tv Varney Company FOX Business August 25, 2022 9:00am-12:00pm EDT
maria: welcome back. we've got a market that is well off of the i highs this morning, dow industrials right now up just 35 points. great talking with you, dagen mcdowell and mark tepper. >> great show. maria: "varney & company" begins right now. ashley webster in for stu. ashley, take it away. ashley: good morning, everyone. yes, i'm ashley webster in nor stuart varney on this friday eve. president biden canceling up to $20,000 in federal student loan debt for tens of millions of americans. the question is, who's paying for it? seems the white house can't seem to answer that simple question. we'll get into it. a former obama aide calls the
cannes haitian reckless and warns this move will only add to the already record flakes we're battling. take a look at the markets after snapping three-day losing streaks, the futures showing that the dow, the s&p and nasdaq all up very modestly. take a look at the 10-year yield, normally as that goes up, it hurts tech stocks in particular. down 7 basis points but still at 3.1%. meanwhile, shares of tesla look more affordable for investors, a 3 for 1 stock split are, that's up 2 percent. web bush's dan ives, by the way, says it's going to 360 a share. we're going to talk about that. hillary clinton goes head to head with kim kardashian in a legal quiz and loses. we're going to get into that too. a big show ahead, as always. matt schlapp, miranda devine and jason chaffetz among many others. it is thursday, august 5th.
"varney & company" about to begin. ♪ ♪ just as free, free as we'll ever be ♪ ashley: all right. it's free. student debt, that is. president biden officially announcing more student loan handouts. good morning, everybody. all right, lauren, come on in. how much is going to cost us, taxpayersesome. lauren: that song a had the right words, but it was mellow because this is going to ruffle your feathers, this news, ashley. the cost to you and me and brian and everybody else is $600 billion more or less. how do we get to that math? well, if you cancel the $10,000, that costs $300 billion. if you cancel pell grants, that's $270 billion. the four month freeze on your payments, extending that another
four months, another $20 billion. so how you add that up, we're talking about $600 billion. so we're playing for it, plumbers are paying for it, ups drivers, and if you already paid back your loan, you're a chump. or at least you feel like one today. ashley: my feathers are truly ruffled. [laughter] lauren, thank you. the white house insists these handouts will not have any meaningful effect on inflation. listen to what susan rice said about it. take a listen. >> we're on track to cut the federal deficit by more than $1.7 trillion this year, the single largest deficit reduction ever. and numerous experts affirm that restarting paused loan repayments at around the same time as we provide targeted debt relief will not have any meaningful effect on inflation. ashley: uh-huh. professor brian brenberg joins us for the hour. brian, good morning.
what grade would you give susan rice for her deficit claims home homework? >> oh, man, i hate to give out f ifs, but what else are are you going to give her on this one? the math doesn't add up. they said the inflation reduction act was going to reduce deficits by $300 billion, now this is a $600 billion student loan handout. sounds to me like deficits are going up, ashley, which means that inflation is going to be pressured to go up. this thing is unjust, it economically doesn't work and it's dictatorial. who gives the president the authority to do this? he's grasping at straws right now. i think if it gets to the supreme court, we're going to find out he can't do this, but he's already fulfilled his wish. he wanted to headache that promise to his con constituency, and he hopes he gets credit in november. but i doubt it, i think a lot of americans are going to say, wait a second, this doesn't make
sense, we're not happy about in this, and it's going to backfire. ashley: i think you're right. by the way, even miguel cardona, education secretary, admits those who paid off their loans already get absolutely nothing out of this new deal. take a listen. >> the people that already paid their student loans, they don't get anything out of this deal. >> right. >> that's right. okay. [laughter] ashley: all he can say is right? that's not fair is it, brian in. >> i mean many, think about this, if you take the any measure of responsibility, if you made some sacrifices, if you arranged your life such that you could pay off your debt, what you find out is you were a fool. that's the policy of the federal government right now, to make sure they can prove you're a fool if you did the right thing. now think about going forward, ashley. what's every single student looking at college going to be thinking? do they think debt or contracts for debt mean anything?
no. what they're thinking is all i've got to do is wait for a desperate politician in an election, and they'll take care of everything for me. ashley: well, you know what? i'm going to send the government my -- i got a car payment, i got a mortgage. i signed on the dotted line for those loans, so i'm looking forward to having those forgiven as well, right? >> might as well. may as well. ashley: why not. all right. brian, thank you very much. we've got the latest read on the second quarter gdp. lauren, you've got the numbers. lauren: it was revised higher, but it is still negative. so the u.s. economy shrank .6% between april and june and contracted for two straight quarters now. defining the impact of inflation, if you look at the pce index, it increased 7.1%. so the same as the previous estimate but still 7%. ashley: yeah. slightly better but still not good, i guess, is what we're saying.
lauren, thank you very much. let's take a look at the futures as you see on the screen there. modestly in the green. gary kaltbaum, great to see you this morning. i understand you got back in the markets last month. are you still the fully in? >> no. last friday we went fully out. and, look, i'm not a traderrer -- [laughter] i'm an investor. but when you go into bear markets or bearish markets, i've got to play my way around things because will has been a ton of destruction in this market. growth stocks have been destroyed, financials down 30, 35%. so i'm being careful, but i will give you some good news. percent first time -- for the first time i can use the word leadership. there is some leadership in this market right now in solars are, in biotech, many a name like occidental where buffett has permission to buy up to 50%. and last i looked, it's pretty smart to follow that dude. [laughter] so i'm looking at that also. i'm keeping fingers crossed that
it does hold and we can get going from here, but i'm not sure how much we can get going because we're dealing with higher rates. still got elevated inflation, and i do worry that the housing market's going to cause some trouble. the reverse wealth effect as we move forward. so, again, always keeping fingers crossed, but we've got some headwinds going forward. ashley: right. well, you're a smart dude as well, gary, les no doubt about that. and -- there's no doubt about that. and i know you love the fed. they've been ahead of the curve, they've done really well in martialing us through -- wait a minute, that's not you with. you're not a big fan, i know that. with we hear from jay powell tomorrow. expecting anything? >> a lot of gibberish. [laughter] and, listen, and this is important, we have to talk about the fed because they took over markets, hay played god. $9 trillion of printed money. but when all is said and done, watch the real yields, watch the
market. they're still behind. if they raise rates three-quarters of a point in september, they'll still be below the 2-year and the 10-year yield, and that's what determines the economy. so they're still behind. i will only start worry aring in a bigger way if they go to 4% fed funds. and as far as markets, if they start easing or talking easing which which i don't think they can just it yet, then maybe the market gets a little bit better. i hate saying that because i want them abolished. i think they do nothing for nobody. i think all they've been able to do is move markets but distorted price and yield created all kinds of bubbles, enabled the biggest wealth inequality in the history of our time. so you get a feeling for what i think. i just wish they would leave us alone and, unfortunately, that's not going to happen. ashley: i think we got the message, gary. very quickly -- the. [laughter] it's kind of a confusing, there's some strange economic data. you know, we know that as you say the housing market is
softening up. unemployment benefits are gradually increasing, companies are announcing layoffs of hiring freezes. but unemployment is still at a historic low, and consumers are sill spending heavily despite the hot inflation. they're kind of counterintuitive. where are we in. >> well, look, on a personal level all you want is people to have jobs. the worst possible scenario is unemployment starts to skyrocket. and we're getting some inklings to that. and let's just not -- i will promise you this: if we lose the employment side of the equation, we're going to go into a deeper and long are or recession. it's going to be very tough to come out of. and on the consumer front, the other numbers look okay, but just go look at the chart of savings rates. it is plunging. go look at the chart of credit card usage. it is a skyrocketing. that is a one-two punch going the wrong way right now. it can change, but right now not
liking what i'm seeing. and if the consumer they say is 70 of the economy -- 70% of the economy, if the consumer hits a wall, that'll just add to what we do have to worry about going forward. ashley: all right. gary kaltbaum, we'll have to leave it there. great stuff, as always. do cannot expect a christmas card from jay powell this year -- [laughter] >> nothing personal, nothing personal. ash afternoon thank you very much. nothing perm, never is. thanks so much. as we look at the futures, we're moving higher ahead of the opening bell in about 19 minutes from now. coming up, aoc-backed political newcomer kristin gonzalez declared victory in a new york state senate primary. roll the tape. >> we are not going anywhere, and we will not stop until we see a socialist state across this city. [cheers and applause] ashley: how frightening is that? does her victory prove socialism wins? we hope not. we'll get into that. and then there's this: critics argue the student loan handout
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i know there's conflicting information about dupuytren's contracture. i thought i couldn't get treatment yet? well, people may think that their contracture has to be severe to be treated, but it doesn't. if you can't lay your hand flat on the table, talk to a hand specialist. but what if i don't want surgery? well, then you should find a hand specialist certified to offer nonsurgical treatments. what's the next step? visit findahandspecialist.com today to get started. ♪ ♪ ashley: yes, of course we're still in our summer feelings. a lazy, hazy day on the beach in north carolina where it is currently 80 degrees. we all wish we were there. all right, let's take a look at
the futures. has about, what, 15 minutes or less from theopen, we are showing a positive open. the dow slightly higher, but the s&p and nasdaq up about half a percent. let's get back to this, everyone's talking about it. president biden claims his student loan handout plan is both responsible, oh, and fair. take a listen. >> i believe my plan is responsible and fair. i find it interesting how some of my republican friends who voted for those tax cuts and those think that that we shouldn't be helping these folks. so the outrage over helping working people with student loans, i think, is simply wrong, dead wrong. ashley: dead wrong, huh? south carolina congresswoman nancy mace joins us now. good morning to you. let's start right there. do you think this is responsible and fair? >> well, truth of the a matter is it is the irresponsible and unfair. we should not be forcing blue
