named after people? we've been trying dog figure oue those two named after people? anyway, we've been trying to work it out, we're going to make our guess and, ashley, you're first. ashley: i'll go 8, number two. stuart: lauren in. lauren: i'm going 8 also, but was it the state is named after the person or the person named after the state? stuart: good point. is dakota the name of a person? i'm going to go with 11. the answer is11. if. [laughter] delaware, georgia, louisiana, maryland, north and south carolina, new york -- new york? new york? the duke of york, okay. pennsylvania -- yeah, go ahead. virginia, west virginia and, of course, washington. now you know. time's up, "coast to coast" starts now. neil: all right, stuart, thank you very much. hope you guys have a great weekend. looks like we are going to turn around most of the market average as here and maybe

nominally be on the upside. a little too soon to tell. the bull and the bear arguments continue right now. we just don't know exactly where this takes us, but we've got a darn good bull, ed car with denny, and a darn impressive bear to sort out what canned be a bumpy ride depending on the time horizon. in the meantime, susan li's been mapping out this closing trading day of the week but, man, oh, man, this is a week for certainly the more recent history books. what do you think? >> neil, if someone told you at the end of monday's selloff, which was the worst day for the market in two years, that we would only be marginal ally down by today, friday, you may have thought that's a pretty tough trade, but here we are, barely down on the week, still on track for a fourth weekly loss which is the longest losing streak in a year. but you're down about 9% from those july records, and we typically see a 10% correction if from record highs in an average year according to

goldman sachs. so this type of volatility is expected especially in quiet summer months. now, the biggest trade the last few years, a.i. and chips, still alive after the world's biggest contract manufacturer of advance chips, taiwan semi, said july sales went up by 45%. now, nvidia, amd outsources the actual making of their a.i. chips to tsmc, so that means there's still booming demand for a.i. and a boost to these a.i. stocks. still, nvidia's lost almost a trillion dollars from its june record, it's been down along with the rest of the mag 7 tech stocks. the hyper-scalers as they're now called, only meta is up over the past month, and that's because it's the only one out of the mag 7 that's underperformed since its april personnings. surprisingly -- earning. despite if warren buffett dumping almost half of his apple shares this year, over $70 billion worth, apple's still holding up this week, and that's because when buffett sells,

index funds have to buy in order to mirror the index, so buffett hasn't sold much apple since 2016, and there's that strange dynamic on the market. this week's extreme volatility where you have one session as the worst in two years, then another that's the best in two years, that type of volatility is expected to be with us until the end of this year. next week two things that could shake up momentum, you have that inflation cpi report. walmart if earnings and then later on this month nvidia earnings on the 27th and jackson hole and the federal reserve later on on august 22nd. neil, wall street's still betting there's a greater than 50% probability, more than half, that we'll get a jumbo 50 basis point rate cut in september. neil: you know, it is weird, i mean, that betting has gotten so strong now that you wonder if they don't get that half a point cut, you know, are they going to have a temper tantrum. we'll have to see. susan, a great review of everything.

i want to go to ed yardeni on this because ed was one of the earliest to see even when we were getting through a thrashing sometime back that we'll get through this. in fact, he likened what was going on in this decade of the '20s to what was going on a hundred years earlier, in that decade of the '202s. he's back with us right now, ed yardeni, president and chief investment strategist of yardeni research. ed, thank you for joining us. were you unnerved by some of this week's developments to rethink all of that? >> not at all. i was energized by it because whenever i see this kind of wholesale panic selling, i often conclude that it's probably going to rebound. and this time around there's good reason for that. i attributed most of the selling to the unwinding of the carry trade, a lot of speculators and borrowed money in japan at zero interest rates and then invested them around the world including

