tv Cavuto Live FOX News October 22, 2022 7:00am-8:00am PDT
your family. that looks good. [laughter] todd: enjoy college football. big game on fox! get ready. ♪ i'm gonna live my fantasy ♪ ♪ [background sounds] neil: protests breaking out over price spikes in europe, and they're blaming the ruling parties over there no matter whether they're conservative or liberal as u.s. voters say inflation is their top concern here, and corporate honchos say they're worried about what's coming up next. those are big reasons why british prime minister liz truss resigned after just 44 days on the job. now with the u.s. midterms but
17 days away, president biden pulling out all the stops to try and keep democrats from losing their jobs. good morning, everyone. glad to have you on what plans to be a very busy news weekend. we're going to be seeing a lot of candidates everywhere, debating, meeting and pumping the flesh and getting ready to see whether in these next 17 days history itself can be changed and it can alter what's been happening in so many place abroad. right to it with kelly o'grady on all of those ceos warning of turbulence ahead pretty much everywhere. >> reporter: yeah. right now it's not a good sign when some of the most successful business leaders are saying the economy is in rough shape. billionaire jeff bezos joining the chorus this week. he tweeted, yep, the probabilities in this economy tell you to batten down the hatches. now, similar warnings coming from wall street titans, goldman sachs' ceo david solomon citing energy and border policy, of course, two areas very important to voters, are going to dictate
how we navigate through this, and he warned that investors immediate on cautious. need to be cautious. >> i think you have to expect there's more volatility on the horizon. now, that doesn't mean for sure that we have a really difficult economic scenario, but in the distribution of outcomes, there's a good chance we could have a recession. >> reporter: solomon's counterpart at jpmorgan chase, jamie dimon, also warning of impending recession. the he thinks that will come in 6-9 months citing the war in ukraine as a very serious challenge. and, of course, not to be outdone, elon musk predicted a recession could likely last until spring of '24. he also tweeted how bad the economy will get, quote: varies a lot. tesla and spacex are in good positions, but many other countries -- companies are not. companies that shouldn't exist stop existing. that's a bit harsh from elon, but you've got ceos saying the pain is bad, consumers say the pain is bad. so, neil, we're soon going to know if that impacts how they
vote at polls. neil: yeah, we will soon enough, kelly. and the flipside to that is wall street welcoming the pain ahead because at least it will cool it on the federal reserve's part and hiking interest rates. it's a rather perverse way to run, so be it. lucas tomlinson, you heard what bigtime ceos are saying. what is the nation's ceo sawing? >> reporter: good morning, neil. president biden is not on the campaign trail, instead he's at the beach, back home in delaware. before leaving he took some parting shots at republicans and their plans to cut taxes. >> it's mega-maga trickle down. mega-maga trickle down, the kind of policies half failed the country before, and it'll fail it again. >> reporter: recall, neil, george h.w. bush using, calling the term trickle down economics, quote, voodoo economics while running against ronald reagan in
1980. but i digress. before leaving the white house, biden made the following boast: >> this record deficit reduction includes the cost of my student loan plan and everything else we're paying for. the deficit is down $1.4 trillion this year. >> reporter: the committee for a responsible federal budget says 100% of that deficit reduction, neil, is due to the end of covid relief checks being sent to millions of americans. since taking office, biden has approved nearly $5 trillion in new spending, the overall debt now over $31 trillion. more than doubled over the last decade. inflation was just 1.4% when biden took office, it has averaged over 8% all year at 40-year highs. many economists say all new spending has caused this inflation crisis. milton the friedman famously said only government creates inflation and recall the the dire warnings from the former treasury secretary, larry summers. now, president biden, neil, perhaps he just wants to go home
