discussing damages. and in this case it does apply to the sentencing, the time that he would serve is like damages. the attorney is saying because people will get their money back 100% paid in full and they were the able to find the funds, bankman field shouldn't spend 40 or 50 years in jail, he should only spend 5 years. i'm not saying i support the argument -- brian: good luck with that the one. taylor: we'll be allover it next week with. let's get a quick check on your money. stocks are mixed coming off four straight days of gains, but up across the board for the week. the dow and s&p having some of the best weeks we haven't seen since december. it was the week, jackie, of record highs. jackie: amazing numbers. thank you, guy, always great to see you both and to work with you. we're going to send it over to charles payne. charles: it's a wonderful thing until it's not. have a great if weekend, everyone. i'm charles payne, this is "making money." breaking right now, the market early on spinning its wheel

withs, trying to get a little traction now. no doubt, this is what they call consolidation. but what iferers are beginning to be weak and inflation if still remains too high? what's the the rally narrative then? then, of course, we're going to assess the madness of jay powell a couple of days after the fomc. judy e shelton and don luskin on that. and commodities are breaking out, so where are the best opportunitiesesome and lessons from jerry seinfeld on the need for several revenue streams, especially in the age of runaway prices. and by the way, why is america so unhappy? if our happiness is fading fast. all that and so much more on "making money." ♪ ♪ charles: all right, so this morning nike, actually after the bell yesterday, reported their numbers, right? but this morning they were competing with fedex to see which one of these would be the hottest stock in the market, right, this session. and then came the conference call. the company actually says, well,

they see sales slowing down in north america. by the way, despite if what the media has tried to paint the mare ty. also -- narrative. also china sales are weakening as well, so management offered tepid growth expectations and they're going to focus on cutting $2 billion in costs over 3 years. that was around 31 minutes into the earnings call. the shares absolutely collapsed and then, of course, a parade of analysts started to trip over themselves rushing to turn their numbers much lower. in fact, i all of them seem to have cut their estimates, their stock estimates, on where the stock is going to go. and it's not just nike, lululemon experiencing their fourth worst session ever. consumers are not only backing off these expensive sneakers and gym gear, we had the ceo of circle k yesterday saying diesel demand continues to be weak in the united states, an indication of softness in some sectors of our economy. and we know things are bad when with consumers start to give up on going out for dinner or. that's become sort of the post-pandemic luxury for all

americans. darden restaurants is signaling maybe that trend is slowing down. ironically, we have just seen a wave of economic data in the last 48 hours that paint a different picture of the economy. so we've got two narratives out there. however, they do have one thing in common, and it's the fact that money, gushes of money continue to pour into the economy. and while that the moves the economic need, it also keeps inflation elevated and those high prices are beginning to take a toll on if americans. so here's the scenario. we had the rally last october, go to an accommodative fed if. and then the rally baton this year e went to a strong accomplishing strong earning, but we know it's supposed to be paused to go back to an accommodative fed. but what if the consumer is tapped out, has overspent in part because inflation is too high? but inflation is too high to cut rates, what happens with this rally then? meanwhile, this morning the stock market started to shift into higher gear just like all year long, right? the 15th best start to a year in

2024, 55 trading days, and this is excellent news because momentum in the stock market is a real thing. it really does work. strong starts usually carry on for the remainder of the year. the exceptions were two times during the great depression and 1998. here to discuss, nicole webb. of let's start, nicole, with this whole thing like, you know, on one hand we get, you know, ism this or philadelphia fed was a little bit better or this, but on the other hand, we keep saying corporations. corporations, which i like corporations better. a lot of them have, like, 10,000 locations with 100,000 folks on the ground. it's not a survey. they know what's going on. but we're getting mixed messages. >> yeah. i loved your opening today, charles. charles: thank you. >> really enthralled in it, and i thought it was such a great setup for anyone watching the programming today around a this distinction between how we talk about the consumer at large but really this, there's really two pockets of the consumer. and so you i see names like

