it is one blankets for value stock. alibaba. welcome to mad money. i'm just trying to save you some money. my job is not just to educate, but to teach in and entertain. first we are told is crypto is

a great store of value that can save us from money printing central banks and craven politicians. and we hear that it is the best hedge against falling stock prices. but it turns out, crypto doesn't head you against anything at all. including today, with the dow last hundred 54 points, and then nasdaq, 1.3%, capping off the worst first half since 1970. only that are not, crypto has been even worse. it leads the stock market down. turns out that it is the proverbial tail that wags the dog. now i know miserable stock owners of company, but this crypto decline is the mother of all ministry miseries. crisper cryptocurrency of all

kinds are still cascading with no real bottom in sight. i'm picking crypto to start tonight. i usually don't do that. it's the opposite of stable value as the owners always claimed, and for a time i believed. so cryptocurrency is the last bastion, something that the federal reserve is trying to wipe out in order to tame inflation. we know anything can cause inflation, and they stepped up their campaign, but we still have lots of inflation out there. we have wage inflation, housing inflation, and housing inflation, and then speculation. coming up just today and saying we are likely already in recession, i think the fed is starting to make real progress in its fight against inflation, and i salute them. housing prices seem to be peaking thanks to rapidly rising mortgage rates. we can tell that from all the talk we are hearing for anyone who is involved with funding or

mortgage applications or come prices have not gone down yet here, but there are long standing predictive patterns and housing. first buying a home becomes increasingly attractive. when prices go higher, houses become more coveted. once the fed starts tightening up, the cost of borrowing money becomes prohibitive, but homeowners keep building. they don't stop, even as the buyers start to hesitate and walk away. eventually the homebuilders start cutting prices to attract customers in the face of high mortgage rates, which makes holmes feel like a bad investment, and then the down cycle begins. based on the history i think we are three months away from that down cycle. three months at most. maybe before then, so we are going to say that the fed is winning housing inflation. meanwhile i think this past quarter will go down as one of the greatest retail merchandise of all-time.

now it seems as if the excess inventories about bed bath and beyond and restoration hardwar . amazon has way too many warehouses. don't get me started on the other online retailers. i say retail inflation disappeared this month, replaced by everything that you need. we will say the fed has won that war peer come about commodity inflations? we've seen a stunning collapse in commodity prices this quarter. month since 2011. natural gas down 33% this month. crashes and lumber and aluminu , and steep declines in cotton and silver and so many others. even the grades are going down. it is like a bonfire of capital. only oil remains somewhat elevated, and that is because of russia's invasion of ukraine. both oil and gas came down hard

today. the letter is now down 15%. given that russia is now pumping more oil than ever, i wonder how long it can stay higher. if you can sell oil to india and china instead of the west, they will be happy to buy it. the sanctions of russian oil have not taken group production. actually they've created a supply-chain problem and maybe an increase from russia. i'm going to say that commodities have gotten under control, almost everyone. next up, freight costs. they picked a couple quarters ago as more drivers came online. general mills identified yesterday that supply-chain issues are pretty much behind them, or manageable. other operators not as good as mills, they find themselves in the exact same enviable situation. i'm saying that the fed has finally gotten transportation inflation under control. now we don't have wage inflation under control, that

is the problem. we do not have that under control. in part because immigration remains way down from where was before trims cracked and. it still happens, but at nearly the numbers we used to have. wherever you stand on immigration, the fact is we have a labor shortage, and more people would solve the problem. of course wage inflation is tricky, because who wants to be paid less? bad for business but worth the trade-off. the problem is we don't live in a vacuum. the fed won't stop until wage inflation goes away. unfortunately, we really have to root against the job market, and j powell is not winning this war yet. this is -- but there is one front on the war of inflation that has been outstanding total victory from the fed, and that is the battle against financial speculation. it started last year when we saw the endless procession of this blank check companies run out of money to sell themselves to. i have gary cohen on later, but

over the long haul -- disaster. in many cases, it would've been better to invest in arctic real estate -- i would not say that otherwise. then there were the ipo cons, ulcerative companies became public -- invested in them early, blow them out, i did my best to protect you. i'm not that good. in the meantime, a hall new group of investors weren't price-sensitive. all i do know is that they borrowed money to buy this stuff, and this was the quarter they got blown out. so they are gone. finally, there was the world of crypto and nft, this glorious fun-loving universe of, something too sophisticated for most anyone to understand.

