tv Cavuto Coast to Coast FOX Business August 25, 2022 12:00pm-2:00pm EDT
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 if you heard this,
hopes to ban all gas powered cars by 2035 or at least selling them. heels of so many auto manufacturers revving up their lines, first time a move in the state we don't want to see these things sold in a little more than 13 years. jonathan hunt follow following it all from los angeles. tell me about it. reporter: neil, as you imply a seismic shift for consumers. in couple hours it is likely to be firm here. the california resources board will vote on the new rules. they are the final word on this. look what they're trying to do here, 2026 more than 1/3 of all new car and pickup sales will have be zero emission vehicles.
by 2031 that jumps 76%. by 2035, 100% have to be zero emissions. the sale of new gas cars and pickups banned. you might think there is a lot of pushback from the automakers here, but according to one of the voting members of the the air resources board, they are -- >> car companies everyone of them has the technology, they have all made announcements how fast they're going to transition toe electric vehicles. so it will be disruptive. so the word i would use is yes, it will be disruptive, but it is not shocking and it is not surprising. reporter: now there is some pushback as you might imagine. the former chair of the california gop ron nehring tweeting the following quote, unless california goes 100% nuclear, 0% of these cars will be zero emission. they will rely on natural gas or
electricity from other sources because solar and wind are not reliable energy sources. in is purely posturing. other questions, neal the cost of electric vehicles. they run a lot higher than traditional gas-powered vehicles. the capacity of the electric grid here in california. we have a lot of blackouts. what happens with those happens? availability of charging stations. i can tell you as an ev driver in california a lot of those charging stations are frequently not working there is a lot of questions, it is inevitable according to the air resources board, gas car sales will be banned in california. that is the bottom line. neil: you have a huge grid in california, jonathan, to your point. as you intimated it is often time pretty taxed. i'm wondering are they ready for whether it is five years, 10
years or 13 years? >> right. critics would absolutely say the electric grid is certainly not ready for this right now and there will be need to be major improvements. what governor gavin newsom would say of course, those improvements will be coming. there will be more charging stations. a lot of this paid for with the infrastructure bill that just got passed. they say those things will change and the supporters of this move also say the price of evs and the length at which they can drive on a single charge, prices are coming down, range is going up. they say those issues will be fixed but for critics, they're still pretty skeptical about a lot of those issues, neil. neil: just seems to me, jonathan, whether they're traditional cars or electric vehicles you will still have traffic behind you. that is a constant. we'll see. great to see you, my friend, jonathan hunt in the middle of all of that.
not too many people right now can afford the i guess the traditional ev out on the market right now with prices hovering well into the $50,000 range, often times much, much higher, maybe people like luke lloyd is there really a market for this? he is strategic wealth partners investment strategist. he admirers the technology. last time you were here, luke, you weren't too keen ramming it down our throats. where do you see this? >> likely majority of automakers will go fully electric with the car fleets by 2030 or 2035 but i think the car companies, the government, whoever is deciding to mandate this are shooting themselves in the foot. first and foremost as you were talking about to go fully electric we do need a stronger power grid. up here in cleveland the past few months we had multiple power outages. that is going on nationwide. with evs you can't drive your car if you can't charge your car when the power is out.
we need the actual infrastructure build out with a charging station. i don't think a question whether ought to makers will be electric or not. it's a much bigger question whether the infrastructure and power grid will able to support that energy in that time frame. i think that answer is no. even on top of that the biggest question of all whether or not consumers will be able to buy or afford evs. if evs are pushed on us before majority of consumers are ready to buy one car companies are in for a rude awaken. they will buy used cars. every electric. when electricity ask in higher demand what do you think happens with electricity prices? they will go up. very much gasoline will be cheaper than electricity because of simply supply and demand.
neil: i was not surprised, jonathan, that auto companies appear to be on board and okay with this. obviously they're pushing electric vehicles themselves. it is the new profit center as small as overall sales are. if they can have the nation's biggest state behind them, forcing this it gives them some wind behind their back. i'm wondering to your point how expensive they remain, i don't see them coming down in price anytime soon, credits or no, and that's a whole another mess. how do you get population of 5% devoted themselves to these vehicles, that leaves 95% who have not? >> essentially what these automakers are betting on is that the government will continue to pick the winners and losers and incentivize people to buy electric vehicles through the tax credits and printing money but we've all seen over the past couple years printing money and giving handouts
doesn't work. one thing frustrates me the most about the ev credits and picking winners and losers from the government doesn't work, we need to work in capital is lick society where the free market decides who wins and loses, not the government, ev credits were part of the inflation reduction act, half of tesla's fleet doesn't qualify for the credits, right? tesla has done the most for evs out of any electric car company in the world that incentivizes companies likes gm and ford to take market share in the space. whether or not gm or ford have the best electric car or the most affordable electric car that is essentially who the administration, who the government is picking to win. i don't like when the government does that. like you said middle class america right now, i think for probably foreseeable future they're barrel able to afford groceries, mortgages, rent. they are living off credit card debts. they don't have much in savings. the majority of americans are not in the market for a new car
anytime soon over the next few years let alone the more expensive electric car, that will the case five or 10 years down the road. neil: what i like about you, luke, you're a young guy but don't glom on to what is hip and faddish. this is very faddish. you have your doubts. >> i tell it like you, neil. neil: you do. you dress better. you dress spiffy. >> i try to be like you neil. neil: aim higher. susan li, one of the best reporters on the planet. tesla split three to one a few years after split five to one. how is it doing so far? >> this is the when they split in 2021 five for one. the stock was down a day afterwards. then it was down 14% in the month as well. however -- neil: it came roaring -- >> roaring back. 2020 was a huge year for tesla.
