this is maria bartiromo wall street.

maria: analyzing the week that was and helps position you for the week ahead. racing against the clock to fund the government against the september 3 deadline in a looming threat of a shutdown. some house conservatives in the freedom caucus embracing the opportunity of stalemate by the end of the month. ringing the government to a screeching halt is better than allowing the country continue with rampant spending. house committee kevin mccarthy and chairman james komar said it would stall probes into hunter biden and impeachment into president biden. >> investigation and everything else. interfering with our investigation, any excuse the biden administration can give not to be transparent with the house oversight committee they will take that. cheryl: joining me now is congressman russell fry. before we get to that,

congressman, you represent part of the south carolina coast. how are recovery efforts going after hurricane idalia and are you satisfied with the federal response you have seen so far? >> so far. we were largely spared. the timing hit at a low tide. we saw some flooding. there is some damage. it is not as bad as it could have been. efforts of recovery is ongoing. i have not heard any challenges yet. we will be aware of those as they come up. >> are there any key things you want to see happen throughout the next several weeks as far as infrastructure or anything else that has to do with construction western mark what do the people of your district need right now? >> i think we have had some roads out, some damage, assessing those, making sure we

can get those arteries back online and then for those that were damaged through a hurricane and through the tornadoes, that will be really important. we did have some torn attic at cavity. it is making sure they are getting people ready. they are getting people back on their feet. we will be watching. they don't have a great track record on that. just look at valley. for us right now, assessing the damage and getting back on our feet is priority number one. >> our prayers go out to everyone in your state. the introduction. a little over a week preventing a government shutdown. will mccarthy be able to get a short deal past and is it the best option in your opinion? >> i think a continued resolution is on the table.

what the american people are really focused on is this out-of-control spending. if we curtail that we have to be serious about it. a contemporary resolution having some guardrails in them. we cannot continue to prop up. we cannot continue to ignore crisis at the border. they come up in the appropriations process after the continued resolution. in my mind, the resolution is a vehicle to get some wins for the american people that they expect us to deliver on. we will see what happens. i am at least right now optimistic. >> it is a u.s. credit rating that has come under fire. one of the biggest reasons is the fact, there is all of this arguing and back and forth. this last-minute deadline.

at the end of the day it is the credit rating of the u.s. borrowing costs from a country. is it at least in your memory or in your colleague's recent memory as we go into this physical fight? >> i don't think anyone really wants a shut down. house republicans have delivered on that. the debate processes lengthy. it is complicated and convoluted at the end of the day we cannot keep borrowing at the same rate and mortgaging our future, our children's future. we have to get this under control. i am encouraged by what is happening right now. i am encouraged at how things can get done. what is unacceptable is the status quo 30, 40, 50 years of washington spending. that has got to stop. we need to make sure that we said that message to the bureaucrats that want to keep

doing what they are doing. >> to the people of ukraine. there is a lot of spending. oversight chairman says and impeachment inquiry into president biden is coming. documents released show that hunter biden firm exchange over 1000 e-mails with then vice president joe biden's office. confirming they have 5000 e-mails and documents containing synonyms contained by joe biden. what happens now, sir? >> the next step in my mind is that impeachment inquiry. it gives the investigations more legitimacy. i think it gives them more legitimacy. it allows them to challenge things better from a court perspective. the focus is incredible right now. what may have started very broad , we now understand the

conduct of the biden family and the biden brand. it was just released that hunter biden was on 15 trips with then vice president joe biden which is a violation in and of itself. the impeachment inquiry is a logical next step that needs to happen. and the american people need to accept it. this is not a fishing expedition what the information that we have shared to the american people. we have been stonewalled at every single term by the bureaucratic state. to have this information out in front, the american people see exactly what it is. the inquiry is a logical next step for this. cheryl: does the gop worry it will look politicized especially as we get closer and closer to the election? >> may be. let the fox dictate where we go.

