>> 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. the bleeding continues on wall street. stocks slammed in the month of september as recession fears take hold. where to put your money now. and the wrath of ian, with the death toll climbing in florida, the massive storm is now battering the carolinas, leaving widespread flooding and devastation in its path.

president biden using the tragedy to step up his attacks on the oil and gas industry. we've got new reaction from the head of the american petroleum institute in a fox business exclusive. plus, sounding the alarm on the fbi. house judiciary ranking member jim jordan on new reports of retaliation against whistleblowers and allegations the doj is purging conservatives at the department. he's here with the details coming up. but first, here's a look at where markets ended the week and the quarter, third quarter ending after the latest gdp reading confirmed the u.s. economy shrank for the second consecutive quarter, and we got hotter than expected inflation numbers again. september now the worst month for stocks since pandemic began in march of 2020. joining me right now is ss investments chief market strategist, troy, great to see you. of thanks very much for being here. what are your expectations for the fourth quarter? >> yeah, so we continue to expect more downside inequities potentially in fixed income.

we may have peaked in yields in the 10-year, but there could be another run to higher yields. and, unfortunately, we continue to be in what we refer to as a -- whether it's money supply driven by central balance sheet expansion or whether it's lower interest rates or whether it's globalization are now going the other way very rapidly, and that's, unfortunately, to substantial pain in both equities and fixed income. maria: yeah. we have bank of america strategists telling clients that wall street rout is forcing asset liquidation. that's one of those things that makes the cycle even worse with heyier -- heavier selling. we also have larry summers talking about no way of a soft landing with the principal reserve raising rates -- federal reserve raising rates the way they are. and this week we saw the 10-year hit 4% which was one of the biggest moves that we've seen in a long time at 4% on the 10-year. it ended the week off of that

but, troy, what does that mean when you see the benchmark, the rate that is the benchmark for mortgages and borrowing hit a level of 4%? >> yeah. so, basically, remember, what the federal reserve wants here is tighter financial conditions, higher yields, lower valuations for equities and now lower valuations for real estate. so basically, people forget about what a huge tailwind it's been for all assets as we've had lower and lower interest rates really since the volcker era, but particularly, you know, since the early '90s. so as rates go higher, it's almost inevitable that we have more multiple complexion presentation -- compression. and the probability of a recession is so much higher now than we're more than likely going to have another leg down driven by cut equity earnings forecasts over the next several quarters, maria, unfortunately. maria: you're also looking at globalization which held down inflation, helped cause profit margins to go up. now we're talking about a

profits recession. we'll hear from corporate america in the next two weeks as the third quarter earnings season will begin in a week and a half. what about what happened in britain this week with massive disruption in markets over debt worries and a new tax cut plan from new leadership in the u.k.? >> yeah, look, unfortunately, we've had to remind the crowd recently that when recessions happen, earnings don't go up, they go down. and we do think in this earnings season you're going to start to see guidance that's going to be much weaker not only because revenue growth's going to slow, but also corporate margins are going to come press. that is an unfortunate side effect of potentially going into a recession in the near term. but, maria, the great news right now is you don't have to messily focus on what the doe's doing or earnings announcements that are going to be cut. there are many democratized,

alternative solutions that can take advantage of this dislocation and potentially make a return. maria: tell me where they are, troy. is there anywhere to hide going into year end? >> yeah. fortunately, there are because, you know, seven years ago many of these strategies are very hard to access. the efforts of our firm and others have made that possible for individual, average investors. one area to hide is senior secured commercial real estate loans. we are rolling up the capital structure. you're protecting downside, and you're earning an income stream that once was considered fairly modest, you know, 5-7%, but in an environment like, it's extremely attractive relative to other investment opportunities. the other is taking hedge fund strategies and packaging them in liquid mutual funds where we can go long, we can go short, we can take advantage of some of the extreme levels of volatility right now in markets. generating a positive return is

much harder in a strategy like that given all the whipsaw price action, but we're confident over time we can hit the return goal of 5-8%. maria: yeah, it's a great point, and there was a good piece in the journal about a hedge funds doing well as bonds and stocks sold off in the third quarter. troy, it's good to have you, thank you, sir. >> good to see you. maria: meanwhile, as hurricane ian was barreling down on florida week, president biden was stepping up his attacks on oil and gas companies. >> i want to add one more warning, that's warning to the oil and gas industry executives. do not, let me repeat, do not, do not use this as an excuse to raise gasoline prices and gouge the american people. maria: yes, a warning from the president, and the ceo of the american petroleum institute is here to respond next. ♪ ♪ before we begin, i'd like to thank our sponsor, liberty mutual.

