stuart: good morning, everyone. 10:00 eastern. fox weather tracking in which is now tropical storm just passing through, hitting a little bit of central florida. we are seeing extraordinary video from when ian made landfall as a category 4 hurricane. it brought record storm surge leaving homes and businesses

underwater, 2 million people are without power. flash flood warnings in effect and people are advised to watch out for live, downed powerlines, don't go near them. more people die after the event than during the hurricane. we will follow this throughout the show. it is still hurting our country. straight to the money. dow down nearly 500 points from the dow industrials, the nasdaq is down close to 300 points, the dow was down 1.7%, the nasdaq down 2. 65%. that's another that another selloff, the 10 year treasury yield all over the place, right now at 3.80%. this time yesterday just over 4%. the price of oil down $81 a barrel, bitcoin just dropped below 19,000, down to 18-9.

10:01 eastern time, time for the mortgage rate check. >> not quite 7% but getting close, 6.7% for last week, the highest since july 2007, go back 15 years. last week it was just under 6.3, this is more than doubling in a years time and the fed talks about how there is going to be pain in the economy. the housing market is seeing pain with rate at 6.7%. stuart: almost doubled since march. the mortgage rate for a 30 year fixed rate has doubled since march. the dow is down 533 points. now this. it started as a white house event about combating hunger. it ended with questions about the president's ability to do the job. >> president biden: i thank all of you for including bipartisan elected officials like senator

braun, senator booker representative -- where is jackie? she must not be here. stuart: the president was looking for jackie wororsky who died in a car crash in august. he appeared to have forgotten the congresswoman had died even though he issued a statement of condolence, flown the flag at half staff at the white house and is scheduled to meet the family tomorrow. what happened? karine jean-pierre would not say the president's charles: got, she said she was top of mind for the president, whatever that means. she implied it could happen to anyone. but not everyone is the president of the united states. the country has every right to be concerned when the man in charge can't cope yet he insists he is contemplating running for second term. is that what democrats want? in 7 weeks, biden turns 80 and

will be 82 for the next presidential election. in 6 weeks it is the midterms along with inflation, the economy, crime, the border, everything else that has gone wrong, add the president's frailty and confusion, difficult issues for the democrat party. second hour of varney just getting started. been dominic with me, listen to how the white house is defending biden's latest gaffe, role that tape please. >> i want to thank all of you for including bipartisan elected officials like senator braun, senator booker, representative -- jackie, are you here? wears jackie? >> the president was naming the congressional champions on this issue and was acknowledging her incredible work.

it would be a bill signing in her honor this coming friday so of course she was on his mind. >> where is jackie, she must not be here? >> i just explained she was on top of mind. stuart: you've got to sort this out. can he run for a second term after performances like this? >> i think he can, i think he will but i think democrats are right to be concerned about this in the country should be concerned about this. it is one thing to have occasional brain far, we've all done something like that at some point but i think the white house been on this that everything was fine, she was top of mind just doesn't fly and frankly the job of being karine jean-pierre in this moment is totally impossible, she can't admit what everyone

is seeing that the president is someone who frequently loses track of everything going on around him and the thing i'm concerned about is this is the stuff we are seeing publicly happening in front of our eyes. what is he like behind the scenes? what is he like in a situation where he is in the situation room where he has to deal with a massive challenge. i said to my friends the country would probably have survived a biden presidency and been fine decades earlier in the 90s or something like that but the president for this moments when confronting the challenges we are confronting here at home and abroad this biden presidency is completely failing. stuart: is a time for a couple senior democrats to go to the president and lay out the case that now is not the time to run for a second term? the way senior republicans went to richard nixon and said it is time for you to go? >> if i were senior democrat i

would be talking about doing that. i think it is what is best for the country for them to do exactly that but i don't think they are going to do it because they look at the polling data, they look at the situation as it stands and say he's not popular, he's not doing great but we don't have an immediate alternative, kamala is complementing our relationship with north korea and so it is a series of bad options for them and they decided they are going to ride it out with this poor guy who is passed the point where he should retire and enjoy his grandkids. stuart: difficult subject to approach but you did it well. the white house has asked about president biden's earlier claims that the midterms could be illegitimate. he said that earlier. lauren: let's go to what he said on january on what would

happen if his voting reforms weren't passed, they were defeated in the senate, this is what he said in january. >> president biden: it could easily be illegitimate. imagine if in fact trump succeeded in convincing them to not count the votes. the increase in the prospect of being illegitimate is in direct proportion to not being able to get these reforms passed. lauren: now he is confident in the integrity of the midterms. white house press secretary was asked about that yesterday. what changed? >> we are confident in the integrity of our elections. >> confidence 6 weeks out from those elections, he didn't seem to have at the beginning of the year. >> can i go back and see his answer there? i want to see what context he was answering that question and how it was asked so in order to give you a full answer i need to do that.

