lauren: you're right. stuart: 18,000 square feet, that's gigantic. it was created at the university of pennsylvania, unveiled to the public on february 14th, 1946,. lauren: happy valentine's day. stuart: yesterday dave portnoy was here. he loves taylor swift. watch this. i've got to ask you about taylor swift. >> love her. stuart: yeah. you're really a big fan. why can do you like taylor swift so much? okay, brilliant artist. anything else in. >> she's always been kind of true to herself concern do toothout the interview is has received 2.4 million views on tiktok. whether it was taylor swift or dave, i don't know which it was. lauren: maybe you. stuart: great show today. "coast to coast" starts now. ashley: coming up on "cavuto coast to coast," a fresh read on inflation data as we see wholesale prices rising more than expected in july.

why kevin hassett compares inflation to the covid-19 virus. we're going to explain that. then, fires continuing to spread across maui, claiming more than 50 lives. new images coming in as the sunrises on the island at this hour. and more money to ukraine? president biden asking congress for another $24 billion to support the nation in its fight against russia. we're going to hear what republican texas congressman pat fallon makes of all that money going overseas while our own border fight is getting just a fraction of that. we'll have all of those stories and much more coming up on "cavuto coast to coast." ♪ ♪ ashley: and welcome, everybody, to "cavuto coast to coast," i'm ashley webster in for neiled today. our top story today, it's been a week for inflation, and we now know that wholesale prices rose more than expected in july.

president biden now admitting his inflation reduction act maybe not living up to its title. grady trimble live at the white house this afternoon digging into the president's comments. grady. >> reporter: hey, ash. it doesn't seem like president biden regrets anything that's in the inflation reduction act, but he did express some regret about the name of the hallmark piece of legislation. at campaign fundraiser in utah last night, here's what he said: i wish i hadn't called it that. it has less to do with inflation than it does providing alternatives to economic growth. i also noticed on his trip out west president biden has been calling the inflation reduction act a climate bill, but the administration has said repeatedly that the legislation is about a inflation. >> reduces your cost of living. it reduces inflation in your paycheck. [applause] >> we've talked for a long time now about the relief in the

inflation reduction act, and i think we both agree that it's very significant. >> the inflation reduction act does just that. inflation reduction act actually helps lower costs, energy costs, and gives americans a little breathing room. >> reporter: okay. so the white house comms team trieded to clean up the president's remarks saying they're missing key context. they say left out of the notes summarizing president biden's comment was that he said the law is, quote, literally reducing kansas of people being -- cost of people being able to meet their basic needs. republicans have argued since the inflation reduction act was passed that it's another example of out of control spending by the biden administration, and instead of reducing inflation as the name implies, all of that spending actually drove up costs for americans. ash? ashley: all right. grady, thank you very much. mixed messages, no doubt, from the administration. thank you.

meantime, former council of economic advisers' chairman kevin hassett has an interesting take on inflation. take a listen to this. >> it's kind of like covid. inflation is like a virus, and what'll happen will be there'll be some times when it's low, and sometimes you'll get a new strain. for inflation, just like in covid there's a new strain, there's a new strain of inflation right now. gas prices, oil prices are skyrocketing. august cpi right now, we have a realtime reading, is going to be almost 1% which is 1% at an annual -- 12% at an annual rate. that's why the economy is inching along. the fed hasn't really done its job. ashley: okay, interesting stuff. so inflation is like a virus that's not under control. let's get reaction from former white house omb director russ vought. russ, would you agree with that comparison, inflation is like a virus? >> yeah, i think it's a nice way to put it. i think it helps explain where we are and the fact that this is not the moment to announce victory just because there have

been some signals that are positive. there have been also other signals that are negative, and we're going to have to, you know, see over the next several months whether we have a chance of getting this under control. and, unfortunately, you know, the biden administration has not been serious. they played semantic games with regard to their willingness to take action and largely disguised spending bills as something other s and so they've put a lot of pressure on the fed to do its job. and i think, you know, we're going to have to see how it goes over the next several months. ashley: yeah. you know, listening to grady's report, there was a comment in there from the president himself saying, well, you know, it reduces the cost of living. talking about the inflation act. well, you know what? prices may have fallen, but consumers are most definitely feeling the pinch. i hear it all the time when i'm out and about, people are not buying into this economic plan, are they? >> no, because they know that their prices, the things that they are paying for is up about

