the answer is in feet. the answer is, the tallest tree in the world is 380 feet tall. taller than the statue of liberty taller than big ben in london. this particular tree is a redwood. it is named hyperion. it is in redwood national park in california. the exact location is hidden to protect it from damage or vandalism. what does that tell you? redwood, gorgeous tree like that, don't touch it. david asman in foreneil cavuto. david: i went to that park, it is one of the most beautiful parks in the world, redwood park. i'm david asman in for neil cavuto. one the stories we're watching, beijing is blasting. united states amid a growing push for a probe into the origins of covid. former cdc director, robert redfield sounding off exclusively to fox. listen to this.

>> the scientific community went on heavy to try to stop any open debate about the orrery origin of this virus. david: we'll get reaction from former national security council chief of staff, fred fleitz this hour. leader of black lives matter facing backlash from their own members. dr. alveda king is here to tackle that issue. a massive rise in crime. we speak to two baltimore business owners. the business owners are threaten towing with hold tax payment unless officials act to stop the crime. retail prices, producer prices jumping 6.6% year-over-year. we have the figures coming up. the most in 13 years. here are market watchers dan geltrude and gary kaltbaum. gary, inflation is up. sales are down. there is a word for that.

stagflation. how long does it last? >> look that is the worst of all worlds. david, about four weeks ago, what i call the opening up trade, a lot of these areas, including a butch of retail names looked like they were topping out. it continues. a lot of the names that really started kicking into gear, november 9th, the day they announced the vaccine, have adopted out. again, worsening i think. it is saying something here. and, matter of duration. if it continues for a while, that is bad news for the economy, it is bad news for employment, it is bad news for profits. it is bad news for the market. it is bad news for the wealth effect. hopefully all of this talk of transitory is just that. so far these numbers are really in bright lights right now. i don't think the market was too happy about it today. david: no, no. stagflation is the worst of all worlds. dan, customers are there. you have got plenty of customers coming out of the lockdowns.

they are flush with cash. protheir own savings as well as money from the government but the goods are not there. you can't sell what you don't have. a lot of retailers just don't have it. a lot of the reason why is workers are at home right now. benefits for a family, government benefits for a family of four could be up to $72,000 a year in blue states. in 19 states all of these benefits can add up to $100,000 a year salary for a family of four. the median income by the way in the united states is 68,000. this is way above that figure. i mean i would think as a cpa you would advise people to stay home. you get a better deal by doing that? >> strictly from a financial standpoint it's a no-brainer, david, and let me just with my cpa hat add to that, that is tax-free money. so it is even more valuable to people staying home.

so i don't think that staying home and collecting unemployment benefits when there are jobs available is the right thing to do. although financially it may make sense. look what we have, look at right now, is, what the federal government's policies are that are adding to this problem! paying people to stay home and disincentivizing people to work is the wrong path to be going down. at the same time is the fed going to wake up and come out of denial related to inflation? i know they're labeling it as transitory but i think to gary's point, before, all the signs of this are bad. they need to wake up and cut this off before it lasts for a very long period of time. david: final point on this, gary, you have two things that cause inflation. too much money chasing too few goods. you have too much money because of all this debt buying that the

fed is doing and you have too few goods because people are getting paid to stay at home. you have the perfect storm here. won't somebody in washington wake up to this? >> no. they won't because i don't think they have any clue or any understanding. the fed and the european central bank together are printing, get this, $8 billion a day. $8 billion a day and what are they doing? not helping anybody. they're screwing savers and buying up the bonds of apple and things like that. so we're going to get powell tomorrow to do blah, blah, we have tools but all he has done is created all these bubbles and all these distortions in markets. guess what we're starting to get now? distortions in the numbers. if inflation goes higher and the economy gets, goes slower we're in for a bad time, my friend. i keep my fingers crossed that is not effect.

david: the ripple effect of these distortions is stagflation. inflation up, retail sales way down. this is not good. we'll see more of our panel this hour. stay tight, guys. meanwhile president biden is currently meeting with swiss officials in geneva just one day before his big sit-down with vladmir putin. as china is slamming the u.s. over what happened when g7 leaders met. fox business's connell mcshane is life in geneva with the very latest on this dust-up, connell. reporter: david, good to see you. you know it is interesting, president biden actually said yesterday that every single world leader he has spoken with thanked him for setting up the meeting with vladmir putin that will be held here in geneva tomorrow. no word whether or not xi xinping was on this list. he referred to putin as his best friend in the past but one thing i can tell you china has managed to really stay in the spotlight during this first overseas trip for the new american president and biden has not hesitated in

lumping china and russia together when he speaks about challenges. here's the president. >> values that undergird our alliance are under increasing pressure both ininternally and externally. both russia and china are seeking to drive a wedge in our transatlantic solidarity. we're seeing a increase in malicious cyber activity but our alliance is a strong foundation on which we, our collective security and shared prosperity can continue to be built. reporter: all of this not going over well in china. the president spent the better part of the week lining up support against beijing while he has been in europe. you mentioned the covid origin probe been in the news. the chinese firing back in all of this, in a statement when you translate it, that the u.s. in china's words is quote very ill indeed. president biden arriving here by the way in geneva just a short time ago. earlier this afternoon when he

