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sparking speculation of even more aggressive rate hikes from the federal reserve. i'm asking steve forbes and andy puzder how much longer this may last. then, democrat desperation. saudi arabia reveals the white house pleaded for opec to delay cutting oil output until after the mid eternal elections. national republican senator yale committee chair rick scott on how the administration has been misleading voters. and this then developer don peebles warning the housing market is headed for a crash landing. he'll tell us more. but first, take a look at where markets ended the week after that hotter than expected inflation report. the september consumer price index up 8.25% year-over-year, core cpi -- which excludes food and energy -- up 6.6%, the biggest increases in 40 years. both numbers worsen than expected. the president, however, says we're on the right track. >> today's report shows, though,

some progress. overall, inflation was 2% over last three months. that's down from 11% over prior three months. that's progress. maria: joining me right now is "forbes" media chairman steve forbes and former cke restaurants' president andy puzder. gentlemen, thank you so much for being here this weekend. steve forbes, kick us off. your reaction to what you heard from the president and these numbers this week. >> it's déjà vu again. sounds like herbert hoover during the great depression when he said prosperity's just around the corner. this happy talk from the biden administration when people can see that things are not going well, remember, a couple of months ago he said inflation was 0%. he said look at the real numbers. people are looking at the reality of the shopping place, the stores and the gasoline pumps. and unfortunately, the federal reserve believes the way you conquer inflation is by depressing the economy, so they're going to push us into an unnecessary recession later this

year and early next year. maria: jamie dimon says we'll be in recession within 6 months, the stock market's going to sell off another 20%. how do you see things from your standpoint, andy? >> well, you can't pill your gas tank, and you can't feed your family on some progress. we've seen wages, adjusted for inflation, decrease by over 4% during this president's term in office, and now the fed is trying to slow the labor market. they're trying to drive the labor market down, and wages don't go up when employers -- when employees are competing with each other for jobs. so this is going to go if on for quite a while. i think jamie's got it right. we're looking towards a deeper recession than the one i believe most people think we're in now. i think americans perceive us as in a recession, and i think that's even more important than whether we're technically in a recession. we need a new congress, we need

a new administration. we need to get policies that address the problems we're facing and not some theoretical, idealistic agenda. maria: yeah. unfortunately, all of these policies out of this white house has stoked inflation, like $5 trillion many spending, like shutting down energy production in america. andy, you're a restaurant guy. we saw a production, producer price index this weekes -- this week which was also hotter than expected. when the restaurants and producers have to pay more, they have to pass it on, right? they're certainly not going to swallow those extra costs forever. >> well, you swallow the costs for too long, you go out of business. so they're either not going to be around, or they're going to have to pass these costs on. and that's a big part of what's driving inflation now. we really have never supported the supply side by, you know, cutting taxes, deregulated as opposed to this excessive regulation. focusingen on domestic energy if production, you know, a good example is this independent

contractor regulation they're talking about coming up. that's going to hurt gig workers, franchisees, it's going to slow the economy and create uncertainty. they can't quit adding to these problems. maria: steve forbes, the problem is they don't even acknowledge it. they don't understand cause and effect, in my view. what are your thoughts on what means for the federal reserve? i think this report week on cpi and ppi pretty much guarantees another aggressive move knorr 1st and 2nd -- november 1st and 2 end, right? the next fed meeting? >> oh, absolutely. and the key thing is what's going to happen at the meeting after the november meeting, are they going to continue to be as aggressive. unfortunately, they're artificially raising interest rates instead of letting the market set interest rates, and as a result, they're going to tank the economy. rising interest rates means fewer loans, more costs on

