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stuart: i don't know why but i love this song. let's give them something to talk about. yeah. i can get on board with that one. look at that. that is new york city. just terrific, the clouds, the blue sky. good morning. it is 10:00 eastern. straight to the money, dow is down 60, nasdaq down 18, no big deal. how about the 10 year treasury yield, that is at 4. 29% up a fraction. the price of oil making headlines in the energy market, oil stocks up today because oil has moved up to $88, on the upside today. bitcoin also on the upside, 26,290 is the price now, up sharply.

to the markets, now this. it won't go away, the president's for agent frailty are taught page news. the white house is worried, and biden's news conference in vietnam ignites his opponents. white house spokesman andrew bates blames qandon conspiracy theories for the negative headlines, really? mumbling, frailty, inability to focus, i'm going to bed, all of that just cooked up by his opponents, the democrat party is rife with ideas how to ease it but the hate keeps coming. in alaska to commemorate 9/11 the president said this. >> ground 0 in new york, i remember standing there the next day looking at the building. i felt like i was looking

through the gates of hell. stuart: he was not there the next day, was not there september 12th. he doesn't visit until september 20th. it is what is politely called embellishment. it is unsettling. he dropped out of the presidential race in 1988 accused of copying a speech by british socialists. has become a constant drumbeat and you can sum it up like this. does anyone believe president biden will be the president for another 51/2 years? second hour of varney just getting started. jason che fits -- jason che fits jointly this morning, we too focused on biden's age? >> no. the president's embellishment of the truth has been something

that has been a lifelong problem, his wrestling with reality is exacerbated by the fact that he is getting older and his cognitive decline to everybody, for the white house to blame q1 on and blame republicans, are you kidding me? that's an act of desperation. they are running out of things to say and excuses to make. stuart: we talked about this before. i don't think he will be the presidential candidate, the nominee. >> and i think he would do himself and the party a service, would be heroic on the democratic side by announcing he's not going to run for reelection. however the nominee is going to be needs to give a running start to establish themselves, raise the money, put together a campaign. as i said a couple times president biden is not a serious candidate in 2024. he's the sitting president, with all due respect, his

campaign staff is less then 10. that shows me they are not gearing up for a big biden run. stuart: speaker maccarthy has to deal with it overman shutdown and impeachment inquiry into president biden. how do you think maccarthy should approach these two problems? >> the impeachment inquiry to get more subpoena authority to investigate the bidens should be simple. if you are not willing to do that you are not a republican. you're a democrat. would democrats hesitate on this? they wouldn't hesitate one bit. the idea the cbo is suggesting we are facing a $2 trillion deficit on top of a $32 trillion that there's no easy answer. the speaker did not put the house through regular order. a lot of people floated for the speaker thinking they would

vote for regular order and in the pose addition they've got to do a continuing resolution, no easy way out of this. that is the work the house needs to do. stuart: eric can tour gave some advice to maccarthy on the shutdown, he told politico unless there's a plausible way to execute a plan of a shut down that republicans can actually win i am not sure there is a win there. cantor seems to be suggesting if there were a government shutdown republicans would get the blame like they always do. they do, don't they? >> eric can tour is one of the smartest minds out there, a great leader and i miss his presence because i thought he was the most savvy in terms of the economy and growing the economy, if you are not willing to hold the line, because this

is the problem. i was there for the previous shutdowns and you get a week to 10 days, weak knees come out. everybody start scrambling for the hills and next thing you know they have lost. you've got to have a plausible plan. realities republicans have only one third of the vote. they've got the house but don't have a senate, don't have the white house so go get a couple things done and i think that's the best you can do. stuart: a shut down is in the cards. >> chuck schumer would love to see it. they know it will be something they can point to in november and it's not about the economy but winning the next election. stuart: as always thanks for being with us, see you again soon. do you remember andrew yang? he's making headlines again. is he going to jump into the 2024 race?

