challenge in our lives right now, i suggest people go to crossfit or join a gym. this is a really interesting trend. >> i ran home from work yesterday, forgot my headphones, it was great, it was wonderful. just you and me on the road, beautiful experience. charles: oh, wow. by the way, i want to give a shot-out -- shout-out to u.s. marines that came by yesterday, i had an amazing conversation. i gotta tell you something, i feel so much better about our country today than i did 24 hours ago. here's liz claman. liz: did we all read upton sinclair's "the jungle"? oh, my. charles, we're getting old here. i thought raw dog meant something else. [laughter] never mind. all right. where do we start with, where do we look first right off the bat? [laughter] we need to to get down to business and show you the vix, the volatility index is spiking

111.7% --11.7%. at 2 2.23, that is the highest level since just after the august 5th meltdown during which the fear index shot up to 69. ited moderated a bit but around august a 7th it was slightly where we are now. some real anxiety here in the markets. in the wake of a weaker than expected august jobs report and a broadside blow, investors are fleeing stocks. lots of red flowing across the screen here. the dow jones industrials down 357 points, s&p lower by 8ing8 points or 1.6%. both are on track for their worst week since march of last year. a particularly chaotic session for the nasdaq. this 406-point loss equals about 2.33%. tech is leading the markets lower after one name in the space, a.i. chip maker broadcom, broadsided the sector with a big revenue decline and the tepid sales forecast. folks, this is important. as you look at in this hit that the stock is taking of 9.6%, the

revenue declines came not from its a.i. chip business which is looking pretty darn healthy, but, rather, its non-a.i. networking divisions. but impatient investors, they're not waiting around. they don't want to wait to see anything except significant revenues, and they are in no mood for anything less than a stellar outlook. broadcom said current quarter sales will come in at 14 billion, wall street was looking for 14.04 billion. again, wall street's, like, we're out of here. investors are not interested at the moment. broadcom is the biggest laggard on the nasdaq 1000. by the way, chipping stocks are following them down the tankful. the philly sox index down about 4.25%, on track for its worst week in close to 3 years, a loss of more than 12%. and this is not helping the markets either, the august employment report came in at 142,000. that is weaker than the expected 16 600,000. and july's already -- 160,000.

and july was actually downwardly revised the 89,000. a little bit of good news, unemployment fell .1% to 4.2% as more people found jobs than entered the work force. all right. so federal reserve governor and voting member chris waller saying in a speech this morning at the university of notre dame that softening data shows now is the time to carefully, as he put it, start cutting rates. listen. >> i will be looking at the last two employment reports in combination with all other data we have received as we head into the september fomc meeting to decide the best stance on policy. i believe our patience over the last 18 months has a served us well. but the current batch of data no longer requires patience. it requires action. liz: okay. action? in what form? the anticipation over how big the cut will be has everything from stocks to oil to gold

retreating. so while fedheads caution to cut carefully, one of the nation's top economists who had as vise -- has advised the federal reserve says it's time to bring out a bigger knife for a 50basis point drop. diane swonk, why do you feel a 50 point interest rate cut, not a smaller trim, is more appropriate at next week's fed meeting? >> well, we've had the 3-month moving average on payrolls now at 116,000. that that's well within the margin of error of zero. the fed, jay powell has been much more aggressive and dovish than many of his colleagues although waller seems to be sort of joining him a little bit. much more worried now about a further weakening in the labor market rather than inflation. we've already got tight monetary policy each as the fed cuts, monetary policy will still be tight. i think this is an important time when they considered a cut

in july. we know several participants at that meeting did think it was time to cut. it's not a big deal to go ahead and do a half percent cut, catch up with the july number. and there will be dissent if they did that. now, whether or not powell can corral the cats, that's a big question. any way you cut it, i think we're going to have 1000 basis point, a full percent cut -- 100, so one of the meetings before year end will be a half percent. liz: do you think there's danger in being ooh too timid? and if so, what is that danger? when i say timid, i say 25 basis points next week when we get the announcement on wednesday. >> well, clearly -- i actually think there is. we're now at a pace of hiring that's more consistent with the early 2010s where we saw almost no job gains than it is the with the go-go years of coming out of the pandemic. that settling down is even lower than it was pre-pandemic. when you've got such a low pace of hiring and your major engines