in the nikkei which was down 12% on monday. and then, of course, they without the magnificent seven -- bought the magnificent seven which also took a dive. i thought this was unwind pretty quickly, and sure enough, the bank of japan came in and said, you know what? maybe we're not going to raise interest rates that aggressively, and suddenly the yen stopped strengthening. ironically, if the fed had gone for an emergency rate cut the way some people hysterically were saying, i think that would have actually worsened the situation because that would have strengthened the yen even more. and then finally, the employment number was very weak on friday, but we looked at it and we -- we're convinced it was weather-related. neil: yeah, i did catch that, and i usually keep up with a lot of your writings, because i learn a lot and try to mimic them and shamelessly tell people they're mine. but explain this whole weather thing. that i didn't understand. >> yeah. well, actually if you looked at

the bureau of labor statistics' employment report which is on their web site, they went out of their way to say that hurricane beryl had nothing at all to do with the weakness in the employment report, but then in the very same report they have a series showing that 1.5 million workers were affected by inclement weather and couldn't go to work. that didn't mean that they were counted as unemployed, but it did mean that the average a workweek declined, and maybe some people with two part-time jobs could only get to one. and so i think we're going to find that when we get the next employment report, it'll be split pretty strong. also when we looked at initial unemployment claims a week ago, we saw there was a big spike in hurricane which was hurricane-related, and so we concluded that we might actually have a rally on thursday because we thought that the initial claims data would go down, and that's exactly what happened. neil: all right. so let's take a gauge of what could happen now. when you have a forecast like

this -- and it goes out years, so i understand you don't necessarily stop and look at election results, but it looks like the election is getting to be a bigger and bigger factor as the weeks and the polls go by. >> yeah. neil: how do you play that, ed? >> well, i think the market's going to churn around until the elections. i think it's going to churn below the july 16th record high. and then i think once we get past the elections, i think the market will have a year-end rally. and the reason for that is i think the economic data's going to continue to be fairly strong. in other words, i think we're going to discover that the u.s. economy can to do well notwithstanding who's monkeying around with it in the white house whether it's democrats or republicans, or democrats or republicans in congress. so i think the resilience of the economy notwithstanding our politicians is going to come to the fore. i think the fed's going to only cut by a quarter point on september.

i don't think the market's going to be disappointed because the offset will be a relatively strong, resilient economic indicators. neil: so when we look at this market now, i was taking a look at some of the year to date figures. we're up for all the major averages, a little less so for the dow but not that bad. so what is your sense for the remaining few months? >> well, i think -- for a while there i thought we'd get to 54000 by year end, but we got there a lot sooner, and now i'm thinking maybe we could get to58000 on a year-end rally -- 5800. remember the 19202s, remember how they ended, we'll get to that in a future interview, but how do you see the rest of these 2020s? >> well, the 20202s -- 2020s, i think, have been the roaring 2020s so far. as a matter of fact, i think the in november 2022 the stock

market started to discount the technology revolution that will continue to drive the 2020s. that's when openai produced their artificial intelligence program. and i think there is some hype in artificial intelligence, but i think there's also a lot that suggests that it will be a useful technology to improve productivity. and i think there's already technologies like that. last year was a very strong productivity year, and so far this year's turning out to be the same. so i'm looking for the roaring 2020s to be led by technological innovations that boost productivity. neil: if i can go back to the presidential election -- >> yeah. neil: -- does it matter who wins in your scenario near term? >> near term it doesn't, but much will -- i think it's not just the white house, of course, it's also what congress looks

like. i'm kind of rooting for gridlock. i hope that we get some combination that makes it hard for washington to meddle too much more with the economy. i was actually encouraged by the supreme court's decision to make it harder for regulatory agencies to meddle in, with regulation in people's business. so i think it doesn't matter that much in the short term but, look, let's see how it all ends up politically. if trump comes in with a republican sweep and really intends to increase tariffs dramatically, then even i will start to worry about a what happened in 1930 which was the smoot holly tariff. that's really what brought the roaring 1920s to a a terrible end. neil: that that's a very good perspective. we do know that gridlock, markets do well. of course, we learned that with bill clinton in his years there. but let me finally get your sense, back to the federal

