you got it right. >> thanks to you. >> 134 degrees fahrenheit. it was furnace creek, death valley, california. 1913, before the era of global warming. >> that is winter in cleveland. you have to stay inside, right? stuart: thanks very much for being on the show today. always appreciate it. >> appreciate you. stuart: one last check of tesla, which really is the hottest stock of this day i don't know whether it holds up all the way through the closing of the market. we're still up 10%. elon musk on the call yesterday said he is concentrating on cheaper cars to approach a mass market. investors like it. tesla is up 15 bucks, 10%. "coast to coast" starts now. >> coming up this hour, defund the universities, that is the message from lawmakers who want to cut federal funding to schools who allow an

anti-semitic protest. we'll get reaction from congressman pat fallon. growing migration of colleges down south could lead to boost and those cities. "coast to coast" starts right now. edward: i'm edward lawrence in nor neil in washington, d.c. as some senate republicans put schools on notice, cut the protests or we're cutting fund funding. fox business's hilary vaughn is at the white house digging deeper. >> reporter: edward, there are growing calls on capitol hill to have the president of columbia to resign. speaker johnson calling for that as well as new york congresswoman nicole malliotakis. that the president should resign of columbia. she will be with johnson at

columbia today. mall she says not just the money but student loan forgiveness that president biden is handing out. >> president shafik cannot keep their student safe and go to remote learning for the rest of the semester. that is unacceptable. it shows she cannot control her school. she cannot keep her students safe. therefore she needs to resign. i would say this as well, why should we, president biden, why should we be paying for student loans of anti-semitic prohamas students? that is a good question for the president right now. >> reporter: the other question is whether the federal government is doing enough to stop unsafe and anti-semitic protests that bring consequences to people breaking the law. to attorney general merrick garland and education secretary car don't narcs more than two dozen senators, failure

to protect jewish students from harassment is violation of federal law. espousing support for terrorists such as hamas, violates federal immigration and grounds for deportation. when you look at the dollar amounts are pretty staggering. columbia raked in 1.2 billion, yale, 776 million. all taxpayer cash going to these universities. yesterday secretary cardona addressed what is happening at columbia, calling it concerning, the school is already under investigation by the office of civil rights. ultimately what comes out of that investigation could mean that the school, if they refuse toe fix those problems, edward, federal funding could be revoked. even worse they could face legal problems and be referred to the doj. edward. edward: this will be something we'll be talking about for a

while. republican congressman from texas pat fallon joins me. pat, do you support the move to remove the federal funding? >> oh, 100%, edward. this is absolutely ludicrous, that the president of columbia university can't even say, from the river to the sea is an anti-semitic statement, when it essentially calls for the genocide of the jewish folks that live in israel. this is absurd. i can't believe we're living in this, living through this. furthermore not just for the anti-semitic protests and illegal protests on campuses we're working on legislation to defund universities that don't allow rotc on their campuses. this is where we have gotten to in this country. it is sad. edward: talking about grants and funding. columbia and nyu is the largest taxpayer in new york city for property taxes, if it loses that tax-exempt status. because the city needs more money with the migrant costs that they have how likely do you see any movement on either removing federal funding or

changing the tax status, how could that actually happen? >> i think, you know d.c. we're going to take action because it seems like there is some bipartisan support to oppose this, just evil really at the end of the day. i don't know at the local level, new york state or new york city will do anything. almost definitely not but federally i think we will. edward: columbia university has had this encampment, they have a deadline on the encampment. they said it was this morning. nothing happened. now it is midnight. now they will move it again. protesters are not moving. the college moved the deadline and they keep moving the deadline, what message does this send this is where you have to leave we'll not enforce that. now we're not going to enforce that. this is where you have to leave, now we're not going to enforce that. >> drawing red lines, doing nothing, does that sound familiar? how about projecting strength. how about not letting inmates run the asylum. there is nothing wrong, with

celebrate lawful protests. not protests that call for genocide. not protests essentially hate crimes en masse, all students, not just jewish students, all students should feel safe in the country, particularly institutions of higher learning. there should be diversity of thought on the campuses clearly there is not. the administration is buckling to bullies. this is what you get when that happens. edward: i want to move onto the foreign aid bill. the entire hold up the democrats refusing to vote on the changes in border policy. the bill passed with a tiktok sale or ban instead. listen what the president said about 45 minutes ago. listen to this there is one thing this bill does not do border security. just this year i proposed, negotiated agreed to the strongest border security bill this country has ever, ever, seen. it was bipartisan. it should have been included in this bill. i'm determined to get it done for the american people. edward: so you're from texas.