it was up eight fold, do you remember that? neil: i do indeed. >> the stock rallied about 36% or so. this time around you had the 5% rally built in because after the announcement of course, they split their stock once again. that is already $280 billion in market cap they generate-we'll split our stock. neil: lousy year-to-date mirroring tech stocks in general, well off its lows but still down 15%? >> i think there is a china effect there. with shanghai being shut. i think analysts are trying to catch up to the stock split fact. if you look, for instance, dan ives at wedbush tweeting this, initially had a 1000 price target on the stock but because of the stock split, calling it a 360 stoke. still makes sense. there is upside because he thinks china is getting better. last night did you see the 150 billion stimulus announcement for spending? that helps tesla consumers buying more expensive electric cars as you know.
neil: that's great. >> wait. we don't want to talk about twitter? neil: no. >> okay. i think there was an overhang on tesla's stock because of twitter. neil: okay, great. you know what is amazing, she did all of that, no problemmer for her. >> no. neil: just did it. you might just say, well that should be the way it is with all journalists maybe so but she does -- very impressive. >> who we learned it from? as luke lloyd said we're just trying to catch up with you. neil: you are so invited back. we'll follow twitter later in the show, susan. thank you very much. our next story is, a couple things we're following also, this whole push the president has to forgive student debt up to $20,000. never mind the fact virtually every republican we're speaking to is lousy idea, shouldn't be going anywhere. a growing number of democrats are saying the same thing, after. >> i think if the overall debt much country, who will pay for
it, right? someone will have to pay for it. >> you go to school, you pay your even way. we don't need, don't need the government. >> trying to get your first home, raise a family, that is extra burden, if we can do it why not. we give money everywhere else, foreign countries, why not help the students? >> this shouldn't be made without considering out comes or responsibility. >> i think of my five-year-old, six-year-old, if they borrow something, break something i try to teach them responsibility that should be the same no matter how old you are. ♪.
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♪. >> because of student hone debt there are many people who don't move out of their mama's basement, who can't save up money to buy a home, who don't start small businesses, who don't start a family. you relief 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. neil: elizabeth warren on that this is very good, maybe for people getting relief, not so for many, many others who are not either because they don't qualify or they have already been busy paying off their debt, probably have, probably scratching their heads right now, saying what the. let's go to jacqui heinrich at the white house on all of that. reporter: hey there, neil. it is not just the press secretary refusing to admit taxpayers will foot the bill for this but the education secretary this morning refused to give a range of what this might end up costing but the non-partisan committee for responsible federal budget has put out their own calculation. so they gave that answer for him and the tab is roughly $500 billion. biden's plan cancels up to $10,000 in federal loans or 20,000 if you took out pell grants. you will qualify if you make less than 125 grand a year or 250 grand for couples. that alone will cost taxpayers up to 390 billion. then there is another
190 billion-dollar tab for income driven repavement plan for making too much money to get debt canceled. when payments are resumed the amounts are cut in half but the payments are paused until december until after the midterms that costs another $20 billion. moreover nothing to reduce borrowing over, setting up future administrations to cancel again. they estimate that the country's outstands student debt will return to the current level within five years. quote, will likely cost more than the double of amount saved through the recently passed inflation reduction act, completely eliminating any disinflationary benefit from the bill. if you didn't go to college or trade school on private school on a loan there is no handout for you. president thinks this is per if i fair. former obama advisor jason furman says it doesn't just pour gasoline on the inflationary
fire but break as campaign promise all proposals. will be paid for. before people get too excited about this we can be all but certain will face a lot of court challenges. biden got it done using wartime law passed after 9/11 that insures people are not financially worse off during times of war, military operations or national emergency. they're arguing now that the national emergency is the pandemic even though they just argued in court when they lifted title 42 that the pandemic was over. so plenty ahead on this, neil. neil: inconsistencies abound. jackie, thank you very much. jacqui heinrich. think of that. you have republicans saying right now this favors the wealthy even though democrats are coming back at them didn't that get to the be the problem with the whole tax cuts for donald trump? conversely then those same democrats who bemoaned the wealthy with those tax cuts perfectly find with series of loan forgiveness.