lauren: i respect that answer but what changed it is a series of small wins for democrats passing the inflation reduction, abortion ruling, student debt cancellation, this is popular with some americans so they felt maybe a little better so all of a sudden the actions are legitimate. stuart: mike pence back in iowa tonight. can't imagine what he would do in iowa. lauren: not his first time there. he's headlining the major a public donor dinner, the coghlan family harvest dinner tonight, his second visit in iowa in a month. if iowa kicks off the presidential nominating calendar maybe some people are raising eyebrows. what his intentions? stuart: what indeed you kill all kinds of political news but we've got to follow the market. it is way down again. erasing much of yesterday's gains, the nasdaq is down 335.

how long is the bear market going to continue? >> longer. about 10 months ago i was on air with you and you asked me whether this was going to be a big bear market. that is what i was saying that and i said yes, i talked about 30% to 50% down and that is because of central banks and the bubbles they created on over valuations they created and we are in the midst of it right now and i see worst-case scenarios in what they are saying on a daily basis, they don't stop talking and these are people a year ago that said there is no inflation, we can keep rates low and now they are saying they have coast to coast, tighter than paul volcker with their words and part of what you are seeing, they don't keep quiet, all they are talking about is higher rates and inflation, this

inflation apps they caused a lot of and you are seeing it in droves right now. stuart: will inflation kick down if the fed raises interest rates? >> they are playing catch up. the 10 year yield at 3.8%. they are passengers on the bus right now, the market is doing the trick. commodity inflation, scenarios are taking over now, i am more worried, i will use a different word, i am worried about deflation. we see asset prices, a big drop in housing, we have seen that right now. that worsened. i hope that does not get out of time.

people around the globe, the easiest money in the history of time, now the tightest money people in the history of time and markets reflecting it. neil: how did you do in orlando overnight with the storm? >> we dodged a big bullet. southwest of orlando where i have a lot of friends they said it has been bombed out. right now we have 50 mile-per-hour gusts outside my window still, but we passed the test and i can say the governor also did a real good job getting in front of it. i am happy with him. stuart: thanks for being with us, see you again soon. the electric car folks, moving down, i thought they would move up. lauren: hard to move up on a day the dow is down 570 points. don't know what will make the stock go up if this doesn't. they are going up 85% to $65 a share as they started coverage. they say there is so much more

than an tv company. mobile technology powerhouse, they are diversified, you're starting to see everything but those comments can't hurt this stock. stuart: it is going up but it goes down. toyota, what is the story? lauren: this has to be part of the carmax report, affordability is a major problem but toyota says their vehicle production at a record pace in the month of august, very strong numbers. maybe the fear is you can produce are you want but if a customer is pulling back and affordability is a problem and they are cash-strapped it doesn't matter. toyota is down 2.8%. stuart: ford is way down. hard to find movers that are going up. advanced micro devices down. lauren: it is higher than it is now. then you have bank of america coming out and cutting their rating on apple. they supply it to apple later.

stuart: downgrades apple. thank you very much. european union leaders say of a gas leak in the nordstream pipeline has fundamentally changed the nature of the war in ukraine. russia blames on state-sponsored terrorism, we have the full story. california governor gavin newsom think the democrats need harsher messaging against republicans. roll it. >> i'm optimistic about our ability to turn this around if we go on the offense. that is why i'm doing these ads and these tv commercials and other states, taking it to them. of the one man of action. sounds like newsom wants to be the president. the cbo, congressional budget office, says biden's student loan handouts will cost $400 billion, that is not stopping democrats from introducing a new handout program. they want to let student loan borrowers erase their debt entirely by declaring bankruptcy. the story next. ♪ od luck.

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call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. stuart: no way around it, this is serious selloff, the dow is down 600 points, the nasdaq down 365, 3% down for the nasdaq, 2% down for the dow, 2% for the s&p. we have some unfortunate inflation news, inflation stays hot, the market doesn't like it. governors are speaking out this morning, that we don't like what they are saying, tower selling off. democrats about a new bill that will let student loan borrowers declare bankruptcy and have their entire loan balance canceled. hillary vaughan on capitol hill. how is this going to work?