of growth, job openings in health care and social assistance, leisure and hospitality and in state and local governments which have been the driver of overall gains plummeted at the end of july, that means you've got less of a tailwind of those less interest rate sensitive sectors that had sort of played the role of relay race, picking up the baton from the interest rate sensitive sectors keeping employment going. the signs that we could see a further weakening as we move into the fourth quarter, we also know that businesses are hesitant to pull the trigger on big investments because of the uncertainty surrounding a very close election and very different views on policy from the two candidates. all of that together really suggests that we should be more proactive and go ahead and say let's catch up on the pact that we thought we should -- the fact that we thought we should cut maybe in july, we debated it, go ahead and cut. it wouldn't look like a panic. i think that's important, and

they'd also be able to lay out their forecast of where they think september -- we see that the summer of economic projections of where they think rates need to go moving forward. liz: it's kind of interesting, diane, we're not hearing the i-word anywhere near as much as we had, inflation. and when you listen to, say, for example, john williams of the new york fed, he sees the personal consumption expenditure, the fed's favorite if inflation number, about 2.25% which is awfully close to 2. finish do you? how do you view it? and what about inflation? is that no longer the issue? >> well, inflation, the the price levels are still clearly the issue for consumers who are still trying to catch up on ground loss to inflation -- lost to inflation earlier in the recovery. that said, the pace of inflation has slowed well below the pace of wage gains and over time you don't want to cause undue pain meaning a further rise in the unemployment rate and have it harder for people entering the

labor force to get jobs. that has lengthened out. and even those people who have lost a job, it's harder for them to find a job to replace it. you don't want to the hit a tipping point and accidentally hit a trip wire when we've made this much progress. and we're still talking about monetary policy that's still going to be restrictive even if we cut by so -- 100 basis points by the end of the year. liz: september 18th, will be the announcement. diane, let's talk about the election that's upcoming not in the political sense, but the fact that if the fed were to do a 50 basis point cut on the 18th, there could be a lot of calls and complaints and questions about, oh, are you gaming it for one side or or another? >> that's always the case. they don't have a horse in this race. jay powell has been extremely good on this and extremely adamant about it. that said, they will be blamed no matter what they a do. if they don't cut and we have a bigger softening in the labor market, they'll be blamed.

if they do cut and we still have a bigger softening in the labor market, they'll be blamed. if they do cut and we don't, we get some reacceleration, they'll be blamed. that said, i know it's the really hard for people to believe this, but when you -- if you look at the people who are hawkish and who are dovish and you know their political backgrounds, some of them worked for former administrations. it's not clear at all from that how their politics would influence them in terms of -- in fact, some of them are complete opposite of what you would think. so i think that's really important because the debate they're having is a healthy debate, but it's not on how it's going to look politically. liz: all right. diane, wonderful to see you on this little bit of a freaky friday -- [laughter] especially with the markets. tow down 329 points, the nasdaq is the biggest laggard here, down about 22% here as we -- 2%, as we continue to watch this all very closely. 22.5% at the moment -- 2.25%.

oasis not so tranquil for live nation as the ticketmaster parent deals with another boondoggle over the long-aa waited reunion tour of the british rock band. details straight ahead. you've got to hear about what a people wanted for the tickets, what they were told they would have to pay and what they actually paid. and later, compass founder and ceo robert rev kin -- rivkin is here to to tell us if fall is the new spring for those waiting for the market to heat up as the fed gets set to cut rates. "the claman countdown" is coming right back. ♪ ♪ (vo) a law partner rediscovers her grandmother's artistry and establishes a charitable trust to keep the craft alive for generations to come. from preserving a cultural tradition to leaving a legacy,

