neil: all right, kids, bumping it up if you are a believer in the dow 30 stocks, looking at the s&p 500 and the nasdaq, you are looking at the dow up 340 points. technology is not participating in this even when you look at the dow itself at names like intel and microsoft. apple is among the technology issues that report after the closing bell with amazon but given the pace of the earnings we are seeing out of the tech sector, most pronounced but yesterday those shares lost 1/4 of their value, today a disappointing report. we 've seen similar numbers out of microsoft though those stocks have not been as hammered so maybe the saving grace is one of the other tech

names that show they are not all the same. welcome back, glad to have you with us. a look at what the markets are looking at for the remaining three hours of this trading day and after. kelly o'grady has more on that. >> reporter: the dow is up on a stronger than expected gdp report that showed good news when it comes to inflation, something we all need to, gdp price index came in below expectations so the hope for investors is this may indicate the worst is behind us and it could slow the fed rate hikes. you see that hope reflected in bond yields, the 10 and 2 year treasury falling. we have the fed meeting next week but let's not rush to conclusions because gdp numbers don't reflect energy price spikes. i want to switch to good market movers. we have caterpillar, a construction equip andmaker with better earnings, demand for equipment is high and that

is important because caterpillar as a bellwether can help industries from mining and construction to oil and gas, a good sign for the homebuilding industry. mcdonald's is a good mover today. they beat expectations on the top and bottom line, an increase in foot traffic. you have a higher income customers opting for fast food with inflation and the mc rib is going away. it is sad. i will do my part to help in the next quarter earnings but not all great news, the nasdaq is under pressure from week tech earnings. you have meta down significantly, hovering above 100 so all eyes are on amazon and apple reporting after the bell today. the big thing we will look for his iphone sales and next toward guidance. is the iphone recession proof? it is one of the big-ticket holiday items that will give us an indication. the other thing i am interested

in is where service business is going, apple music and apple tv raising prices and apple doubling down on content business. this could give an indication on streaming and overall consumer discretionary budget. should be an interesting afternoon. neil: i think this is just a tease like the final halloween, friday the thirteenth movie. they are calling it the last final goodbye. i will take a bet on this. anyway, you are wise to ignore that challenge. thank you very much, kelly o'grady. back to more stuff. knickknackrib is a great sandwich. molly line following other developers, a dedicated and serious journalist and following president biden in syracuse, touting big investments on the part of micron technology. what is the latest?

>> reporter: we expect the president to arrive before long. he will come here to crow about the plan to create a massive complex manufacturing summer conductor plant. they are creating computer chips in the united states. that is the plan. notably we are two weeks from the midterm elections and kathy hochul is fighting to hold onto her job in a close race against republican congressman lee zeldin. this trip is a victory lap for the president who pushed for 280 feel you -- $250 billion chips act over the summer and fabrication of computer chips on american soil and supply-chain issues that became so pronounced during the pandemic. chips are needed in everything from cell phones to vehicles and biden claims the plan to

create 50,000 jobs and invest one hundred billion dollars in the next 20 years is due to his economic plan. hochul is taking credit. >> now we are doing it again. >> the investment of the century. >> reporter: releasing an ad that counts the project and she crows that this transformative project cements new york's manufacturing leadership. new york's republican party leaders lamp president biden's trip as purely political and the republican candidate for governor, lee zeldin, argued micron would never have come here if not for bribes. he is speaking to the incentive package that helped to lure micron's business to this area in upstate new york. neil: back to the rail strike and whether we will see one, one union said we don't like it

and another union said the same. it is possible this could disrupt holiday purchases. everyone is listening up. edward lawrence with the latest on where this all stands. >> reporter: we could be staring down a railway strike which could potentially have an issue for the us economy. the white house was successfully able to move any potential strike to after the midterm elections. the agreement the unions agreed to, if they failed to ratify, there would be a cooling-off period. those unions have said no, there are four more votes to go and the first day a possible strike could happen would be november 19th. the press secretary says the president is watching this closely. >> the president has said any shutdown would be unacceptable. it is the responsibility of the parties involved to resolve this issue and any idea that

kicking this to congress would result in a quick or favorable outcome is deeply misguided. >> reporter: under current law only congress could force the unions to sign on to a negotiated agreement. they can't agree on how to fund the government going forward much less a couple catered rail contract so republicans say a disagreement with the biden administration was a show to get the strike moved to after the midterm elections. >> the incompetence of this administration is they would get the transfer on time only to find out they do but as the grand bargain they claim to have had is fallen apart. weeks after they struck the deal. we see incompetence from this administration. >> reporter: negotiations continue with the unions that voted no. the white house says there's regular contact between the administration and the unions on the negotiations. neil: that guys not on strike.