collar workers to pay for the education of folks who are going to college and university law school or get requesting their mbas. i think about my hvac repairman. his name is tommy. i went to high school with him. he should not be paying for my kids' education. he works hard to provide for his family, and there's probably outrage amongst blue collar workers throughout the country, and i think this opportunity to buy votes from americans might backfire in november. ashley: well, i'm glad you mentioned that, that was my next question. some critics do argue this is purely an effort to buy votes, but do you think it's going to work in and why do you think it's going to backfire? >> well, the president knows, rightly so, that he doesn't is have the power to write off the debts of students going to college. nancy pelosi said as much last year, that he just doesn't have the power to do that. it would literally take an act of congress to make this happen and/or be decideded in the
courts. but when i talk to hard working south carolinians, they're raged by the fact that heir going to pay for somebody goes to law school. in no world does that make any sort of sense. ashley: you know what's interesting, i was just looking at this university of pennsylvania wharton budget model -- that's quite a mouthful. it says even with the income if gap, it gives 69% of the benefits to borrowers in the top 60% of income distribution. so you're giving a $90,000 bonus to doctors, a $55,000 bonus to lawyers. how is that reasonable and fair? it's just not. >> no, it's not at all. and where's the focus on vocations? we have millions of americans across the country who are struggling for work, struggling to get their children educated so that they can get a good job when they graduate from high school. many americans can't a afford to go to college because taxpayers have subsidized college and,
thus, prices have gone up. that's where our focus really should be in this country, and it's just not. ashley: do you think this will end up in the courts, to your earlier point? >> i think it has to. i don't think there's my way that you can have the president of the united states intervene in contracts for loan repayments. that's not a possibility. the left and democrats have said so in the past as recently as last year, and i do think this case, will end up as a case in court and could go as high as the supreme court. ashley: very interesting. thank you so much for taking the time, congresswoman nancy mace. we appreciate your comments this morning. senator elizabeth warren, no big surprise, chiming in on handouts. i have a feeling i know what she said but, lauren, you tell us. lauren: this is good. this is good, ashley. this is one of her better bites. she did an interview with cnn and said canceling debt was very, very, very popular because it drives economic activity and
benefits everybody. enter because of student loan debt, there are many people who don't move out of their mama's basement, who can't save up money to to buy a home, who don't start small businesses, who don't start a family. you relieve the debt burden some for those people, and we have more economic activity. in other words, canceling student loan debt is good for the people whose debt is canceled, but it is also good for our economy and the rest of america. lauren: that's the connection i just can't make. yeah, it's good for you if your debt is being canceled. [laughter] how is it good for everybody? it doesn't address the root cause of the problem which is the cost of tuition. ashley: it leads to more inflation which taxes the poor many greater percentage than everyone else, and we all end up paying. thank you, lauren. all right, brian brenberg, professor, what's your reaction to elizabeth warren? >> well, you know, she just wants all the money to run
through government's hands. it doesn't matter if it's student debt or something else, taxing the rich, taxing wealth, she just wants all that money finish by her logic, we should just start writing checks every single day, because that's going to fuel the economy. ashley: exactly. >> of course, it fuels inflation, but she doesn't want to talk about that side of the story. elizabeth warren always gives you half the economic picture, and that's why she's always totally wrong because if you don't think about the cost of things and the incentives for things, it's going to be a disaster. ashley: exactly. >> that is classic elizabeth warren. mama's basement, i love mama's basement too. climbing out of mama's basement -- [laughter] ashley: it's so focus city, isn't it? i want to get back to politics. the democrats are hopeful for the midterms certainly with the latest polling. lauren, is this because of the win in new york? lauren: it was a special election in the hudson valley and, yes, it was a big win in a
true swing district. the democrat there, pat ryan, he centered his campaign on choice after the supreme court struck down roe. he defeated the republican, mark molinaro. democrats are calling it a bellwether of the national mood. look, we'll see when november comes, and just one point, the voter turnout here was small, so it doesn't mirror a general election. ashley: it certainly doesn't. lauren, thank you very much. quick check of the futures, looks like a positive opening. and guess what? the opening bell is next. ♪ do what you do ♪
ashley: less than 3 minutes from the opening of the markets, looking at the futures. positive, but modstly so. let's bring in d.r. barton. good morning to you. i read your note, you get a lot of questions about whether we're in a new bull market or a bull trap or is it all bull you know what? [laughter] >> ashley, always colorful as you are -- [laughter] i can answer that question many one word -- in one word.
yes, we're in a bull something for right now. now, the bull trap that i mentioned in my notes is where the market starts to get a bull recovery like we have in the nasdaq only to be trapped and drag people down to new all-time lows. i am right now suggesting that we are not in that kind of market and that we will not see new all-time -- not all-time lows, but new lows for the year on the nasdaq in this year because of a lot of positive things going on. ashley: right. but you also point out that some of the higher gains has been broad based. a lot more stocks starting to rise, correct? if. >> yeah, and and that is a really good thing which gives me the confidence to say that we're not in that bull trap where we've just topped up and we're going to drag the market right back down. so we had a new, a new high a pour month high in the bredst -- four month if high in the
breadth of the market. how many stocks are moving up at the same time, and that's only happened seven times since 2010 when we've gone down, down, down and then you get a recovery. when that has happened, ashley, all seven times the market has recovered in the next 12 months with double-digit gains. so that kind of big turn with a lot of stocks helping out is the kind of thing that we want to see. ashley: now for a particular stock pick, you went for advanced micro devices, amd. why? >> well, amd is doing some really big things. they made some great acquisitions including another big chip manufacturer. but what they're doing really well is bringing in the revenue. the reason their stock has dropped recently since their earnings report earlier in the month is because they said next quarter is going to be lighter than expected, can and that's probably true for most chip companies. but i think chip companies are
getting a little hiatus, a little pullback here, and and what we're seeing is amd in particular is three of their four sectors are up double and triple digits over last year in terms of revenue. not earnings, not any gains. and i think that is going to continue in the long term. if you're looking for long-term growth, it's a good place to be. ashley: d.r., thank you so much. so much information, we appreciate your time. there you go, they push the buzzer, the day is off and running. thursday's trading session now underway. and let's take a look at the big board in the extremely early going, we're about 12 seconds in. a lot more green. honey honeywell,s goldman sachs, apple leading the charge, but the dow to modestly up about 6 points. let's take a look at the s&p 500, see where we stand there. the s&p gained yesterday modestly, up again today a third of a percent, up 12 points at
4153. take a look at the nasdaq, that also managed to eke out a gain yesterday. up again this morning very early on, up 66 points. let's take a look at big tech. we always like to look at these big cap market stocks. apple up nearly 1% right out of the gate. amazon, meta/facebook up .8. alphabet up half a percent. microsoft essentially flat. all right. let's begin the day, why not, with tesla. first day of trading after the 3 for 1 stock split making it more accessible for more investors. that's the theory. susan li, what have you got? susan: yeah, $300 instead of9 -- of 900. dan i'ves raising his target price of 360 this morning on the stock split but also improvement in china. you have to remember that tesla split their stock back in 2020, a 5 for 1 split then. now in 020 the stock reaction
was that the stock actually dropped the day after the split, and it was down around 14% in the month afterwards. however, you do have some good news from tesla or for tesla from china. $150 billion in stimulus that was announced last night, and that's good news, by the way, for tesla car sales and production there, also lifting stocks like alibaba and jd which is listed in the u.s. those stocks are doing well this morning. ashley: yeah. up 1.5%. i want to take a look at peloton. they reported before the bell. the question is, how bad was it? if. susan: the stock kind of says it all, down 50%. they lost $1.2 the billion many three monthses. that's a big deal. they lost $3 billion over the entire year. now, we've kind of known this because the stock is down almost 100% so far in 2022. that's dramatic. and demand is down for their peloton bikes and treadmills. people are going back into the gym. if you want a peloton, you
already have one. the saturation effect here. sales are down by a third from a year ago. cash burn is high. restructuring including job cuts, store closures, and pell. on the will now start selling oe selling on amazon, and this is to get more distribution, more people interested. now, what i found interesting was also the ceo, barry mccarthy, on the earnings call he actually calls the results, $1.2 billion in three months as progress for the company. ashley: uh-huh. i don't know how many people are believing that, down almost 15%. that says it all. if yeah, exactly. that's not progress. all right, also a number of retailers reported earnings. let's begin with victoria's secret. susan: you're going to hear this running theme throughout retailers, talking about being hurt by inflation. they're going to cut their
full-year outlook, and they say that customers are cutting back on spending. not surprising. same thing you heard at abercrombie & fitch as well. and they're down, they actually reported a surprise loss when wall street expected them to make some money at least in three months. they're reporting lore than expected sales and, as a result, not surprising, they're not going to have as good a year as anticipated, and they're blaming higher prices, also consumers as a result are not spending as much. and then i want to show you dollar general and the discounters. here's the countertrade here. it was up in the premarket, now they're down. came out with better results, same-store sales higher than anticipated, and they're boosting their share buyback by $2 billion. and dollar tree had a fantastic quarter as well. but they're cutting their full-year earnings outlook because of pricing investments and pricing-related investments at family dollar stores. ashley: okay. if by the way, nvidia reported after of the bell yesterday.