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ryan t. writes, "moving is stressful. can you help me take one thing off of my to do list?” ugh, moving's the worst. with xfinity, you can transfer your internet in just a few taps. just a few easy moves. did somebody say “easy moves”? ♪ ♪ oh no. no, i was talking about moving your internet. this will move the internet. ♪ ♪ ooh, ooh. -let's keep it professional. professional dancers! -ok! stay connected during your move with the best in home wifi. easily transfer your services in the xfinity app. bring on the good stuff. liz: breaking news, the state department now issuing a business risk advisory for hong

kong. the government is warning businesses that have operations there about new laws called safeguarding national security in hong kong by the people's remix of china. republic of china. these ordinances contain all kinds of provisions, both broad and vague, and they criminalize certain activities. again, very vague about what those activities could be, so the state department warning that they could have wrote fundamental freedoms and protections there, risks include imposition of bounties, arrests that could negatively impact staff, finances, legal compliance, reputation and operations. america's tech joins have the biggest footprints there. apple, amazon, google, intel and microsoft are all in the red right now. we got this fox business alert, your trading can accounts might be in the red at this hour, but barclays now says it's the time to buy the stocks of two trading platforms. today the firm upgraded both robinhood and coinbase to equal weight. you'll see right now shares of both are down with the broader

market today, robinhood losing about 3.33%, coinbase down 7.5%, but when you add in that robinhood and coinbase which is, of course, the crypto currency trading platform, they both got hammered last week as well, the valuations are starting to look more sensible, and the analyst feels the business models of both companies are maturing. and speaking of cryptocurrencies, the two most popular have had quite a freaky friday. they have popped, at least first after the august jobs report and right now they have reversed and are in the red. bitcoin went as high as a $57,000 this morning and now it's at $53,756. down about $22, 12 -- 2,122, and etherium lower to 2235. bo bolero is hitting a strike, shares up 8% after the dining and entertainment company reported better than expected fourth quarter revenue of $283 million. jeffreys analysts crediting the

sale beat in part to the success of bolero's new summer season pass initiative which generated $8.5 million in sales. bolero's pass allowed customers to play two game daily through september 2nd, so the company now expecting to launch a fall season pass pretty soon. and the united kingdom's competition and markets authority launching a probe today into ticketmaster over the sale of tickets to the oasis concert shows. the reunion tour of the gallagher brothers, this is a british band, has generated tons of buzz similar to the taylor swift concerts. the u.k.'s probe scrutinizing ticketmaster's use of dynamic pricing after some customers waited for hours and hours in virtual queues, they were expecting to pay the advertise thed rate of $195 a ticket. at the last minute, they ended up paying more than double that, nearly $400. secondary sales have reached as high as $6,000 a ticket. the investigation will evaluate

whether ticketmaster breached consumer protection laws. shares of ticketmaster parent live nation down 1.5%. swiftie alert, the nfl season kicked off a last night, and taylor swift wore some appropriate red kicks to cheer on her boyfriend, travis kelce of the kansas city chiefs. all while rumors swirl about whether a leaked break-up contract is real or a hoax. the ceo of docusign is here on how his company prevents your documents from leaking into public view and how customer trust is pushing that stock higher. "the claman countdown" is coming right back. don't move. ♪ ♪ business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning.

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so you can feel confident in your financial choices voya, well planned, well invested, well protected. liz: fox business alert, guy, we've got to look at gamestop the. you can see earlier in the session it was down, it is now popping 6% at this hour after meming stock trader roaring kitty, who made millions on reddit in those reddit chat rooms promoting the stock and saying he really believed in it, tweeted for the first time in two months. let's put it up, heres. okay, this is it. it's just this screen shot from the movie toy story. and it shows toy story 32 the, actually -- 2, to be exact. it shows the character, andy,