and watch some fox news or college football and our suite of games on fox sports. or maybe being a baseball fan, he'll watch padres v. phillies not too far away from delaware. neil: seeing as my son goes to clemson, he might be wanting watch clemson/syracuse, battle of the undefeateds, but that could just be me. when the president was talking about the progress on the deficit, you were right to pointout, obviously, post-covid and all the fund figure that, you'd expect that anyway. but the fact of the matter is it's still $1.5 trillion deeper in red from pre-covid. so so it's not as if we're all of a sudden debt-free here. whether. >> reporter: neil, when you're looking at the deficit, big difference in just year to years and the overall debt, and spending has exploded under this administration. you know, the $1.9 trillion, you know, american rescue plan which
many democrats aren't running on, you don't hear that much, also the so-called inflation reduction act which as i just said inflation has averaged over 8% all year, it doesn't appear it's bringing down inflation with just two weeks to go before the midterm elections. republicans are pouncing on that number, neil. neil: you know, lucas, i keep forgetting despite your incredible grasp of history, how young you are to refer to the 1980s situation with ronald reagan and then the back and forth on milton friedman and whether the government helps or hunters. but i appreciate you trying to beckon my generation here, so thank you for that. >> reporter: you bet, neil. i'm wearing my neil and chard pilgrim merit -- chad pergram merit badge today. neil: let's get the read on all of this and how this is a big issue for voters, it's the number one issue no matter what state you go to, city you go to. it is the number one issue right now. the state of the economy, the runaway inflation, prices out of
control and frustration that evidenced themselves in britain when prime minister all of 44 days into her stewardship of the country ended up being the shortest term prime minister we've had in history there. so could something like that happen here and voters take it out on whoever is in power because they're angry at the liberal government too in france and the moderate government in germany and the moderate new government in italy. so this is across the board. sarah westwood of the washington examiner, nile gardiner, former adviser to maggie natcher. nile, i mention -- maggie thatcher. average folks are at wit's end. could that happen here? >> neil, thanks very much. without doubt, an extraordinary series of developments in the united kingdom with liz truss resigning after just 44 days. i would argue though that, actually, liz truss had the right overall approach which was to cut taxes, to regenerate the economy through economic and advancing economic freedom. there was a backlash against that, of course, from all sorts
of elements, the torrey wets inside the conservative party, you have the traditional liberal elites fighting against it, also the imf and joe biden actually condemning liz truss' moves. but this is the right approach, actually, in order to to grow the economy, to bring down inflation, actually. and i think that is unfortunate. liz truss really lost her nerve as prime minister. she caved in to the left. she surrendered to the left, and that's why out right now. but without a doubt what we're seeing here mt. united states is an economic disaster -- in the united states is an economic disaster under joe biden. his big spending policies, trillions of dollars of additional spending fueling inflation. this is catastrophic for the united states. catastrophic, actually, for the world superpower for the free world as well. i do think that joe biden is destroying the u.s. economy with his policies. we need a united states that advances economic freedom, cuts taxes and really encourages high growth policies.
