austan? austan? to me. >> do you want to see him be president for four more years? me. i think he has a track record. we'll see how the economy is doing when he runs. he's had a lot of legislative accomplishments and i think the first mid-term always goes badly for the incumbent. that doesn't tell you anything about what the it will be for president. >> martha: all right, a question that gets everybody's tongue. i have to go. have to leave it there. >> i want him to run as a republican. >> martha: there you go. you're on the report. thanks, steve. good to see you both. top of mind for american voters, rising crime. the stories on the front pages of our papers are so upsetting. it's an issue that came up in a hot debate, in a tight senate race in washington state. jason rantz, a radio host, when our coverage continues. >> we have a crime crisis in washington state. our cities are being destroyed by crime. our police are not being supported. >> in that slew of a response, you did not hear anything about gun violence. this is an issue that we need to address. (bridget

steve moore and austan goolsbee.stein on but sometimes i just want to scream because you can't get a word in edge wise and we don't have enough time or for you, either. take you through this quickly. i want to play call for number one. what he said the white house was doing in terms of white house actions on this issue. watch. >> the president released oil from the strategic reserve. that contributed to almost 100 days of gas declines. i mentioned our work on the supply side. inflation reduction act, lowering medical care costs and prescription drug costs, lowering the costs of clean energy. all of these are moving in the right direction. they take time to factor into these price indices. >> dana: steve. >> first i want to say, sandra, i was on fox business news the second day that network started. so it brings back good memories. biden came in spent, borrowed and printed $4 trillion. if you flood the zone with dollars and debt you'll have inflation. there is no plan right now to reduce all that excess spending that

austan and steve. have a good weekend.ed nancy pelosi's home and violently assaulted paul. he is in the hospital but expected to make a full recovery. we're following the story. a dangerous flash of deja vu. crime in new york not seen since the crisis in the 1980s with democrats letting the city unravel. one person running for office in the empire state is with us next. psoriasis really messes with you. try. hope. fail. no one should suffer like that. i started cosentyx®. five years clear. real people with psoriasis look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist about cosentyx®. what makes every stearns & foster so incredi

. >> sandra: this is austan goolsbee on another network.isten. >> by no means are we out of the woods. our overall point is still pretty bumpy so i think people should buckle their seat belts on this one. >> austan goolsbee is a good friend, had been very partisan, but glad to see him go so straight. you have to be honest. the trouble with the bidens, they're not honest, they don't like to tell the truth on the economy. you don't tell the truth what people see in their own eyes, food, gas, fuel, no one things you can solve the problem. the number today hints as bigger weakness in the next quarter and the quarter after that. >> sandra: ouch. >> and i think we're in either the front end of recession or going into deeper recession. i think you're going to see inflation numbers come out. cleveland fed cast inflation forecast is looking for 0.8% october cpi. a very bad number. gasoline prices have gone up. >> sandra: i think housing is a big part of it, as we try to track he will inflation, mortgage rates have gone up. >> housing costs, 26%. >>

i start off with districts warden. austan was our finance yet the father hut, hitler. although the heater from not shown i went into nostrand, uncovered in his books, bent on let. so a history professor gives a thorough analysis of the reasons that brought germany to war. i did die chained or stay planted. i cherished some single study border. oh, good bough. it me paid for the i'm a karnicia one a puerto lot of elements in britain and france. i'm united states were pro fascist sympathetic with hitler and mussolini american business was in bed with the nazis throughout most of the thirty's and into the early forty's. mm. the standard oil company, cent crude oil to the germans on a monthly basis and collaborated with. i g far been the conglomerate that produced as i can be gas used against people sent in to the gas chambers with about half of their market vehicles. what produced by football, which was owned by the american company, general motors before 940 ford supplied the german army with motor cars and crude rubber. with in july 1938 for his support of nazi germany,

so austan, have you been back from the east coast at all >> yeah, a couple times.d when el-erian won a bet got to go to the jets game got to sit in a box, got to meet joe namath if you come back here, call me >> now you're just rubbing it in now you're really just rubbing it in. >> so you were back here did i know >> i call you and you give me the oh, i'm on vacation. oh, i'm this i'm busy going to taco bell >> call me up. >> i still don't know -- >> you love hanging it over me call me and we'll go all right. >> okay. >> even to a nice mexican restaurant even though i would prefer taco bell we'll have margaritas maybe. thank you to our panel rick, i don't know if i need to thank you. you had to be here, didn't you thanks anyway. >> of course you should thank me, joe but i do need to be here and i'm glad i'm glad i'm here. >> glad you're here, too >> all right, when we come back, we'll get jim cramer's first take on the trading day ahead, and by the way, tomorrow, don't miss honeywell's ceo he'll join us exclusively to talk about the latest round of company earnings

austan goolsbee will be joining "balance of power" with david westin.omberg. ♪ millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, introducing, the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them... save hundreds a year on your wireless bill over t-mobile, verizon and at&t. just take the xfinity mobile savings challenge today to see how much you can save. >> from the world of politics to the will the business, this is "balance of power" with david westin. david: from the bloomberg studios in washington, dc, two television and radio offenses worldwide--audiences worldwide, welcome to "balance of power." joe mathieu in his position where he will be through the coverage, over at the wall. joe, take it away. joe: i'll tell you what, here we are.