american express which is generally associated with the more luxury-oriented consumer hitting all-time highs, 52-week highs. but then you also see kind of slowing trends around the other half of the consumer. and then when we go through the litany of economic data, one of the most interesting subpoints was that immigration looks different. and so what kind of impact on the positive side does that have to the inflationary story. and so i think this is all a kind of spinning out between is wall street really predicting the future of where we are headed? a.i. advancements, productivity advancements, that we're on some future eve of fed cuts, or or are we thinking more about the macro themes around the american population and these two distinct sets of consumers and how that trickles through it. and those two are kind of at odds with one another -- charles: i mean, listen, the a.i. story's been the dominant story in part because those are the stocks with outsized

influence on the markets. if we take out the a.i. story, this market may be down this year, right? if. >> absolutely. charles: on the other hand, you know, we've had a lot of foreign-born workers get jobs in the last year, but we also have a lot of native-borns who haven't gotten any jobs, and sometimes that comes because of price, you know? with the salaries people willing to settle on. and and that creates its own economic quagmire. in the meantime, the rally is starting to broaden out but, again, today we saw a retreat back to the a.i. winners, right? and so you still have to be select i. i want to get a couple of ideas that you like. i know you like ulta and adobe. i just sold my adobe recently because when they reported, adobe's e the kind of stock you never really have to sold, but the reason i sold is because they couldn't articulate an a.i. strategy, and i think until they can, i'd rather have that money somewhere else. >> i think that's a really fair point, and i think this is another one of those distinctions between trading,

trimming and investing. charles: right. >> and for us, we are long adobe as an investor. a thesis where when we purchased in, we were very excited about the forward five years. ing looking at the recent reaction to q2 probably isn't going to look very strong, but there was a lot of leadership optimism about the year on the back side of q2. charles: right. >> we do believe that there is wind with in the sails to some of the video editing and a.i. overlay stories. there's a really interesting layer of technology where adobe may have something that can tell us if it was computer originated or if it was really -- charles: we're going to need that, we're all going to need that. >> right. that's the fun side of it. charles: everyone else will need it later. we've got to run, but also you're looking broad ifly though for a pullback. overall a, you're optimist ec, but you would like to see allback. >> i would absolutely like to see a pullback. i think there's been a forward

pull-up in the a.i. story, i'm still more excited about the veins that lead into that a.i. narrative, hardware, data, energy supporting it. charles: and we saw this at the beginning of the pan dem pandemic, we were told the 5-year demand for all that technology was full -- pulled forward. nicole, great stuff. thank you very much, appreciate it. all right, folks, let's bring in keith fetes gerald on that note. keith fitz-gerald. keith, let's focus on this because with you're our a.i. guy, our tech guy. you've done extraordinarily well with these names, right? and they -- it feels like they became somewhere along the line the de facto safe haven as well. anytime this market's in doubt, hey, you know what? pick up some vined ya. nvidia. >> well, i don't think that's off base because if you look at where the world is going and what that technology's going to enable, to nicole's point, it's all the veins that lead into it. right now our attitude on this is are is very simple, everybody wants go prospecting, so you sell shovels.

nvidia is at the very core of that. charles: so with that in mind though, every -- i mean, or listen, i just, i saw another two firms go to over $1,000 on nvidia. i think we're at a 17 now. a month ago there was maybe 2. but at some point, do you peel like, okay, they get to a level where they get over their -- even the greatest stocks in the world can be overpriced, i guess i'm trying to say. >> well, i think's a fair concern, right? and i share that concern. if it were anything other than a.i., i would already be out on that that, on that line, that yard line. you know, i don't think in this instance, i think it's far more likely we're going to see the stock split. i think we're going to see a lot of money continue to run into it because this is not a technology like people are thinking. that's a mistake, charles. this may be the greatest technology in human history. it's going to alterer the trajectory of the world, which is why i'm not going to let go of it anytime if soon. charles: of course, i know you're a holder of that and

palantir. you've held them through up ands and downs, and now you're sitting pretty. everyone's surfing around for the new name. one that's become very popular is sound hound. stock made a huge move yesterday, i think it was a second tier firm kind of downgraded it, but it got hit pretty hard. you've got to be sniffing around for the next potential nvidia. >> i am. and we do that every single day, but the question that we look to answer, marley when it comes to a -- burglary when it comes to a firm like sound hound, does it offer anything new or compelling? peter thiel's network, i'm going to look for the 0 to 1 firms. i don't think sound hound is one of them. anybody else operating in that space is potentially a competitor, and if there's bigger, stronger companies with better balance sheets, i'm going for those every time. charles: real quick before i let you go, a couple of names you do like under some pressure recently, tesla, apple. stick with them? >> i think so. you know, the apple case, doj,

