dagen: congressman, great to see you this morning. thank you so much for being here, congressman spencer roach. and we appreciate it and as a he reminder, if you would like to he donate for hurricane ian relief efforts visit redcross.org/fox. i want to ask you something about -- so flood insurance in florida has actually been falling. so there's a widespread lack of flood insurance in florida and the number of people who have it, the percentage of homes covered by flood policies is down from five years ago. what we're potentially looking ats is people who chose not to get flood insurance even if they were in a flood prone area, if you own the house outright many people don't get it. it's only forced, you have to -- if you have a mortgage, the lender will force you to get it. but what's going to happen is there's going to be an outcry

for money from the federal government to come in, even though the flood insurance is already subsidized by the federal taxpayers, there's going to be an outcry for and let's call it what it is, a potential bailout for people whose homes were damaged or devoid because of the storms when they didn't have insurance. >> no question about it. a lot of people who basically self-insure, as you pointed out, because they don't have a mortgage. most lend hadders require et it. if -- lenders require it. people who own homes outright, many of whom could have a $500,000 home, even if they had the insurance they would be capped at $250,000. so there will likely be a bailout. and in fact, the entire property and casualty industry in florida is in trouble. because the storm is on top of many other storms and they have a lot of income vent insurers -- insolvent insurers. dagen: there were six insolvencies in the last year and the state run insurance pool

of last resort is now not the last resort insurers. it's got more than 1 million homeowners in the pool. this is a -- this will probably be considered and ron de santis talked about this, the governor, a flood issue. so look out. there's going to be a bailout. the next hour of "mornings with maria" starts right y now. i'm dagen mcdowell, in for maria bartiromo. it's monday, october 3rd. at 7:00 a.m. eastern. president biden slamming republicans who claim his big spending agenda is driving inflation. listen to this. >> i'm so sick of republicans saying we're the big spenders. give me a break. give me a break. and by the way, this bill is going reduce the deficit by another 300 billion over 10 years because medicare will be paying less for the drugs that are going out. as a result --

dagen: the president also trying to compare his $400 billion student loan bailout to the paycheck protection program established to help struggling small businesses during the pandemic. all this as six republican led states sued the biden administration over the plan a accusing the administration of overstepping executive powers without authorization from congress. joining the conversation, mitch roschelle, cheryl casone. mitch, start with what he's talking about, the give me a break. any time the president uses a crutch phrase like that, he doesn't -- you know he doesn't really have a reasonable explanation or answer for had fs claim but also the claim that the -- i'm not even going to call it the inflation -- the inflation he reduct act a anymoe but it's going to reduce the deficit, it's laughable. >> by the way, there isn't an

ebbing aneconomist or instituteg that it will reduce inflation. it's reducing a deficit from an all time high to a lower -- we're still printing a trillion dollars a year in mope. it's not like we have a net surplus in the federal government. i think that's all laughable. the president will read his five word catch a phrase, shake his head and move on. dagen: nice tux, joe. cheryl, what he's done on student loans all year, not the loan forgiveness, but the moratorium on making student loan payments that was extended in april and again a few weeks ago, that is stimulus money, period. it is fueling inflation at a time when the federal reserve is trying to fight it, making the federal hfed -- federal reserveb that much harder. people are getting screwed here,

there and everywhere with higher interest rates and homeowners and the biden administration doesn't acknowledge they're making the problem worse. >> they're talking points and the new york times has pointed out that this comparison between the student loan bailout, his forgiveness program, and the ppps is disingenuous. even the new york times says that. apples and orange, two different programs. to your point about the suspension of payments for student loans, look, that's been going on since obviously since # the 020, since march of 2020, it continues through at least until january of next year. the way they're going, they could -- i could see them extending it again because remember, the student loan bailout, the forgiveness program, excuse me, it's a bailout, is only for those that make 125 grand or less and forgives up to $10,000 of their payments so you still have a staggering amount of debt sitting out there for student loan borrowers. so what a are they doing? they're buying boats. let's be clear here.

