Mornings with maria begins right now. Goods friday, friday, october 28 top stories 8 00 a. M. On the button on the east coast, big tech tumbles joe biden denies obvious 11 days away from memories elections president is claiming americans are better off today despite 40year high inflation president takes a victory lap on gasoline claiming price of gas was 5 dollars a gallon when he took office it was 2. 39, today much higher than that at close to 4 dollars a gallon signs of Financial Stress continue the morning from big tech, amazon sinking this morning on weak Fourth Quarter guidance worries of important holiday season, meta plunged to lowest level since february 16 last night amazon shares down 12 meta bouncing 1 1 4 after yesterdays selloff new inflation data out in about 30 minutes time we will get the september pce andpersonal income spending reports out 8 30 a. M. Eastern those numbers to you as soon as they cross check the markets impact, futures right now mixed, mostly lower off the worst levels of the wondering dow industrials down 23 s p down 21 nasdaq down 111 right now on the heels of amazon selloff this after stocks closed mixed yesterday s p nasdaq done second straight session weak earnings out of technology, and guidance as a well a a problem for the Tech Companies dow industrials were up 194 yesterday nasdaq was down 178 at 4 00 on wall street, breaking news overnight elon musk has closed his 44billiondollar twitter acquisition. Of first move was to fire the company ceo and cfo, stock this morning up a third of one percent, yields meanwhile, higher take a look at 10year treasury, after, falling for a third day to lowest in two weeks, ahead of the fed meeting tuesday and wednesday the yield on 10year back up 8. 9 basis points, yesterday 30year fixed Mortgage Rate exceeded 7 for the first time in 20 years to look at mortgage 7. 08 on the 30year oil prices are pulling back earnings from if chevron, exxon this morning, chevron double beat earnings per share and revenue exxon missed on revenue price of oil down a fractionly the oil stocks are trading up chevron up two 1 4 exxonmobil up 2 1 4 percent european markets like this innees ft 100 showing a decline 32 cac quarante in paris down 12 dax in germany lower by 73, in the asia overnight, red across the board, the Chinese Markets continuing to sell off, after xi jinpings third term and Peoples Congress he pointed him dictator for life hang seng down 3. 6 shanghai composite down two and a quarter hong kong stocks lowest level since 2009, in japan, the nikkei average was down a fraction, the bank of japan left Interest Rates unchanged overnight mornings with maria is live right now. Well President Biden completely inaccurate about the price of gasoline when he took office, watch this. The most common price of gas in america, is 3. 39. Down from over 5 dollars when i took office. Maria no, not really, regular gallon of gas was 2. 39, on january 20, 2021 when joe biden technique he was much higher than where it was when president started his term joining me right now florida congressman member House Armed ServiceCommittee FormerGreen Beret CommanderMichael Waltz al great to see you he president keeps spewing out Information Energy policy has been focused, on cutting fossil fuels in fact pushing Climate Changes agenda but president misleading on the price of gasoline why do you think that is . Maria, i think he has an absolute credibility crisis lost all credibility with American People that is why you see his numbers where they are you are about to see a red wave midterms his entire presidency standing before the afghanistan was astound being success trisht in addition gas prices down on his watch that credibility crisis leading to his numbers i am watching very closely the cost of diesel, because, that is what you need to fill up, a semitruck, it has gone from 3. 50 to 400 dollars over 1 now one of the biggest drivers of inflation as long as progressives are driving his Energy Policy inflation is going to be where it is because everything has to be transported. Maria i am glad you mentioned deal Dagen Mcdowell has been talking about deal for about two years we are seeing the impact of this policy, on diesel i want your take on Foreign Policy and why this president refuses to keep china to account hold china and communist party to account with rather to the origins of covid19 yet to bring up origins of china 19 we know china wont allow Investigation SenateGop Committee out with explosive report saying covid19 was most likely result of Research Related incident in have china it was not a natural transadministration of advisers from animal to human, as democrats and white house tried to get us to believe this study showed earliest due to doubled biosafety procedures that led to wuhan how should u. S. Be responding why wont this president push xi jinping on allowing a true investigation so we can get to the bottom of it . And perhaps make sure this doesnt happen again . That is the scary thing maria, in the house of representatives, the democrats all this time, all of this money, all this