coming days to bolster his very high stakes endorsements in that state. dr. oz for senate and congressional candidates jim bognet. president biden is in wilkesbury, pennsylvania today. that is lucerne county. this is a huge swing district in pennsylvania. it went from president obama in 2012 and turned for trump in 2016 and again in 2020. president biden would like to see that home turf of his go back to the blue side. so we re waiting for the president s remarks moments away as the controversy continues to boil over his decision to bail out millions in student loan debt. sean duffy and david asman is here with me. but first, we begin with peter doocy who has had a busy week. hello, peter. martha, the white house is really not providing a lot of detail about how this student loan debt forgiveness is going to work or who is paying for it. they spent a day last week explaining it s going to happen but now most of the talk is coming from outside the house. i think a lot of w
the end of the tunnel, more investors by day s end concluded it was a train coming at them and fast. to susan li with what went down by stocks going way down. susan? you re right. we did close off that bear market level. the dow jones industrials sub 30,000 now. the lowest close that we ve seen for the dow jones since november 2020. that means the last two years of gains have been wiped out. you have fear an wall street at the highest in three months. several factors here affecting sentiment. that includes the on going war in ukraine and also a stark realization this week that the federal reserve and chair jay powell is serious and adamant to keep raising interest rates in order to kill and bring down 40-year high inflation. 75% of wall street now expected interest rates to cross 4% in november this year. that means you re getting the highest yields on ten-year government bonds in 12.5 years. so the good news here is that higher rates is destroying demand. that s bringing d
1981 when ronald reagan was president and battling a recession that seemed endless. a guy names paul volcker was hiking interest rates a full percentage point at a team to squash inflation that proved relentless. when indiana jones was the hottest movie in the country and charles and diana, the hottest wedding ticket in the world. back then bacon cost $1.75 a pound. try more like $7 now. coffee was $2.46 a pound. closer to $6 now. a half gallon of ice cream set you back about $2. nearly trip that will today. some perspective on time and prices. lower and slower back then. faster and out of control right now. we are all over it with lydia hu at a new york city supermarket on how folks are holding up. hillary vaughn on capitol hill where democrats and republicans are digging in. edward lawrence in jerusalem on if those inflation numbers are weighing the president down. why house economic adviser jared bernstein on what costs he sees no longer going up. welcome. i m neil cavuto.
great to have you here. was it in your opinion the economy ultimately or did boris johnson just lie himself out of office? your thoughts. partly policy. he was elected as a conservative but governed as a liberal. the state increased taxes went up. the net zero agenda was putting out the price of energy. we weren t self-sufficient. and there s policy considerations here. ultimately in the united kingdom tell untruths. you cannot tell lies and get away with it. it started over the parties governing at number 10 downing street when the rest of us were living under draconian lock down. we continue visit our moms, for example. over the sex scandal involving a senior conservative politician and in the end, people just said he s lied to us. that is not good enough. we ve had enough. we saw support just disappear over the course of the last two or three days. trace: to those that say it wasn t as much the scandals or the lying or the appointment of his chief deputy whip, chris pi
and a possible visit to taiwan. if u.s. fighter jets escort pelosi s plane in taiwan, it s an invasion. the tweet reads the pla has the right to forcibly dispel pelosi s plane and the u.s. fighter jets, including firing warning shots and making tactical movement of obstruction. in ineffective, shoot them down. peter doocy asked the white house about this latest rhetoric just moments ago. action it relates to the speaker s trolls, something that we re just not going to speak to right now. it s hypothetical. we re just not going to speak on her schedule. as i mentioned, we ll bring you the latest recession spin. jared bernstein and neil cavuto are here. let s begin with michael waltz, florida congressman. he s a former green beret commander. congressman, thanks for joining us. the threat about the u.s. jets, pelosi s plane. what do you make of that? well, you know, first of all, the response in the white house is apparently this is unnecessary rhetoric. this isn t unneces