tv Cavuto Coast to Coast FOX Business September 30, 2022 1:00pm-2:00pm EDT
>> that was my house. my house is gone. >> it took everything from everyone. just devastating. >> reporter: the 3 little pigs, built out of sticks, didn't last as long. >> a lot of damage. everything, most of it in the water. we haven't sound -- found things we are looking for. >> it's not going to be that bad, worst mistake of my life. >> very numbing. it is not my first hurricane but my first total loss. stuart: neil: that's an understatement, total loss, $100 billion in losses in that section of the state. that's an estimate that analysts have done, it is one of the worst forms this country
has ever seen and it is extending beyond florida, the south carolina host the west coast is being friend, ian, category one storm, makes its way toward myrtle beach. the biden administration promising support to anyone and everyone who needed along the path. edward lawrence at the white house with more. >> reporter: in this hour, president biden will address the nation and talk about search and rescue efforts, people talk about the preparations in south carolina as that reformed hurricane ian is heading towards the shore, 75 mile an hour winds, nothing to sneeze at, the president says he will go to florida to see the damage, he spoke again today but the governor of florida. this could become the deadliest hurricane in florida history and the most expensive. president biden expedited
federal disaster relief into the area. >> president biden: that me start by recognizing, this reception comes at a difficult time. so many jewish families in florida, for some of you have loved ones in florida, mothers, fathers, grandparents, friends, our heart goes out to everyone there, the state experiencing one of the most devastating hurricanes in the history of that state. i say i will say more about this this afternoon, making a major address on this. >> reporter: that was 30 mexico. he says he's putting politics aside. the white house for the past 6 months has been attacking the florida governor at every turn, those political effects of stopped because of the hurricane. the president said the fema administrator to florida to deliver a message in person. in the aftermath of the storm. >> i want to commit to you on behalf of the president we are here to support this recovery,
we are in an active response stage, we will go into the stabilization but we've started planning for what the recovery is going to be because we know this is going to be a complex recovery. we want to make sure we have the right resources. >> in the past 24 hours in florida the administration has moved portable cell phone towers into the affected area, 2,000 support personnel have been moved into the state in addition federal search and rescue teams have been deployed and looking live at north myrtle beach, the next focus for the federal government, hurricane ian is coming close to the charleston coast like charlie was a few years ago. neil: there is a tornado watch issued for eastern north carolina, the southeastern part of virginia until 10:00 pm eastern time.
it is possible through tonight before the threat shifts northward and focuses on southeastern virginia overnight. the only change we noticed, maybe a substantial one is you are no longer the bull's-eye for the time being, you will get hit with storm surge and heavy wind and rain but you will not be the epicenter of this. for the time being that seems to be the indignity of myrtle beach. south carolina's mayor says our city is as ready as it can never be. now with this is the vice admiral of the us coast guard deputy commander for operations. thank you for taking the time. how do things look from your perspective? >> thank you, neil. i've been watching the energy you have been showing on fox business. needless to say, just heartbreaking some of the things we are seeing but i can assure you coast guard rescue teams, coast guard field
operators have been working around the clock since landfall against our primary purpose to save lives. in the past 24 hours since the storm made landfall the coast guard has saved 117 people and the pets that come with the families we rescued and we suspect that number will go up as we continue rescue operations. it is tightly synchronized response between federal responders with fema and others and the state of florida and the state of south carolina, north carolina and georgia and the localities doing these rescues, they will continue as long as we need them to. neil: with so many in florida without power, certainly without cell phone service it is hard to reach them and that is why some people have a pressing concern, nightmarish one that there are many more
fatalities than have been reported. any hints of that? >> i do not have any numbers of fatalities but i can tell you the coast guard has done this before and other hurricanes in terms of urban search and rescue, in land-based areas that have been flooded. we will meet with other emergency responders from dade county at the national guard and everywhere will respond by any means we get these messages. folks who find themselves in trouble if they can should call 911. if they have a radio, they can call channel 16, vhf, the coast guard monitors that but we are just doing overflights in impacted areas to see if we can find people in distress, that other responders are coming in with hot water vehicles, and flood boats in and around the impacted area, they are moving
in conjunction with state responders so we go street to street and house to house to find people who need rescuing. neil: a lot of people asked me about this, if they are stuck in their homes usually in their attic or the uppermost floor because the bottom floors underwater or worse, how do they get your attention? >> if it is possible for them to get out of the house safely they certainly ought to do that, there will be emergency responders in these impacted areas to locate them if they don't have the ability to use a cell phone but the response will be proceeding from block to block to tackle these things. the word we are getting is there's a constitution of impacts in the southwest part of florida.