16% since he took office. they know that if they're a family of four, they're dealing with about $13,000 more in costs. i mean, think about that burden on a family of four, and that's what they are seeing. and then you go into the summer months where they're on vacation, on the road and the gas prices are spiraling, up now towards $4, and, you know, you've got a real problem that they are nation, and they're not going to take what washington -- they don't trust washington in general, they're not going to take washington semantic es from the biden administration to say that huh somehow things are going well. a. ashley: you know what's remarkable to me, russ? despite the high cost of living and what the fed's been doing, this economy's been remarkably resilient. the job market, for the most part, remains strong or solid, but certainly some cracks appearing. how do you explain that? i mean, the consumers have, for the most part, survived and kept the economy afloat. >> it has, and i think, you

know, it's just the enduring strength of the american economy and much of the strong base that was put into place during the last administration and the ability to come out of a pandemic. but, you know, i think the challenges that we don't know over the next six months to a year, the implications of what the biden administration is putting into place with all of the regulations that they're putting in place, their hatred towards energy and particularly american energy and not the sort that are actually reliable. so all over the place they have big government that's putting pressure on the economy, and that's going to have an impact. and i don't think we know yet to the extent of when that's going to occur, but i still think we've got a recession ahead of us. ashley: which, you know, last question to you, russ. you know, look, the president has tied a lot of his campaign to the economy, and, of course, we know the election innocent

til november next year. -- isn't until november next year. that can be a dangerous thing to do given the concerns you have. >> no, i'm not of the view this is going to be smooth sailing for the biden administration running on a strong economy, particularly because the indications to the person, the family is so negative most of the time. now, sure, they haven't lost their job, and that's probably the number one thing that's dominating people's thinking as it turns to whether it's a strong economy. then they go to the grocery store, and and they realize it doesn't buy anything, and that's going to put a lot of negative outlook into their mind as they head to the polls. ashley: indeed, it will. all right, russ, we're going to have to leave it there. russ vought, thanks so much for joining us on this friday. we really appreciate it. and talking about the general election, the g to op presidential candidates -- gop presidential candidates in des moines today for the iowa state fair. it's what they do, meeting with governor kim reynolds today. but one notable exception to the to-called fairside chat, former

president donald trump. fox news correspondent alexis mcadams is in iowa with the very latest on this. alexis, good afternoon. >> reporter: good afternoon from des moines here at the iowa state fair where there is lots of food and most of it's fried, and there are lots of people here trying to listen to these presidential hopefuls. as you mentioned, a few of them did sit down with the governor iowa just trying to figure out exactly what they stand for. ashley, it's really about putting these presidential hopefuls, personalities on display. people want to see how they are on a one-on-one basis here. we did catch up with former vice president mike pence who says, hey, i feel right at home in and says he's had a warm welcome. take a listen. a lot of people are coming up and talking to you. how to do you feel about the feedback from iowa? >> been traveling around iowa, people have been just so warm and welcoming. look, this is a state that takes their first in the nation role to heart. they want to hear from the candidates, they want to know the candidates. >> reporter: and more than a

million people from across the world come to the iowa state fair. locals say this is the true heartbeat of the midwest here. voters are used to seeing these presidential hopefuls move through the grounds and expect candidates to work hard for each and every vote. they want to see how they are with the visiting of the vendors, the flipping of the pork chops and if they take their questions. candidates doug burgum, mike pence and francis suarez all participating in those fairside chats with iowa governor kim reynolds. suarez and larry elder will also also take a turn on the political soap box this afternoon, and people gather around and listen to what they have to say and ask them questions once they walk off that stage. florida governor ron desantis will go one-on-one with kim reynolds for a chance for people to hear what they're all about. >> it really helps them be a better candidate when they have to test their message and hear what's on the minds of everyday iowans. >> reporter: is so former

