stuart: we asked you before the break, what was the first feature length animated movie ever released? the answer is, snow white and the seven dwarfs. i got that right of course. i i can't believe it. back in the 1930s. that is when it came out. my time is up. look who is back? neil himself. great to see you, neil. neil: thank you, stuart. let's say i don't get mail like you. i guess that bond with yours that i don't quite share as you do but thank you anyway, my friend. i will illustrate what i was telling stuart about, thank you, again, stuart for that. but i do want to thank my colleagues and friends, david asman, jackie deangelis, ashley webster, apparently filling in white well for a many of you. darn, tell me cavuto is not

back. so sad to hear you didn't die. i think that is a little extreme. loved watching cavuto without cavuto. that is from my a wife. why did thee do that. poised, smart, not enough with fake hair. what makes you think this is fake? it comes with me. i think you're as lame as they come, but i was worried about you, not a lot but a little. not a lot but a little bit. well i am back, love it or leave it i guess. we have a lot to get into here. some of the same things going on a couple weeks ago when i first took off are still going on right now. we're not getting progress on infrastructure no. progress right now on finally to get some sort of policing legislation through on the very day the president is meeting with the george floyd's family a year after his death. really not much has changed.

i wanted to keep things kind of status quo. it looks like for the markets everything else despite a lot of volatility in between. we also have something going on here that we telegraphed for you with this inflation issue. i know a lot of people were sort of minimizing it. saying that it is not really that big of a deal. we were noting first what was going on in certain commodities and we reported ahead of other people ahead what is going on in lumber. certainly what is going on in gas and oil. but this trend continued. now it is, had a clear impact on home sales. there is still going crazy, but the price of those homes is going up even more crazy. if you look at the new home seams ultimately fell, down from the estimates, because there was tight supply and much higher prices. in some cases more than 20% higher from a year ago. we'll keep a tight eye on that. this tug-of-war between buyers and sellers continues right now. the buyers who can live with a little bit more inflation and

the sellers who apparently cannot. a lot to get into here. we're going to get into it. two hours to do that. you have plenty of time to switch channels. apparently a lot said you would do. apparently you waited long enough to find out i would read your comments! blake burman at the white house. love this young man, with the latest what is going on there. you know they get a lot going on, blake, when it comes to meeting with key figures, getting something done, but as luck would have it nothing really change ad few weeks ago when we last spoke. reporter: only thing that changed. you look tan and well-rested. i love the haircut. fresh off the beach. neil: they think it is a bad toupee. bad toupee. reporter: no, fresh cut. i like it. not a lot has changed there is still a lot going on, neil. one of the things we continue to follow at the white house is the status of the negotiations with the american jobs plan, infrastructure and where all of

that stands. i bring that up because there is a group or associations today, 28 of them came out said now is the absolute wrong time for the president to talk about this idea of potentially raising corporate taxes. they are groups from all different kinds of industries. everything from hotels to hardware distributors. you can see the names there. they call themselves the america's job creators for a strong recovery. we heard from eric hoplin. he is with the national association of wholesale distributors. >> every time we turn around there is proposed tax increase on america's businesses. really after we were moving through the pandemic, america's businesses rallied to keep the economy moving. we're just struggling now. to layer them with increasingly difficult and job-killing tax burden, we felt like it was time to stand up to do something about it. reporter: over here the president biden proposed raising

the tax rate for 21 to 28% to pay for the american jobs plans. the white house says the president has some negotiating room on that figure. >> i will say that the president has been clear. he is quite open to a range of mechanisms for paying for these proposals including lower, raising the corporate tax rate to lesser, lesser percentage. it is all about how you pay for it, right? it's a numbers and matter of numbers. reporter: neil, this is one of those things really there has been some movement but hasn't changed much over the last few weeks. one of the big questions is, is the white house going to be able to strike a deal with republicans on this, potentially continued talks we are expecting throughout the week here. if not, are they able to strike a deal with democrats within their own party on this because some democrats are not willing to go up to 28% as the president would like. there is the whole issue of the salt cap taxes and the like. the white house said they want to see progress with republicans

by memorial day, that being this weekend. seems as if we should have some clarity potentially here maybe by the end of the week. neil? neil: yeah i was thinking when you were mentioning the salt thing, we have a couple dozen congressman, by and large democrats who said they will not vote for infrastructure if it doesn't have that feature. i imagine they mean what they say. so that would not pass with their, with their opposition, right? if you rely on just democrats. >> reporter: exactly. s.a.l.t. in the house, margin is just three or four or five democrats whatever it is on any given day cannot defect in order for democrats to ban together. corporate tax rate in the senate. joe manchin said he wouldn't want to go up to 28%. a lot of focus can a deal be struck between democrats and republicans. but also becoming crystal clear there is a real question can a deal be struck between democrats and democrats. neil?

neil: yeah, that is the one thing that has changed, intra-party squabbling going on. thank you, blake. president will meet in hour 1/2 with george floyd's family of course who died a year ago. we don't know what if anything will come of that meeting, or whether any the principals will speak but we'll be monitoring that. monitoring elizabeth warren, if you think joe biden wants to go fa are in building up the police force at the irs, take a gander what elizabeth warren wants to do. she wants to triple the budget to more than $31 billion a year. part of this will require banks to report account flows of wealthy clients. furthermore, separate penalties for those who earn two million dollars or more and heavier fines for that group because their sins presumably would be greater because we're talking about greater sums. controversial to put it mildly but it is not a dead issue on

capitol hill. dan geltrude joins us. we have carley shimkus with us, fox news 24/7 headlines reporter, last but not least, ann berry, the financial anist. ann, want to end with you, begin with you, on your thoughts what elizabeth warren wants to do here. not a surprise to beef up auditing at the irs but this is really beefing it up. this is targeting a group, you go where the money is, that is the wealthy, and that is her way of saying we could squeeze a lot here. can she? >> i think the way to look at this, neil, looking like a business investment, calculus she clearly made, investing $20 billion will generate more in tax revenues. i think it's a very strong statement. it is very indicative of the gained of action this government wants to take to enforce the rules out there i think the question is will we see the same

level enforcing on the corporate tax line which hasn't had as quite as much attention with this conversation on the irs. neil: dan, what concerns me, i don't care where you are on the ledger here, this idea getting banks to report account flows of wealthy clients, that is a very slippery slope right there, what do you think? >> i agree with you, neil. when i look at the proposals to expand the irs specifically to crack down on tax cheats, i don't think there is anything wrong with that. i think that is a good investment. however, where i think they cross the line is to say, well, we want reporting voluntarily basically about certain people. we want to know what the inflows and outflows of their accounts are. now what does that have to do with how much tax they pay? to me that is where you're stepping over the line and that is where you get into potentially abusive behavior.