neetu arnold joins us now. leaving aside hypocrisy on both sides, depends on the administration, the moment, the party, there is the issue picking whose debts you forgive, right, and that is a very slippery slope, isn't it? >> it is and i think the biden administration when they decided to take on targeted debt forgiveness they were trying to the criticisms that blanket student loan forgiveness receives. that it was regressive t would benefit well to do doctors, lawyers, because they often take out more in student loan debt. now i do think that the recent policy that biden administration proposed does make it less regress but the blanket debt forgiveness is bad, and making
it less bad doesn't make it good. the administration focused on the wrong criticism here. we should focus on the root problem. why are we even in a student debt crisis in the first place? why is college so expensive? we need higher education reform that addresses those issues. neil: i'm wondering where it goes though? issue of legality of this, whether a president can do this, push things back, programs, delay but can't go back in and start willy-nilly playing with the numbers or forgiving some peoples obligations all of that, what lawyers are saying. so it would seem to me probably recognizes that but the court battles will ensue maybe for months if not years. this is an election year issue but is it a winnable election year issue? because for all of those who will get it, many, many others, many more who will not? >> no, i agree with you, that i think it is a little bit questionable the way they went
about this. i think a big election year issue right now is the economy. so many people have been struggling with inflation and, the step forgiveness is not going to ease inflation. it is going to aggravate it and at the national association of scholars we support higher education reform. we think that is a better way ever addressing why college is becoming so expensive but debt forgiveness is actually going to make college more expensive. it is going to give colleges the incentive to increase their prices knowing that students can simply turn to federal student loans to offset any increases in price. and now, now that there is debt forgiveness we don't even know if there will be future ones or not. that isn't very clear. i think students will expect future debt forgiveness and so they will take out more in student loans. they may be slower to make their
repayments. neil: we'll see what happens. this is a long way to this being resolved if it ever is and ends up in the courts. neetu arnold, national association of scholars, research associate there. you heard about the whistle-blower of twitter that worked there twitter says there is not absolutely credibility to his statements that they fixed, aggravated number of active users. that is the wind at sails for one elon musk. as for the long-term battle here and whether this whistle-blower's story is legitimate, we have congress and the sec is looking into it. we have the federal communications head brendan carr here to discuss it. ♪ (vo) while you may not be closing on a business deal
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attractive companies and stocks period. peloton of course keeping people fit all of that, a time when people were home trying to stay fit. now post-covid, not so much. we're getting more proof of that almost by the day. gerri willis here with us right now. gerri, what is the latest? reporter: the latest, neil is this. this company doesn't look like it is coming back anytime soon. peloton shares plummeting. they were down as much as 20%, down now 17% after the company reported widened losses and slumping sales in the official. the company left 1.24 billion in a quarter, people. sales fell 30% from the year earlier. average monthly workouts for user that dropped 26% a key metrics. marked the pandemic high-flyer six consecutive quarters of reported losses. the company struggling to right its ship as demand for at-home
fitness equipment wanes. ceo barry mccarthy trying to win back investors with cost cuts, strategic shifts. thus far that hasn't done anything in their favor. brick and mortgage at that gyms are back in a way. can company cutout look, citing push for more competitive products. earnings beat estimates by a penny while revenue in line with expectations. the company made the pricing movers after seeing customers more frugal and trading down from national brands. they're in a big nice with rivals on price. prices are higher for gamers. another inflation story. sony hiking the price of flay station 5 game console effective immediately. shares of the company rising today, yes, still higher. sony citing the global economic environment and inflation reasons for the price hike. but noteworthy that the company has been struggling with supply
chain issues which resulted in shortages of game consoles. the u.s., by the way only market will not see the price increases. in other markets like europe 50 euros to 549.99. take a look at that. there are the higher prices. neil: those are big increases. reporter: they're big increases. neil: holding off on the u.s. thus far? reporter: i guess i will stop gaming. neil: right. gerri, thank you very, very much. meantime here you heard about the back and forth with twitter. they want to talk at least in washington, a whistle-blower saying a lot of things elon musk charged are true. they do rig the number of customers they say they have or active users, that there are more bots than we know of. i want to bring in brendan carr, federal communications commissioner, senior republican there. always good to have you. i want to get in with twitter, but recently you took on your fellow sec members, denying
spacex, elon musk vehicle, allowing 800 million in u.s. subsidies to expand its operations. what was behind that, why did they reject that. >> this struck me as really curious decision. in 2020 we issued an award to elon musk's starlink as you mentioned for $886 million to bring high-speed internet service to hundreds of thousands of americans right now that have no service at all. just recently this month, sort of out of the blue from my perspective, fcc leadership decided to rescind that award. the reasoning didn't really make much sense to me. one we mead to make sure people get fast internet quickly in rural america. this is a decision that does the exact opposite. we have a commitment to get the service on accelerated basis. we vaporized that commitment and replaced it with nothing. said the service is too expensive for the dish itself. that is odd too because the fcc is funding a lot of other carriers that require a lot more
out-of-pocket expenses from the american public to get their internet service. so it is surprising, finally it will cost taxpayers. if we replace that starlink service, serve the same people again with fiber, it could cost neighborhood of $3 billion. so that is a significant increase in costs to get this job done. neil: is it because it involves elon musk and they don't like him? >> you know hard to say. at the fcc bureau that did this they keep their head down. they're not involved in the politics. whether someone from the white house is cheering or feels like karma this result happened that is another story. neil: let me go back to the whole twitter debate. i don't know the role the fcc could or would play in investigating this whistle-blower and what he is charging but i know the sec is interested. i know congress is interested. even suggested hearings looking into this. how do you feel about it and what he is alleging here? >> yeah you know if even a portion of this ends up being true, obviously twitter is disputing and a real bombshell
revelation i think on three fronts, one has to do with this question over bots. that is obviously a very active point of litigation right now between twitter and elon musk f this whistle-blower complaint is to be believed twitter has absolutely no handle whatsoever on the scope of the bot problem they have. the second point is national security. i mean complaint which i read redacted version of, it makes it look like twitter's security is about airtight as a sieve. they talk about foreign governments attempting to get access. discussions about censor ship on behest of the russian federation. someone was convicted ratting out users to the government of saudi arabia. that is concerning. finally it reveals concern about access controls. to me that goes back to censorship. who has access to this? who is making these decisions? this complaint is saying they're not logging what engineers are going into the system.