the air blower. >> reporter: it started up two minutes ago. neil: you always take hold. stay cool and calm. where were you 14 years ago? the financial world was melting down. i mentioned this many times. there were a couple adults in the washington room. she the bear was one of them. among the key players shoring up the financial system, protect the financial system, make sure this kind of thing never happens again. we can credit our rebound in a small way. good to see you. >> thanks for those words. neil: both parties said that about you at the time. this feeling that there was no bottom, everything was melted fast. the currency for a lot of these guys was their stock.

i always wonder, i ask you this again. it happened again. >> not with the same catalyst. i look at what is going on, the banking system is more resilient as it should be but a lot of risks in the nonbank sector. more importantly we -- the whole world economy is so highly leveraged particularly government debt, massive amounts of government debt. you saw what happened in the guilt markets, central banks are pulling away from government debt so the market has to come in. we've got $31 trillion of it in the us. neil: did they get that way about our debt? i'm not trying to dismiss them. it is a different matter with the world's largest economy. >> we've seen turmoil in

treasury in the past and we will see them again. the best looking horse in the glue factory. it will be applied to the dollar. neil: it is mostly better but some are not. it's not consistent. >> investment banks, trading exposures with financial asset corrections are the ones to look at. the bread and butter banks, they are sitting pretty because interest rates fashion the deposit rates so they have gotten -- neil: they play variations of games, just different game and different prices but you have endured them over many years. i'm curious if we had another big bang, this notion that you can't be too big to fail but let it fail. can you imagine our doing that?

>> the fed would open one of the facilities and stabilize whatever large institutions. neil: a shift in institutions. >> i would like to say we have new procedures. there's title ii, they can put a large institution into resolution while keeping basic services running. that's the idea behind what we did in dodd-frank but they didn't have the courage to do that. some type of lending facilities, the irony is that will shift them into a complicated monetary -- in the financial sector we need to fight inflation. neil: that is a double edged sword. to fight inflation you raise rates, the debt gets more, $150 billion a year just at this rate. how do we get out of that? >> i don't know. the government, we are in a new period, they need to shrink

deficits, costs are going up significantly. this is going to be the new normal but i don't think washington has caught on in their need to be some tightening. we need to fight inflation. we need to beyond sustainable fiscal practice. neil: doesn't matter who is in charge. looking back as you often do, i am sure you harken back. complicated things, we are in the middle of a presidential election and this urgent meeting at the white house, john mccain was there, barack obama came, george w. bush was the president and here you were in the middle of it with politicians on both sides and trying to navigate a crisis that is changing and expanding almost by the hour. how did you manage to get through that? it looked pretty dire. >> it was.

we had tools at our disposal. we got creative. we put a lot of programs together to stabilize bank debt markets. the politicians had political courage. i was an independent head of a regulatory agency. neil: politicians would tug and cool. >> president bush to his credit did some unpopular bailouts, going too far, we could deal with it better but we had to make a decision. a lot of votes cost congresspeople their jobs. neil: remember when it was rejected by congress? the dow fell 77 points. they quickly regrouped. the irony was they -- markets continued falling thousands of points for weeks to come. did you think we would ever recover from that?

>> i did. if you entertained that thought, you can't think that way. we will get out of this. how do we do it? that was the mindset with the other agencies as well. neil: are you troubled by what happened? interest rates, ben bernanke kept rates very low and they stayed that way. do you think that your set the stage for another disease? >> we are so reliant on debt. borrowing by banks and homeowners and housing investors caused the financial crisis. not so much consumers and banks but governments big time. neil: will we have another crisis like that? >> there will not be a major housing correction.