ashley: remember andrew yang, onetime democratic president of candidate, new york city mayoral hopeful as well but a parent they had talks with the centrist party organization called no labels about its third-party presidential win but yang has basically sidestepped questions whether he has been approached to run as a potential presidential candidate. no labels attacked by democrats who worry the group will play a spoiler in 24 and end of electing donald trump. yang says he's in anyone but trump kind of guy, says he wouldn't run for president. his candidacy would be counterproductive. he says he's bearish on biden's chances, a potential trump biden rematch, terribly unrepresentative and borderline ridiculous. stuart: sounds like he is itching to get in any way. i think he is. back to the markets please. a little bit of reading, dow is down 80, nasdaq is down 18.

scott shelladdy, consumer spending is about to hit a wall. what do you say to that? i think that would be a negative for the economy. what say you? >> the consumer is one of the last legs everyone is banking on recovery coming from because there's 60% to 70% of the economy and they've been going port to port draining money out of anything and everything they get their hands on starting with their savings, drained it, now it is credit cards, up $1 trillion total in the country, they've gone to home equity lines of credit, their 401(k)s, refinanced their houses earlier on, they are going from every port trying to find money and finally at the end of the road and that is unfortunate so the consumer is starting to wobble.

we've seen the cfo of kroger saying they had to downgrade sales for the second half of this year and that is food we are downgrading so the consumer is starting to tire and living on fumes. stuart: it has impact on the economy. does it matter to wall street? >> it will matter to wall street. everyone has been arguing about the soft landing or hard landing. let's get one thing straight. we are going to have some difficult financial times ahead of us. i'm not saying it was a total calamity, depression or horrible recession but we can't put $6 trillion into this economy and take it out with unintended consequences. we are going to have difficulty and that difficulty will manifest itself in this. we will have interest rates higher for longer. i have been saying not soft, not hard, it's a long landing. i don't think the economy, the

consumer in particular are ready for 5.5% interest rates for a long period of time. that's going to bite. it has already started. stuart: very negative impact on consumer sentiment, high interest rates not good for those people. thank you very much, see you again soon. ash is looking at the movers, start with oil makers. any movement on negotiations with united auto workers union? ashley: very little. analysts say there' s a high likelihood a strike will going to affect, until midnight thursday night. people familiar with negotiations say things are moving very slowly. a bit of good news, the union is, quote, noticeably willing to make concessions on some key demands.

all three carmakers as you can see up today. tomorrow, us based paper and packaging company bought by their irish competitors. west rock agreeing to the $11 billion deal creating the world's largest paper and packaging company worth nearly $20 billion of stock. west flock stock up 5%. finally, taiwan semiconductor investing $1 million in the ipo arm saying other major tech companies including nvidia and apple interested in purchasing millions of shares of those companies. a big ipo coming up. stuart: stay on that, the ipo, the ceo trying to win over investors. what is he saying? ashley: the ceo telling

investors the arm is poised to be a bigger and more profitable business not only because of cloud computing and artificial intelligence but a change in arm strategies that will focus on designs on specific products. arms emphasis is always been denying -- designing chips for smart phones and technology to companies like qualcomm. the pitch working, the ipo oversubscribed by ten times and bankers planning to stop taking orders as early as this afternoon. raising $54.5 billion. that serious money by any regards. ashley: just like that. $54 billion. stuart: i could do it, see. thank you very much. for the first time, apple is

set to offer a made in india iphone as the company tries to shift from production in china. that will be in our 11:00 our. the governor of new mexico under fire for temporarily suspending open and concealed carry in albuquerque, the national rifle association says the governor is ignoring the constitution. at least 22 people shot over the weekend in chicago, five dead. we speak to chicago pastor polly brooks on the gun violence gripping the windy city and whatever can be done about it. and on main streets across the us, you'll find pnc bank. helping businesses both large and small, communities and the people who live and work there grow and thrive. we're proud to call these places home too. they're where we put down roots,

