stuart: okay, we asked small businesses employ what percentage of u.s. workers? your first -- you're first, ash. ashley: i think it's pretty high, number four, 52%. ashley: oh, i wouldn't go that high, i'd go with 42%. the answer is, oh, ashley, you got it right again. 46%. ashley: no, wrong. [laughter] stuart: i was wrong. don't forget to send many your friday feedback, varneyviewersfox.com, okay? coast to coast starts now. cheryl: welcome, everyone, to cavuto coast to coast. i'm cheryl casone in for neil ca

a veto. inflation numbers out today show prices cooling overall but at a glacial pace. meanwhile, consumers are racking up credit card debt and dipping into their 401 401(k)s at an alarming rate. our economic brain trust is going to be here to to break it all down. markets reacted this morning. plus, we've got new details revealed about hunter biden's business dealings, and for the first time we're going to bring you reaction from the president himself. and the fires roaring across hawaii already claiming at least 36 lives and has survivorses weighing the enormous costs of recovery. all that and much more coming up. ♪ finish. cheryl: first to our top story today, markets rallying on today's inflation data. but consumers are fuming over something that won't even show

up until the next report, and it's the spike in energy prices. gasoline prices, oil prices. let's get the read from mayflower advisers' managing partner larry glazer and luke lloyd. and, luke, to you first. this report was a little bit of a trip because, you know, one thing, food inflation was a big component. shelter, the biggest component. but we did not see that jump in energy prices. is that simply, luke, because of the calendar? >> yeah. something doesn't mel right. we don't -- smell right. we don't have disinflation. wall street right now is cheering for reaccelerating inflation or also known as reinflation. we were at 3% last month, and now 3.2%, right? what happens when rising oil prices trickles through our economy in august inflation data? this could if the start of that rebound in inflation we were all worried about. look, you don't have to do much digger to find people

struggling. a majority of middle class americans' quality of life is eroding, but so many people are fix sainted on the top percentile of earners. we tend to be forget that the bottom 600 # president of earn -- 60% of earners are also making more money than they did before 2020. what does that that tell you? we're in a wage price spiral. you make more money but on a relative basis, everything else is more expensive, and adults feel poorer. on wall street we get caught up whether inflation comes in at 3.2 or 3.3%, it's not all about numbers. it's about people and how they're feeling, and they're not feeling good. cheryl: larry, i'm curious how the fed's feeling right now. to be clear, we are getting another cpi report on the books before we get to that september meeting end when we find out if they're going to pause or hike. what i noted this morning is there was of a little bit more of a bet that we were going to get a hike.

we had stephanie pomboy on this morning, and she said, look, we're going into a recession. i don't want to hear about soft landing. she was scratching her head as to why there was this jubilant reaction to this inflation report. >> look, the fed has been chasing the inflation freight train ever since they assured us that it would be transitory, and that was several years ago. luke makes a great point, today's report is little consolation for working class families, for middle american families. they're not going to do cart wheels at the grocery store. they're not going to do a victory lap at the gas pump when they see how much prices have moved in the last several weeks that's not reflected in this report, but it'll be reflected in the next report. that's particularly problem mat you can as we enter the winter heating season. all of these things are a concern. jobless claims are up, china's slowing, those are concerns. high prices eventually will slow certain segments of the economy.

that's not good news. and, you know, already the unintended consequences. we had a banking crisis we saw earlier this week that there are a lot of banking downgrades of regional banks. that's till with us because the fed's keeping rates at these levels. that unintended consequence is money's leaving banks, it's not available for lending in the middle economy, and it's going into money markets so the government is competing with main street for those lending dollars. and the government ultimately wins, but it's at the expense of small businesses who need access to that capital to fund their growth. so there's a long and variable lag here. we haven't seen those impacts. cheryl: small businesses are also getting hurt with services components, whether wages or down the supply chain. i want to the talk about a big piece of earnings news we got this week, one of the biggest reports, guys, and that was disney. so for the second time in about a year, they raised prices on their streaming services. losses continue to pile up. larry, i'm going to start with you. since they launched disney+ in