take that one. what's next, are they going to sue mcdonald's because they don't have burger king on the menu? [laughter] stick with it, yeah. charles: did you buy some reddit yesterday or today? >> no. i'm going to give that a quarter or two like i usually do with ipos, and then i'm going to take a look. charles: all right, cool. always good stuff keith. talk to you again soon. congratulations. you've been spot on for a long time. hurt, folks, it's official -- all right, folks, it's official. it's springtime. people are saying this is also the time when the market makes a big change. to one has mapped this out better than the hersh family. jeffrey is going to be with us. you know he's the editor-in-chief of stock and trader's almanac. right after this. muck don't worry about a thing -- ♪ 'cuz every little thing's gonna be all right ♪

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her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for.

charles: rah breaking right now, major news. kate middleton, the princess of wales, announcing that she has cancer and is undergoing early stages of chemotherapy. we wish her the best of luck. in the meantime, folks, the last couple of years when it comes to

seasonality, you know how markets typically react? it's been uncanny. they have been a perfect road map. and this year you can argue maybe spot on. except take a look at that a green line. maybe it's up a little bit too much. these are past election year cycles, so what has to happen from here? if luckily, we've got stock trader's almanac editor-in-chief jeffrey hirsch. that green line feels great, but it feels like even for someone like me with rose-colored glasses on -- [laughter] >> -- talk about bullish sentiment last month and that can run for a while, but it's getting kind of frothy. charles:s it is. >> the sideways action on that a chart suggests we're coming to the end of the best six months and maybe we get a bit of a pause. not much downside that i'm looking at. charles: but a green line like this, would it have to come down at some point, and if it were to come down, would it have to actually -- >> not necessarily. i see more of that sideways action. charles: sideways.

>> yeah. very typical election year q2, q3 bouncing around while we get to the conventions and things get figured out so -- and, you know, a.i. boom is driving things, you know? there's this technology, you know, put under the market that's got things elevated. that's no joke. charles: that that's what i was talking about with keith fitz-gerald sw. every time the market's not sure, you go back and buy nvidia which is so weird -- >> super micro. charles: all the experts were saying we add had our subscribet 340, and yesterday it was up at 100 points. >> they're going to sell stock at 875, and it still didn't bounce off that. charles: this is sort of a different thing. you use history as a guide. how is it being so unique with the aspect of a.i.? how does that change the way you approach the job? >> i mean, it's part of the equation. i mean, the tech -- something we call culturally-enabling, paradigm-shifting technology.

hooks like a.i. is that. same thing we had back in the '80s when we mad the microprocessor come in, with the internet at end of 2000. we're at a point -- charles: but do certain rules change? like, between these -- >> it can change. mine, it doesn't change the rules, it trumps them. it overrides them. you have, you know, other forces that are more powerful that are overriding seasonality. but honestly, seasonality and the cycles are, as we said, tracking very closely, uncanny, since '21. so, yeah, we didn't get our february dip, we didn't get any if weakness in march, but the charts since '21 seasonally and the 4-year presidential cycle, very close. it's just quite a bit above. charles: it had been a road map to making money, bottom line. >> for sure. charles: i know you like copper here. so do i. i loved it. i talked about it earlier in the week. the chart looks phenomenal. >> yep. copper telling us the economy -- ph.d. in economics telling us the economy's got some legs to

it. i picked it up on a dip myself, the minors, one of our -- miners, one of our seasonal recommendations. seasonality goes from december through may, and we've got a lot of building going on out there. charles: utilities. listen, they've been frustrated because we just talked about the new get i -- new de facto safe haven, it used to be utilities. but i feel like the narrative is changing particularly with the need for power. think we're estimating how badly a.i. drains power, how badly i think our power -- the administration if is going to mess us up in terms of, you know, getting us off fossil fuels too soon and, of course, the electric grid, all that. utilities. you like them here. >> i do. it's a seasonal trade for us, march through october, but also if the fed should begin to lower rates which they said they're going to, that makes the dividends of the utilities much more attractive. you know, there'sal some talk about uranium we're hearing out there. if you need some energy probably the best source of it. i mean -- charles: right. >> that's also part of the