damage to our economy our kids, and the health of the American People have had zero hearings, in the house. On origins of covid, they just you know have their collective heads in the sand on it including the president , i dont expect him to raise it with chairman xi, in the upcoming g20 meetings either. And the problem is the last three pandemics have come from china, every won was far more del than the last one we have no reason to believe that next one wont come from china we know gameoffunction research is still happening over there, possibly, with taxpayer funding. U. S. Taxpayer funding were going to shut this down maria we are going to investigate it, we do in order to stop next pandemic we have to understand fully where this one came from, republicans phillip the house and senate we are going to get to the bottom of it. Maria this is a very serious because as you have said many times, Chinese Communist party is perhaps the same biggest threat to america, and our way of life, and democracy and freedom. And you have to ask the question is it because this president is compromised in because of all the money that he and family have taken in from chinese officials . We new bank records this morning show Chinese Energy firms cefc powder almost 112 Million Dollars into drink venture with hunter biden first sign his uncle jim biden used to pay them 6 figure salaries hefty bonuses we know infamous email the big guy emile negotiations about who get how much equity on that it says 10 held by h, for the big guy weve been told by boney bobulinski others partners of hunter biden the big guy was al referred to as joe biden congressman how are we supposed to trust this president is going to act on best interests for the American People when he may be compromised from millions of dollars accepted from the Chinese Communist party . Yeah, maria just to add to your previous point on the pandemics, we know, through Chinese Communist party military writings that biowarfare gene editing, a key part of strategy, Going Forward and we also know that the Chinese Military was connect conducting research at Wuhan Institute pompeo John Ratcliffe unclassified that before they left office, to your point, on the president , look. We know it is a part of Chinese CommunistParty Propaganda also their strategy to compromise the family members of key individuals in, other countries around the world, they call it elite capture through the sons, we have every indication not only happened in the past but that is the case right now. If that is the case that is one more thing we have to get to bottom of as republicans, that were going to investigate, and we got 11 days fog maria until we can start getting to bottom of these issues. Maria well i would recommend viewers look at John Ratcliffe oped how do drag shoes advance u. S. National security how administration is pushing this woke ideology on the world, at the expense of american values, even in our department of defense, im sorry when i think of our defense, i would like them to focus on readiness not focus on woke ideology, i mean you are a former green beret how do you see it . Yeah, we are running around the world preaching esg worried about drag shows, and obsessed with dei diversity equity inclusion, meanwhile, the Chinese Military on access with hypersonics, building aircraft kaerz, nuclear feet building a navy larger than ours preparing what i think a matter of when not if they take taiwan in move word to global domination one more thing we have to fight 345r. Were in the fight. Maria i still have not heard a peep out of this administration about support for the iranian people who are ono on the ground in iran right now, protesting the Supreme Leader iran top military commander blamed antigovernment protesters for deadly isis think about killed 15 look at people in berlin iranian protesters, regime promised to punish anybody who threatens Public Security congressman. What do you wants about what is going on in iran right now . Sources tell me iran deal is dead, but the administration, doesnt want to say it yet because it will acting oil prices can we still pursue an iran deal and not support the people of iran at this moment in time . I dont see how this administration as badly as they want to believe me so desperate for a deal, it is scary. But i dont see how they do it i at this point, we even havea americans in daytona florida in my district showing support, they can do it people in berlin brave women in iran and around the world are standing up for their freedom we get he zero zilch, nothing from this administration they have the worst record on human rights of any modern presidency from the border to seaning iran, afghanistan what is happening to girls there worst human rights record any of modern american presidency. Maria all right congressman we will be watching, 11 days away from midterm elections we away from midterm elections we will be watching, all of this thank you, sir. Congressmae n Michael Waltz in florida. Well be right back. Carl. Does your firm offer personalized index investing . Hmm . So i can remove a stock that doesnt align with my goals. Im a broker, not a barista. What about managing gains and losses to be more tax efficient . Not a wizard either. Looks like schwab personalized indexing can. 