you can expect when the hurricane made landfall, unprecedented rains met inundation from the storm surge. this isn't over, the storm will make landfall again in a couple hours. i will reinforce the message that people ought to listen to their local emergency managers in south carolina, north carolina and georgia. if evacuations are ordered they should heed them and listen to what they say in the coast guard just like prior to landfall in florida has moved our helicopters, aircraft and small boats out of the area to stage them and flow back in to do the operations we need to do. neil: what you and your men and women do is incredible. you are not one to brag, but i was thinking everyone running away from the stuff and you guys are running into it to
help people at great personal risk to yourselves. just amazing to me but thank you very much. >> thank you for recognizing that, situations like this make me proud and stories are coming from the impacted area from folks that are kicking through walls, and a woman her elderly husband was brought in, we will count stories like this. there are other things the coast guard are doing, prior to the storm landfall we worked with port authorities, private sector, and prior to storm landfall. just as important to open up those ports to commerce in a safe way.
and they are doing rapid surveys to make sure it is safe to bring shipping back in. we need to do that because tampa, we bring oil into tampa by ship and other commodities. important for the economy but that is happening at the same time the rescues are. neil: people look at this, unique to florida, south carolina but this affects the entire country especially those shipments can't get in and out of that neck of the woods. thank you, good to have you. all right. want to go to phil keating right now. in fort myers, what is the latest. >> reporter: absolute record, total destruction on almost everything, boats like this one and this is not a little center console small craft you would
expect to easily get blown around by hurricane or storm surge. this is a 50 ton deep-sea fishing trawler. all came up with 12 to 15 feet of storm surge, two boats behind it used as hotel boats, airbnbs. everything pushed off of the marina destroying all these boats. this was the opposite marina. now that is a complete loss totally destroyed. it was a restaurant, that is demolished. delay roof but all the walls are completely gone. it is a devastating day. these trucks are taking search and rescue and debris clearing equipment to fort myers beach where the beautiful white sand bizarre and it is just the
wasteland important to those who had been there, wiped off the map. for search and rescue operations, the second full day of it. they pulled 700 people and rescued them via helicopter and on all the barrier islands that is where the worst impacts of hurricane ian were. a lot of people did not evacuate even though it was mandatory. they stayed and that is where the sheriff believes most of the fatalities will be found. so far 21 confirmed dead and unconfirmed. there's a lot of people they believe strongly there is no way they made it out. often 911 calls are coming for those communities, fort myers beach, sanibel island, before and during the storm. first responders had to wait until the storm passed to help them. a lot of people who called have not been able to because cell service is out, power is out.
everything is out. you can't drink the water out of your tap. basically you can only hope everybody who decided to ride it out had a weeks worth of food that doesn't spoil and water. this is obviously going to take a long time to get back to what it was. neil: molly line getting a sense of what florida was going through. she's in charleston now. can you hear us? >> reporter: i sure can, we are working on some wind here. we've seen some pretty big gusts. we are at the marina on the ashley river on the side of charleston, south carolina. the whitecaps here nearby, they are re-tying these boats, it has been windy since 11:00, the winds picked up, the big concern, the next couple hours is the flash flooding.