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>> i also want to say again to the oil and gas executives, do not, do not, do not use this storm as an excuse to raise gasoline prices or gouge the american public. >> the president wanted to lay down a marker that we're going to be watching for this, that this is not the time to be trying to profiteer off other people's tragedies. maria: wow. that was president biden attacking the oil industry again, sparking a response from oil companies. joining me right now to respond in a fox business exclusive is the president and ceo of the american petroleum institute, mike somers is here -- mike, thanks very much for joining us. your reaction to what you heard from the president mr. . >> well, as you know, maria, this is a particularly green juice claim by the white house. the fact that the president continues to say that oil companies are gouging the american consumers is just

outrageous. factors related to supply and demand has nothing to do with price gouging, and the fact that this president continues to put out this claim is just outrageous, and it distracts from what we really should be focused on which is increasing production here in the united states. maria: and they're not increasing production, you know that. joe manchin's permitting promise, they reneged on that, and there is a banning of certain products underway. what can you tell us about the supply and demand situation right now? >> so right now the united states is producing about 12 million barrels of oil every single day, but that's down from record highs in 2019 of 13 million barrels of production every single day. we need to get those numbers up. and the way to do it is to get permitting reform done here in the united states as quickly as possible. but we also have to have conversations with lenders in this country. we're very concerned about efforts to limit lending to oil and gas companies. that's going to require us to produce more product here in the

united states. because of our continued reliance on foreign sources for oil and gas. we can continue to be the leader in the production of both refined products, oil and natural gas if we get the policies right. and unfortunately, we have an administration right now that is instead of being focused on more production, they're focused on demonizing an industry that employs more than 11 million american workers. maria: yeah. i mean, obviously, the price of gasoline is arrived by supply and demand situation. and about the lenders, just last week jamie dimon testified on capitol hill and was asked by rashida look are you going to, you know -- rashida tlaib, are you going to stop lending to fossil fuel companies, and he said that would lead to the road to hell to america. so even he understands this and shot that down. do you think that the lenders are shooting it down, or are some lehners following suit and -- lenders following suit

and taking the suggestions of this administration and cutting out, cutting off fossil fuel companies? >> well, god bless jamie dimon for speaking truth to power here. the truth of the matter is that we're going to need oil and gas for decades and decades into the future. we also know that there are going to be more renewables that come into the marketplace. but energy demand is only growing in the united states and throughout the world. and that means that we're going to continue to need oil and gas. and i think the truth of the matter is, is that we need oil and gas from the united states, because if we're not getting it from the united states, we're going to be getting it from regimes that are hostile to american interests. so what the administration should be focused on is policies that advance american energy leadership and lower consumer costs. and instead of demonizing this industry at every turn, which is what this president seems to be doing, they should be focused on how we get more production going right now. the policies that they've pursued are only undermining the industry right now. maria: well, actually at the same time, mike, you've got a

president which is selling off the oil in our strategic petroleum reserve. i was under the impression that that the strategic petroleum reserve was used only for emergencies and crises situations, but we're now at a record low because he keeps selling it. and amazingly to me, he's selling it to our adversaries. he sold it to a chinese company tied to the chinese communist party. why are we selling our u.s. petroleum in the petroleum reserve to adversaries, and what do you make of the level in the reserve right now? >> this is a real concern, i think, in that every american should have right now. this president has sold more petroleum products from the strategic petroleum reserve than any if other president combined. and we're at the lowest levels in the spr that we have been since 1984. here's the problem, maria. the fact of the matter is that americans are using more oil than we did in 1984, 27% more oil on a daily basis than we