talking to jim gordon, speaker mccarthy, they have always said this. let the facts dictate this. this is not a sham impeachment like we saw under nancy pelosi. the facts are guiding where we go here. this is way bigger more egregious than what we've seen in watergate. given all the evidence that we have already and to all the evidence that remains to be gathered, where we are right now it is the logical step to explore this reality that we are in. we did not causes. these are the actions of president joe biden and his family. you have e-mails, you'll have what's messages talking about his father sitting right next to him. it is problematic for this vice president.

finally, the mainstream media is starting to pick it up. cheryl: congressman russell fried we will be watching and waiting. thank you, sir. >> thank you. cheryl: more jobs added than expected. a surprised bike in the unemployment rate. 61% of americans are now living paycheck to paycheck. as congresswoman posted this video on her social media. >> the propaganda is so powerful that we forget the very basic fact that corporation set the prices for their products. >> our wall street wiseguys are back. they respond to it all coming up next.n okay, great. j.p. morgan wealth management.

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♪ cheryl: ending the month of august in red. the worst months of the year for nasdaq so far.

here's a look at where markets ended this week after we got the latest job numbers. 187,000 jobs added in august. unemployment up to 3.8% compared to 3.5% in july. joining me now is steve forbes and former ck ke restaurant ceo andy puzder. welcome to both of you. we saw another solid gain in leisure and hospitality. 40,000 jobs. your reaction. >> that is good to see. good to see the overall labor participation rate go up. great to see the overall number go up. increasing labor force participation by 700,000 people. leisure and hospitality. the one disturbing thing, a brookings institute report that came out a couple days ago that says the gains in labor participation are primarily

coming from others. from women with children under the age of five. a lot of those women go into jobs in the hospitality. use to hire single moms all the time and married moms as well. i hate to see bidenomics driving moms back into the labor force. i would like to see that labor force increased come from other sources. cheryl: i like to see more women in the labor force. i will not complain about that, but i do see your point about working mothers needing work. the other thing i thought was interesting, the unemployment rate went up. it is because more people are looking for work, but less were finding work. how do you interpret that? >> i think it is a sign that the economy is slowing down. it has been expected for a long time. the economy has been very resilient despite the abuses from washington. a lot of headwinds out there.

they are not paying more for cars, credit cards and the like. we see the distortion in the mortgage market. one and a half trillion dollars of commercial deficits coming up in the next couple of years. that will weigh on the market. you have serious headwinds in the government piling on regulations. i think we are in for some rough waters unnecessarily. >> the feds preferred inflation gauge shall prices up 4% from last year. here is a message aoc is pushing about inflation. a new zealand political group. watch. >> the propaganda around inflation and cost of living is so powerful that we forget the very basic fact that corporation set the prices for their products. if a corporation raises its prices it makes profits that is not some invisible monster, it is just a bunch of greedy shareholders. cheryl: oh, andy, those greedy shareholders.

[laughter] >> it is interesting how these greedy shareholders and corporations did not figure this out during the obama or trump administration when we basically had no inflation. they really could have been a lot more profitable if they realized this was all under their control. it is hard to deal with people this economically naïve. maybe they should have paid attention to larry summers, a former democrat and head of obama council of economic advisors when he said if we pass what the american rescue plan, that ridiculous $1.9 trillion spending bill we did not need, if we passed that we will see the highest inflation in generations. we passed it, that is what happened. maybe we should pay attention to him. and set up some woman from new zealand who has absolutely no idea what she is talking about. cheryl: [laughter] i try not to listen to aoc. but she lives in new york.

meanwhile, the biden administration announced 15 and a half million dollars in funding to automakers and suppliers to help them switch over to making electric vehicles president biden says this money will "help existing workers keep their jobs and at the first shot to fill new jobs as a car industry transforms". even "forbes" ceo has admitted electric vehicles will require 40% less workers than traditional cars. steve, what do you make of all of this? >> another con job. just like hilary clinton telling coal miners in west virginia and elsewhere we will give you money but we will close you down. i think they realize this is a job killer. and it is an unnecessary one. no real demand for ev's. ten-15% of the market. a real tyrannical way trying to force everyone to do it. it cannot be done. it will rip up the environment.