tough report. the stock down 1.5% -- susan: actually, it was down 5, 6%, so you're down 1.33, not as bad. gaming chip sales are still going to be lower according to the ceo. challenging environments for graphic chip, so they missed on profit and sales despite already, by the way, preannouncing the disappointing lower sales, and they're blaming the global slowdown that's taking place. also heir going to adjust pricing as a result. data centers actually did better, that means cloud is booming. cryptocurrency money, chips, they say, not adding much ott bottom line. ashley: all right. and by the way with, did salesforce also slash hair outlook? susan: yeah. surprise because with, you know, i just talked about nvidia pointing to growth and a booming business in cloud, but salesforce isn't doing better -- they're not doing badly, but still, you know, they had unexpected earnings weakness and guidance wasn't that great as
well. now, snowflake, now here's a booming cloud provider here, cloud warehouser. it was up almost 17% in the after hours, and hay easily -- they easily beat on sales. you want a boom? take a look at snowflake. ashley: all right. we'll have to leave it right will. great stuff, susan, as always. thank you so much. let's take a look at the big board as we get this day underway. about 6 minutes in, and already the dow has turned negative, down 59 points. let's take a look at the dow winners among the ones leading the way, if you like. dow, caterpillar. boeing up 1.25%. as we mentioned earlier, apple up nearly 1%. mic, too too, up -- too, up lee-quarters of a percent. s&p 500 winners, carnival up there, royal caribbean also up 3%. autodesk up 5% as well among the leaders.
and how about the nasdaq? well, autodesk, which was on the s&p also, up 5 percent. amd, d.r. barton talked about that, micron, aligned technology and microchip tech all moving higher today. let's take a look at the 10-year yield. it was earlier above 3%, right around 3.1. there it is, it's down slightly, 4 basis points but still above 3%. let's take a look at gold, see where gold is. up $9 at 1770. about a half a percent gain. what about bitcoin? see where bitcoin is trading right now, down $110, down half a percent if at $21,600. what about crude oil? it's under $100 at least, $95, up 29 cents this morning. let's take a look at a natural gas. it's going to be a big story this winter certainly many europe. almost flat, up very slightly at $9.36. and the average price, by the way, for a gallon of regular,
$3.87. what about diesel? take a look at that if we can. i believe it's right at $4.98. that's a lot more expensive, especially for those big 18-wheelers. let's move on. coming up, the white house dodging our very own peter doocy's question on who will be paying for the student loan handout. roll tape. >> reporter: who is paying for this? >> the work that this administration has done, the work that in the democrats -- that the democrats in congress have done is actually there. >> reporter: but when you forgive debt, you're not just disappearing that, so who is paying for this? >> i just laid out, i just laid out for you -- ashley: no, you didn't. bret baier take that on. by the way, new car costs could hit a record high this month. we're going to break down the numbers right after the break. ♪ who's going to drive you homen tonight?
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ashley: let's take a look at these markets. the dow i off about a the -- about a tenth of a percent. kind of a wait and see with the fed meeting in jackson hole, wyoming. maybe they're just waiting to see what mr. powell has to say tomorrow. let's take a look at tesla, the 3 for 1 stock split in effect, two years to the day they did a 5 for 1 stock split. ray wang is here. is it smart to get more retail investors involved? >> yeah, we've seen a lot of stock splits, it's really about making the stock more accessible. it doesn't really change the
price per se, but sock splits because it's dropped the price, it's allowed more institutional investors and retail investors to say, hey, look, i can jump in. $300 is not as bad as $1200. i think that's something for people to take a look at and actually typically rises in price over time. ashley: exactly. and talk about taking a look at, you're taking a look at salesportion. they just slashed their outlook for annual revenue and profit -- salesforce. partly because of a strong dollar, also because they say spending are from consumers is being damped down a little. while do you like salesforce, or why are you looking at it? >> yeah. the reason salesforce is important, it is a bellwether for cloud socks and the whole cloud -- stocks and the whole cloud category. they pioneered that almost 23 years ago, and you're trying to figure out what are enterprises buying. so they trimmed their guidance
down to $31 billion from 31.8 billion, and what it's really signifying right now is everybody in the u.s. took a vacation this summer, and it's very hard to close these deals because they typically take 150 days, 180 # days to close. these are multimillion dollar contracts, so i think we're seeing that. i think we'll get a better feel by september when you see people get back in to work. we've been seeing that slowdown around enterprises where people have been away, it's been hard to get decisions, and it's just a little bit. on the flipside, when susan was talking about snowflake, they grew revenue 83% year-over-year. so we're getting mixed signals, and the big thing is to look at when workday reports today. ashley: and what about nvidia? their results missed those dreaded estimates but also lowering their guidance. what's your take on nvidia? >> yeah, nvidia's facing a problem dealing with supply
chain issues and chips. about a week ago they forecasted lower guidance, but the enterprise side is growing with the data centers, and that's an area to what watch. also their automotive piece, and you're seeing what they're doing on the metaverse side, those are are things people look to in terms of growth areas. overall, when you think about the chip market in general, it goes through these swings based on china's supply chain and data center demand. those are the big areas. but growth of nvidia has slowed down a little bit, but i think we'll be seeing different forecasts as we get to the end of the year when we see the big, you know, public cloud companies buy their chips and and also when we see what happens with the swings through the supply chain issues in china. ashley: very good. as always, very plaintifftive. ray wang -- very informative. appreciate your time this morning. >> thanks a lot. ashley: by the way, elon musk and spacex are giving t-mobile's stock a boost.
why, lauren? lauren: elon musk tweeted this is something special that's happening at 8:00 eastern tonight many texas. it's an event where spacex and t-mobile are going to reveal plans to increase hair connectivity, basically helping each other. so you say how? i think like this: spacex has the starlink, satellites that beam internet from low orbit down to users on planet earth, and, obviously, t-mobile has a cellular network on planet earth. so they could augment each other's existing network. so so combining satellite and cellular, and then you get better, faster internet. maybe cheaper as a result, we do not know. tune in tonight. ashley: yeah. maybe they're going to put the t-mobile logo on the side of the rocket as it goes up. [laughter] who knows? anyway, lauren, next one for you. this is interesting, this has been a developing bromance. tiger woods and rory mcif ill roy teaming up on a new tech venture. lauren: it is a bromance.
