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get out the dictionary. we'll define recession for you. here is the bottom line. the biden economy is shrinking as the fed unleashes rapid fire rate hikes to stave off the highest inflation in 40 years. let's get right to it. maria bartiromo joins us now. go ahead and give us the news because they projected .5% on the positive side. the number was a negative .9. >> we are now in recession and we can confirm that because it is two quarters straight of contraction. the economy shrank in the second quarter by 9/10 percent on top of shrinking in the first quarter by 1.6%. now so far all ...

traditional definition of being in a recession. the second quarter gross domestic product g.d.p. shrank at annual rate of nine tenths of a percentage point. that's the second straight quarterly deficit and that checks the box, historically considered as recessionary. president biden says it's no surprise the economy is slowing down because of inflation. but he insists he has the nation on the right path and, quote: it doesn't look like a recession to me. the president also spent time today on a call with his chinese counterpart in a time increasing tension with communist china. white...

executive action and take a look at how it could impact the economy. plus, with the primary election calendar winding down, we look ahead to november, and the key races that could decide control of congress. also ahead, new reporting on the communication between the government and donald trump's team before the fbi search of mar-a-lago. good morning. and welcome to "way too early." on this thursday, august 25th, i'm sam stein in for jonathan lemire. 43 million people are in line to have a chunk of their student loan debt erased. as many as 20 million could cancel all student de...

forward. plus, it's called a substantial proposal, to bring to detained americans home from russia, and the battle to take back and major port city in ukraine, as the 11th hour gets underway on this wednesday night. >> good evening once again, i'm stephanie ruhle. we're learning more tonight about the justice department's criminal ingrained to january 6th. we found out earlier today that federal prosecutors obtained a warrant to search the cell phone of trump lawyer john eastman, back on july 12th. you remember, he was the guy behind the plan to get mike pence to overturn joe biden's...

>> good evening once again, i'm stephanie ruhle. we're learning more tonight about the justice department's criminal ingrained to january 6th. we found out earlier today that federal prosecutors obtained a warrant to search the cell phone of trump lawyer john eastman, back on july 12th. you remember, he was the guy behind the plan to get mike pence to overturn joe biden's victory, by rejecting electors from certain states. eastman, if you recall, took the fifth 100 times during his deposition with a house select committee. meanwhile, there are new reports that former white house aide...