they made it through high tide, the heavy rains, flash flooding a major concern, heavy winds, 116,000 households without power in south carolina so utilities have a lot of work to do to keep up with the storm and to get the lights back on and keep the lights back on and these winds will be a concern and make it such a challenge. down the edge of the river, the ashley river is the harbor integrator atlantic as ian is coming ashore in these winds they are worried about in south carolina in the charleston area. to the north in myrtle beach they are concerned about the storm surge, the flooding, the beach erosion so there's a lot going on on the coastline to be concerned about but where we are is these high winds they are worried about. neil: incredible in the middle
of that, if you are not in the bull's-eye, you're not missing this, just not as big a target as you were, pounding rain and wind and surge from four to ten feet, that's the range we have been given at this is not full throttle yet. that is still about 45 minutes away but keeping posted on that and other developments closer to every day americans and what they are dealing with, we are not going to have a government shutdown, the house passed a stopgap funding measure to avoid, keeping government lights on through december 16th when they will take up the same issues that brought them to the brink this time. they will deal with this all over again after this.
reaction is stunning, promising more sanctions in this country, secret meetings, not so secret but it is what it is. how far does this go? >> good afternoon. a very concerning to element as vladimir putin announced he is annexing four key regions in ukraine that are occupied by his forces. this is marking a new unpredictable chapter in this war. at a ceremony in moscow putin signing a degree that makes four ukrainian regions part of russia. under the guise of legitimacy they orchestrated pageantry underscoring putin's need to convince his own people a victory in a conflict that is becoming increasingly unpopular in russia. >> translator: i'm sure the gathering of support in russia, four new subject of russian federation.
>> the annexation won't be recognized even by russia's closest allies, countries like serbia and kazakhstan have vowed not to accept the results of this sham election. this morning russian forces fluttering the very civilians they claim as their own firing missiles at a humanitarian convoy killing 25 people. the bodies of these innocent ukrainians lay under the wreckage. the grim reality of russia's ongoing invasion. ukrainian troops continue to liberate occupied territory in the eastern part of this country. the strategic supply is expected to be back in ukrainian hands within days as soldiers grind forward with artillery support. >> i can't underscore how dangerous an inflection point this wars facing with the russians having lost so much momentum the ukrainians are bracing the possibility of escalation and possible use of nuclear weapons.
craig: the this is really scary. what is the reaction to the people behind you? >> reporter: it is part of everyday conversation in the ukrainian capital. everyone you talk to try to make light of the situation but they are talking about the possibility of putin using nuclear weapons. they've seen what was done over the past several months, the brutality inflicted on the communities not only in the eastern part of ukraine and just outside the capital city and they understand putin is unpredictable, someone who is willing to go beyond the norm and willing to violate international law and human rights as he does so. neil: just incredible. be safe. want to -- when i go to claudia, i am sure she will say i told you so, she did repeatedly, summed up the ambitions of vladimir putin long before and great personal risk to her in the past but she called it as she sees it.
what i see historically is the biggest landgrab of any country since the nazis in world war ii and here we go with this guy despite the threat of sanctions on the part of the us and other nato members and the fact that ukraine has been threatening we want to join nato, that would somehow deter him, nothing has. >> you are right to think big. the way to try to understand this and i stress try because we are all guessing is in terms of a much bigger global gain. there's a great game going on here and it very much involves china and russia, and we can't read putin's mine but if you look at what he's doing he has packaged you regions of ukraine he claims to have annexed as bargaining chips.
not necessarily with the aim of renouncing this claim, if you look how he and xi jinping are maneuvering, they met in the cooperation summit, first time he had been outside china since the beginning of the pandemic is that this may be heading and i don't know, i wouldn't rule out the use of nuclear weapons but the noises russia and china are making, putin and xi jinping suggest they may be maneuvering toward some kind of negotiation. putin mentioned in his speech at the kremlin, they will be open to negotiations. the chinese have been fastidiously saying we want peace and stability so everybody please make up. my great concern is china
looking to insert itself as a broker in that process. china does very well. they did that with north korea and north korea came out with nuclear weapons. russia inserted itself as a broker in the iran nuclear talks and my fear, it is a bit complicated, my fear is while i don't think the so-called partnership between russia and china declared in february is limitless. there are some american diplomats whose gullibility on this score is limitless in the sense, i fear we are heading for a moment where china is one of the brokers of a bad faith peace deal where if you look at putin, his bargaining chips are these four reasons, this chunk of ukraine which he doesn't actually control, he made the claim and could continue to
push that pursuant -- it is the way he has packaged this thing. neil: that is a way to distract the deal and say this land ics i might give or some of it up to close a deal in other words it was never part of any deal to begin with, he took this territory but 15% i took in ukraine, i will give back 10%. >> don't think it would be looking for a deal. the gain would be to tie to the bargaining table. once america and our partners start bargaining we overlook all sorts of things. what i'm worried about is the iran nuclear talks tampered our help for ukraine. the leverage over that, we slow walked a lot of things. if we get something where we get big scale negotiations over piece for ukraine, if china gets into that, keep china in
line, they met recently and that is important, it is not a deal that is the problem. the endless negotiations we stopped enforcing whatever sanctions we have, what are affect they haven't they haven't done that much yet so far. anything that ties us up and distracts us, one thing is taiwan. and vice president harris in asia, the republic of north korea that funds geopolitics 101 and president biden with his reversals on taiwan statements, it is an open invitation for russia and china to pursue anything they can.