what do you think now that the president is now saying border measures should have been in it? >> let's be very clear, joe biden does not need congress to act to secure the border. he simply refuses to do. what he is doing there was absolutely, he was blatantly lying to the american people. this is the truth. all he has to do is reinstitute wait in mexico which he has the authority to do. he refuses to. every border security expert, all the folks along the southern border and customs border patrol say that will reduce the flood by 70%. we had never had a month in our history in the last 25 years where we had over 200,000 illegal border encounters in a month. we had 28 of them under joe biden because he refused to complete the border wall, he refused to reinstitute, keep wait in mexico. he refused to order his border patrol to do expedited removal. all of these things t lays at his feet, not at congress'. edward: you went to a hearing, a

house hearing on energy last week. the prime minister of the czech republic met with president biden and asked him for more lng exports yet last month president announced a pause to future lng licenses to countries without a free-trade agreement which includes much of europe. he is limiting exactly what our friends are asking for. >> this is a gift to vladmir putin. i thought joe biden wanted to say he would take on putin. i thought joe biden wants russia to lose the war in ukraine? why is he acting like this? it is contrary to that goal. i had ambassadors come into our office and beg us to do everything we can to get that ban lifted. about 80% of our liquified natural gas goes to these countries that we don't have a free-trade agreement with, 80%. edward: representative, i have only 15 seconds left. i want to get, what is the current energy policy doing to the economy here in the u.s. and america's future? >> it's crippling us. it is strengthening our enemies.

it is increasing an already alarming trade imbalance and hurting the gdp. joe biden should take the cuffs off to let the energy sector soar. it is better for the environment as well. we have expertise and strong environmental regulations. we should be producing here and not buying from our enemies. edward: congressman pat fallon from texas, we covered a lot of ground. thank you very much for your time. i appreciate it. >> we did, thanks, edward, we're one week from the next fed decision and clues on rate hikes or cuts despite all the uncertainty around the economy. jpmorgan ceo jamie dimon feeling confident. >> if you had to describe the u.s. economy, how resilient is it? >> it's unbelievable but, if you look at, basically it is booming. it has been booming for a while. since covid, kind of before there was slow growth. if you look at the economy it was very low growth for 20 years. if i was a government i would be looking at that saying why. i think there are a lot of bad reasons for it, like regulations

and bureaucracy and stupidity and foreign policies and anti-growth taxation and a whole bunch of different other types of stuff but if you look at the economy since then, it has been booming. edward: but voters disagree. brand new polls showing that voters in swing states souring on the country's economic outlook. fox news's peter doocy is at the white house. peter the election could boil down to a few states, right? >> reporter: yes, edward, campaignwise, if you look at the seven states, battleground states most likely to determine the outcome of the election, the biden team, campaign and their allies, trump team, that campaign and their outside groups about $15 million to one million dollars according to ad impact. president biden: momentum is clear hi in our favor. the point i'm making people are beginning to listen. this is the time people begin to focus and listen. they have generic impressions up to now, but now they're listening and they're beginning to listen.

