>> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: and happy weekend to the

all. welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm maria bartiromo. american energy dominance at risk if kamala harris wins the white house, vowing to con biden's failed green -- continue biden's failed green energy push. >> we must tackle, obviously, the climate crisis. we did that with the inflation reduction act. we have set goals for the united states of america and, by extension, the globe around when we should meet certain standards for reduction of greenhouse gas emissions. as vice president over the last four years, we have invested a trillion dollars in a clean energy economy. maria: yes, but it is the everyday americans who are being saddled with the high costs of oil and gas. the overall price of energy up 31% since biden took office and began pouring hundreds of billions of taxpayer dollars into wind and and solar projects, pushing electric vehicles, limiting federal drilling permits and fracking. the house budget committee holding a hearing this week on these failed energy policies.

>> it's very simple, when you shackle the most cost effective and scalable source of energy, fossil fuels, and you subsidize unreliable solar and wind that wouldn't otherwise be competitive, energy necessarily becomes more expensive. and it gets worse. since energy is the industry that powers every other industry, government-dictate thed green energy drives price inflation. >> all of the burden is being carried by low income and middle class families. 25% of house helds have to forgo food and medicine -- households. food and medicine, the pay their energy bills. the only thing the federal government needs to do to ensure real energy abundance and affordability is stay out of the way. maria: joining me now is the chairmanover the budget committee, texas congressman jodey arrington. mr. chairman, it's great to have you this weekend, thanks so much for being here. >> good to be with you. maria: i want to get your take on these policies because a lot of people have focused on the fact that kamala harris has

flip-floppedded on fracking, but fracking is such a small part of all of this. an administration can truly slow down oil and gas production through lease policy, pipeline regulations, lng plant licensing, this regulatory brach drop is -- backdrop is what is the problem, not necessarily just frack. we don't know if she actually will ban fracking at the end of the day anyway. can you walk us through the impact of the last four years of the biden-harris administration? >> welsh you're right about that. it's not just banning fracking, and it's not just the the direct assault, it's direct and indirect. and it's a whole-of-government, systematic attack on oil and gas which is 70% of what's driving our economy and heating and cooling our homes. and it's everything, like you mentioned, from permitting key infrastructure, pipelines, refineries, export terminals. but it's also mandating electric the vehicles, it's also dumping

a bunch of tax subsidies for green energy corporations. all of that together has createt of the inflationary firestorm, right in the gas that costs at the pump, the cost to heat and cool people's homes. and it's a huge drag on the economy because every business and manufacturer, one of their biggest increases and input costs is energy. so as we are sort of teetering on a downturn and potentially a recession, a lot of that is because kamala harris and joe biden have their boot on the back of the u.s. oil and gas industry which has been a blessing not only for national security, but for economic strength and for low consumer prices. and we've got to reverse that. maria: yeah. and layer on top of that the potential for a strike at the docks. supply chains are bracing for impact as dock workers prepare to go on strike along the east coast. three dozen ports including your

state of texas as early as october 1st. this move could cause major disruptions to the flow of goods into the country. congressman, here's what the president of the national association of wholesale distributers it would me this week. watch. >> as we are approaching the christmas holiday, there are enormous if amount of goods that are coming and flowing into the united states. they're going to have no occupation but the stay offshore. if you shut down for one day, the ports are going to remain closed 3-5 days, that's an impact of about a $3.7 billion to the american economy every single day. maria: you know, the federal reserve has been trying to to rein in inflation, but if this strike happens, inflation comes bigtime again. the retail federation along with a coalition of more than 170 trade groups are urging president biden to step in to avert a potential strike, but the white house says he won't get involved. should the president get involved, and what are your thoughts on this potential strike? >> i don't think he's going to

add any value to this. i think what he's done is created this as one symptom of a terrible economy and is a kansas of living crisis. -- and a cost of living crisis. people cannot afford to pay their bills and take care of their families. i think this is, again, just one symptom in one part of the country where people just -- it's unsustainable when you're losing $1400 a month for the same goods and services you were paying before the biden-harris administration. they -- real wages have gone down, the apr on credit cards is on average over 20%. we've got the highest level of consumer debt in our history at over $18 trillion. so people are in a really bad way. and they're there because of the policies that created in this supply-demand imbalance and lit the flame on inflation and historic hikes in interest rates and have made it untenable, simply untenable for working families to survive.

