i'm asking former white house chief economist kevin hassett and purportedly a manager mark tapper abouthe impact. in the wake of surging inflation the u.s. army is now suggesting our soldiers go on food stamps, nebraska governor heat ricketts response to this he is one of 22 u.s. governor sounded the alarm against president biden's massive student loan handout. he will tell us why they say this plan is a complete fail. sky high ticket prices, frontier airlines ceo reports airfares for the holidays will be the highest in five years, first here's a look at where the markets ended the week after higher-than-expected inflation numbers triggered the worst selloff in over two years, he was the president's response. >> the stock market does not reflect the state of the economy as you well know. the economy is still strong, and employment is low, job thereof, manufacturing is good, i think will be fine. >> are you worried about the inflation number? >> no i'm not were talking about one tenth of 1%, anyway, thank you. >> joining council of economic advisers, kevin hassett and strategic wealth pa

paul: was bring and kevin hassett, former chairman of the council of economic advisers the white housedistinguished visiting fellow at the hoover institution. welcome, kevin. let me ask about the job market here. strong growth, good august report. the question i have, how do you explain strong job growth after six months of slow economic growth? >> what we are seeing is classic stagflation every recession that began probably beginning of the year. if you go back and look at the 70s what normally happens is when firms start to have tro trouble, if there's no inflation and reduce their real wage bill and lay workers off but if there's inflation than the price the firm is selling is going up, if they hold wages the same than the real wage declines so they can buy themselves space at the beginning of recession without having to lay people off so mid 70s we had one recession where the first six months of recession the economy added 1 million jobs. then what happens is that adjustment but does not go far enough you see people laid off. my expectation is the gdp data is screening recession, t

they can to helpth fed which is the front line actor on this inflation. >> bret: jason fuhrman, kevin hassett being here on common ground. up next, are social media platforms such as twitter and ticktock security threat? arguing the case before congress. ♪ i'd like to thank our sponsor liberty mutual. they customize your car insurance, so you only pay for what you need. contestants ready? go! only pay for what you need. jingle: liberty. liberty. liberty. liberty. ♪ does it get better than never getting lost? ♪ does it get better than not parallel parking yourself? ♪ alexa ask smartfeed to feed the dog. does it get better than feeding your dog from 50 miles away? yes... it does. at buick we see a future that's even better. because the life enhancing innovations you've never even dreamed of? buick is dreaming of them every day. (vo) what the world needs now is more than a vacation. we need to come back to feeling our best selves again. back to inviting. back to loving. back to life. back to the little bit of jamaica that's inside all of us. come back to being lively again. back to laid back. ba

go to kevin hassett, form coins sieveeconomic advisors chairman under president donald trump, author of the drift. kevin, give us your view of the drift right now, markets, what they're telling us? your old boss liked to focus on them because they often times were hitting records. not so right now but we're told this president doesn't bother obsessing about them but now that they're under water in his presidency, i would imagine he is at least aware of it? >> right, one would hope but you know i've been surprised about the things that president biden and his team are not aware of. the fact is that a president should focus a lot on markets. the reason is that markets, as you guys just discussed are forward-looking. so markets, if they see a turning point coming if they see a pit of despair coming you see it in the market today. right now the markets are down enormously. i guess we haven't seen today yet, about 23% for the year. i don't think that is anywhere close to the bottom, because the fed is going to continue to raise interest rates and the white house is continued to be in denia

kevin hassett is here and has got some answers. he will lay out a case possibly that happening.t is a real tough year for tech stocks, should you buy more of the big names on discount. he is the best. got them right here. tech analyst dan ives, at 2:40. first what is the secret to a soft landing? lakshman achuthan is with us in studio. nobody knows better than this guy. he will share it after this. ♪. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ before we begin, i'd like to thank our sponsor, liberty mutual. they customize your car insurance, so you only pay for what you need. and by switching, you could even save $652. thank you, liberty mutual. now, contestants ready? go! why? why? only pay for what you need. ♪ liberty. liberty. liberty. liberty.♪ when you shop at walmart, you get it. ♪ you spend a little less... ♪ and you can carry a whole lot more. ♪ charles: in greek mythology achilles was a hero of the trojan war and considered the greatest of all greek warriors. it helped when he was born that his mother dipped his body in the river styx to make him immortal. she had to hold him by one part of his bo

kevin hassett, thanks very much. i do want to bring your attention back to those that just tuned in. we had about a 1,200 fall off in the dow today. all the major averages falling at or more than 4%. we have not seen a single day hit like that since june of 2020 for all the averages. in point terms, this represents for the dow at least the seventh biggest point drop in history of trading. now, again, these numbers are not like they used to be when i talked about 1987. at that time, the dow fell 508 points. as big a number as that seems, it was bigger in percentage terms. it represented about a quarter of the dow's value. this time it's 4%. so percentage terms, it's eye-popping but not as eye-popping as it was in 1987. nevertheless, people look at this as a sign that inflation might be running out of control or it will take a lot longer to get it under control and the effect is very clear. we have seen going in to today-mortgage applications are at a 22-year lee. doesn't take much for people to stop applying for mortg

i'm asking former white house chief economist kevin hassett and purportedly a manager mark tapper about

that's "the angle." 20 when i was kevin hassett, former chair of the council of economic advisors undermp and hoover institute fellow. in october 2021 you went out on a limb and you predicted a recession. what did you see then that biden's team obviously missed or just new but decided to ignore? >> sure. thank goodness you've been way out in front of the people understand the correct economics. what we saw was that inflation was spinning out of control, accelerating. that was going to either run way ahead of any wage increases. people were going to be worse off. if you look at the numbers right now just suspected were going to happen but now we know. the average american family has to spent $460 more this month in order to buy the same stuff they bought last year at this time. if your wage didn't go up by more than $5,000 this year, then you are worse off. so gdp has got to decline. people can't buy the same amount of stuff they bought last year and that's what we are seeing. we have two negative corners. that's always been a recession in the past. third-quarter number like it's going t

i'm asking former white house chief economist kevin hassett and purportedly a manager mark tapper about

when i wa joining me now is kevin hassett, former chair of the council on economic advisers under trump and hoover institution. der trump and hoover i fellow kevin back in october. 2020 one , you went out on a limb and you predicted a recession. a recession. what did what did you see then that biden's team obviously missedewt or just knew , but d decided to ignore? >> sure.>> sure. and thank goodness you've been way out in front helping people understand the correct understand the correct economics. what we sa economics. and what we saw was that inflation was spinning out of control. exceloinning outn eating and tht was going to run way ahead ofern any wage increases and people were going to be worse off. and so if you look the numbers r right now, which i suspected were going to happen, but but now we know the typical american family, the average american family ha fams to speno four hundred and sixty dollars more this month in orderh in toy the same stuff they bought last year at this time. and ifr wagep your wage didn'tp by more than five thousand dollars this year, then you'rear wor