the constraints their own domestic problems much less than the united states and there allies. neil: he is standing and smiling and signing off on annexing these territories, the largest annexation since world war ii. we have a lot more with kim fisher's read of these crazy markets after this. ♪ is the planning effect. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity.
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is october doing that and on steroids. let's go to can fisher, the founder and ceo, one of the smartest market reads i have ever known. can fisher, thank you, good to see you. >> thank you for having me but after as wrong as i have been this year i'm surprised you want to have me on at all except it is hard to find anybody but me who is optimistic. neil: i was going to kill you because you have been optimistic in saying a lot of this is overwrought but things could still turn out that way but i wanted to go back to before i try to embarrass you which i would never do, nor my equipped to do so, september, and what it portends for october i was noticing when you have a bad september in those problematic years, 29, 87 and 2008 you had a bad october, should we worry? >> whether we should or not,
people are clearly worrying so why worry about them worrying? the more they worry the happier i am but let me make a couple points. everything you said is true, but there's also other things that are true. a usually turns into the doesn't mean it always does. history is not about preordained, but a point i have mentioned before here is the fourth quarter of midterm election years are overwhelmingly positive including octobers and that is because midterm election years typically bring us more relative or absolute gridlock with this election likely does, that's followed in the next two quarters by the positivity which is 80% going back to 1925 and the next two quarters on
average are 6% with again 80% plus in both of them. that is 3 quarters in a row, hard to overlook that. i've spoken here in june about the pessimism of this belief which is a trait that i identified decades ago when you get into bear market periods people see all news as bad, good news will morph into worse news and good news is overlooked and there's a lot of good things going on that are overlooked completely as far as i can tell including the fact that for most of the world outside america they haven't seen a bear market yet, their own currencies are seeing a reasonable sized correction, not a bear market. . what he couldn't it just be modern times? >> sure, but you can see that both ways, a lot of people do, which is maybe they just
haven't had enough bad yet but the other way you could do it is maybe americans are reacting to bad. if you look for example at my firm which has many clients globally, 20% of them are non-dollar-denominated currencies and much calmer than americans are, maybe they will get more so, something i think about which doesn't tell me conclusively what will happen, when you think about it in dollars, non-us market is down a little more than the us market is but if you are in other countries, in euro land you see a market that is down in euro, 17%, britain or better, if you are in japan looking through the lens at the end you are down 10% and so could they be more to follow with us, could we be overreacting? we are the ones that are panicking now and the difference of course is the absolute strength of the dollar
in this period. neil: there inflation is worse than ours particularly in europe, germany, the worst in 70 years, but there's no connection to the markets but a lot of people look at this market, hammered as it is saying it is still rich other than that. what do you say? >> what i say to them is yes, you can view the world through that lens and also through the fact that a lot of positives are going on. the way i see it now is they see a world of inflation where they see the fed as having 2 new things and you and i have things and you and i have had that discussion about knee capping. i don't think the fed knows how to do that anymore. they have lost the understanding of what they are doing. i kind of fall into the jeremy siegel camp. be that as it may, simply what
i think is going on is the analogy that i make of a snake, i have been in finance for 50 years professionally so on wall street i've seen a lot of snakes, i know snakes pretty well. snakes when they eat the rabbit get that big bulge and if you ever see, i've seen these in the wild, they get sluggish and what we have now, all the things about covid, the supply chain issues as well as monetary and fiscal stupid stuff the government did and then throw on top of the ukraine war and now getting sluggish digestive mode but there are a lot of things that say that the economy is going on more sluggishly with persistent inflation and i don't think the fed knows how to bring down inflation the way
they used to. neil: if all these rate hikes are not doing the trick a lot of evidence that a lot of companies are making adjustments, paying off people not to the greedy you would think so far or the 70s experienced. that is a matter of time, typically the view i get, overwhelmingly bearish, a counter indicator and the highs and all that, typically guys like you look at that like that is a by or a positive so what are these signals telling you? >> let me say when i was very young before i was an adult, the central banks filling with interest rates thinking what that would do to the economy is beyond ridiculous and mostly it doesn't allow you to impact the economy directly.