neil: all right. in the meantime, nile, i'm just going to put you down as a maybe on president biden. but, sarah, leapt me get your thoughts on the issues roiling voters right now. and, of course, there's this idea of the high prices and, apparently, even with all these fed rate increases they're still high and getting higher, and that frustration growing. how palpable is that as manager that adds momentum -- as something that adds momentum 17 days before the election? >> i mean, look at how quickly and dramatically the polls have shifted in the past few weeks as we head into election day. i think you're seeing the fruits of labor of republicans who, by and large, have been consistently messaging on inflation, on the economy and on crime for months now while e democrats have had a pretty incoherent agenda across these midterms, right? simes they're trying to tie republicans to extremism, sometimes they're talking about abortion, sometimes they're trying to tie the two together, but they really haven't had a coherent strategy for addressing
these concerns about the economy. look no further than the fact that we have president biden trying to sell his economic agenda around the idea that he is somehow responsible for reducing the deficit when he and his party have pursued unsuccessfully mostly, but have pursued policies that would have added tremendously to the deficit and have promised more of same if they retain power. and that's the best selling point that he can come up with for his economic agenda. it just shows that democrats don't have a lot to talk about on voters' biggest concerns. neil: you know, nile, if you don't mind me going back to what's going on in britain, something interesting is how the markets revolted under liz truss. and it got me thinking it's always dangerous when this happens so if you'll bear with me, they were concerned what she was doing would be inflationary an environment where that was the last thing people wanted to see. whether that would have panned out or not. and i'm then wondering with republicans' mans if they were to take over -- plans if they were to take over the house, let
alone the senate, would pursue tax cuts? whether some in the market would be concerned they'd be inflationary and they, too, would be merciless with republicans now in charge. >> yeah, that's a great question. as you pointed out, the markets were unsettled, actually, with regard to liz truss' broader ta. neil: you're being nice. they tanked. [laughter] >> you also had, of course, the imf weighing in, very unhealthy for the british government. now, i think a mistake that liz truss made was she did not actually explain how the tax cuts would be, in fact, funded, and she should have outlined a plan for cutting government spending in order to fund the tax cuts. that would have settled the markets, certainly. so i think there was a lack of overall big, you know, big thinking strategy in terms of laying out the tax plans. the tax plans were the right plans, but they have to be matched as well by cuts in government spending. liz truss did not actually attempt to do that, and that was actually a key factor as well
which led to all of the turmoil in the markets and ultimately, of course, her downfall. neil: well put. you know, sarah, we have, you know, very strong early voting coming in. georgia, of course, record levels. odd for a midterm election year, leapt alone a regular presidential year. now 20 states are involved with early voting. i think the new additions today the are nevada and -- what is it? massachusetts, if i'm not mistaken. so that could, obviously, indicate there's passion running to vote. now, i don't know whos' getting out the vote, how that early voting breaks down, but your thoughts. >> you know when you often see strong early voting numbers like that is during wave years when one party is, you know, overwhelmingly favored by voters and they're lining up to register their frustration with the party in power. if i'm a democrat looking at those numbers, in georgia i'm probably a little bit nervous because that suggests that there's a a lot of enthusiasm to vote for something, and usually
enthusiasm does not build up around voting for the status quo. democrats everywhere are, i think, getting nervous especially as they're triaging these races that are starting to look unwinnable. you had ohio democratic senator tim ryan saying that more isn't being done by the national party to save him because them the accurates are trying to save their best chances and abandoning some races they once thought winnable because the tide is shifting so traumatically in favor of republicans. neil: all right, guys, thank you both very much. so much to wait on and see, 17 days away. the one thing ticking americans off is the one thing they see every time they stop to fill up their car. of course, gas prices, they're still rising after they had been falling, then they were rising, then they started falling, then they're rising again. bottom line, they are now up about 70% from when the president took office. will their memories serve as a reminder enough is enough? after this.
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neil: all right, you probably heard this past week the president decided to tap the strategic oil reserve to the tune of about 15 million barrels. in case you're counting, we're running out of oil in that puppy. it's meant for a national more than, the president says the environment, gas prices is such, and he wants to loosen the spigot. but what might be driving all of this is concerns that, well, you're concerned about it and getting angry about it. and doesn't aisha ofny know? on capitol hill. >> reporter: hi, neil. gas prices aren't just costing you and me, they could cost democrats some pretty critical seats in november. let's start with the house.