late 2019 they have lost more than $10 billion in that direct to consumer segment of the business. >> look, a too little, tighten. and i think raising -- time. and raising prices is not going to soft the problem. they -- solve problems. they've had a lot of challenges throughout the organization, and i think disney is worried about activists like nelson peltz from triad who is nipping at their heels. he wants to see change, he's in desperation mode. they should have been manufacture more proactive. they've tannerred a great american brand. it's not too late, but it might be if they're not more proactive. and the biggest winner of all of this, of course, is barstool sports because they get to unwind their deal for pennies on the dollar after making hundreds of millions of dollars because of disney's expense. cheryl: well, speaking of sports, luke, one of the things he had to address, obviously,

was espn, linear tv in general really whether it's abc or espn. but, you know, holding on to the brand at this point. >> yeah. no, absolutely. and dave portnoy's probably one of the best businessmen, also one of the funniest of all time, so congrats to dave port nay -- portnoy for grabbing it back for a dollar. disney's got a lot of issues on the horizon. frankly, two woke organizations working together. disney lost millions of subscribers to disney+ over the past 30 month, almost are an 8 loss, so i guess when you lose the people that you have, you have to the raise the prices for people that are sticking around. i don't know if they have much coming back. that's usually not a great business model and not one a lot of people want to invest in. i think disney forgot their product. even with this espn, you know, betting deal, their product used to be the family and and family values but not anymore. their woke agenda they pushedded is hurting their businesses and, ultimately, all of their stakeholders. and not only that, we talk about

inflation this past segment. it costs six grand or ten grand a day for a five-day vacation to disney. 70% of their profits come from their parks, and i don't know a lot of people that can afford it. cheryl: most people cannot afford it, and they're rising prices -- raising prices, another fun piece of news. thank you so much. it was great to have you both. thanks for. that you know, there's another big story we're following today, and this is the president. president biden giving his first response to testimony from hunter's former business parter, devon archer. remember, devon arch orer testified last week. his remarks come as house republicans release bank records that appear to show big money payouts to hunter from thorne power brokers. a lot of news breaking today on fox business. mark meredith is at the white house with all of the latest. mark. >> reporter: cheryl, good to see you. president biden, he is still out west in utah today, doing an event for veterans and a

campaign fundraiser. you're right, it was while he was in new mexico on wednesday that he made quite a bit of news, and it was with our own peter doocy. the president was wrapping up an event talking about bidenomics and climate change, the president permitting peter to jump a barricade and get a question. he asked about the latest testimony from a former business associate of hunter biden's who says then-vice president joe biden spoke frequently with hunter's business associates. and if that is true, it would be a direct contradiction from the president's past claims. >> reporter: there's this testimony now where one of your son's former business associates is claiming that you were on speakerphone a lot with theming talking business. is that -- >> i've never talked business with anybody. and i knew you'd have a lousy question. >> reporter: well, what do you y question? >> because it's not true. >> reporter: thank you, mr. president. >> reporter: it ended on a to polite note. republicans still have plenty of questions about the recent testimony from devon archer after he laid out how the president's family benefited

from then the-vice president's connections worldwide. now i'm sorry for the noise, butted today congressman james comer, chair of house oversight, i says he plans to eventually force members of the biden family to testify before congress. >> this was always going to end with the bidens coming in front of the committee. we are going to subpoena the family. we're putting the case together to win in court. obviously, with all the obstruction we're getting from the biden attorneys now, we mow that this is going toen up in the court. >> reporter: the white house is refusing to speculate on what next steps congress may take even as they talk about that possible impeachment inquiry, but the white house and top democrats on the hill, cheryl, continue to push back on the idea there's anything new here involving the president. i think say so many of these claims going back the last few years have to deal with stuff that's already been dredged up in the past, but congress is going to keep on digging. cheryl: they certainly are. and the bank records are going to be a piece of that. mark meredith, thank you.