just because i'm a gardener, like tulips. every time you question the owners, they just told you block chain, block chain is a work of genius, so shut up. there was no other example of free money then crypto itself, a currency people but because it went higher. when you attempt to pierce the veil, which included the right to own a token of nothing, something can't be used even in the subway, you have a bunch of genuine crypto gibberish. now not only did the prices of these various schemes crashed, but the biggest worry centered on you getting your money back when you tried to pull it out of one of these various crypto depositories. especially if you got money and you get an outrageous yield, let me tell you something, it ain't outrageous. it's gone. taken out. you heard what chairman gensler said. get it out. it is a huge red flag. when you find a crypto bank

gives you an above market interest rate on your money, know that you are also taking an above market level of risk. you are reaching for yield, and only morons reach for yield. the fed's job is almost complete, but they don't seem to know it yet. wage inflation does have to be stopped, and we aren't going to get a sensible immigration policy did you tell, so we have to do it the hard way. is of another big hike. here's the bottom line. the stock market and reflects a lot of the bad news, just like all these others floors of inflation that the fed has won on, but the fed will keep doing it until the unemployment rate starts to search. it will happen after one large rate hike. but on speculation, the fed took the air out of those balloons ended the job in our markets. now let's have the good stuff. let us go to brian in

california please. >> first-time collar and a long time listener. >> right back at you. >> caller: i just talked to one of our family favorites. it's been down roughly 50%. i wanted to get your take on a buy and long-term hold for airbnb. >> here's the problem with airbnb. it was part of the cohort of companies that came out of the chute valued at far more than they should have. i've been thinking so much about this. had airbnb come public, you like this. had it come public at 86, i think it would be at about 150. but because it when already up to 212, now it is at 89, and i don't know if it is done going down. but i do think lower term, it is game, set, match for that industry, so i like it. the fed has to dismantle still more, because after all of what they've done, they still have not conquered wage inflation.

i think they will keep trying to do that until unemployment surges, and then they are done, and we go back again to having a good market. mad money -- wall street seemed to look the other way. in breaking down the quarter and what drove the company's real strength, because that's an industry i know. is it time -- remember them? i'm thinking in the sector. then semi--- tonight i'm cut talking to gary cohen, vice chairman of ibm, and a former advisor, to get his take. don't miss a second of mad money. have a question? tweet kramer. sent jim an email to mad money at cnbc.com, or give us a call at one 807 43's

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what in the world did consolation brands do wrong here? the bear wine and liquor company best known for corona, modelo, and pacifico, reported results this spring. to dollar 52 sent basis, higher- than-expected. must higher-than-expected sales. that is the tremendous strength in the beer business. management merely reiterated their forecast. they didn't raise numbers. if you do that, the merciless market treats it like a guide down.

swapped their class b shares for regular common stock. that would simplify the ownership structure, and also decreases the shares. in the cannabis business, that caused it to plunge more than 18 percent today. that hurts as well. the question is can we just asterisk these negatives please, and focus on the core business, or is that just too hard in such a business difficult market? welcome back to mad money. >> thank you. good to be here. >> i struggle here, because there isn't a food, a beer, an alcohol, that has your growth, and yet suddenly it didn't matter, because you bought out a family, and because people felt that costs were up just slightly. can you please work us through why we should be more focused on the sales aspect then we should and what happened with the family?