the ap reports new analysis by independent energy research firm clearview energy partners shows that gas prices over the past month rose above the national average in 18 states which are home to 29 potentially at-risk house seats. on the senate side, that same analysis revealed voters in key battleground states nevada and pennsylvania are sensitive to energy prices, and you know that those two states could decide which way the senate swings. the president was just in pennsylvania this week campaigning for senate candidate john fetterman, and it came just hours after announcing the sale of 15 million barrels of oil from our strategic petroleum reserve which, by the way, neil, doesn't even account for a full day's worth of oil use. now, republicans think the is spr should only be tapped during a wartime or a national
emergency, accusing democrats of tapping it for their political emergency. here's white house chief of staff ron klain responding to that. >> first of all, we had republicans say, hey, he needs to do something about gas prices, and then we did, and they're like, well, don't do that. so it's hard for me to take the criticism very seriously. >> reporter: so will the president's moves be enough for democrats and their voters? if we'll find out in just about two weeks. neil? neil: art -- all right, thank you very much for that. aisha hasnie on capitol hill. it wasn't necessarily tapping the reserve to ease the pain, but republicans were calling for more u.s. domestic production. meanwhile, sometimes administrations will release important or what they might consider to be controversial how even depressing data on a friday night. hay call that the friday night data dump assuming no one will pay attention, but they did not factor in that we have a live
neil: all right, we knew it was going to be a big number, the number of so-called migrant encounters, people trying to break into this country illegally at that, but it wasn't 2 million illegal migrants trying to do so, more like 2.3 million. the administration releasing this late last night. again, the assumption being who would pay attention on the weekend. of course, they miss the the reality there are live news programs that would have this data available and want to share it with you. the mark d the anils can dell you about this, sheriff, good to see you again. >> good morning, neil. nice to be on the show.
neil: you know, i remember distinctly talking to you, sheriff, with these initial numbers and you had warned me, they're going to be a lot higher than that, and sure enough or, you're right. you see it yourself. and i guess you don't see that getting any better. >> i don't want, neil. i mean, you look at just my office alone, a rural county here in the southeast corner of the state. we have arrested over 1,000 people for state crimes related to the border. we've had over 700 smuggling investigations through the state investigation here in my county, and there's a new law in arizona that if you smuggle for period of time, we can arrest you. in three weeks we've put in 43 smeller drivers in my jail -- smuggler, and that's a class ii felony. we're doing our part, but i don't see it getting better. neil: the administration released this on a friday night. sometimes unpleasant news is released right before the weekend oblivious to the fact that there are weekend news shows. i am wondering though, people are quite aware of this. this is quite an issue whether
you're democrat or republican. videotape doesn't lie are, drones don't lie. what do you make of the official response you get? >> well, i'll speak just directly on my county and state is, people are fed up with it. there are completely fed up with it. they see what president biden, leadership in congress have done. they've politicized this for personal gain, for a personal ideology on the back of america, and you look at public safety, national security, humanitarian, 5 million have come in the country, 1 million gotaways, and these are nominal numbers. a thousand kents on the u.s. border -- deaths on the border. 12,000 pounds of fentanyl seized this fiscal year, 2022, and you look at that, people are smart. america's smart, and they're seeing this, and it's on the backs of every american in this country. we have to unite, stand up and change this right away. neil: you know, sheriff, the administration wants to put a stop to these containers, not your specific county is using,
but others have been using along the border, and it's not being done. arizona is refusing to do so. can you update us on where that stands? >> well, that's a big issue in my county, neil, where we have the con tainters down here -- containers. my governor, governor ducey, if it wasn't for them, we'd be in big trouble. they're standing up, united shoulder to shoulder with us to make our state, our county safer for our community absent the federal government. we're pushing forward with that. i stand with our governor. i applaud him for what he's doing, fulfilling his oath of office. this president, this congress has failed to recognize it, failed to engage and act on it. in fact, just the opposite. putting out false narratives. their completely absent when it comes to this border and many other issues in this country. americans need to stand up and change that, and that's going to come in a couple of weeks, hopefully. neil: they're saying you can't do that, i understand the reason for that and, obviously, to prevent as many from getting in, but has it worked? you know the numbers far better