they're -- votes. they're trying to buy younger votes. they know they're in trouble not just for the mid terms but for 2024. dagen: the tweak they're trying to make to the student loan bailout is just to inoculate the administration from more lawsuits. it's to carve out those kind of private lenders who hold those -- >> the 10% of the population. exactly. dagen: hold those loans. >> i want to put an a exclamation point behind your point. if you look at all of the stimulus money that's out there, look at the fact that online betting is going down, look at the day trading is going down, because all of those were demand sides of stimulus. these were kids that had the means to make the payments. they didn't have to. they gambled online, whether the stock market or sports. you'll see the volume of the platforms has gone down. >> i'm so glad i paid for college. i'm so glad that i paid that off

and walked away debt free. dagen: i'm glad that rich lawyers and doctors are getting a pass on making student loan payments until at least the end of the year, potentially longer. why? >> $125,000 is a lot of money. i don't care where you live in the country. dagen: yeah. indeed. much more ahead had this morning. coming up, we'll look at how markets are moving on the first trading day of this quarter, the final quarter of the year. the september jobs report, we look ahead to the that, out on friday. it's all a in our word on wall street panel next. and president biden will be traveling to florida on wednesday as hurricane ian's death toll climbs to more than 65 individuals. don't miss a moment of it. you're watching "mornings with maria" live on fox business. research shows that people remember ads with young people having a good time. so to help you remember that liberty mutual customizes your home insurance, here's a pool party. look what i brought! liberty mutual! they customize your home insurance... so you only pay for what you need! ♪young people having a good time with insurance.♪

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mitch, let pea let me start wi. futures are mixed this morning. it's been nasty, markets, in recent weeks. oil prices meantime up this morning as opec plus us is considering cutting production by 1 million barrels a day. that would be the biggest output cut since 2020. again, this continues to put the federal reserve in a pick he pickle withhigher prices, commo. it also helps bail out vladimir putin who needs money. but how do you see it, putting everything in perspective? >> didn't president biden fly to saudi arabia to get them to pump more oil? the fact of the matter is, we have a slowing global economy and that's pretty clear because inflation is taking its toll around the globe, central banks around the globe are raising interest rates to try to stem inflation. so the reality is, when they think they -- opec plus thinks

demand is going to slow, they pump less to keep the price high and that's a exactly what we're seeing happening right now. i wouldn't be surprised if they continue to drop production, continue to keep the price high and you're right, dagen. all of that helps vladimir putin subsidize and continue to subsidize this war. dagen: mike lee, i want to get your take on the market can he s--selloff that we've seen, the concerns that stem from what happened in britain last week with the central bank having to jump in because some pension fund strategy caused a spike in yields, the central bank had to jump in and buy the guilts or buy debt which reverses its tightening policy but there are real concerns front and center and there's an emergency federal reserve meeting today, right, mitch, it's today.

>> today. dagen: today. you have credit suisse over the weekend. the stock is down 6% this morning. but sent out talking points on sunday for its bankers and relationship managers. any time you're trying to smooth people's feathers and ease worries about financial instability, whether it's within the investment bank or outside, it makes matters worse. mike, how do you see all of this right now? >> well, dagen, since the first week of august a, expectations for rates in -- for fed funds rates in february of 2023 have gone from three and a quarter to 475. that's a massive move. and the fed all along m they this rate hiking cycle has been talking about a soft landing and up until last week this is their version of a of soft landing. the selloff in the markets, the sell ofoff in fixed income has largely been very orderly. we haven't had any flash

crashes. we haven't had market pauses and really, again, up until last week, nothing has broken. but when you go abroad and you start looking at these pension funds, these pension funds are very much centralized so the u.k. pension fund is 2x their gdp and some of the nor dick dik states it's 4x their gdp. they're not multiple pension funds. when you have to buy long-term bonds to offset asset liabilities and rates spike this fast, you get negatively convexed situations. with credit suisse, you're starting to see things break. as things are breaking, this is no longer their soft landing. so what are we going to see out of the fed? the best i've heard is from jeff gunlack, saying what the fed should do going forward is not really be so focused on the rate