maria: yeah. well, look, now there's this deadline that we all are watching. house speaker johnson's stopgap spending bill with failed in the house this weekend. -- week. it would have required proof of citizenship to register to vote, but i know your colleagues on the left won't hear of it. now the u.s. government risks a partial shutdown if this bill isn't passed by october 1st. can you tell us where things stand? >> well, it's unfortunate that we couldn't put the democrats on record at least with respect to securing elections. we know they don't want to enforce the laws, the the immigration laws of our land to secure the border, but it turns out if you look at the house vote, they don't want to enforce election laws to safeguard elections. and this would have put chuck schumer and the senate on record and exposed them for the whole country to see what their real motives are for this open border and amnesty and citizenship for people. the millions of people who flooded into this country undera

harris. in my home state of texas, governor abbott just purged all legitimate voters to the tune of a million, and there were people who were here in this country illegally in that tranche. we've seen it in states like virginia, in cities like washington d.c. so, no, i think it's critical that every american citizen's vote counts. it's critical to restore confidence in our election, our elections after 2020. it's critical to have the peaceful transition of power and give american people the optimism that it was a fair, accurate and legitimate election. and i'm not certain. i don't think anybody is. and that's why that measure was so important, and that's why we've got to find a way to build consensus. trump wanted it, our speaker wanted it, but we've got to find a way to build consensus and drive that issue into the senate before the election here in another less than 50 days. maria: yeah. all right, congressman, we'll be

watching your work. thanks very much. chairman jodey arrington joining us. thank you so much. quick break, and then an end of an economic era. the federal reserve cuts rates for the first time in more than four years, but there are questions now as to why we needed such a big cut. jason trennert on the state of the economy next. ♪ ♪ so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on track. when you're planning for it all... the answer is j.p. morgan wealth management. (♪) (♪)

voltaren... for long lasting arthritis pain relief. (♪) doctor box, there were many failed attempts to fix my teeth. i retouched all my wedding photos, and it was even affecting my health. i trusted you because you specialize in dental implants. you created a permanent solution and customized my teeth so it still felt like me. my new teeth have improved my life and changed my future. - thank you. - you're so welcome. finance the smile you want for as low as one forty eight a month per arch. schedule a free consultation. you founded your kayak company because you love the ocean. not spreadsheets... you need to hire. i need indeed. indeed you do. our matching platform lets you spend less time searching and more time connecting with candidates.

visit indeed.com/hire liberty mutual customized my car insurance so i saved hundreds. with the money i saved i thought i'd get a wax figure of myself. cool right? look at this craftmanship.

i mean they even got my nostrils right. it's just nice to know that years after i'm gone this guy will be standing the test of ti... he's melting! oh jeez... nooo... oh gaa... only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ maria: welcome back. now a look at where markets ended the week of new record highs, this after the federal reserve's major 50basis point interest rate cut. the first cut in more than four years and the kind of cut that we only have seen in times of national catastrophes. so there are now questions about the real strength the of the economy given these drastic measures. if. >> the economy is in good shape. it's growing at a solid pace, inflation is coming down, the labor market is in a strong pace. >> i guess it shows the economy's very bad to cut it by that much.

assuming they're not just playing politics. the economy would be very bad or they're playing politics, one or the other. but it was a big cut. maria: joining me now is jason trennert, jason, good to see you. thanks so much for being here. >> good otto sue yo. maria: -- to see you. maria: your reaction to a 50 basis point cut by the fed this week. >> well, i take, as president trump was saying, there this seems to be something incongruous, right, with chairman powell saying the economy's just fine and then cutting 50 basis points which, as you pointed out, really only happens in emergencies, you know? sometimes you can -- [laughter] you know, sometimes you can tighten by 50 basis points at the start of a cycle, but as we did a couple years ago, but cutting by 50 basis points almost always means trouble, and it does not seem consistent with the fact that stock prices were close to highs before the decision, bond yields were lowering dollar is weakening,

gold is stronger. none of those things are really consistent with a need to cut 50 basis points. i do wonder whether in some ways it was politically mote if slated. maria: yeah. i mean, you can't have it both ways. you can't say, oh, the economy's in great shape and then cut by a massive 50 basis points and promise another 50 basis point cut by the the end of the year. jason, when would you expect this to filter through the economy? when should we start feeling the impact of lower rates? >> well, as they say, the lags in monetary policy are long and variable, and sow don't doe not. i -- so you don't know. the thing that worries me, maria, and we've talked about this in the past. you know, i'm not convinced that we're not going to have another wave of inflation. as a matter of fact, our work has shown once you have one wave of inflation over 6, the chances of getting another wave are about 9 in 10. and if you, if you look at the policies that are certainly being pursued right now which is very high deficits, a focus on