reserve and this idea of whether they cut big or just cut a little. i had austan goolsbee on with us, the chicago fed president, who says that we don't look at the markets, that's not an important matter. but i know that's gotta be wrong, it's like me when i lie, i wasn't looking in the refrigerator. of course you were, neil, because all the food's missing. [laughter] i never understand that. as long as i've covered the ferkd you know they're looking at the markets. >> absolutely. neil: they can't not be. what do you think? >> yes. i agree. neil: so what a because do it mean if they're saying now this whip i sawing, they're not going to be bullied by that, which i think was his underlying message? we know that the bank of japan was trying to calm the markets down by saying this rate a hike might be a one and done thing. i'm overstating it, but obviously concerned about the market reaction that got. so, clearly, the markets are going to be dictate thing a lot of what central banks are going to do one way or the other, right in. >> absolutely. and while goolsbee may say what

he said, he said it almost to the minute when the deputy governor of the bank of japan basically, you know, screamed uncle and surrendered, basically saying, all right, never mind. we're not going to be raising interest rates. [laughter] to calm market turmoil. maybe we didn't have to do it because it really was up to the bank of japan to do it. that's where the turmoil was epicenterred. but if the market had gone straight down, i think it would have gotten the fed's attention, for sure. neil: that usually does happen. ed, have a great weekend. >> thank you, bye-bye. neil: ed yardeni. now the other side of the equation, fair and balanced, another brilliant fellow, harry dent, one of the earliest to take a look at prior, crashes when a lot of people were completely missing the boat. so you might not, if you're long this market, like everything that harry's about to say, but i think you'll be impressed by his

rationale, why he's saying it. harry, great to have you back. one of the things you look at is just how markets can sometimes get ahead of themselves. i don't want to oversimply fite, but you kind of think this market's gotten ahead of itselfs, and you are still of that view? >> well, yeah. what i really look at is what do people really do to drive the economy. they grow up, they enter the work force, age 20. earn and spend crazy while they're raising kids and peak at age 47, 48 these days. i look at that, and what really happened was the greatest boom in history from '83-2007 ended in late 2007, and ever since when the baby boom stopped spending and until now when the millennial generation is just going to start to drive up again, we've been in this slowdown, and they've printed, i mean, $27 trillion. people don't get this. 6 percent of gdp is stimulus, 19 in deficits, 8ing in money injections, and we've grown 2%. lower than average. what a does that tell you?

we would have been in a depression, a long-term slowdown. so i'm saying now that they're finally overreacted to so covid, $11 trillion of that 27 came in the down couple years after a covid, just recently, and caused the 9.1% inflation. now they've had to tighten 25 basis points, and that a takes a year and a half to hit which means into early next year, i think the economy's going to pull back much harder than expected, not going to be a soft landing and then this bubble -- i mean, neil, just looked at this bubble. i can't even compare it to the roar '20 thes or the '900s bubble in tech stocks. this is the biggest, most global bubble in history, and this is what burst it, they finally had to tighten because they couldn't resist overstimulating in covid which was a short-term crisis from the beginning. so i think this is a time to be extra the cautious, and this is going to follow through. we've already seen the markets down now, people think it's a normal correction. if i'm right, it'll look more --

it'll go down harder into early next year, and then, you know, worry about this. but if you don't worry about this, this thing could get away from them. the first crash tends to be 40-50% after major bubbles, and i've researched that massively throughout history. you can't just wait and see and say, well, we'll see. if i'm right, we're going to see much more down, and then you'll be glad you just got safe and got into treasury bonds and out of major stocks. and that's -- we've got blackrock coming out with the nasdaq 30 new etf, they should just call it the bubble index, okay? that's the top growth stocks in the nasdaq -- neil: yeah, when they come up with different flavors of investment ideas to work off a fad. you might be right. but, you know -- >> i've never been so -- [inaudible] coming out. neil: okay. but the 35-40% hit that you envision, that would essentially halve the dow. is that what you're saying?