put the auto industry a bankruptcy and rip up the depression. cheryl: andy, you've got potential strikes coming against the automakers. the uaw, they are feeling very empowered these days. final thought. >> look, a follow-up on what steve said. an old story about a pet food company that came up with great dog food. tested well. they had it online. they talked with owners. it did not sell. somebody at the back of the room said the dogs don't like it. this is what we will face with electronic vehicles. people just don't electric like them. when government drives demand, it eventually drives up. government is not very good at this. cheryl: those picky pets. you just never know. [laughter] >> you never know.

andy puzder, steve forbes, great to see you. thanks for being here. >> thank you. good to see you. good to see you, too, steve. cheryl: say goodbye to the american dream. looking at the state of u.s. real estate coming up next. >> if you find something that you like enough, go ahead and get it. get the house. realize it is not a forever thing. that really is not what the mindset was five years ago and prior. ♪ i got into debt in college, and no matter how much i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with low low fixed rates, and borrow up to $100k. sofi get your money right.

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cheryl: the dream of buying a house for many americans is becoming harder to achieve as home prices continue to climb. falling more expected at the

slowest pace since january amid low inventory as homeowners are opting to hold onto those lobar -- lower mortgage rates. dipping slightly this week but still remaining above 7%. i next guest is warning the surge above 8% as a feds raise rates next month. joining me now is lawrence yun. why do you predict 8% on the 30 year? >> the fed is clearly over doing it. the inflation has already come down, but the leaning by the fed is for further rate hikes. we are reaching a resistance point that is critical. pointing a little above. it will easily top 8% at least in the short term. the best thing right now, the first-time buyers are struggling to get into the market. combination of higher home prices. limited inventory and hiker mortgage rates.

if they continue to come down, the housing market will continue to revive. making it difficult from the fed decisions. cheryl: when do you think mortgage rates will start to come down? that's part one of my question. part two, what about prices? we have seen price pressures under the 7% mortgage rates. i would think a percent you will see prices full more. >> there will certainly be fewer buyers. also having newer sellers in the marketplace. the situation is we have limited inventory. that is holding up the prices. they witness some degree of measurable price decline. when it happened, it brought buyers back. the prices are beginning to rise the mortgage rate would decline. i would see inflation clearly coming down by december of this year.

the economy a little bit on shaky ground. it would be a huge signal to the mortgage market. i see the mortgage rate hitting around 6% by spring of next year >> one of the things we have seen as those that have lower interest rates. 3%, 4%, they don't want to let those rates go. they are not motivated to sell. the older generations would like to sell but they cannot get rid of that mortgage rate. going from three and a half% to 8%. the market is stuck. it's been like that all year. when does that change? >> we have to recognize there is increased cash sales right now. they said that i can use cash. furthermore, people moving to more affordable regions of the country, moving to the new york city region and then go to south

carolina. they sold the expensive home and by all cash. we have to recognize there is a life-changing circumstance for many families. may be a marriage, may be a divorce, so all of these delays in selling is just pent up right now. say towards 6%. having a very unique situation of increased buyers and increase sellers. all the sellers that have been postponing their moves. i need to make a move. >> lawrence, that is what makes a market. looking forward to that. nice to see rates finally go down. lawrence, thank you. it is great to see you, of course. thank you for joining me. one important thing you need tob

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cheryl: welcome back. one thing you need to know next week. the fight against the opioid crisis that has killed over 100,000 americans last year alone. the emergency overdose medication will now be available to buy over-the-counter. the drugs manufacturer said it is on the way to cvs and walgreens. slamming the price. one box for two doses will cost $45. a life-saving drug is expected to hit stores this weekend. that will do it for us. thank you for watching. we will see you next time. ♪ >> barron's roundtable sponsored by global x etf. ♪