who we know have lost people to fentanyl. and i know you just made a major trafficking bust. florida investigators found enough fentanyl pills to kill 4 million people? >> enough fentanyl to kill 4 million people. that's so many counties in florida. along with the mechanisms to push counterfeit pills. people need to understand, the border crisis, the border lack of enforcement is directly related to the fentanyl that is poisoning americans. it's coming out of communist china, the precursors. they're manufacturing it in mexico, the cartels, when they get it from china, and then they're flooding our country with it. the potency of that drug, fentanyl, along with the sheer volume that is now many our united states -- in our united states is deadly, it's dangerous, and that is why i've been speaking out not just as attorney general, as a mom, as

the wife of a law enforcement officer seeing what this is doing to our front-line officers having to deal with this -- martha: -- maria: yeah. >> i'm pushing to make it december can ig nateed as a weapon of mass destruction. maria: well, it's been just that for many families. we're going to keep watching this. it's amazing to me that these dangerous drug cartels are the ones deciding who comes into america, what, what drugs can get through, that they're in charge. and they're making $200-300 million a week, i'm told. a.g., good to see you. we'll be following your moves on this and thanks for your leadership. don't go anywhere,

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with senators mike lee and tom cotton and arizona gubernatorial candidate kari lake. sunday, 10 a.m., live. and right here on fox business start smart every weekday from 6-9 a.m. eastern for "mornings with maria" on fox business. that'll do it for us on "wall street" right now. thanks for being here, and i'll see you again next time. ♪ ♪ gerry: hello. this week on "the wall street journal at large." , ratcheting up the economic pain. the fed hikes interest rates again and promises more to come. how much worse is it going to get? and putin mobilizes and threatens nuclear war. is it just a bluff, or is the unthinkable actually about to happen? plus, the border chaos gets worse as illegal crossings soa