and over what period? >> yeah. and that's it. i looked at every major bubble in history, back to 18000s, 1900s, the first crab, 28-422% usually in less than a year. that is normal when you're coming out of a bubble. what people don't get, this is not the '50s and '60s. that was a long, healthy boom. it wasn't bubbly. the '900s was the first bubble. and even the 2007 top, that wasn't bubble by. this second surge has been totally art a official. there's $27 trillion in stimulus, 6% of gdp, okay? i mean, we should have done even better than we did. this, these things never end well, and i was the guy that was criticized in the '80s and '90s for being way too bullish when i saw the baby boom coming, and now i'm criticized more for being bearish. this should be a layup, neil. you see a bubble like this in history, it only ends one way, it goes back to where it started, and that would be the

2009 lows. you think, well, that's only, you know, not that far back. that is over 80% in most stock markets and up to 90% in others. that -- this is not something to sift through and rebalance your portfolio. you can do that 90% of the time. this is what i call the crash of a lifetime, and it's already been put off four and a half years by $27 trillion worth of stimulus. neil: well, let's explore that for a second because you alluded to this period, i think you said from the early '80s, '82, '83 right to 2007, 2008. but if i remember, i mean, we were -- the cow was around 10,000 -- the dow was around 10,000 when we were going through that, whip sawing. we're at around 40,000 now. so -- >> yeah. neil: -- that bubble, that correction, we never got it, right? you're arguing we never got it. >> okay. we had a second major bubble bigger than the first natural a one in the '90s and very

similar to the roaring ' 20s at a time when the demographic were low. in other words, we blew our way out of the the 2008-9 downtown, and about a year earlier than it should have been. and that's to why we've gotten this second bubble. in other words, we cure a first -- cured a first bubble with a second, bigger bubble. that's what i'm saying. if you step back and look at history, this should be 100%, and nobody's seeing it except a few people. neil: when does all of this hit, harry? >> okay. it takes, same like '29-'32 or 2000-2002, it takes about 2-3 years to deflate a bubble. and what it is, it's not the economy getting weak, it's consumers stop spending, it's deflating a major financial asset bubble. you know how big this is, neil? $630 trillion globally in financial assets. that's five times global gdp, okay, at $105 trillion. this is unprecedented, to have a

bubble this big, this global. and everything -- even the roaring '20s was just stocks. real estate didn't bubble in the roaring '20s because it was too hard to get mortgage loan back then. so this is -- you've got to look at history and put this in perspective. i encourage anybody to look at this bubble versus any bubble in history, and if you then say it's not a bubble and it's not going to burst, then i don't know what to say. it should be -- neil: all right. but just to be clear, my skull is kind of thick, harry. help me with this. we have this graph, whatever you want to call it, how long to come out of it? >> okay. 2-3 years. it takes about -- the '29 to '332 crash was the worst in history, over in 34 months, down 89. this will be in that magnitude. they don't come in and massively intervene. you've got to remember, they've been intervening now for 14, 15 years. they keep printing more money, and we keep crashing to new lows. i think at this point it might

become obvious that it's not working, and that's why i'm keen to see how this works out and how quick. they're being slow to loosen here again. they should have stepped on the pedal much earlier if they wanted to head this off at the pass because the tightening that they already did from march '22 to july '23 is going to hit the most into the first quarter of 2025. this is the time period when the economy should weaken, and they should -- and they're being late to loosen a little bit. like you said, a 25 basis points or 50 basis points -- neil: right. that's not going to do anything. >> it's not going to make much difference. neil: all right. harrying or you're always good for my diet, because i never feel like eating after i talk to you. [laughter] >> remember, i was the most bullish guy in the world in the '80s and '90s -- neil: you were, and you've made some great calls. >> [inaudible] neil: all right. all right. always good seeing you --

>> -- if what's really happening, and it doesn't matter what past trends are. neil: all right, got it, got it. >> -- you don't get a bubble to burst by creating a bigger bubble. neil: i wish we had more time. actually, i'm happy we don't, but, harry, it was great talking with you. harry dent, a big bear. we always try to do it on this show, i always tell all my shows, we don't book a republican without a democrat, a progressive without a conservative, the same applies to financial markets. you're not just going to hear from bulls, you'll hear from bears. you will always get the balanced view. what i think doesn't matter. what they think and what you do, that is what matters. we'll have more after this.