future too. we own xlu, and it's setting up nicely. you've got the summer air-conditioning season that tends to kick in and also push utilities higher. and things are getting a little warmer maybe -- charles: right. >> energies, as a you say, is up there. charles: it's been pretty good in the last couple of weeks. jeffrey, gotta go here. thank you. always appreciate your expertise. >> pleasure. charles: all right, folks. don't forget, i've got in this big town hall coming upping unbreak with bl investor, it's going to be absolutely phenomenal, wednesday, april 24th, 2 p.m. eastern. you can join right here in the studio. the last two were standing room only, people are still talking about it. you're going to ask questions, hearn a lot and have great, great time. go to eventbrite.com, search for charles payne. i want you to get your free ticket right now, and i'd love -- can i can't wait the see you just a month from now. we'll have a great time. all right, so is one job enough for you to grow your wealth? we're asking don luskin and a few others because an inside if period of inflation, most people say they need two or three gigs

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plan of three rate cuts this year which, of course, they outlined months ago. they haven't changed on that. powell and company, it e seems maybe they've got the champagne chilling right now in anticipation of a soft landing being really right in reach. wall street wants to blythe, obviously, but main street cannot believe it and a lot of other folks are simply confused. in fact, the economist magazine not buying it at all. this week they posted this piece, the difficulty of the last mile of inflation. and then there are actual economists that see the nation edging closer towards stagflation. here now is trend macro chief investment officer don luskin. don, you know, i wanted to just -- this economist al was intriguing to me because they -- article was intriguing the me because they talked about the difference between ppi and pce. the cpi's more rigid. if that's the case, is the fed using the wrong metric to begin with? >> i mean, the personal consumption expenditures inflation, the fed's favorite, that's been around for about 60

years. and over 60 years, it has always been a little bit lower than cpi at the rest of us use. it's about half a percent on average. right now it's it's about 1% lower. so if anything, it's giving a rosier picture. i understand why the fed prefers it. it is a better constructed index. it changes its weightings of all the components that go into it every single month as buying patterns change. it doesn't wait a whole year to do that like cpi did, so that's why in january we got the seemingly shocking cpi number, but that's just because they waited a year to update the weights. pce does that the every month so it's a nice, smooth, reliable series, and the fed is right to favor it, and it's giving us a 1% better answer too. [laughter] charles: those who are in the rate cut camp say the fed is waiting too long, and it should be noted this right now is the second longest pause between the last rate hike and rate cut on

record. duds that concern you? >> -- does that concern you? >> no, it doesn't. and the reason why is because most of this very rapid, very violent rate-hiking regime actually took mace, like, you know, two years ago a, right? they literally lifted off exactly two years ago, then they launched into that sequence of four 775- 75-point basis rating hikes. that got done in november of '22. that's when most of the lifting got done. this were pauses and there were hikes, but if higher interest rates like we've had since the july fomc at 5.38, if that was going to crash this economy, it would have. lags don't take that long especially considering that the worst part happened a year and a half ago. so the evidence of the real world all around us every day, 24x7, is we have a booming economy, an unemployment rate with a 3 handle. everything is beautiful. these interest rates that that we have right now, and you're right, we've paused there for a very long time, the economy's

behaving so well that interest rate must be about right of -- right. otherwise we'd be having the hard landing or the soft landing. we're having what i predicted all along, no landing at a all. charles: i've got his than a minute to go. you wrote a lot of things this week, good stuff, as usual. i implore everyone to read your work. you said inflation would be good for growth but at the markets fear it. when i was reading that, i suspect that's because people read about 1929-1941, but what are they -- what's everyone kind of missing then? >> well, we've got a decline in the money supply in a year-over-year basis for the first time of the history beginning in 19159. and and that probably -- 1959. and that probably means we're going to have something that feels a little bit like deflation. but after the last three years, we've had more inflation than we had over 40 years. the price level jumped 22% over three years. we need a little relief from

that. deflation if will be a good thing, not a bad thing. oh, ye, i know all about 1929 when we had deflation -- [laughter] but that didn't cause depression. the depression caused deflation. so if we have a little deflation now, welcome it. charles: and you know what? quantitative tightening as a myth, what do you mean by that? >> >> all i mean is that when the fed started doing qe all the way back in the worst of the pandemic, it really needed to do that because at that point the bonds that it were buying, was buying were toxic assets. charles: right. >> a 10-year treasury that's yielding only 311 basis points, which -- 31 basis points, that's why silicon valley bank faded. if the fed hadn't done all that questioning e, all the banks would have failed. everything's normal now. we have a booming economy, and we have a 4% 10-year yield, so we don't need the central bank taking toxic assets out of the system anymore. that's all qt is.