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So that my pleasure, maria great to see you, too,. So will you assess the market for us steve . Weve been watching 7 Mortgage Rates and how it impacted residential housing, Housing Starts not good you are a landlord a Real Estate Investor how do you characterize the market. I think it is weak. And, less about the rise in Interest Rates, than it is about its affect on Capital Markets the United States, liquidity always drives pricing were in supply demanded crisis in Housing Market, a rise in Interest Rates, is only going to make that condition longterm we have less inventory than we need always only going to exacerbate that condition long term. So what should you be doing then is now the time to invest in real estate . Or do you want to wait for valuations to get even better . I have this exact discussion yesterday with President Trump. We were together in the morning, and we talked about having to see through this crisis today. Leadership counts today, there is not much of that, it is very concerning to people like me. Maria so what do you think rates where do you think rates go from here . Were expecting another fed hike on tuesday and wednesday next week, fed meets already 7 Mortgage Rates what is your expecting as expectation. I think my expectation that is they raise rates but here is what they dont till what they dont tell you is that and i speak just in my industry we have a housing shortage out there in Single Family home area, also multifamily. And, now you are not going to see enough building you may see someone like me build but most wont build, you cant get mortgage construction mortgage financing today, so longterm all that you are doing is perpetuating a problem, i am not saying that they have many choices. They really dont, i get that you have to raise rates in the face of some of these inflationary statistics that are coming in but it sort of begs the question should we not be looking at past administration and conditions that existed then weve an independent Energy Policy, we had the most efficient Capital Markets that we have ever seen, out there. And we were talking about onshoreing manufacturing. Ye we were going to be independent from the rest of the world, that is completely reversed. That is no longer the case we are waiting on more stats this morning on inflation, we will get september pce, personal consumption expensive one of the feds favorite metrics personal income spending also out ahead of next weeks fed meeting tuesday and wednesday, steve do you see any letup in inflation . I know that the cost of construction, materials is also been a factor here, even if they are off the highs, of the last year, there is still elevated levels; right . They are, but i think out is coming down maria, you know. You know christian and i own a home horse ranch in kentucky, we go often because we love the state love the people just something very nice about the whole Value Package that you see when you meet people there, you can see the bite we go to Farmers Market every sunday people drive 200 miles everyday to sell vegetables, and they are getting killed at the gas pumping cant raise their prices for what they are selling. So i think the prices are coming down because there is a real bite when you turn on business programs, you listen to fed governors i to me feel like as if they are tonedeaf, we have as supply and demand problem out there that created this inflation that is what we have. We came out of covid. Thank god. And demand exceeded supply because they threw so much money at the American Public. That is what needs to be addressed. Maria i am glad i mentioned the supply part of this because that is what we want to focus on you will be joining us for allstar panel coming up to talk about inflation data, stay with us, Steve Witkoff, and well be right back. Dad, we got this. We got this. We got this. We got this. Life is for living. We got this. Lets partner for all of it. Edward jones then i got the dexcom g6. I just glance at my phone, and theres my glucose number. Wow. My a1c has dropped over 2 points to 7. 2. Thats a huge victory. Thanks to avalara we can calculate sales tax on almost anything, anywhere, automatically. Avalarahhhhh. What if tax rates change . Ahhhhhh. Filing sales tax returns . Ahhhhhh. Managing exemption certificates . Ahhhhhh. Business license guidance . Ahhhhhh. Does it connect with accounting . Ahhhhhh. Item classification . Ahhhhhh. Crossborder sales . Ahhhhhh. What about . Ahhhhhh. Ahhhhhh. Do you have those budget markups . Thank you. Mmhm. 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Maria welcome back now we are waiting breaking news the september core personal consumption expenditures price index out about 5 minutes time expecting rise 5 10 of a percent month over month gain 5. 