austan goolsbee, chicago booth school professor, will be joining us on ripple through the market on -lance of power." a ripple through the market. guy: exactly. where does that >> from the world of politics -- >> premium stability, when it comes to coercion, intimidation, under the watch. seeing how it somehow reflects the will of the people is absurd. >> to the will of politics -- >> the government is looking for that, a government that is responsive. >> this is "balance of power," with david westin. david:

thank you austan and steve. see you next friday.>> julie: former trump advisor steve bannon in d.c. federal court right now as we speak. he is being sentenced after the house voted to hold him in contempt of congress. he was convicted for defying a subpoena from lawmakers investigating january 6th. the riot at the capitol. griff jenkins is live outside the federal courthouse in washington watching this for us this morning. good morning, griff. >> julie, good morning. we should know the sentencing fairly soon. mr. bannon in court behind me started his sentence hearing at 9:00. it is six months behind bars, $200,000 fine is what prosecutors seem to want to have be the outcome after they say that mr. bannon pursued a strategy of defiance, bad faith and contempt. it is one year to the day after the house of representatives voted to held him in contempt and referred his conduct to the d.o.j. of course, bannon was found guilty in july of contempt on two courts. in the government's sentencing memo on monday u.s. attorney matthew graves wro

here's austan goolsbee earlier. >> by no means are we out of the woods. our overall point is still pretty bumpy. so i think people should buckle their seat belts on this one. >> bret: here is larry summers, former treasury secretary. the history of developed country since 170 very discouraging about the prospects of bringing down 8% inflation. i'm hearing what you're saying about these good numbers. but, boy, it does seem like we are in for a bumpy ride ahead. >> absolutely. and as the fed remains steadfast in its approach to bringing down inflation, taming that inflation dragon that's been lurking around 9 corner. we do expect cost -- borrowing costs to continue to rise. and this is going to amplify pressure on consumers and businesses that have already dramatically pulled back in terms of spending and investment. so, while we did see a temporary boost to g.d.p., thanks to an increase in government spending and, again, some nuances in terms of the trade numbers that we saw, we're seeing recessionary conditions that recessionary box checked for nearly eve

austan goolsbee joins us. what do you think of what both men are saying?it's the context you added, which is the inflation is high, so the federal reserve is raising rates pretty rapidly. if the past is any guide when the fed raises rates rapidly, a lot of times that causes a recession. so you cannot dismiss that. there's a lot of economists making a forecast that next year there would be a recession. the only silver lining, if you had a recession, a lot of them are forecasting it would be a mild one. but that doesn't make anybody feel better at this exact moment that when you have inflation and you're trying to rid the economy of that inflation, unless you get some relief on the supply shock front, the war improves in ukraine or we start getting more production of computer chips or the chinese stop with the zero covid lockdown policies interfering with supply chain. unless you get some improvements on that, you only have these options about squeezing the economy to try to get the inflation out. >> neil: larry summers, the former treasury zac for bill clin

to weigh in is austan goolsbee, university of chicago economics professor, also katherine -- [inaudible least, daniel demartino booth, former dallas fed adviser. austin, without getting into particulars with what the president wants to do here and relieve student debt for folks, that he went a step too far, that this is something that a president can't do on his own via executive order or executive command. what are you saying? >> well, i mean, in a way you're asking me a legal question. i'm not a lawyer -- neil: yeah, but if you watch legal shows like me, you can be an expert. go ahead. [laughter] >> supreme court seemed to say that they weren't going to take the challenges and then a different court said they would take the challenges. we've seen in, if you remember mt. trump administration when they made big payments to farmers in response to the tariffs, we've seen in the tax code, we've now seen in the student loan relief that executive orders, there are at least some circumstances where executive orders allow the federal government for money that it's collecting to say that it can

the former chancellor, who many believe stopped boyish johnson both in the front on the back to austan from office. so in that sense, a penny mordant, a could well be that unity candidate, the conservative party are pushing for. but if the odds, aw, anything to be believed so far, she's currently 3rd in the running, although as a save, i've soon, aca embarrass johnson. he gets repeatedly declare their intention to run. yeah, so those are 3 names. our viewers need to remember richie soon at penny morton. and of course, boris johnson. how serious need is this boris johnson come back scenario? i think we need to take it very, very seriously. her, indeed her because as a say, the, the bookies are very much see verse johnson's return as being a very real possibility. and we've been watching the financial markets dip significantly off the back of this news in the past couple of hours or so the price of government sovereign bond yields has rocketed, meaning the cost of government borrowing has gone up. gone up on the back of this news and we believe also according to boys johnson's father, st