i noticed that the other day when they were rallying together on the side of the pga tour. well, they're launching tmro, i guess that's tomorrow sports, and they're going to have their own league called, gl partnered, obviously -- tgl, partnered with the pga. they're delivering elevated events, more players playing, larger purses of at least $20 million. i think they're just trying to make sports or golf more tech, more virtual and more exciting. ashley: yeah. lauren: what do you think of that, ashley? i know you're a big golf fan. ashley: yeah, i'm a huge golf fan. if it helps the game, i'm all for it. by the way, interesting tidbit here, former nfl legend michael vic is cofounding a sports tech company, it's called fan field? lauren: yeah, nfts, digital collectibles. exclusive experiences. we've seen consistently over the past couple of years sports and big names in sports going
digital. trying to make money from these experiences that go along with the game. ashley: all right. come many, professor brenberg. what's your take on all this? >> look, i'm a big sports collectible guy. i love baseball cards. i could talk about that all day. i still don't get the nft thing. i want to hold something in my hand. i'm sure there's something -- on the golf thing, so i i ran into jared max mt. holloway, and he was talking about -- hallway, and he was talking about how you get these guys in a purpose-built stadium, and they kind of drive into a screen. hen there's a putting green right there. so fans are up close, and it's, like, all this purpose-built arena. i don't know, it's like indoor golf. maybe it's kind of cool, maybe fans will like it. ashley: it could be. it's a brave new world, that's for sure. everyone, thank you very much. brian brenberg, you gave out an
f earlier today, you are very tough. thank you very much, brian. the fed, as with we know, is kicking off its annual meeting in jackson hole. edward lawrence, lucky guy, is going to set the scene for us. he'll be up next. by the i way, hillary clinton went head to head with kim kardashian in a legal quiz and lost. oh, yes, i'm reading that right. >> i was really intrigued by how well she did. i wanted to to, you know, put the spotlight on her, not that she needs it. ♪ >> correct. [laughter] >> mom, you made a good effort. ashley: you made a good effort. clinton, a yale law grad, or lost by a big margin. we'll have all the details next. ♪ ♪
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call and talk with one of our bond specialists at 1-800-217-3217. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. ashley: all eyes on jackson hole today as the fed kicks off its annual policy meeting. edward lawrence is there. good morning, edward, set the scene for us. >> reporter: yeah, ashley, it's a beautiful
scene, as you can see behind me. but inflation and rate hikes, that's going to be the major theme this year. i talked with kansas city federal reserve president esther george, a voting member, i might add. she sees rate hikes through the end of this year. she says that after the december meeting, then she wants to reassess to where things are. george also says she says they could go 50 or 75 basis points at the next meeting in september. she, again, is a voting member on that. she says the next jobs report will be a deciding factor for her. the jobs number comes in to the upside,s which is what the last one was, is that a concern for inflation going forward? >> i think it will be one of the signals to say this inflation may be stickier, this broad-based pressure that we see may take longer to come down, may require more interest rate moves to get there. >> reporter: so now that the inflation reduction act has been signed into law, i asked
about constant government spending prosecute biden administration which pushes inflation. now, it's a part of the reason that cpi inflation is at 8.5% year-over-year. she deflected but i pushed. is the fiscal spending working against what you guys are trying to do? >> so i think fiscal spending is going to be a component of how we think about the broader economy. again, there are many factors out there that we see today that is driving the imbalance that we see in the economy. >> reporter: if you read between the lines, more government spending could mean more aggressive rate hikes in the future. we'll have to see. ashley, back to you. ashley: we will indeed. thank, brian, again, for sticking around for the entire hour. more "varney" up next. ♪ finish. ♪ ♪
stuart varney, let's get your money, the market slightly high, the s&p nearly 1% but all positive, the dow slightly lower, let's look at the 10 year treasury yield hovering around 3% and now up 3% and now up for basis points at 3.11%. on the treasury, looking at oil around $95 and falling slightly around 9484 for a barrel of crude and bitcoin unchanged, 21,710 for bitcoin. we just got the latest read on mortgage rates. lauren: we went up to 2.35%, the prior week at 5.13% at a year ago under 3% and there is some optimism from the chief economist at freddie mac who says there are still potential buyers sitting on the sidelines waiting to come back and so
that doesn't sound as dire as other forecasts we have received about a housing recession. ashley: now don't wait too long because these rates might go up. last hour we spoke to congress woman nancy mason about what ramifications the student loan handouts will have on the midterms, here's what she had to say. >> it is a responsible and unfair, there's probably outrage among blue-collar workers across the country and this opportunity to buy votes from americans might backfire in november. ashley: matt schlapp, great person to talk to. do you agree with the congresswoman, could these handouts backfire or is a real vote-getter? >> it just shows you the old democratic coalition of working people, immigrants, people who worked hard for a living all over this country, people who love cops and people in the military is broken up. they are now a city of woke
white liberals who want to get an extragraduate degree and two thirds of americans don't go to college, most americans never had any college loan. this is a play to his woke constituency and think about the expense, $300 billion, not long ago that was the entire to budget of the department of defense, trying to destroy the evil empire, massive amount of money at a transfer from joe lunch bucket who works really hard and didn't go to college to the sons and daughters of the elite of the white woke crowd who can't get out of bed, so they can make money to pay for their loans. all of us who took out college loans had to pay every penny of them and that is a problem we should teach our kids to make. ashley: all those people who work two jobs to stay ahead of that loan. we can't get an answer out of the white house how to pay for
it but dismissing concerns of inflation which as we know is a tax disproportionately, this administration is handing out money but not explaining how we are going to pay for it. >> this administration doesn't care about people who are barely getting by and working hard. inflation, that is because of vladimir putin's aggression, that's a lie. we have inflation because we sue produced the economy and a lot of other countries did too during the nightmare over chinese corona, supra just our economy, the democrats don't learn from their mistakes, they keep wanting to super juice the economy. partner that is racking up government debt and printing money to give favor of voters who they are trying to attract to avoid the big red wave. we all see through this.
this is just going to compound their political problems and make inflation even worse, make gas prices even worse, food prices even worse and people who are working hard this is not incentive to work even harder. neil: you are right. have to leave it there but thank you so much, appreciate you joining us. thank you. some house republicans accusing facebook of censoring a post about the student loan hand out plan. what is this about? lauren: when president biden announced this plan, some house republicans said, show you the tweet, if you take out a loan you pay it back. that is what the house judiciary committee tweeted. and then facebook slapped them with violation of community standards. i don't understand the connection. it has not been explained and what this group is saying is big tech is once again working double duty for the white house
with censoring posts and messages it doesn't like. pretty obvious you have to sign for a loan you are supposed to pay it back in. ashley: how is that controversial? in today's world it is. let's take a look at the markets, moving higher. bringing david lefkowitz, good morning to you. technically i guess we are in a recession but you don't believe we are so where are we economically? i said there's a lot of conflicting data. do you think, if you don't believe we are in a recession can we avoid one? >> depends how you define recession. in my mind a recession is when people start losing their jobs. if your neighbor loses a job that is a recession, if you lose your job that is a depression. the job market is still very strong so i don't think we are in a recession right now but
the head wents, the fed is raising interest rates and will continue to raise interest rates, corporate profit growth is slowing down and that will continue. it is a close call between a genuine recession and not the side that there will not be a genuine recession but clearly the economy is facing and committal headwinds from inflation from what the fed is doing. ashley: where does this leave equities, what price target do you have for the end of the year, say december? >> after the recent rally at one point the market was up 17% off of the mid june low and pulled back a little bit since then. we are at the top end of the range that markets are likely to see at least for now and evaluations have moved up to higher levels, they disconnected from where interest rates are and
corporate profit growth expectations are, we think earnings estimates are still a bit too high so i think the market has to digest these head wents and after the strong move it is hard to see how we move higher in the near term and the question is going to be recession or not over the next several weeks. neil: price target, june of 2,023, don't know why i'm asking that specifically but do you have an answer? >> we are looking for markets to be basically flat over the next year or so. we look at the s&p 500, we are looking for 4200 on the s&p 500 over the next year. ashley: very good, impressive, thank you very much, appreciate your time. let's go to lauren, you are looking at some of the movers. let's begin with salesforce, down 7%.
lauren: without stop shaving 90 points from the dow, thou will be much higher so salesforce makes, helps businesses organize data in the cloud and they just cut their revenue forecast for the year, the ceo says we see customers being more measured with their spending and you heard from ray wang who calls salesforce a bellwether for business spending in the cloud. tele-duck is another stock, they are up 3.6% because amazon is shutting their virtual healthcare service by the end of the year which is amazing. when you think of amazon scale, the customers they serve, they can't crack the code when it comes to health and you have jpmorgan and berkshire hathaway who ended their healthcare program also. burlington, the discount retailer issued a disappointing forecast, stocks down 8%. let me tell you how
disappointing it is, they expect earnings as low as $0.36, the prior quarter was $1.06, they are not doing well, the quarter just wrapped same-store sales, fell 17%. you know why, because basically every retailer has inflation hitting the lower income consumer and inventory, they have so much to cut margins. ashley: the same story. a senator warning small businesses about the irs. lauren: senator roger marshall from kansas says 87,000 new irs agents, who are they coming after? small businesses. he used to run one. >> small businesses hammered by these audits, it will cost $25,000 to defend the audit and it is money down the drain it doesn't go to growth in the economy and they will come after small business owners as
well as moderate income folks who will bear the brunt of this once again. lauren: i listened to the whole interview, he said i asked democratic senators, you are not going to have the irs target households making under $400,000 a year obviously they didn't do that, we will see who gets audited. ashley: hope he is wrong but sadly he could be right. more buses carrying migrants from texas arrived in new york city, the city wants to put them up in motels, could cost 300 million a year. president biden planning to cancel $20,000 in student loan debt for many americans but top universities in the country are sitting on billions of dollars in endowments. how is this fair? the president's student loan handout not going over well for those who are ready paid off their debts. madison allworth will tell us
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sitting on? lauren: $210 billion, that's the some of the endowment of the top 10 universities include harvard, jo, stanford, princeton, mit, pen, columbia, most spend the bulk of that on student aid but not all of it. not even half and then you have hard-working taxpayers paying for the student debt forgiveness when the root cause of the problem which is the cost of tuition is not fixed, it could get worse, columbia university tuition is $61,000 a year, there endowment is over $10 million. it doesn't make sense. the endowments, certain monies allocated in certain places based on what that person wants, you can't just do what you want with it but it doesn't seem fair. ashley: and i don't think it is. thank you very much, question being what does the average american think of the student loan handout. madison allworth has been
talking to americans to get their opinions, some safer tv. what are they saying. >> reporter: the majority that are in favor of this have student loans themselves, some of the 26 million people that stand to benefit but the majority that i've heard from are concerned that over $300 billion could be added to our debt, they don't feel the same way. >> the overall debt of the country, who's going to pay for it? someone has to pay for it. >> you go to school, you pay your own way. we don't need the government. >> try to get your first time, raise a family, an extra burden. >> we get money where ever else, foreign countries, one of students. >> decisions shouldn't be made without considering consequences or response ability. >> i think of my 5-year-old and 6-year-old, if they borrow something, if they break something i teach them response ability and it should be the same no matter how old you are.