well, tim burchett is on the house oversight committee, he joins me now. i want to get your reaction to what james comer told fox business this morning, he's going to issue subpoenas to president biden and hunter biden. this comes town to bank records -- can down to bank records. does your committee have the proof that it needs? >> yes, ma'am, i feel they do. this has just gone on so long. you've got, i mean, how many millions is it going to take, $20 million that flows through these accounts, these fake businesses they've established and then they write the exact amount of money from those illegal transactions to the biden family members. even minors, you know? you've got an oligarch that sent money to them that was left off the sanctions list, oddly enough. it just goes on and on. it never, ever stops. and the next one's going to be a really big one with. and i feel like chairman comer is playing this hand very well. cheryl: the critics of the gop, you ask your colleagues on this

committee in particular, this is political, this is about 2024. and that you don't have the evidence needed. but you maintain that you do. finish. >> yes, ma'am, in that's the argument cnn makings. i mean, they might as well just get their checks from the dnc. it's completely bogus. how much more do we need? you see the exact amount of transactions that flow into these accounts. these are crooked people. you have joe biden bragging about having a man fired who was investigating his own son for corruption in another country, and he's on tape bragging about it to the national media. finish and they just fall all over themselves. but what you're seeing now are, i believe, the chinks in the armor. you're seeing some democrats peeling off. they're going to start looking for somebody new for 2024. they're going to use joe biden's mental capacity and throw hunter under the bus bigger than daylights, ma'am. cheryl: let me can ask you about hunter in particular because after devon archer testified

last week, he fill in some blanks, but he left some things unanswered. one of the questions was did you actually hear president biden talking the business on the phone, and devon archer said, no, i didn't. it was more about the brand or, hey, i can pick up the phone and call my dad, aren't i cool. but is that enough, do you think? >> well, i think it is. you have to look at what happened and, of course, there was meetings that went on afterwards with these folks. and i believe chairman comer will lay out a pretty specific path of favors that were granted. these are folks -- and you've got to realize these people that sent this money were criminals. they're on the run, most of them are, or they're incarcerated or we don't know where they are. so there's a lot of unanswered questions, but i think it's it's pretty obvious what's going on. and i think also, you know, this is how thaw got al capone. he just didn't pay taxes. there's no record of them paying any taxes on this $20 million. you know, if you and i sell $600 worth on ebay, guess what?

we get a letter from the irs. that's just -- there's a two-path system in this country, the biden crime family syndicate and the rest of us, and currently the rest of us are getting pretty ticked off. and i hope those 20 million people who decided to stay home the last election realize what they got us. cheryl: we're going to leave it there. congressman burchett, we'll look forward to hearing from the next phase of the investigation if your committee. >> thank you, ma'am. cheryl: all right. well, we've got a fox wildfire alert right now. officials confirming at least 36 people are dead as fast moving wildfires engulf i maui. we've got a live report from hawaii coming up next. dad, we got this.

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goli, taste your goals. ♪ >> it's almost like end of days, an end of days scenario where you were surrounded, and the only place that you can go is out in the water. how do you begin to start to put the pieces of just everyday life back together in there are schools, there are maxed-out shelters there, there's limited resources, and so this is going to be a critical time. cheryl: devastation in maui where a wildfire has claimed at least 36 lives and left

thousands scrambling for safety. hurricane force winds whipping the fires across the island are, devastating the historic town of lahainaful fox's dan springer is live with more. hi, dan. >> reporter: hey, cheryl. this story took a grim turn overnight as the death toll on the island jumped from 6 to 36, and officials fear it could go even higher e. hospitals have been overrun by burn and smoke inhalation victims. officials now say more than 270 # structures have been destroyed, many of them homes and businesses in the popular tourist town of lahaina which has been devastated. people reportedly were escaping the flames by with running into the water or getting into boats. thousands have taken shelter. >> from woke up this morning and and got on our phones to pictures of you are our house -- of our house just down to the slab. nothing but smoke. cinders. came with the clothes we got on and the dog and the two kids.