neil: i wonder too, carley, and maybe i'm speaking to your generation here, the concern about uncle sam kind of looking over your bank account, seeing what you're doing or what funds are shifting around. that gets a little weird, what do you think? >> first of all i do like what you said about elizabeth warren i agree with the terms of the fact she hasn't been in the news a lot lately, not making headline news very much but this is very much on brand for her, sticking it to the rich folks and the treasury department has estimated that the gap between taxes paid and taxes owed is about $600 billion. the irs commissioner says that figure could be closer to one trillion. i think both republicans and democrats agree that gap should be closed although some republicans have expressed skepticism in raising the irs budget by that much. but i do think that getting money this way could be more

bipartisan in terms of appeal rather than doing something like raising the corporate tax rate. neil: that's interesting but i do find interesting, ann, i don't know how far this goes but the idea that this is all about squeezing the rich and only the rich, i would like to remind folks where a lot of taxes that were meant to just zero in on the rich and since you know, grew to include people who were not considered rich, alternative minimum tax comes to mind. i'm wondering about something like this, if you're going to beef up security at the irs to sort of go after folks, who might for example, overstate their charitable deductions if you're looking at percentages and people are now falling above a certain percentage, what you would see in a certain income set what applies to the two million and over crowd, you could extend to the two million and under crowd just as easily. so be careful what you wish for. i'm saying, cheats are cheats. you will want to be able to go

after them but those methods are going to be more easy to police when you have more police, right? >> that is right. i think it comes back to what you said at the beginning, neil. this is not about trying to squeeze the rich, saying that there are rules out there irrespective income bracket having more police to use your term able to enforce those rules means that across all income levels, across anyone who is paying taxes there is greater ability to enforceability to exist at all levels. i don't think this is about targeting, squeezing the rich, uniformly enforcing the rules that have not been enforced for a while, leading to this gap in revenue due to the government which is needed to fund a 2 trillion-dollar deficit that is sitting out there after this year alone. i think it's a practical tool to try to close some of that back. neil: all right. we're nowhere near covering the cost of that. we'll see whether they sort of dot the is, cross the ts on

all of this, giles i look forward to talking later about good news going on the in the economy, concerts, activity behind that, this great reopening of america continues. meantime, thank you very much. we'll tell you a little bit about the case-shiller development on home prices, they're soaring. home sales, not so much. again, even with the higher prices year-over-year up more than 20% from a year ago, it is beginning to affect the ability much a lot of folks to pay for those homes. jerry howard is the national association of homebuilders ceo. jerry, could you look at this say on a year-over-year basis, a surge of better than 13%, not too shabby, you also realize it could have been a lot higher if not for the stubbornly high prices of those homes. last time i checked they're still getting pricier, what do you think? >> first of all, welcome back, neil. good to have you back. we missed you. neil: thank you. >> i want to say you're right, prices are going up

incrementally, way more than they should. obviously when people invest in a house they hope prices go up some. that is to be expected and to be hoped for especially with the amount of demand we have out there right now but they're rising too fast. the reason for that is a complete breakdown in the supply chain for building materials. building materials across the board are going up. they continue to go up but most importantly lumber has gone up over 400 percent from where it was last year. lumber is the number one commodity in the house. neil: you know, i wanted to brick your brain a little bit, jerry, you're such a good read of overall tone of the market. these bidding wars on homes, started entry level homes, started a little higher, depending on the market, this is not universe hal, the people are so desperate that they will court favors, get, you know potential sellers tickets to rape events, you know, parties

for their kids, i know these are more anecdotal than widespread but you're hearing a lot of this type of thing going on, to has a froth think feel to it. how but. >> tactics by sellers are unusual to say the least. i think the market is very, very hot. i think, neil it, could be sustainable if we can keep a tap on the cost of building. there is a supply shortage out there, supply is driving more than demand f we get the supply to six months of houses on the market it, will cool things down and make it much more sustainable, much less inflationary. neil: what do you think of the rest of the year and how it is looking for housing in general?

i know it's a broad sweep and there are different rules for entry part of the market versus the high-end but how do you see it for the rest of the year? >> we revised our forecast down a little bit. we see it being very, very difficult to build housing at an affordable price right now. that issue was exacerbated some last week when the administration announced an intention to potentially raise the tariff on canadian lumber. we get 30% of our lumber from canada. if you double the tariff on that lumber, housing affordability becomes a bigger issue. we think it will cause a problem in the market. neil: all right. jerry, great catching up with you, my friend. jerry howard, the national association of homebuilders ceo. let's say it looks problematic for you to afford a house right now. so at least you can go to the grocery store to pick up stuff, right? not everywhere and not on everything. chicken prices, have you seen them? they're soaring, at a much

faster rate than homes. you can't really eat your home. right now, these prices are heating a lot of potential buyers alive. we'll explore that. one guy is trying to buck the trend after this. ♪. (vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique.

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♪. neil: you know if you've been following what has been happening with chicken i could live on chicken wings myself. don't ask, don't go there, the fact i love chicken wings, i do, but they're getting pricey. there is apparently nothing stopping that. doesn't apply to just the wings but the whole chicken. lydia hu is following all of this in new york and seeing why this is all going on. lydia. reporter: neil, we're learning if you're planning a barbecue for the memorial day weekend you will probably pay more for your chick hearn than you have in years past. we're delighted to be here in hall lal pastures in rock

tavern, new york. they raise organic chickens and hens to slaughter, she is telling us the cost doing so has skyrocketed the past year. tell us what is driving your cost? what do you see going up right now? >> couple things we've gone up. a cost of feed for the chickens. our chickens are certified organic and get a special mix. there is increased cost in the feed and increased cost in logistics. transporting the chicken from the slaughterhouse back to the farm or our shipping facility, prices have gone up just on that. reporter: before the pandemic it would cost $250 to transport one pallet of chickens. now up to $400? >> and rising. i got an email last night saying prices are going up. reporter: your feed is going up. corn is big organic cost to the feed you're providing and

livestock as well. since the start of the year it is up by 35%. that is impacting not just small farms and big producers as well. we also know that the price of chicken meal is going up. the average price for usda, pound of chicken breast up 46% from a year ago. wings up by 28%. just to picture view of how prices are influenced, i learned from a recent earnings call from tyson's foods, the ceo gave an address to investors and analysts, staffing is a problem. we're hearing a lot about hiring labor issues in the workforce. they say they have all the staff they need at tyson's, what they're seeing a problem with absenteeism up by 50% since the start of the pandemic. what used to take tyson food five days to produce, takes them six days. gives you more insight about restrictions on their production, rising costs that are affecting both small farmers

and big farmers as well. all that is going into why you might expect to pay more for the pound of chicken breast for the memorial day barbecue, neil. neil: all right. chickens are not shy around microphones. i don't know say we're more expensive, we're more expensive. thank you, lydia, very much on that. lefting you know how they feel. i don't know if my next guest is affected by this. obviously sells more than just chicken. he is all over the place, stores, flatiron district in chicago, downtown new york city, boston, l.a., everywhere, everywhere. we have ily, usa parter, adam, good to have you. >> nice to be here. really excited. neil: you have a busy schedule. you're opening two new restaurants. you have got a cooking school also debuting this week. so all of these concerns about high every prices for things and maybe chicken and a lot of other