it's not tightening. it's normalizing. it's wonderful. everybody, find something if else to worry about, not that. charles: this is america, we'll find something. of don, great stuff. appreciate it, my man. [laughter] >> thank you. charles: earlier this week, folks, i saw this meme, and i think it was fantastic. [laughter] so the fed always says it has a dual mandateful well, this is what some people think it is, to keep the s&p 500 and nasdaq 100 as close to all-time highs as a possible. joining me now, judy shelton. aye got to be honest, there are the times when i peel like that meme is spot on -- i feel like this meme is spot on. [laughter] i didn'tens the fed meeting, i didn't understand what powell was saying vis-a-vis the comments how strong they see the economy than they did just in december, and yet it wouldn't add any inflation pressure ifs. just your thought on what we saw from the n -- fomc in that paul presser. >> i thought he was holding up that sign. [laughter] there's every reason to feel a little confused about what happened on wednesday because

there were such mixed signals. i thought it really reached the height of that when chair powell volunteered that one reason we might cut rates is if we saw a real decline in labor conditions; that is, if we saw unemployment going up. and so the reporter who asked him about that pressed a little harder and and said, well, then does that mean that you wouldn't cut if the labor markets continue to remain tight? and he went, oh, no, oh, no, we could still cut. so he was sort of willing to give whatever anyone wanted to hear finish charles charles right. >> -- in the sense they could take a good message from it including while he kept mentioning the 2% target rate. he was also making it clear that if we're on the wait for it, that might be just good enough. charles: you know, i read your work where you said until the fed acknowledges the limitations

of monitory tear policy when it comes to reducing inflation -- monetary policy when disif call stimulus is fueling demand, the fed 's credibility is going to remain on the line. so at 2 a.m. this morning, a 1,012-page omnibus bill for -- 1.2 trillion was released. the house has already passed it, maybe the senate will too as well because everyone wants to go home and brag about bringing home the bacon. i mean, so it feels like this is sort of -- i don't know, it's one of those, like, what is it, last theorum? one of these things no one can figure out. how can the fed effectively do their job if they keep printing money in d.c.? if. >> they really can't. i think it's the fiscal override of whatever restrictive monetary policy it's meant to accomplish including we have basically industrial policy now where part of that deficit is financing government-sponsored projects.

that receive subsidies that tell companies what to build and how to go about doing it. and so long as a you're doing that, that's the exact kind of economic activity that the fed's whole premise for fighting inflation was meant to curtail. so if the government is doing that and financing it through deficits, then there's almost nothing monetary policy can do to fight inflation including giving people more money by forgiving tuition, their loans for college. charles: right. >> that puts more money in their pockets, and it's exactly the increase in checking accounts and money in pockets that puts the fastest and heaviest demand on prices. so that's very inflationary. charles: you know it's amazing, i tell people it's a 3-year period or where the college moratorium was on, households that got that wreak didn't is ty back their loans increased their debt. and, of course, italy add had

the merging of government and business where government told them what to build and how to build it. didn't work out too well judy, i wish we had more time. thank you very much. my next guest is going to break down the factors playing into the increasing demand for copper. we've talked about that a couple times this week. it's sideways right now, but there's some implications you want to know about for yourself and your portfolio. tracy shoe chart is next. ♪ but i won't hesitate no more, no more. ♪ it cannot wait, i'm yours ♪ ed. ♪ we worked hard to build up the shop, save for college and our retirement. but we got there, thanks to our advisor and vanguard. now i see who all that hard work was for... it was always for you. seeing you carry on our legacy— i'm so proud. at vanguard, you're more than just an investor,

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charles: all right, don't look now, folks, but commodities are on the rise. and i'm not just talking about oil and gold breaking out. let's bring in hill tower resource advisers ceo tracy shuchart. tracy, so what's -- all of a sudden i know all these things kind of start slowly, but they've been building up momentum. what's a causing this? >> well, i think that, i think if we looked at metals, they're all for kind of a different reason, you know? precious metals on one hand that are starting to a -- broke that high in gold that it's tested for quite a few years with, a lot of momentum bringing it up.