>> i think we should be very excited about our depletion rate for the first quarter. as you know, i'm a big believer in delivering what you promise. we delivered a very strong quarter with depletions particularly in our beer business up almost 9%. when you look at the future potential of that business, we have a lot of areas of strength. i think it's important to look at that against the depletions. the depletions scenario is continuing to look very solid in that business, and i think investors need to be very focused on that. admittedly, we are only one quarter in. i think it is dangerous to overpromise too early in the year where you are in an area of unprecedented volatility, but we are very confident and we are very comfortable with the start we had to our year. >> i can only agree with you, and i know your business very well. there were some elevation of cost, but i would argue that we are seeing some of those costs peak. there are people who believe

that last could be peaking. it's entirely possible that the rock costs that have spiked here could get under control some point in the second half. in my too optimistic? >> i don't think you are. in fact, we are heavily hedged. we are hedged significantly more than we usually are because we are trying to drive some of that volatility out of the market. we are seeing certain commodities improving, aluminum being one of them. we do think that is a year goes on, we are hopeful that you are going to see a little bit more of a balancing act then sort of what we've been looking at for the last several months with great volatility. >> the fact is there is a direct to consumer business that you talked about that i think we weren't ready for that is so good that it is worth putting money into, but it seems like the street didn't understand that you even had it going. what went on there? i know that business, and it's a great business. the street seemed to think that

it was going to cost too much. >> well, that business is up 4.5 times than it was pre- pandemic, and we are beating the marketplace by more than 3.5 points in the quarter. we think this is very related to what you see in many other consumer sectors, where consumers are buying much more and having it delivered to their door. we are investing behind the capabilities both in talent and technology to make sure we are going to be a winner in that space, because we don't think that is going to change a lot going forward. >> that's going through the roof, frankly, and get the street just seems to be so hidebound. another thing that was hard to understand, because i know rob sands pretty well, i didn't quite understand, i thought you got them a class to structure tends to be not advantageous. i thought you got them a good deal, a really great deal for shareholders. people again, somehow you got

ripped off by the sans family. i don't think that is the case. >> i don't think it is either. if you look at the deal that was struck, yes it was a 26% premium. however, that is lower than precedent transactions. also with them both retiring, we are saving between 15 and $20 million annually in terms of salary and benefits. if you run that with our ratio, that is roughly a $300 million benefit to the organization, and if unit that against what they will receive, that puts the premium in the low 20s. i think personally it is a very good scenario, and with the governance cleanup that occurred as part of it as well, we are well positioned to be a much more traditional company going forward, and i think that is in the interest of all shareholders. >> i totally agree with you. i know our time is limited. i know when you have pacifico and modelo and corona, it

almost makes sense not even think about anything else, but you know you have an unbelievable tequila business. tequila is the fastest-growing spirit in the world. why can't you decide, you know what, we are going to make it number one, because it could be number one. >> we have seen great success both with our craft spirits side of the business, which was up 39% in depletions in the quarter. you are right. the tequila business is hot, and we are playing against it. we repackaged one of ours recently, and we think it is a remarkably good step up, and we are very optimistic about what tequila, and frankly all of our craft spirits businesses are going to do going forward. >> good. i know when you have a gem like that, if you have enough money to put towards that, it could be a dominant player. bill, we have to run. i feel terrible we did not get to speak about the cannabis, but we will do that next time.

thank you for coming on. >> i appreciate you having us. let, it is a bear market, we know that. i could tell you all day long about why is a good quarter, and you probably don't care. we won't always be in a bear market. i know that one day we will be out of this bear market.