>> reporter: so take a look at head-to-heads. ed biden side spent in michigan about $3.8 million to trump's 134,000. in pennsylvania, biden 3 1/2 million. trump, 700-k. georgia, almost two million. trump 3 20k, in florida, not much, biden is doubling up trump, 42,000 to 21,000. and then, the trump campaign is actually spent zero dollars on ads. this is all ad spending. they have spent zero dollars on battlegrounds in wisconsin, arizona, north carolina, nevada, new hampshire. biden is trying to do something to help his case. trump can't, because trump does not have control of the department of transportation. the white house is announcing certain delayed or canceled united states will earn flyers automatic cash refunds. >> the whole idea of capitalism is you're supposed to be able to as consumer to comparison shop but if you don't know the difference between the different things you're buying, if it is not obvious what the up charges

will be we think it will make a big difference. we think it will change airline behavior. >> reporter: presidential motorcade just left the north lawn going to a political event at a hotel nearby. we might hear some more about this any minute. edward? edward: thanks, peter, irappreciate it on the north lawn of the white house. president trying to combat the issue going after junk fees but nothing seems to be sticking here. let's turn to our panel now. former while. house omb director russ vought, "the hill" editor-in-chief bob cusack, former democratic pennsylvania congressman patrick murphy. before we get into the junk fees, jamie dimon alluding to stagflation speaking yesterday. the risk is we're closer than 20 years, closest for the risk staffing-flation. what is jamie dying to say, russ with those statements? >> inflation is something hard to tame. the fed is going to have to continue their policies on that front and that's going to have an impact on the economy.

the economy has been buttressed by high levels of government spending which is not long term in terms of a sustainable economic base and so if you're looking at it, you're saying what is it necessary for the economy to keep growing faster than what people are seeing in their grocery stores and, ultimately, the polls are picking up reality that trump doesn't need to do advertisements when people have to go to the grocery stores. they want trump prices at the expense of biden prices. edward: bob, let's turn to the junk fees. at the beginning of the year the president unveiled his junk fee plan. it included banks and overdraft fees. now including fees, that didn't take a splash, make a splash. now he is including fees for airlines. maybe automatic get refunds if you deserve it or not. is this going to energize the voters? is this the topic? >> i think it is a decent strategy but edward as you mentioned it is really not sticking and when people are going to the grocery store to russ's point, listen they are going to grocery store a lot

more than they're flying around the country. i do think, people get frustrated, airlines get frustrated junk fees but electorate is very sour right now, biden said inflation was skyrocketing when he took over. that is wrong factually. they have to make some serious basically gains on trump. they're not going to actually have the advantage on the economy but in order tore biden to get elected he will have to close that gap. edward: congressman, to you on the timing of this announcement now. three years into president biden's administration end of his term, why didn't this happen two years ago when southwest was having all the issues? is this a campaign year ploy? >> no, i think secretary buttigieg has done a phenomenal job holding them accountable an putting fees transparent which wasn't the case but i do think to your point, the american people have been through the wringer after covid. we lost a million americans. the whole world, you know, shut down and the fact is that we did go from 9.1% inflation now down

to 3%. we have to do a lot more work, but you can't deny the fact that the stock market is at all-time high. that jobs, more jobs open than unemployed people in america. so all those things are positive. someone who teaches at wharton business school, the fact that we created 16 million new small businesses in america last three years, that is a record, 5.5 million just the past year. edward: but air line fees, so, that's where he is spending his time at least over these several days, not talking about all that other stuff? >> yeah you but it is a fundamental fairness thing. i'm on a flight in couple hours. if they can sell my plight they should give me my money back, not just a voucher if they lose my luggage, can't recover in 12 hours, i should not pay a 35-dollar fee. that we have limited government. about time they fight for the people and not for big corporations. edward: russ, tomorrow we'll get a gdp number, reading on this.

last report shows in 20232.2% of the growth was consumer spending 5.2% of growth was government spending, non-defense government spending for all of 2023. can the president ride this to the election? that shows government spending is outpacing consumer consumption? >> i think it will buttress the numbers for a period of time but i don't think mittally he will be able to ride it because reality people want to go back to prices they had under trump. they understand even if you temper inflation you're not going back to what those prices were. you're still up 20%. you still have energy policy that is hurting them. they still don't have the ability to get out of their mortgage and about get another house because of the high price of mortgages. every main mechanics that impact a home, those are blinking red and these other numbers may give them a story to tell but i don't think it will be convincing. edward: so under the president's economic policies, bob, the agriculture department data shows growing number of families