president donald trump is not going to sit down with the with iowa governor. i asked his team why not, because some people are calling it a snub. they say he'd rather be out here with the people walking around the fairgrounds on saturday and not have his message go through the filter of the governor. so we'll keep a close eye on that. but everybody out here even though it's hot outside is eating less fried food and washing it down with a cold beer. we'll send it back to you. [laughter] ashley: candy and candidates. alexis, thank you very much. by the way, more and more candidates are citing the -- signing the gop loyalty pledge, but former president trump says, nope, not going to do it. former republican georgia congressman doug can collins joins me now. doug, i was reading about what donald trump said. he said why would i sign a pledge if there are people on there that i wouldn't have? i mean, that's what he says. is it a mistake? what do you think? [laughter] >> look, i think all republicans running against joe biden would be better than joe biden, but donald trump has a point.

[laughter] this is a pledge that is going to, you know, i mean, i just can ask the simple question, what's the enforcement mechanism of this pledge? i mean, at the end of the day all of them who sign it, at the end of the day if they don't, is there going to be a requirement for them to go out on the campaign trail in october and campaign for people? are they going to have to raise money? again, this is more symbolic, and donald trump has proven through his poll numbers and campaigning he doesn't have to go through any filter or anything else. the question will become is if he's met every condition, says he wants to come but doesn't sign that pledge, is that really going to keep the republican commission from keeping him off that stage? is. ashley: no, probably not, but you could argue it gives other candidates -- mr. desantis and others -- a chance to really get their message across cross without donald trump being in the room because, as we know, he'll success all the oxygen out if he's there. he's very difficult to debate against. >> oh, i think they all want hit

want him on the stage because he is a dominating presence. the only one i think would want him on the stage would be chris christie, because that seems to be what he's wanting to do, go directly head to head donald trump. yeah, i mean, it's sort of a mixed bag for some of the candidates. they're trying to get their message out, they're way down in the polls compared to donald trump, and republicans are watching this happen. and i think there's a lot left to go. this is still very early. iowa's a great place to be. i've poke to those groups before -- spoke to those groups before, it's a great place to be. but, look, donald trump walking around will carry as much of a message on saturday than him sitting down with anybody else. if the other republicans need this opportunity to make the difference. ashley: very good point. i want to move on to this though, congressman. special counsel jack smith, we now know, wants the 2020 conspiracy case trial to start next year, january 2nd. and if he gets his way, donald trump will be in court during the iowa caucuses. your thoughts on that.

>> look, he's done everything he possibly can do when he filed this to make this a streamlined case. he has the unindicted co-conspirators, he just named donald trump the. i think he's wanting everything he can because, again, the first one in florida got pushed until the end of may. it just sort of shows they're really trying go for this as quickly as possible, but again, are you going to have a case irregardless of who the defendant is? in this case, a very popular former president who's in a presidential race. they all deserve time to prepare a case, to do the normal part. we've not even got into pretrial motions yet k and if they're trying to railroad this through quickly, it's something else americans are looking at. if you're a prosecutor, you want it fast. if you're not, you want it fair, and i think it needs to be fair. ashley: well, it would mean that that trump would be on track for three criminal trials prior to the close of the primary season. i mean, that hardly seems fair. i mean, would we see that? -- could we see that? >> i mean, you could.