it also coincided with central banks have been valuing a lot -- buying a lot of gold as well as inflation's remaining more sticky despite rate hikes, and i think people are starting to notice that. gold is used as kind of an inflation hedge. charles: sure, sure. but is there something else though? if i mean, i hear what you're saying in term of all those other factors, but it feels like there's -- the sense of urgency seems to have changed over the last couple of months. >> absolutely. you know, i think, well, i've been, i've been talking to you about this forever, about the energy transition metals that we're going to need. and suddenly we're starting to see a bid in those, again, after we came off those 2022 highs. and i think that reality's setting in in the market that the supply response the higher prices is not, it's going to take too long to put the market

into balance for a lot of these. charles: right. so and then, of course, there's the move in oil, right? i mean, or we had so many false starts. with we thought maybe after those, after that brutal attack on israel back in october that would be the impetus for west texas intermediate going to 80, some said even 100, you know? but all of a sudden that momentum has sort of come, and you wonder because it doesn't look like it's slowing down. >> well think, you know, we're seeing a general move in commodities, right? and we've talked about how i believe or we believe that commodities are sill in a bull market even though we've seen a large pullback, again, after those 2022 highs. but you're going to see kind of fits and starts along that bull cycle. but even so, we remain, you know, if we're talking about oil at, and i've said since day one, higher for longer. even though we came down, dipped into, you know, the lower 70s, high 60s, you have to realize

that's higher than what the historical norm has been -- charles: right. that's a good point. >> so it has been higher for longer. charles: what about policy? these policies, you know, this week president biden came out with these café cafe standards which i don't think a lot of folks understand what's happening here. it's going to soon be really uneconomical and even illegal for automakers to sell internally combustion engines, gasoline-powered engines. but we see over in europe, for instance, i think people would be shocked how much coal germany has to use because they don't want to use nuclear power, fossil fuels. it seems like these policy decisions, ironically enough, are backfiring and making these same underlying commodities, at least holders of them, wealthier. >> well, absolutely. and, you know, it is an election year, so i think part of the reason that epa act was enacted is, one, so that the administration looks like an environmental champion to get those votes. on the same hand, pushed it out

to 2032 so an entirely different administration has to deal with it at that time. charles: yeah. well, i hope they push it out to 3022 or how about just letting the markets decide? i'd love that too. tracy, you're the best. thank you very much. >> absolutely. charles: hope you guys stayed the course like she's been suggesting. all right, folks, on the age of runaway pieces, there's a lesson from jerry seinfeld that, unfortunately, a lot of people have learned the hard way. you need more than one gig, folks. we'll be right back. ♪ run fast by your mother, run fast for your father muck run for your children, your sisters and your brothers ♪ that work better together. like your workplace benefits and retirement savings. voya provides tools that help you make the right investment and benefit choices. so you can reach today's financial goals and look forward to a more confident future. voya, well planned, well invested, well protected.

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we're talking about cashbackin. not a game. not a game! we're talking about cashbackin. we're talking about cashbackin. we're not talking about practice? no. we're talking about cashbackin. we're talking about cashbackin. we're talking about cashbackin. not a game! we've been talking about practice for too long. -word. -no practice. we're talking about cashbackin. we're talking about cashbackin. i mean, we're not talking about a game! cashback like a pro with chase freedom unlimited. how do you cashback? chase. make more of what's yours. charles: i was reading a story this morning, those things to keep it going. what comes down to the moral of

the story, you must have one source of income to develop great wealth. one reason the initial jobless claims, and folks are likely to take on two jobs rather than protesting fewer hours at the job that might -- this situation is more acute over the next year and to take a look at this. philadelphia fed story gives us a glimpse at next year and initially the street shared, people look at the survey and the trend has been decreasing since november. month over month stuff remain negative, work week is in negative, six months, employment continues to plunge, fewer dollars, this has been a significant issue focusing on hourly wages, creeping above inflation, doesn't matter.