came in from brussels he was greeted by the swiss president and the mayor of this city when air force one landed on the tarmac here in geneva. we heard from the white house a few moments ago, a lid called for the evening. it is just past 6:00 in the evening in geneva. we do not expect to see the president on camera again today. next time we see him will be on summit day tomorrow. this city, just wrapping things up, looks stunning. lake geneva right behind me, draped in american and russian flags. they have them at the bridge going over the lake. we were talking down there earlier, saw some officials setting that up. a hub of activity and you know, they are set for this. been a long week for the president. russia, china, certainly dominated the discussions he had so far. with the russian president coming in tomorrow, he will share the stage with his american counterpart. we'll have more as we're learning more about what the summit might look like. we'll have more on that for you later on in the show. david: you're bringing fair weather to every part of europe here. it looks beautiful there as well

as in a place like brussels gets rain most of the year. good luck with the weather. thank you very much, connell. appreciate it. >> eu joining calls for a deeper probe into covid origins. former cdc director dr. robert redfield telling fox signs pointing to a lab leak have always been there. listen. >> when i said before that i didn't think it was biologically plausible, that covid-19 went from a bat to some unknown animal into man and now have become one of the most infectious viruses to man immediately, that is not consistent with how other coronaviruses have come into the human species. david: reaction from former national security council chief of staff fred fleitz. fred, first of all your reaction to dr. redfield? >> i think he is exactly right. there was overwhelming evidence in 2020 that this virus originated from the wuhan lab

but i think this information was deliberately played down and misrepresented because there was an effort by the left, big tech, major media to defeat trump trump. they want the virus totally blamed on trump and united states. they didn't want china to be blamed. david: how should the world now, i mean the biden administration is bragging getting the world together with these summits in europe, et cetera. so how should the world with the u.s. leading the world force the chinese to open their books and provide us with information about how this virus started? >> look, i'm really underwhelmed by what biden achieved on china with the europeans. there was no condemnation of china. there was no mention of genocide against the uyghurs. there was no call to boycott the olympics. i think the chinese government got off very, very easy. calling for the world health organization for klein to controls to take second bite at the apple to investigate that, that is not a serious proposal. david: it is not serious but

what should the united states -- if you were in charge, fred, what would you demand that the chinese do and how would you demand it? what sort of pressure would you bring to bear? >> first there should be an independent investigation. i think led by western states. and i think president trump's call that the china should have to pay for the damage it did to the world's economy and to the world's people, i think that should be pursued. david: but specifically, i mean, you would need a stick here. i'm just trying to tease out of you what kind of stick you would use? i suggested at one point yesterday maybe we should threaten them to lose their seat in the u.n. security council, something that goes back decades. would that sort of thing be appropriate? >> that would be difficult to do under the u.n.'s rules. at a minimum we might shoot for just insisting that china abide by proper rules and safety precautions for dangerous biological research. we don't even have an agreement from china to do that.

david: bottom line is even if we don't find out how this virus started we know that they were isolating wuhan from the rest of china because they knew the virus was turning into a pandemic. and yet at the same time they were isolating them from the rest of china, they were allowing them to go to europe to, the united states, where it became a worldwide pandemic. i mean that's enough, is it not, to accuse the chinese of i think probably the biggest crime against humanity since world war ii? >> that's right. the evidence is overwhelming. it is outrageous, that our intelligence community will not say. this i'm afraid they have been as politicized as just everyone else in the news media on this. david: fred, i want to switch gears, get your thoughts on biden's meeting tomorrow with putin. earlier in the year the president didn't hesitate to call the russian lead ear killer. yesterday he called putin a worthy adversary. take a listen. >> you said you know doesn't have a soul? >> i did say that to him, yes.

end to end his response was we understand one another. i wasn't be a wise guy. i was alone with him, that is how he came about. >> you know vladmir putin, do you think he is a killer? >> i do. david: context of this meeting -- >> i have met with him. he is bright, he's tough and i have found that he is a, as they say, when we used to play ball a worthy adversary. david: i guess you can both be ad versari and a killer at the same time a worthy adversary and a killer. bottom line, what will happen in that room? first of all is biden going to be alone there? obviously there will be translators. will he have advisors at his side giving him a little elbow now and again? >> i'm sure he will bring advisors. i'm worried about the summit. biden plans to go in to read the riot act from the russians.

putin will not take that. he will read his own list of complaints against the united states. biden is afraid to do a press conference with putin. putin says i was afraid of trump. david: he already rewarded putin with this gas pipeline, the nord stream pipeline. what is extraordinary we had an incredible bargaining chip in the form of the sanctions were stopping the completion of the pipeline. we gave that away, before we even began negotiating. wasn't that a strategic error? >> i think that's right. last week i think putin snubbed biden what he did doing to him outlawing the political party, russia selling a satellite to iran helping to attack u.s. forces. those two things should have forced biden to call off the summit. russian officials according to "the washington post" today are

ridiculing biden for his mental abilities. david, this is public relations disaster. i don't see any other way it can come out. david: very quickly, i'm getting a wrap, should we boycott the china olympics? >> absolutely. as long as china is guilty of genocide we should boycott. david: fred fleitz, good to see you. >> good to be here. david: after the break black lives matter members calling for more transparency amid an ongoing spending controversy. dr. alveda king is here after we continue. ♪.