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dow is down 70, nasdaq is down 14. look at this. homeless people passed out along the streets of philadelphia. they set up camps in the sidewalks. what are these? ashley: it is called ryrank on the street. look like a scene out of the walking dead. disturbing video from philadelphia, shows addicts on the street, hunched over with no control, horrific. this gruesome scene is fueled by the use of a potent animal tranquilizer, a powerful sedative that infiltrated drug drug supply across the board to enhance the effects of heroin, fentanyl, cocaine, mainly addicts living on the streets forced to turn to crime and

theft to sustain themselves. local activists say they are using booby-trap like spangler systems to keep drug addicts away from the storefront. total property crime is up 22.35%, a desperate situation. stuart: it doesn't look like america, not supposed to look like that. thanks a lot. new mexico's governor facing heavy criticism for temporarily suspending open and concealed carry in albuquerque. william, it's not just republicans pushing back on the governor's order. >> for anybody to call out their own autocrats but a few democrats have. for using a public-health order. progressives have this idea for years but hasn't been tried until mexico democratic governor on friday suspended

the second amendment saying would make streets safer. she provided no evidence as to why especially since neither the albuquerque police, the mayor, the da or the sheriff will enforce the ban and state police refused to tell us if they have confiscated any guns or fined or arrested any residents in a state where anyone can legally carry a gun or rifle. >> effective immediately, no person other than a law enforcement officer or licensed security officer shall possess a firearm openly or concealed. >> law enforcement professional will not do anything to curb gun violence other than punish law-abiding citizens and their constitutional right to self-defense. >> the governor issued the order after the shooting death

of three children since july, she claims no one is since in albuquerque without the band. state republicans say it will go nowhere in a state controlled by democrats. so far they filed six lawsuits. >> he can't just suspend the part of the constitution she doesn't like and say it doesn't apply. the second amendment doesn't just say you have a right to keep arms. you have the right to bear arms. you have the right to carry firearms outside of your home. >> court hearing to block the order was scheduled for this morning after the federal judge appointed by president biden, the explanation, she was reelected in november so the governor says she's likely to extend this order if this gun violence is not contained. stuart: thank you very much. 22 people were shot and five people died in gun violence in chicago. cory brooks from the new

beginnings church joins me now. do you have any solution for this. >> thanks for having me on. violence in chicago is an ongoing saga and government has proven it is insufficient in solving issues, that's why is important for organizations like ours to change the heart and mentality of people. building a $35 million center on those issues. we realize government is insufficient and as a community we have to take back our community and change the mindset of individuals if we are going to turn the tide on this violence in the state of chicago. stuart: the mayor of chicago says the market crisis will cost the city 1/4 of $1 billion this year alone. do you approve of that, should it be used to bring peace to troubled chicago neighborhoods? >> definitely wish they were

being used in a different way, chicago is overwhelmed by migrants. as a result, we are seeing situations where individuals are receiving funds that hopefully would have gone to the things we are doing, it is important that people know about the city of chicago. there are so many communities struggling like ours and there's a need in the educational system, our social services and this will only magnify the issues. stuart: would you go for spending that money on the police? would you do that? if you could, would you do that? spending on the police? >> absolutely. we have a shortage of police in the city of chicago and a shortage of detectives trying to solve crimes.

the chicago police is hit so hard, they do such a job trying to keep people safe, those are funds they could use to enhance and make things better and safer in the city of chicago. stuart: are you looking for a bailout from the federal government? >> i am sure the mayor would like to have some federal funds but so far biden's plans are insufficient to solve any of the issues not just in chicago but philadelphia, i don't look for anything from the biden administration. i'm looking to see if it does the things we need to do to turn the community around. stuart: pastor cory brooks, thanks for being here, appreciate it. the consumer is about to crack and fall back in consumer spending.