this is concern even if a portion of this ends up being true. neil: you have been the lone champion looking into high-tech security threats here. your latest target or concern seems toby tiktok. you side they're a very big national security threat. could you elaborate on that? >> people look at tiktok, they see the funny videos, people up load and don't see the big deal. that is on the surface. underneath tiktok is surfacing, biometrics, keystroke data, favs prints and voice prints in for years, they said doesn't worry this is all stored here in the u.s. there is reporting from leaked internal communications. no, in fact everything is seen in china based on reports there. that is concerning that this information is being accessed from people inside of china once that takes place you simply can't make any assurance where that data goes. i hope the administration steps up and addresses this national
security threat. we can do it through treasury department. we can do it through congress, or the federal trade commission. one of these components the federal government needs to act with speed this national security threat demands. neil: brendan carr, federal communications commission. he has a lot on his burners. not always in sync with other members and let's his opinions be known. good for him. we're waiting on the release or potential release of this affidavit or the reasons, the rationale behind the judge who wrote off on it to go ahead and raid donald trump's home in florida at mar-a-lago. we're told right now that he had requested the doj, the department of justice to, come up with sort of what its versions of justifying that, you know, attack, too strong a word but invasion of trump's home. now we're told that the doj has issued its report, redacted and
now we're told that that at least part is done. so the doj has already given the report, presumably to the judge to say what it is going to redact and what it is not going to redact. the judge takes it from there, decides what he can release or not release. sometimes when you get the release of a redacted report, be careful what you wish for because it could be so heavily blocked out you don't have much here but we know now that phase one of that is done. the doj has submitted its idea what can be released and what can't. more after this. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates,
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that the united states, quote, has filed a submission under seal per the court orders of august 22nd. the justice department respectfully declines further comment as the court considers the matter. that is the justice department way of saying we have submitted what was behind that, what we think can be redacted. leave it up to the judge to decide from there. let's get 8:00 latest from andy mccarthy, "national review" institute fellow, fox news contributor, overall legal smart at this pants. andy, the what is the significance of this? the doj has done what the judge wanted sew what would that mean? they indicated to him if they had their druthers what he should pass along or not pass along? >> neil, this is pretty much what we talked about last week in the sense this is the start of a haggling process that they were going to give or offer a version of the add that was very
heavily redacted and i imagine the court well probably push back on that and we'll see what the justice department thinks of how much the court pushes back and what i would caution people again is if the justice department ultimately unhappy with where magistrate judge reinhart comes out, they can appeal this to the district court. so you know, this may take a few days to work out. neil: now this is the same judge who wrote off on the affidavit, right? >> it is but you know, neil, one thing i would point out to people, we have a lot more information now than we did when this first arose. there has been a lot of reporting. we also saw this week this letter that was written by the head of the, you know the national archiveist, debra wall. so we have a timeline here. neil: right. >> i am surprised we will be surprised when we finally see this thing. neil: a lot of that was leaked
out, you have to assume, i don't want to point fingers but go ahead, it is justice department wants to limit how much is made public but someone is leaking a lot of this stuff out? >> that was reported by john solomon who is one of president trump's representatives with the national archives. neil: you're right. the national archives thing i knew but even the nuclear rumors and nuclear secrets. where does that come from? >> they leak like a sieve -- comes from the justice department. they're notorious for leaking to our favorite mainstream media newspapers whoever thus. neil: help me with this part here. let's say the judge gets all of this information. then what? how, what does he do with it? he could decide, you know, second thought i don't think this is a good idea? >> right. well i think what they're going to say, neil, and this is all
speculation because we of course haven't seen it, but i imagine what the government is most concerned about is the identities of informants. usually if you read a probable cause affidavit, even though these people won't be named, they will be called like witness number one or informant number one, the people who were involved in the investigation and something this public, a lot of people will be able to figure out who those people are. that is the thing they're most concerned about. again what i would note for people this is a criminal case. it is not like fisa. it is not like russia gate. so the presumption if you're a prosecutor, ultimately if charges get filed in this case all of this stuff will become in any event. it is just a question of when. neil: that is what happens in prior times when we had documents released to the public and so many are redacted. i think in the mueller probe case first batch of them were virtually entirely blocked out. it was virtually unrecognizable. >> right. neil: so if it is something like
that, will people say what are we waiting for? why bother? >> see here's the difference in the two cases, the mueller report, those redactions, the carter page affidavit, that fisa thing, that is all classified. everything with classified information is customarily blocked out. in a criminal case you're allowed to go to the judge while the investigation is going, without giving notice obviously to the people investigating, but once charges get filed all the stuff becomes public because all the stuff is turned over in discovery. i think you write things a different way when you know the stuff you're righting will become public. whereas in the fisa situation they couch things differently because they don't expect anyone to ever see it. neil: interesting. we'll know maybe today, maybe tomorrow. at least the doj has done its part, now it is in the judge's hands. if it stays there, anyone's guest.
andy mccarthy, "national review" senior institute fellow much, much more. much made after democrat winning a swing district, it was close but it could be telling these beliefs of republican sort of wave in november might have been misplaced. chad pergram is looking at the history on that, has a reminder, careful. ♪ if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this.