are struggling to put food on the table. that number is 12.8% in 2022, the last data and it has been growing. all food prices are up under president biden since the month he came into office, 21%. the president can't message this away. >> it is very difficult, he can say things are getting better but a lot of people think that four years ago they were doing, they were doing better. so that is going to be something to watch. something to watch gas prices. as they get closer to four dollars a gallon, they could get summer that is a real problem for the president. edward: another one of those headlines people watch, they can see, tangible for their wallet. congressman, i will ask you, president tweeted that trump is proud of his two trillion dollar tax cut. if reelected president biden would keep it expired. listen from my conversation yesterday. i want to get your reaction. if it sunsets taxes go up on people making less than 400,000. >> absolute. this president said that is

untenable. if reelected that can't happen. the former president said that can't happen. so we're going to do something in 2025. the key question is what. edward: so if this sunsets all taxes go up. is the president advocating for tax increases across the board? >> he is not but he is trying to fight, grow the middle class and the frustrating thing from as an american who believes in balanced budgets, the fact i think it is immoral we have $34 trillion in debt, seven trillions of dollars came under the trump administration, reality is of this, we need to make sure we balance our budget. we have to do it in bipartisan way. it hasn't happened. we need people to come together as americans and stop the partisan stuff. yes, the tax break, there are tax breaks highest, wealthiest americans including myself frankly, anyone who makes over 500,000 went from 39% to 37% under trump. it sunsets in 2025. but we have to do a better job for all americans, not just wealthiest 1%. edward: but it also sun sets for

those making $400,000 a year. congressman i appreciate it. >> that is why we have to do it in bipartisan way. edward: exactly right, republicans and democrats need to look at spending. federal reserve chairman says it is unsustainable path we're on. congressman, thank you for your time. russ, bob, thank you for being here on set. good to see you here in person. coming up we take a look at the markets, the major indices falling today but take a look at tesla, zooming ahead what elon musk said that has investors charged up after the break. ♪. ♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. voya provides tools that help you make the right investment

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elon musk talked about his plan for the robo-taxi. what do you think, do you think this stock deserve as 10% bump today? >> i think the stock does deserve a 10% bump, when you think about it tech is really overbought and it has gotten way over its skis. especially when you consider the potential rate cuts are constantly readjusting and tech is not really selling off proportional to that. tesla already sold off 50%. is a way of playing tech. the bad news is priced in. the first quarter was disasterous. you have the lower cost of evs. you have the a.i., robo-taxi story. you have the mega-pack in the background sales of that are up dramatically. so tesla is a safer tech play than the oh bought stocks at this point. edward: so you like tesla at 159, then, you're buying it? >> as long as it holds 150 i think, i think you're going to see a retracement on the chart. it sold off 50%.

so has gotten a lot cheaper. edward: jonathan, musk says they're going with a more affordable tesla starting around 25,000. with the backlash against evs from consumers, musk is all in, what do you think about that? >> he sounded a lot more measured on the call, edward. to be honest prance one reason why the stock is up so sharply. elon musk has a sobriety i think he brought to the call today. that is one of the reasons i think the stock was up. as alluded to by frances, this robo-taxi initiative, tesla is not an automobile company, it is a technology company and it should be valued like that. what they're proposing with this robo-taxi initiative it could really change the way transportation exists in this country. basically you buy a tesla, then it goes out and drives itself, making money for you while you're sitting at home watching a movie, pretty refry. if people think elon can't do it, he has been promising for quite sometime. keep in mind, elon musk got the

rocket to take off and land right there in the middle of ocean. it is a hell of a value. it is a volatile stock in the weeks to come. edward: bet on musk at your own peril. teslas was up 10% with all the losses and bad economic news, has all that been priced in already? you talk about it lost 50% of its value so is it ready for a breakout? >> it's possible, right. just got to watch the chart. got to watch the price action. if it certainly goes back down towards 125 i would start getting concerned. i would be a little bit tactical with this reversal but definitely, if, you know, for instance, if we want to buy tech we typically by the xlk. the xlk is overbought. tesla is not overbought. a way of getting into something without getting into "magnificent seven." tesla is part of that departed from "the magnificent seven." edward: meta reports after the bell today. jonathan, seems the company can do no wrong for investors.