if the consumer hits the wall. big tech bringing a boost from artificial intelligence, so they can regulate it. hillary vaughan has that report next. ♪ bigger better stronger power ♪ ♪ i've got the power ♪

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stuart: not much price action. the dow is down 70, nasdaq down 70, a little bit of red ink. big tech coming to capitol hill. ceos out there testifying about the growing field of artificial intelligence. does congress want to know more about ai so they can regulate it? >> that is the idea. many lawmakers on capitol hill have major concerns about the emergence of artificial intelligence, how it will put americans at risk whether their data or their virtual you. this whole week artificial intelligence is dominating the oxygen on capitol hill. we have a massive forum tomorrow but meetings have started today.

we caught up with microsoft president brad smith, headed out of marsha blackburn's office, meeting with her today, she tells me she has big concerns about china, how artificial intelligence is being used and how us companies are using and developing artificial intelligence and how lawmakers can make sure americans are not hurt by that. i cut with smith out of the office and asked him what's the worst thing washington could do when it comes to regulating ai? how could it hurt the government of ai? the better question is what should they be doing anything to washington is on the right track, a listening session between ceos of tech companies and lawmakers on capitol hill so they can get more information. senator my grounds said that the whole point of the forum, to not come up with regulation but get information. >> folks coming in on a

bipartisan basis, we wanted them to feel comfortable there comments were directed to to settlers rather than what some people saw as a large audience. >> reporter: we will see tech leaders from major tech companies descending on capitol hill, mark zuckerberg among many others to be here. mostly a listening session but not all lawmakers are on board with the idea that is not an open hearing open to the press and the public. there will be no cameras inside. here's senator josh hawley. >> they are all here to tell senators how to make the maximum money. a lot of these folks should be answering questions about what they are doing with people's private data. >> reporter: a lot of these questions will come up behind closed doors but there are

hearings today, smith will be the witness at one of them facing lawmaker questions, a lot of them about americans data. stuart: thanks very much indeed. a new report from bloomberg reveals a majority of investors believe consumers would slow down there spending by early next year. i often say we need an economist and we found one, his name is anthony chang. welcome back to the show. is the consumer about to crack? >> no doubt the consumer is going to slow down. we are seeing signs student loans are making some payments on those. some evidence opentable and retail sales are going to slow down but the real question, is the consumer going to slow down enough to cause a recession? my suspicion is it will slow down enough but we will survive this in some way. we will not over session.

>> i have been on your show forecasting a recession but i'm the first to admit when i am wrong. the evidence does show that the economy is slowing but not collapsing. we know in the third quarter the atlanta fed is forecasting 5. 6%. %. i think that's a little high but it is going to slow down as the year goes on but to get a recession we need negative economic growth. the bureau of labor statistics said we have a negative benchmark revision and query data doesn't just look at a survey of employment but the employment picture says the benchmark revision is a bit overstated so we will see slow down but not a collapse. stuart: ultra soft landing. >> one of the things economists like to do is put things in buckets, soft landing, hard landing, put it in a different bucket, survival landing where the consumer helps the economy survive. stuart: got that.

you know jamie dimon, america's top banker, it would be a huge mistake in his words if we believe the economy will keep booming for years. argue with him on that? >> i think he's right. he was my former boss. i have a lot of respect for him. why do i think he might be right? because on average my research finds you get recessionary 5.3 years. we are bound to get another one if it's an average cycle by somewhere in the third 1:45 thousand 25. he has been beating that drum for quite some time and i suspect he will eventually be right. in any given year, everything going right, the odds of a recession are 20%. %. if you say there's a risk of a recession, 12 to 18 months, can't argue with that.