when i was young the deposit went off of was overwhelmingly causing them money and the sprint between the money in that and what they landed it out at was the form of a growth margin and a bigger spread, the more that was small, the flan door yield curve but today 93% of the us bank lending base is interest rate free money so the more thee more it increases the incentive of banks to lend which is something i don' don't understand that but if you look at this period the more inflation has gone up the more margins have gone up. not understood. share buybacks remain strong. corporate bonds. commercial lending through september up 11% year over year. the commercial lenders are people borrowing the money to
use it. neil: you are saying we have overdone it. and when -- i know what you are saying but you have a more optimistic view than is the consensus these days. do you feel it is different for the potential? >> i've been wrong quite a bit this year, the duration of that rabbit moving through the snake, the digestive process is taking longer than i ever thought it would. neil: you have a long-term track record, looking at it long-term, waiting for capitulation, are we at the stage do you think if it is overdone, to do that?
>> last time i was on i said i didn't think we would have capitulation, it would be a bear market that ends like 1966 did or 1982 did, because capitulation implying people are not afraid enough and they will panic. neil: in that 68 period it took that long. broached 1000 on the dow, to close over. >> we have several bull markets, nobody invests thinking 10 years out they invest in one, 2, 3, and if the market goes against them, the fact is bonds off of the peak, selling to stop them, selling stocks to get into cash, my to go down and might go up.
gold is down, not the safe haven but capitulation goes into were safe haven. they are alive, and i don't think we get capitulation this time and that is evidenced by the fact that dollars strength been a driving feature of what is going on i don't believe the non-dollar, 1/3 of world stock market is going to get panicky the way americans are. neil: it could be music to a lot of folks. ken fisher, always an honor. ken fisher, the dow down 215 points, waiting for the president on plans to rescue a
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number on your screen, or visit coventrydirect.com. neil: you heard what ken fisher, the most successful investor on the planet, had to say about a market selloff you think is overdone. charlie gasparino, what do you think? charles: far be it from me, ken fisher is a smart guy but i will give you some perspective from fed watchers. hedge fund managers, people in academia, i spoke to several of them today, do they think powell will go for two more rate hikes and what is going on at the end of the fed which may prevent those rate hikes from going on? it mirrors what ken said. there is a growing fear,
further rate hikes lead to financial instability. this is coming off of what happened in the uk, the uk central bank went from tightening to using overnight to basically prevent the meltdown of the financial system. that happened to their. as rate started to rise. what they are saying here, if the fed deal goes through, 4% funds rate or a little higher which is the current plan the bond market is going to sell off dramatically. if that happens, $50 trillion of global debt issued in the last two or four years. that global debt has low interest rates, if interest rates start to spike, a lot of bonds are tied to derivatives, and if something unwanted happens, higher interest rate
environment, and people saying powell has to do that, the amount of debt that was issued at low interest rate, derivatives tied to them, who is holding that, pension funds, you name it, i'm not making this up, these are hedge fund managers, fed watchers, they are saying if he goes through 4.25% fed funds rate and that bond, hitting 4. 5% or higher you have more problems in the system. the headline number, not just inflation, we are talking financial stability.
neil: we are following the president of the united states talking about speaking to south carolina's governor, he promised he will do anything and everything in his power to make sure people stay safe. stay with us. >> president biden: the national guard. ♪ ♪ ♪ ♪ all-electric with room for up to seven.