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normally wall street is worried about a slowdown like we have now. money managers like packaged

food stocks -- hand over fist. but this is not a normal slowdown. thanks to rampant inflation from sky hey raw materials cost, to the cost of freight and higher wages, many companies are being eaten alive, even if some of those inflationary issues are in the past. even if demand remains consistent because everybody needs to eat some of the cost for a big year-to-year. that is why stocks have performed worse than expected to this point. first, commodity prices have already begun to collapse. those a savings flow right to the bottom line, especially if you raise prices. second, nearly everybody seems convinced we are heading into a recession. while i'm not totally convinced, that remains a better backdrop for the steady eddie food and back stocks. we've gotten big updates from the major players in the industry, and we know some of these companies are starting to do very well. let us take them one by one. the packaged food space is worth

hiding or investing in at this point in the business cycle, but you have to be selective about picking the best ones. why don't we start, and these are the ones i am considering, we will start with campbell's soup. this is much more than just this. they make goldfish, pepperidge farm, snyder's of hanover, cape cod kettle chips, spaghettios, past, and much more. when campbell's soup reported in march, the numbers were not so hot. well it swiftly rebounded, and they kept charging higher. it's like it didn't matter. that's a good sign. maybe the buyers do something. campbell's soup reported again a few weeks ago, and they turned in a much better than exec did set of numbers. more important, organic sales

were up 9%. wall street was only looking for a 3% increase. it's the first very positive organic result in 5/4. campbell's soup said they continue to see sustained demand for the brands, they sorted out their supply change prices, raise prices, they're doing a better job of making stuff. i knew the crops would get it together. it's good. management raised the -- in response, the stock rallied a bit, but then quickly gave up the gains, and they got hit with another indiscriminate selloff. campbell's soup stock has gotten its mojo back. it doesn't hurt that it pays you a 3% yield. i haven't felt so good about campbell's soup in a very long time. what is my favorite? the best in the industry happened to be kellogg and general mills. last monday, kellogg announced a plan to break itself up into three

separate possesses, a global food play, a serial play, and a smaller plant-based food business like morningstar farms. the market lapped it up. stock was up nearly 6% since the announcement. this is actually pretty good. their snack division in particular is excellent. i think it will be worth a lot more as an independent company. plus, we don't have many good plays on snack food. frito-lay and pepsico peer campbell's soup is joined at the hip to the canned business. it's really her shoes -- of course the kellogg will take some time, and it has a 3.25% yield. how about this one, general mills. these guys have been the best of the breed operators in the packaged food base for a while now. all other players have struggled, this company has

been on the march steadily higher since 2018. not in part because general mills has made some very smart moves with its portfolio, like buying a much panned acquisition , blue buffalo. that is the high end pet food brand that my mongrel rescue dogs have confided in me is really good. spoiled brats i say. the whole strategy is paying off. not my dogs strategy, the company's strategy is paying off now, as they just delivered an excellent top and bottom line beat. mills is on fire thanks to pet food, and also this food service segment. they give you the growth i expect from a pharma company. management sounded very confident on a conference call. they explained how they've been able to quickly solve their problems by improving efficiency, and selectively raising prices. believe it or not, they are saying that -- it's the only

stock in the s&p 500 that went to a new all-time high today. there are 500 stocks in the s&p 500. bear market. enrico. sometimes people say how many stocks in the s&p 500 and it's pretty obvious that it is 500. even with general mills fairly traded at a premium in the s&p 500. i think it is worth buying here, but leave some more to buy more, because people forget how great this quarter was. look at this. it can help lower cholesterol. these are, maybe they are better than lipitor. of course, not everybody in the industry is thriving. mccormick the spice company, one of my favorites, add numbers yesterday. not only did mccormick post a very big top

and bottom line miss, they also cut their earnings forecasts. these guys have both a sewer business and food service business that mostly targets restaurants. the consumer business that is killing them. they took a big hit in europe and asia, some of with had to do with the war in ukraine and the lockdowns in china. i'm going to say they are going to get over that. it seems they were being overwhelmed by cost inflation. avigan was a good quarter. friend of the show said they had to do a second wave of price hikes, and elasticity, and that gets more pushback from consumers. especially since they are now pushing through a third round of price hikes, but good is if you are worried about inflation. 2.8% today. people digested that comment. so even in this climate,