credit cards and the like, so they're going to have the recession bigtime. but unfortunately, you don't cure inflation by depressing the economy, you do it by stabilizing the dollar. that's the great lesson of the 1980s, and this administration is hitting it badly on both fronts, depressing the economy with higher interest rates and, as you point out and andy pointed out, putting in regulations and the like that depress the production of services and products. it's absolutely weird and perverse and destructive. maria: so far we haven't really seen the jobs market collapse. we are expecting jobs to get impact at some point, steve. what's your take on what 2023 looks like with regard to jobs? >> it's going to reverse. you've got a little taste of it in the last jobs report when there were 1 million butter openings, and i think you're going to -- fewer openings. i think you're going to see that trend continue. you're going the a market, unfortunately, where employees are going to be looking for jobs rather than employers looking

for employees. if it's going to reverse, and these things reverse very quickly, as andy knows from real experience. when an economy turns, you have to take drastic measures whether you're a small business or a big business, and cutbacks always mean fewer jobs. more manufacture and andy, i think we saw that in the last jobs numbers because the participation rate is stubbornly low. what does that mean? people don't want to come back to work because they're getting all this stimulus and stimulus checks? if they can have one or two gigs on their own and not go back to the office. >> yeah. this is, we've got two headwinds heading towards each other here. one is that people are spending, the savings rate is way down. credit card charges, credit, consumer credit is way up. so they're spending their savings, they're using their credit cards to get by, and we're heading into a time when, as steve points out, they're going to need jobs. there are going to be the fewer jobs because of policies that the fed is implementing at a

time, exact exactly the same time when americans need jobs. you're seeing labor participation go down which makes the up employment rate look better, but the underlying economic factors are much, much less than they were a year ago, let alone two years ago. maria: steve forbes and andy puzder joining us this weekend. thank you, we will see you soon, gentlemen. new developments this week exploring the lengths that president biden took to try to prevent more economic setbacks before the elections next month. senator rick scott takes that on i'd like to thank our sponsor liberty mutual. they customize your car insurance, so you only pay for what you need. contestants ready? go! only pay for what you need. jingle: liberty. liberty. liberty. liberty. shingles. the rash can feel like an intense burning sensation and last for weeks. it can make your workday feel impossible. the virus that causes shingles is likely already inside of you. 50 years or older?

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maria: welcome back. new developments on just how far the biden administration will go to mislead the american people ahead of the midterm elections. president biden celebrated a tentative labor deal to prevent a massive rail worker strike last month, except there was never any agreement. one of the major with rail unions now flatly rejected the so-called tentative deal that

the president told us about, and now a strike could be looming. also saudi arabia confirming that the white house tried to coerce them to delay cutting production until after the mid term nexts -- elections, a move that would have helped keep oil and gasoline prices down just right before the election. joining me now is senator rick scott. senator, it's great to see you. thanks very much for being here. i know you're on the campaign tail in georgia with herschel work -- walker. first, give us your take on this president misleading the american people. he sat there in a press conference last month and said that there was a tentative deal for the rail unions, and yet there was no deal at all. it was totally made up, and now we know that two of the unions rejected it. he was just trying to stop them from striking before the midterm elections, same stance that he took with opec, trying to convince them not to cut production million after the midterm elections. is this all just about politics and power and not about the

american people? >> absolutely. finish i mean, let's think about it. let's go to inflation. he says, oh, somehow it's all -- it's getting better, remember? first, it was transitory. it's not getting better. it's bad every month. let's look at the border. he comes out, oh, the border e a's secure. his administration says the border's secure. the border's not secure. there's nothing -- crime. look at all these issues. he's lying to the american public about everything. look at the, look at what's going to happen to social security. you saw the numbers this year, social security recipients are going to get a big increase. they need it because of this inflation, but guess what? what's that going to do to the viability of social security? so all that biden cares to do is win this election. he's going to lose. we're going to get the house and the senate, and it's because biden is lying to the american public, and they understand what's going on. maria: i mean, that's one of the issues i think, senator. if it were just he had an