used in 1984. and we're at the lowest levels we've ever been. there's the only about four days of world demand in the strategic petroleum reserve right now. maria: wow. >> we need to get those numbers up. but we also need to get more production on. that's the real answer. and the policies that they from provided right now are continuing to put their foot foot on the throat of american production. we need to get that up as quickly as possible. and the concerns that we have are that because of how lower in the spr, if there's a real strategy, a real supply disruption, we just don't have the supply that we need. and hard be concerning to every single american. maria: and here we are just off of a major hurricane, the worst on record, when, in fact, some of those supplies are needed in a real emergency way. but like you said, they're at a low. mike, we're going to keep watching this story. we so appreciate you joining me this weekend. thank you, sir.

>> thanks, maria. maria: all right. mike sommers from the ap if i. new allegations of misconduct at if fbi targeting conservative employees. jim jordan is here, he'll bring us the details 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. (vo) give your business an advantage right now, with nationwide 5g from t-mobile for business. unlock new insights and efficiency, with leading ultra-capacity 5g coverage. t-mobile for business has 5g that's ready right now. your shipping manager left to “find themself.” leaving you lost. you need to hire.

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maria: welcome back. an investigation is now underway into alleged misconduct by the fbi and the doj. republicans in the house judiciary committee looking into claims by whistleblowers of whistleblower retaliation and allegations that the fbi is engaging in a, quote, purge if of conservative staffers. the agency responding with a statement that reads in part: the fbi does not target or take adverse action against employees for exercising their first amendment rights or for their

political views. to allege otherwise is false and misleading. the fbi is required to follow established policies and procedures to include a thorough investigation when suspending or revoking a security clearance. house judiciary committee ranking member jim jordan joins me right now. congressman, it's great to see you, thanks very much for being here. >> good to be with you. maria: you've seen the fbi statement. what do you have to say about it? because we know that they have begun revoking security clearances, correct? >> right. right. there's -- so there was sort of three steps to this, you know? a few weeks back when we indicated that over 14 whistleblowers have come to our justice talking about how political the justice department has become, when we first started talking about that, merrick garland sends out a memorandum saying, hey, here are the rules for how you're supposed to engage and talk with members of congress. it was a memo designed to chill the speech of fbi agents. and then, of course, we learned that some of the whistleblowers

had hair security clearance revokes, and -- revoked, and now one of those whistleblowers has been suspended. we hi it's retaliation. i'm sure the bureau, the justice department's going to say, no, this was for something else. but it sure appears when you think about those three steps that we have seen impacting whistleblowers, we think it's a problem particularly in light of all the political things we've seen the justice department do that the whistleblowers are telling us about. maria: and the face of all of that wrongdoing is jim comey. i mean, when jim comey was running the fbi and robert mueller was running the fbi, they changed the way investigations were done. when it was a high ranking investigation, rather than sending it to the field office, they apparently wanted it done at headquarters. >> yep. maria: and i remember that famous story when jim comey said that then-sitting doj head loretta lynch, the a.g., sitting attorney general, told him to call the hillary clinton e-mail scandal a matter and not an

investigation. >> yeah. maria: so this goes back years where we saw politics getting involved in investigation, doesn't it? if. >> it sure does. i mean, they spied on president trump's campaign, they ran it out of the washington field office. everything kind of came here. and that's still one of the things whistleblowers are telling us, that the washington field office is having so much pressure, putting so much pressure on these agents to categorize cases as domestic violence, extremism, to make january 6th cases look like they're happening all over the country, not just that one single event that took place here in d.c. so that's some of the information we get from these whistleblowers. but you're right, maria, think about just in the past few weeks what we've seen from the fbi. they raided the home of a former president, they took phone of a sitting member of congress. just last week 20 agents guns drawn go into the home of this pastor with seven children for something that the local police said was not an issue, that had been dropped.