95% of homeowners have fixed-rate mortgages. mortgage rates go up 7%, 8%, they don't care. home prices go down, housing is -- prices are too high, some correction will make homeownership successful again for a lot of people. it will be painful but housing correction, let it hit bottom and have sellers and buyers coming back in. neil: the devil may care, buying properties and selling sight unseen and banks are more stringent than they used to be. >> we have pervasive use of mortgages so the interest rate increases had an impact, prices started going down, you are underwater and couldn't finance.

we don't have that now. there is a lot of that. homeowners are resilient, mortgage holders are resilient. the vast majority of interest rate mortgages, the main street impact it has in correction would be hard on the real estate industry, the brokerage industry, main street homeowners don't have much. neil: they say history doesn't repeat itself but it sure does rhyme. what is the rhyming financial crisis? >> government debt. there is a lot of government debt out there. we will see how the fed navigates it. investment banks, a lot of off-balance-sheet exposures that are not transparent and non-bank, taking risks, we don't have transparency around them, they are customers. that is where we look at this.

neil: time flies when you're having fun. sheila bair, a calming force in the world, suddenly become barney fife or something. the head of the of the icy screaming -- she avoided something that could have been a lot worse. stay with us. more after this. ♪

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neil: you are supporting his effort in wisconsin. it is a close fight. why are you doing that? >> wisconsin deserves a republican governor. tony evers is going home. >> i run into trade guys who tell me i voted democratic my whole life but the democratic party left me and my family. i'm voting for you. i see a guy who wore boots his whole life, 12 years in army boots as an army ranger, 25 years wearing steel toed boots leaving men and women at construction companies.

that is what people want. neil: the democratic incumbent is statistically tied with mr. michaels, glenn youngcan, deciding if education is a huge issue and that got youngcan to the virginia governorship. >> reporter: the biggest stars in both parties on patrol in the badger state to try to sway voters in the in that governors races and the senate race. let's start with the owners race, you saw the videos of governor glenn youngcan who joined tim michael's at two events. education was a winning issue for youngkin in his election last year along with inflation and crime.

michael's has been hitting that hard on the trail telling you on fox news it was a top concern for the voters he meets. >> everywhere i go parents are frustrated with what is going on in education and what is being taught in schools, frustrated with the lack of teaching abcs. we need to stop the crt in wisconsin. >> reporter: democratic governor tony evers teamed up with senator elizabeth warren, a former educator himself he has the support of randi weingarten and the american federation of teachers. he has been falsely claiming michael's who support school choice, wants to defund public schools. >> instead of saying we want to find our education system better than we do before he wants to defund it, defund public education, university of wisconsin technical college.

>> reporter: the senate race between incumbent republican senator ron johnson and lieutenant governor mandella barnes is as close as could be so democrats are bringing out the big guns to try to narrow that gap. marty walsh is in wisconsin as we speak. another cabinet member, transportation secretary pete buttigieg will be there in the biggest name of all, not president biden, but former president barack obama will be there this weekend. of the one he picks and chooses his battles gingerly. grady trimble in chicago. i want to go to grady pierce, 2020 presidential candidate, putting his money where his interests are, seeing if there's a way to get some excitement going in these races. bitcoin and all of that is a backdrop as attention turns back to this rogue currency.

good to see you. first of all, right to bitcoin and crypto in general, bitcoin over $20,000. we've got bitcoin and a british prime minister keen on this investment. he is not alone. i wonder if this percolating is telling us something. >> adoption, interest, price is the primary barometer of sentiment, all markets are down at a governmental level and financial institutional level the jury is out. everyone believes this technology is here to stay and trying to understand how best to interact with it and how to better the lives of constituents and it is making an impact in politics domestically as well. neil: let me understand the political part of this.

you have run for president and head of a fortune in this technology, it has been an on investment event over the last year or so, hasn't benefited as nearly as some hoped, the panic in other markets. are you surprised? >> we been through these cycles multiple times, this is a new entrant into crypto. i am bullish on the fact the markets will rebound at some point. i don't know if that is next week or next year or the year after that but for anyone who has been in this market this is another one of the regular cycles. i call that a good buying opportunity. neil: this super pac you formed to deal with some races largely

on the east coast or the northeast, can you tell me about that? >> i was looking closely at the u.s. senate race in vermont. i chose to focus my efforts on northeast races. we have tens of millions of dollars, $50 million in aggregate for existing races, commitments from myself and others, over $1 billion committed to funding political races now and in the future. neil: is it republican or what? >> it is on both sides. crypto currency is nonpartisan and a lot of us are single issue voters, people who care about the future and we have democratic and republican sensibilities in terms of

social compassion and personal response ability. neil: of fear of this currency that could rival or hurt the dollar. they seem to have reservations about it. >> depends who you talk to on both sides. i gave a speech with former white house treasury and doj and they told an audience that this technology is real and not going away. the biden administration issued an executive order earlier this year saying this technology is real and we need to understand it. depends on who you talk to. there are plenty of democrats and plenty of republicans who are advocates for change. neil: we will watch closely, brock pierce, early player in a financial revolution. we have more on that and talking about what was going on 14 years ago in the middle of a financial meltdown.