than i, sir, but has it worked? has it alleviated the number coming in? are we still looking at the same number illegally getting into this country? >> no, it does work. physical barriers work, neil. it's proven itself under many administrations, proven itself again here in arizona, talking to my fellow sheriff in yuma and along the border, it works. and we're going to continue doing it here and continue to do the right thing for the people of arizona and this country. neil: you know, sheriff, much has been made of the fact now that even some democrats are parting with the president on this. mark kelly, for example, in arizona, senator hassan up in new hampshire. so it's resonating with an issue even in states, certainly the case in new hampshire, far from the border. jon tester in montana among those saying we've got to pay attention to what's happening, but it's not affected the administration at this point. no plans to. e even visit the border to talk
to you, so what will change after the election, if anything, do you think? >> well, we hope we can get some leadership back in congress. i don't foresee president biden or those around him, senior policymakers, changing anything right now. he's made that very clear. we know we have a challenge with the cartels. these criminal cartels, totally absent any conversation in washington d.c. then you have a president that's our other challenge. every time we try to do something, he's right in front of us saying, no, don't do it. it's obvious he wants open borders. we need congress and leadership to take ca charge of this, work with sheriffs, governors, mayors and let's pix this because right now it's a complete failure on border. neil: sheriff, this is from our own griff jenkins who's been studying what's going on on the border and the monthly numbers, # 27,000 migrant encounters in september, 20 were suspected terrorists. do you know anything more about that? >> not specific to that, but i will say this: we need to pay attention to the gotaway numbers, neil. when you have a million people over last 19, 20 months have
entered our country and got away, these are people that don't give up, they can't give up and they won't give up because of the criminal records country of interest. those 90 some people, 98 suspected terrorists are ones we know about. think about what's embedded in that 1 million people that have come into our country that are now somewhere in our community. that should scare every american. let's never forget 9/11. neil: sheriff, i always enjoy talking to you, thank you for taking the time to taken on a weekend. i know it is, indeed, 24/7 job for you, and this is a 24/7 problem. mark dannels, seeing it firsthand. you've heard another controversy, and and that is the president's loan forgiveness program. up to 40 million students and/or their parents could write off up to $20,000 in student loans and more than 20 the million have hopped on a site because there is, indeed, an app for that where they can go ahead and start the process. but along comes a federal appeals court to temporarily
block this effort on part of the president. whether that stops it is anyone's guess, but we're all over it after this. ♪ ♪ one less problem without you. ♪ i got one less, one less problem. ♪ one less problem without ya ♪ and the day-dreamer... the dribbler's getting hands-on practice with her chase first banking debit card... the drummer's making savings simple with a tap... ...round of applause. and this dreamer, well, she's still learning how to budget, so mom keeps her alerts on full volume. hey! what? it's true! and that's all thanks to chase first banking. freedom for kids. control for parents. one bank with tools for both, all with no monthly service fee. chase. make more of what's yours.
provide $10,000 in debt relief to everyone. and if a few days ago i launched an online application process where you can apply for that debt relief. and in total, more than 40 million americans stand to benefit from this relief. for borrowers out of school, nearly 90%, nearly 90% of of the relief is going to go to people making you were $75,000 a year. neil: all that might be well and good, and 22 million students or their parents did hop on the web site, but along comes a federal appeals court to say, not to sasse, mr. president, we're -- fast, mr. president, we're suspending that until we look into it further. alexandria hoff with more. >> reporter: neil, the 8th circuit cut court of appeals has blocked the president's man but only until court can make its final decision. the white house wasted no time issuing a statement writing, quote: tonight's temporary order does not prevent borrowers from applying for student debt relief
at student aid.gov, and we encourage eligible borrowers to join the nearly the 22 the million americans whose plaintiffs the department of education already has -- information the department of education already has. ruling that the states had lack ared standing there. supreme court justice amy coney barrett rejected an appeal if a taxpayer group speaking to stop the president's plan, and when the president spoke at delaware state university about the loan forgiveness rollout, the news of this emergency stay had not yet dropped. >> but just yesterday state court and the supreme court said, no, we're on biden's side. [applause] i will never apologize for help working and middle class americans as they recover from the pandemic. >> reporter: the president's plan, which forgives up to $20,000 in federal student aid, things on the national emergency status under the pandemic which