>> for those who have paid off their student loans or are close to paying them off they feel a bit cheated and we heard from people who don't feel this is the fair thing because other loans aren't being bailed out, mortgage loans, business loans and credit card debt not getting any attention. it's always good to follow the money. economist pointing out this does not solve the root problem college education costs of exploded in this country. if you look at president biden's campaign donations, he received $64.5 million from individuals in higher education during his 2020 campaign. the people i've spoken to on both sides, those that don't agree with this handout still think the cost of higher education has gotten out of hand but they feel this is not the way to solve that problem because it doesn't do anything to address the cost of education. ashley: it does not. good stuff, thank you very much.
let's bring in the ceo of praxis. you've got a bone to pick with colleges, what's the issue? >> for years we've considered college the best route to lifelong success and college itself, the idea that you need them to be successful and today it is more expensive and less likely to pay off than ever, four your degree they take an average of 6 years to complete them, graduation rates around 50%, only 40% of those graduates have a job within three months of graduating college. ashley: we have been told if you want to get on in the world, if you want the job you're looking for you have to go through college, have to pay this huge amount of money, turns out that is not true and there are alternatives, what are the best alternatives? >> nearly twice as many
americans are actively searching for alternatives to college last year so people are becoming aware of alternatives, actively seeking them out because they are fed up with return on investment. in our business refreshment program, discover praxis we designed a program that combines 6 month boot camp where you are learning fundament of professional skills, exploit different careers in business and we help you land the great first career job without spending 4 to 6 years in college and go into 20 years of debt. ashley: there has also been a jump in vocational schools where you can learn to be a plumber, an electrician, these are great professions that offer great security, do you expect we will see more of that? >> trade schools are on the rise, those are great option but there is a false dichotomy that you go to college and
become a white-collar worker or you have to go to trade school and that's not true either, you can access great careers with long-term upside in the trades and outside the trades without having that for your degree and over the past 30 years tuition has skyrocketed 300% while starting wages for college grads has moved from 40 one k to 44 k. you need to be making $80,000 a year to keep up with the buying power. ashley: that's crazy. how do the universities justify this? is this to pay for those tenured professors and fatcat families? i don't understand how the costs are so high? >> any time the federal government has provided subsidies to higher education tuition goes up so that is what i expect to see in the long term with this kind of precedent-setting loan
forgiveness plan for sure but my personal opinion is these universities don't actually treat their students as consumers, they are not looking out for their best interests, they are running large, behemoth universities. ashley: many people would agree. thank you so much for joining us, we appreciate it. now this. millions of americans are not working due to long covid. how many are we talking about? lauren: between 2 and 4 million people from the brookings institution, hard to gauge, the scope of it is still new, you have to show you have long covid and sometimes that can take some time. it is $170 billion a year lost in wages and it is sort of explains this labor shortage because you have 60 million americans, it is an official
diagnosis of long covid, residual effect after having contracted covid 19. most of them are working but as for the millions who are not they can apply for disability, you need a doctor documentation to do that and it might be up to the insurance company to grant it. that a lot of people who are not working and we will see how many start to claim disability because of it. ashley: 2 to 4 million, i had no idea. thank you for which. listens what are new york state senate candidate said after winning her primary. >> we really proved socialism wins. we will not stop until we see a socialist wave across the city. stuart: republican strategist david available deal with that. is on the show plus political analysts are using new york special election and mar-a-lago
ashley: the market is open for an hour, the s&p is up 1%, the nasdaq up one and one 12:45%, gaining a little bit of upward momentum. the higher education industry has poured millions of dollars into president biden's 2020 campaign prior to his student loan handout announcement. how much are we talking? $64 m individuals in higher education during the 2,020 president karen. who are the top contributors? university of california, stanford, state university of new york, harvard and mit so yesterday stuart was asking this is just buying votes to whose vote is he buying? a lot of students want
everything forgiven, those are the votes he is buying, those institutions. ashley: i think you are right. very good, thank you very much, political analysts say the primary elections in new york and florida could signal a democrat victory in the midterms were different outcome than republicans expected. chad program is on capitol hill, is the red wave dwindling? >> reporter: special elections are just that, special, they sometimes provided data point before the general election, democrats contend the upset in upstate new york by pat ryan suggests there is no red wave, nancy pelosi insists democrats will hold their narrow majority in the house. >> republicans should be very very very scared this morning about their prospects which i have never believed we would not hold the house. that is my mission and what i hope to accomplish.
>> reporter: the gop viewed this race as a bellwether, pat ryan contends there's a backlash against republicans. >> we are going to defeat these threats to our democracy, to our safety, to our freedom, and we are going to restore our pride in this country, our patriotism in this country. >> reporter: republicans say they would rather be in their shoes than the democrats, the gop want a number of seats last time in districts customarily held i democrats. they say the cancellation of student debt is a cynical ploy to buy the votes of liberals. >> this is a huge attempt by democrats to try in a very transparent way to get votes of younger people going into the midterm elections. >> reporter: special elections are a snapshot in time. republicans recently flipped a seat in texas which republicans believe redistricting in ohio
and florida plus new lines in new york may help them hold the house and a narrow gop majority could cause problems for kevin mccarthy if he wants to be speaker. ashley: a day is a long time in politics, thanks, let's look at these headlines, to chat's point pointing to the new york special election and the raid at donald trump's mar-a-lago home as reason democrats could win in november. is the tide turning toward the democrats more do you think? >> no. much of this you wonder if it is a narrative trying to be driven by democrats and allies in the media versus actual astute political analysis. 72% of the country believes we are heading in the wrong direction, the president is at
42% approval rating, turnout among republicans is higher in the primaries than it is among the democrats. and now you have a student loan fiasco the president has created along with most of his policies will make it harder, not easier, to create jobs for college students getting out of school, less jobs to apply for because this administration continues to do things that put a wet blanket on the economy thus jobs don't get created. that's not a formula for democrats to go into the fall elections campaigning on. ashley: does the trump rate have an impact and could actually help rouse up the republican base? >> in an election like this everything matters nothing matters, people are very fired up about some that will make them vote. for others there will be another factor that will
influence them. among some voters it could have an impact. everything is going to have an impact this election. ashley: now this one. aoc back democrat kristin gonzalez claims socialism is a winning platform. i will get your comment. >> we really proved that socialism wins. [cheers and applause] >> we are not going anywhere and we will not stop until we see a socialist wave across this city. [applause] ashley: where are we, cuba or china? what do you say to that? >> little dispute that in a democratic primary which is which is referencing socialism sells well. will it sell sell well in a general election? we haven't seen that in most of the country but certainly independent and republican
voters aren't in favor of that. and if democrats aren't, hence why you didn't see bernie sanders or elizabeth warren become the nominee the democrats picked what they thought was going to be a more moderate president in his governing. the general elections are a lot different from primaries but in a democratic primary it probably sells pretty well. ashley: that says it all, does it not? great inside as always, thanks for joining us, we appreciate it. nypd memo telling officers not to chat while on duty. we will tell you why the union says we are not going to be silent. the white house refuses to say who will be paying for the student loan handouts, role tape. >> we forgive debt, not just disappearing debt, who is paying for it? >> we are going to lift the pause at the end of this year
which will offset a lot of what we are doing. i just laid out for you. ashley: don't give up, peter doocy, carry on. bret baer is going to be on the show and he will dive into the white house dodge next. ♪ like any family, the auburns all have... individual priorities. some like strategic diversification. some like a little comfort,
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trillion of gasoline on the inflationary fire is reckless and he continues saying you have no clue how to pay for this relieved, you are breaking another promise of all proposals to be paid for. it is inflationary, that the how you are going to pay for it and you're going down a slippery slope because this creates expectations but larger forgiveness packages are on the way so i went any student deciding should i go to the school which cost this much and can't afford or the school but i can afford, go to the one you can't afford because someone will pay your debt anyway, that is the message this sends that this is not a 1-time only thing. i hope i'm wrong. ashley: i don't think you are. i've sent my mortgage and car payment so i hope they will take care of that. all right. thank you. the white house press secretary just doesn't seem able to give a straight answer on who will
be paying for the student loan handouts. watch this. >> reporter: who is paying for this? >> what we are saying the work that this administration has done, the work the democrats in congress have done is actually there. >> reporter: when you forgive debt it is not just disappearing, who is paying for this? >> we are going to lift the pause at the end of this year which is going to matter, which is going to offset a lot of what we are doing as well. when you think about the $4 billion that is going to go back into as revenue back into this process of folks paying their college tuition, that matters. i just laid out for you. ashley: but she really didn't, keep going, peter doocy, he's like a bulldog with an ankle. bret baer joins us, great to have you. it is such a basic question,
who pays for these handouts and it seems the administration doesn't want to give you that information. >> it was basically word salad there in the answer that the white house press secretary gave and i think their pushback is the hypocrisy, how can you be mad about this if you weren't mad about the ppp payouts to small businesses and individuals during covid. problem is it is apples and oranges because congress passed the ppp, the paycheck protection program in april 2020, this is an executive action it is not pass through congress, it is as far as we can tell the largest financial exec of action ever in the history of the country dealing with $300 billion but some groups say it could go up
to $1 trillion when all is said and done. ashley: to more politics more democrats in florida turned out to vote in this year's primary than the blue wave of 2018, you see that on screen. are democrats more motivated to vote or is this because so many people moved to florida during the pandemic? what do you think? >> special elections are just that, special. these primaries are unique. there wasn't a competitive republican race. republicans didn't feel compelled to go out and vote. there were some school board races governor desantis, from liberal school boards to conservative school boards with votes, the people who did show up but what you are seeing is the overturning of roe v wade has stirred up the pot on the
left and i think that is going to be one of the things you watch in november is how much that fires up the left and how much inflation and change in the administration and congress fires up the right. ashley: very quickly there are those who say it is the canary in the coal mine, the special election in hudson valley, and ryan was all about roe versus wade and molinaro was all about the economy and ryan won. is that a canary in the coal mine? >> definitely democrats are touting that. i point out these special elections are unique. there wasn't another republican election in new york and so it is about turnout. that motivating factor of the dobbs case overturning roe v wade became central in that race.