2 yearoveryear ahead of midterm elections november Federal Reserve meeting next week tuesday and wednesday joining us to break it down Janney Montgomery scott chief investment strategist Mark Luschini, earl buddy carter chairman ceo red apple group, supermarkets John Catsimatidis, Witkoff Group chairmen ceo Steve Witkoff, of course, joining conversation all morning. John catsimatidis i want to kick this off with you last time i spoke with you you said you did not think inflation had peaked you were right spoton, what are you expecting from this report and is there any evidence from your standpoint, that we are seeing is a peaking out of inflation. At this point i dont think a peaking out yet, i think the prices become erratic, and prices are going to continue to rise because ceos dont really know what to do, and theres the what happened with crude oil from 76 back up to 100, down to 90 he ratica pricing in that market that it is creating that same erratic pricing in food everything else. Maria of course, the reason fed has been raising rates aggressively Mark Luschini fed meetings next week tuesday and wednesday, what is your expectation and i guess i also want to get your take on energy john mentioned energy, that has been placed if you wanted to invest in stocks we have blockbluster earnings from chevron exxon this morning those stocks are higher your those. Clearly on a sectoral perspective, energy has been place to be and, actually, has been for a couple of years now. Of the we expect it to continue to be. I mean obviously, profits of are nothing into the Energy Sector companies, unlike anything weve seen the last certainly five years or so as a consequence, even though a cyclical absorbing facing heed winds this one we think continues to have more upside having said that inflation from, i am certain reason to believe perhaps some disinflation is in if pipeline wages decelerate, look at measures of pricing inputs across surveys of Companies Big to small all showing prices beginning to reas heed hasnt he merged in Nation Statistics hopefully today will provide one i dont expect lowe inflation but at least stabilize if not hope turning lower will to give is a reason to think Federal Reserve maybe if you step down activities so they dont cause selfinflicted recession at this point perhaps inevitable seems. Dagen i quote timiraos the cost numbers most important data point we get Federal Reserve looks at also note that the likes of senator John HickenlooperSherrod Brown putting out letters calling on Federal Reserve to stop raising Interest Rates, and take a pause. Because it hurts their party politically, lets be clear. Maria so now are there trying to get fed to stop raising rates, recognize the 40year high inflation got us here is the issue that the fed has to try to reverse. Dagen right he. Maria weve got market lower going into this number employment cost index what dagen said we should look at going to focus on that along with the overall pce index, lets get to Cheryl Casone waiting on numbers, crossing now, cheryl. Cheryl dagen the employment cost index came in 1. 2 that was actually in line, throw that out you were talking about it, spending coming in. 6 this is consumption and coming in pce price next. He 6. 2 yearoveryear,. 5 , coming in line monthtomonth, core yearoveryear, estimate 5. 2 , core coming in 5. 1 . So these are kind of in line everybody basically, let me go through give you every single number again lets go back to that employment cost, again coming in line dagen to your point that was very important that came in line at 1. 2 the Third Quarter so that is entire three month picture, they also arrived spending from. 6 to o. 4 crossing now go to consumption spending stipt was. 4 we came in. 6 , you could say that is what consumers are paying for, paying higher prices, so a you could say that is really inflation story not really a good thing, but came in stronger than expected that. 6 , that is for consumption and spending again for the month september, incomes coming in betterthanexpected we came in for september came in at. 4 estimate was. 3 , now going once again go through pce price index to be clear on numbers we came in. 3 we did have an estimate homeland number monthovermonth, did not have estimate for annual headline number for pce price index came in 6. 2 which i tell you that is still a really strong number that is actually what we had month prior, inflation pce price index headline number overover year hasnt changes, hasnt gotten worst hasnt got better over last two months to be clear. Going to core number the fed story everybody that core pce monthtomonth september gain. 5 , that is in line with expectations, and yearoveryear 5. 1 , expectation was 5. 2 . So again numbers that are crossing i am going to dig into the government report, send it back to everybody, for for reaction but really quick wages salaries for Third Quarter this is going back in employment report, 1. 