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>> i'm mark meredith in glendale, arizona, where the presidential campaigns are taking their message out west. today vice president harris, she's in arizona introducing her running mate to the sun belt state voters while former president trump p he is also out west getting ready to hold a rally tonight in minnesota. trump is facing a lot of questions about -- in montana. trump is facing questions about polling which shows harris surging in battleground states. but trump insists a harris

administration could create an economic clam i. calamity. >> we have a lot of bad things coming up. you could end up in a depression of the 1929 variety which would be a devastating thing, took many years, decades, to recover from it. and we're very close to that, and we're very close to a world war, in my opinion. >> reporter: vice president harris and her running mate touched down in phoenix late yesterday. their rally tonight, thank god, is happening indoors because temperatures are going to be up to about 106 degrees this afternoon. arizona democrats tell fox they are fired up with the new ticket, and i think despite the polls being close, they believe they have a real shot at success here. >> there's is ands a of joy, and it's hard -- a sense of joy, and it's hard to describe it. it's not happiness, it's, the like, joy. we are all working toward this mission. this is a moment where, you know, president biden passed the torch over to kamala harris. >> reporter: but harris is going to be continuing her trip

out west with her running mate, they're going to go to las vegas, neil, on saturday. but there's still a lot of questions about will we actually see a debate between the two candidates. trump says he's going to take part, but we're waiting to see whether or not the campaigns call an audible. neil: all right. and quit complaining about the heat, mark. what is going on with you? >> reporter: i mean, i wore a tie, but it's 100 degrees. come on, man. says the man in the air-conditioned studio. neil: all right, fine, you got me there. mark meredith making his last appearance on this show. always great seeing you, mark. jeff mason, brilliant reporter, reuters white house correspondent, calls it as a he sees it without playing stupid games. jeff, where are we in this whole presidential race? i mean, who knew that both vice presidential candidates would prove controversial here, but that aside, we know that kamala harris has closed the gap, and we know she'll get a boost coming out of chicago at her

convention. that's the assumption. where will we be after all of that? >> yeah. neil, i think you've outlined it exactly right. she's certainly gotten a boost over the last couple of weeks, since taking over as the democratic nominee, and she's going into a period where it looks like that boost will only continue. she got, at least on the left, she got very rave reviews for her choice of tim walz as her vice presidential pick going into the convention. we'll see a speech from joe biden, we'll see a speech, of course, from the nominee and perhaps from some other democratic heavyweights which will be helpful to her as well. so then we land in september, and then that's the question, how long does this energy last. right now it has manifested itself in dollars, it has manifested itself for her in volunteers, and it has manifested itself for her in big crowds at the rally to the cha a grin if of former president donald trump -- cha a grin. but that doesn't mean it's going to be a glide path to november, that debate that mark was

referencing will be a big focal point for both candidates. and you also just never know what can happen in the final two months of a campaign. there's always the possibility of an october surprise and, of course, there's the economy which you've been talking about on your show already and the impact of that. neil: you know, when i hear donald trump talk about a depression and, of course, we had harry dent, he's a noted bear on the market, so that's his book, but for donald trump it's all over the map. i mean, when the markets are up, he takes a bow. when they're down, he blames joe biden. you know? and then flip it around now, this administration says it really doesn't look at the markets although it quotes the markets and what they've done prior to this week, i guess. so they all play this game can, and i get that. but the basic sense you get at least from what i can tell, jeff, is that americans, whatever the markets are saying, they kind of agree with a lot of what the market sentiments was