stuart: to sum it up. all trust soft landing for the economy and no boom for the economy in years to come. >> for sure. as we go into 2024. we are going to see slower economic growth. will it be so slow as to push into recession? the recession is coming, just doesn't seem it is coming early in 2024. stuart: the real question, what happens to the stock market? >> what we see with earnings expectations, starting to revise earnings higher which is the wrong direction if you want to forecast a recession. if you believe the analysts they are not getting excited about a recession in 2024 either. stuart: i would take and all trust soft landing. thank you very much. ashley, you are looking at the movers today. what have we got? the crypto people. ashley: during the texas heat

wave the crypto minor $32 million in energy to cut back on their operations kind of like the british scheme paying not to use electricity, bitcoin mining is energy intensive process so they need to shut down for the summer to not strain the grid of texas. meanwhile, walgreens making a move in healthcare field, teaming up with oral health, out of walgreens plan to work closely to get customers connected to primary care physicians. walgreens up 2.5%. go daddy, the activist investor stock sent a letter to the company telling them they need to create meaningful value. that would include selling the company. go daddy up 30%. %. stuart: $75 a share. now this. the white house considers tapping the strategic petroleum reserve again.

it is a short-term fix for a long-term problem. gerri willis will have the story. if you are thinking of getting global entry, think of your backup plan. customers and border protection i backed up with applications for the program. we will tell you everything you need to know next. ♪ ♪

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stuart: look at the market, starting with apple, down a couple bucks, 177. 1:00 eastern time, the big reveal of the iphone 15. show me the price of oil going up these days $88.96, up 1.9%. show me the oil companies moving on that news.

chevron, shell, halliburton, schlumberger, all of them are up because oil is getting close to $90 a barrel. gas prices rising and the administration keeping open the option of tapping the strategic petroleum reserve, said that i thought this reserve was empty. >> it is awfully close. the biden policy, tapping this with gas prices rising. the administration is considering the strategic petroleum reserve once again. the administration had been refilling the reserve which sits at 40 year lows. the at ministrations sold 180 million barrels of oil to combat high gas prices resulting from the warring ukraine.

production cuts by saudi arabia and russia forced the administration to stop that refilling. >> the biden administration has purchased 3 million barrels of crude oil for august and september. that rate would take us 12. 5 years to refill the strategic petroleum reserve to the levels we had seen in 2011. >> many are criticizing biden's moves as a short-term solution to a long-term problem, tapping the reserve, they say, is a temporary fix that lowers prices for short period. they set up the deal with temporary market disruptions, long-term strategies include recent domestic crude supplies. by the way, the president's comments that he brought down gas prices simply untrue.

5 bucks of the alimony came into office, according to the energy administration his own people, $2.39. 383, more than when he took office. stuart: if you have enough to replenish the strategic oil reserve, you raise its price. >> it is high and you raise at higher so they stop buying when the prices were high and the energy secretary was saying i want to purchase x price which is a big mistake, you never tell markets what you are willing to pay. stuart: $89 a barrel. if you are planning on flying you may have considered fine for global entry to get through those tsa lines. i understand there are issues with applications for this.

ashley: if you want to join expedient relaying, have some patients, global entry offers travelers a faster processing through customs and immigration, to international destinations and speedy trips through security lines at the us airports. the problem is applications for the program are taking as long as a year or longer to process by u.s. customs and border protection. if you fly, mostly domestic, the best idea for travelers, should instead ply to the tsa pre-check, a separate program that includes expedited screening in tsa lines. the number of active global numbers has exploded from about 2.2 million to 12.3 million, the agency is on track to receive 4 million applications this fiscal year. if you can apply for it, you won't get it back anytime soon. stuart: i hear you, thanks. now this.

air cohost on the view says there's no real reason to be concerned about biden's age. >> joe biden's old. that's a narrative that has been created to cause panic in people. what's the second part of that narrative? joe biden is old and kamala harris is unprepared. joe biden is old, he's not dying anytime soon. stuart: let's see if voters buy into that, the jets, overtime thriller suffered a big loss, five minutes into the game. brian kilmeade breaks down aaron rogers's injury that could keep him on the sidelines for the season. ♪ ♪ ♪ ♪