so this is kind of action we're seeing prosecute fbi. now these whistleblowers are coming and telling us it's all driven by politics, and it looks to us like they're having their security clearance ares revoked, they're being suspended as a way to retaliate against them and chill their first amendment right to come tell us -- protected under the whistleblower statute -- to come tell us and not be retaliated against. looks like that's happening at the fb irk. maria: so what can you do about it, congressman? you're likely going to get the majority in november if the polls are correct. what can you do about this accountability that is needed at the fbi? >> well, we can bring in witnesses and under oath and depose hem. we plan on doing that and getting to the bottom -- one of our constitutional duties, maria, is to do the oversight, do the investigation so the country, so we, the people of this great nation have the facts to expose the that facts and expose the people who have been doing wrong and try to hold them accountable. we are committed to doing that

in an aggressive way. i think one of the things we'll focus on as sort of a case study in this justice department will be the school board situation. here's a great question. i want to know -- we now know that the white house, the justice department, the department of education were communicating with the national school boards association before the initial letter was ever sent to the white house asking the white house to use the patriot act, counterterrorism measures against moms and dads. i want to know those communications. did the white house know the school board's letter was going to reference the pate patriot -- patriot act? they may have done that. i want to know for sure, and i want the country to know that. that's just one example of what i think we'll be investigating so that the people of this country get the facts about their justice department which is supposed to treat everyone equal and not be political. they -- i think it's critical we get that information to the american people. maria: and all the while, congressman, you've got joe biden giving these incredibly divisive speeches.

that speech with all the red behind him a couple of weeks ago when he attacked republicans calling republicans a danger to democracy. >> yeah. maria: so is this coming from joe biden? is he directing the fbi, or has the fbi taken it upon themselves? >> great point. i think all the actions you see prosecute justice department -- from the justice department, the fbi are they're to fit that narrative, to satisfy that false narrative we hear from joe biden where he's referred to now half the country as fascists and extremists. i think they're trying to juice the numbers and cook the books to get this domestic violent extremism cases up so that it satisfies that narrative. and i think that's why they did this -- what they did to the pastor outside of philadelphia was designed also to chill speech. they said we're going to make this guy an example even though after the draft opinion, the dobbs draft opinion was leaked and dozens and dozens of churches and crisis pregnancy centers were attacked, we never saw anything like that from the

fbi investigating those. but one pastor praying on the sidewalk and defending his 12-year-old son, he gets that treatment? so is that is what is so wrong here. but it's all designed, you're exactly right, it's all designed to fit this narrative that the left and joe biden have been talking about which we all know is false. maria: unbelievable. this is so disturbing, congressman. we appreciate your leadership on this. we'll be watching and certainly be communicating it to the public. congressman jim jordan, thanks very much fo ♪ my relationship with my credit cards wasn't good. i got into debt in college and, no matter how much i paid, it followed me everywhere. between the high interest, the fees... i felt trapped. debt, debt, debt. so i broke up with my credit card debt and consolidated it into a low-rate personal loan from sofi. i finally feel like a grown-up. break up with bad credit card debt. get a personal loan with no fees, low fixed rates, and borrow up to $100k. go to sofi.com to view your rate. sofi. get your money right. ♪ another busy day?

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maria: welcome back. another big program in the works for next weekend. tune in to "wall street" every friday night at 7 p.m. eastern right here on fox business. and i'll see you on fox news channel on sunday morning, 10 a.m. eastern live on the fox news channel for "sunday morning futures." i've got exclusive interviews with mike turner, congressman byron donald, nevada senate candidate adam lax laxalt and

former trump campaign adviser carter page who is suing the the koj. start smart every weekday from 6-9 a.m. eastern for "mornings with maria" right here on fox business. we hope you'll start your day with us every weekday. that'll do it for us for now. thank you so much for joining me. i hope you have a great rest of the weekend, and i'll see you again next time. ♪ ♪ ♪ gerry: james: hell low -- hello, i'm james freeman in for gerry baker. are democrats using the destruction in florida to push a green agenda? and we watch democrats running for office now going from defund to refund the police. meanwhile, gerry baker brings us to singapore for the