>> reporter: the fire started tuesday night and was fanned by ferocious winds from hurricane dora are. the eye of that hurricane was actually several hundred miles away, but gusts on maui reach up to 75 miles an hour, absolutely no way of fighting a wildfire in those conditions. maui has also been experiencing a drought with very little rain since may. when the winds died down later yesterday, the national guard was able to start dropping water on the flames, and progress has been made. one of the big concerns has been getting tourists off the thailand. all the major airlines pitched in getting their biggest planes there to fly tourist es home. officials say they were ab able to get more than 11,000 visitors out of maui yesterday, ask those efforts are continuing today. and for people who have been to maui, the 150 #-year-old banyan tree is a must-see, it appears the tree which was imported from india and planted here in 1873 has been damaged, its trunk and branches charred, but it is still standing. a state of emergency has been

declared, and is anyone who has a trip to i maui planned for the very near future is being can asked to postpone. cheryl in. cheryl: 911,000 tourists -- 11,000 tourists were evacuated last night, incredible. and they're telling everyone stay away from maw -- maui. thank you for that live report. the sun just coming up there. well, we've got a lot more this hour. gop presidential candidates converging on the iowa state fair. with less than two weeks until they take the debate stage for the first time, we're going to have more on iowa coming up. there are some things that go better... together. hey! like your workplace benefits... and retirement savings. with voya, considering all your financial

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♪ cheryl: it is one of the most important campaign stops on the road to the white house.

republican candidates are now flocking to the iowa state fair. one of those candidates, ron desantis, is looking to regain his9 footing and jump-start his campaign. charlie gasparino is here with more on what he's hearing from the campaign. a little rejiggering is happening. >> you've got to really want to be president to go to these fairs as far as i'm concerned, because i wouldn't wish this on anybody, shaking all these hands of people you don't know. to me, it's not fun. but, you know, i don't want to be president. [laughter] here's what we do know from inside the desantis campaign. as you know, trump is still way ahead in the polls. i mean, look at it -- this is the way the desantis people are looking at trump's lead, 54%, he's around 20 -- sometimes a little less, by the way now if, righting in they're say, well, that's 54%, but we think half of a that is kind of squishy, that once hay get to know ron desantis, they might jump ship, you know? his committed is a lot less,

real committed is a lot less than that 54. and the argument is, okay, let's just say he gets 54% of the republican votes, diehard, that's 54% of 29 of the electorate, a lot of people don't want to vote for him. so they think they can make that case, that he is the only person that could essentially beat biden, and they think they can make that case and play a long game. and here's what i mean, they have enough money to wait this out, is what they're telling me. they, you know, raised $20 million, i think, in the last quarter. he's got plenty of cash, and he's out there raising more because i know his people are calling people that i know on wall street that have big bucks. the, but what they're hoping for is a trump face plant somewhere along the line, a forced error that makes that squishy part of the 54% flock to desantis. maybe it's t during the fox debate, maybe it's during some other thing, but that's their

game plan. so i guess the point is that they need a real unforced error, or forced error, on the part of trump, and they think that could happen if ron desantis plays the long game, hits a lot of singles and doubles. he did pretty good on that, i think it was an nbc interview. he didn't kill the reporter, but he made his case, and he sounded good. i think they want to do a lot of stuff like that until the moment comes where there's a trump screw-up, face plant, and then they'll capitalize on that because they have no problem raising money, they're still raising it, and they can play the long game. whether that is, can happen or not, i don't know. i mean, it's a question, i mean, you know, everybody's buzzing about the fox debate, to be honest with you. i'm getting calls from people whether trump goes, i have no idea. cheryl: i don't know either. >> i'm getting calls from reporters, do i -- i have no idea. [laughter] and i don't think anybody has an idea. i don't think trump really knows right now whether he's going to do it.