the president himself said is other and also costs ab estimated $400 billion. the web site to apply went live week, and applications are still being accepted. for now though, it doesn't actually require any documentation to prove that a person makes under the $125,000 limit there, and the eighth circuit i court of appeals has ordered this case to be expedited. neil: all right, keep us posted. thank you for that. this comes down to whether the president can in the first place do anything like this no matter how you peel about this, in other words, via executive order which is what some republican attorneys general have been saying. to weigh in is austan goolsbee, university of chicago economics professor, also katherine -- [inaudible] last but certainly not least, daniel demartino booth, former dallas fed adviser. austin, without getting into
particulars with what the president wants to do here and relieve student debt for folks, that he went a step too far, that this is something that a president can't do on his own via executive order or executive command. what are you saying? >> well, i mean, in a way you're asking me a legal question. i'm not a lawyer -- neil: yeah, but if you watch legal shows like me, you can be an expert. go ahead. [laughter] >> supreme court seemed to say that they weren't going to take the challenges and then a different court said they would take the challenges. we've seen in, if you remember mt. trump administration when they made big payments to farmers in response to the tariffs, we've seen in the tax code, we've now seen in the student loan relief that executive orders, there are at least some circumstances where executive orders allow the federal government for money that it's collecting to say that it can be collected. so i don't know.
it doesn't seem like it's going to be resolved in the one month type of thing. neil: yeah where. you know, he's exactly right on that, katherine. president trump did do this a lot and his predecessor did, we can get into the vagaries of the financing and all of that. but i'm just wondering going forward what the message is. i mean, there ises the side issue of how you pay for all of this, you know? given the progress on the deficit, i've got a number of democrats who said this past week well that savings, even though it's sort of a more widened credit line since we pared it by about 1.5 trillion, that will pay for it. what did you think of that? >> i think this is another example of distortive government intervention that ends up hurting the very people whose votes they're trying to effectively buy. this is a moral hazard as well, so somebody's not to pay for it, and it's going to be, guess who? the taxpayers. nothing is free, so every government handout or giveaway that occurs, somebody has to pay for it. and the moral hazard aspect,
neil, is that the student who's going to be going to college will get the imlegs that there's a government backstop. so he or she is going to indebt himself more and handicap their future even further, expecting this to continue. which it effectively cannot. so i think a major issue especially in an inflationary environment, neil, where we have inflation at nearly 8.5%, the highest in 40 years. you know, it's very silly, i think, and i think it's a blatant government ploy to buy votes ahead of the november elections. neil: it would not be the first administration to try that. danielle, let me can ask you a little bit about your view from the fed, if you don't mind, and that however you look at this, it's seen as similarlative and that this money is going to get further get spending going because people have up to $20,000 more in savings that they could spend, and that worries the federal reserve and might lead to a continued pace of interest rate hikes even though yesterday's advance in the market seemed to be based on the notion that the fed might
not be doing that or to the degree we feared they would. where are you on? >> so it is clear that there's pushback internally at the federal reserve in terms of continuing on with three-quarters of a percentage point rate hikes. so yesterday we saw the first repeeve, if you will. but in a parallel to what we've recently seen in great britain, i i think it is the very harmful to the federal reserve's efforts to bring inflation down if you have fiscal activity that's moving mt. opposite direction. in the opposite direction. there are two forces that are running against one another, and it makes the fed's job that much more difficult do. and i'll go back to what katherine said, as somebody who paid off her student loans in full, the moral hazard aspect, it's awful. and i think we need to focus on that mission to what all of my friends -- in addition to what all of my constitutional experts friends have told me, i believe congress has the power of the purse. and the $400 billion estimate, i believe, is at the elope end of
some other nonpartisan estimates of what this is going to cost. again, this works against what the federal reserve is trying to do the in containing inflation. neil: i just told my two sons in college, you're on your own guys. your mother and i are are keeping every single penny. we'll see. if we could talk about the federal reserve and the environment and the markets, if you think about it, everything's been hedging on the federal reserve -- hedging on the federal reserve and how far it goes hiking rates. if it it is, indeed, true that they're rethinking being as aggressive -- and, again, it's a leak presumably from the peld and, obviously, danielle would know a lot more about that than i would, but if that is the case, is that a good or bad thing? >> well, look, as you know, neil, the fed's been totally data-dependent that they're looking at the economy. if inflation keeps rising, i don't know that i see that the fed is in a pivot mode.