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an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. neil: you know my young staff gets tired of me saying this but i can say it, i'm mr. magoo of senior people here at fox, beware consensus. bee care general view, challenge it at the very least, for example, on this election year midterm election year it would be a romp for republicans. all of sudden that was reversed earlier this week on primary results some people maybe not challenge that. have at that. chad pergram, excellent student of history. built a career looking at that. has some very interesting insights on where we stand now in the midterms. hey, chad. reporter: neil, midterm elections are all about turnout and so far democrats have shown
they have energized their base. that is partly because of the dobbs ruling. house speaker nancy pelosi says the gop should be quote, very scared after democrats won in a new york special election. >> big victory last night. people were stunned by the fact that in a district that was not supposed to go democratic, that it did. i give credit to our candidate pat ryan. so i get one more vote. reporter: but it's unclear if the gop can get its voters to the polls. former president trump electrifies the gop base but democrats won the house in 2018 when mr. trump was not running. that could be an indicator of turnout this fall. still the former president casts a long shadow. >> former president trump is not on the ballot. he is everywhere else. he is like the wind. he surrounds us. he is very proud of his success
rate in primary elections. will that trump success rate translate to general elections i think remains to be seen. reporter: republicans are banking on the sagging approval ratings of president biden to give them a boost. >> biden agenda has been a failure for the country and congressional democrats have done nothing to actually address the needs and the issues that are facing americans. when voters go to the polls they will ask themselves a simple question, am i better off now than i was before the pandemic? the answer is no. reporter: most election handicap pers till expect the house to flip to gop with a smaller majority. that could spell trouble for minority leader kevin mccarthy if he tries to run for house speaker. neil. neil: interesting, chad pergram said it is about galvanizing turning out base. for democrats that is on the supreme court decision
overturning roe v. wade. my next guest says it might be fodder than anything else. but him about the economy, legislative whoever reach on the part of this president, latest plan to forgive student loans. eric schmidt is running senate to replace roy blount who is retiring. he is republican candidate. he is missouri's attorney general. attorney general, you think it is other issues, these pocketbook, these money issues that will determine how the midterms go, right? >> absolutely. that is what the polling would indicate but you also feel it on the ground, neil. i have was in northern missouri yesterday. i've been all across the state here. people are concerned. inflation is sky-high. the cost of gas has gone up. the price of milk has gone up. you have a president that declared war on american energy. meanwhile going to saudi arabia begging for oil, and sending our strategic petroleum reserves to china. you have an open border. people don't understand why you have a president of the united states that will lecture us about the sovereignty of other
country's borders but does nothing about the streaming illegal immigration across our southern border and fentanyl killing people in our communities. you've got this massive government overreach where the department of justice targeting parents under patriot act going to school board meetings. people have had enough. there will be a reckoning this november. republicans will take the house and the senate. neil: you hope. as missouri's attorney general you might have a good shot but were you troubled when mitch mcconnell was talking about it could be an uphill fight? he was talking about the quality of the candidates? i don't believe he was addressing but what did you make of that? >> i think we have great candidates across this country but we'll have to earn it. there is no doubt about it. meet voters where they're at. make sure we're speaking to their concerns. people want conservatives, proven fighters to go to washington right now, reinforcements to save this country. you know, what you see happening in washington, d.c. right now, there are two votes away, neil,
two votes away in the senate from adding states to the union, packing the supreme court, federalizing our elections, open borders and amnesty. they want to fundamentally change that country forever. it is up to us speak to voters get elected, not just get the majority, do asking with it. not be concerned about being popular in washington but doing the right thing and representing the people of our state. neil: i want to get your thoughts right now as well on the economy. administration says things are turning around. gas prices much higher than they were at the beginning of the year come now down they're down 80% from where they had been. i'm wondering if you worry about that kind of thing at least politically because the backdrop could be improving? >> look, the democrat party at this point is the party of, by, and for the elites. look at the student loan nonsense yesterday where a waitress working a double shift or coal miners paying off student debt of a harvard law
grad. this stuff is crazy. people see it. they're tired of it. they want common sense in washington. they're tired of the reckless spending. people want a balanced budget amendment. they want some fiscal sanity. they don't want the administration agencies and administrative state to run wild. people are very concerned. i think the economy clearly is on the top of mind for people. just because gas prices come down a little bit they're still really high. the cost of milk is really high. the cost of groceries is really high. the cost of diesel is really high. neil: you're right. they have not followed gas. we'll watch it closely. eric schmidt thank you. very much. he is missouri attorney general. we reached out to his democratic opponent, trudy bush valentine. we've not heard back. hope springs eternal. you know what err aabout fair and balanced. we'll have more after this. ntry. i got some of my gold before you passed the bread. encourage one another...
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all that and then some, greg! kardia also gives you access to heart health reports and automatic ekg sharing. what next? let's get some fresh air. been cooped up for too long. yeah... ♪ kardia mobile card is available for just $99. get yours at kardia.com or amazon. neil: 1:00 pm on the east coast of america and we are following the fallout of the president's move to forgive college debt for 40 million plus americans. it is not going very smoothly and might be careful, for those who like this might find out there could be complications to this. we've got you covered with hillary vaughn at the white
house, some very large pandemic perks that didn't go as planned and repercussions we are still feeling today. madison allworth has more, college loan forgiveness is. edward lawrence in jackson hole, wyoming, the federal reserve chairman, the mission at the mount how the economy is doing and chance to speak of what kansas president george and to kick things off on lessons we've learned with perks of the past. >> seems the pandemic is never-ending, the president again yesterday using the pandemic as an excuse to help millions of americans with college debt avoid the bill collector for a few months longer or skip out on the bill entirely. dodging debt is one of the
pandemic era perks making it easier for people to be picky about whether people go back to work, that's a problem because businesses are having a hiring crisis. 60% report hiring last month a whopping 91% of them found hardly any qualified applicants to fill the job. they are telling fox business lots of factors playing into this including the original $600 a week bonus, lasted 18 months, with wealth increases, policies and job training and student loan payment moratorium that has been a windfall of $400 a month. those extra generous programs many cashed in on paid off according to the chamber of commerce, collectively $4 trillion in savings since early 2020.