pat ryan put on his signs choice is on the ballot. expect that in some of these swing districts. the student loan thing is an interesting political moment too. for people who paid off their loans and don't go to college it will make them mad. ashley: it certainly is. we are out of time, thank you so much and tune in tonight for special report or sr as the cool kids call it. still ahead, get this. catalytic converter theft is on the rise in major cities across the country. grady trimble is at an auto body shop and he will tell us which vehicles are being targeted the most. american express is accused of this, needing against white employees in a class-action lawsuit. jason rants has the details
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ashley: the average price of a new car these days is set to hit $46,295 this month, and 11% increase from this time last august. monthly payments also set to hit an all-time high, average $716. it is also up more than 12%, an average of 5.51% so getting expensive to drive. next case, catalytic converter theft on the rise in major cities, those robberies soared 1000% from 2019 to 2021 alone. grady trimble's life that are not a body shop in chicago. which vehicles are the most targeted? >> reporter: toyota previouses, subaru forrester's and honda elements, lower the emissions the more valuable metals inside
these catalytic converters and that is what the crooks are targeting. we are at joe's expert otto. you have been seeing this like crazy in the city. >> it's an epidemic, we will finish three. it is scary. >> reporter: this is one of them. a jeep liberty and it has dual catalytic converters if you can see them here which makes them even more valuable. what is it that is inside that is so valuable? >> precious metal in them. almost $14,000 an ounce, usually anywhere from 3 to 7 g in these vehicles are do the math. >> they sell one for scrap and make a couple hundred dollars from one or 2 of these. the chicago police department is proposing painting your catalytic converter bright colors like hot pink.
what do you think of that? >> i don't know what to think, don't see how it is going to stop anyone but that's just me. i might be wrong. i am a big advocate -- >> there is another way to stop the crooks which is this shield here, demonstrate how this would go. >> install it under here, they are installed with throwable screws so the average person -- mainly slows them down. they've got three minutes, don't want to spend it -- >> this will take him 20, thirty minutes. unfortunately this is what you've got to do these days to make sure your car doesn't become a target. ashley: you can try hot pink but i think the thief will take it anyway. fascinating stuff. appreciate that. a 12-year-old boy in washington arrested for allegedly stealing a minivan and when deputies found the car and arrested him
he was armed with a 45 caliber handgun, 12 years old, jason rants tells me more about this. it is quite frightening obviously. >> reporter: last thursday in tuck home, washington south of sea, washington south of seatt two teenagers watching up to a 69-year-old man, with his door open and police say these two kids yelled at him, took his keys from his pocket, pushed him away and stole the park. the next day the undercover sheriff's deputies that were on duty happened to spot this car and when they made the arrest not only do they find that it was a 12-year-old armed with a 45 but he was also with 6 passengers all between ages of 13, and 15 so we don't know who if any of those teenagers carjacked but obviously there's a potential connection and this is just a string of juvenile robberies we've seen all across
washington state but particularly in western washington. ashley: very frightening indeed. next one for you, a former employee at american express filed a lawsuit against the, he says he was fired for being white and speaking out against racially discriminatory policies. give me the details on this. >> basically he's arguing white people as a result of the blm movement have been treated different land forced into critical race theory style trainings, have been looked over for promotions in favor of african-american employees and have been subject to very demeaning tone from managers. this is not the first time this company has been accused of this kind of discrimination which they say they didn't do anything but what i'm curious, some of the stuff is objective, you can see how many people have been promoted and you can
see whether or not there was a preference for one race over the other, you can look at what is in the trainings they say occurred and if you are white you have a privilege that others don't and you have to atone for your privilege and systems are basically set in white supremacy, that's easy to show the content of. what's difficult is to show actual dissemination on the basis of race and if he gets in front of a jury it depends what jury you get. ashley: exactly. interesting stuff as always, thank you very much for joining us this morning, still ahead, miranda devine, wall street journal guy dan heninger and greg jarrett, the 11 a.m. hour of "varney and company" is next.
>> who gives the president the authority to do this? he's grasping at straws. a lot of americans will say this stinks, this doesn't make sense, we are not happy and able backfire. >> the president knows he doesn't have the power to write off the debt. when i talk i talked to heartbreaking sucker lady and they are outraged they will pay for someone else go to law school. >> 2 thirds of americans don't
go to college, most never had a college loan. this is a play to his woke constituency. >> keeping fingers crossed that we can get going from here. keeping fingers crossed but we haven't some headwinds going forward. >> we are coming to your city. get our guitars ♪ we are flying ♪ higher than a jet airliner. ashley: look at lady liberty in new york harbor, beautiful morning, 11:00 am on the east coast on thursday august 25th the. i'm ashley webster in today for stuart varney, thanks for tuning in, check these markets, we've been on the way out modestly at the beginning but gaining momentum, without 128 points, the s&p up 1%, the nasdaq composite up 1%. let's look at the big tech
numbers, than the 10 year treasury, big tech up nicely, amazon up 2%, meta platforms up 2.5%, alphabet, apple, microsoft all on the upside. now let's look at the 10 year treasury. it had been moving up a little bit which is normally not great for tech stocks and now it's coming down, up and down all morning but 3.09% down 1.2 basis points. good time to bring in david, the market watcher of the morning, great to have you along, we got the second look at gdp, the second quarter if i got that right, it still shows in contraction which technically means we are in a recession but do you think we are in a recession right now? >> thank you for having me on this morning. i do think that we are in a recession. two negative orders gdp has always been good for me and that is how i was taught so
that is a good indicator of where we are heading at least. the most recent data we've seen on the housing market as well, housing is a lagging indicator, not a leading indicator so as we see housing pool back which is evident across the board, i think we are getting more data headlines than the federal reserve is hopefully taking action on and looking at and what not as we come to tomorrow's meetings. ashley: that leads into my next question. we will hear from jerome powell tomorrow. there are those who say don't expect him to show any signs of dovish this at all and i'm assuming the markets expect that. do you expect that from the fed? >> i do. i do not see a vision fed. if they come out hawkish this is the time to do it. we all know with hindsight that
they relate to the party. he's going to need to take into account three things, one, where we've been and where we are going, his message last year at jackson hole was completely inaccurate so the analysis of the fed heading into 2022 was not the best, we flushed so much cash through 2,020, unemployment, et cetera, propped up stock markets, crypto markets, housing market, so now jerome powell has a difficult thing ahead of him. we have to be strong in this time, as looking forward into the future. this is the time to not hesitate. that is if we see a market correction and the housing thing gets really bad. we need to get down the road a
little bit further because core cpe will stick a little more so than we are thinking right now. ashley: with regard to the markets it has all been choppy for quite some time. any sector you like that you think could be a leader through all of this? >> really good question. obviously we are seeing tangible things to well, things the consumer is going to be utilizing in this new economy as we are not crowding into buildings in the same way. i can't answer your question on a particular sector. i think there's definitely places we are seeing the tide go out of and areas we have concern especially if we see interest rates rise, tech is doing wonderful but it could have additional challenges. a lot of memes are debt ridden and if we don't have a strong balance sheet and good cash flow that's an economic indicator that things will be
difficult as corporate earnings are likely to be dipping given the constraints we are seeing on the economy in gdp. ashley: so much cash on the sideline. is any of that coming back and or do you think that will stay there for now until we get a clearer picture of what is ahead? >> we've seen the momentum drive the market up but that is cash buying into it, we've certainly seen the cycle up and there is a next bag of predicting we are in a recession or not a recession, the cash on the sideline that has come off is off. is there some coming back, bank of america just released numbers this morning the telling of equities in the united states is up for the first time this year and so that is an interesting thing to be following right now. i do think cash is an important thing.
for those that are seriously looking at the market, dollar cost average is really smart, try to lump in everything all at once but i would say be patient, have some cash, be reserved, be ready to take advantage of things when things do fall because i believe they will be falling further. ashley: patients is a virtue, i how don't have it but i hope others do. thank you so much for some great insight this morning, really appreciate it. now this, changing gears, more buses full of migrants arrived in new york city, total of four expected today as we learn housing migrants and hotels across the city could cost $300 million every year. let's bring in maranda devine. mayor eric adams has condemned texas for sending the migrants about isn't new york city a sanctuary city, isn't this what you would expect?