>> of a judge rules you are bankrupt, your student loan debt would be canceled with your their debt that would normally be canceled if you file for bankruptcy. senator elizabeth warren introducing a bill house judiciary chairman jerry nadler called the consumer bankruptcy reform act that would change us bank up to code chapter 10 so student loans would be treated like all other that like credit cards or medical bills, borrowers would file swept awa deflationary benefits of his inflation reduction act and the congressional budget office has an official price target for it all, $420 billion is the cost of biden's student loan forgiveness over 30 years but warren is downplaying gop concerns tweeting of course the

gop is mad about student debt cancellation helping working people, they would rather and more tax breaks to giant corporations then put government on the side of truck drivers, mechanics and home health aides but warren's bill would make major changes to bankruptcy law, cancel chapter 13 bankruptcy which lets people pay off their debt over a few years in chapter 7 bankruptcy that companies use to consolidate debt. stuart: we hear you, thanks very much, senator marsha blackburn, republican from tennessee. where do you stand on student loan handouts and the student loan bankruptcy. >> this is a really bad idea and president biden didn't want to do this but it was his wife and the cabal in the white house running this government that made the decision to do it. here is what we know. there are 210 million americans without a college education.

60% of the student debt is held by those with advanced degrees, masters, phds, doctors, lawyers, only 5% of that debt or 10% of that debt is held by the bottom fifth of wage earners. so colleagues like elizabeth warren have this backward. this is a gift to the rich. it is a gift to the high wage earners. it is a gift to those who were going to have the incomes they could pay this back and coming forward with something that says if you don't like your credit card debt, your student loan debt, go file for bankruptcy, we are going to wipe it all out and then you get a reset. this is unbelievable. this is not the american dream, this is a socialist dream. stuart: i am glad you used that

word because that is exactly right. it is a socialist dream. let's move on. the vote to fund the government and avoid shutdown is later on today. manchin's permitting bill is not part of this bill. are you going to vote for it? >> i'm not going to vote for this. one of the things that is so aggravating as they have put the end date in december. why are they doing this? democrats know they are going to lose the house and senate. they want to go pork up one great big spending bill and trillions of dollars of additional debt onto the backs of our children, grandchildren, it is immoral. we should be doing a cr into next year so that after the people vote for a new congress, that congress would come in and do the budget for that year for the balance of the year so no, this is a no-win situation for

the us taxpayer who is working hard to combat inflation and keep their head above water. of the when i think we have been here before. senator marsha blackburn, thank you very much for joining us. what have we got next? we've got don lemon, that guy right there who gets shut down after trying to link climate change to hurricane ian. don't have that for you but we will play the full clip in a moment. tropical storm ian devastating winds and rain. fox weather specialist brian norcross gives the precise location of the storm next.

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stuart: a selloff continues, down 530 on the dow and the nasdaq down 3%, the s&p down 2.3%. that is a selloff. putting in some movers, big tech. lauren: it is a tech lead selloff, everything is down as rates go higher.

if you look at the nasdaq 100 every stock, all 100 are lower. the worst performers lucid, we are seeing 5%, 6% declines for major companies. stuart: what do you have on dollar general? lauren: it is up, not much, just a handful. all 500 stocks, showing two winners. as you can see, the bright spots are in the green. stuart: the 30 year fixed rate mortgage average going to 6. 7%. what is that doing to homebuilders? lauren: homebuilder are down, you would think they would do well with a major hurricane when people fix up and clean up the damage but if you look at the 6.7% 30 year fixed rate mortgage rate, it is a spike of 3.69% in the past year, the biggest increase since the early 80s so it is tremendous when you look at it in context historically.

of the one let's look at ripples from the hurricane. flight cancellations? lauren: orlando and tampa still close as they assess the damage, road beds to the airports are blocked, delays into and out of the united states, 899 and nearly 2000 cancellations. with one that is into or out of the united states. almost 2,000 cancellations. lauren: mostly because of orlando, tampa, and jacksonville. lauren: let's bring in hurricane specialist brian norcross. what's the latest on the storm? >> the storm is located near cape canaveral right now, the center of the storm, this huge thing is still circulating around off the golf and still holding the water into many of the flooded areas in southwest florida. we are entering into phase 2 of this disaster. it will be a four phase disaster before we are done with it. you see what is happening with