materials notwithstanding you're gung-ho it seems? >> look, we are definitely optimistic. we've been through a really tough year the whole restaurant industry has been through a tough year. we see people want to get out of their house, especially with the good weather. they want to get out, and socialize. we want to be there to provide a great high quality italian experience across in all different markets. we are seeing differences in each market. some are coming back faster than others but i think the benefit being in food, i don't think food is going away and restaurants are not going away. neil: now you have a very substantial online business. how helpful was that getting through covid? >> look, once you get, 60, 70% of your revenue taken away you have to focus on the parts that you can produce. we operated our grocery business. we moved online. people discovered, people in all

different parts of the country discovered our stuff online. so it certainly helped us make our way through this pandemic. so, i mean, and from that, i think i'm optimistic to lean on that more in the future. i think a lot of businesses see that, say, how do i expand my business. sometimes the best way to do that is during a crisis when you're forced to. neil: how would you describe your clientele then? i noticed online if you want to order steaks, you don't sell the cheap stuff. you sell the good stuff. there is a price to pay for that. just wondering, how would you explain it? >> we focus on high quality and there is really something for everyone. you want to come in get a 4-dollar gelato a slice of pizza but can come in and get high quality steak and truffles, really have a high-end dinner but our focus is on quality and i believe that when we can showcase the quality people will pay for that.

when people think we're expensive when we have not shown where our products come from and why they are so good. neil: you still have to deal with those labor issues, right, the labor shortages? you pay your people well but sometimes it is just not enough. what do you do? >> yeah, there is absolutely very competitive hiring, to say the least. everywhere we operate. as a business owner you have to focus on the things you can control. how do we make our plates better? how do we attract the talent who want to work for us versus someone else? the other stuff will take care of itself. of course some of that may require higher wages. we're seeing that across the board. that is what your last segment was about. neil: that's true. adam, thank you very, very much. adam saper.

eatalyusa, cfo. that is how the gets weathered covid online. i suspect that continues even as people are back to maybe waiting online. not in line but you know what i'm saying. japan they have got the olympics in a couple of months but what if i told you maybe not? there is a growing chorus to cancel the olympics not from our nations anxious to send the athletes there, but from the host nation. not too keen having them come there, after this. ♪.

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>> we are very worried about what would happen in terms of how to protect the athletes in general itself of all the

different teams and we know that in some countries it is difficult to get the vaccine. we're trying to help because we understand that it would be better for them to go to tokyo with all the protections in terms of the vaccination process neil: neil: just think about what is at stake here in the olympics but two months away in japan, talking about 80,000 athletes, 100,000 if you include those that accompany them, say nothing about 40,000 members of the press who descend on olympic city once it kicks off. the resistance is not only coming from outside countries, even the united states is warning about americans traveling to japan. a growing number of japanese citizens are saying, we don't need this, we really don't want this. this is getting pretty messy. go to rich edson following all of this from the state department. hey, rich. reporter: good afternoon, neil.

this is the middle of a covid spike. you have the olympics couple months away in tokyo. now the united states state department is simply telling americans when it comes to travel in japan, just don't go there. this travel alert just went out from the state department saying the centers for disease control and prevention as issued a level 4 travel health notice for japan due to covid-19, indicating a very high level of covid-19 in the country. there are restrictions in place affecting u.s. citizens entry into japan. level 4 is the most dangerous alert the state department issues. the cdc says if anyone plans on going to japan anyway, they should be fully vaccinated before arriving. though warns even those who are may be at risk for getting and spreading covid-19 variants. in a statement the united states olympic and paraolympic committee says, quote, we feel confident the current mitigation practices in place for athletes and staff by the us-opc and tokyo organizing committee,

coupled with testing before arrival in japan and games time will allow for same participation of u.s. athletes this summer. japan is in the middle of a covid spike. tokyo, osaka, several other areas are under a state of emergency. there are reports of overwhelmed hospitals in owe talkca. japan mobilized doctors to vaccinate older adults to attempt to boost the vaccine rollout with only estimates of 2 to four 1/2% of the population vaccinated there are calls in and out to cancel the olympics. though the japanese government and olympic officials want to press to move the games on. remember these are actual the 2020 summer games moved to this summer because of covid last year. neil. neil: thank you my friend. rich edson following all of those developments. so no olympics possibly that is is on the table in japan two months away?

i want to see if dr. kevin campbell thinks that is a good idea. much physician, cardiologist. doctor, thanks for joining us. if you had a chance to go to japan to see the olympics would you? >> absolutely. i'm fully vaccinated. i have been since march and i think the data supports when we're fully vaccinated that you know we're pretty safe to travel and interact as normal people do. we have emerging data the fact that all the vaccines have some sort of protection on these variants. i do not share that concern that was just brought up in that last story. neil: you know, there is a lot of concern out there maybe because of what is going on in japan, doctor. maybe what is happening in india. very different cases. the it seems to get worse and worse. how does that happen? you know i understand some of the unique situations in india and getting the vaccine out to a vast population, i get it but i worry about it moving beyond

there, should i? >> you know i think the things that are unique to india are the fact that many extended families, multigenerational families live together. i think the last data i saw was four out of 10. you can spread from the very young to the very old and the feeble very, very quickly. also they have not spent nearly what the westernized world or industrialized world does on health care. their gdp is about three where as ours is in the double digits in terms of what we spend on health care. they don't have the infrastructure. they don't have the facilities. they're running out of beds, oxygen, all the things you need to treat folks with. they have 9% of their population vaccinated. so i think it is a very unique situation. it's a very sad situation that will require the world's intervention to help. neil: you know we're getting back to normal very quickly in this country, doctor. i know you were very enthusiastic about that, that we have to move forward here but

baseball stadiums pretty soon will be packed, as will concert venues. we'll get into that later in the show how aggressive they are about coming back and demand surging well into next year. are you comfortable with all of this? >> you know i am with a caveat. get vaccinated. i think that we need to see folks vaccinated to go to these group events. the cdc as well as other entities are starting to show good data that says when you're vaccinated, fully vaccinated you're pretty safe interacting in these ways. if you're not vaccinated or vaccinated at high-risk, maybe you are being treated for cancer. maybe you are immunosuppressed or have a chronic illness you might want to consider still wearing a mask. vaccinations are key. we have almost 164 million americans have had at least one dose. let's get the number higher. we may have to produce some sort of requirement to travel. you have to have a vaccine to get on a plane. i don't know but we need a higher vaccination rate.

neil: we're getting that. i think we're up to maybe 50% of the population or will be very soon, doctor. then you hear these reports of youths or adolescents who had some heart-related issues from the vaccine. i don't know which vacs certain they were talking about, nor do i think suspect it is hardly universal among that population but what is going on there, do you know? >> so what we've seen is a very small, meaning a couple of dozen patients that developed what is called my owe carditis, which is an inflammation of the heart muscle. most are mild, self-limited, don't even need treatment. shortness of breath, fatigue, maybe have chest pain. in severe cases you may have swelling and shortness of breath at rest. the key is the numbers are tiny. my yo car died tis is something we see after the come con cold. a virus that is very rare.

vaccinated kid are no different. right now we can't even prove cause and effect. it is there. the european union says we recognize it but we don't think it is related to the vaccine. neil: all right. dr. kevin kevin campbell, good to see you again. you always calm me down. i always get hysterical about. this thank you, enjoy your up summer. dr. kevin campbell on that. they're looking into the whole death threat against senator rand paul and suspicious package that came to him. the latest on that after this. ♪. ♪♪