hikes but be more focused on the balance sheet runoff. you've already slowed the economy dramatically and employment is a very much lagging indicator. we're going to get employment data on friday. i think the nfp number is almost fundamentally broken post covid or if it's not broken it's hard to compare the numbers we're getting now to numbers we were getting 2018 and 2019. we have fewer workers now than we did precovid, how is it possible to have an unemployment rate at 3.7% when you have 2 and-a-half people enter the workforce and the number of employed persons is the same amount. until we get clarity from the fed on when they're going to he slow down or pause or pivot or what have you, i think markets are going to be ugly because now things are starting to break. dagen: before we go, mitch, charlie gasperino i saw a tweet he put out on friday how big

investors are saying that the fed is now more concerned about financial stability and risk in the system than inflation. and this is -- no knock on charlie's reporting but my reaction when i saw that was of course big investors are saying that because big investors want the fed to stand by and be ready to bail them out again as they have for much of the last 20 years and you've seen it even in the market action last week that everybody is so quick to -- they have to buy the dip because the federal reserve will be there to prop them up if anything bad happens and that seems to be the buy the dip mentality finally has been shaken a little bit and that ultimately maybe you get a downside washout sooner rather than later which should be healthy. >> you know, dagen, i've been

saying it all along and mike just made reference to it. here's the ret at. the fed -- reality. the fed started in earnest this past month trimming the balance sheet. they've been talking about it for a long time. what do you have as a result? you have stocks falling and bonds falling simultaneously and the falling bonds is the worst it's been in modern history. if the fed decides to prop up the markets again, what are they going to do? they're going to stop the tapering program or go and reverse and buy back bonds again. that's the liquidity they pump into the system that you bouy's stock prices and all asset class prices. dagen: tom philipson pointed out with a near 9 trillion-dollar balance sheet, it will take four years at the current rate to get the balance sheet back to pre-covid levels. it would take eight years to get it back to pre-financial crisis. so again, the balance sheet never got reduced back to -- it was $800 billion before the 2008 financial crisis and they took it to 9 trillion and that bailed

out leveraged rich people, period. and it screwed working men and women who of just need a decent return, safe return on their investments. so again, when the fed starts turning their back on the leveraged rich, man, they cry to the high heavens, don't they had mike lee. thank you for being here. mitch, stay right there. coming up, members of congress telbiden to show the proof how e administration declares climate emergencies. ohio congressman bill johnson weighs in.

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dagen: president biden keeping up his war on american fossil fuels, it's a war on americans, let's call that what it is. my next guests is pushing a resolution that would force the administration to provide all documents related to discussions about declaring a national climate emergency. joining me now, ohio congressman bill johnson. he's a member of the energy and commerce committee. congressman, good morning to you. thank you for being here. >> good morning, dagen. dagen: what are you -- what's your goal in doing this? >> well, the goal is to have the be president tell us why he's trying to or even considering taking this extreme action. if he were to declare a climate

national emergency, dagen, it would give the administration vast executive powers to circumvent congress and go even further with this rush to green. i mean, you know, gas-tash the -the priceof oil on the global n february was $1.25. today, it's 85 and declining, $85 a barrel and you now you've got opec minister, some of the most wealthy people in the world, global elitists that are sitting overseas trying to figure out how much pain to inflict on american consumers. because this is just -- this is just going to hurt american consumers. and if the president were really interested in solving the climate problem, republicans have demonstrated we've got solutions that actually work. dagen: i want to bring todd piro in here, congressman.