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when i first started golo and taking release, my cravings, they went away. and i was so surprised. you feel that your body is working and functioning the way it should be and you feel energized. golo has improved my life in so many ways. i'm able to stand and actually make dinner. i'm able to clean my house. i'm able to do just simple tasks that a lot of people call simple, but when you're extremely heavy they're not so simple. golo is real and when you take release and follow the plan, it works. stuart: you've got to follow the price of oil. it hit $89 a barrel, first time it hit that level for a year. that is a sign of sticky inflation because it affects the price of gasoline. 10:51. brian kilmeade joins me.

as you know, president biden claimed he was at ground 0 the day after the 9/11 terror attacks. watch this again please. >> president biden: when evil attacked, ground 0 in new york, i remember standing there the next day and looking at the building, felt i was looking through the gates of hell. stuart: by constantly raising this type of story we could be accused, i could be accused of piling on. what do you think? >> it's too important not to. if we look at someone's background and say i had a problem with what you said in 1998 and 2,008, okay, why are you going so extensively into it, he just said it. i was there the next day. invites everybody to i didn't know that, can you check that out? it was two weeks. you might come back, say it was a blur back then but why say it.

i was there soon after. and experienced politician has been doing this since 1973. you would think. it's very important because on 9/11 he made it a story because he chose to do two days in hanoi, vietnam, chose not to go to the previous summit and stay home, took multiple, leaving friday at 12:00 noon coming back at 12 noon, vietnam meant so much, could have gone there and came back but instead he said i will do alaska at 4:00 in the afternoon on 9/11, who cares, 20 you 2 years, doesn't stand out, they have a problem, i will point out this many years, 22 years after pearl harbor we didn't really do much. it was multiple attacks in major cities. that resulted in a war that we are still experiencing the residue from. 1963 was the assassination of jfk, martin luther king and the rise of civil rights, the rise

of the vietnam war. there was a lot going on. this is a guy who wants to win reelection. why would you give the heisman to those families of people who were affected? afghanistan was the result of that war and the way we left and the saudi arabia meeting, saudi arabia and india, decides to shake his hand. stuart: you can't ignore it. got to cover this stuff. i want to talk about aaron rogers injured four snaps into his new york jets debut. jim gray says this may not be a career ending injury. watch this. >> the head coach of the new york jets told the media it doesn't look good. it is an achilles injury for aaron rogers. that's very sad news. we will know more tomorrow after the mri. it is not career ending.

stuart: any way you slice it, this is a disaster for aaron rogers, the fans, and the jets. >> even at 39 years old, he was playing past that, tom brady walked off the field uninjured. it was a freak injury, makes no sense. this guy played through more pain and injuries, almost never leaves the field. that was the feeling. 83,000 on average. he runs out with the american flag, the crowd is going crazy, bigger crowd in the super bowl taking on the dreaded buffalo bills, ultra-talented. in the end, four players match four mvps. he's done as a jet for now. let's find out if it is torn. let's find out if it is ruptured. let's see if it came away from the ankle and get our mri results today. stuart: before that injury, word the jets considered super

bowl contenders even though it's at the start of the season? >> yes. even if you are a mild sports fan watch hard knocks this year. they go inside how special the coach is and the coaching staff, how the team has been tortured since 1969. first time he worked, the jets win the super bowl, haven't been back to the moon in a few years, the jets haven't been back to the super bowl and they have a shot with one of the greatest quarterbacks ever. he wants to read deem himself in the public eye because of the vaccine controversy. it was the perfect storm. now, not a disaster, too much talent to drop. stuart: what a shame. thanks a lot. got to leave it. see you soon. here's what is ahead next hour. jerry baker on the new york times coming to biden's defense after a speech in vietnam. carol markowitz on randi weingarten and the bidens's failing policies. brian brenberg on democrats

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