i think there's till a lot left to go especially in the mar-a-lago case, the document case and some of the pretrial stuff left to go. we've really not gotten into that, and i think that's been overlooked by a lot of commentators, especially those wanting to see donald trump on trial. there's a lot left to go legally here that can affect those timing and dates. and, again, the crux of donald trump's argument is that this is interfering with his first amendment free speech rights in a campaign, and it plays into that argument that they're doing this because of the campaign. ashley: yeah. the optics are not good. congressman doug can collins, thank you so much. great conversation. thanks for joining us. by the way, be sure to tune in to fox -- thank you -- on august 23rd for coverage of the first republican presidential debate with martha maccallum and bret baier and also fox business on september the 27th for thing second republican presidential debate at the ronald reagan presidential library. don't miss those two debates. all right, when we return, wildfires ripping through maui

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with full gas tanks that reached the fire exploded -- >> our dogs are stuck in the house. >> we don't know if our house is upper, we don't know if our animals are alive -- >> when you're trapped between fires, other things come to your feelings, especially if you're not with your own family. the devastation is what it is. the town's gone, the history's gone. ashley: devastating. at least 55 people are confirmed dead in maui as a hawaii's governor says this week's wildfires will likely be the the largest natural disaster the state has ever seen. satellite images, meanwhile, show the historic town of lahaina before and after being destroyed by the fire. fox weather correspondent max gorden is live in maui and joins us now with the very latest. max. >> reporter: yeah, there's a lot of pain here on the island of maui, a lot of people hurting. right now we're at a checkpoint

about 13 miles away from the town of lahaina that, again, was the most impacted area from these fires. the town virtually destroyed, reduced to ash. people are being let in, residents are being let in, but it's still a very active situation in many areas. search and rescue crews still combing through the rubble, and they are still finding bodies. 55 people reported dead at this hour. if now, fires have been burning all across the island of maui,ing none of them are fully contained at this moment, and it's still unknown how these fires actually started. but they were fueled by very strong winds and extremely dry conditions. but, again, the worst really, the worst impacted was western maui, that's where lahaina is located. that fire swept through very, very quickly, destroying homes, businesses, going block by block through the town of lahaina. some people had to jump into the water to the to save themselves, jumping into the sea. stories of survival, stories of

heartbreak. here's one, here's some sound are from a few people who survived the fires. >> this is our first time coming back with and, like, actually knowing that our house burned down. we haven't known anything for the last couple of days because there's no information coming through. >> people lost everything, homes, jobs, their cars, some their pets. there's till people missing. still people missing. >> reporter: yeah. and at this hour there's more than 1,000 people still missing, making matters more difficult it's very difficult to communicate with people on the western side of maui. cell phone towers, phone lines have been knocked out by these fires, and so people simply can't get in touch with their loved ones, and many fear the worst. back to you. ashley: max gorden in maui with the horrible details. max, thank you very much. we have some breaking news going on right now.

we have attorney general merrick garland talking to reporters, and fox news reporting he's announced a special counsel in the hunter biden investigation. let's listen in quickly. >> -- will continue to have the authority and responsibility that he has previously exercised to oversee the investigation and decide where, when and whether to file charges. the special counsel will not be subject to the day-to-day supervision of any official of the department, but he must comply with the regulations, procedures and policies of the d.. of the department. consistent with the special counsel regulations, at the conclusion of mr. weiss' work, he will provide me with a report explaining the prosecution or declination decisions reached by him. as with each special counsel who has served since i have taken office, i am committed to making as much of his report public as possible consistent with legal requirements and department policy. today's announcement affords the

prosecutor prosecutors, agents and analysts working on this matter the ability to proceed with their work expeditious cannily and to make -- expeditiously and to make decisions undisputeddedly guided only by the facts and the law. the men and women undertaking this investigation are public servants who have dedicated their careers to protecting the citizens of this country. the appointment of mr. weiss reinforces for the american people the department's commitment to both independence and accountability in particularly sensitive matters. i am confident that mr. weiss will carry out his respondent in even-handed and urgent manner and in accordance with the highest there traditions of this department. thank you. [inaudible conversations] >> reporter: what restrictions would will there -- [inaudible conversations] ashley: all right. let's recap what we just