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♪. david: two judges have blocked president biden's covid relief program for farmers after ruling it discriminates against white farmers. now the justice department must respond to all of this. fox news correspondent david spunt has more. reporter: david, good afternoon to you. living up to his promise to make things more equitable for farmers of color and minority farmers, president biden and his team announced a few months ago announced a loan forgiveness program to help forgiver some of

those loans. white farmers across the country say this is discriminatory. they have sued. a judge has weighed in. a judge last week put a stop to the program. this program, specifically, david, was put in place for covid relief. the judge after several farmers filed the lawsuit. the loan program pays 120% of direct or guaranteed farm loan balances for black, hispanic, american indian, asia shurn pacific islanders farmsers. i spoke to one of farmers suing. his name is christopher baird from wisconsin. he is a dairy farmer. he wants to see farmers of all colors colors and ethnicity succeed. he doesn't think any farmer should be treated differently when it comes to federal loan forgiveness. >> when i got my loans from fsa i made a commitment to the american tax payer to pay them back with interest. which is the same thing that every farmer who got a loan from fsa did. there is no reason why those

loans should be forgiven. reporter: in his temporary restraining order judge william grease back, a obvious response to a government agency that says it continues to discriminate against farmers and natural origin directit to stop. not to directed to intentionally discriminate against others on basis of their race and natural origin. david, this ruling comes last friday. the same day a texas judge actually struck down a similar situation dealing with the restaurant industry a white restaurateur says he was limited and was not able to receive certain funds that minority restaurant owners received but the doj watching this one closely today. david: that was another, that restaurant thing was another covid relief program. 12 billion-dollar program. reporter: 20 billion. david: 29 billion, thank you, david very much. black lives matter chapters calling for accountability from

blm founding director patrice brown lars stepping down. the niece of martin luther king, jr., dr. alveda king. dr. king, thank you for being here, thanks for being here. let me talk what i was talking to david spunt about. white farmers, white restaurateurs being discriminated against in terms of receiving help from covid relief because of the fact that they're whites. is this a trend that concerns you? >> david, you know my position. hello, everybody, let me just say hi, peace and love, i really mean that. i'm serious. david: i know you do. >> you know my position that there is only one race, the human race. so fighting over skin color which is really eggs necessarity, not race, is an issue. so when when we talk about the black ethnic community, white ethnic community, latino, asian,

all of this we should identify each other as human beings, one race. now what i'm really concerned about with patrice kullars for instance, sherry dickinson, oklahoma city chapters, across the country all across the country, they are aware they have committed economic violence n that this organization has taken money from well-meaning people, the top, one of the head leaders and founders invested in millions of dollars of real estate and made herself richer and this, miss dickerson, sherry dickerson, i know some of the families are feeling exploited. their pain exploited. that is not something she wants to be affiliated with. that is economic violence against the people who are oppressed that you are supposed to be helping. right around the same time

patrice stepped down another lady with black lives matter got shot in the head. they have promoted violence in all these communities. now here we are. david: by the way we still don't know the exact source of the income that led patrice colors to get this millions of dollars of real estate. that is yet to be, that is yet to be fully investigated. i just want to point that out. >> we don't know but we probably know that she did not go give a lot of her own personal wealth to help oppressed people. maybe she did. i do not know for sure. david: she is a self-described marxist. so marxist having all the properties is another question. the direct result of a lot of the rhetoric coming from black lives matter, which they themselves have defined as being synonymous with defunding the police, the direct results are what we're seeing in terms of the violence. >> yes. david: you cut back dramatically on police forces around, in

cities all over the country, totally different environments and you see the same results. you have more crime, more people being killed. by the way primarily in neighborhoods of color where people are -- >> economic injustice. david: what do you make of all this? >> economic injustice. economic violence. tearing down the very communities you're supposed to be helping. the violence is crushing those who are already oppressed and oppressing them more in the name of black lives matter. so if black lives matter, please let me say this, it should matter from the womb to the tomb. why don't they save the little black babies in the womb since black lives matter? i agree. i'm a african-american woman so i will not argue the point. this is economic violence being perpetrated on the oppressed. david: by the way some businesses in baltimore, we'll be talking to a couple of them in the next hour, are saying look, we're not going to pay our taxes if we're got getting the safety, the that we need,

customers need. do you think it's a proper role for businesses to refuse to pay taxes if they're unsafe? >> well i would say pay your taxes and go ahead and do what's right because injustice anywhere is a threat to justice everywhere. so you want to go ahead to do what's right but still protest, still work against the justice at the same time but they may not be able to pay their taxes if they are being robbed, beat up, all of this. david: that's the point. not only them, it is their customers. >> if they're not even have money to pay. david: if customers are too afraid to come out to buy things from you, then you go out of business. it is that simple. dr. king, always a pleasure to see you. thank you so much for coming in. appreciate it. >> thank you. david: absolutely. well after the break ford getting the bronco back out on the road. we'll bring you an exclusive look at the first ford bronco suvs rolling off the assembly line in michigan. you don't want to miss this coming up. ♪.

