DAY OF WINTER TODAY LOOKING AT
THAT BEAUTIFUL SUMMER LANDSCAPE.
>> Ainsley: THEY LOVE TO
CELEBRATE.
>> Brian: EVERYTHING IS THE
OPPOSITE OF WHAT YOU THINK IT IS
WITH THE BIDEN ADMINISTRATION.
SET ECONOMY IS SOARING.
IF YOU DON’T BELIEVE IT HE WILL
YELL AT YOU.
>> Ainsley: YESTERDAY WE GOT THE
CONSUMER PRICE INDEX FOR AUGUST
COMPARING THIS AUGUST TO LAST
AUGUST.
IT WAS HIGHER THAN PREDICT.
CAME IN AT 8.3% YEAR TO YEAR.
IT SENT STOCKS TUMBLING AND LOOK
AT THE COVER OF "THE NEW YORK
POST."
>> Steve: RIGHT.
HERE IT IS RIGHT HERE.
DAVE, PARTY CRASHER INFLATION
RISES, DOW FALLS.
DOW FELL LIKE 4% THE MOST SINCE
2020.
AND BUT APPARENTLY, YOU KNOW,
WALL STREET HAD BEEN LISTENING
TO THE ADMINISTRATION WHERE THEY
ARE SAYING, YOU KNOW, WE HAVE
GOT THINGS UNDER CONTROL.
PRICES ARE GOING DOWN.
AND PEOPLE MUST HAVE BELIEVED IT
UNTIL THE DOW FELL OFF THE
CLIFF.
AND LITERALLY IT ACTUALLY DID.
>> Ainsley: LOOK AT THAT.
>> Steve: CLOSE TO 1300 POINTS.
SO YESTERDAY WAS A REALLY BAD
DAY TO RETIRE.
>> Ainsley: S&P 500 LOST MORE
THAN 4%.
NASDAQ DROPPED 5%.
>> Brian: THINK ABOUT THIS.
IS THIS ANY TIME TO CELEBRATE
THE ECONOMY AND YOUR SUCCESS.
STEVE: CAN WE VOTE?
>> INFLATION REDUCTION ACT.
WHAT AN EMBARRASSMENT.
YOU ARE THE PRESIDENT OF THE
UNITED STATES YOU GET A FAKE
COVID TEST.
SORRY I WOULD LIKE TO HAVE A
PRESS CONFERENCE TODAY BUT I
TESTED POSITIVE FOR THE VIRUS
BECAUSE YOU DON’T WANT TO
CELEBRATE AND HAIL YOUR ECONOMY
IN YOUR INFLATION REDUCTION
PACKAGE WHEN INFLATION 8.3%.
HIGHER THAN.
>> Ainsley: MAYBE PLAN THE PARTY
THE DAY AFTER THE NUMBERS COME
OUT BECAUSE THEN CAN YOU CANCEL
IT.
>> Brian: MY GOODNESS YOU MIGHT
AS WELL HAVE AN EASTER EGG HUNT.
JOE MANCHIN COULD NOT BE MORE
EMBARRASSED.
HE SAID EVERYTHING IS GOING TO
BE GREAT.
GOING TO REDUCE THE INFLATION IN
TURN WE WILL BE ABLE CONTINUE TO
VEST IN FOSSIL FUELS AND WORK ON
PERMITTING.
HIS WHOLE PLAN HAS BEEN
SIDELINED BECAUSE THE DEMOCRATS
WERE NEVER ON BOARD WITH CHUCK
SCHUMER’S DEAL.
>> Steve: WELL, YOU KNOW,
UNFORTUNATELY, JOE MANCHIN WENT
ALONG WITH IT THAT’S WHY WE ARE
IN THE PREDICAMENT WE ARE IN
RIGHT NOW.
GOT SO BAD YESTERDAY CNN CUT
AWAY FROM THE FESTIVITIES ON THE
SOUTH LAWN TO TALK ABOUT THE
STOCK MARKET.
WHEN YOU LOOK AT THE NUMBERS,
THERE ARE NO WAY THINGS ARE GOING TO BE BETTER BETWEEN NOW
GOING TO BE BETTER BETWEEN NOW
AND THE MIDTERMS GAS IS UP CLOSE
26%.
ELECTRICITY UP 16%.
LARGEST 12 MONTH INCREASE SINCE
1981 JIEWTTLE UP 20%.
LAST NUMBER, WINTER IS COMING.