>> the largest amount of money ever dispersed by executive order and so we have to gasp a little bit at the scale of all this. we don't want to increase inflationary pressures at this time. >> reporter: not just what is keeping people on the couch, high inflation eating into high wages making it less attractive. even though the president says inflation is his number one priority he moved forward anyway with this sweeping loan forgiveness some obama era economists say would only make it worse. >> all about the government giving people stuff, all about the government playing santa claus and that is what this bill is more free stuff from government as if it is mana from heaven. >> reporter: what is interesting is businesses are forced to pay higher wages to entice people, it is also working against them. the chamber of commerce is 20%
of women report they chose not to go back to work because their spouse is making so much more money they don't have 2. stuart: neil: the debate over forgiving student loans, 40 million americans could take advantage of this, tens of millions more could not and that aligns the frustration. madison has more. >> reporter: the people we approached almost everyone has an opinion because they have student loans themselves, they paid off their student loans and they might have other loans like business loans that are not being forgiven. overall the feeling, people are frustrated that people are getting this handout and the handout doesn't solve real problems. take a listen. >> my family is from cuba --
>> great program, a good start. >> it is shortsighted, take a temporary problem. >> choice college and we know what the cost is going in. >> nobody forgives him for me. i have to pay happen. up. >> much more needs to be done but it is going to help those 43 million americans. >> i don't know who is going to pay for that. don't see how it helps inflation at all. >> reporter: the problem the white house and the people i have spoken to see fixed is the soaring cost of college, these people on the ground feel like it has gotten out of control but arguing this 1-time payout doesn't address that cost and could potentially only further incentivize colleges to continue charging more because there is more help going to students. some critics are accusing the president of making this move to appease his base. if you look at president
biden's campaign donations he received $64.5 million from individuals in higher education during his 2020 campaign. that is the most of any candidate. this move does add hundreds of billions to the national debt because i know you are aware you can't just erase debt, it has to go somewhere. neil: to madison's point this is very inflationary. the fed would want to take a look at that. jerome powell speaks in jackson hole, wyoming. that is where we will find edward lawrence. what a beautiful backdrop. how is it looking up there. >> reporter: the poconos look great. the mountains behind me, it is amazing. i saw the federal reserve chairman, the big speech
tomorrow, a lot about rate hikes and inflation, some concern about second-quarter estimate of second estimate of the second quarter gdp turning negative still in recession territory. i talked to esther george, a voting member putting on this conference and she says the federal funds rate needs to be higher than where it was first thought to be. >> are we seeing 4%? do believe it should be there or higher than that? >> it should be in that neighborhood as we go through depending what else we see. >> coming down to 8.5%, inflation did come down but the core inflation, remained flat over year, that might not indicate a peak of inflation yet. >> it was good news in the sense that it wasn't continuing to rise but you see broad-based
inflation in that corner number and we need more to see if it is convincing if moving in that direction. >> reporter: she would be open to 50 basis points or 75 for a rate hike at the september meeting and it will depend on the jobs report coming out next week. >> of the job number comes to the upside which is where the last one was is that a concern for inflation going forward? >> that's one of the signals to say this inflation may be stickier, this broad-based pressure we see may take longer to come down and require more interest rate. >> reporter: she would not say the word recession to me, in the forecast for the future. and we will see a recession. neil: you don't want to give security secrets away, can't imagine jerome powell is out there, and won't get loss --
>> he was with his wife but second of all, and the heavy security, on the jackson hole large. neil:. the chief market strategist, to begin with you. what you want to hear from jerome powell? >> i am not sure it matters what i want to hear. they are going to remain hawkish. i don't think powell is going to pivot. people are anticipating him to be more dovish, we will probably be disappointed, you
heard comments from esther george, there were other fed speakers out and everyone talking about remaining vigilant and raising rates and fighting inflation. we heard the comments about that, stickier form of inflation that is still around. there could be a surprise. if there's going to be a surprise it is going to be that is more dovish than people are anticipating. if we get that you see treasury yields come down and you might see a small rally in the equity market. don't think the perception will be damaged. it will be towing the line they have been doing the last couple weeks. neil: i always remembered, how the market would react to that, essentially mean we are not really changing anything, just finessing it. what do you think? >> this is a unique moment i can recall in which the signals
are conflicting so much and it is kind of like it -- one set of signals about whether we are staying in this inflationary spiral is wrong versus this kind of economic slowdown. never seen a time when so many things, you could make such a good argument in either direction. i have to think that the markets, more definitive than the fed chair, if he takes a hike, and -- neil: neil: raise the possibility, of 1/2 a point, the markets, don't know where they stand, expectations of 3-quarter point hike. there was consensusbuilding. the consumer spending and the
latest gdp in the second quarter. i wonder if it is not that. there might be hell to pay. >> a lot of it will come down to the labor report you were referencing to the additional inflation reports but if you look at fed fund futures, back at the june meeting, getting around 375, 380, we saw that come down after the july inflation reports, now we are back upper in june so the market, they are expecting to have some higher rates. whether it is 50, or 75, in the long run i don't think it is going to matter. if they want to move the neutral rate or the funds rate, to get that inflation component coming down they have a ways to go so if it is 50 instead of 75
this time, that means for the november meeting or december meeting it is an extra 25 basis points. neil: it would still be the overall number of increases which would take us to 3.5 or higher. i'm curious what the 10 year bond is telling us right now over 3%. if you interpret from that, markets are already sensing economic activity will be strong enough to warrant those hikes but what do you think? >> i think that is right. i am beginning to feel we are entering a time like that saying where people have one extreme or another. neil: we had a problem there. on that point, jerome powell
surprises us, second-quarter gdp report, so many retailers even though they are having a problem, not nearly as much as a problem and guidance, he might say i can't take my foot off the pedal and don't intend to. >> that is probably where he is going to lean because the credibility of the fed is a huge issue. you saw them lose credibility over the last few months, they want to stick to their idea they are going to fight inflation at all costs. they told us they are willing to risk recession, willing to have weakness in the labor market. i don't see them pulling back. and whether that is 50 or 75, makes a huge difference, but do have corporate bond spread
narrowing, and the outlook of where they are going to be, a huge changer one or the other, will cease ramifications, more volatility, investors look at strategy that can capture volatility and be well prepared for that. neil: thank you, sorry about technical problems, nothing to do today. we have a lot of people across the country saying even if a recession doesn't come this year and back and forth in the back to back quarter, overwhelming majority are afraid of one next year. the governor of idaho is so worried about it he's trying to prepare his folks for just that after this. ♪
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office, fears of getting covid again. nothing like the worry over job security, very high utility costs, energy costs. big worry in great britain and a lot of folks say i will go into work and turn the thermostat down when i walked in the door. connell mcshane has that. connell: you say to yourself i will let the company pay for it. a lot of people working from home, it is already high. new forecasts out that we will see not just an increase but a gigantic increase from here. some background, wholesale gas and electricity already going up last year as we opened from the pandemic but russia invades
ukraine and european natural gas prices go through the roof. you might say the uk doesn't get a ton of gas from russia, only 3% but it is connected by pipeline and a net importer. when prices go up they take a hit and high demand in britain because percentagewise, greater percentage of homes heated with gas the another european countries. as we said earlier you do the math, this all in british pounds. 30 one thousand 400, at last check, the median household income after taxes. next number, 1971 pound sterling, that is the current, just about all the energy suppliers charge on your consumer energy bill. here is where it starts to get ugly. in a report says that goes up to 3635 by october and 46,000 the next quarter and then 5000 early next year.