inespecially approach to governing -- inept approach, if it's just that he just didn't understand the economy and doesn't understand what, you know, inflation is, too many dollars chasing too few goods, that would be one thing. but to actually lie, out and out lie, try to deceive the american people by negotiating with opec that, yeah, sure, you can cut production, but do it after the midterms. yeah, sure, you can go on strike which will collapse our economy, but do it after the midterms, that's a whole other thing. >> that's exactly what he's been doing though. i mean, look at what he -- look at what they're doing on these gas prices. i mean, does he and the democrats -- they don't care about ooh poor people. look at what they've done with these gas prices in the last two years. look at what they've done to food prices. think about it, a poor family that's struggling to put food on the table, put gas in the car or a retiree like in florida, retirees going back to work or going to food banks, and he just

sits there and lies. oh, republicans want to do something on social security. no, joe biden, you did it. you're bankrupting social security. and, by the way, when you were a senator, you proposed cutting social security and medicare. it's hurting families all across this country, especially in my state. maria: so are you going to be able to take this on and change things? you're on the campaign trail in georgia with herschel walker this weekend. what can you tell us about the reception he's getting? do you think you will win the senate control? >> absolutely. we're going to get 52 seats plus. and here's why. first off, they're fed up with the biden agenda, the inflation, the border, the crime. all of these things are joe biden-created. and these democrats like war aknock in georgia, they've gone along with it. one time last week i was with herschel, we had 500 people

there for an event in a small town. they love guy. i was with d. oz this week -- dr. oz this week, he's got big rallies. and we've got places like arizona where blake masters could win, colorado, smiley could win, if we have a great night in the state of connecticut, we're going to get 52, and i think we have a chance for 53, 54, 55 seats. maria: so what are you going to do should you get the majority, senator? are you going to be able to stop this horrendous agenda can that includes higher taxes, includes $80 billion to hire 87,000 auditors at the irs to audit so many of us? can you stop this? >> we're going to do -- we're going to sop the irs agents, the new agents, we're going to balance the budget. i'm going to do everything i can to make sure we get a balanced budget. we're going to stop this regulatory creep where the biden administration wants to control our whole lives. we're going to streamline the

permitting process. all the things i did when i was governor of florida we're going to do federally. we're going to have the house and the senate, and we're going to make sure biden goes along with this because if he wants to get anything done, he's going to be doing it with us, we're not going to be doing it with him. maria: all right. we are in the final stretch here. senator, good to see you. thanks for joining us this weekend. >> bye-bye, maria with. maria: mortgage rates have surged to a 20-year high, meanwhile, home prices are starting to plunge. developer don peebles is here. he says the housing market is in for a cras ♪ today, my friend, you did it... ♪ today you took delicious centrum multigummies and took one more step towards taking charge of your health. they're packed with essential nutrients for energy and immunity support. so every day, you can say, ♪ you did it! ♪ with centrum multigummies.

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maria: welcome back. mortgage rates now at a 20-year high. take a look at the 30-year fixed rate, skyrocketing to nearly 7%

this week. rising interest rates continuing to cool down the housing market. the federal reserve aiming for a soft landing for the economy, but my next guest believes the housing market is in shape and headed for a, quote, crash landing. the people's corporation -- peebles corporation founder and chairman, don peebles, is with us. he has real estate development projects all across the country. thanks for being here. >> great to be here. maria: you know, when i saw the housing starts numbers over the last few months, i knew that higher rates were beginning to create demand destruction. how would you assess market right now, and what do you say about 7% mortgage rates right now and the impact? >> i think the housing market is on its way into a recession. we're going to see price declients. they've already begun to take place. interest rates have cooled demand significantly because debt service on a single family mortgage or a home mortgage have gone up more than 100% now. so you've priced a lot of buyers

out of the marketplace. i look at this as though we have this freight train out of control, speeding up, speeding up with low interest rates, and no one looked to start slowing it down or stepping on the brakes. now all of a sudden it's going to come crashing into the station. the momentum is too strong in the housing market to slow it down right now. so what's happening right now, these interest rate increases are giving moderate slowdown, but you're going to see at some point the economy and the market react to it very aggressively, and the pendulum's going to swing, and prices are going to decline rapidly. maria: prices declining in terms of the price of a home. as rates move higher, that makes your mortgage that much more expensive monthly. is that causing people to say is forget it, i'm not going to buy that home now? i want to go rent? and then they get get into the rental market, and there's sticker shock there as well. >> yes. i do believe that more and more people will stay in rental homes, or they won't trade up.