3 . You know wage and salaries you think with inflation, headline cpi 8 plus percent you would like to see that a little bit higher but it is not im going to dig into these numbers send back to you. Maria market losing steam on this report, we have a market that is mixed with dow industrials up 74, nasdaq down 80. John lonski how do you read this pce employment cost index story. Bad news is we had increase by the annual rate of core pce price index inflation, that went up from 4. 9 , are,. 1 in september that would five higher Interest Rates, Going Forward, we also want to take a look at the Consumer Spending came in kind of strong 6 10 of a percent before inflation after we take out that 10 of a percent monthly increase by pce price index inflation real Consumer Spending up 3 10 of a percent a pretty nice base for Fourth Quarter real Consumer Spending unless, holiday sales fall part completely in november and december. Maria yeah, that is whavk is bothering amazon investors this morning, because amazon, in its Quarterly Report last night said they were worried about upcoming holiday season, that is why that stock is down, in double digits this morning, congressman ealr carter good to see you i want your take agent joe biden seems to believe waims favt than inflation once again we see, high numbers, and wages are in the line, wages overall growing 5 , while the Consumer Price index up 8. 5 or 8. 2 , we are still seeing inflation coming to our wages, it feels likes the president doesnt understand understand that inflation has gone up every month more than wages that is bothersome, people telling me first of all we are having trouble finding workers keep in mind, i represent entire coast georgia heavy in tourism laborintensive employers need help workers that is a big problem here they are having to pay more, and i know is what ironic celebrating in a way stability of high numbers at least didnt go up, inflation still 8. 2 keep in mind when he took office 1. 4 we are supposed to be happy that seem like leveling off now . . Weve got timeline on inflation, and you are spoton when the president walked you can into the oval office january 2021 cpi was 1. 4 it was not a problem, that is when wages were growing faster than actual inflation, Steve Witkoff what does all this mean to your business in real estate when you look at labor shortages, and the the Employment Costs . Is this an issue in housing and real estate the way everywhere else . It is it is a large issue maria. You know, we entered we entered this inflationary period with housing shortage across the United States. So again, that is the story of what this inflation problem is all about. It is all about less supply, and a ton of demand because a lot of money got throne at the American Public. That is the same thing in the with the Energy Crisis as well we have independent Energy Program in this country we gave it away said saudis said pointedly why dont you start punching more oil in the United States we cant seem to get cross that barrier. The same thing in the real estate business. The we hospitalizing Prices Higher rental prices are high yet there is a overwhelming shortage of inventory, were not solving anything by stopping the build process, high Interest Rates, stop the build process, this is the part that the American Public doesnt understand. Of the the spinmeisters turned a certain way you talked about current president talking about wages going up they still dont go up same pace of inflation i think meaner public is beginning to understand that Leadership Matters out there, it is my view alleviate woefully inadequate. I am glad steve brings up point of supply we talked about demand part of this economy all the time. But we need more supplies we neither companies to make more stuff. And that is not happening when you have the lead guy in the white house attacking companies avfrom Meat Companies to oil companies, to the Candy Companies trying to blame everybody else on higher prices, and it has put a damper on supply and production, what we need right now. Dagen right, that is this can happen on the supplyside by itself without the vilification coming from the white house and joe biden himself. Because whap when we talk about ceos, warning about a recession next year, weve already seen, layoffs, will like hiring freezes at major companies. What that does constricts apply potentially also hurting supply would be the regulation coming out of white house, the new minimum tax on kornlz supplies tightening but as money flowing from government spend heing into the hands of consumers. Remember, that moratorium on make student loan payments runs through alleviate the end of this year that creates a scenario, where inflation continues to get worse. And inflation to john lonskis point, with the core pce, picking up steam from annual 5. 1 from 4. 9 that is not the high it was, earlier this year, in february, was 5. 