maybe higher than that but if you think about those numbers going from fairly expensive to next to impossible, that last number, 1/5 of the median income, the government so far has announced a 1-time grant, 400 pounds with energy bills and politicians from both sides, still don't know who their prime minister is going to be in a few months so they are debating things can you start with what impact this will have on work from home. the first quarter of this year the number of people in the city of london going into the office compared to pre-pandemic is down 30%. they did a survey and said where do you usually work from and 37% said home is my usual place. of those people pay those numbers maybe they make some different choices in the not so distant future.
neil: you go to that trouble, you never do that. >> and then my wife might be a mess. neil: how many countries are doing this? new york yellow pages. >> we did a bunch, overseas trip with biden and a few other things, and europe when the war in ukraine broke out. neil: just the breadth of that is amazing. i saw the catskills, the travel edge cured. thank you, connell mcshane. governor brad little, might have been listening to connell and the pressures building, higher energy costs and the like propping a lot of people to run back to the office to avoid those high bills, the
governor already tried to prepare for what could be a recession echoing how a lot of americans feel. very good to have you. tell me what you are doing to prepare your folks for what could be a rough ride? >> we celebrated hydropower day in idaho, the third lowest residential power price of any of the states. not the we need any more people, we are the fastest growing state right now but a week from now the legislature will get up a proposal we crafted to do another tax rebate, third one in a row, two years ago was 10%, than 12% or whatever we paid, this year is 10% and every year we lower rates down so a significant tax reduction and a tax rebate. on top of that some regular investments, inflation is
having a big impact, labor demands, record investment in schools, make record investment in tax reduction, paid off almost all our debt and the opposite. neil: not a bad concept. i know boise was booming with a lot of people seeking homes. that was one of the fastest markets in the country. it has been down a little bit. how would you characterize things now? >> we are still scrambling to have enough labor talent, whether it is in the construction industry or the healthcare industry or education, my goal is to create an atmosphere where kids choose to stay here and the ones that left choose to come back. a lot of other kids are choosing to come here also particularly in washington and
california but our economy is growing. our revenue this year over last year was 24% of forecast and that is what we are doing with significant rebates. neil: i know a judge recently slapped down your abortion ban on medical emergencies, where the life of the woman is in jeopardy were the health of the patient is questions. where does that stand now? >> the rule came out yesterday evening. it is very narrow, if you're willing to go to the hospital and there's only so many emergency room hospitals and in abortion is the only solution to your health or damage to your organs, then the physician in the hospital will be immune from prosecution. everything else stays the same,
our trigger law, restrictions. neil: the law, and abortion punishment to 5 years, is that right? >> judicial, prosecutorial discretion, idaho, and i, are very pro-life, what we can or can't do or most important to us is what we do with these mothers in foster care and adoption or helping these mothers, that is our focus right now and significant new activities in january. neil: we will watch that very closely. the governor of idaho, just a beautiful state. a lot of people from idaho,
thank you. in the meantime we are following a number of other development not the least of which is top decisions and demands from long ago selling their music. but then there is what is going on right now that is breaking some records. ♪ ♪ ♪ tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you,
neil: i thought we would have a song but we didn't. we had a cool song to celebrate pink floyd, the catalog that could be entirely bought out by blackstone or any of a host of financials firms vying to get their hands on it so you might call this another brick in the wall. a financier. the entire music catalog, not bad for the musicians even being around a while. being around a wild. a while. a lot of money although something tells me if i am unpacking my shows i might not get half a million there but charlie langston knows this stuff in and out. charlie, good to have you. this is big money. and rock group stars, what is driving it? >> i think it is happening for
a number of reasons. a kind of amassed out the happening. the pandemic led people to seek comfort in their favorite old songs which increased the popularity of artists like pink floyd, bruce springsteen, all of these kinds of people. that look at social media, tiktok, instagram, all of these songs being remixed and reused in social media videos which is introducing a whole new generation of people to the music. it is estimated that these desires for old songs have increased tenfold in the last two years alone and these artists are cashing in on it. fleetwood mac who sold off the rights to their music only after dreams went viral on tiktok with the famous duke video i'm sure people will remember.
neil: pink floyd must be saying shine on ukraine. let me ask about what is in it for the musicians because once they give that up, whatever the price they don't have any more rights to it. convey still, appearances and concerts they can still sing the songs, right? >> yeah, usually through these deals, the performers can continue to use the music but they can't sell it, can't determine what it is used for in terms of publicity deals or ads and it is interesting when it comes to pink floyd because when the cofounder, in particular i can't imagine he's happy about blackstone taking over his music catalog and has spoken out on a number of
occasions up if he doesn't agree with their ethics. blackstone is a controversial company. everyone knows that. they have been implicated in deforestation in the amazon which is a topic waters is passionate about. neil: a lot of musicians discover these money guys, their checks do clear. >> absolutely and at the end of the day is all about the bottom line and for most of these musicians when they inc. these deals it is estimated they are earning 30 times what their royalties would be worth year on year so they are making the big bucks and obviously it is a brilliant cash deal for everyone involved but tragic for the fans. neil: what about the younger performers? i don't want her to sell out right now but it must be tempting, i'm sure people are
knocking on her door. what happens with the young artist? >> a few young artists sold their catalogs. justin timberlake sold his music rights to the hypnosis group which blackstone now owns but doesn't stop them from creating more music in the future. someone like taylor swift who lost the rights to her biggest hits from the beginning of her career she wrote them and rereleased them as her own version so i think -- neil: how do they avoid the copyright thing, the ownership thing? i know they are her versions and identified as such but is that all?