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♪. david: really like that song. how can you not like that song? welcome back, the bronco is back. the production of the 2020 ford bronco is currently underway in michigan despite a growing chip shortage crisis. jeff flock is live at a ford plant in wayne, michigan, with all the details. hi, jeff. reporter: you're right there, david, right on the line, watching exclusively here on fox business. that is, that is the big bend version. they have multiple trim levels on the bronco. you can get it -- this has a soft top, look at that. this is a two-door version. they also have the single door version as well. used to be back in the 90s

just a single door. now all sorts of versions. as you report, this all comes, this launch, despite the fact that the u.s. auto industry in the midst of this huge crisis with when it comes to computer chips. some people described these vehicles as computers on wheels. they have a lot of chips in them. take a look what ford is doing. some of it just revealed today, in terms of trying to get gait this -- mitigate this. they are allowing people to extend leases on vehicles they got because they can't get the vehicle they want. they offer $1000 rebate, if you customize a order. you can't get a bronco anytime soon. they are building some vehicles without the chips, installing them later to get ahead of the game. you might see, as we come back live here, you might see, that is a ford ranger on the same production line they're making the bronco, they're making the ford ranger. that is the ranger right behind

us. amazing what they do in auto plants. one right after the other, totally different vehicle, made on the same platform. that is another white bronco back there. just to leave you with numbers in terms of the chip shortage, if you take a look at the amount of production lost, really is, some ways it is devastating according to the folks at ford. that f-series trucks lost about 1000 units of production. the cherokee, the jeep cherokee, almost 100,000. and, the chevy models as well. everyone has been impacted by this. the bronco is launching. all these are ready to go. david, if you wanted one because you can't get one until 2023. all of these have been spoken for. they have 125,000 orders. they had 200,000 reservations. so, i'm not sure what this one, is this another big bend? maybe it is. about 40,000 of them.

david: 2023. that is extraordinary. we have to go but i just have a quick question. is the line, assembly line fully staffed? are they having trouble finding workers, quickly? reporter: they are not. no problems. in fact they have got two shifts running right now. they're all good. david: okay. reporter: auto workers make good money. no one wants unemployment. david: on that line it is okay. jeff, thank you very much. but there are problems with other lines. the chip shortage is not the only crisis car manufacturers are facing. a lot of them can't, even though that line was full, a lot of other lines are not. go back to the panel with more on this. dan, before we were blaming a government program of paying out excessive unemployment benefit, keeping people at home. i think in this case it's a little different. these assembly lines were hit hard by covid. in one assembly plant for fiat chrysler there were 1000 workers who died of covid. there are legitimate concerns by

workers for going back for safety reasons, correct? >> no question about it, david. covid was real, it killed people and it is something you have to be mindful of. at the same time steps were taken. obviously many people stayed home. many people got the vaccine, social distancing, wearing masks. there were work arounds. with that process people still should get back to it work. look, the longer you're out of work the more difficult it becomes to get back to work. even though the unemployment policies right now are quite lucrative, it is not a substitute and it shouldn't be a career path for people to go back to work. david: gary, there is another problem we have to mention. they would like to sweep it under the rug but became apparent in a courtroom not long ago when the former president of the uaw, gary jones, got 28 months for a lot of crimes that he committed in regard to taking

union funds, et cetera. you know, we have a president who says he is a union guy but he has got to deal with the fact that the uaw has a lot of problems with corruption they have got to get to the bottom of, no? >> yeah. quite the large union and i was, i read the u.s. attorney that prosecuted, actually stated that culture of corruption and a history of many other chieftans of this operation, that committed crimes. it was like the norm. that is the way he stated it. just amazing to see. look, the man is going to pay the price and hopefully they learned a lesson because this is not the first. when i read the numbers, by the way there are 11 of them pleading guilty for taking money and taking vacations and cars and unions when people steal money like that.