at least on monday, that they're worried and they're concerned. and i'm just wondering who's getting the edge so far in that discussion. so many extreme positions like, you know, it's the end of the world and all that stuff notwithstanding. what do you think? >> yeah, indeed. i mean, i covered president trump for four years, and you're absolutely right, he would come out to the white house podium to talk about the market when it was hitting a new high. and as you said, blame others if it was going down. so i think you have to take that into context when he makes his remarks. the democrats are usually a little bit more careful about commenting on it, to the chagrin of some in their party. a lot of them believe the president should have taken credit when the dow was hitting records over the last couple weeks and months. but i don't think you're wrong to say that average americans are concerned. certainly, they're concerned when they walk into the grocery store and prices remain high. that's something that dems are aware of, democrats are aware

of, that vice president harris is aware of because it's one of her opening lines in her new stump speech as a candidate -- neil: right. >> -- saying that on day one of a harris administration, she would work to bring prices down. so, you know, if the republican side continues to to focus on that weakness as well as immigration, that's, i think that's manager that the democrats will be trying to respond to. i certainly can't predict where the economy's going to go. what i can say is having covered biden for the last four years, there have been predictions of major downturns almost throughout his administration that have not happened. neil: yeah. usually predictions aren't worth much. great coverage and great insight as always. jeff, thank you very much. steve forbes is coming up after this, stay with us.

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chase. make more of what's yours. >> we're not in the business of responding to the stock market, we are in the business of maximizing employment and stabilizing prices. and if those start to go with wrong, then our job is to try to address that on the real side of the economy. neil: all right. do you believe that? austan goolsbee saying the federal reserve doesn't focus so much on the crazy markets, not going to be bullied by them. that's something you hear out of a lot of central banks. i wonder if steve forbes buys that, one of the brightest minds i certainly know. steve, what do you think of that? i often hear that, oh, we don't even have the markets on in our

office. i don't buy that. what do you think? >> no. well,s the markets try to anticipate the future, and we've seen in the recent decade the federal reserve's crystal ball, they've been behind the 8-ball on inflation and everything else. so they're slow to respond now, the economy is showing some serious headwinds looking out ahead, and they're still fiddling around with interest rates. they shouldn't even be fiddling with interest rates, but the interest rate, neil, to really look at is not the one they keep reporting, the federal funds rate, it's the interest rates that the federal reserve pace on bank reserves which is still over 5%. the markets are telling the fed right now they want lower interest rates. the markets demand it, that's why you see the 10-year treasury down over a point, the markets already have low interest rates and once again the fed is lagging, and that shows their crystal ball, hay need a new one. neil: all right. well, the thinking last week at this time before we got the employment report was that, you

know, it was steady as she goes on inflation and all of that, and now we're not even thinking about inflation, we're worried about the economy collapsing. there's got to be a middle ground here. where are we? >> well, the economy would take care of itself fine, but unfortunately you have a government now that is piling on regulations, a new one that might come in in january that wants even more tax, and you have a federal reserve that still believes that prosperity causes inflation. what causes higher prices is when you have disruptions to production like we had during the lockdowns or undermining the value of the dollar, unstable value of the dollar. right now around the world currencies are all weak. it's just a matter of which one is weaker than the other. japan, which has a currency that is in very bad shape, the yen, had a rally for a while which had led to the selloff in the markets because of what they call the carry trade a few daysing ago. neil: right. >> but the japanese national debt, for example, proportionally is twice our own,

and they still have a 10-year bond that yields less than 1%. so they're in a heck of a mess. so you look around the world, a lot of trouble out there, and the fed is clueless as to how to deal with it. stuart: -- neil: you know, steve, i wonder if i could talk a little bit of politics because if you argue there is something to this trump parade that they prefer him, all his volatilities notwithstanding, but one of the things that strikes me as interesting, i talked to larry hogan, the former are republican governor of maryland, running for senate, and he's not too big a fan of, you know, when donald trump goes on these various tangents either talking about kamala harris' race or getting in fights with the very popular governor of georgia. ien want you to react to this and how he says it's hurting the party, maybe hurts his chances. take a look. >> i just don't think it's useful at all to have a republican nominee for president attacking a republican governor over some perceived slight from