but the way, desantis needs him, would want him to show if this is any indication -- cheryl: chris christie wants him there too. >> that's where the untoesed error concern unforced error could occur. but that's where i am. what we know about the desantis camp, long game, waiting for trump's face plant, and in the meantime, request just keep raising money to stay in this until the end, whatever is the end. i mean, what would that be? cheryl: the end is the en. >> the convention? i have no idea. or a 15th trump indictment? [laughter] although every time he gets indicted -- cheryl: polls go up. i know. charlie, thank you so much. all right, good to see you. well, let's bring in right now a donor to ron desantis, dan dan eberhart. dan, i'm sure you just heard charlie and i's conversation. what's your reaction to what he's saying here? >> look, i don't think governor desantis is waiting for a

donald trump face plant at all. i think that he's focused on the early states, iowa, new hampshire, south carolina where trump is doing 10 points less than he's doing nationally in the pollings. i think governor desantis is getting his message out about what he's done in florida and his vision for the country and showing people that he's a family man and a navy veteran. and i think that's going to resonate with people, and you're going to see a coalescing of conservatives around him in the early states and that trump will be out of this race by super tuesday. cheryl: how could trump be out of the race by super tuesday? i mean, the man apparently can -- it's been looked at, could be president from jail, if he wanted to be. but every time he gets indicted, to charlie's point, his polls are going up. and what i don't understand isn't jumping more on that. is he so -- is he trying to -- so hard to hang on to those maga voters that he's unwilling to go after donald trump for these indictments which there's now three and a fourth is coming from georgia? >> look, the indictments are a

sugar high, and it gets primary voters and republican party voters excited to kind of defend the guy. but at the same time, look, this is about the early states. the more that voters get to know governor desantis and his pro-growth and conservative values and, you know, his time spent as a veteran, the more people get to know that in iowa, new hampshire, south carolina, the trump support is a melting ice cube, it's going to continue to melt. look, trump's 50 or 55% nationally is 45% in in and new hampshire, and it's a melting ice cube. none of the undecideds are going to break towards, you know, donald trump, they're going to go somewhere else. and i think the more people learn about governor desantis and his record, the more he's going to pick up steam and build momentum as we go into this. and i think that this is going to looked at an awful lot different when people vote and right before the iowa caucus -- cheryl: what if the story doesn't change by super tuesday? for desantis? i mean, these numbers are

astonishingly -- this margin is huge between desantis and trump. >> well, it, it's huge but it's not. look, in 2007 mike huckabee was at 3%, he ended up at 34% in the iowa caucus. barack obama at this point in, when he ran, was in third place in the democratic primary. things can change. look, i think donald trump is a very weak front-runner. if he add had won the election in 2020 and he was polling 55% in a republican my mare, people would think -- primary, people would think he was in great danger. this is going to go down in iowa, new hampshire and south carolina, and what governor desantis needs to do is he needs to do small events in rural counties, in urban counties in iowa, and he needs to tell people who he is and what he wants to do for america and what he's done in florida. and what you're going to see is you're going to see donald's numbers continue to fall -- cheryl: i wish i could say that we've seen that, but we haven't. i mean, believe me -- >> we have seen that, cheryl, because donald trump, donald trump is at, donald trump is at

55% nationally and 44% in iowa. that's the proof. cheryl: okay. >> as governor desantis is getting his message out and the seven dwarfs are also campaigning, you're going to see donald trump's support fall. cheryl: before you run, i've got to ask you about the staff shake-up because it's been wildly -- widely reported that the change in leadership is because of donors like yourself who are very unhappy with the trajectory of the desantis campaign, likability problems is one of the main issues here. your response. >> look, governor desantis has made me laugh on several occasions, and i think he's definitely a guy you want to have a beer with. what's more important though is i think the campaign is retooling and refining. one of the mistakes i think scott walker made is he didn't make changes soon enough. governor desantis is retuning his campaign so he goes into the fall with the campaign team he