what are you looking for in the earnings report or call? into what a tremendous turn around, edward. this stock was almost given up for dead. the metaverse itself was a real flop for meta whether it was outlined. the company was lampoon ad bit for its name change yet it is up 140% in the last year. at carley alluded to this is one of "the magnificent seven" stocks still holding up to the all-time range. we need a beat but a pretty hardy beat given the expectations, given the valuation. meta is still a stock that trades well in excess of 30 times earnings. that is not cheap especially considered how overextended met at that is. this is an index bay from this point on. i don't think this is extraordinarily new major gains, but you certainly don't want to bet against mark zuckerberg. he continued to innovate. that is why the stock has gone up. edward: jonathan, frances, thank you for the debate. this is wild ride. up now or down 126 at the

moment. appreciate it, thank you, you guys. coming up with so much controversy on elite college campuses up north, increasing number of students are opts out of the ivy league and heading south. the potential economic impact next. ♪. it's odd how in an instant things can transform. slipping out of balance into freefall. (the stock market is now down 23%). this is happening people. where there are so few certainties... (laughing) look around you. you deserve to know. as we navigate a future unknown. i'm glad i found stability amidst it all. gold. standing the test of time.

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♪. [shouting] edward: back to those anti-israel protests rocking college campuses right now. columbia is negotiating with protesters as nyu deals with the downtown chaos. fox's alexis mcadams is at nyu. what is going on there right now? >> reporter: we want to show you what i see out in front of the business school. we'll walk this way in nyu campus in new york city. check out the huge plyboard, wooden boards they're putting up outside the school. they're trying to block protesters got rowdy this week. as nypd moved. police were called into this campus after someone in the crowd, while they were just trying to clear the possessors and tents out, threw a chair at police officers. then also bottles. that chair depthed officer's tell met, a sign how hard it was thrown according to investigators. they believe there are there

professional agitators mixed into the crowds on or off campus. the fbi is looking that outside group could be funding protests outside the city. many are questioning who is organizing movements, with similar tents set up across come pauses. nypd, professional agitators are trying to bring in weapons to try to fight police. we'll look live at chum i can't, where the calls for the university's president to resign continue to grow louder every single day after she called for a reset but they haven't seen much action taken just yet. speaker mike john so set to speak with columbia jewish students this afternoon after things got out of control with is anti-israel chants. >> israel go to hell. >> it is right to rebel. >> israel, go to hell. >> israel go to hell. >> reporter: things here at nyu haven't escalated yet, but there

are nypd officers on standby, at a moments notice they get the call to move into these private campuses, when the campuses and police say they can't really handle it anymore. edward: alexis, before you go, is that fence around just the business school or is it expanded to the rest of the nyu campus? coother colleges follow suit? >> reporter: we'll have to see. they put there up pretty much yesterday. this is part of the business school. they have not expanded it just yet. this is the hot spot where we saw all the tents set up. this is one of the main areas. why they think it could help. nypd is asking campuses to take control before they get called in at the last second. police think this could be a good way to prevent protests in the future, edward. edward: it is sad, it has come to this. thanks alexis mcadams at nyu, appreciate i. all the protest cost have business impact. we documented businesses, headed out of new york. maybe including students could

be following suit. jonathan hoenig is back with me. jonathan could this have a long term financial impact if all the college students end up going south? >> we're talking about a 738 billion-dollar industry is the higher education, and the follow-on, ad-on effects of these type of protests are going to be profund and they are going to last. even in my social circle i talked with number of my contemporaries of mine, with younger kids and daughters, altering their plans based on the protests. not to mention followmoney we say, how many big philanthropists, entrepreneurs say they will not donate to schools anymore. there will be follow-on effects, major economic follow-on effects not only where students choose to go but more importantly the type of support these schools get. keep in mind, the schools mounting anti-semitic proteststh learning it in the schools themselves. we'll see more and more, i hope pushback from the finland throw exists and people who support