years ago. it just, it's -- none of this stuff is helpful if you're trying to win an election. neil: do you think donald trump is blowing it if he keeps this up? >> i've heard him say he's going to focus on the issues, and that's sort of what i've been suggesting for quite a while, and i think a lot of people in the party -- although not everybody's speaking out, i think they would all like to see a campaign based on the issues that are important to americans. neil: what do you think of that, steve? >> well, i think after the democratic convention, assuming that doesn't blow up like it did in chicago in 1968 and kamala harris gets the expected bump, the president and the vice president, they're just starting to, are going to be sharply focused on the economy, on the real issues of what concern people. the fact they have no faith in the future, that prices are still way higher than they were four years ago, how do you get this economy moving again. so you're going to be talking about tax cuts, you're going to be talking about getting control

of the border, getting control of spending -- neil: and not about all this other nonsense, right? >> no. the issues that matter to people. and one of the slogans i wish they'd use is, if they're elected -- donald trump and vance -- they'll let you keep your car. they'll let you keep air-conditioning that works, a dishwasher that that works and all these crazy regulations that they keep piling on. so those kinds of issues will resonate with people, and that's how you're going to win the election; focusing on issues. that's what people want to know, what are you going to do next year to make this country better and our financial situation better around the kitchen table. neil: you ought to stick to following this stuff. you seem pretty good at it. steve. [laughter] always good seeing you. have a wonderful weekend. >> you too. thank you, neil. neil: well, disney finally admitting it does cost an arm and a turkey leg to go there, and it's trying to change things, but look at the crowds. they're thinning out and now money is falling from the sky. after this. ♪ i'll be in my castle golden.

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♪ >> food is crazy expensive. like, grocery shopping and cooking at home, never eating out. i could still barely afford to make ends meet, you know? rent, utilities. everything's just increasing, increasing, increasing. >> the prices, i think, are really still high. thed food prices are high. it's not all that good an economy right now. it could be better. >> inflation is absolutely crazy. i mean, you even look at mcdonald's, right? happy milieused to be $5 and some change, now it's $13. it's absolutely nuts. neil: and that's the problem. so inflation is still sticking around, and now fears of a slowing economy. if it gets out of control, do people stop doing a lot of things? disney, the latest to say they're noticing that people are feeling the pinch at hair parks, and many of them are not going to the parks. traffic's a lot lighter. universal saying the same thing, six flags and on and on. gary kaltbaum with us right now. gary, what's going on here? >> hi prices have -- high prices

have met credit card usage skyrocketing, and that's the problem at this point in time. people are sitting back at the table and saying we just can't afford it at this point in time. and, neil, i have these little channel checks i do when it comes to the theme parks. on their apps, you go look at the most wait -- wait times for the popular rides, they're way down over the past 32-3 months. -- 2-3 months. so people are making decisions on what they're going to do going forward. and in the stock market, the xly is the consumer discretionary index exchange-traded fund. it's been blowing up over the past few weeks x. even in the little rally this week, it hasn't moved. so something something's if the foot here, my friend, and -- afoot here, my friend. neil: you know what i notice with those disney apps, there's never a line outside the hall of

presidents. check it out, air-conditioned, it's lovely and right near the turkey legs, or but i digress. what do you make of what the consumer is saying? on the high end, they're still spending willy-nilly and all that, just not as willy-nilly. so where is all this consumer spend going? >> but, neil, on the high end lululemon's stock has crashed, lvmh stock is way, way down, so i'm not so sure that's holding up much either right now. and i'm a big believer in listening to the biggies. when walmart and amazon who between 'em both do about $1.2 trillion in sales, a little bit more than that, says there's something up with the consumer, you'd better beware that there is something up with the consumer. and when you see $5 meals and some doing $4 meals, when you see -- i'm getting e-mails from all kinds of big department stores with 25 and 50% off. they're not doing that because