learned. that was attorney general merrick garland saying he has appointed a special counsel for the ongoing hunter biden investigation. he was talking there there about the u.s. attorney for delaware, david weiss, who has been named the special counsel. he had already been leading the scwus us department probe -- justice department probe into the son of president. we should also, if you remember, a federal judge blocked a plea deal reached with hunter biden and ordered both sides to the come up with a new agreement. it is unclear, and maybe we can find this out, how the special counsel appointment would affect or could affect that plea deal, but doug collins is back with us now, former georgia congressman. great to have you back, doug. your initial reaction, special counsel looking into hunter biden. >> long overdue, is the first reaction, it is long overdue, something that should have been done a long time ago. the question now is i want to actually see what the appointment order says. this is going to be an

interesting, you know, is it simply expanding the role that he currently had in this investigation now that he's asked for it? he said he needed a new special counsel measure which gives him much more broad authority, different jurisdictions, things like that. but i'd still like to see what they've actually put into this appointment as to the scope and nature of the investigation. ashley: yes. yeah, because if you remember, the plea deal which was regarding, if i am correct, him lying on a gun permit application and some problems with the internal revenue service, it'd be interesting to see, to your point, you know, how wide an investigation this is. do does it go into his business dealings at awe. are you surprised by this? given the fact that we've had a drip, drip, drip series of news and revelations regarding hunter biden and joe biden, for that that matter, but it seemed like it was always just in the background as being ignored. but now we have this. does this change the game? >> i think it could. the question is how they, again, how they deal with what this

appointment order says. i think they couldn't ignore it any longer. i think that became the real issue. and with congressman comer actually looking at this, you've got a breakdown now where the money went. at a certain point in time, this has got to be expand. for anybody thought an investigation into hunter biden would only lead to misdemeanor tax charges which is a joke, but also basically ignoring a gun charge, it's very bothersome to me that those on the left have been taking up for hunter biden on this issue of a gun charge yet want to take guns and gun control is one of their biggest issues. again, you can't just bundle that together. i would any what they're seeing coming out of congress, the subpoenas which comer actually wants to talk to family members, my question now will be is that going to hamper a congressional investigation on a special counsel where, number one, he won't have to be -- if he is brought before congress, weiss will say i can't answer questions on ongoing investigations, and will it hamper witnesses from the biden family coming to the congress saying this is a product of an

investigation and we don't want to be a part of it right now given the fact that this investigation has expanded. and so a lot of things to digest in a very short amount of time. ashley: yeah, that's a good point. it could give them cover in some respects. what does this mean for joe biden? how bad of news is this for joe biden? >> i don't think it'd be good news, and i think it's just been building bad news for the president for a while, but they've not acknowledged it. again, this would also tend to say that mainstream media, the outside outlets are going to have to start covering now which will be a shock to their viewers, because if they've only viewed them, they wouldn't know what's happening with the hunter biden issues and the joe biden business deals because, frankly, they've not been reporting it. i think this could be an expansion. it's going to have to force democrats on the hill to come to the realization that something else may be going on here, and this is going to build into a bigger story. ashley: well, and that's a good question, the bigger story being the business dealings of the biden family.

>> yes. ashley: some $21 million allegedly coming in to a variety of different accounts and shell companies. it's a story that won't go away. "the washington post" actually very quietly kind of changed its reporting. it didn't offer a correction, but it did talk about things that make joe biden a little more culpable especially with regard to him being present when these business dealings were being discussed either with china or the ukrainian gas company. you know, i mean, to your point, this could expand and become very bad news for the president, correct? >> it could. i mean, if these -- again, there's still things to be put together, still puzzle pieces left to be put together, but the investigation jamie comer's doing and and others in the congress are doing are putting together more pieces in seven months than the fbi did in several years of this investigation. so now they're having -- i think this is a response. i think that garland and weiss and them said, you know, we've looked bad here. this is not going out well.