mccormick's is still at 27 times earnings. it's very expensive for a food company to miss the numbers, especially when you have this one and this one for much lower. i've been a big fan of mccormick for a very long time, but i cannot endorse it until they have proven they have gotten things under control. for now you simply have much better options in the packaged food space, and the bottom lin , with commodity costs coming down big. the food stocks can become recession proof safe havens, but you have to be selective, which means sticking with the winners we know are doing well, campbell's soup, or even better, kellogg, and my favorite, generous mills. let us go to philip in washington, please. >> caller: hello, kramer. >> what's up, philip? >> caller: i wanted to thank you for taking my call. i'm very excited right now. i am calling about kroger. i'm a new investor, and i have a lot of faith in kroger, and i'm thinking about their

dividend yield, whether i should stay for the long term, or turn this around and put it into a higher dividend and play some defense. >> i like kroger. they've done a very good job. they turned around entirely. i endorse buying kroger. is also a big position of warren buffett. i think they are in very great shape with kroger. direct costs came down as i said at the top of the show. i think some food stocks are worth buying, but you have to be selective and stick with winners. winners like campbell's soup, kellogg's, or best of all, general mills. much more mad money and ahead. we speak with gary cohen. i am discussing how a lack of federal action could hurt the industry and make us into a more dangerous place. and what is the zeitgeist of this market? and all you calls rapidfire for the lightning round, so stay

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i've been at this now, this is my 18th year, and i am not political in any way, shape, or form, but i am on a mission to convince congress to pass the c.h.i.p.s. bill. it passed both chambers of congress in different forms and is now duck in limbo as legislators try to reconcile the two versions. as we discussed on monday, we need this bill to revive semiconductor manufacturing, and solving the chip shortage

that has been weighing us down for the last year and a half, but i don't have a vote in congress. i only have a show on basic cable. all i can do is highlight what is happening and try to apply pressure. after hearing from the biden administration, now we have to hear from the business community. there is also a defense aspect we can talk about. joining us now is gary cohen who left the bank to serve as president trumps director of the national economic council. he is now back in the private sector serving as the vice chairman of ibm, and cochairman of the robbins family holdings. they are trying to ring a european lottery operator public yerkes also been the leading voice arguing in favor of the semi conductor bill. like i said, i'm passionate about it, and someone like mr. cohen can really help us. welcome back to mad money. great to see you. >> thank you very much for having me. i share your passion and him exciting to talk about this really crucial topic. >> i think there is a chance that doesn't happen. the secretary said if we don't get this done before labor day,

it may not happen. can you please explain -- forget about the jobs, but how close taiwan is to the people's republic of china, and what could happen if somehow we lose taiwan? >> you are going right to the heart of the issue. the heart of the issue is the united states has a supply chain issue in semiconductors. we have gone from being able to produce about 37% of our own semi conductors, to know we are 12%, and we are doubling demand of the next 10 to 11 years. we are down to 6% self sufficient. if you think of the places we have to get the semi conductors, you are right. the most sophisticated semi conductors that we need to date that are crucial to our national defense, as well as our everyday objects that we use , cars, appliances, the manufacturing, the farm equipment, and it all has a

sophisticated c.h.i.p.s. in it. is something happens in taiwan, we are in trouble. if we didn't learn anything else in the hall pandemic, we learned how crucial the supply chain is, and we learn to crucial the chip supply-chain is. we need to figure out how to re- domesticate this supply-chain. >> i think the defense department hasn't really done its job on this. you know that without the taiwan semi chip, is possible that ships can't be built and tanks can't be built, or they can be built with the defect of chip. this to me is a national emergency. i know they said speak to gary, he really understands. i want to give you the floor to explain that if we don't do this , we should be even worried about the various arms of our military. >> let's start with the javelin missile. the javelin missile is probably the most crucial piece of military equipment that the ukrainian army is using to date