dropping woody, the dog, saying in that scene, basically, i don't want to play with you mihm. anymore. and i guess investors or people who follow roaring kitty, keith gill is his real name, think this is maybe some signal that he count like the stock chewy anymore. he had taken a big stake in that. chewy, at the moment, is actually up about 1.25%. [laughter] all from that single tweet. we've got amc, which is just known as a real meme if stock, one of the originals, it's moving higher by 2.8 percent. gamestop, though, is the big winner, and keep in mind keith gill, aka roaring kitty, really spiked this stock by basically going in reddit chat rooms and saying everybody's trying to short this stock, let's beat the shorts. and he certainly did at least for a time. let's get to the nfl season. now it is officially in full swing and so the taylor swift at a arrowhead stadium. the 14-time yammy winner cheered

on her boyfriend, travis dellty, during the team's season-opening win against the baltimore if ravens last night. the pop star seemingly shaking off rumors that the two were breaking up. this after a phony contract spread like wildfire across the internet. the remarkably legit-looking document detailed a plan for swift and kelce to the break up this fall. the so-called contract appeared to have been written by full scope, the pr firm that represents travis kelce. it was entitled tom compress hennive media plan following break-up with taylor swift. the company has said it's completely false and will pursue legal action. you know who hasn't been bitten by fake contracts lately? docusign. the fast-growing contracts creation company has been scandal-free for a couple years now, and the stock has risen more than 50% since october, so how does docusign do it? let's bring in the ceo, alan

thygesen. you guys have quite effectively put a lid on phony actors. i believe it's been, as i said, a couple years since any major issues even as a billion people around the world use docusign solutions. what have you done to the crack down on hacks and hoaxes? >> yeah. thanks for having me, liz. look, docusign has always been a brand that's been about trust, we build trust both with the companies that send you contracts and with. >> consumers that sign them. i think we've done a pretty good job of that, documents tend to be signed faster, they're completed at higher rates, and so there's all kinds of trust mechanisms that we true to build in to avoid -- we try to build in to the avoid consumers or companies getting scammed. and, of course, we try to protect the company's documents from that. and as a result, i think we have an opportunity to provide even more value at all the steps in the life cycle of an agreement. we've recently launched a whole new suite of products to do just

that, and we're off to a good start. liz: what about the case where it's not even a hack and people just use a fake, say for example, a docusign template? what do you do to ensure that people look at that and say, no, that's not real? >> yeah. so we have all kinds of mechanisms in place to do that. what i recommend is if you think there's anything suspicious, you know, go and verify the, that this is a mail from docusign. there are a variety of ways you can do that. and verify with the sender that this is a document that you expect to get from them. so there's a variety of mechanisms consumers can take, but there are a9 lot of of scams out there, and we're a popular brand. so, you know, we do, we do have use for that just as a every popular mass market brand that's trusted does. liz: yeah. let's not tempt fate. these guys are squirrely when they try and do something nefarious. let's talk about the evolution of the contract process from

soup to nuts, which is now what you have broadened the company to do. and you're -- last time we spoke, integrating a.i. into this. can you just explain how? >> yeah. i think the best example is today when companies sign agreements, they go into a deep, dark place. essentially, a physical or digital filing cabinet. heir barely accessible -- they're barely accessible, they're not compared to reality, ask we're unlocking that. there's tremendous value in the lives of agreements that companies have, and we're giving companies instant access to all the agreements they've ever sent with us or others and all the most essential data from those agreements. and that's tremendously valuable whether you're the cfo, you're a front-line seller just want to see my agreement's up for renewal, maybe you're a buyer and you want to see which of your vendors are not conforming. literallyings or most users --

literally, most users in companies need to access agreements from time to time, and we can provide a much better is and simpler interface. so we launched that at the end of may and initially to commercial customers in north america and australia, and, you know, the early signs are very positive. people really appreciate that instant access and insight. so i think we're on to something. liz: well, it is working. you just posted a top and bottom line earnings beat. you had some pretty interesting metrics including margins, 332.2% -- 32.2. you logged about a 169.9 million on the metric a year before. well, when you look at the stock, it's certainly way better than where it was, let's say october 28 27th, around $38. it's at $59 and change right now. a gain, as we said, of about 5.33% over the past 5 years. tell me exactly if you feel you can ever get back to that $300 level during the pandemic when you, like a lot of pandemic darlings, just enjoyed such a