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neil: all right the fbi still investigating that package of supposedly white powder sent to senator rand paul. mike emanuel in washington with more details. michael. reporter: neil, good afternoon. federal an kentucky authorities now investigating that death threat package sent to kentucky senator rand paul. the letter filled with white powder contained the threat, quote, i will finish what your neighbor started you expletive. it showed a rifle pointed at senator paul's head in a neck brace, arm cast and a crutch. the fbi and louisville saying we are not commenting further. we're working with the warren county sheriff's office and the capitol police providing forensic and technical assistance. new york republican congressman lee zeldin offering this reaction earlier. >> senator paul is someone who has a libertarian background. he bring as different perspective to debate and it should be welcomed. if you have a differing point of view and you want to disagree that's okay but the fact that he gets targeted the way he does all the time for his passion and

his principles, it's just greatly un-american and unfortunate. reporter: senator paul issued a statement, saying quote, i take these threats immensely seriously. i've been targeted multiple times. now it is reprehensible twitter allows c-list celebrities to advocate violence for me and my families. that is reference to 1980 as, pop star rid ard marx, saying again, if i ever meet rand paul's neighbor i will hug him and buy him as many drinks he can consume. marx is calling that a wisecrack police are expected to release more information soon. neil: mike emanuel in washington. we're telling you about the great reopening in restaurants around the country, pretty much full capacity everywhere. what we're hearing from the concert front has me really intrigued, anybody and everybody, with ticket prices soaring for these events, demand

soaring, i will raise with dan geltrude. he is a big concert fan. i don't know how he feels about his availability for 13 potential aerosmith concerts but i will ask him. ♪ there's interest you accrue, and interests you pursue. plans for the long term, and plans for a long weekend. at thrivent, we believe money is a tool, not a goal. to learn more, text thrive to 444555, or visit thrivent.com. in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity

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call... to receive fifty percent off installation. and take advantage of our special offer of no payments for eighteen months. ♪. >> how great is it to be back together again? ♪. neil: all right. concerts are back, my friends, back with live nation, the latest to say they see a surge in demand for concert activity going well into next year. among some of the big performers will be the eagles and elton john, aerosmith, maroon 5, foo fighters, guns 'n roses. my staff gave me the complete list here. they assume i wouldn't know a lot of these popular figures. so, for example, next to lady gaga, says, she is a rock star, neil. okay, fine. def leppard, new that. iron maiden, i kind of new that. billy joel, eric clapton.

why isn't adele not on this list? no, adele, adele is not here. all right. so i guess i know where i'm not going, right? okay. let's go to dan geltrude, big aerosmith fan. i'm sure he has booked one of those 13, maybe all 13 aerosmith concerts. carley shimkus, she is a little more modern. maybe the foo fighters, i don't know, a bit unpredictable, iron maiden, def leppard, i'm not sure. they're all here, great to have you. carley, concerts are back. i don't know, you obviously work so much, some hours you can fill in a day but what does that mean? a lot of these will be big venue locations in new york. some are in jones beach. big popular concert site. along the washington mall we'll see some of these but they're back. how do you feel about that? >> first of all in honor of you, during the commercial break i did check to see if adele was

going to be on tour. your staff is right. couldn't find any dates. so i guess you will have to -- neil: outrageous. outrageous. >> unfortunate. i think she is coming out with new music. this is one of the happy things that proves life is going back to normal. live nation is expecting a better year in 2022 than even 2019. what this means, it is great for the economy, even around the concert venues. a lot of business will be given to restaurants and stores around that area. so this is a really great thing. i'm so happy that life is going back to normal. neil: i hear you. so, dan, besides your own personal concert plans, and i'm sure they are going to pack these venues because i think most of them are slated to occur with no distancing provisions in effect. how do you feel about that? >> i feel good about that, neil. if you go to an aerosmith concert like i plan to go to, you got to go maskless.

you got to go all-in. let me say, neil, when i go to concerts i'm focused in on the music. i know your view of this is little different perhaps, perhaps focused in on the chicken wings during the tailgate, but i really love the freedom that concerts provide to the audience. so i'm going to be at plenty of them. neil: you know, i'm looking how many concerts, mark anthony, guys, is doing 34 concerts up to december 18th, 2021. 34 concerts. how they have the physical stamina to do it but they're expecting to fill each and all of these venues and, do you think they can, they will? >> absolutely. even before covid started, neil, in 2019, there was huge demand picking up for experiences. it was a big consumer trend. now that you have got all this

pent-up demand, for live music, not remotely surprised. you have to remember a lot of these artists had a lot of year of income. they didn't have ticket revenues. this is opportunity to get back out there. they're well-rested. neil: carley, in case you want to know the beach boys are playing 24 -- >> who? neil: fine, fine. april of next year. so you have to think about this. the guys make the commitment. the concert promoters make this commitment, regardless whether you're a beach boys fan or other fans, that is a sign of confidence. what do you make of that? >> you know, i was actually just thinking, i can't believe it has been, in 2019, end of 2019 i booked a little big town concert in chicago and i, you know it was for early 2020. it got canceled. my husband and i got an email saying it will be rescheduled.

the problem is, it was going to be on a weekend. it is work week. it's a school night. we can't go. unbelievable, concerts available in 2019 are now going to, they're taking place in 2021. a lot of those artists will be making money. neil: yeah. they are. 21 pilots, one single concert, guys, that's it. dan, pick and choose, pick and choose accordingly here. i'm getting email on my adele fixation. cavuto, get over it, you're old enough to be her father. yeah, okay. stop. but she is not planning any concerts. so i find that to be disappointing. you know, an older person can appreciate a younger person's talent. that's all i'm saying. wait a minute, this is my wife calling. i will be back right after this. innit?

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neil: all right, as covid vaccinations increase worldwide and covid cases are declining, at least in the aggregate worldwide, i know japan and india certainly are maybe some exceptions to that particularly india, but the trend generally is our friend, so now is the time a lot of folks worldwide are wondering how did this whole thing start 14-15

months ago. a lot of people say longer that in that, and that it might indeed have started in the lab in wuhan. hillary vaughn with the latest. hillary? reporter: hi, neil. the nih director francis cullin s andnaiad directo r dr. fauci told lawmakers today that u.s. grant money did make its way to the wuhan institute of virology through an outside group called echo health alliance and that group got millions of dollars in u.s. grant money and gave some of that $600,000 of it to the wuhan lab for a china bat research project that built up that library of coronaviruses in the wuhan lab. the project helped build that library of 15,000 bat samples from those , they discovered 400 new coronaviruses including one that had a 96% match to covid-19 today, lawmakers wanted to know if that wuhan lab could have been using this bat library of