phase 2, this band of incredible rain is coming over daytona beach toward the orlando metropolitan area. look at the rain totals, look at this area here, this is 12 to 18 inches including orlando and those purple spots 18 to 24 inches, some areas higher than that, 30 inches in some neighborhoods. fast water rescues and this is going to go on or a while because that water rains to the lowest levels, doesn't all get to the lowest levels right away. in southwest florida you see the band continues where we had the rain amounts, two feet or more, florida is a fairly flat place, takes time for this drainage to take place. the storm is going on offshore now and heading up toward the carolinas, maybe north georgia, maybe intensifying close to

hurricane, they have hurricane watches for the coast but the main thing, it will drive water to the coast all the way from north florida on up into the carolinas, two to six feet of water above normal high tide at the coast. it does not look good from charleston, they have to be on high alert for significant flooding and then into the mountains of north carolina where this could be a big rain and wind storm and another flood threat, different flooding in the mountains, we hit tropical rain in the mountains, that could be a big problem. you see where the rain is yet to come, this area here includes most of the eastern part of the southeast us, threatening rain and very gusty winds bringing down power. phase 2 now, phase 3 and 4. stuart: is this the biggest storm you have ever seen? not the most intense but the biggest?

>> this rival hurricane irma as far as impacting the entire state of florida. when this is over it is going to be a race between those two and i was around for hurricane donna that also did this through the state of florida but that went to the northeast and produced hurricane force winds all the way up the east coast into new england. i have been around a while so i've seen a lot of hurricanes. stuart: so have i. i have not seen any hurricanes like you have. thanks, great coverage, you showed where this thing is going, appreciate that. cnn's don lemon tried tying climate change to the storm and was shot down. lauren: the head of the national hurricane center shut him down pretty fast. >> what effect does climate change have on this phenomenon that is happening now? it seems these storms are intensifying. >> don't think you can link climate change to anyone event. on the whole, on the

cumulative, climate change may be making storms worse, but to link it to any one event i would caution against that. lauren: he said i am focused on here and now, didn't take the bait and said let's focus on this disaster and -- stuart: don lemon was not satisfied with his answer. the white house is helping migrants dodge deportation. the administration ordered $40 million to a bunch of nonprofit lawyers for migrants facing deportation. kelly o'grady will have that story. a new fox poll shows the pennsylvania senate race narrowing. democrat candidate federman now backing vivek ramashwami -- dr. oz. the outlook for the midterms in pennsylvania and georgia next. ♪

stuart: the market still on the downside big time especially the nasdaq. this is a tech lead selloff, the nasdaq is down 370 points, 3.3%, the selloff continues. the administer ration handing out millions of dollars to lawyers to fight deportation. kelly o'grady has the story. >> reporter: get ready for sticker shock. despite digital signs that a new nonprofit will give $40 million of federal money, that is just the start if grants are extended here, the will cost could be $229 million. it is made up of 2 organizations that provide legal services to illegal

immigrants, one severe institute that views immigration enforcement agencies on their website as a threat to civil liberties holding a separate 171 million in march to help unaccompanied minors avoid deportation. when asked about their grant the center says this. due process liberty, equal protection under the law for all people, citizen and immigrant alike are among the most important values of the american constitution. for context last month there were 300,000 migrant encounters at the border in august, over 2 million this fiscal year alone but that doesn't count the got aways. i witnessed this firsthand a few weeks ago in arizona. the footage you are seeing here happened 30 feet from where we are standing based on migrant after migrant hopped the wall, some ran scared but some walked away. the border patrol didn't do anything, you see the car. a lot of the frustration, the latest irrelevant the message has become we got an open

border and we will pay for your legal defense so the fallout from this goes beyond border security, border town citing crime concerns but the sheriff's simply don't have resources to monitor the crossings and drug trade. stuart: we invite them in, don't stop them at the border, they get in and hire lawyers to stop in getting out. this is taxpayer money to boot. it is a great country, isn't it? thank you very much indeed. we've got to check the market. we are down 560 on the dow. one stage this morning we were down 613 points, not as a mere 560, 1.8%. the nasdaq down 3. one%. still had, tropical storm ian devastating florida, experts predict severe disruption, delays to the supply-chain, details on that next hour, majority of texas voters, 40% of hispanic and latino voters

approve of governor abbott busing migrants to blue states. i wonder what texas congresswoman myra florez thinks of that? she is on the show next. i earn 5% cash back on travel purchased through chase with chase freedom unlimited. i earn 5% on our cabin. hello cashback! hello, kevin hart! earn big time with chase freedom unlimited with no annual fee. how do you cashback? chase. make more of what's yours.