big tsunami wave of investors coming in. >> well, it's a long way from, say, 60 to 300, so i don't know that's in the cards for the foreseeable future, but, you know, that was a imagine a call time, obviously, where we had just such is inbound demand driven by that once in a lifetime event, and we were growing 50, 60% a year. what i'm trying to do is get us back to double-digit in a responsible way. i think we've done a really good job stabilizing the core business, becoming much more profitable, and now we're poised for growth with this new product platform. the early signs are encouraging, so if we can keep that going and then i think there should be some upside is. liz: okay. all right. did you get to go to a taylor swift concert or the chiefs game, either one of those -- >> i did not get to go to either. [laughter] i have been to a taylor swift concert and she's obviously fantastic. what an incrediblal lent and the way she runs her businesses. i don't think we've seen something quite like that. iz. liz: i know. did you get a friendship

bracelet? [laughter] >> i did not. my daughter did though. liz: allan, great to see you, thank you so much. >> thank you so much, liz. liz: there are lots of documents to sign when you buy a house or a condo. it's like your hand gets tired. but what about the fine printsome we're taking you live to the sunshine state where some condo owners are getting squeezed by homeowner association fees they didn't realize would really pile up. we've got a live report you need to see. and then compass cofounder and ceo robert red ken is here to tell us if he sees a real estate revival as the fed readies to cut interest rates. and what's better than one friend? how about two friends? if matt hall per if ely -- met in seventh grade gym class, became instant friends. but it wasn't million their senior year of high school that they realized they should both create music together from the basement of their los angeles homes. these guys created remixes and mash-ups to some of their favorite songs all while coining

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liz: with home prices still historically high and inventory skimpy, people opting to buy condos are getting hit with soaring homeowner association fees. according to ruin ruby home

luxury are real estate, new york city has the highest mean monthly homeowner fees, hoa fees, coming in at $6653 -- 6553. then boss on the, 444, san francisco, los angeles and chicago round out the top five. that is just another hurdle, a housing hurdle, potential homeowners have to leap across. ashley webster joins us live in fort lauderdale, florida, with the latest on what can that city is seeing in terms of hoa fees and how it's pricing people out, ashley? everybody was rushing to florida for, at least, fair prices. >> reporter: yes. well, yes. and we're seeing a reversal, liz. let me just tell you right off the bat, $600? people in south florida would jump at the chance of having those fees. here we're seeing $the 2-3,000 a month, in some cases more than the mortgage payment. that's how bad it is. but, listen, all of this comes in the wake, of course, of the

2021 collapse of the surfside condo building. since then building codes have been really ramped up of any building 30 years or older now has to undergo some pretty strict code inspections which you would imagine. but you know what? 90% of the listings in the last quarter in broward, miami-dade and palm if beach were -- palm beach were 30 years or older, 90%. so that what's happening is these condo owners are being hit with assessments of $50, 6, 100,000. they can't afford to pate, so they have to sell their condo. but at a much discounted rate. so let me just tell you that the number of listings in the end of the second quarter or this year here was around 20,000 listings. last year there was only 8,000. so people are trying to unload their condos because of these massive fees. let me bring in jason talb, talb

real estate. jason, thank you for being with us all a today. based on what've just said, that means you could get a good deal on a condo, but the bad part about it is you're going to have a big repair bill attached to it. >> it depends, right? some building -- every building has its own financial history, its own story to tell, right? so you've got to do your due diligence, make sure you're -- you know what you're getting into. look at the documents, the financial statements. some buildings are way better off than others. >> reporter: you know, you have retired people here, many are on a fixed income. all of a sudden they're given a $90,000 bill to help with repairs for the billing, what happens to them? >> -- building. >> unfortunately, at some point they need to consider selling. so they're going to the sell, someone will come in,, get it at what's probably a discount. yeah, that's what's happening. >> reporter: it's remarkable. and it's actually picking up speed, liz. one interesting development is