viruses to try to engineer one of them, to be more dangerous and more contagious. something called "gain of function research." >> do we know whether the wuhan institute of virology does gain of function research? >> they were not approved nih for doing gain of function research. we are, of course not aware of other sources of funds or other activities they might have undertaken outside of what our approved grant allowed. >> okay so we could have cent money through echo health alliance, money could have ended up in the wuhan institute of virology, which might be doing gain of function research. reporter: the wuhan institute was one of 12 research groups that received money for this bat coronavirus research project. there was another round of funding approved for the project from the nih, but it was killed by the national institute of health last year, in the middle of the pandemic, over concerns of what was going on in the lab. a deputy director with the nih

wrote to echo health alliance asking them to stop this research, saying there are serious questions that there are biosafety concerns of what is happening in this wuhan lab. neil? neil: all right hillary vaughn thank you very much but now, to hillary's point you need the chinese to cooperate on such an investigation, and let's just say they are not cooperating, and they don't think that this is even necessary, that this is just united states trying to embarrass them, congressman mike gallagher, the republican congressman with us right now. congressman, we really can't move forward unless, and until, the chinese say we can. the world can. the world health organization can, and they're not. then what? >> well, i believe we can move forward, and we shouldn't pin our hopes as the biden administration seems to be doing on a transparent investigation coming from the w. h. o. they have failed to conduct a transparent investigation in part because its been corrupted by the chinese communist party

so what we can do in the absence of w. h. o. or ccp cooperation is declassify all of the related intelligence. at anthony blinken do is put out the names of the three research ers that we now know were infected in november prior to the broader outbreak, and in so doing, in concert with our allies we can continue to put pressure on both the w. h. o. and ccp to get to the bottom of this. that has to be the unifying thing. we all want to get to the bottom of this. this isn't a matter of blaming anyone or saying fauci, we're not forthcoming, or this or tax it's a matter of preventing the next pandemic and preventing u.s. taxpayer dollars from funding dangerous gain of function research that may have produced this entire devastating situation. neil: of course, a lot of that research we're funding is for activity in the united states, but leaving that aside, i am interested, congressman, in what you make of what exactly happened to these three contract

ed virus and at least two of those initial three died. another person just a few weeks later. that goes back to november 2019. there are reports of earlier incidents from this cave when they were cleaning it out. i'm just wondering, that could easily happen again. if there is something unusual that happened and no one is looking into it, china or elsewhere, that could easily happen again. >> well that's the core point. if we don't address the failures that led to this outbreak, we're doomed to repeat it again. you're referencing what happened in 2012 at a cave where six minors working near bat caves got infected, three of those minors died so one hypothesis is and all it is is a hypothesis is that samples from that incident was the chinese communist party blocked investigation at the time were transported to the wuhan institute of virology as part of

this overall effort to study naturally-occurring coronavirus es and make them through genetic modification more pathonogenic, and more lab workers in 2019 accidentally exposed themselves and that's where the outbreak started. that's the most credible hypothesis right now but we need to investigate it and the fact is a year ago those calling for such an investigation were labeled conspiracy theorist. on the point about u.s. funding i would just say yes, the niah give money to third party groups like ego health but they knew that ego health was doing research at the wuhan institute of virology. there's open publications with peter dasik and dr. xi, the bat lady at the wuhan institute talking about making coronavirus there so fauci is either deliberately hiding behind a highly legalistic definition gain of function and we need everything out there full transparency to get to the bottom of this. neil: if you don't know i don't think he dismissed it out of

hand or accepted it. i believe he was just saying it was not evidence to go on but he didn't cat egordon chang ic lie say it was impossible, and even now says it's a possibility. we just don't know, to your point. i do want to raise something else though, i've moved ahead to 2019, only given its fairly recent development before everything kind of hit the proverbial fan, congressman. are you worried that in that period between 2012 and 2019, and maybe long after, the chinese knew full well that they had a festerring problem and were just forget about telling the world. they weren't telling their own citizens. >> well we knew. thanks to the information that was declassified on january 15, 2021, from the outgoing trump adminitration, we know based on now publicly available cables that two years prior to the outbreak, u.s. officials went to the wuhan institute of virology and flagged massive security concerns, so there is a scenario in which we actually knew that there were problems with the lab

and i think we know based on things that are publicly available that the chinese communist party from november, december, january, february, leading into the outbreak did everything possible to cover up an investigation into the lab, deleting data records, lab logs, disappearing whistleblowers, economically coercing countries like australia which called for an investigation, spreading dangerous propaganda, blaming the u.s. army for the outbreak of this. they continue to spread crazy propaganda about it coming through frozen food into the country. meanwhile, almost unnoted by the press, the chinese cdc quietly dismissed the wet market hypothesis in may, so, the wet market hypothesis is losing credibility as the lab leak hypothesis which was viewed as a conspiracy theory a year ago is now gaining credibility. neil: all right we'll have to follow very closely. congressman if you don't mind, there's another subject i want to talk to you about and that is infrastructure spend. i want to first go to edward lawrence where the two sides are

coming a little closer together but edward it sounds to me like they are still far apart. what's the latest? reporter: there's still a big ca sm. the biden administration though says it is prepared to peril "on the massive tax and spending packages and move forward without republicans according to a top white house advisor but today, west virginia senator says she's not ready to call it quits, and will respond to the white house offer on thursday morning. senator roger wicker says that that offer will be very close to what president biden wanted on true infrastructure, near $1 trillion, and when congress, there is an issue, the aids tell fox news, that democrats don't have all the votes in the senate to go forward alone. the stalemate in this is still the definition of what is infrastructure so we will see what the response has in it and now the republican senators working on the bipartisan deal said that they're meeting with the president went very well and seemed to agree on moving forward to a compromise but it's when those senators sat down at the table with white house staff , the tone changed so what

traditional infrastructure was cut out of that deal, now while the vague family social program part of infrastructure remains so on another network senator dick durbin says the republicans really should see it his way. >> they're not willing to pay for it. they don't want to increase taxes on people who are wealthy, folks who are got an enormous tax break with the trump tax plan and unfortunately, that leaves them very little money to work with to build this economy. reporter: now but republicans say their smaller targeted package on actual infrastructure pays for itself by repurposing unused money from the american rescue plan that has trillions yet to be spent. back to you. neil: thank you edward. back with congressman mike galla gher, you're closer to this than i'll ever be but this doesn't sound like it's happening at all. >> well 1.7 trillion does not sound like a compromise to me, and in some ways i think hagel ing over-the-top line number should come second to a

serious proposal for regulatory reform. in other words if we just continue to push money, whatever the amount through the old system, which is resulted in u.s. infrastructure being the most costly in the developed world, you know, 10 year project s where we're awaiting approval for environmental waivers and things like that, i'm not sure we're actually accomplishing the mission. i think true compromise be some focused effort paired with regulatory reform so we can get more bang for our buck when it comes to infrastructure. neil: i'm just wondering though, it sounds like the presidents going to have a tough enough time getting democrats on board with what he's doing. some of them not too keen on him cutting the overall top line numbers and others saying he's not cut it enough so is it safe to assume that even if they wanted to force the issue with democrats only, that they will fail. >> i think it's a very coalition for at least two reasons. you have the green new deal and they want multiple trillions for

a green new deal package to pass and anything beyond that is a surrender versus the more moderate member such as they exist, and then you have some issues such as the salt tax deduction and certainly the members from new york feel very strongly that any package that's paired with tax reform must include a reinstatement of the salt tax deduction so whether they can keep that sort of coalition together, i don't know but it seems pretty shakey right now. neil: congressman, thank you very very much. mike gallagher joining us from wisconsin. again we'll be following both these developments particularly what's happening on the overall lab originations of this virus, and whether it did, indeed, start in wuhan. it used to be not stopping that anymore, of course infrastructure, they are beginning to the possibility of that getting through, so we'll continue exploring that. also exploring the rollercoaster ride of bitcoin. before i left on vacation, it was a rollercoaster. it got to be even more of one, but you think of people like the

big global investor who says he would rather own bitcoin than a u.s. mine. is he right about that? after this. >> ♪ oh, i get by with a little help from my friends ♪ (vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life.