wants, and i think that's what a good leader does, is they make corrections. hay make corrections and pine tune. and i think that's -- fine tune. that's what he's doing here. to me, it's kind of a nothing burger. look, the fox news debate is really opening day for the fall campaign. cheryl: well, and we've got two weeks to go, and that is where it's going to happen. we'll see if donald trump shows up. we don't know yet. sir, thank you very much, it's good to have you on the show, appreciate it. >> thank you. thanks. cheryl: all right. well, let's head back to the issue of the biden family and those bank records. we talked about it a few moments ago. they expose a web of shell companies with obscure names. republicans claim they are nothing more than fronts. senior congressional correspondent chad pergram is live on capitol hill with a closer look at that. >> reporter: cheryl, good afternoon. there are a lot of names in this probe, rosemont seneca partners, rosemont seneca beauhi, these are companies with connections tonight biden sometimes called shell companies. we asked forensic accountant

bruce dubinski to investigate these firms. >> that is a tactic i've seen. i've investigated many international money laundering cases and tax fraud cases, and typically you will see multiple layers of entities. it makes it very hard to trace the money from one to other. it's time consuming. >> reporter: house oversight committee chairman james comer is leading the gop inquiry. comer released bank records linked to the bidens and their business firms. he says it will take time to evaluate9 the records. >> complicated case, and we're being obstructed every step of the way by the department of justice, by the fbi, by the secret service, by the irs and by the biden family attorneys. but that's not stopping us. we continue to produce if evidence about every two weeks. >> reporter: the one thing we notice in the bank records is money transferred into biden-connected firms. the money then goes to another company and then later, say hunter biden receives a payout. it's unclear what the companies do. >> the consulting agreements

being used, it's an easy way to transfer money, but when you look underneath the consulting agreement, there are no services that are actually provided. it's just a cover to move money from one entity the another and either for tax fraud or other purposes, that's why people do that. >> reporter: dubinski says shell companies are rarely on the up and up, and it's unclear what goods or services these firms provide. that's why the gop is investigating access to the president. cheryl? cheryl: chad pergram, thank you for that. appreciate it. el, cash less -- well, cashless chaos. why some officials are sounding the i alarm on the complete reliance of digital currency. is digital currency really a good idea? we're going to talk about it. finish. ♪ ♪ go on, go on, come on and leave me breathless ♪ ♪

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♪ ♪ cheryl: cash is no longer king in australia. banks are closing branches and restricting access to paper money as the government pushes for a more cashless society. privacy advocates are sounding the alarm. fox business' ashley webster's got more details on this one. hey, ash. >> reporter: hey there, cheryl. like it or not, it's happening. i'll be honest, i can't remember the last time i paid cash for anything. the world of commerce is changing. the latest in australia, by the way, is a petition is going around to stop the country from if becoming a catchless -- cashless society. that petition has gained more than 120,000 signatures as banks increasingly restrict customers' access to the paper money. and it's not just in australia. norway, they're almost cashless. 98 of norwegians own -- 9% --

98%, own a debit cart and just 3-5 president of point of sale transactions are paid for by cash. in sweden a cashless society is encouraged by law. a merchant can legally refuse cash payments. interesting. what about here in the u.s.? well, the federal reserve has already launched their fed now digital payment service despite warnings from privacy advocates who point to china's use of digital currency as a means to control dissent. here's presidential candidate ron desantis. listen. >> they want to go to a cashless society. if you have central bank digital currency, it allows elites to circumscribe purchases that they don't like, like ammunition, like energy, like all these different things. sometimes you have things that are proposed by policymakers that are kind of like a wolf in sheep's clothing, that it may look okay on the surface, but underneath it you can see it's a threat to liberty. >> reporter: a threat to liberty. a gallup poll, by the way, found

that 60% of people in the u.s. made just a i but or no purchases with cash, and that is double the number from just five years ago. so that's the trend. what are some of the pros and cons of going cashless? well, on the downside, every transaction is traceable, and a digital footprint can compromise your privacy. and, oh, yes, leave you open to hackers and identity thieves. also some people could be left behind, especially the elderly who may be less comfortable in a digital world. on the plus side, however, a significant reduction in crime, and people are handling less cash, bank robberies and burglaries and corruption drop. digital currency is less easy to exploit also and can be shut down quickly if it falls into the wrong hands. like it or not, you know what, i can't remember the last time i saw someone pay with cash, you know what, cheryl? how about you? cheryl: if you were here on set, you'd see i've got about $80 in