hopefully the uaw sees the the big guy, rens changes need to be made for the better. david: looks at the non-union companies in the south. some of the key to some of the recessions we go through are tied up what happens in real estate, dan. we saw the lumber prices in march going up to record levels. we have never seen them. they have come back down quite a bit inches since then, they're triple, triple, right now the average price over the last 15 years. does that mean inflation is more than transitory and that housing is going to be the, one of the first things hit by this? >> well i believe that inflation is more than transitory right now but, when you look at lumber is coming down a bit right now, from its all-time highs. that is the market pushing back. ultimately you get to a price point where people are simply

not going to pay exorbitant prices for homes or everything that is impacted by the lumber. so we have a case right there where the markets works itself out. you keep raising prices and then all of a sudden people stop buying. supply goes up. prices come down. so in my mind that's the system actually working itself through. david: but we have an administration, gary, we have to come back to this, they don't wait for the market to work it out. they try to jump the shark, trying to get ahead of the market, and sometimes their solutions make the situation even worse. >> i'm hoping for the day when our government and central banks get the heck out of the way and let free markets be free markets again. let me be clear, that last move in lumber, which was a double i believe from 800 to 1600, that is part of all the distortions

going on. by the way that was speculators bidding it up. reality is back. it is back under 1000. i expect some more. i must tell you a sigh of relief, a breath of fresh air for the homebuilders, nibbling anything out there because they were stymied. they couldn't do anything because of how bad price was. david: right. >> i'm seeing it also in copper breaking down in a few other areas. that is some good news. let's hope it continues. lower prices is good news, as long as it doesn't get too crazy. david: absolutely. gary, dan, thank you. coming up goldman sachs going all in making florida the wall street of the south. we explain after this. ♪. that building you're trying to sell, - you should ten-x it. - ten-x it?

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♪. david: exit to florida is accelerating. goldman sachs is in in talks to move traders from new york to west palm beach. may not sound so good in the summertime. but in the winter, charlie gasparino, it sounds often inviting. >> i came back from there, it is really hot in the summer. as someone who works a lot outside and almost got heatstroke from running, i can tell you it is rough, but that doesn't mean that people don't want to go down there. here's the thing, david. the, wall street right now and hedge fund industry and big firms, this whole relocation craze is picking up steam right now, we should point out we were among the first to report the goldman move either to texas or west palm beach months ago, this is partially being driven not just by the firms looking to cut their costs here in new york but by employee demand. that is where i want to get at

with this story because this is a big story. what we understand wall street firms like goldman, like jpmorgan, like morgan stanley, are inundated with requests from their executives and their employees to be relocated if they could to florida. from what i understand, this is from sources inside of these banks, they can't keep up with the number of requests to go down there, even as they open up more and more offices down there. and the interesting thing is, as you know, the move comes as all of these firms are trying to convince people to come back to work. they're almost demanding it, that get vaccinated, get your rear ends back in the office. wall street jobs are highly compliance driven you know. if you don't go back to the office, you need to be monitored essentially, david. and so it is kind of hard not doing this from your home. so that is why the wall street firms want everybody back. david: but, charlie --

>> let me get to this, i open it up to you. i have two more things i want to hit on. david: sure. >> the, we spoke with some people down in florida just to gauge just how much demand there is from wall street to go down there. so we spoke with someone from the palm beach development board and what she said is this, that she has never seen this level of incoming activity from the financial services industry in her 30 years working in the business. major hedge funds. point 72 capital, appaloosa, banks, they're all going down there, now. and david, at least from the banks standpoint from what i understand this is being driven by employee demands and they can't keep up with the demands. the reason why? lower cost of living. guess what, when you go to work in florida, as opposed to walking around manhattan, you don't get accosted by a homeless guy. david: zero income tax. half the year, the best weather in the country.

charlie, great stuff. we appreciate it. we have to move on. a new jersey school district facing pushback from parents after removing all holidays from the school calendar, everyone, veterans day, memorial day. we'll be talking to the parent leading calls for resignations because of this policy. he is next. ♪. the world's first fully autonomous vehicle is almost at the finish line what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq-100 like you become an agent of innovation with invesco qqq

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♪. david: the department of education set to hold an equity summit, that is what they're calling it with educators next week, the first in a series of talks making schools supposedly more inclusive amid widespread debate over critical race theory. so will the white house weigh in on the controversy? what else can we expect from the meeting? mike emanuel is live outside the department of education. mike. reporter: well, david, good afternoon. it is clear leadership here at the department of education sees an opportunity for change while reopening schools after the covid pandemic. the secretary of education gave us a preview. >> the three rs, we talk about reading, writing, arithmetic,

reopening, reinvesting in our schools, reimagining the potential. when we're thinking about reopening, we're designing our schools differently. will we go back to the same old business that led to some of the feelings expressed today? reporter: in the department of education reopening guidebook it says, quote, schools are make crow costisms of society. culturally responsible practices intentional conversations related to race, social, emotional learning, helping students skills they are building in school are foundations of democracy. it should be anchor tenets of building school wide system of learning. this is battle with many communities teaching critical raise theory in the classroom. many question why covid relief funds, $122 million worth are rerouted to support progressive education policies. critics of the new approach say

it is misguided. >> you see with the new curriculum, new focus, more geared around social and emotional learning and if our students aren't reading on grade level, let's teach our kids how to read. if our kids cannot count, cannot dot basic one, two, three, let's teach our kids mathematics. reporter: she is among those saying schools must teach our students, our children the critical skills they need to succeed. david? david: mike emanuel, thank you very much. good to see you, mike. backlash for a new jersey school board after they voted to remove all holiday names from school calendars. now parents are demanding that the school board resign. randolph new jersey, father of four, tom tait tum joins us. good to see you, tom. how are you fighting isn't. >> we're fighting it on multiple fronts. we're trying to work with the bored board of ed.