to defend themselves against tanks. lockheed is building that javelin missile. that missile itself needs 209 semi conductors to be built. think about that. that is one missile. we keep shipping these missiles to ukraine. we need to replenish our own stock pile, on top of the fact that we need to continue to send more of these missiles to europe. the administration this week while they were at the nato meeting pledged to re fortify the military of nato, and send more equipment to europe. we are going to send this equipment, and we are not going to have an of equipment without these semi conductors. think about our communications systems in the military and domestically. all of our communications systems are based on semiconductors and sophisticated semi conductors. think about our air force and airports. you know as well as i do that a

basic car, not a sophisticated high end car, a basic car in the united states today has over 200 chips inside of it. we need to have chips in the united states. we cannot be at the risk of having countries cut us off, and really curtail our supply of something that is is crucial. >> i think people need to know, you and i are talking about this, you worked in government and you work in industry. you're not being paid by anybody to fight for this thing. this is just something you are doing. >> this is our survival. we have to realize, we saw this. we saw how crucial some items are in the supply-chain during the pandemic, and we are clearly seeing how crucial chips are today. we've seen it in the price of automobiles. we saw used car prices went up because we couldn't manufacture new cars. we couldn't manufacture new cars because we couldn't get that chip. we couldn't rebuild military

equipment because we couldn't get those chips. even more basic, the cost of appliances and availability of appliances down to a basic dishwasher that we have dishwashers on backorder for a year in this country because we don't have semi conductors to build these basic appliances. it's unbelievable that we have put ourselves in this position. companies want to manufacture chips in the united states. we should dominate this industry. the federal government needs to show a little bit of incentive that they are willing to participate with the private sector and being in the chip manufacturing business. this is a $52 billion bill, which is really a bill that is just providing a little bit of incentive to bring chip manufacturers back to the united states. by the way, the reality of it is the french, the german, the japanese, the chinese, they are incentivizing manufacturers to build chips in their country,

because i understand how crucial this product is. they don't want to put themselves in the position that we in the unita states are in right now, where we will have less than 10% capacity at home. >> i will leave it there, but i'm just so glad you came on. i was -- even right now, with senator mcconnell threatening about them blocking the c.h.i.p.s. bill, it's beyond republican and immigrant. intel, we have to sweeten the pot. and tell me what else i can do to get this thing done. >> thank you for what you are doing. thank you for bringing this to the forefront of peoples attention. this is crucial and important for our success as a country. this is not a business issue. you are not standing up for business. you are standing up for every day american citizens and how we protect and live our lives. >> thank you for verifying everything, better than i ever could. that is gary cohen, former

economic council, and vice chairman of ibm, and most important, he is an american who understands this is not just one stupid issue or bridge or tunnel. we bought all those things, but what we really want is a safe country. we are back after the break. my minions will save me.

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and in the lightning round is over. are you ready -- brent. >> caller: as a club member, i wanted to get your thoughts on cadre holdings, cdr ep >> is company that makes things commit does stuff, give your money back, and it does firsters under equipment, and a way to say it's good. i like it. let's go to georgia. >> caller: hello. >> what's happening? >> caller: thank you for taking the call. i love your show . >> thank you very much. joined the club. >> caller: i want to ask about a tts digital turbine. >> i can understand why this stock continues to go down while the earnings keep going up, so let us just put a checkmark digital turbine.

tyler in south carolina. >> caller: i'm coming at you with a super boo yeah for south carolina. >> what's happening? >> caller: i just wanted to get your thoughts on chevron? >> we own chevron for the club. we have a hedge position. the only thing that can keep bringing this market down his oils, but we did sell some chevron. we had a huge gain, and i'm not going to have a began turn into a loss. it would be consistent with the fact that we just sold some. chris in ohio. >> caller: good day, jim. >> what's up? >> caller: the stock i'm wondering around is called butterfly. i know they're not currently profitable -- >> these guys told me over and over again, look, you've got the portable, you know -- ultrasound.