i think they're fairly aggressively raising rates as fast as they have in decades to try to stop that. so you can't answer is it good or bad that if the fed pauses unless the fed actually does pause, and whether the fed pauses is going to fend on what happens to inflation. -- depend on what happens to inflation. they might not a pause at all. neil: if that is the case, katherine, markets did jump on that notion. all the major averages were up a minimum 4.5%. where are we going here? is this the pivot moment for the markets? a lot of people looking at their 40 #s saying, oh, my god, this has got to edge. are we close to the end? >> if the fed effectively cuts rate, i think it would be bad. i think it would be a net negative. the fed would lose complete inflation-fighting credibility. the fed has a dual mandate, 2% inflation and full employment. the labor market is way
overheated. the fed helped create the problem that we're currently in by way passing the expiration date on its uber, very expansionary monetary policy, so the fed's about a year behind the curve. they need to continue to hike rates. we're going to go into recession, that's my view, and the only way we get back to the 2% target is if unemployment goes higher. the fed helped get us there, now the fed has to get us out of there. if if they kind of, you know, chicken out and cut rates, then i think the market will take a dive because inflation will, therefore, become endemic. everyone will expect inflation to remain high, and it will until thed fed if at the end of day down the line hikes rates to kill inflation. so the fed has to do its job, has to fulfill its mandate, and it can't cow to markets or create a third mandate that it really doesn't have by law. neil: still early in the go. guys, thank you all, very, very much. some more natural disaster fears
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neil: all right. it might be fall, but it feels like winter in a whole lot of the continental united states. and then there is the side issue of a hurricane to worry about. adam klotz following it all in the fox weather center. what's going on? adam: certainly is busy, neil. that cold weather is bumping up against very warm air, and it's when you yet these strong frontal boundaries where you can typically see big storms. these are your forecasted highs, as warm as 80 degrees in chicago. but this is the leading edge, and den can e very's sitting right on it -- denver's sitting right on it. up in the higher elevations those temperatures are really cold. that frontal boundary's going to skype -- sweep across the
country. real winter weather across western portions and slipping into the central part of the country. currently, a lot of rain with the higher elevation, those blue colors are snow makes currently falling, and we expect that only to intensify. so we've got winter weather advisories now stretching from colorado back up across some of those higher elevations, getting up in wyoming and then a large area in montana. all spots, particularly higher elevation, where you could see a decent amount of snow not just told, but running over the next couple of dayings. here is your forecast. and when you start to see some of these deeper purple and pink colors, that is getting up to at least a foot of snow. and hen those real deep purples, maybe a couple of feet of snow. so this is a winter maker that ultimately then drifts into the plains as you get going into next week, something we'll continue to track. also we are tracking what is happening down in the caribbean as category three hurricane rosalynn continues to spin. that's a really strong eye wall.