they want no part of that. we're willing to enter into discussions. they want no part of it. we having a aggressive email campaigns. the board of ed, parents are advocating strongly to the school principals. there is a large presence of people that, you know, are just really putting every effort they have into trying to create the change that is so desperately needed. david: tom, the school board is supposed to be a democratic institution. how did the attitudes of the school board come to disrepresent the attitudes of the actual parents of kids? >> they clearly are misrepresenting them. the school board meeting over 125 people there. only three speak out in favor of the removing the names. david: how did you, how did you and the other parents lose control after school board that is supposed to represent the parents. >> over time i think what has happened is, school boards were not major election issues. people really ran for, same

people ran for them year after year after year. it really wasn't highly thought of. and then they realized they could start to push their personal agendas through those means. that is what's happened over time. finally now it take as hot button issue like this to make people appreciate the work that needs to be done to insure there is true diversity in a school board. david: not to mention the lives of those people that we memorialized on memorial day, not doing so, i think is, is an insult to the lives that have been lost by those brave americans. i just quickly want to get to the idea of what is being taught in the schools though. critical race theory and stuff. you heard the department, i think you heard of the secretary of the department of education, reading, writing, arithmetic is old stuff. we want to focus on the new triple rs. what is wrong with reading, writing, arithmetic quickly until. >> nothing at all. you need to do addition by

subtraction. those are the fundamentals we need our students to learn. the basis of every single education starts there. those are the most important things. it should be the focus of this board of education and focus across the country. david: the problem, the guy at the very top, the secretary of education calling it the same old stuff, reading, writing arithmetic, a lot of parents want that same old stuff. without those tools the kids will not amount to anything in this world. tom, we have to leave it at that. good luck in your fight. i appreciate you coming on. >> thank you very much. david: coming up after the break, how officials in maine are looking to get workers back on the clock to combat the worker shortage. the second hour of "cavuto coast to coast" is coming right up. ♪

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♪ ♪ david: welcome to second hour of "cavuto coast to coast," i'm david asman in for neil cavuto. a ton of news this hour. first of all, new signs of inflation stoking fears as the fed meets today and tomorrow and tries to walk an economic tight rope. why this has some banks stashing billions, hundreds of billions in cash. we'll explain. plus, disney world is demasking

as florida's reopening surges onward, but there are no signs of new yorkers flocking back up north to work. check out what this new york-born congressman has to say about that. >> raised up in new york city. you're not going back up north, are you? >> no. are you crazy? their tax policy up there is a joke. i would never go back there. david: unequivocal, i would say. i'm going to be talking to florida's chief financial officer about why the florida flock is there to stay. he's coming up. and president biden getting set to meet his russian counterpart, vladimir putin. will biden be a match for the russian stalwart, the former kgb agent? we're going to bring you a preview. but our top story this hour, inflation pressures are building. national prices are moving higher, a gallon of milk now cast costing more than a gallon of fuel. lydia hu joining me with the very latest. hi, lydia. >> reporter: hi, david.

these are baby dairy cows. they will mature in about two two years, and at that time they'll start producing about 8.5 gallons of milk a day. but the cost of getting that milk from the farm to your kitchen has gone up over the past year driven by the price of gas, even the price to package the milk. now that price is about $3.50 a gallon nationally, more than the price of a gallon of gasoline. and experts say that's a symptom of national inflation, and this is just the start. >> very disturbing. and not only for consumers when they're coming to the supermarket, but for the industry as well. >> frankly, we're not even in the middle of this yet. prices are going to go up. the food industry is very, very concerned about this. >> reporter: you know, it's not just the price of a gallon of milk in the stores either. we also know the price of bacon up about 13%. the price of citrus fruits also

up more than 9%. but i can tell you the farmers here at klein farms in pennsylvania say they are focused on their milk production and raising the next generation of dairy cows that will help produce if our nation's milk supply. david? david: lydia hu, thank you very much. now to the struggle to find workers. maine is the very latest state offering up to $1500 as an incentive to get people off unemployment and back to work. let's get the read from florida chief financial officer jimmy prone miswho says it is time to get people back to work. but, jimmy, is this way to do it? >> that's a crazy wayed to do it. look, those policies that the democratic governor of maine are pushing out, it's going to create a culture where there's going to be an into entitlementt the every single year folks from maine go back to work? they're going to expect the stipend to come out. this is crazy. this is why people from new jersey, new york, even maine, are flocking to florida to the tune of 900 people every single