that now we have developer companies coming along saying, you know what? we'll buy this building even though it's in need of repairs. why? well, they're just going to knock it down and put in brand new luxury condo units. that is what is happening now. and, of course, the condo owners, they're not going to get top dollar for what for many, it's their nest egg in retirement. now they're out there trying to find somewhere else at a lesser price. so it's a real problem, and it's turning people off, frankly, because condos come with all these attachments. so as jason just said, do your homework. liz. liz: make sure you're paying for something at least. >> reporter: yes, exactly. liz: a tanning bed. >> reporter: and the problem is the buyers have the massive upper hand, because who wants to buy a condo that's got a $120,000 repair bill attached to it? then, of course, they worry about the integrity of the building anyway, so it's a vicious cycle, for sure.

liz: yes, it is. ashley, thank you for setting us up for this: that may be the case in florida, but not all high-rises are equal. check out this building on manhattan's upper west side. residents have access the a pool, a judgement -- gym, sauna, or even a basketball court. listings range from $1.3 milliot in new york city -- all the a way up to $11.8 million. joining us now in a fox business exclusive is the compass cofounder and ceo robert revkin. compass is the broker working to sell units in that building. number one in terms of total transactions and sales volumes. lots of amenities, certainly. how are sales going? >> yeah. i've been there personally with the developer and one of our top agents, pamela dart, represents it. it's moving well. there are listings that are in contract, and the hoa fees are not too expensive.

liz: yeah, not ooh too expensive, but way above that new york average. i don't know who anybody's kidding, 6000 -- 6000, no way. they're usually more. there's a difference between charges, right in. >> yes, there is, and south florida is representing the challenge that people are talking about because it's not just the absolute fee, it's how much has it increased over time. so in south florida the increase has been 60% -- liz: 6-0. >> 6-0 in the last five years because of the combination of weather on one hand but also because of the building that had the catastrophe. liz: well, i think what a lot of people find is they can afford the condo and the mortgage, but then they look at the monthly hoa fees and they say, i can't do that. because over a year the ago a regate is unbelievably expensive. so when do we foresee this mitigating, if at all? >> well, the mitigating factor we have is mortgage rates. so today is a good day.

liz: yeah. >> mortgage rates are 6.the 7% for the 30-year fixed which is the lowest time in 17 months. so it's a really good time to be a buyer. liz: do you just wake up in the middle of the night and look at mortgage rates? [laughter] >> yes, i wake up, the first thing i do in the morning, i look at mortgage rates. it was the 8.22 this time last year, so a big improvement. liz: are you seeing that translate? because inventories have been so tight. as people who were locked into a 3% rate deny want to sell even if they wanted -- didn't want to sell, even if they wanted to move someplace bigger or downsize. do you see a shaking out a little bit? >> we have 20% more inventory today than we did this time last year. that said, still 30% below where it was in 2019. and the issue is exactly what you said is. a little over 50% of homeowners with a mortgage rate are locked into 4% mortgage rates or below, and the delta between 4 and 8 last year was too big, but 4 and

6.27 is getting a lot better. liz what do you think happens in and when -- if and when the fed cuts interest rates? we expect to hear september 18th of at least a quarter of a percent basis point cut. >> i think you're going to see a flood of buyers. the last couple of weeks i think the market of buyers has artificially been pulled back because people see the headlines. the fed is expected to lower rates on september 18th -- liz: so they're waiting. >> exactly. but the mortgage rate bakes in a lot of that expectations. so it's a good time to buy in advance of september 18th because at that a moment you're going to see a lot more buyers. liz: is there any chance that after they cut that the mortgage rates might tick up a bit? i know that sounds counterintuitive, but is that a possibility? >> it's a possibility, yes. but i expect it to go down. the magic number that we're i all looking for in real estate, and at compass, we're the number one firm, 30,000 agents, when i asked what's the magic number,