decarbonization or not using fossil fuels, degloballization, massive immigration, all of those things would suggest that anotheraway of inflation is not only -- wave of inflation is not only possible, it's quite likely. that's another thing that makes me worried about this fed cut, that there seems to be a little bit of triumphal ifism here, a big victory lap on the part of the fed, and yet it wouldn't surprise me if you had another wave of inflation in 2025. maria: yeah. >> it would take a while, is the first answer, but the second answer is it could just be something that stokes inflation that hasn't been fully extinguished yet in the first place. maria: and this is such an important point that you are making. i've looked at your work, and and i've been worried as well ever since you pointed out the likelihood of a second spike in inflation. and, unfortunately, vice president kamala harris has no answers. when you ask her what is your plan to rein in inflation, she doesn't have a plan. she has not been able the to articulate one.

so we're watching that. meanwhile, the former chairman of the white house council of economic advisers, jason furman, wrote an op-ed for "the wall street journal" this week where he said kamala harris is the safer economic choice. he says trump's plans for tariffs, the budget and federal reserve pose a much greater risk, jason. your reaction to that a. >> i respect jason furman, but the idea that vice president harris represents a lower risk to the economy than president trump is crazy. if you, even if you just -- just from a stock market point of view, if you take certain proposals like a tax on unrealized capital gains, i can't think of anything that would do more to hurt asset values. if you continue to ignore our own natural resources, our own fossil fuels as opposed to what president trump is proposing which is to drill, baby, drill, that that hurts consumers. if you continue to spend money you don't have running deficits of 7% of gdp, that the stokes

more -- that stokes more inflation. maria: right. >> is -- so the idea that there's some equivalence between vice president harris and president trump, in my opinion, is crazy. and you essentially have two incumbents right now. you have someone that was president, president trump, and you have someone that was vice president and also voted twice to, tie breakers on things like the inflation reduction act. so we know what the policies are of these two people p. it's not a mystery. and one was clearly better than the other. maria: yeah. great analysis, as usual. jason, good to see you, sir. thanks very much. >> good to see you, thanks, maria. maria: jason trennert joining us. from the football field all the way to capitol hill, how this norm ther nn -- nfl player is using his retirement to change the lives of children. tim te

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. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities. (luke) homes-dot-com is a new, elevated home-shopping experience. beautiful design, tremendously rich content, and, my favorite touch, it's the only site that always connects you to the listing agent. feels like a work of art! (marci) lovely. what about the app? (luke) uh-oh! look what i did.

it's ringing. hello? hello? (marci) they can't hear you. (luke) hello? (marci) because you glued a frame over the microphone. (luke) i think i've glued the frame over the microphone. (vo) ding dong! homes-dot-com. we've done your home work. [♪] can a personal loan unlock your ambitions? oh yeah. consolidate bad debt and save money for your next goal. sofi personal loans. low, fixed rates. borrow up to $100k. no fees required.

maria: welcome back. americans still facing sky high prices and elevated interest rates, but it has not stopped consumers from spending their paychecks. retail sales unexpectedly rose in the month of august as one a.i.-powered company is partnering with tim tebow to change the way we shop. price.com wants you to save, spend and give back, offering the ability to donate to over 2 million nonprofits with the cash back you earn and money you saved. now the company wants to get your kids involved as well. it could include a $100,000 prize. let's get into it with former nfl player and founder of the tim tebow foundation, tim tebow back with us with details. good to see you. >> so good to see you. thank you for having me. i always appreciate it so much. maria: tell us about this partnership with price.com and what are you most excited about. if. >> well, i'm most excited about the difference that people can

make with the money that they make, that they saved and then price.com encourage cans them the make their money matter. you get the chance to make money with all the cashback offers. we just ordered a laptop from owc and got 10 cash back. you get to the save money with all the a coupons and over 100,000 stores and online, but then you get to make your money matter. and generosity matters w. over 2 million nonprofits that are on here, with the money that's saved, you can make it better. we have someone that's very kind to the foundation that with all of their ubers, saved over $300 this year and donated that to the foundation. and it's just so kind. every one of those dollars makes a difference. and i'm, you know, with where the economy's at right now and inflation, it's just so important that we try to stretch our dollar as far as possible, and we believe price.com is helping people do that. maria: so you can go on price.com, you could shop through price.com and get access to lots of different retailers to make eligible purchases. you've also got a raffle, right?