todd, part of the climate issue and you saw it as ian was bearing down on the coast of florida and even making landfall, the talking heads of left wing media repeatedly talked about climate change and these storms are worse and michael shellenburger pointed out over the last week the mainstream news media claimed that hurricanes are becoming more frequent and intense and they are not. period. the number of hurricanes making landfall has declined and there's no increase in the cost of hurricane damage. >> taking it a step further, we heard somebody that's often referred to as the voice of reason in the current democratic party, amy klobuchar basically say if you vote democrat, hurricanes will end. i mean, that nonsenseical logic because what the democrats are putting out there. congressman, to your inquiry here, what possible documents do you think the biden

administration could even come up with to justify calling this an emergency? >> yeah, that's exactly what we're trying to find out. what would justify such an extreme move? i mean, the american people have just come out of a global health national emergency with the pandemic. i can tell you that people that i'm representing are not ready and they're not willing to have washington begin to control their lives again over a manufactured crisis because this energy crisis that we're in right now is a manufactured crisis. it's because of the failed policies of president biden's administration. and if they were really interested in solving the climate problem, look, if we just increased our natural gas exports by four-fold, if we quadrupled it it would be the equivalent, it would lower carbon emissionses around the globe more than if we were to

electrify every vehicle in america, put a solar panel on the roof of every home in america and build 54,000 industrial strength windmills, all combined. we've got solutions that will actually address this problem but they don't want to talk about it. dagen: again, americans, if you're going to stand by this policy, look to california. because that's what the biden administration -- well, gavin newsom is trying to export that insanity to the rest of the nation. that is the person and the policy that the biden administration is allowing to take the lead on this. california's got record high gasoline prices and the spread between cali and the rest of the nation is the widest it's been in 20 years. so that's where we're headed. and oh, you're going to have to drive an electric vehicle but you might not be able to charge it because the grid is in collapse. >> yeah.

look at what's happening in germany. look at what's happening in europe. they've already gone down this path pat -- path and they've recognized they're in a big, big problem because they depended on russia for their energy. they did this rush the to green, stopped using natural gas themselves, stopped using coal and now they're stripping their forests and cutting firewood because they've got a very cold winter coming on and the russians aren't going to be there to help them. i don't want american consumers, the people that i represent to be in the same position. dagen: there's nothing worse for the climate than somebody burning firewood but it was their green agenda that has now driven the nation to doing something that is truly harmful. i want to get your reaction before i he let you go to this. house speaker fan than asked about immigration friday --

nancy pelosi asked about immigration friday saying this is why florida needs illegal my grants, listen to this. >> we have a shortage of workers in our country. you see in florida some of the farmers and growers saying why are you shipping these immigrants up north. we need them to pick the crops down here. dagen: congressman, let me paraphrase that. don't you dare send these illegal migrants to the blue states that are run by people who are in favor of the open border. you keep them down there. kkeepthem in the fields is whats saying. >> yeah. this just shows you how out of touch nancy pelosi is with the american people. she's a wealthy elite. she has no idea what it takes to run a farm. i was born and raised on a farm. so i know this. look, we need seasonal workers. there's no question about that. but this is not the way to to do it.

you know, with the labor participation rate hovering around 60%, the reason that we've got a workforce problem is because of policies coming out of the biden administration that's incentivizing too many americans to just stay at home. we can solve this problem. we can't solve it this way. dagen: legal immigrants. legal -- >> that's right. dagen: seasonal workers. >> that's right. dagen: they're an incredible part of this country. and. >> that's right. dagen: and feeding this nation and the rest of the world and they added -- i grew up in a rural community, a farming community, and the legal immigrants who came in and helped in -- you know, with crops and helped on farms, they added and have added and still add incredible diversity and they are the backbone of this country. but that is legal immigration. >> that's right. craig: dagen: not illegal.

not a wide open border. >> that's exactly right. dagen: congressman bill johnson, great to see you. thank you so much. >> thank you. good to see you today. thank you. dagen: we'll be right back.