we've had this indictment, you know, we've had this plea deal thrown out, we've got more is and more information, people are not believing anymore that this millions of dollars didn't go -- and the sad part about this though, is this: they've known about these suspicious activity reports for years. this is not new. they have had this information for years. and they've just not acted opposite. ashley: you know, it's interesting because part of, as we heard from the whistleblower, devon archer, look, every step of the way the d. of justice, the fbi, the secret service, even the irs kind of blocked attempts to really get to the bottom, to really investigate properly, and now here we are again with another special counsel. i mean, could that be another problem? >> it could be. and, again, i think that that's an issue. when they started bringing up, the whistleblowers come forward, you had fbi folks begin to talk about this, you have reports coming out that they were tipped off, you know, they tipped off hunter biden about what they're going to be doing, these all just, again, looked awful from

the investigatory standpoint. and people are losing faith and confidence in it. and when you have at the same time you have the investigation with jack smith into donald trump, i mean, they just don't look alike. which two two is not like the the other. and i think this has led more to this. this may be more face-saving. now, will they do anything different? i don't know. i'm going to go back to my first hot take of n, is this to do more, or is this to withhold from from congress because of investigations ongoing information that they're seeking. ashley: we'll see. >> again, the appointment order will tell us a lot. ashley: doug collins, thank you. we'll have more "coast to coast" after this. ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently.

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ashley: you've just heard news from attorney general merrick or garland that he's appointing a special counsel for the investigation into hunter biden. let's get very latest on on what we heard at the white house from grady trimble.

grady. >> reporter: hey, ash. so, yeah, this is obviously a big development and something that republicans have been calling for, for quite some time. what we know from this announcement from attorney general merrick garland is that earlier in the week, on tuesday, u.s. attorney for delaware david weiss had advised garland that the investigation, quote, reached a stage at which he should continue his work as a special counsel. garland then said i have concluded it is in the public interest to appoint him as a special counsel. remember that weiss has been investigating this case for quite some time. he was the u.s. attorney who reached the plea deal that fell apart in court just a couple of weeks ago. but this new role as a special counsel sort of changes everything in this investigation because it gives weiss a lot more leeway, i guess is a word you could use. it gives him authority to

oversee the the investigation, decide where, when and whether to file charges. so he has complete awe autonomy and independence over this investigation into hunter biden. we already know that hunter biden is facing multiple charges to do with not paying taxes which he has since paid as well as possessing a gun while he was using drugs. of course, that plea deal fell apart in court a couple weeks ago. of we don't know how this appointment of a special counsel changes that plea deal or if it changes that plea deal at all. it could perhaps point to a widening of this investigation. you know that, of course, republicans think that it's not just hunter biden's business dealings that should be with scrutinized, but the entire biden family including the president himself. so certainly, this could widen the scope of the investigation as we now know that david weiss is special counsel appointed to

investigate hunter biden. ash? ashley: yeah, grady, thank you. as you say, a huge development. we understand questions to the white house are being referred to the department of justice, they're not responding. that's peter doocy at fox news reporting that. and, by the way, fox business breaking the news this week that house oversight committee chair james comer plans to subpoena the bidens in the probe into the family's business deals. listen to this. >> this was always going to end with the bidens coming if 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 opposition and obstruction we're getting from the biden attorneys now, we know that this is going to end up in court. ashley: well, joining me now, republicanman pat fallon of texas who, by the way, serves on the hows oversight committee. great to see you, congressman. let's start with your reaction to this announcement by merrick garland, special counsel

investigation of hunter biden. what say you? >> you know what, ash? this is a long time in coming, quite frankly. finish have happened two and a half years ago. if you're going to investigate the president of the united states' son to avoid any impropriety or really even any perception that he is going to be treated differently, which i believe, honestly, he was, then a special counsel should have been appointed as soon as joe biden was elect president. elected president. around. ashley: are you surprised? as i asked a previous guest, there's been a drip, drip, drip of news coming out regarding hunter biden, joe biden, the biden family, and yet nothing was being done. but here we are today. are you surprised. >> i actually am surprised, ashley. but i'd say pleasantly surprised. and, listen, i have to tip my cap to the work that chairman comer has done, my colleagues on the oversight committee and our incredible staff. because, let's be very honest, without the work that has been done over the last seven months, this day would have never come.

