stephanie and larry mcdonald are here with what this means for the economy and what the federal reserve will do now. plus, mountains of guns and drugs seized at the southern border in texas. a look at my trip to the border this week as our broken border crisis continues. but first, changes made in the so-called inflation reduction act. to woo key democrat senator christine sinema's vote this weekend and replaced by a buy back tax and would cost americans $333 billion in new taxes but senator joe mansion says republicans should like this bill. joining me right now is senate budget committee's ranking member, lindsey graham. senator, thanks very much for being here. joe mansion said you should like this. do you? >> i hate it. i like joe mansion, he stood up to the liberals that on occasion, but he's empowering the left, he's going to increase inflation. the congressional budget office said that in 2023 inflation will go up or down by 0.1%. the joint tax committee has said that the new taxes will be passed under the consumer as low as $70,000 of earned income and comes to obama care subcit

a big surprise, the jobs created in july, larry mcdonald here with what this means for the economy andwhat the federal reserve will do. mountains of guns and drugs, a look at my trip to the border this week as our broken border crisis continues. changes made in the inflation reduction act to woo key democrat senator kirsten sinema's vote, the interest rate tax carried by a buyback tax, the bill would cost americans $333 billion in new taxes, senator joe manchin says republicans should like this bill. ranking member lindsey graham, thanks for being here, joe manchin said you should like this, do you? >> i hated. i like joe manchin he stood up to the liberals on occasion but he is empowering the left, he will increase inflation. the congressional budget office said in 2023 inflation will go up or down by 0.1%, the joint tax committee said that the new taxes will be passed on to the consumer, $70,000 of earned income, when it comes to obamacare subsidies you will get a subsidy, if you make 4,000 as a family of four, every problem we are facing is worse, these are the same people who told

are looking at what is ahead, the president of macro maven, the founder of bear trap support larry mcdonaldfor being here. give your assessment of this jobs report. this was better than most people expected. >> reporter: surprising number, so strong it makes you suspicious about what is going on and in the weeds was-368,000 and there was a decline in the nonseasonally adjusted, month-to-month changes, and seasonal factors to adjust that. we will see what happens on revision but the real take away as we are dealing with a tight labor market but a lot of this is very lagging indicators. every indicator other than the headline payroll number has shown a decline in employment activity whether it is small business hiring, the ism survey, regional fed surveys, consumer confidence indications on the job outlook have soured but the number one input as you know and i have been talking about, what happens on the profit front and we on the back of a real slow down. i think those profits will go into recession and decline which would presage some declines in the employment picture. maria: now that we s

joining me founder of the bear traps report, larry mcdonald. ame in below consensus. it fell completely off the map. what is going on? >> there is 44 trillion, charles, of the u.s. housing market, 44 trillion. the good news we added 6 1/2 trillion of value last year. so we basically wiped that out this year. and sew we're not in the danger zone yet but housing is in very steep, steep decline. >> sharpness of it, right? yesterday we had the empire fed with the second largest monthly decline in history. we saw where the house, homebuilder survey, the part about folks looking in perspective buyers, that had the sharpest fall outside of the pandemic. like these things are just happening almost all of a sudden? >> yes. we run an institutional chat with hedge funds, mutual funds, pension fund managers with 23 plus countries. one thing we're hearing in the last six or seven weeks, is the commercial real estate and residential real estate. the leverage on that real estate, that is where the problem is, as asset prices go up, people borrow against those