day. david: well, it's an extraordinary movement, i want to talk about that in a second. what do you think about the administration continuing to refuse that there's any kind of disincentive for people to go back to work because of all the money they're paying, as much as $100,000 a year, for a couple in the state of new york to stay at home? >> you know, what kind of economic policy, hand out a bunch of money and expect people to go back to work? it's nonsense, it's nuts, it's crazy, and it's bad policy by the biden administration. david: you, i assume, are one of those 25 states -- yes. we're looking at a list of half the country now has decided not to take these federal extension the of unemployment benefits. the other half, i just don't see the other half getting back on their feet until the summer's over. i mean, that's supposed to be the limit of these payments. but this is, this is the time, this summer. not so in florida maybe, but in a lot of colder states, businesses were praying that

this summer they'd get out of the pandemic syndrome of reopening. what's going to happen to these small businesses as they have to compete with the government? >> sure. so, you know, i've spent most of my life in the restaurant business, over 30 years, and we focused every year about having our summer memorial day to labor day. and why? it's because when kids are out of school, mom and dad can plan vacations. but those businesses that depend on work force to be able to operate their hotels, their amusement parks, their restaurants, their venges -- venues of entertainment, none of those can take place without labor. and when the federal government throws in crazy policies that's a disincentive for people to get back to work, it has a catastrophic effect on small family businesses all over this country. david: and as a former restaurant owner, i assume you know how much prices in restaurants have gone up as a result of you don't have the workers going -- we just had a reporter on a farm, on a dairy

farm. you don't have people going to the dairy farms, you don't have have people going to chicken processing plants. you're -- that's why the price of all of these products is increasing so much. so there's a direct tie to inflation as well. >> exactly. so when you're putting out, you know, stimulus dollars that the equate over $14 an hour, you know, then that business is going to have to be in the ballpark of about $25 an hour when you consider the taxes taken out, and that's not sustainable. there's not a business that can afford to do that and afford to work, and then it has the ripple effect because businesses are having to pay more for labor in order to get products, goods and services to market. it's a shame, and this is why the states have stepped up and embraced their own policies because they want to save their own small family operations. a. david: i just had charlie gasparino on, he was talking about the move by financial companies down to florida. there's a call not only by the

corporate headquarters, but by the workers themselves saying, you know, we'd be happy to move down to florida to pay zero income taxes, etc. are you guys running out of space down there? >> no. by all means, i think, you know, gretchen whitmer was down here on her own doing her own side inspections to see about due diligence. no, we've got plenty of real estate to make available. here's the beautiful thing, we just put $10 billion in reserves in our state reserves. we carry a aaa bond rating for the last three years in a row, first time in the history of the state of florida. not only are we a sound financial place to do business, but we're an inviting place to do business because we listen to our people, listen to our families and businesses, we listen to our job creators. david: jimmy, i want to get your take on disney reopening saying though they are going to ask -- first of all, they're taking the masks off, that's good news, but they're saying you can only visit the parks if you've been vaccinated.

florida is one of those states that has rules against vaccine passports. how does disney check? >> i think it's going to be the honor system. look, disney has done an amazing job getting the parks back open safe in florida, unlike what they were kept from doing by governor newsom in california. so, look, disney's going to continue making sure they have a safe environment. i've taken my kids there about three times since the pandemic, and every time i went there i had a safe, enjoyable experience. i've never caught covid, i've got my vaccination. if they ask me, yeah, i've had my vaccine. but they're not going to make you wear a mask -- david: they say the only people people let in are going to be people who have had a vaccine and liars. [laughter] >> well, that may be the case. but, you know, this is why -- i hear all the time, if you want to be reckless and take a chance of getting sick, again, it's what businesses -- in florida we

passed covid liability protections because our businesses were scared to open back up, and they were doing everything, running 50% capacity, you know, taking condiments off the table. everyone was wearing masks. you do whatever you need to do to survive, and that's exactly what disney and universe aal and sea world the did and all our great amuse amusement parks -- david: just to clarify, you can get in you haven't been vaccinated if you wear a mask, but there's no way they can check up on it. con graph lakeses on all the business you're getting from up north, jimmy. >> i was talking to our director of environmental protection yesterday who also runs our state parks. we've got an environment right now where even if you want to go visit a state park and get an rv parking slot to stay overnight, you can't because all the out of towners have booked everything in the state of florida. it's good times in florida. a lot of positive energy and just so great for the leadership

of governor desantis. david: well, you've got a great budget even though you have zero income tax and zero inheritance tax as well from the state side. it's extraordinary. a lot of people in the new york saying, how do they do that? we have to pay 12% tax in order to fund our government. they have 0% tax, and they fund it quite well. >> well, live in your home. that's beautiful, man -- david: if you ever want to have a seminar for governors about how to do it without taxes, i'd be open to sending ours down south. i'd pay for that. jimmy, good to see you, my friend. thank you very much. >> take care. david: from soaring costs and worker shortages to a rise in crime, businesses in baltimore are threatening not to pay their taxes it is amid if an ongoing crime wave with. last hour we we talked to dr. alveda king about this. listen. do you think it's a proper role for businesses to refuse to pay taxes if they're unsafe? >> well, i would say pay your taxes and go ahead and do what's