the schools and say no more. no mas. edward: talking about the other side of that funding, parents pay $66,000 a year for columbia university tuition and the school can't enforce its own rules on hate speech and safety for the students there, from crossing a line. you know, you will be left with a less diverse college, at least in the north, the northern, where the colleges are having problems in the north. it will be less diverse, won't it, if jewish students leave? >> indeed, edward. we saw this last week a number of colleges can sell in-person classes we go virtual only. why? because of student safety this is such a terrible precedent being set here. unfortunately as you alluded to the universities themselves are not keeping their students safe. if they literally can't keep students safe, why are parents paying that amount of money to send their young people supposedly to get educated? this whole event is unfurling a lot of neglect and a lot of rot

that has been unfolding in higher education for many, many years. we're not seeing its ugly face. many parents, not to mention students are making tough choices about whether they want to go six figures into debt with a school that teaches hatred for jews and sympathy for hamas. edward: one last thing we saw it with the ivy league schools, harvard, cornell. there was no pressure to resign for the head of those until those donations started to get removed, started to be pulled back. the money talks here. do you think that money is starting to talk again? >> indeed. laugh asnes one famous money manager i know who pulled his donations from a lot of these very fancy ivy look school. the irony the fancier the school, more expensive the school, almost seem the worst ideas being taught there. the more prestigious, more hatred for jews, more sympathy for the terrorist groups. there needs to be unfurling what

is going on in areas of higher education. as you said the money will force it. more and more fill lan philanthropists pulling donations. you will see changes at the top and it won't come soon enough. edward: jonathan, thanks for picking this up at the top. the future of tiktok hangs in the balance. this could be the last dance for the popular social media app in the u.s., maybe not. we'll explain the legal battle ahead. ♪.

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serious allergic reactions, severe skin reactions that look like eczema, and an increased risk of infections, some fatal, have occurred. tell your doctor if you have an infection or symptoms, had a vaccine or plan to or if ibd symptoms develop or worsen. i move so much better because of cosentyx. ask your rheumatologist about cosentyx. ♪. edward: big news out of washington. president biden has now signed the bill forcing bytedance to divest its ownership stake in tiktok but the legal bat sell far from over as the company plans to challenge the bill in court. fox news correspondent mark meredith looking into all of this. >> reporter: you're right, this is going to court. now that the president signed the foreign aid bill. it signed clock potential changes to tiktok. owners will have nine months or risk being shut out of the big app stores. tiktok is not going down without a fight. it is clearing up for the legal

challenge. the lawsuit has yet to be filed the company's ceo posted a video today. >> rest assured we are not going anywhere. we are confident and keep fighting for your rights in the courts. the facts and the constitution are on our side and we expect to prevail again. >> reporter: while the president himself supports the efforts to force bytedance to remand on the platform. president didn't take up reporters questions on the issue but could come up during the white house briefing in an hour or so. president trump who once supported tick tock, cam h came out against it. he posted a video, young people biden responsible for banning. he is the one pushing it to close, doing it to help his friends over at facebook. in the short term nothing changes for tiktok users. the plan is giving the company time nine months to come up with a plan b. with the pending lawsuit coming, you can bet edward, there will be delays.

i imagine nothing happens in the short term. edward: would not go iaea effect before the election. the biden campaign posted 110 times since he joined. >> i would have had the fact. that's why you're the anchor, mark meredith here. market watcher frances stacy back with us. china says it will not allow tiktok to be sold. are investors worried this codeepen the divide between the u.s. and china? >> yes. i think you made the best point which is the fact that they don't have to sell until after the election. this is all about timing this is all about politics. biden doesn't want to look like he is in china's back pocket or favoring china in any way, shape or form against trump, sort of historically tough rhetoric against china. it is a little bit of a kind of a funny thing to hear about you know, a chinese company talking about their first amendment rights under the u.s. constitution, right? that's a little bit interesting.