4, you still have it picking up steam, at the same time,s these democrats senators do not want the Federal Reserve to fight this very inflation, John Hickenlooper has i would say audacity i think it is real idiocy to write to Federal Reserve part what he wrote in this letter to jay powell, it is paramount that we keep energy costs o grocery bills every other day prices low. But this is why Congress Passed among other pieces of legislation, the Inflation Reduction Act and chips bill long overdue investments, investments is code for spending lower the cost of healthcare prescription drugs energy they are saying we need to spend money to lower costs. These individuals are real they are cornering o market on more onacy. How has that spending worked out John Catsimatidis. Hasnt worked out at all you dont see anything accomplished my opinion is that washington should take a break we have 10 days to the election, and were going to see which way our country is going in 10 days. The leadership in washington has made every decision made in washington last 18 months has just been all wrong. And i think the country is looking for which direction are we going to go on after election day. Maria Mark Luschini a question for you will midterm elections be a catalyst do you think for the stock market . I mean i know that usually wall street likes to see divided government it Means Nothing gets done, what is your take on the midterms in 11 days how that a affects markets, and the economy . Well, maria, i think you said it exactly, that is if nothing else, if by chance republicans take either side congress or even sweep congressional seats, to take over the house and senate a, the market at a minimum would look at gridlock favorably, on the other hand i think there is also a chance the market even though at this point in time seam serviced, predicted so on odds favor house taken by republicans, baked in market the odds are if we see outcome that liens into where certain surveys, predictions of the world indicating the makt looking for so to callize o motive higher, inflationary numbers today isnt necessarily going to do anything to deter Federal Reserve from continuing on rate hike particularly core pce number came in 5 10 of one percent annualizes 6 far krooi from what fed is trying to achieve election outcome i think could be potential influential factor building on seasonality nach of the market to try to trend higher in year jeaned. Buddy carter what can republicans do about this . Fifth a couple things we talked about Housing Market that is extremely important, i am glad that is being pointed out here this week we had largest Economy Development project ever in the, Ground Breaking on it electric vehicle plant built by hyundai my district going to create 8100 jobs 5. 5billiondollar investment our concern we dont have the supply of housing here, that is a big problem, is the supply. And you are absolutely right, what is inflations . Nothing more than too many dollars chasing after too few products, it was mentioned about Health Insurance how much it has gone up it has gone up more in the last year, since early 1990s is going up that is the problem right now. But i beg to differ with all due republican about defied government i would submit in many cases the divided government worked better 37 look at situation with ronald reagan, tip oneill, bill clinton, Newt Gingrich i submit they got good things done, so if we can get this president to work with us because we are going to take over the house we being republicans going to take over the house and senate. If he will work with us i think we can get some things done. Maria what do you want to get done . What do i want to get done is to stop spending stop spending, unleash American Energy, you know, the growth in gdp this time was largely due to American Energy exports, and we know that this president is going to try to crush ub that and stop that. But if we can unleash American Energy, things we have to do stop spending unleash American Energy do something about regulations, they are killing us crushing us right now. Maria i remember, Steve Witkoff when President Trump cut, regulations, he came out, in with all great fanfare, stacks and stacks of paper, and a red ribbon he cut it and said deregulation can be beautiful. Steve, as baseman, what do you want to see get done should republicans take the majority in 11 days what is important from business standpoint that gets done. He doesnt get enough credit maria for being the greatest antiregulation president that this country has ever seen. It was the those executive orders were incredible, you can look at housing industry when i understand my business the same principles in Energy Business when you regulate one party believes in regulation, rent controls, so forth, another party believes in inventory, more inventory, more choices, means prices come down. You look at mbeism new York San Francisco everybody becomes preservationist to protect views same thing in Energy Business, i dont believe that any Climate Change person can today give accurate numbers on what how much in renewable we need before we turn off the energy the energy the independent Energy Program that we have in this country under President Trump, that is the problem. We regulate too much, we need to change that. Maria dagen . Dagen i want to ask you something though that a all government seems to be the problem because you were just talking about electric vehicle, plant that was built in