dagen: president biden heads to puerto rico later today to see damage left by hurricane fiona. cheryl casone has the details. hey, cheryl. cheryl: dagen, good morning again. the president will be landing about 2:00 p.m. eastern time in puerto rico. that country still recovering from hurricane fiona, that island, which hit the island roughly two weeks ago, that storm. an estimated 100,000 people still without power there. meanwhile, in florida residents waiting as much as six hours to fill up gas tanks. more than one and-a-half million gallons of gas have been sent to southwest florida but the need is so great. the cleanup from hurricane ian will be long and expensive, more

than 60 people are now confirmed dead from the storm in the united states and of also in cuba. well, the supreme court opening a new term today with new justijjustice making her debut e bench. the first on the docket is a massive environmental case. it could define the limits of the clean water act which gives the epa authority to regulate water pollution, one of several weighty cases the nation's highest court will consider during this term. well, forces in ukraine having the biggest victory, advancing into the deep row river and close to surrounding russian troops, this is happening in southern ukraine. this as pope francis speaking out about the conflict in his sunday mass at the vatican, the pope appealing to president vladimir putin to stop the carnage and also speaking about the spiral of death h and

destruction in ukraine, the pope also worried about the nuclear threat they that putin seems to be posing to ukraine. well, at least 125 people were killed after a stampeder runted stamstampedeerresulted . ruptpd in an indonesian game. people started running for the exits. police fired tear gas to drive away fans. the soccer association suspended the premier soccer league indefinitely in light of the tragedy and banning them from hosting soccer matches for the rest of this season. but again, they're still kind of looking at the numbers here but this could be the deadliest thing we've ever seen in sports. soccer people are passionate. i understand that. todd piro and i are passionate

about our football. but this goes a little too far i think we can all agree what happened here at the stadium. dagen: words fail to describe how horrific. >> it's just sports. it's just a game. obviously they don't have the same rules and regulation that's we do in the states but still, something like that could potentially happen if the wrong people are in the wrong position. dagen: thank you for that. the biden administration is scaling back its student loan bailout plans, 770,000 borrowers whose loans are backed by the federal government but owned by private institutions, private banks, are no longer eligible. attorneys general from six states now filing a lawsuit against the administration, the white house responding claiming those bringing the lawsuit are just standing with special interest groups. joining me now, one of the attorney general -- attorneys general, part of the lawsuit, arkansas attorney general leslie rutledge. ag, good to see you this

morning. >> good morning. dagen: you're just carrying water for special interest groups, says the biden administration. what do you say to that? >> well, that's nonsense. this lawsuit that we filed on behalf of these states is really about fairness and the rule of law. president biden does not understand either of those. he is using the heros act in order to give this student loan cancellation policy in place and the heros act was designed for brave men and women of the military. yet, he's wanting to give it to those who went to ivy league schools and have high dollar degrees and putting that debt on the backs of hard working americans and our plumsers and mechanics and machiners and nurses and teachers. so this is against the law. and it is patently unfair. dagen: in terms of the carve-out, carving out the loans, there are federal loans but they're held by private institutions, the biden administration seems to be trying to just inoculate itself

from legal challenges but does this carve-out, does that eliminate the legal basis for your lawsuit? >> not at all. in arkansas, we have the arc you --arkansas student loan authoriy which doles out the federal money. what this will do is prevent us from having the revenue. we want to make sure that we have that. we have that revenue available. but we want to make sure we're not putting 4 had 4 -- $400 bin worth of debt on the backs of americans. >> you refer to the special interest groups. that's what the biden administration is saying is a way to say this is a bad thing but specifically with regard to the issue of standing, republican senator ted cruz expressed concern that republican ags like yourself wouldn't be able to find the level of standing or at least he expressed concern that standing under the law would not be met. do you feel that your argument that basically says, look, this will cost arkansas money, do you

think rises to the level of standing you will need to bring this case and ultimately be successful in a court of law? >> indeed we do. that's why we filed the lawsuit is because we do have standing. we would not have filed it. i understand that senator cruz was the solicitor general of texas previously and perhaps texas will have that conversation but in arkansas i worked very closely with our solicitor general take that works with me who will argue a case before the u.s. supreme court in a few hours and we determined that, yes, we do in fact have standing. that's why we brought this case. dagen: let me ask you this. minnesota of of icials have announced -- officials have announced one of the largest fentanyl busts in midwest history. police arresting a man who had 24 pounds of fentanyl on him. they say that the 11,000 pills was enough to kill one-fifth of the entire state's population. attorney general, how is your state combating this crisis? again, it's brought on by the wide open border.