5.99. if you can give us that for a couple months in terms of a mortgage rate, we'll give you a healthy market. liz: housing has come down slightly, but you hear young people say i don't think i'll ever be able the afford a down payment. we look ahead to the november election, and both candidates are putting forth some ideas. kamala harris has said she wants to put $25,000 to the homeowner, potential homeowners who have shown they can pay their rent over a couple of years and not miss a rent payment while donald trump says he because not want to rent to migrants. that's one of his things. he also would love to see interest rates come down. is one better than the other? how do you view the election through your prism? >> when i think about affordability, i think the culprit are mortgage rates. for exactly the reason you said. the delta between the homeowner's existing mortgage rate and where the market is. so if we want to help with

affordability, we need more inventory. to have more inventory, we need lower mortgage rates. liz: robert, it's good to see you. maybe we'll guess those lower rates pretty soon. [laughter] although they are coming down. >> it feels good. liz: thank you so much. former president donald trump wants to create an american sovereign wealth fund. what would that look like? and is it even possible here in the united states in charlie breaks it next on "the claman countdown." ♪ ♪ o have enough money for retirement. (wife) and travel to visit our grandchildren. (fisher investments) i understand. that's why at fisher investments we start by getting to know each other. so i can learn about your family, lifestyle, goals and needs, allowing us to tailor your portfolio. (wife) what about commission-based products? (fisher investments) we don't sell those. we're a fiduciary, obligated to act in your best interest. (husband) so how do your management fees work? (fisher investments) we have a transparent fee, structured so we do better when you do better. at fisher investments, we're clearly different.

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professional dancers! -ok! stay connected during your move with the best in home wifi. easily transfer your services in the xfinity app. bring on the good stuff. liz: breaking news, president joe biden speaking right now in ann arbor, michigan, at this moment. the president hitting the road as vice president kamala a harris hunkers down in pittsburgh to practice for next week's debate with former president trump. biden is making his first visit to ann arbor at the united association local 190's job training center talking to plumbers and other blue collar workers about his investing in america's agenda. meanwhile, trump holding a press conference earlier today and discussed the myriad legal cases and challenges he faces. it comes as a new york judge postpones sentencing in his criminal case til after the november election. trump faces up to four years in prison after a being convicted of 34 felony counts of

falsifying business records relating to hush money payments made to porn star stormy daniels. that development comes one day after donald trump rolled out details of his economic plan at the new york economic club which included a creation of a sovereign wealth fund. sovereign wealth funds are basically state funds that would invest government money in or i don't know what, resources, foreign currencies? charlie gasparino was there. did he talk about what a sovereign fund here in the u.s. would invest? >> no, but usually it's an arbitrage play, right? you get, take money in and you try to the make, like, for example, you could theoretically finance it with deficit financing, right? pay 2% on your treasury bills, invest it in the stock market and make 8%. that's one theory. so there's a lot of tough bouncing around. i have to say most of wall street doesn't take this too serious, and elle unpack it, because i've been talking to money management firms, blackrock, people of that ilk.

first if off a, the last time they proposed something like this was george w. bush back in 2002. it's when he was floating the idea, and it got shot down rely. you take the social security, whatever we have on social security, whatever's in there, you know, it's in deficit if you, you know, long term it's in deficit, but there's money in there, right? you take that money and you, essentially, put it in the s&p 500. you make that arbitrage difference. that got shot down because people said, oh, you're taking away our social security, it's going to be, it's going to be subject to the market conditions. by the way, if you invested in the s&p in 2002 to now? not a bad return. [laughter] liz: massive. >> so just think about it. so there is some, there is, like, a logic here. one of the problems with something separate like a sovereign wealth fund is you've got to get money for it. where are you going to get the money? are you going to tax people for the money? are you going to deficit spend for the money which is kind of

risky if you think about it -- liz: is this why your sources are saying not gonna happen? >> well, yes. where it could happen is on the tariff front. now, trump is saying that he's going to raise $the 2--- 2-3 trillion over 10 years by raising tariffs, 10% across the board on every company, on foreign products from every country, 60% on china. the problem with that is, is that first off, tariffs are often retaliatory. you cous, we do you -- you do us, we do you, and it depresses gdp. chai -- china is a belligerent player, people understand that notion. if you really listen to trump, he's not, like, i'm just going to keep the tariffs on. tariffs are, essentially, in maga-mommics, a negotiating ploy. so the tariffs could come off. and think that's the problem with this thing. i don't know where heir going to get the money. the u.s. government is broke