however, this is meaningless. they're going to continue to collect the data that they have been collecting through the end of next year, to any ex extent that they attempt to influence elections or anything that could go on with that data, however they use that data, it is interesting they're standing up for the first amendment rights but yet what about those privacy rights? this is much ado about nothing. edward: tiktok is very different for those in china as it is outside of china. so in the past, we've seen retaliation from china when the u.s. makes moves. should american companies be, or businesses that are doing business in china be worried about the retaliation? >> i think they should just be worried in general. we have a lot of information that china is many becoming increasingly competitive with the global gdp. people like ray dalio coming out from a mechanical perspective china is on its way to overcoming the u.s. as the world superpower.

i think there are more issues with china. both administrations whoever wins the election are going to be tough on china. just proan investor perspective, if you're going to be long china, you have to be very tactical. that gets very tough when you're trying to protect someone's retirement and chinese might be easing and when america is tightening. so that becomes a bit of a tough conversation but as far as this goes i think tiktok, you know, it has a privacy issue and you know, americans are going to have to make their own decisions. also pertinent to the litigation is whether or not they sell tiktok with the quintessential algorithm or whether they sell tiktok without the quint session algorithm that has given it a broad base of 170 million u.s. users. it supports about seven million companies. edward: so with all of this, do you feel like there is room for now another social media app to come into the space of short videos? we have instagram. you have truth social but not really quite the same format as instagram and tiktok?

>> yeah. i am not enough of a social media user to really speck rate speculate on that. i trade the technicals on this. edward: right. >> if tiktok leaves it has such a wide user base, those people want to communicate. they got used to communicating in that way. to the extent an american tech company can fill that need, they will benefit from that for sure. edward: seems like a line of ininvestor or funds foaming at the mouth to get tiktok. wall street obviously sees the value of this company. >> absolutely. just the user base is just extraordinary when you think about it. what is that, 40% of the country is on tiktok. i'm not one of those people but, yeah, that's a lot of access. s interesting, i take a amino acid supply meant. they sold out for two months. i said what happened? some internet influencer happened to mention us.

it was completely unplanned. now i can't get my amino acid. this is big thing for business in general. edward: frances, appreciate this. great debate on this. it will not go away anytime soon. i also do not hughes tiktok. we're in the same boat. >> good for you. edward: coming up a story affecting homeowners and buyers alike. mortgage demand is sinking as interest rates skyrocket past 7%. we'll break this down next. ♪.

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pulling the trigger on housing. join is executive vice president and principal like aubrey. mortgage rates on the rise in the highest rate since november that we've seen. we see this strong mortgage rate. >> everything is being driven by cpi and chairman powell's desire to get rid of inflation and that, coupled with the treasury is making rates come up but we have to have some perspective and it is this. nothing short of a global pandemic would have created the free cash that was creating things like 3% mortgage rates. i don't know that we will see that again in our lifetimes. you would think i said this to you over there, you would think in any sector at all that you

saw the cost of money in that sector to go up as quick and as high as mortgage rates have gone up. in reality it hasn't been. demand remains amazingly high. edward: the mortgage industry, doesn't meet that. jen z and millennial's are continuing the formation and getting married and have kids and huge pent-up issue. and you have that segment available to drive it. >> i've seen new homebuilders buying down the mortgage so we've seen some sales there. do you like the stocks as

superbullish? >> what you are going to see, the next 3 to 5 years is an explosion. and a little more scared about putting their money in this period. and build them as such. >> what his home demand meant so much? >> it is not like a car where you decide you have an elected vehicle or gas vehicle and if you go back to the hierarchy of needs you've got to have shelter, somewhere to live and as we have seen this coming of age of younger groups beginning to marianne not be in a position where they want to be in urban centers they are setting down roots at this point.

neil: edward: you are not shying away do you see a scenario where you tell home buyers to buy the home and refinance two years from now when rates go down? >> that's a great narrative and the idea is it is true. if rates come down you can do a refi. you can go down but it could go up. the idea of not buying could cost you. edward: where's the new norm for mortgage rates. >> it is 7%. >> appreciate it. that doesn't to a suncoast to coast. back to new york from texas, and -- brian: 7% to 8%, we will see what we could do. i'm brian brenberg