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stuart: can't go far from the

market because this is a nasty selloff and another one. a huge gain yesterday, nasty selloff today like the last couple weeks, the dow is down 540, nasdaq down 340, big tech, this is leading the selloff. look at these declines. microsoft down 2%, amazon 3%, alphabet 3.5%, meta 3.7% and look at apple all the way down to $143 a share, down 4.3%. there is one investment analyst who downgraded apple. bank of america. let's get to the border. two migrants died after a chase with a suspected smuggler ended in a 3 car crash. this happens a lot in texas and on the border. matt finn is on is on the board, the latest please, matt. >> the police chief says two

border patrol agents found trucks, they pursued it and the truck crashed into an 18 wheeler and another car, two people in the truck were killed and 10% of the hospital. police say the crash involved migrants but it is not clear how. we have a request into the texas department of public safety and some fresh video to show you. a new group of 100 migrants arriving in the us this morning before sunrise at eagle pass, texas. likely to be processed and released into the united states as we see so often and we have a series of new smuggling bus videos, texas dps pooling over a yellow ford truck in kelly county, 10 migrants being smuggled, 9 adults and one child, the driver was arrested. also in another video of female driver appears extremely frustrated or upset after being busted.

texas dps said we illegal migrants were crammed into the female driver's suv. that driver was charged with human smuggling and texas dps says 11 illegal immigrants were found crammed into a single pickup truck in del rio, texas. the driver was charged with smuggling, immigrants referred to border patrol and texas dps tells us more and more everyday people are being lured into the smuggling game because drivers can make hundreds, thousands of dollars just for giving migrants a ride, nurses, schoolteachers, young and old at the border are all being lured into becoming human smugglers just to make some quick cash. stuart: thanks very much. the majority texas voters support governor abbott busing migrants to other parts of the country. congresswoman florez joins me now. you where present largely

hispanic community right on the border. do you support busing? >> reporter: we do. what is happening in south texas with this humanitarian crisis isn't just a south texas problem. it is a united states problem. we need other states to help us with the migrants coming in this country that have been abused, that have been compelled to come to the united states because of the biden administration's policies, he continues to encourage people to come to the united states illegally knowing the dangers and we've been going through this alone in south texas. it is time other states and other sanctuary cities as well step up and help us the communitarian crisis that isn't just a south texas problem. stuart: i get the impression the administration opened the border because they thought it would attract the hispanic vote. why didn't that were? >> it is not working because we

don't support this humanitarian crisis which is a national security crisis. we don't support people

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>> you think warren buffett is selling because we had a bad inflationary number? i don't think so. >> it is far from over. it will be with us forever. on the meme stocks that is

something we will look back on in a couple years and go -- >> hoping that does not get out of hand. >> maintenance done expect outages, gas prices in california could get close to the previous high watermark. depending on where you are. moment confronting the challenges we are confronting at home and abroad, completely failing in terms of matching up. stuart: look at the market, it is 11:00 eastern time september 29th, the selloff continues. we had been down 600 points on the dow, we are down 470. the nasdaq composite down 350, now down 318, plenty of selling on wall street.

it is big tech leading the selloff. look at percentage declines, the biggest companies in america. 2% down microsoft, 3% amazon, meta platforms 3, alphabet and apple down 4.3%. interest rates and inflation, the yield on the 10 year treasury 3. 78%, not that bad as it was over 4% yesterday but not good. now this. the best thing that ever happened to the drug smuggling human trafficking cartels is biden's open border, we he rarely if ever mentions them by name, doesn't talk about fentanyl either. there's nothing to see here. move along please. the cartels are the inconvenient result of his fail border policy, they are the richest and most powerful, organization in the world. they intimidate the government of mexico, they reach deep into

america, 12,000 pounds of fentanyl at the border this year, enough to kill us all, 100,000 already dead, a lot of money in this. the cartels are rich. the cartels took $500 million in 2018, this year it is estimated $13 billion. if trump were president and the wall was in place does anyone believe the cartels would be the billionaire killers they are today? the president and democrats will not do anything about this. if the republicans retake congress maybe we will get some action. surely intelligence services know who lead these cartels. indict them and demand extradition. pression the mexican government to get a grip on their own country, build the wall, walls work and go after the money. why haven't we done that already? the bottom line is biden created a monster. republican