ashley: all right. of so met me can ask you this -- let me ask you this, and this was also brought up earlier. what if the house oversight committee wants to subpoena people to testify that they can now use this special counsel investigation as basically a blocking mechanism saying, i'm sorryien i can't talk about thak about that regarding because i'm under investigation? does that block the subpoena from the house oversight committee? >> it shouldn't. but, you know, when people -- this is what i find interesting about the bidens. joe biden particularly has claimed that he, you know, at first he didn't know anything about his son's business dealings and never met any of his associates until both of those statements were proven to be abject lies. then he said, well, i wasn't involved with my son. you know what? if you have nothing to hide, owe biden, come clean and share your bank records. that would be very helpful to this investigation. and, again, if you've done nothing wrong, this investigation could end in a week or two. but instead of doing that, ash, what they're doing is the exact opposite. they're lawyering up and blocking and obfuscating at

every single turn. ashley: and quickly, congressman, we mow through whistleblower testimony -- we know through whistleblower testimony that the department of justice, the fbi, the irs, the secret service have all done their very best to block the investigation. could that be an issue this time? if. >> of course, there's no doubt. except this time at least with a special counsel -- for instance, like irs whistleblower agents that are investigating, maybe now they can -- [laughter] they can be allowed to ask who dad was in e-mails, who the big guy was in e-mails, maybe even have our agents, irs and fbi agents actually talk to hunter biden rather than being instructed by the higher-ups to wait until he contacts you which, of course, he never did. if the special counsel does his job, we actually might find a lot more information. ashley: huge development, for sure. congressman pat fallon, thank you so much for jumping in and talking about this breaking news. we do appreciate it. all right, coming back to these markets -- thank you -- we're going to dig into what

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ashley: tech stocks heading for their worst stretch difference sense, threatening to unravel this year's market rally. let's get reaction from kaltbaum capital management's gary kaltbaum and financial chief market strategist jared levy is. gary, you've been banging the drum on tech. you're saying, hook, to quote you, they're overloved, overleveraged and over-talked about. does this pullback in tech go on for a while, or is it just a short-term thing? what do you think? >> i think you have more, i do not know how much more. but just weeks ago, especially on earnings, you had some companies announce sales drops of 30 and 40%, and just the mention of a.i. saw their stocks

sigh -- skyrocket. that just told me it was late in the move, things were very extended, and now you're getting, finally, i think what you need to have happen and that's a pullback. nasdaq the's only down 5, 6% there's probably more to go. i don't think destruction is on its way, but you've got to be very picky, and some names have most definitely been blown up especially in the semiconductor arena that everybody was mentioning a.i. when they shouldn't have. again, here's the comeuppance. [laughter] ashley: here's the comeuppance, indeed. jared, so i guess my question to you is what about rotation out of tech this the are there any other -- out of tech? are there any other sectors in the market that will pick up the tech slack? >> yeah. i mean, just to gary's point, i do think a.i., remember, i mean, i was around, i traded, i was a qqq trader back in the '900s. i remember the bubble, i remember what it felt like, and there are a lot of similarities. not saying we're due for this death and destruction as gary

talked about, but i would really be careful. in terms of rotation the, i'm looking to infrastructure, i'm looking both to hard infrastructure, into telecom believe it or not still, you know, as we sort of fill out here. and to be honest with you, i am playing it safe. i'm going more into consumer staples. i'm back off a little bit here. and i was a supporter of tech. you just kind of had to ride the train because it was an unpopular opinion if you weren't a supporter of tech. but like gary said, i'm now backing off, you know? i think, remember, we've got to keep in mind a lot of these models that are projecting how much a.i. could change, they're not really based in fact. ashley: right. >> they're based on sort of projection, so you've got to be really careful there. ashley: gentlemen, i'm going to have to leave it there. i'm so sorry it's short, we had some big, breaking news today, but i'm glad we got to hear there both of you. in fact, new reaction to the hunter biden special counsel coming in, and we're going to