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we'll keep you ready for what's next. comcast business powering possibilities. neil: all right, its been the entertainment industry sort of waiting for right now the talk at amazon is very close to scooping up mgm studios and maybe beefing up its own apple streaming services to the tune of up to $9 billion, could be more, we're told that a decision or an announcement could be made momentarily but i think they were saying that, well last week at this time but again we're following it very very closely amazon stock dipping a little bit right now. it's a volatile ride not for the faint of heart but of course you got into this early you'd be richly rewarded we'll see. we're also focusing on bitcoin, a bit of a bouncing ride and overnight trading and prior to morning trading in this country. bitcoin and bitcoin-related investments have gone up 10-15% they are giving back a little bit of that right now, so what are we to make of this? we've got carol roth the former

investment banker, war on small business, steve moore, former trump senior economic advisor,. steve, the whole bitcoin phenomenon, i always say it's not for the faint of heart. i'm not saying i'm anti-invest ing, just recognize that, you know, if you have money to play with, have at it. if you don't, maybe cool it. what are your thoughts on that? >> you know, i had dinner the other night, neil, with a kid who was 24 years old, and he bought bitcoin with $1,000 he had earned from mowing lawns and working in kitchens, and he bought that bitcoin he told me at about $25 and of course, you know, it went up and up and up and now he's a multi millionaire at the age of 24, only in america, right? so the real question is, you know, would we, would you buy bitcoin right now and i'll make the argument for it and against

it. for it is that we have governments around the world who are out of control with debt, with money creation, devaluing the value of their currencies, and i would include the united states in that regard with all of the massive multi-trillion dollars of spending and borrowing we're doing, and that makes alternative currencies look more attractive no question about it. the problem, of course is that what stands, still the fundamental question, neil. what stands behind bitcoin. what's to prevent it to fall to zero? you're putting a lot of trust in what? so i think there are arguments for and against it. i am a little surprised by the way that bitcoin has fallen at a time when inflation and the value of the dollar has been falling. neil: yeah, but it depends on the day, to your point, carol what do you tell investors who look at this. my view on this sort of thing is i'm not against it, i just think if you're going into something

risky, recognize don't put all of your money on that particular basket, in that basket, but if you can deal with that and the gyrations, have at it, but how do you advice people when it comes to an investment they see as growing, obviously beyond bitcoin, ethererum and litecoin and some of these others, or pass it up entirely. >> yeah, i mean, it's always hard when you've got the autonomy going on, the fear of missing out and everybody wants to jump in, but i don't really look at it as a currency, as much as an asset and obviously, everybody is looking at different hedges against inflation, and so you have to look at it versus something let's say like gold in which is interestingly to look at it that way is gold has this social contract that's gone on since kind of the beginning of time, and there is some sort of useful purpose to gold although probably a fraction of its current market cap, and

cryptocurrencies are just starting to figure that out and that's where you kind of look at bitcoin versus maybe an ethererum that has smart contracts behind it, but the biggest issue, when you look at all of this , is that cryptocurrency has the same issue that small business does, that any other kind of decentralization has, and that is that central planners want more and more control, and so whether it's china or whether it's the united states, what happens from a regulatory standpoint and that's a big fight that we're going on. as you said the reason why you want it is because the central planners are making bad decisions and dewine valuing our currencies, but at the same time , you have them with the irs and you have them with the military and they don't want to lose that control and that's the ultimate battle central planning versus decentralization >> neil, could i add something to that? neil: go ahead, go ahead, steve. >> just look, i entirely agree with that analysis and this issue about whether bitcoin

is a currency or whether it's an asset is a really interesting one, and you know, a currency is something that you own because it's a medium exchange and it also is supposed to be a store of value, and you have to ask the question, whether bitcoin fits that definition. but if it's an asset, you know, the questions what stands behind it. my point here is, look, for the people who are worried about inflation, i do like gold right now because i think gold, at least you own something with gold, whereas bitcoin, you don't know quite exactly what you're getting. neil: you do own a coin, right, and as they mine for more of the coins you might own more, but we'll see. you know, carol, could i get your read on what's going on in florida with governor desantis has issued this whole big tech companies accountable for their content and especially how they moderate that content, and police it. >> so this is a tough one for

me, because obviously, i'm a proponent of free speech, but there's a difference between free speech and the constitution , and free speech as a principle. i'm a fan of both of those , and i personally think that companies should be following the principles that if somebody is not calling for violence or doing something that's illegal, they should let people be able to air out their ideas. i like the fact that obviously, there's been a big issue here, and it's getting more play. i never liked the fact that the government is getting involved because good intentions never produce good outcomes, and as we seen time and time again, these types of regulations end up impacting the small companies and end up impacting start ups who want to come in or smaller businesses that don't have the capital to be able to compete, and it usually ends up with these big companies having more control and power, so i would rather see the market sort this out and maybe see some sort of council that sorts this out,

versus the government. neil: all right, guy, hang on to those thoughts a little later i want to pursue them as well with some developing news here, but i do want to, after this , take you to the state of connecticut right now, where the governor is walking a fine line, not necessarily removing those extended unemployment benefits but providing maybe bonuses to get people off them at the same time. after this. when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds.

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i knew about the tremors. but when i started seeing things, i didn't know what was happening. so i kept it in. he started believing things that weren't true. i knew something was wrong, but i didn't say a word. during the course of their disease around 50% of people with parkinson's may experience hallucinations or delusions. but now, doctors are prescribing nuplazid. the only fda approved medicine proven to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients.