if you're working fewer hours you're making less money and that is nominal. the philadelphia fed shows 22 have seen economic contraction, 20 are growing. the economic opportunity director, a long time -- wealth is a huge topic in this nation. more than ever before, we are fascinated by it. everyone thinks they can have it, look at social media but most people are struggling to make it day today. the happiness report is making headlines, united states plunging to number 23 in the world. 30 to 44 is where the massive decline is happening. you talked about this age group taking it on the chin. >> what's going on is 30 to 44-year-olds, these are millennials, they are not hitting the generational milestones they thought they

could hit. household formation, getting married, buying their first home, priced out of the market the past few years and they look down the road and say i should have a family, my own own home and think about retirement in the future and they are thinking how am i going to take care of an aging baby boomer parent and straddle student loan debt? this generation is struggling and it is not surprising when looking at different surveys how many people particularly women are financially stressed out. charles: the experts try to convince everyone we are better off. a tweet by a guy who is a smart dude talking about the stuff he's talking about, bragging about 5% of cash. a lot of people don't have cash to earn 5% on. feels like a nation of have nots and haves and they haves are getting more.

>> there are people moving up the ladder into the haves but a lot of people for whom the middle class might take to own a home again, a traditional class lifestyle being eroded by inflation. your paycheck may be growing but in real terms it is shrinking. that's not surprising when you talk about how many are working multiple jobs. when the monthly jobs report comes out, i skipped to the chart, the number of people holding multiple jobs, 4.7% of men and 5. 8% of women hold multiple jobs and we are seeing that number to cup every month. that tells me people are looking for that side hustle, hanging their own shingle with their own small business, entrepreneurial's to make those ends meet. charles: we don't know how many they come. what would you like to see,

what helps to fix this. >> the congressional review act to overturn biden's job entrepreneurial killing independent contractor regulation that was strangling solo entrepreneurs and independent businesses, people who pay the independent workforce would be restricted by the department of labor, thankfully congress is on it, we have a cra in the house and one in the senate so hopefully that advances because we don't want to see women, older americans, people who cannot work in a 9-to-5 job or to see those opportunities because of the heavy-handed government. charles: california is doing that and it is unfair. i want to bring in rebecca walter. you and i had similar conversation for a long time,

it's a bifurcated nation but feels like now, this administration is doing more for people who have the most whether displaying their college loans or money to buy an ev or childcare, childcare was never good for 200,000. how does the rest of the nation get on their feet? >> we are bifurcated. that's how you have a tweet that everything looks great and air travel and luxury problems, the truth is going after the contract worker, missing payroll taxes. we need them to switch over to employees to account for the 15% payroll tax. if they are not collecting, the government is trying to get as many tax people into tax revenue, but on the bigger

point, the wage reduction, real wages are going up about what happened is they couldn't find people, they are cutting hours and making them, forcing them to get a second or third job. inflation is still baked in and sticky. charles: inflation, we are starting to see it at nike, lululemon, circle k, all these companies are saying tough times ahead. >> cost of food, $20 for a hamburger or fast food restaurant, and everything is fine. >> janet yellen saying the biden administration, social security is going to run out

soon. higher taxes, more taxes and more taxes, that's not growth, not economic growth. >> republicans propagated the age and every one says you can't do that, the math will dictate it, you will never be hired again. you can't fake the math because you don't want to fire politicians. charles: you can print fake money. >> we want the dollar to be completely irrelevant. we are not in the war or a pandemic, keep doing it. charles: where do we go from here, the wealth advisory business, people coming to you, they want to preserve it.

>> this too many geopolitical risks. moving to the east or away from the us dollar, we do have major dollar issues. to print the dollar, going out of fashion. and we have 2 -- the majority in deal with the deficit. charles: austerities a big deal, beating up on greece and the mediterranean nations. if you think about it now, i don't see any of the us european countries doing the right thing and i don't think we are but are we ready for any hostility. what politician could argue with posterity and get away

with it. >> that the problem, and how to fix it. what's going to happen, when the titanic was going and they showed the propeller that stops abruptly, you get to a precipice of collapsing if you don't systematically deal with the issues. it no longer can be printed and printed and printed. gold is doing quite well and i'm sticking with gold. charles: great stuff. this is a sideways day. the last hour could be treacherous. liz: you have to stay and watch as we kick off the final hour of trade for the entire week. don't think you can relax and turn away from yrt