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>> beginning in 2019, mr. weiss -- in his capacity as u.s. attorney and along with federal law enforcement partnerg allegations of certain criminal conduct by, among others, robert

hunter biden. that investigation has been recently referenced in federal criminal proceedings in the district of delaware and, as noted in those proceedings and if other public statements by mr. weiss' office, that investigation remains ongoing. ashley: attorney general merrick garland appointing a special counsel to handle the hunter biden probe. lawmakers, by the way, already reacting to that news. let's go to fox news senior congressional correspondent chad pergram. chad, what are they saying? >> reporter: well, congress is out of session this week. they're what we call pro forma sessions earlier this morning with where they just gavel in and gavel out. there was one member here from the senate, one member from the house, so no reaction there yet, but we do have a statement are from a spokesman for jim jordan, the chair of the judiciary committee. he would potentially lead any possible impeachment inquiry into the president, and this is what his smokesman, russell dye,

says about the appointment of david weiss to be the special counsel looking into hunter biden. quote: david weiss can't be trusted k and this is just a new way to whitewash the biden family corruption. in the statement the spokesman also says that david weiss has made what he terms inconsistent remarks to congress. what he's talking about there is that at one point there were indications that he had total control of this investigation in delaware. keep in mind that david weiss is also the u.s. attorney for delaware. and then there were suggestions, according to the republicans, that this was pawned off and that they were getting orders from the department of justice, that somehow they got bigfooted. and then you had this plea deal with hunter biden and, of course, that got thrown out of court just a couple of weeks ago. so republicans, while some might applaud the idea of a special counsel, they probably don't like david weiss. and keep in mind that david weiss indicated he was willing to come talk to the judiciary committee sometime this fall.

he gave them four dates in september and october and whether or not he will now come now that he is the special counsel, that is up in the air. ashley: you know, it's interesting, and i know we don't have all the details, in fact, we have few details, chad, but could this interfere with the house oversight committee's desire to issue a subpoena to the bidens to talk about their business dealings? could potential people who would be subpoenaed say, well, you know what? there's an investigation going on right now, and i can't testify. could that be a hurdle for the house oversight committee? >> reporter: very possible. previously, and i'm talking about just a few years ago, historically what congress would do when there was any sort of criminal investigation and they were conducting an investigation, they might step aside and defer to prosecutors. what's happened in the past couple of years and with republicans being in charge and having a lot of skepticism towards the doj and whether or not they play fair, they have said, wait a minute, we don't trust the doj.

maybe they would interpret this as an effort to, as you suggest, ashley, sideline them, and that could interfere there. you could have this kind of clash of the titans. ashley: yeah. it's going to be fascinating to follow chad pergram on capitol hill. chad, as always, terrific stuff. really appreciate it. and, again, just to reemphasize, attorney general merrick garland appointing a special counsel to handle the probe into hunter biden. a major development. going to have more "coast to coast "right after this. ♪ 'cuz i'm in too deep and i'm trying to keep -- ♪ up above in my head instead of going under ♪ we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living.

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it is the big story of the day, attorney general merrick garland appointing special counsel to handle the hunter biden probe. the white house not commenting on the special counsel as of now referring recordings to the justice. there are three active special counsel joe biden documents, david weiss now in the hunter biden investigation and jack smith was donald trump document election in different issues so there you have it, a very busy day and a busy day of coast-to-coast. the big money show to take us to the next show. >> ashley webster, thank you so much