do we not have maranda? maranda? we can't hear the program. we can see you but won't see anything. can we get back to maranda in a little bit? let's move on if we can. bill gates, can we go to that one? let's look at the movers while we try to get the gremlins sorted out for maranda divine. are you going to bail us out? you are looking at snowflake. >> cloud software, big beat in the past quarter, revenue surged 83% to $497 million although it still reported a loss. that's where the market needed it. dollar tree, this is the biggest on the s&p with down arrow of 8.5%, we are getting
commentary from what management saw in the court and why they had to trim their full-year profit outlook, they say price cuts at their family dollar chain are going to carry into the second half of the year so the dollar store is cutting prices, people are buying more food, consumables up 4% in the quarter and less discretionary, that is down 4% so people are going to the dollar store and trading down, finally let's meet a lot of positive, gap shares are higher, their earnings report is after the bell today. old navy, is it still a problem for them, that's a lower income shopper and what about back to work. banana republic chain, people don't wear suits to sit at home or go into the office 2 days a week, gap shares down 40% this year. ashley: ginger rogers would have been proud of your tap dancing, that was superb. thank you for bailing us out as we continue to work on the
technical problems with maranda divine, the gremlins, thank you very much. now this. hillary clinton just proved she cannot keep off the kardashians, she lost a legal competition against kim care. forget the 9-to-5, 1/4 of jen z the things they can make a living by being a social media influencer. why not, keep dreaming. speaker nancy pelosi praising the student loan bailout but wait a minute, she said this just last year. take a listen. >> people think the president of the united states has the power for debt forgiveness, he does not. ashley: really? jason chaffetz takes that on next. ♪
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ashley: back to the story, more buses full of migrants arrived in new york city, total four are expected today and it comes as we learn housing those migrants could cost $300 million every year. come in, maranda divine, the mayor of new york, eric adams, condemning texas for sending the migrants but new york calls itself a sanctuary city, right? ashley: he is waste in his own petard and it is incredible hypocrisy, isn't it? the fact that he is complaining about texas sending a few
hundred illegal migrants to new york when the city of mcallen alone is getting thousands per day. we've had more than 4.5 million illegal migrants across the border since president biden came to office in this is a democrat -- what their purpose is we can only guess but it is terrible for america and why should texas and arizona bear the burden? the other irony and hypocrisy is actually the federal government has been flying these illegal migrants all over the country including to new york and white plains airport for over a year, 450 people per plane practically every night and eric adams and kathy huchul didn't murmur a word, they ignored it because this was their friend joe biden helping them out and now that it is greg abbott from texas they are
streaming buddy murder. ashley: it is so rich, isn't it? bill gates praising doctor anthony fauci as he prepares to retire from his government job. look at this tweet, tony, you are an amazing public servant long before covid 19 struck and now you are a hero to millions of people including the. is doctor fauci really considered a hero? >> i think not and we would expect bill gates would do that, lauding and val arising anthony fauci, the fact is he was a subpar person to be advising presidents, he was the worst on covid 19, was all about lockdown, vaccine, not about therapeutics, not about strategically protecting vulnerable people, was terrible
for children, stopped going to schools, he says it wasn't me because he didn't pass legislation, he gave the advice presidents and administrations act on and state governments all over the country acted on, because of his i think really we realize now undeserved reputation. he had been in the job too long and the worst part about it is he just denies everything, he still denying covid 19 virus came from the wuhan lab and that is because he helped fund by proxy some of the gain of function research there and he is retiring just in time to avoid or try to avoid republican hearings next year. ashley: that will be interesting. i don't see the word hero appearing in his legacy as we look back in history but i'm so
glad we managed to figure out those technical issues and great to have you on the show this morning, thanks so much. now this. the heritage foundation is warning pandemic perks like student loan handouts, stimulus checks, rent freezes are fueling the labor shortage. hillary vaughan is at the white house. is this what is keeping people at home do you think? >> good morning, the president is using the pandemic as an excuse to help millions of americans with student debt avoid the bill collector for a few months longer or skip out on the bill all together dodging that is just one of the pandemic era perks that is never ending and making it easier for people to be super picky about whether they have to go back to work and that is a problem because businesses are having a hiring crisis. according to the national federation of independent business, 64% of business owners tried to hire last
month, 91% of them found hardly any qualified applicants to fill the job. the heritage foundation telling fox business this. a lot of factors are playing into this including the original $600 a week bonus and benefits that lasted 18 months. other welfare without working, bad baseline policies on drop chaining and student loan payment moratorium that has been a windfall of $400 a month but those things add up to trying to stay open and after generous programs that many cashed in on and paid off, americans have stashed away $4 trillion into their savings in early 2,020. >> it's all about the government giving people stuff. it is all about the government playing santa claus and that is what this is. more and more free stuff from government as if it is mana from heaven.
>> not just the after cash keeping some people on the couch, high inflation is eating into high wages making perks less attractive but even though the president says inflation is his number one priority he moved forward with sweeping loan forgiveness some obama era economists say will make inflation worse. >> largest amount of money ever dispersed by an executive order so we have to gasp a little bit at the scale of this. it's not ideal, we don't want to increase inflation or inflationary pressures. >> wages right now are also working against some businesses because a lot of families are saying one of their spouses, nicking enough money so the other person does not have to go back to work. ashley: hillary vaughan fighting against what sounds like an industrial sized leaf blower, great job, don't lose
your voice. speaker nancy pelosi praising president biden's student loan handout but in 2021 she said biden did not have the authority to make a decision. >> people think the president of the united states has the power for debt forgiveness, he does not. he can postpone, he can delay, he does not have that power. that has to be an act of congress. your child just decided at this time not to go to college but you are paying taxes to forgive somebody else's obligations you may not be happy about that. stuart: why didn't you tell president biden that? no leaf blower behind jason shea fits. so which is it? does president biden have the power to do this or not?
>> agree with nancy pelosi, you think a president can just unilaterally throw around $300 billion without congressional authorization, that's not the way the system works. somebody is going to have to sue and this has to go to court. peter doocy did a good job pressing the white house trying to suggest what budget do you think you're pulling this out of. it makes no sense, nancy pelosi is exactly right, they could delay it but to forgive it needs an act of congress. ashley: exactly. i want to get into this because it is quite disturbing. aoc backed democrat socialist kristin gonzalez claiming socialism is a winning platform after her primary victory earlier this week, take a listen. >> we really proved that socialism wins. >> we are not going anywhere
and we will not stop until we see a socialist wave across the city. ashley: tell the people and have an of that who bravely tried to swim or get on a rickety boat to get to florida. i mean look, young candidates, you may believe what she is saying but come on, right? >> that congressional district, that may be the case, you have others in new york city like aoc and whatnot the really do believe in socialist policies. what i have seen is democrats nationally disguise those, the inflation reduction act wasn't about that. it was a lot of socialist programs going out there, more government control, more centralized government, there's a reason why it is a stereotype to say democrats want to spend more and tax more. that is what they do. the socialism bug they've got
is very real and it is spreading within their ranks but i don't think it is what america wants, it is not going to solve our problems, it will make it worse for the country but that is what today's democratic party stands for, that is what they are advocating is what they are running on and in some districts are winning on. ashley: absolutely frightening, more government, let the state look after you from cradle-to-grave. i think you are right, i can't imagine middle america says yes, sounds good. >> i think it is a losing proposition, it's bad for the country, bad for business, bad for our economic strength but that's what today's democratic party is running on, there are no more moderate immigrants out there. those so-called blue dog democrats are a relic of the past. democrats today are lurching to the left. ashley: thanks for joining us.
now this. some students are skeptical about the president's loan bailout. >> i think he could care less about the loan aspect of it. he put himself in a good light with younger voters. ashley: cynical young man, students sounding off. he will hear from them, look at this headline in the wall street journal, jerry nadler beats carolyn maloney in this primary, new york city is a socialist 1-party state were crime ravages minorities. dan heninger wrote that provocative peace and he joins me next to talk about it. ♪ ♪ new york city ♪ get out of new york ♪ get out of new york ♪ ♪
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jersey, 86 ° as people cycle along the boardwalk. if you like the music we play on the show make sure you follow us on spotify. are you have to do is scan the qr code on your screen, right now, i will talk slowly while you do that, we play or post a new play lists on spotify every week, let's take the markets, they have been moving positively since we opened up although we've come back a little bit on the dow, the nasdaq up 3 quarters of 1%, the nasdaq is up 3 quarters of one%, the s&p up half of one person, we are in the green nevertheless, let's bring back in susan, you've got some movers, let's begin with amazon and clunk power. susan: to i have a smile on my face right now? ashley: it's not a full-blown big smile. that is it.