FUEL OIL IS UP CLOSE TO 7%.
THAT IS GOING TO MAKE THIS
WINTER ROTTEN.
>> Ainsley: GAS PRICES HAVE GONE
DOWN BUT OTHER ENERGY COSTS THAT
YOU JUST SAW THERE ON YOUR
SCREEN LIKE ELECTRICITY AND
NATURAL GAS.
THEY HAVE INCREASED SO IT’S
BASICALLY OFFSET THAT RELIEF
THAT YOU ARE FEELING AT THE PUMP
JUST NOT IN YOUR FACE LIKE IT IS
WHEN IT’S GAS AT THE GAS STATION
BECAUSE YOU ARE DRIVING DOWN THE
STREET AND SEE THOSE NUMBERS IN
YOUR FACE.
YOU GET THAT ELECTRIC BILL AT
THE END OF THE MONTH AND SKY
HIGH.
UP 15.8% COMPARED TO LAST YEAR.
BIGGEST INCREASE SINCE 19 # 1.
U.S. FAMILIES HAVE FALLEN BEHIND
ON THEIR UTILITY BILLS AND THEY
OWE A COLLECTIVE $16 BILLION.
>> Brian: DON’T WORRY JAMES
TAYLOR IS HERE TO SING US INTO
SAFETY AND SECURITY.
>> Ainsley: HE WAS THERE AT THE
WHITE HOUSE.
>> Brian: THE LAST TIME WE WERE
ASKED TO BRING JAMES TAYLOR OUT
AFTER THE BOMBING IN FRANCE WHEN
THE PRESIDENT OBAMA AT THE TIME
DECIDED TO WATCH FOOTBALL
INSTEAD OF GO AND EXPRESS
SOLIDARITY.
BUT THEY SENT JAMES TAYLOR AND
JOHN KERRY TO EMBARRASS US
INTERNATIONALLY AGAIN.
SO, WHEN IN DOUBTED WHEEL OUTS
JAMES TAYLOR TO SING FIRE AND
RAIN HERE IS THE PRESIDENT.
>> NUMBERS TODAY RESULTING DIVE
IN THE STOCK MARKET?
>> THE STOCK MARKET DOESN’T
NECESSARILY REFLECT THE STATE OF
THE ECONOMY AS YOU WELL KNOW.
AND THE ECONOMY IS STILL STRONG.
UNEMPLOYMENT IS LOW.
JOBS ARE UP.
MANUFACTURING IS GOOD.
SO I THINK IT’S -- I THINK WE
ARE GOING TO BE FINE.
>> ARE YOU WORRIED ABOUT THE
INFLATION NUMBER THOUGH, SIR?
>> NO, I’M NOT.
>> BECAUSE WE ARE TALKING ABOUT
ONE TENTH OF 1% AND, YOU KNOW,
ANYWAY, THANK YOU.
>> Brian: YEAH, IT’S AT 8.3%
OVERALL.
ONE TENTH OF 1% BUT YOU DIDN’T
COUNT THE FACT THAT WE ARE 8.3%
AND HOLDING WITH NO RETREAT
WHICH MEAN UP GO RATES.
FOR SOME REASON THE PRESIDENT’S
CALCULUS IS LET’S KEEP SPENDING.
THAT’S THE PROBLEM WITH PAST
WAYS IN WHICH WE GOT INFLATION
IN THE PAST.
WE DIDN’T SPEND LIKE DRUNKEN
SAILORS.
>> Steve: WHEN YOU LOOK AT THE
LAST -- ACCORDING TO THE FEDERAL
RESERVE, SAN FRANCISCO, IN THE
LAST QUARTER OF LAST YEAR, THE
INFLATION RATE WAS ABOUT 6%.
WE ARE 2% ABOVE THAT BUT, WHEN
IT WAS 6%.
THEY SAID HALF OF IT IS BECAUSE
OF ALL THIS GOVERNMENT SPENDING.
AND WHAT DO THEY DO?
THEY WERE ON THE SOUTH LAWN
CELEBRATING THAT THEY HAD DONE
ALL THIS SPENDING.
AND, BRIAN, YOU ARE ABSOLUTELY
RIGHT.
IT’S A CRAZY DAY TO HAVE A PARTY
WHEN THE STOCK MARKET TURNS