nuplazid can increase the risk of death in elderly people with dementia related psychosis. and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the most common side effects are swelling of the arms and legs and confusion. we spoke up and it made all the difference. ask your healthcare provider about nuplazid. neil: all right, well, the lockdown coming out of it right now a lot of the focus particularly in california is how we get back on track. not only filling restaurants and public venues, but you know,

trying to deal with the high taxes, trying to address the high cost of living, and trying to get a handle on all of the people leaving, because of all of that. connell mcshane in santa monica, california following all of this connell: hey there, neil. you know in some ways things are starting to improve in california. i mean, the state accounted for 38% of all of the jobs that were added around the country last month, and they are finally set to reopen fully on the 15th of june, but the thing is, there is so much ground to makeup, unemployment is still quite high 8.3%, only hawaii is faring worse plus business owners we've been speaking with, they've been dealing with a whole new set of challenges which include inflation. >> the prices are going through the roof. every week, we see prices for prime rib, for chicken, ribs , they go up 20%, 15%. we're basically working right

now, 50% capacity with 120% overhead so it's very challeng ing for california restaurants. connell: challenging as well for the states democratic governor gavin newsom facing a recall vote that will happen some time later this year he already has republican competition but in this deep blue state would a top democrat be willing to hop in the race. in an exclusive interview the former mayor of los angeles was somewhat critical at least of newsom's approach. >> i don't agree with closing the schools for as long as we have. i don't agree, the science isn't there, and the same was true with outdoor dining. there's no question that after a while, it became absolutely clear that what we were doing was disproportionately hurting low-wage workers and small businesses. connell: he was the speaker of the state assembly years ago and

served two terms as mayor of la and already run for governor once so i did ask him if he would consider running again. >> i think that during covid, it's the wrong time to be talking about politics. i think we need to talk about get the economy moving again, and getting people back to work, and in that vein, i do support efforts on the part of the governor and the state to do everything we can to do that. >> are you ruled out appearing on the ballot this year? >> i'm not thinking about recalls or anything else. i'm only thinking about getting the economy back to where it was connell: all right now not ruling it out certainly not ruling it in either as of now the most serious competition for newsom would come from the republican side, from john cox or the former san diego mayor kevin faulkner. back to you. neil: thank you very very much. i'm sure you're working very hard, connell, i know. connell: of course. neil: well, exactly.

connell mcshane thank you very much. we've got the connecticut governor with us right now, democrat ned lamont kind enough to join us. governor, very good to see you. you know, interesting developments in your state as the great reopening continue, governor. you're sort of dancing a line, i guess, on the unemployment benefits that other governors, namely republican ones, want to stop, these extra federal benefits. you're not necessarily keen on doing that but you are offering incentives for people to get off those benefits. can you explain? >> yeah, neil, nice to see you. yup, speaking of idealic locations here in connecticut, everything is open, we still have some people who have covid hesitancy not quite getting back into the workforce, so there are a variety of reasons for tax we've opened up daycare and child care for everybody and as you pointed out now, we also have $1,000 signing bonus. fox news get a signing bonus a

waitress will get if she goes back to work that's been unemployed for a while. neil: you know, how is it going with labor shortages and demands in your state? obviously, you're trying to incentivize people to sort of, you know, test the waters of looking at some of these jobs that are out there. some of them pretty good paying jobs, but a lot of them sort of crunched the numbers themselves, especially with the child care issue, governor and decided, you know, it's better for me to still wait out the end of these benefits, so have you given any thought, at all, to just cutting them now, to take that incentive away? >> i haven't done that, neil. they go away in three months by themselves, and there are some people, we were hit pretty hard by covid as you remember, so there are some people who are pretty hesitant. i'd like to think the $1,000 bonus helps a lot. i'd like to think the free child care would help a lot and free transportation in many cases,

just giving you that extra nudge neil: you know, governor, you also stood out among certainly some of your democratic colleagues, not wanting to raise taxes, in new jersey they have, in new york it looks like they will, particularly on the upper income. you resisted. why? >> why raise taxes when you don't have to raise taxes? we got a $3 billion rainy day fund. we're paying down $1 billion of pension obligations. joe biden is giving us $6 billion so that's stabilizing our cities, allowing us to do daycare and child care and schools, big expansion of healthcare so we're able to take care, i think of the people most in need and doing an appropriate way without raising taxes. neil: you know, there's been a great debate back and forth about how states prepare for a second wave, or a third wave, of the virus. i know, governor, yourself you

deal with contingency plans and i know in new jersey that's one reason why governor murphy has been slow in the complete reopening of the state, even delaying and ignoring the cdc guidelines on a host of other issues. what would make you reign things in, governor? i mean, you've been loathed to do that but what would do it for you? >> yeah, i mean, we reopened outdoor dining, i heard that piece about california, back mad we've done that cautiously. the thing i look at most now is hospitalizations. i would worry if i saw big tick up fast in infections suggesting perhaps the variant is breaking through somewhere, and i saw that reflected in beds in the icu but we don't have that. we're at 1% right now in the state, and it's not going up it's going down. neil: all right, governor lamont , very good catching up with you, sir, thank you very much. have a wonderful summer.

>> nice to see you, neil, thanks, everybody. neil: all right, governor ned la mont. when we come back the push for not only getting infrastructure but this police reform measure through on the one year anniversary of george floyd's death the president is meeting as we speak at the white house with george floyd's family he says he's still going to push for that police reform measure but what will he be looking at, if anything at all? after this. there's interest you accrue, and interests you pursue. plans for the long term, and plans for a long weekend. assets you allocate, and ones you hold tight. at thrivent, we believe money is a tool, not a goal. and with the right guidance, you can get the financial clarity you need, and live a life rich in meaning, and gratitude.

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that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you can close with more certainty. and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting. sfx: ding! see how easy...? don't just sell it. ten-x it. neil: all right, the president now meeting at the white house right now with the family of george newed, one year after his death. let's get the latest from chad pergram on the push right now to get that police reform legislation that the president had promised the family, when he last met with them before he was

elected president. chad what's the latest? reporter: they're not there yet, the floyd family met with house speaker nancy pelosi this morning. they are returning to the capitol this afternoon to meet with democratic new jersey senator corey booker. the president, in his speech to congress last month, set today as a deadline to finish the bill optics are important in politics but they're not done just yet. still, gop south carolina senator tim scott says, "we can see the end of the tunnel. democrats agree." >> congress must also pursue strong legislation to end racial bias in law enforcement. that important work must continue, as we strive to ensure george floyd's tragic death will not be in vein. reporter: they've made progress on weeding out bad officers and eliminating chokeholds. >> we have to realize that bad apples come from somewhere. we also have to protect law enforcement when they do raise concerns about what another officer has done, because look, people aren't just loyal to the

blue wall of silence for the sake of being loyal. reporter: however qualified immunity, that's a protection shield for officers, that remains the biggest sticking point and lawmakers must get police departments to sign off on a potential compromise. neil? neil: all right, chad, thank you very much, chad pergram in washington. as you can see the dow down about a little bit more than 17 points right now a lot of the action has been in the bond market today where interest rates are stabilizing, so the fears of all of these soaring home costs and the like, they're just not really materializing just yet, but we'll get the read on that. what's happening on the housing front, because it is beginning to show up in some of these early sales numbers where a lot of people thought they qualified for a house, ultimately decided do you know what? we can't get this house now. stay with us. ♪ ♪ ♪ ♪