one of the important parts of the housing market is homeowners trading up for a larger home or relocating to another geographic location and buying a new house. that activity is going to slow down dramatically and has begun to already. and then rental, while rental rates have gone up, the important aspect to look at is it's still a lot less expensive to rent than it is to own. and that is what's going to compel more people to rent, and that's why i believe that represent aral housing is going to continue -- can rental housing is going to continue to be resilient, because it can pass on increases to it consumers. maria: it's a a great point, because when you look at those companies that have pricing power, those are the ones that are going to do well even in a 40-year-high inflationary environment. i want to get your take on what all of this means for the midterm elections. what are your expectations going into november, and then i've got to get your take on what just went on in the l.a. city council, because i know you've

got developments there as well as across the country, florida, new york. what are your expectations for the midterms, don? >> i think that you're going to see the republicans take control of both chambers of congress. i think these high interest rates, this pooling of the market, this fluctuating job market depending on geographic locations and the fear of a greater recession have many americans, most americans feeling that the country's going in the wrong direction. and so it's going to look to make a change. and then we're going to see a seismic change in 2024. maria: yeah, what are your -- >> more like 1980. maria: i'm sorry, don? >> it'll be more like 1980. we're right now in 1978 when carter was president and interest rates were being used to control inflation because inflation was out of control, and it didn't work. and it, ultimately, strangled the economy. and i think these interest rate increases are going to have the impact of strangling our economy, especially the housing market. maria: yeah. i just wish they understood what they were doing. it just doesn't seem they're

acknowledging the impact of this bad policy at all. don, i know you've got developments in l.a., and you've got thoughts on what just look place in the city council. >> very shocking. we have a $1.6 billion development in downtown los angeles, and council member kevin he leone's district, and to my shock, he was recorded making racist comments along with these other two with council members. and we couldn't figure out, frankly, he'd been in the city council for two years. we're building the largest economic engine in his district can, committing to 30% minority and women-owned business contracting, and we've only been able to meet with him one time for 15 minutes in 24 months, which was amazing. but now those recordings make us understand it. what's really disappointing is my party, the democratic party, has -- can republicans so frequently, especially the far-left almost of our party, and yet we have these ultra-liberal democrats in a room making these racist

comments on how to dilute the voting impact of african-americans. and that's something that they hay -- accuse the republicans of. i mean, i am so disappoint9, so 'em embarrassed and so ang ally about this kind of conduct of our party. and i think that african-americans are going to begin to take a closer look at some of these leftist policies and how they have a negative impact on our community. maria: yeah, that's very discouraging. and i know that is one of the reasons that so many in the black community, the hispanic community and, by the way, independents overall, the independent bloc, the independent voter, they're moving to the gop right now. we'll see what those midterms look like. don, it's always a pleasure to talk with you. thanks so much for spending the time. >> thank you. psst! psst! with flonase, allergies don't have to be scary. flonase gives you long-lasting, 24-hour, non-drowsy relief. psst! psst! flonase. all good.

maria: welcome back. we've got another big program in the works for next weekend. make sure you tune in coto to the wall street" every friday night at 7 p.m. eastern.

plus on the fox news channel, 10 a.m. eastern live, "sunday morning futures." i've got interviews with lee zeldin, congressman james comer, former secretary of state mike pompeo and congressman devin nuñes. join us for all of those exclusives on fox news on sunday at 10 a.m. plus, right here on fox business start smart if every weekday from 6-9 a.m. eastern for "mornings with maria." start your cay day -- day with us every weekend on fox business. that'll do it for us, everybody. thanks for watching, and i'll see you again next ♪ ♪ ♪ gerry: hello. this week on "the wall street journal" at large, midterm elections are just three weeks away now. with inflation and economic woes at the top of voters' minds, is