georgia. But, again, electric vehicles get massive subsidies from the federal government. And jobs wouldnt be there if not for government spending, and subsidy, so would you i think the American People at this point want government to get out of the way so would you ever in your future as congressman back taking away those electric vehicles subsidies . That absolutely, subsidies not the way to go i dont agree with that keep in mind first of all this is Ground Breaking for a new plant that should be completed by 2025, when you talk about subsidies south korea home country of hyundai were left out of that they wont be eligible for those jeopardizing this project, a another example of short sightedness of Inflation Reduction Act did not include our allies who we need to be building these products who are slefg investing 5. 5 billion dollars in this country now jeopardy because they want [coughing]. A i dont agree with subsidies i am a free market person at the same time, to jeopardize a project largest economic Development Project in state of georgia that is just ridiculous. Maria chel i i cheryl markets completely off highs now negative, i saw this reports as negative that is why i was surprised to see a rally it has reversed. Cheryl now traders are going through the report, what i have been doing to kind of get nittygritty a couple disturbing things within the report first off the personal savings rate, something mark interpreter an i talked about a couple days ago it has fallen monthtomonth personal savings rate that is now 3. 1 it was 3. 4 a month ago, so americans are saving less, then look at remember the spending number jumped monthtomonth to. 6 americans to congressman pot point in his district spending more saving less, the other issue kind of a problem in this report goes down to Third Quarter employment cost data enthough that number was the same monthtomonth,not the same, was inline with analysts expectations the annualized number is getting a lot of chatter right now on message board a 5 jump yearoveryear all of these points together, you look at consumer look at economy, and then look what the fed is going do do based on on that core pce number, the markets are reacting. That is why. Maria yeah, well we continue to see inflation elevated John Catsimatidis as you predicted, months ago that you were not seeing anything change in terms of inflation, youre focused on nrnl business as well john, tell me about the status there, as energy has been one of the best places to be for an investor this year. So investors, it is great place to be. Nobody has ever made money on on nobody made money on solar energy, it is maria all a bunch of crap, the only place anybody made money is fossil fuels, and in future, i think our country has to go forward, with a real energy, our country is very, very rich in north america, with with oil, an we are at lowest point of pumping out oil than weve ever been. America has to be independent. And if we dont go forward with independence on our oil business, our country is in deep uh do odoo we have to open fields, alaska canada. I think the point the point is that we all want a clean economy, and, a Green Economy where we have fresh air clean water. But they want to jam this Climate Change agenda in as if it is going to do away with fossil fuels overnight obviously, a process to have any kind of a transition john. But what you are saying, is we should not be turning our backs on fossil fuel. Absolutely not. And if we dont fix that problem right now, i think the leadership in washington has to take a pause. We are going to create a bigger problem by increasing Interest Rates to a degree where putting the rest of the country out of business and instead of fixing the problem we are creating a new problem. That is not the way to run a country. Maria well what gets me most john lonski misinformation the president has to attack donald trump, an trump policies every time he tries to explain away his own policies, walk us through this report this morning, this september pce price index when you create the market is showing declines across the board. That increase by core pce price next inflation excludes food energy from prior month i think a you disruptive to the market, i want to add too, that when we look at these reports, Quarterly Earnings reports from businesses, far too often i find that the Revenue Growth is mostly the consequence of price hikes, that have compensated for reductions in the unit sales or sale volumes i think that is unsustainable source of growth price hikes sale are falling at some point dropping in sales needs leads to layoffs with that a deep decline by Consumer Spending, very low personal savings rate is troubling only 3. 