right now. he knows that and everybody knows that. and, you know, tariffs are kind of a unstable source of funding for something like this. but it is an idea that does have merit. i mean, this has been floated -- liz: norway has one, a lot of countries -- >> those are countries that are in surplus. liz: well or, good point. >> the biggest sovereign wealth fund is, of course, the saudi sovereign wealth fund. that is wickedly -- [laughter] that is in such surplus. they did an ipo, saudi aramco, right? the kuwaiti sovereign wealth fund, wicked surplus based on oil money and how they spent. so we're in deficit territory, my guess is this'll be talked about, probably never going to happen. he's got bigger fish to fry, but it is something that's bouncing around wall street. liz: charlie, thank you very much. charlie follows the bouncing ball on wall street. closing closing bell, folks, we're four minutes away. the dow and s&p set to snap a

2-week winning streak. today is not helping because, obviously, having a bit of a selloff here. nasdaq is down 441 points at the moment. we should, by the way, check in on fed funds futures for september because the international markets, we'll be watching very carefully the federal reserve's next move in order to plan their next steps. right now markets are favoring about a 27% chance of a 50 basis point cut. meanwhile, european stocks closed this week lower by anywhere from 2 to 3, their worst week since early august. so could now be the time? if you look through -- [laughter] a different lens here, to slowly edge into international markets where they haven't run up as much maybe as the u.s. markets. if so, where? joining me now with nearly $5000 billion in assets under management, mercer global's chief investment strategist, rich newsom. there are people already in u.s. stocks, and they're interested

in maybe looking overseas. >> yeah, sure, liz. so just to the step back for a second, we sit in between more than $10 trillion in institutional asset owners and about 7,000 active investment managers and every day look at what's happening to the markets. and and as a you mentioned, the big focus is on diversification. so the u.s. stock market's done extremely well. the magnificent seven has done extremely well. five days ago we were in a goldilocks moment, everything looked perfect, and now we've had a little bit of a pullback. but the val weights many international stocks are much more attractive. we can get twice the earnings yield outside the u.s., so every dollar we put in, or another way to pit, u.s. earnings have to the grow twice as fast just to the keep up with the valuation. liz: india, is that your favorite area? where are some areas where you salt some money in? if. >> if we look back, india's done really well and china very poorly over the last few years. liz: very poorly. >> but as investors look

forward, they're looking past india. they're looking at places like indonesia, colombia, south africa, brazil where the demographics are favorable, the per capita income is coming off the a curve same as in india, labor's cheap, participation in global economy, no trade tensions. but they're looking beyond, again, because of valuations. liz: we've been showing a bunch of etfs where they have baskets of, supposedly, the best quality names in those countries. >> so you can do just about anything with etfs, and -- but i think the trick is finding one that has good exposure to international and especially to the emerging frontier market economies. as we sit here today, the emerging. frontier market economies don't represent a good part of the stock market, still about 10%, but they represent about two-thirds of the world's population and over half of gdp growth over the past 10 years. liz: and if any of these countries cut their interest rates following the united states, if that happens, the

central bank here, will that be positive for their markets? >> well, the u.s. cuts by themselves are positive because we are in a dollar-denominated world economy. they really use the u.s. as their main currency -- liz: absolutely. >> and borrowing in u.s. dollars and have to pay back in u.s. dollars, so they effectively import the u.s. monetary policy, but you do get diversity case from their local central banks taking different actions. liz: rich, taking a jump overseas. it's great to have you. thank you so much for joining us. >> thanks for having me. liz: that is going to do it for us. dow losing 412 points. we'll see you monday. >> hello folks welcome to kudlow i'm kudlow a big day for president trump and bad jobs report for kamala. we've got vivek ramaswamy so trump advisor john paulson is going to visit. steve forbes going to hang out with us scott and cast