they're nice. their doing that because they have to. they're doing that because if they have to. the consumer's 70% of the economy. i hear some people saying, don't worry, the economy's fine. well, if we lose the consumer, i'm not so sure. and for the last year, i've been telling you watch the job market. that's softening a little bit too. i think we've fallen off the ledge a little bit. i don't think a disaster, but if it worsens, trouble will lie ahead, and the big r-word will show up. neil: what about real estate? you're in the mecca of all of that. how's it looking? >> inventory is skyrocketing in florida, and fantasy prices have started to come down. i must tell you, neil, there are houses up for sale that are 100% higher than they were four years ago, and that's what we mean by fantasy surprises. so -- prices. people are moving here left and right from all across the country. i can tell you where i live hospitals are going up, schools are going up, stores are going up, restaurants are going up.

so still a great area but definitely i think we hit a moment. and, again, only because prices just have gone vertical, like the eiffel tower many some areas in the state. in some areas in the state. neil: wow. wild stuff. gary, be well, be kohl. right now i think we're beating you many terms of the heat up here. always good seeing you, gary kaltbaum, in florida. ashley webster, very good at following up on great stories and great reporting. you probably heard about a third suspect arrested after this foiled terror attack on taylor swift. the more i discover about this, ashley, the scarier it gets. these guys had pulled this off, my goodness. >> yeah. very disturbing details, neil. this 18-year-old is an iraqi national, an iraqi citizen who was arrested. authorities in austria say he had contact with the ringleader of all of this, a 19-year-old, although they don't believe he

was directly related to this plot. but you know what? >> it's very eerily similar to the attack that was carried out in 2017 at an ariana grande concert in the if u.k. that killed 232 people. the -- 22 people. the use of a bomb and anything they could use to create, you know, the biggest amount of carnage. absolutely horrible. thank god that they managed to get this not foiled before it could be carried out. we know that the three concerts that were scheduled in vienna have been canceled, but now taylor swift's concert tour goes back to the u.k. for five dates, five concerts in a row beginning next thursday. london mayor sadiq khan says, look, we understand why these things were canceled in vienna, but he said, quote, we're going to carry on. and investigators back in us a a try ya say this is the danger of young people being radicalized

online by al-qaeda and by isis. and these individuals, certainly the 19-year-old, was hell bent on creating as much tragedy as he could. but thankfully, investigators got word of this before it was carried out. but you're right, very disturbing, very worrying. neil. neil: and these are all isis wannabes, right? so this notion -- >> yes. neil: -- that isis has been stripped of its power and authority, i guess that seems to be gone now. >> yeah, you're absolutely right. they still hold a lot of power, and there's a lot of vulnerable people out there looking for something, and these are the people that these isis members will prey on to carry out an attack, a 19-year-old who wants to, you know, become a suicide bomber, essentially. it's very, very worrying. neil: yeah. wild stuff. all right, ashley webster, thank you, my friend. good seeing you, as always. all right, the markets fairly flat right now, kind of

ending the week more on a whimper but than to eight -- big odd win, but essentially we have evened up from where we were certainly on monday. it would be maybe technically inspiring to see them all positive on the week, but that could be a bit of a climb in the next three hours. more after this. ...

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the answer is j.p. morgan wealth management. neil: quick reminder. i'm going to be talking to rfk jr. on my 4:00 p.m. show about the whole bear thing. not the bear market thing. really this whole bear that he dragged to central park. i want to get to the bottom of what happened there. told me it was no big deal but his first opportunity to talk a little bit about it, at least on fox, so we'll find out a little bit more on that. in the meantime markets sort of mixed right now, jackie deangelis to take you through that. jackie: we're going to try to find direction neil thank you so much and have a wonderful weekend. hello, i'm jackie deangelis. taylor: i'm taylo