but what can can you do? what are you doing? >> well, we work very closely with law enforcement. our law enforcement you across arkansas tells us that they are having more and more fentanyl busts, interactions, we're seeing overdoses. a dear friend of mine lost her son recently because he accidentally took a pill that s laced with fentanyl. it's killing americans and it's because of the wide open border l. i visited the border earlier this year with maria and to see for myself and other ags for us to see for ourselves the tragedy that is occurring as we have this wide open border policy because that small amount of fentanyl can wipe out the entire population of of arkansas. dagen: attorney general a, you mentioned this briefly. but you are appearing before the supreme court later today about your lawsuit against tell wear and that state's -- delaware and saying that state stole $250 million from 30 other

states through unclaimed money orders sent from money gram. tells us about that before you go. >> it's arkansas versus delaware and essentially money gram was incorporated in delaware. the state of delaware kept all of those unclaimed money orders and they should have gone back, the law is clear, should have gone back to the states where the money orders were purchased. delaware started recognizing thethese as official checks. they had colluded to keep $250 million that belongs the 30 other states. we were excited to lead the effort. we are looking forward to going before the supreme court in a matter of hours, it will be justice jackson's first day and so it's a very exciting time but we're going to get this money back for arkansas and for those other 29 states with us. dagen: attorney general leslie rutledge, thank you so much for being here this morning. terrific to see you as always. >> thank you. dagen: coming up, oil prices moving higher this morning as

opec plus has new plans ahead of its meeting on wednesday. we'll tell you more about it. and is it an effort to prop up putin's fortunes? as russia loses in ukraine. you're watching "mornings with maria" live on fox business. ♪ when i see your face. ♪ there's not a thing that i would change. ♪ because you're amazing just the way you are. ♪othe re a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network. from the most innovative company. bring on today with comcast business. powering possibilities.

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dagen: oil prices climbing this morning as opec plus considers you cutting production by 1 million barrels per day, the biggest output cut since 2020. opec plus will be meeting wednesday. what to make of this? the schork report principal stephen shorck is here. steven, is this a surprise? what do you make of this? >> it's absolutely a surprise, considering fears of global recession. it just goes to show you how concerned that opec is with regard to an economic downturn. they're walking a fine line right you now. they've seen a significant drop in price over the summer and they're coming in here to try to install some stability into the market and likely try to push

oil prices back up to the 90-dollar range but there is the conundrum. they don't want to make a production cut that is so aggressive that they're going to send oil prices p zooming past # hundred dollars a barrel -- $100 a barrel, securing a significant economic downturn as our energy costs continue to rise. their big concern right now is the value of the u.s. dollar, keeping in mind that global commodities are traded in dollars so oil price nondollar he denominated economies, i.e. europe are paying a significantly higher price than they were in addition to commodity inflation, they're also getting banged on inflation so opec is looking at this. they need to stop the bleeding and lower prices. they want stability but it's a fine line as i said of how high they want to see prices go. they would like to see a floor put on prices now but keep it he between here and likely $100 a barrel. dagen: the west has yet the to

do two things. to stop vladimir putin and that is starve him of money and manpower. and on the money side, do you think that this is a move by opec plus and, again, russias' part of the plus, to keep putin's money, had his riches propped up? >> i don't -- i'm not going to go down -- i'm looking at this, dagen more from a fundamental economic standpoint. dagen: sure. >> at this point. certainly putin's going to benefit from higher prices but keep in mind that in december water borne export of russian oil into europe will be banned so regardless of how high prices go, putin is not going to be able to benefit with his shipments of oil not being sold into europe who what it certainly installs, dagen, is

increased volatility into the markets. so we might be right. we might see a bottom here in oil prices if in that mid-$8 range and perhaps a high at $100 but i venture we're going to be balancing between 80 and 10000 and that volatility is going to be paramount and it's going to be a trader's dream over the next quarter to two to three quarters. dagen: because oil's fungible, what's going on and the russian oil is still flowing to the world market and you're seeing and one of our guests earlier was talking about it, russian oil flows to india and india turns around and sells it to europe. so that's why it's so hard to -- the only thing you can-i don't mean to put you on the spot but the only thing the world can do is try to drive down the price of it if they want to take on vladimir putin's greatest source of wealth and funding for that war. let me ask you about california.