1 . That tells us, are the buffer that might help protect, hold up Consumer Spending in event of more layoffs, is he dwindling we could begin ab harsh correction as far as Consumer Spending is concerned, i am curiosity John Catsimatidis has a lot of exposure to the Food Industry whether or not seeing notable changes in consumer buying habitats in response to every increasing prices. The john. As to i believe turkey prices the highest in history going to tell us rest of the country has 70 increases in turkey prices new york city we got lucky only about 40 price increases, and that is going to be a sign of selling out this thanksgiving or not selling out, the word is a lot of people are not going to celebrate thanksgiving, i bet they will celebrate it, people dont want this recession, they want they want to experience america as america lets not force this country into recession, an that is what washington is doing, they want to force our country into recession americans do not want a recession. Maria well mark, it is going to be a very expensive thanksgiving we know that, tell us what you see, in terms of the macrostory how things play out, if we have a sticker shock of thanksgiving, does that put a damper on spending going into christmas . Undoubtedly, i mean speaking of for instance yesterday gdp number you know got a lot of enhancing headline 2. 6 basically Just Recovery in term of total economic output in dollars lost over first half, as other individual mentioned, largely attributed to export activity if you look inside number domestic sales to private individuals, that number was just one half of 1 , which is particularly anemic when you consider on prepandemic base fiveyear average moving number was positive 2. 6 so indicative of the fact consumer is in fact being pinched seeing numbers showing up by real wages negative on 3 annualized basis drawdown in savings rate 3. 1 over bains of savings accumulated because of people not being able to spend outside their homes, or by way of a fiscal response to the pandemic. Starting to evaporate so collectively i think setup is price is going into thanksgiving already been foreshadowed by some retail numbers particularly by amazon yesterday perhaps indicative of hollywood sales season that is going to be disappointing. I want to report breaking news that we are learning, that Nancy Pelosis husband has been hospitalized after being attacked at his home, pelosi was violently attacked tt San Francisco home early this morning according to spokesperson for the house speaker. The awill say is in custody the o motivation being investigated speaker not in San Francisco but paul pelosi in ans yes husband hospitalized after assault raises the issue of crime Dagen Mcdowell many of the democrats have wanted to Defund Police are he experiencing firsthand febts. Dagen crime second based on much polling including fox news polls next to inflation crime is the second issue. Want that is most on the minds of americans. An with the impeachment moving ahead of say in philadelphia. Of Larry Krasner there i rhyme people Larry Krasner blamed essentially racism if you criticize crime it is a message from republicans the people hardest hit by gun crime in philadelphia are people of color, so, are people of color racists because they care about their own safety and security . Then kathy hochul trying to flood the zone with transit cops in new york city is embarrassing, as she herself stood up for this bail reform, putting violent criminals back on the street all this goes together the worst the inflation harder economy hit these areas plagued by crime suffer it becomes a down toward spiral that is right voters taking notice buddy carter i think one of the reason lee zeldin closing in on kathy hochul in new york because of spikes in crime. Absolutely, first of all thoughts and prayers for paul pelosi secondly yes dagen is correct as in district number one issue inflation with overwhelmingly inflation, second, crime, third drugs to southern borrowed fourth education thats it what people are talking about, in my district and throughout america that is going to be determining factor in 10 days when we have next midterm elections. Steve witkoff are you seeing that in real estate in housing as well how pervasive is crime issue in your standpoint . I think it is the critical issue. Ray kelly said best why reinvent the wheel go back to the days of my policies, brattons policies bernie keriks policies new york had a renaissance when Rudy Giuliani first became mayor continued through bloomberg years because crime was brought the down, new york was perceived as a livable city, i am living in miami now relatively crime free Environment Police out citizenry respects the police same thing in kentucky, another home where i live. In new york, it is different, and sad it needs to change. Will. Maria yeah, it is true we have mayor of miami suarez on this week to talk how miami is different than the rest of the country quick Mark Luschini close us out market mixed on heels of Economic Data what do you look for most important next week . Well, obviously, Federal Reserve meeting i mean obviously, fed reaction function to this most recent inflation reading on pce is going to drive i think investors attitudes around whether pivot is on the table or is it going to be taken away next wednesday when we get the announcement. Maria all right. Thanks everybody great panel have a wonderful weekend we will see you again on monday