my wallet right now, i'm happy to share. [laughter] ashley: ooh. i'm going to take you up on that. thank you. cheryl: i like cash. i like the safety of having a little cash, what can i say? >> reporter: yeah, i hear ya. cheryl: ashley webster. all right. well, analysts from the american institute for economic research say that a digital dollar could give the government direct control over citizens' bank accounts. back now with me, larry glazer and luke loipped. luke, go right ahead and tell me that i'm old-fashioned and old, whatever you want to say, but i like having a little cash. and i loved ashley's point that the elderly, the older generation, the boomers, they're not going to be comfortable with manager like this. >> if you're old-fashioned, cheryl, i'm old fashioned as well. so i think that's okay. look, central bank, i've said it before, a central bank in itself is a socialistic government system. it's another way for the government to control our captain can listic free market system through interest rates and open market operation. and when we got off the gold

standard in 1971, it allowed the central banks and government to go crazy with what they were able to do. what do you think central bank digital currencies would be used for? government regulation and control. you know, what's stopping the government or even states and cities from controlling me and you and deciding for us what we're spend spending our money on? everything at the surface, like ron desantis was saying, can look like it's supposed to protect me and you, the consumer, the employee, whatever it be with. but once you dug deep, overregulation outside of the laws that set the rules to play by can really end up hurting me and you and controlling our everyday life. of i don't get why we constantly as humans create solutions to problems only to make the problems worse. at the end of day, all humans want is freedom, and cbdc's government intervention takes away that freedom from us. cheryl: interesting. larry, the other issue was security. look, how many bitcoin accounts have you seen stolen by hackers,

by thieves? so to go completely digital, you're adding more risk to yourself, to your bank accounts, to your family. >> that's right, cheryl. look, it is a slippery slope, and what is touted as a great surveillance tool to stop terrorists, money launders, drug dealers, all those things are true, but it becomes a taxation pool to go after the rest of america x there are a lot more rest of america. so i think the concern that the federal government has is we're using china as our model for digital currency. so from a privacy perspective, that's really troubling. and, you know, we just had a credit downgrade in the united states because of reckless government spending, and and i think we should take note of that. that's where we need to focus our efforts here, getting our house in order, rather than looking for ways to increase taxation and increase surveillance on the rest of america. the federal government is worried about the de-dollarization, and we all should be. other countries, china, russia,

brazil, saudi arabia are using their other currencies to get away from the dollar. this is not the way to get back and to fight for that. we need to make sure we protect the dollar but also protect our individual privacy and rights, can that's at risk through these proposals. cheryl: luke, i've got about 15 seconds here, but i want to pick up on that point that he is making, the fact that you've got china and brazil in cahoots when it comes to currency, and that's dangerous. >> it is, it's economic warfare. this is why bit with coyne was createdded after the great financial crisis in 2009-2010, because it takes away government intervention and pits it against each other. it's a way for us to actually store value. when you pit currencies against each other, you can do economic warfare or and really take down a country by doing that, and that's why bitcoin was created and why governments in the world want control and are going to try to take cryptocurrent i away. cheryl: all right. luke and larry, great discussion, great debate.

thank you, i appreciate it. >> thank you. cheryl: all right, well, you've probably seen this story, we've talked about it. u.s. rent is on the rise, and new york is getting hit hard. coming up next, expert real estate duo dolly and jenny lens are here to tell us what exactly is causing the bug hike. ♪ ooh, baby, do you know what that's worth? ♪ a ooh, heaven is a place on earth. ♪ they say in heaven love comes first. ♪ we'll make heaven a place on earth. ♪ ooh heaven is a place on earth ♪ ♪ ooh heaven is a place on earth liberty. liberty. ♪ this isn't just freight. these aren't just shipments. they're promises. big promises. small promises. cuddly shaped promises. each with a time and a place they've been promised to be.