california's got record high gasoline prices right now and the difference between -- california's always high because of the high taxes, i think it's 66-cents a gallon. and the environmental regulations. but the difference between california and the rest of the country i think the spread is the highest, is the widest it's been in 20 years. so are we really on the brink, the cusp of these idiot policies being exported to the rest of the nation? >> that's what we're fearful for and california's just absolutely mind boggling. we're looking at a state that can't keep the lights on as a it is. and a they're now mandating laws that by 2030 no new residential hookups of natural gas, by 2035 year going to have all cars ev. so when you have a state that can not even keep the lights on today, when evs are about 4% of the market, what happens when you have to plug in an

additional 30 million cars which is what the number is over the next 12 years to an at the a gra they're not making necessary investments to get that power, not making necessary investments to get the backup power, i.e. natural gas. when you're banning natural gas on new construction you're not going to get investment, you're not going to get any knew supply so it is a state that is he woefully unprepared today and it's not going do get any better and, yes, it is amazing that other states want to follow this lead. people don't realize that -- i've said this before, dagen. look, i drive an electric hybrid car. i love it because it slashed -- for the moment, it lowers my cost but i'm not under the illusion i'm doing anything good for the country. when we look at what happens to the earth and trying to get rare metals out and what we're to

landfills, that's not good for the climate. it's good for my pocketbook that's just hubris coming forward. dagen: what happened to choice? they want to take away the choice. stephen shorck, thank you so much. great to see you, sir. always. >> thank you, dagen. dagen: guess who just got in trouble with the securities and exchange commission? kim kardashian. we're talking about she's got to fork over some seven figures. you can't tout something crypto without disclosing that you're getting paid. busted. more, next. you love closing a deal. but hate managing your business from afar. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

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♪ if. dagen: guess who just got busted by the securities and exchange commission for touting crypto on social media but not disclosing payment for such tout? kim kardashian, that's who. she was paid to post about e e-max tokennens, but she never disclosed the payment that she got. it was about $a 250,000 to publish if a post on her instagram feed about e-max tokens. she has just agreed to pay, settling these charges from the

securities and exchange commission -- civil charges, not criminal, civil -- but she's agreed to pay $1.26 million in penalties,s disgorgement and interest and cooperate with the commission's ongoing investigation. she neither admitted nor conceded to any wrongdoing, that's the way that the securities and exchange commission does roll, but she has also agreed not to promote any crypto in the next three years. how does this happen? i'm not gleeful at all. [laughter] >> but my question is, how does this happen? she's not a person. she literally is a business entity with tons and tons of very high priced hours. how did this slip throughsome i'm asking you. i don't know why i think you'll know. dagen: no, it seems like an obvious oversight. >> right. dagen: that someone was not vetting what she was doing or, i'm guessing, but i coknow that

she, you know, she got paid $1 is.26 million, but that somebody else was posting. >> of course. dagen: on her own social media feed and somebody posted it. but, it was, like, $250,000. >> not a good bet. not a good exchange. dagen: no. but they say that she has agreed not to promote any crypto assets. well, of course not, because crypto's in the toilet -- [laughter] and she wouldn't be associated with something so, just, wretched at this point, right, mitchesome. [laughter] >> listen, i can't say anything about a stock that i own, give a suggestion if i'm on a program and somebody says what are you buying and i say i'm buying apple, if i own apple, it says on the side that he owns apple. the rules are pretty simple about that. and, by the way, her whole business model is to promote mote things on her social media and get a quarter million dollars a clip, so i think somebody should have been keeping an eye on that