Guests: Tom Dupree, Kira Rudik, Kelly Jane Torrance
Former deputy assistant attorney general Tom Dupree breaks down the contents of New York attorney general Letitia James's lawsuit against former President Trump on 'Your World.'This is a rush transcript of"Your World with Neil Cavuto" on September 21, 2022. This copy may not be in its final form and may be updated.The Dow sliding, now at session lows here, finishing the day off 522 points. You probably know the familiar drill. Rates go up, stocks go down.
But then, when the news broke, markets retreated. And they did that because the bottom line is this. As the Fed hikes rates trying to tame persistently high inflation, the economy will slow, consumers and corporations will see higher borrowing costs, and that's going to impact the economy. Now, the government won't be exempt from higher rates either. The Committee For a Responsible Federal Budget had a warning: This rate hike could add $2.1 trillion to federal deficits over the next 10 years -- Neil.To Art Hogan right now of B. Riley Wealth.
So although it doesn't sound like much, it certainly is higher. And then the other piece of the puzzle, it sounds like it's going to be for longer. It appears as though the Fed doesn't cut rates until sometime at the end of '24 to '25. So we have got a higher, for longer mentality in the markets now.
But the underlying economy remains pretty robust. So the point at which inflation finally gets close to the Fed's target for long-term inflation and with inflation expectations kind of anchored at some pretty reasonable levels, we will likely see some economic damage. We will likely see unemployment go up, but I don't think we're talking about anything like 2008 and 2009, and certainly not going back to 2000.CAVUTO: Yes.CAVUTO: Yes. And those prices we pay still get pricier.
So we have already seen some deflationary evidence. And so I don't think really this rate was -- a rate hike this high was needed. So what is it going to do? I think it will damage the economy. It could make any recession we may be in or about to be in even worse.CAVUTO: It's not a great -- to your point, not a great environment.
And that was the expectation going into this. If we had had this conversation at the beginning of the summer, I would... In other words, presidents had come back from this sort of morass, even Ronald Reagan in 1982, when it looked like he was a certain one-termer when they lost 26 seats. But he came back to win pretty handily. The same with Bill Clinton in an environment like this in 1994, and, of course, he came back to win pretty handily.And, of course, Barack Obama talked about getting shellacked in the midterms and then came back. But, yes, I mean, people do vote with their pocketbook.
CAVUTO: No, you're right. That's the risk. By the way, when it comes to retirement, and a lot of people urge me to do so every single day. It really hurts my feelings. And, obviously, there's that image of Joe Biden signing -- having the signing ceremony with the Dow down 1000 ticker right to the side of it, really terrible stuff that, in Democratic strategists' mind, this -- worst midterms nightmare, and I'm about to start living it.CAVUTO: All right.
I believe, in Ukraine, they're worried about more serious matters, life- and-death matters, and, of course, this wild card where Vladimir Putin is realistically looking at the option of using nuclear weapons in Ukraine.That's where you will find our Peter Doocy -- Peter. With us right now -- and I have talked to this lady from the very beginning of this war, always was struck by her bravery, her countrymen's bravery here. She's with us right now. Kira Rudik is a Ukrainian Parliament member, kind enough to join us.KIRA RUDIK, UKRAINIAN PARLIAMENT MEMBER: Good to be here. Thank you so much for having me.I can remember when people were thinking when the war started it would be over in days.
Look how effective we are when we finally started receiving the weapons that we need so badly. Look how well we can push him back and his forces. CAVUTO: So, these Russian-aligned eastern province, they just got to get with it, this is all Ukraine, only Ukraine?Kira, so good seeing you. Continued good health. You're remarkable, as are her entire people, never giving up. And she's right to raise every single example she just did.
I mean, what he's attempting to do is -- clearly, I mean, he's losing this war. It doesn't mean he's going to lose it. There is certainly is an opportunity for the Ukrainians to inflict that on him. And they do have the momentum. And that's all good. But, politically, probably one would be sufficed. But what would be the consequences of that? Well, first of all, they have to deal with the radiation themselves, Russian forces on the ground, and possibly the Russian -- the Russian people themselves. And so that is a terrible consequence for them.
We can only speculate. But the idea of him using a nuclear weapon and the consequence of him -- that war expanding, and guaranteeing him a loss then, I think that's remote.KEANE: And, certainly, it's a possibility because he's thrown it out there. But I think it's largely fearmongering.General, always great seeing you. Thank you, General Jack Keane, served this country with great honor and distinction as well.
And we saw it again this morning. Take a look here on your screen. This is just the latest group our cameras caught up with right out here in Eagle Pass, Texas, at least 200 people crossing the Rio Grande River into the United States now being processed by Border Patrol agents, who have to leave patrols to do all of that paperwork.
Now, take a live look the FOX drone team camera right now. This is the look from the sky along the Rio Grande River, where all this action happens here day by day. Officials say most of the migrants are coming in from Venezuela, Nicaragua and Cuba, not so much Mexico anymore, which is important to point out.
While an independent appraiser said it was worth $220 million, Trump claimed its value was 530, and attributed that higher value to the appraiser. Also cited is Mar-a-Lago. Trump valued that property at $735 million. The A.G. says it's worth about $75 million.LETITIA JAMES, NEW YORK ATTORNEY GENERAL: Mr.
And, as I often say, Tom Dupree, he's the guy who gets complicated and translates it back into English, the former deputy assistant attorney general. She doesn't have to meet that burden because this is just civil, although, as the reporter just noted, she is trying to start up some interest among prosecutors by making a criminal referral to the federal prosecutors in New York, as well as to the IRS.
Just because you belong to a family that owns a company that did something wrong doesn't mean that you personally are to be banned from doing business. Sobering economic news from the nation's leading bankers appearing on Capitol Hill today. Jamie Dimon of J.P. Morgan Chase said that lawmakers should be prepared for the worst. He fretted about geopolitical crises.
SHERMAN: So, you are not -- Mr. Dimon, it's a yes-or-no question. You have not cut your ties to the Gazprom and Vitol? Because this number looked at people who swapped licenses. In other words, they just didn't go down to Florida to get a second home or vacation. Thousands of individuals -- and this is thousands every month -- are saying, no, I'm moving out. And I'm applying for a license in Florida. And I'm never going back.
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