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>> the president of the united states is addressing his concerns for south carolineans and staying out of harm's way and this is your close to ian making land fall in south carolina around myrtle beach area and it is clobbering charleston but not the dead on bull's eye it was thought to be and incredible wind and surges and counting up better than likely $100 billion worth of damages and the more than dozen people who have died and that's just thus far. they fear they might find more victims and get the read from gary who knows florida well and he's in florida and moved some years ago around the orlando area and has a good sort of bird's eye view now and how the state is adjusting. gary, how is florida doing? >> >> i was in boca raton when
andrew hit and me and a bunch of buddies went down to help out and the place is new. that's how bad it was and anybody can see visuals of how bad it is. i think fort meyers, naples area looks about the same. it's going to take time, it's going to take work, sweat but it will come back. that's my main message to them. it's a great state with great people, great diversity of people. again, it's just going to take time. it's not just there, we got hit pretty decently in orlando area also. but not nearly as bad as down there. neil: you're in orlando and disney world and sea world and lego land and popular destinations that draw millions each year so i imagine a good deal of that business is sort of coming back or crawling back, but this is going to wallop the state. >> it hurts in the short run, no doubt. first off it's going to be very
tough to get around certain areas and southwest florida has been a big, big growth area for florida over the last decade so without a doubt and the costs, i can't imagine what the cost can be but again, the theme parks are back open today. there's a reason why 75 million people the year before covid visited central florida and generating 75 billion in economic activity as well as a half million jobs so back in business but again, in some areas it's going to be a slow go and a big slog but we're up to it. neil: i have no doubt about that. you were representative of it yourself. i am curious given all the attention to florida, one of the hottest real estate marks in the country and we were seeing some ebbing from the highs but by the way, they were still year over year of gains and something like this gives all the newcomers pause and maybe want to be
newcomers to say nothing that maybe a lot of florideans themselves have become complaisant from storms that we haven't seen big ones in four years or so. do this you think this changes people easel to come to the state? >> maybe a few, but i doubt it. neil, i've been through, what, 10, 12 hurricanes and some pretty big ones. one year we had three coming through my neighborhood. you got a great state here. there's so much good going for it that when something like this happens, you take a step back but you just go on with your life. it's just a great place to live whether it's the beaches, the low taxes and the people, diversity of people, the businesses, neil, righted here in heathro, florida, i can't tell you how many companies moved here and we're talking who's who of big corporations and ones i've never heard of and that's going to continue. we are a magnet for business and people and i do not think
hurricanes have stopped in the past and not going to happen due to this one either. neil: gary, i don't want to miss talking to mark with you and we're capping a lousy month and lousy quart oer and lousy nine months and the first nine months are the worst we've seen since 2002 and all the drills and afternoons on the bear market territory and et cetera, et cetera, usually that carries over in a bad september or good october. what do you think? >> all i can tell you is i've seen absolutely no characteristics of the end of a bear market except everybody's bearish and that in itself does not mean the market will change. the simple thing is asset price and every data point and economics and statistic was living off of 0 percent interest rates and that all has changed and you're seeing the market reprice for that. i will tell you the greatest business recorder on earth charlie gasparino said something very important, i do believe
that the fed has to be watching what the united kingdom and you saw that purchasing manager and that wasn't just a recession their and that was growth recession their and they're talking tough as of today, i got to central our central bank is thinking twice about how far they're going to go with it and due to the fact that markets have loved their easy money, that's something to watch very, very closely and i'm watching it very, very closely as we head into october. neil: gary, thank you. charles: hey, neil. thank you very much. good afternoon. i'm charles payne and this is making money. right now investors are eager to close out the miserable week, month, quarter. coming up, why the word of the day is catastrophic and what if this is all in the calm before the storm. i have heavyweights on the show today. today's show focus on th