what about ultrasound. turns out there are a lot of guys who have it. i don't want you in that dock, end of story. it's go to larry in florida. >> caller: hi, jim. is marathon oil a purchase, a cell, or a hold. >> they are making a ton of money, and i think that the president is going to come down on the refiners, and they are going to come down on marathon. the quarter will be great, but i just fear that the president is really going to decide that the private refiners are responsible for a lot of the problems, which is not true, by the way. jason in florida. >> caller: how are you doing? >> i'm doing well. how are you? >> caller: just a couple of shout outs , like my grandpa. but i had a question about transition. >> i like oil, but that was risky. mike in illinois. >> caller: hello, mr. cho.

thank you for taking my call. >> chill will be my tagline this weekend. watch me on twitter. >> caller: here is what's up. it is a life science company. they own a huge position in sartorius, and that plays hot with their numbers. depends on how the analyst looks at it. how is bio-rad? >> it's a very good company. it's a very good company. i never understood why it doesn't go up a lot because it's a very good company. and that is the conclusion of the lightning round. >> the lightning round is sponsored by td ameritrade. coming up, kramer's got some ideas to beat the malaise of the market, next.

he said they can't figure out what people are doing. we are baffled, and that is bad for stocks, and bad for the market. picking stocks is all about understanding the zeitgeist and the whole covid experiences phone for a loop here for a while it was ridiculously easy. during locked and we knew people were ordering from amazon and dominoes, and binge watched and played video games.

finding good stock was like shooting fish in a barrel. now we are faced with a different scenario. we don't know where people went when the economy reopened. we heard of the great resignation, but what did they resigned to do? did they switch jobs? many retirees were hoping to live off of their 401(k)s, and after the first worst half of the market in 55 years, they may need to return to the workforce. we heard people are going out and that seemed to disappear we heard people are traveling, they are back going to disney world, but disney stocks, my chest is sure in disney, and i am blown away by how horribly that stock act, but cruise stocks when their course, and carnival might be at zero. can you imagine what the customer deposits are doing? the steady decline makes me feel like the people who felt cooped up and wanted to see things, been there, done that, out of money.

meanwhile american with stress came down 50 point since april. there is a pilot shortage keeping them from making more money, so the stocks are acting horrendously, so either the stocks are very wrong or things are about to get very bad. my biggest fear at this point is not inflation. is that we are back to july of 79, when president jimmy carter gave his memorable malaise speech where he explained why there was so much gloom. the erosion of our confidence in the future is threatening to destroy the social and political fabric of america, too honest for his own good. back then they also had an energy crisis, to the point where we had, quote, growing doubt in the meaning of our own lives. there was a 10 of other rhetoric. quote, we've learned that piling up material goods cannot fill the emptiness of lives, which have no confidence or purpose. what a downer.

is that's what is happening? is that happening again? that bath and beyond and rh are suffering, are we in malaise? do we have one of those situations? are we in a jimmy carter malaise moment? we have to be very careful. we know there are still more jobs than workers, which has emboldened many people, but the dynamic is going to change, and a hard landing could be in the cards if we don't get other raw costs down. was the energy crisis that was the ultimate cause of jimmy carter's misfortunes, but we don't want to go back to the late 70s. our leaders need to lead, other than trucking their shoulders like carter, they should do specific things that have a national purpose, like passing the c.h.i.p.s. bill . they need to do something that makes us feel less pessimistic. otherwise, if you are at the

worst first half since the 1970s, you may find yourself in a situation much like the 70s, huddled at home doing nothing because of a lack of confidence in everything, and a belief that we are only going to be worse off in the future. i like to say there is always mo money" i'm jim cramer see you next time. "the news with shepard smith" starts now. the new final supreme court decisions of the tefrm could hav enormous consequences. i am shepard smith this is the thinnews on cnbc two monumental rulings what they mean for migrants see seeking asylum in america and the federal pour to transition the u.s. to enclaen energy. >> this is a big setback for the biden administration to restrict global warming. >> taking a new position on the filibuster rule in congress. >> i believe we have to codify roe v. wade in the law. >> but is it possible? stunning arrests for allegedl