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"does it really work?" and all i have to say is, "here i am. it works." my advice for everyone is to go with golo. it will release your fat and it will release you. cheryl: talk about a real estate record, the average manhattan rent just hit a new high, $5,588 a month. dolly and jenny lenz join me now. dolly, i want to start with you. this is a stag therring amount of money -- staggering amount of money. >> and new york is the largest market in the country, so it really is significant. it's not like it's some little place. and, yes, you know, the scariest part to us is the amount of money you need to qualify to get that rental. so even if you're willing to pay that, it's 40 times monthly rent. to that's $23 3,000 a year you have to earn, and that's, of course, not including all

expenses. is so that's insanitity. how many people qualify? >> and you're not getting a rest spite in any of -- can rest respite in any of of the boroughs. northwestern or queens is over $4,000 a month, so to it's really you don't get a respite anywhere you look. cheryl: i think we're all a little bit surprised as to why rents have jumped so exponentially on the heels of the pandemic because during the pandemic, the land lords were dropping, they were offering these great deals because everyone leavitt the city. new york city has a population decline. we're not adding less -- residents here. people are, like, i'm out of here. look at the street and the subway. explain to me. >> a lot of it is people coming off a non-sale -- cheryl: i would say that that's what we're seeing. >> but when they want to move, right, when they want to to get

away from mom and dad, what are they options? cheryl: move to new jersey? [laughter] >> people are moving to new jersey, connecticut. we have 90,000 new yorkers in 2021 alone moving to florida, a lower tax state. so, yeah, you're right, rents are very high and so is the cost to buy. cheryl: let me ask you this, you literally just landed from las vegas. you were at a real estate conference. dolly, talk about what the conversation was on a national level. you were saying that there was some rough talk out there about the national market. >> really rough talk. if people not wanting to invest and and in advertising, not wanting to invest in their future because of the low transaction volume they have and are are expecting will continue for all of 2024. right? so that's really the problem. they're projecting this for the next year and a half, and that's pretty bad. it doesn't bode well for the country. >> and the really scary statistic which pha loans -- fha

loans are at a 2 # 11- year hig. we talk about that number when we talk about the 30-year fixed, 7.09%, that's obviously very high, but pretty much 7% is the new normal. all those the first-time home buyers are aren't going to be able to buy, so they're going to rent. when they rent, supply's going to go down and prices are going to go up, and that's just how we see it for the next -- cheryl: this sounds like a very is pessimistic conference you were at, dolly. many your your is of experience, where are we in the cycle? how would you grade right now the mood in the real estate industry? >> i mean, it's almost the mood that that it was in the '70s in new york city housing, right? no one was buying an apartment. you could buy a fifth avenue apartment for under $100,000 which are now $10 million. no one was buying an apartment. it's that kind of mood. everybody's a little frozen in time the, the right in there's a big sellers' strike. they're not selling. they're e on strike. and unless there's an event,ing

they're not going to sell likely, and that's our job, to try to talk them off the ledge x. a lot of the conference was about that, how do we get sellers to put their property on the market. cheryl: real quick, jenny, before we run, some of the hottest markets still, where do we see the interest? still florida? enter still florida, texas, vegas. basically low tax or no-tax states near major metro old poll tan areas. cheryl: it's always great to see you both. thank you so much for being here today. come back anytime. all right. a lot to talk about there. we are going to have more coast to coast right after this. ♪ you can't buy great conversations or moments that matter, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. t. rowe price,

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♪ cheryl: virgin galactic launching its first tourism mission today, onboard is a mother-daughter duo from the caribbean and former british olympian john goodwin who purchased his ticket, get this, 18 years ago. goodwin is an 80-year-old athlete who competed in the '72 olympics. he purchased the ticket in 2005, he paid $200,000. ed to it's over 400. now over to "the big money show." taylor: cheryl, thank you so much, and hello, everyone, i'm taylor riggs.