how about going further than that? 10 years ago, what was happening after sandy and the fallout from that after this. what if there was a community of like minded people ready to support you when you need it most? christian health care ministries is an organization

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>> can you imagine what it is like when we feel the brunt? >> we are in the middle plan fell across new jersey. >> people want to believe it is not happening. it is happening. >> we showed you the house, there is a man in that house. >> the buses are stopped, transportation is halted. >> it became a monster. >> sandy was the biggest modern-day weather challenge, resembling nothing like we had ever seen before. neil: during that whole thing i think amy was 8 years old, now she's a big star of fox news weather. great to see you. i remember it like it was yesterday. people were caught off guard.

>> reporter: hard to believe it has been a decade. the mid-atlantic states have their guard down thinking a big storm like that wouldn't come ashore and it transitioned post hurricane into a superstorm because the huge surge coming in at high tide. neil: what made it so unique? it wasn't a classic hurricane. it was an odd event into devastating one. >> there is no reference point for sandy, it was an intense storm with record-breaking for the northern states at a massive storm a thousand miles wide, huge in impact, the biggest surge we've seen in new york harbor, the biggest wind speeds we've had for new jersey. neil: i thought it happened down south. >> it does hit home at that was hard for people in the northeast. you had an impact that was devastating, taking homes and

businesses and lives. we go back to staten island, a deadly spot during hurricane sandy and one family, the father barely escaped with his life and later the family sold the house back to the state and it is grass against the ocean but when asked would you move back would you be back at the oceanfront the quick response is yes but i would do it differently because they learned how important evacuation is and to have safety plans. stuart: neil: they be rebuilt in areas that on higher platforms on the new jersey coast. is it from that experience? >> they lost so many neighborhoods but rebuilt so the jersey shore not only homes but beaches, they created these incredible structures that are more of a barrier for storms like this.

the other investment, not only had the surge but part of breezy point burned down as the storm came on shore. they've rebuilt it. looks better than it has before with new building code that is part of the innovation, rethinking what the future looks like when storms come through and that not only created conversations that are important in this storm era we are living in but encouraged people to come up with new ideas and ways to handle these things or rethink living at the oceanfront. neil: after hurricane ian in florida, what do you think of that, since fox weather has been on the air, we've had one billion dollar plus storm after another. >> since the beginning of 2022, we had $15 billion disasters, an event that created $1

billion in one damage, 15 of those in less than a year. that has given us an opportunity to cover a lot of storms but it is a message to all of us the conversation is important for individual and family level, neighborhoods to government because they are expensive events cost infrastructure and lives, an important conversation to have and more people are recognizing that and a decade ago sandy was a jumping off point. a large populated areas that had to rethink how to approach storms. neil: it is 10:00 pm tonight. >> you can watch and join us. one of the interesting things is looking at the nyu hospital and what they've done to rework, lights went out the night sandy came in at hospital patients on the street, they redone the hospital, we look at the subway and how important it is to keep new york city running and protect transportation in the city.

neil: i remember the record number of generators sold after that. the concentration of people in the northeast, thank you for the great job you are doing, you know your stuff and it is scary to watch but watch this at 10:00 pm. maybe reminding you will help us remember how important it is to be prepared. a lot more after this, the dow, 363 points. bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

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neil: i want to take you to milwaukee, democratic incumbent governor tony evers has a big challenge from the republican who is tied with governor youngkin of virginia campaigning on his behalf. they think this is a winnable

seat, the economy is a big issue and doesn't charlie gasparino know it. what is at stake? what do you have? charles: a lot of stuff on wall street. wall street has a big week next week, i am sure they will hike rates. the election comes down to the wire. as wall street beefs up on those issues they are reaching out to economists and gop strategists, what to expect on election day. let's start with the day. black rock, the biggest asset management in the world, $8 trillion under management telling its clients, pivoting language at the fed meeting. they expect 75 basis point rate hike and the fed funds rate, 2

more rate hikes after that but they expect some pivot language. those words are reflected in the dow today as stocks have risen. wall street likes lower rates, not higher rates, the cause of recession. that is what black rock does. i'm not predicting it. black rock is telling me to expect 75 basis point rate increase followed by 50 and another small one at 25 early next year. what black rock is saying is not up. the election interesting stuff. wall street firms reaching out to various strategists. one of the firms was briefed by a top gop operative. the gop operatives predict the house goes to republicans but they are predicting big numbers