you can win a lot of money. >> you can. $100,000. [laughter] we're so excited about this giveaway, because we're now in 100,000 stores and online, and they want to have something to celebrate that, and they want to have a giveaway of $100,000. all you've got to do is go to price.com, and you are automatically entered into this giveaway with up until the end of the year where we'll be able to celebrate the winner. and then you also have a chance to even increase your odds by signing up friends, by downloading the app, all these different options. go check it out, give yourself a chance to win $100,000 and make a difference in the process. maria: i love it. i want to switch gears, because i know this next issue is something you've been fighting for for a long time. last week you joined a bipartisan group of lawmakers to unveil 2024 the legislation aiming to combat online child ec ployation. it would boost law enforcement -- exploitation.

if this bill moves forward and becomes law, what do you hoeven will come from it -- hope will come from it and tell us about the process. >> number one, our hope is that it would build a bigger rescue team. we're so grateful for our law enforcement that are fighting so hard every day for the boys and girls. but unfortunately, especially in the victim identification space, they're just is undermanned. there is not enough. at c3, the cyber crime center, right now there's just seven victim identification specialists, and we want to bump that number up quite a bit because there's over 50,000 boys and girls that have yet to be identified, but law enforcement can see them in abusive rape images. so it's not good enough to just have a handful of people. we need more men and women in that fight. and the second thing it does is it gives c3 the ability to bring in experts to help in this night. and then this bill also helps coordinate, deconflict all of the confusing information that is out there and also brings the

best victim identification so that we can train up our law enforcement on the best ways to identify. once you have the ability to identify, then there's a greater chance of rescue. so we're just so passionate about this, and we're grateful that it's been bipartisan, bicameral, both sides, or so many people. it's not about policy, it's about people. it's about the next generation, and so many of them are hurting and starving for help, and we get the chance to maybe give them a better tomorrow than they had today. maria: i hope so. i pray for that. and, of course, it's amazing to me, stunning, that these stories continue to exist. meanwhile, earlier this week american sports story: aaron hernandez premiered, the true-life stir of your fellow florida gator teammate. here's a clip. >> isn't this great, boys? who's got it better than us? blue tight 35 lead are, kill the trio. tough 64 snake on one.

>> schwarzenegger said he watched hours and hours of footage of you giving sermons and speeches the master the way you speak and, tim, in particular the enthusiasm you have for your faith which is so impressive. what did you think? of portrayal of you? >> that's the first i've seen of it, so, you know, i think he did a good job. probably a lot better than what i would have actually done. maria: tim tebow, it's always an honor to talk with you. i so appreciate your time this weekend. >> thank you. appreciate you. god bless you. of. maria: thank you, sir. and god bless you, tim tebow. i've got one important thing you these to know about ahea meet the jennifers. jen x. jen y. and jen z. each planning their future through the chase mobile app. jen x is planning a summer in portugal with some help from j.p. morgan wealth plan. let's go whiskers. jen y is working with a banker to budget for her birthday. you only turn 30 once. and jen z? her credit's golden. hello new apartment.

three jens getting ahead with chase. solutions that grow with you. one bank for now. for later. for life. chase. make more of what's yours. gum problems could be the start of a domino effect parodontax active gum repair breath freshener clinically proven to help reverse the 4 signs of early gum disease a toothpaste from parodontax, the gum experts. ♪ some things stand the test of time, like a family car.

the hartford has been insuring experienced drivers for generations. many who switch to the aarp auto insurance program from the hartford. saved an average of $577. for what's worth protecting, the hartford is here. to get your free quote, go to the buck's got your back. (in atrocious french) au revoir mon amour. a bientot let's work on that french, shall we? (♪) au revoir mon amour. a bientot (in perfect french) au revoir mon amour. a bientot (♪)

(♪) car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. (♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com maria: welcome back. one thing you need to know about ahead of next week, america's got a whole lot of history with

this one, a rare 1787 copy of the u.s. constitution is up for auction after it was discovered in an old filing cabinet. the document is one of eight surviving ratification copies signed by secretary of congress charles thompson and the only known privately-owned version. they expect it to go for tens of millions by the end of bidding next saturday. and i will see you this sunday morning on the fox news channel at 10 a.m. eastern, live for "sunday morning futures." i've got interviews with texas governor greg abbott, wisconsin senator ron johnson and italian foreign minister antonio het -- tehani. that'll do it for us here on fox business. thank you so much for joining us. have a great rest of your weekend, and i'll see you again ♪ ♪ ♪