not the caribbean, this is the pacific just off the southwestern coast of mexico. this is going to be targeting mexico here in the next coming days. you see a strong category four storm making that big turn running in probably just to the north of puerto vallarta. this is one to pay attention to because this is a powerful storm as it makes that move. but pretty quickly, neil, as you hit land, it does track up north and we'll probably eventually see some rain in the united states, but it will not be a hurricane at that point. this will weaken quickly, but a storm that folks in those areas really need to pay attention to. neil: thank you, my friend, very much. in the meantime, following what's happening on the housing front. some surprises here that had some folks saying, all right, if not a crash or a meltdown, how about a serious correction in you get that when you talk of 7% interest rates and nearly a year straight of decrooning home -- declining home sales. we're on it after this. ♪ ♪
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♪ neil: not surprisingly, rates go up, home sales go down, and rates now at 7%, more than double what they were a year ago. they could go still higher, and, of course, we are seeing the pinch in not only existing home steal -- sales, new home sales, any measure you look at for housing isn't what it was, and that's pretty much happening across the country. depend on exactly how far and how serious in different so-called hot pockets of the country like, for example, in south florida or even in the city behind me here in new york. kristin jordan back with us, what i like about chris, she
speaks english so i can understand what she says, and she realizes, oh, god, i've got cavuto. i've got to speak english. [laughter] it's always great having you, thank you again. >> thank you. neil: we were chatting about these eye-popping properties in new york, routine seems to be, you know, property at 50 million, of course. i grant you, they're the exception, not the rule. but i don't see them being stuck here. -- stung here. so is new york just a different case? >> new york is special because les demand from all over the world -- there's demand from all over the world. clearly, people know they park their money here especially on these trophies assets, that they're going to be able to get out long term and also there's always demand for those trophy assets, and they're really, really hard to construct. especially, for example, building that you and i were talking about a couple days ago. those buildings, the assembly can take 10 years to put
together. so it's not like they're just coming up with $50 million apartments every day that are brand new. neil: so let's talk about the rest of the world which is 99% of americans. they're the ones facing these higher mortgage rates, and they're the ones now even if they can afford a higher mortgage, they have to qualify at that rate. and then the sellers who are looking at what was once a go-go period to be a seller now saying maybe not. so they don't put their homes on the market or they pull them after they stay an unusually long time on the market. so play that out. >> because of the fact that people can move around, i think what we're going to see is additional migration to places where there's affordability. the best way to know if you can afford a home is if the mortgage and hearing costs, you can get the mortgage but also that this is going to be less or the same as renting the same home or something similar. and what we're going to see is there are participants of the the country where there's still
housing supply that they can buy that is within that affordability number. and for those people who can move, i think we'll probably see people moving to those places, or they're going to have to pick neighborhoods where they're able to have that affordability. because if they can't lock in now and they know that the inflation's going to take rents even higher, that's even more uncertainty. so what we're probably going to see is additional migration and then, of course, the tax the piece is huge too because if your income is higher because of the fact that you have lower taxes, that's going to keep these markets like florida, texas, georgia, areas where there's lower tax states, we're till going to see that. that's just how it is. but if people have to stay where her, they're going to pick neighborhoods that are more affordable. nile neil we wait and we watch. kristin jordan, new york city real estate agent, has a good view of the entire country. but, again, this notion that we go back to the meltdown we had
last housing correction, very few seem to be saying that. we had a nice runup, and now we're due for what could be a not so so nice rundown. >> in the meantime, we're live at the border and seeing what's going on. let's just say things are not easing up. that ancient roman ? no, he's seizing the moment with merrill. moving his money into his investment account in real time and that's... how you collect coins. your money never stops working for you with merrill, a bank of america company. where there's a pet there's always...this. that's why we have innovations ... can forget about all about those hairy situations. shop maytag and more exclusive out of the blue innovations at lowe's.com. over 5 million people have fallen in love with a portable blender. blendjet 2 gives you ice-crushing, big blender power on-the-go. so you can throw in your favorite ingredients and blend up a delicious smoothie
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>> all right. we have want to emphasize news you might not hear, going into the weekend and you might not hear. the latest at the border, illegal migrants getting into the country. hit record 2.3 million individuals of the so-called number of migrant encounters at the border. that's about 300,000 more than original reports. it does not include potentially hundreds of thousands of more what they call got-aways, those seen, but could no