20, 25 or more house seats flipped to republicans and they will win in the senate. they pick up a seat in arizona, blake masters, pick up possibly a seat in nevada. even maybe herschel walker who has been running into trouble they think they can still win that. i know what you will say. i will tell you a couple weeks ago they were not talking this way. they are seeing something moving towards republicans. what happens if they get the house and senate? the gop operatives saying expect hearings on the sec chief, we are somewhat myopic focusing on the sec because this is a business network, expect hunter biden, doj, going after parents protesting critical race theory.

all that is on the table. stopping anymore stimulus plans. obviously you can't override the laws already in place like tax increases but it will be like shutting down biden's agenda on the economic side. one interesting thing at the sec, on spending bills they will attach riders to them preventing sec funding for things like gary gnsengensler' climate change -- it will be interesting the next couple years. neil: the big election, we have halloween and early spending figures indicate it could be a record year. after this.

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>> welcome back to coast to coast. i'm dressed for halloween just days away and americans are ready to start spending. we anticipate americans will spend 10. $6 billion on the holiday.

part of that is candy. the other parties costumes. inflation playing a role. what we hear from industry experts is people are buying more. this is the largest manufacturer of halloween costumes in the world with exclusive contacts and they spell -- they ship everywhere. your mom and pop shops and walmart, costume sales last year to this year, unit sales are up 15% to 20%. i want to show you popular costumes people are buying this year, top gun, batman, elvis, all of these on streets on halloween night and these are movies that were big this past year but characters who have been around for ages. the owner says it tells you something about the halloween consumer today. take a listen. >> people are harkening back to when they were happiest. when people are afraid of the future they look to the past towards what made them happy and feel safe.

>> reporter: you know what else makes people happy? buying their dogs costumes. one in 5 dogs will be wearing a costume this halloween. i will put this little guy on the ground and do a little cat walk catwalk for you and send it -- we lost the wig. our models are not cooperating but we are doing what we can. back to you. neil: thank you, you look great. i am going as this, tv business anchor. we've got dickie's barbecue ceo dressing up has a very successful restauranteur tour. i wonder this time of year do you see business pickup, they are getting ready for halloween. what is happening?

>> we do. it is a great time of year for the restaurant industry. we are up 3.1% compared to last year. in 2020-2021 we had the highest in our 81 year history, it is great news and we are ahead of that but we are seeing strong holiday sales. i suggest to guests to buy early and prepay because it sold out, likely pooled out. neil: a strong presence not just those who come into the store but want to order something, tell me how that goes. what do people buy ahead of thanksgiving? >> go to any restaurant, if you want your food ready and prepared for you we added barbecue at home.com for folks who want to save a little, that

can come to your door but we see a shift into traditional holiday meals, smoked turkeys, smoked cajun turkey, spiral cut ham and holiday feasts but also these are price-sensitive, very recession minded. overall holiday sales are up but folks are looking for a bargain. we added smaller meals to be as budget friendly and helpful because it is hard, as we possibly can. neil: things like turkey have rocketed so there's a limit on how much they can buy. how much do you absorb that. you have to absorb that. >> we were able to do one price increase but we had to, the recession is harder on

restaurants which is hard to believe. we had dining rooms, the recession is harder because, labor shortage combined with fuel shortage. what we are seeing in restaurants, we can't adjust our delivery schedules. we have to have two deliveries a week because of perishable goods. that is a strong cost we have to absorb and pass on. we are seeing that in restaurants, higher prices across the board. neil: when it comes to the food you have, men tend to buy more. don't know if they are hungrier or oblivious to prices but they are buying more. is that true? >> it is. what we see when folks come in, guests come in less often but they have higher check averages because they are looking for leftovers often. we have a lot of shift into big yellow boxes. people when they spend for comfort food want to get that

value and great barbecue. neil: i wish you well. every time i order from you, is that for 10 people? no, just me but thank you, very good seeing you. have a great thanks giving at a good holiday, more after this. i had periodontal disease, and i just didn't feel well. but then i found clearchoice. [ forde ] replacing marcia's teeth with dental implants . . [ marcia ] clearchoice dental implants gave me the ability to take on the world. i feel so much better, and i think that that is the key.

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neil: here is hoping my buddy charles payne doesn't screw this one. we're up a lot, buddy. just throwing it out there.