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price right now. that issue was exacerbated some last week when the administration announced an intention to potentially raise the tariff on canadian lumber. neil: all right, that was jerry howard from the national association of home builders earlier on the show the ceo there saying he's worried about some trends right now, going on in housing, not dismissing the sales which were still relatively strong, but they're coming at a certain edge here, because they're ebbing a little bit from prior highs because the price of those homes picked up year-over-year about 20%. grady trimble is seeing that first-hand right now, and there's a lot more in illinois on that very issue. grady? reporter: hey, neil and the white house says it's concerned about these rising prices, and falling sales, and this is the perfect example. this home and this lot have been purchased, there are plans to build here, but they have put it on pause right now, so this is

just a very expensive hole in the ground, because material costs are just too expensive. jim prisby is behind this project, so it's expensive to build a house right now so you said do you know what? we're just going to wait. >> at these prices we don't have much of a choice, right? so again, nine months ago, it was half the price for the rough lumber and it's just one item of many that are driving the price and between us and the owner it was decided let's sit it out for six to eight weeks and see what happens. reporter: we know lumber prices are high it's pretty much everything you need to build a house as well that's gone up at least somewhat. this is a bit of a roll of the dice though because you're sort of hoping that prices normalize. >> we really don't know when this is going to happen. we've heard a number of different things it could happen in july, could happen in september, and you just don't know. right? it starts with lumber, i believe and then that might drive the bus on other material prices dropping. reporter: the national association of homebuilders is out with a new study that talks about another cost, which is the cost of red tape and

regulation. they say that all of that, whether it's zoning and permitting and government fees accounts for about $94,000 of a new home. that's about a quarter of a new home, so you've got this immediate problem of the cost of the building materials that are so high right now, and then over the last five years, those costs for that red tape, the regulation have gone up about 11%, neil, so it's not good timing in any respect as all of this converges at once neil: and you've got to think too, grady, that it drives people out of the market. there's a certain level of mortgage for which they are accepted then they go back and the price of that home has increased. they've either got to come up with more money or just cancel their buying plans, right? reporter: yeah, exactly. and this house is the perfect example. they already purchased the lot, so there's not that at play, but they got a quote last summer, and the lumber essentially doubled in price since then, so that's why they've put this

project on pause for now. you multiply across the country, people putting things on pause but the hope is that if enough people do this and wait it out a little bit, then those prices will normalize, but its been a wild ride on lumber and all of the other supplies so we'll have to wait and see. neil: yeah to your point they've not been normalizing. grady thank you very much, grady trimble following all that. well jen psaki just took up this issue at the white house press briefing a few minutes ago particularly on these housing numbers and the price issues. take a look. >> housing prices we've seen does raise concerns for us, about housing affordability, and access to the housing mark chet is certainly as you alluded to, jen, impacting many many americans. we recognize there is a need for new housing supply, particularly in the affordable end of the market. there are issues, supply and demand issues as you are well aware of with construction and supplies that are needed to build new houses, which we're

seeing an impact on the market. neil: all right, so far so good. what she seems to be saying is we're keeping an eye on it as nothing the administration can do to suddenly change the price of a home or make one look more viable or affordable but be that as it may back to carol roth, steve moore as well. carol what do you make of what she's saying, we're eying it, we're aware of it. it might be a good problem to have in the scheme of a very strong economy, but what do you think? >> well, let's just hope that they don't get anymore involved than they already do, because as we know, when the government goes to help something, the price of it goes up. i mean, the things that they can be doing which grady alluded to be to get government out of the way. they could reduce those regulations, those costly regulations, that are adding $94,000 just about to the average sales price of a home. they could stop with the tariffs , obviously, we're having a supply issue on lumber, they could stop with the tariffs on canadian lumber and so that

we have more access to that and that could help normalize, so the best thing that they could possibly do is just get government out of the way, but unfortunately, we know that never happens and they want to get more and more involved and that means the prices of everything, the more they get involved will go up and it'll be more. neil: you know, what if the federal reserve, steve, also is a tad more expensive by hiking interest rates to respond to all of this. you just mentioned a little earlier in the prior segment that you're snipping around some gold here, obviously that is playing against a pick-up in prices and a trend that could be inflationary doesn't have to be seriously inflationary but a little bit more inflationary. how do you play this? >> well, i just keep thinking 2006-2007-2,008 and i don't want to be a pessimist, neil but we've seen these housing bubbles and it feels to me a little bubblish and a little froth developing here. now, you're right to bring up

the interest rates, because look , housing is really driven by two things. affordability and interest rates and if we see interest rates start to rise, as a result of this emerging inflation we're seeing right now, and the fed has to raise rates and then mortgage rates go up, then, you know, the parade is over on housing. the other point i would make is people always asked me what to invest in. if you're going to invest in housing as an investment, i'd like the red states, i like tennessee and i like texas and florida. i like those states idaho, utah, the states that people are moving to, not the states like connecticut and new jersey and new york and california that people are moving away from. neil: you know, carol, i always when i look at this , before i took some time off, we were early on to look at these inflationary up-ticks whether they amount to anything like when i was a kid and my wife and i got our first mortgage, did i tell you when my wife and i got

our first mortgage it was 13.5%? oh, i did a thousand times. >> [laughter] neil: i am wondering though whether doesn't have to go back to those levels but if you're used to 2-something mortgages and they become 4-something or 5-something mortgages that's a big difference to you, in your view of things, and i'm wondering, if that alone might unnerve folks. >> yeah, i mean, i think that i have a different perspective than probably the average bear and average consumer out there. i like to see things that are normalized, because it means that you don't have the level of government interference, and i do think that you have some wiggle room with interest rates, you know, maybe in the 2-3% range but when you start getting into 4 and 5, when you have people who can't remember anything other than 0 interest rate policy, that does become a huge shock to the system, and it doesn't seem normal, because we've been conditioned to think of what is not normal as normal

so it's going to take a little while for people to sort that out amongst themselves and understand that's where things probably should be, and certainly, will create some sort of disruption in the system, at least for a transitory type of period. neil: you know, steve, i know i always sound like that guy, "get off my lawn, kids" and i always like to remind younger people, they used to be a lot higher rates than this. did you ever see something like that, steve, a return to 70s- type inflation briefly when we had the colonial pipeline shutdown with the hacking incident. i was wondering what we saw that just popped up within hours after that, whether that could happen again. >> you know, i never thought i'd see it happen again and of course where i live in northern virginia, we did see gas lines and we did see , you know, gas stations where you couldn't buy gasoline at any place. i would have paid $50 a gallon for a gallon of gasoline and you

couldn't get it so look those are short-term disruption issues. do i see return of the double-digit inflation and i remember 17% mortgage interest rates back in i think 1980. do i see that happening? no. i don't. i think the fed would certainly, you know, stand in the way of that happening, but as you guys were just talking about, look there's a big difference between a 3.5% mortgage and a 5.5% mortgage, right? and those higher mortgage prices really do raise the cost for new buyers buying a home and so that's why i'm a little bit, i'd be skiddish about buying a really expensive home right now given these very, i believe in the old buy low and sell high. neil: there is a concept. all right, steve final word, carol great seeing you again. the dow holding on, kind of where we were in the beginning, where we are now.

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your screen. coventry direct, redefining insurance. neil: you know, charles, if i had to read one more nice email on you, something i was out. i was tired of it, tired of it. tell your family to stop writing. seriously, my friend. thank you for all of your hard work. just don't keep showing me up, all right? charles: it is an honor and certainly a pleasure. thanks so much, neil. you look fantastic. good to have you back, my friend. good afternoon, everyone, i'm charles payne, this is "making money." breaking right now the markets are meandering but feels like a shift towards upside bias for