neil: in theory someone could have gone to her for copyright but she worked meticulously to make little tweaks here and there to change things up enough whether they were different to the originals and it was a masterful plan on her part to regain control of the music. neil: thank you very much, we meet again as a follow-up. entertain these offers carefully. we do understand adele still fixes it up and says the best i can do. more after this.
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services, right forge is saying essentially truth social is reneging on its contractual obligations to pay. it stiffed after making three payments to set up its internet services. this is a big thing. it is a vendor. when they announced coming to truth social to work with them. this is a silicon valley, silicon valley's leftism that would help conservatives like truth social, press releases issued, big stories in ask eos providing infrastructure through truth social, saying it stopped paying it any money, monthly payment in march, $1.6 million.
seems like calling to truth social. neil: the one devon nunez runs. charles: trump is the chair. charles: majority content. charles: why you go there and other reasons but devon nunez is the operations guy. charles: if you talk to people close to this battle with truth social, they say they have no money. they all broke it. charles: how does it make it? how does it make its money? advertising, how does truth social make its money? i know it's latest have no revenue so they are not exchanging money. that is what they said. charles: where does donald trump go? charles: if it goes into
bankruptcy i don't know for sure. i can tell you they are not being paid and truth social this, if it goes into bankruptcy the creditors, not donald trump, is the majority of them. my guess is donald trump could be part of it. why would you have truth social, that is why we are here right now. >> i did run this by truth social, the ceo and he did say he wants to keep working with trump. charles: it is not that. charles: i put a call into various people including his spokesman. >> it has the smell of pretty bad money problems on truth
social and generally, not saying this is going to happen but when you start stiffing your vendors you're on the road to chapter 11. neil: good seeing you again. 125 points, closed upon the set. ♪ i got into debt in college and, no matter how much i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right.
neil: didn't end with nancy pelosi, another group following another group in taiwan which us lawmakers, let's go to greg howcaught in london. another us visitor to taiwan sent to get beijing upset again. tennessee senator marsha blackburn landing a short time ago on her way and she issued a statement saying the indo pacific region is the next frontier for the axis of evil. if the county continues to rattle at sabres chinese warplanes crashing into taiwan's defensive zone, live fire exercises, beijing claims the democratically run island as its own, taiwan announcing new hikes and record defense budget, more fighter jets,
taiwan's president saying the islanders determined to protect its sovereignty, freedom and democracy and all of this comes after house speaker pelosi's controversial visit to taiwan followed by a stop in delegation senators and indiana's governor dropped in earlier this week. president xi jinping expressing outrage over these american visits, state media calling this a toxic trend of us politicians using taiwan as a upon. mayor blackburn will meet tomorrow and as we noted beijing is set to respond in a literary way as well. neil: the former trump administration system of international economics. always good to have you, we make a big deal of these visits but they used to be routine. what is different is how china reacts.
>> if you look the last couple years we had plenty of delegations going to taiwan. that's not what is new here. what is new is the aggression, for retaliation china is putting in place, the heightened rhetoric using and making threats each and every time the delegation goes to taiwan it is consistent with china trying to have a more assertive posture on the international stage and the fact that xi jinping is facing congress trying to shore optimistic political spin but the delegation is not unusual. it is the response and frankly it is having the opposite effect of what china would intend. taiwan announced they are increasing defense spending and i could tell you in washington talking about taiwan and how we straighten that relationship is one of the key issues, a lot of
policymaking this fall looking at how to increase the security relationship and economic engagement, major non-nato ally, really backfired on china. neil: what i worry about, agree with everything you pointed out, doesn't take much for a little thing to go wrong. the last figures i had, 500 sorties. to say nothing of similar actions over china and japan and south korea and morning to the us. don't come close to the south china sea. one slip up and we are in a world war.
>> that is a big risk factor and talking with people in the region and everyone is on high alert right now. taiwan is viewing this more seriously than they have in years. businesses that are engaged in that region are looking at this as a higher risk factor. i don't want to downplay that in any way, shape, or form but that has always been a risk factor and the view of the us government has been at some point, and it is a question of when and how and when does he think it is requisite military supremacy. not diminishing your point at all, we should never underestimate the chances of miscalculation here. it is ultimately a matter of time. the question is in the interim what are the things we can do to make sure the situation doesn't turn into a world war, something that can be managed
appropriately. it is something i'm worried about. neil: thank you very much. the deputy assistant of international economics. we have all the more going on, tomorrow is the big day, the federal officials are in place along with the media, wyoming and the chairman of the federal reserve, it is tomorrow. . .
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neil: all right. i leave you with the dow up 125 points. other market averages following along. everyone on tenterhooks waiting to hearing from jerome powell in wyoming. let's go to charles payne. charles: thank you so much, my friend. i'm charles payne. this is making money. breaking now despite all the hand-wringing over jay powell's big speech at jackson hole this market is showing quite a bit of resilience. make no mistake powell is facing a "mission: impossible." i have a power panel. danielle dimartino booth and lyn alden will guide us what needs to be said before this economy self-destructs. biden facing major backlash making it rain yet again for