susan: i think investors might have a wide smile today, so you have the amazon deal, will provide lipid greed hydrogen. amazon shutting the telehealth unit, they are getting bigger in healthcare but that was more of an internal -- they are buying signify, they bought one medical last month. there is one billion dollars on thursday night football which sorts in a few weeks and that will be the first major big test for major league sports on streaming. cloud news coming nvidia today, salesforce didn't do as well as anticipated in the springtime because of profit targets for the full year but you had
nvidia, the cloud is booming and the chips, not enough to offset the weakness in chips that go into pcs. all stocks are up after you heard from philly said president parker and blue sky country wyoming at 50 basis points to him, and substantial height for rakes and that is instead smaller than what was priced in on a 5 basis point move, that makes a less aggressive fed left high-growth stocks like roku and the like and lower rates makes these stocks which are priced on future earnings look different now. ashley: very good, thank you very much, take a look at this headline, quote, jerry nadler beats carolyn maloney in east germany's primary, new york city is a socialist 1-party state were crime ravages
minorities, that is thought broken, dan heninger joins me now. east germany, strong words, make your case. >> as we were talking about the race in new york tuesday between jerry nadler and carolyn maloney, dial back to march when the democrats in new york tried to rewrite the districting maps in new york state so that basically republican candidates for congress could never win again. a court through that out and experts redrew congressional district number 12 which hilariously pitted jerry nadler against carolyn maloley, 30 members of the house of representatives. nadler represents the upper west side, maloney represents the upper eastside and this was like holding an election in east germany where the results of the election don't matter at
all, tweedledum reading against tweedledee, jerry nadler won, he is going back to congress, carolyn maloney has been retired, nothing will change except the series point, new york is at the moment beset by crime in the outer boroughs and that a direct result of the politics these elections produce in new york city. ashley: why when we see crime go up in the city struggling during covid why are these policies of these democrats, these use german democrats, why did that reelected year after year? is it just that that is the way it is are not good enough strong enough candidates on the gop side? >> it's the trend in politics in new york city for quite a while. one of the things that happened in the tuesday primaries was four self-proclaimed democratic socialists in new york city won there primaries for elections
in new york state senate. all of these progressives espouse these ideas about lowering criminal charges, free bail and the like, there are four progressive prosecutors in new york's 5 boroughs and nobody is the only way they can be turned out of office is if governor hafey huchul were to fire them so she won't do that. she is running against representative leaves eldon, republican from long island and she is afraid if she were to do anything about these progressive prosecutors all those democratic socialists who voted in tuesday's primary would turn against her in november so the crime rolls on, roles on, just roles on mostly affecting black and hispanic citizens of new york city, really a tragedy. ashley: it really is. thanks for highlighting it for us, great stuff as always, thank you.
now this, kim kardashian just beat hillary clinton in a quiz about the law, where do i even begin with this, why was hillary clinton spending time with the kardashian. >> you will see more of hillary clinton because it is a tease for her apple tv series called gutsy, it debuteds next month actually. here's the reminder, clinton went to yale law school and kim kardashian learned to out her printed ship program so let's show you a clip of their showdown. >> it was heartbreaking, oh my gosh. >> it was like sometimes i can see my mom knew what the answer was and didn't hit the buzzer and time. >> i was intrigued by how well she did. i wanted to put the spotlight on her not that she needs it. >> mom? you made a good effort.
>> game 111 to 4. this shows a different side of hillary clinton. right? a softer side, she will spotlight powerful successful women who have the guts. i don't know. ashley: that is good. a humble hillary clinton, south upper kidding hillary clinton, maybe she should have done that when she was running for office. more approachable. more likable. >> reporter: drumming up some buzz ahead of a potential future run? ashley: i'm not going to go there but congratulations to kim kardashian. now this. new york city cops are being told not to talk to one another on the job. the police union warns that could push more cops to quit. my next guest is a nurse practitioner who paid off one hundred $14,000 in student loan
debt in three years. she has a warning for people some abrading the student loan bailout and she jointly next. ♪ ♪ she works hard for the money ♪ so hard for it honey ♪ she works hard for the money ♪ so you better treat her right ♪ ♪ she works hard for the money your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire i got tai last december. i've spent almost every minute with her since. when i first brought her home, she was eating little brown pieces in a bag and it was just what kind of came recommended.
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ashley: now this. college students in florida sounding off on president biden's student loan bailout. what are they saying? lauren: a range of answers. it's not all yes, can't wait, listen in. >> a certain amount is a good program from the government. >> it is unfair to people who paid loans before. >> not as likely enough because most people have three, four times that much that. >> to put himself in a good light with younger voters.
>> reporter: those younger voters should not have a problem getting a good job to pay back their student loans. if you look at unemployment among those with a bachelors degree it is 2% and employers are paying a lot. ashley: 11 million open jobs. how about this? my next guest is a young nurse practitioner who paid off all $114,000 worth of her student loans. candace jackson jointly. congratulations and i want to ask how long did it take you to do that and how did you do it? >> took me 31 months to pay out $241,000 and $15,000 was student loan. ashley: how did you do it? >> i worked a lot, 96 hours a week, most of the time, working three jobs as a nurse and a nurse practitioner and doing a
lot of sacrifice through that process, not going out, not traveling, just getting off of social media and focusing on the goal i was working towards. ashley: you made a lot of sacrifices in other words so how does it feel the the president, the government is now giving these handouts, is that a smack in the face of people like you who really worked hard to pay off the loan? >> it can be. i would have never qualified unfortunately because i wouldn't have made the income in order to qualify. it is unfortunate. like most nurses like myself through covid they worked really hard so most of us were able to make over $125,000 which was great but trying to keep up with inflation, we were not eligible to get any
forgiveness although it is awesome that lower income families especially minorities are able to get that relief. the people that are working and are trying and make a little more money should also -- that would be helpful. ashley: you are a very generous person but doesn't teach a bad lesson to people that i will sign up for this loan but may not have to pay it back? not a good message? ashley: it can. most importantly they are recognizing the system is broken and try to fix the system, sounds like band-aids over gunshot wounds and i don't think that is the solution. the problem is financial illiteracy and not fixing the problem of accumulating student loan debt, in general to prevent this happening again.
ashley: you should run for office. congratulations and thank you for sharing your story with us, very inspiring and good luck in the future. thank you very much. it is deadline day for the department of justice, federal prosecutors must submit proposed redaction's to the trump affidavit in the next 15 minutes but that doesn't mean the judge will make it public. greg jarrett will take on that legal mess next. ♪ (woman vo) sailing a great river past extraordinary landscapes into the heart of iconic cities is a journey for the curious traveler, one that many have yet to discover. exploring with viking brings you closer to the world,
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how much advance notice did you have of the fbi plan to search mar-a-lago? >> president biden: i did not have any advance notice, none, 0. ashley: the department of justice has until 9 minutes from now to provider redacted affidavit in the rate of donald trump's mar-a-lago home. mr. biden claims he had no advance
notice of the raid. joining us is greg jarrett. as i understand it the doj presents the judge, magistrate judge, this is what we want redacted and this is why and after the judge decides whether he agrees or not, is that right? >> absolutely right and look, the imperious garland, his attitude is how dare a lowly magistrate deny my earlier request as he did on monday to keep everything secret so i suspect garland, you know, will submit read the actions that are page after page of thick blank inc. covering everything except the title and page number, a few words like the and and and if the magistrate says that is not good enough, i will un-reject your reductions and release them you can bet garland will run like a jack rabbit to his
old pals on the higher court seeking a stay and an appeal and dragging this thing out so i'm not optimistic that we are going to get much. ashley: is it unusual to release the details of the affidavit or is this such a case of such standing that it involves a former president in his personal home that it should be released to the public? >> the magistrate said this is historic and unprecedented and then it requires i think transparency that is unusual and atypical. americans deserve more honesty and truthfulness and transparency in a case like this. this screams out for letting the affidavit go public, to see
whether or not the fbi as it is proven to do in the past, misrepresented and deceived and lied to the magistrate, did they omit exculpatory evidence of trump's cooperation. my other criticism of garland is he had no legal basis for this criminal warrant raid because the statute is a specific one, the presidential records act, which gives some measure of access and possession and control of the documents, what garland cited. ashley: 89% redacted. thank you so much for sharing your expertise. the nypd telling its officers not to talk to each other on the job.
lauren: it is an order from mayor adams, in this memo, do not congregate, and after police necessity. and and not to congregate, they keep quitting and it is a strange move from the mayor. he doesn't want to see officers on their phones which he ordered them so much crime in the subway system to begin solo control in the subways, not a good look for him to be talking like that, the police officers -- ashley: crime rages on. he is right, people say i had enough, the cops are going to quit. time for the trivia question.
how many years was the civil war thought? was a two, four, twee 7 or 10? put for thinking? we will have the answer right after this. to wrestle a massively complex supply chain to satisfy cravings from tokyo to toledo? so you partner with ibm consulting to bring together data and workflows so that every driver and merchandiser can serve up jalapeño, sesame, and chocolate-covered goodness with real-time, data-driven precision. let's create supply chains that have an appetite for performance. ibm. let's create. [acoustic soul music throughout] [acoustic soul music throughout] [acoustic soul music throughout] . .
years. i hope i'm right. ashley: you are correct. top of the class. the answer is four. the civil war took place between 1861 to 1865. don't forget to send "friday feedback" questions. comments, critiques. send in your fan friday videos. record yourself, tell us where you name, where you're from, say you're watching "varney & company." we get an entry every week from neil cavuto. neil has not yet to make the cut but keep trying. neil: i keep trying. this guy is overrighted. you never air it. you never air it. look forward to that, my friend. you have a market barely budging waiting to what we hear out of jerome powell on friday in jackson hole with big conference w all that going on, with what is happening in california, i don't know
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