right because injustice anywhere is a threat to justice everywhere. you want to go and do what's right, but work against the injustice at the same time. but they may not be able to pay their taxes if they are being robbed, beat up and all of this. david: with me now are restaurant owners katie and patrick russell who have joined the push for officials to address the crime spike. good to see you both. you just heard dr. king there saying that, boy, if you don't have ajust kerrs because they're -- customers because they're afraid to go visit you, then you're out of business entirely. that's why you're doing this, right? >> absolutely. david: so what about the consequences of threatening not to pay your taxes? i mean, legally aren't you required to, katie? >> yes, legally you are, but we wouldn't not pay them, we would put them in escrow. we are hoping, you know, to get something done that way. david: well, patrick, have you

heard from the -- i mean, we do have a comment. the mayor's office put out this comment: the mayor is working tirelessly to hold people committing violence accountable, remove violent offenders from our streets and identify illegal firearm traffickers. why is that not enough? >> because the city of baltimore has to be the one. the laws on the books are not being, no one's arresting these criminals. so when they do, the prosecutor's not prosecuting. so there's -- the mayor's got his hands full. he can't do anything about it. david: katie, have you any idea with about how much business in a percent terms are you missing out on because of the rise in violence? >> well, i would say since the pandemic it's been -- >> [inaudible] >> yeah, pretty bad. we've probably lost about -- >> 60 -- >> -- 65% of our business. and then, you know, that's where

a lot of this stems from, with the pandemic, the beginning of that and kind of laws, small, petty, foolish breaking of laws that has not been enforced. and that's been pretty much -- david: patrick, you know, mayors all over the country that have had rising crime are blaming it on the pandemic. but here in new york we saw -- we started to see this rise in crime before the pandemic. was it the same in baltimore? is it just the pandemic, or was it because of specific policies they have there that empower criminals? >> these policies were put in place in 2015, and ever since we've had these challenges. it has been lawless since then. so the pandemic, what they did is they said, okay, we're going to allow are open container. not open container, you can sell to-go drinks from bars and restaurants. you're still not allowed to drink it out in public. what's happening in our neighborhood is people are coming down at 9:00 at night in

our square and setting up shop. they're selling alcohol out of coolers. they're is selling to minors, they're selling past 2:00 in the morning, they don't have a liquor license, they don't have a permit, they're using loud music until 4 or 5:00 in the morning, they're urinating on our neighbors' houses. it's lawless. we have to pay for our liquor licenses, we have to pay for our permits, and we have to be certified, we have to pay our taxes. we own businesses and property. so as property owners, we decided as a group of neighbors to add another tax to pay for our services, trash pick-up, extra security. we pay extra for those. now that we're doing is paying that every weekend morning our resources are going to clean up a he is that our patrons didn't -- a mess that our patrons didn't create. motorcycles in the cities, if i drive a car and don't have a registration or title or tag, i

get arrested for it. i can't get a license. these guys can just do whatever they want. there's no repercussions whatsoever. david: there is this sense of -- and it's not just baltimore, we see exactly the same thing happening in new york city, it's happening in los angeles, chicago, it is nationwide, and it's gotta stop. i hope your pressure brought to bear on the mayor's office has some results. good to see you both and best of luck to you. >> thank you. >> appreciate it. >> thank you so much. david: coming up, our coverage continues from the southern border where patrol agents made a shocking discovery in texas. we are live at the border coming next. ♪ ♪

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♪♪ david: to the crisis at the border. agents in texas discovering what they are calling a stash house where smugglers were told holding about 100 illegal immigrants. bill melugin is live along the border in texas. what are you seeing on the ground there? >> reporter: yeah, good afternoon to you. i can tell you, we all hear the administration constantly saying

the border is closed down here, but from our perspective and what we're seeing on the ground, that is just not reflected by reality. we've got some brand new video, exclusive, take a look at this. this is the stash house that we got tipped off to that was busted in alton the, texas. this is just about 20 minutes away from us. it appeared to be an abandoned auto garage where more than 100 migrants were being kept all crammed together in this brutal heat and humidity. what these human smugglers will do is once they help bring these folks across the border from mexico, they'll put them up in these stash houses, cramming them all together, no air-conditioning or anything like that. they'll hold them there until they're ready to move them further into the interior of the united states, and these are incredibly common out here. border patrol reporting they've busted more than 200 of these this fiscal year alone. take a look at this video we shot within a minute of getting on scene out here, we saw saw this group of 42 migrants just

walking down the road and giving themselves up to border patrol. many of these those family units, moms with little kids, unaccompanied teenagers, that sort of thing. i had a chance to talk to several of them, almost all were from guatemala, el salvador and honduras, those northern triangle countries. these were not folks trying to get away. now, when you take a look at our fox drone in this area, there's an incomplete border wall, there's heavy brush in this area, it's getting incredibly hot out here, but they are still making this journey. border patrol do not expect this surge to slow down just because of the hot weather. also new information from border patrol. just this past weekend they were able to apprehend one sexual predator and two confirmed gang members just here in the rio grande sector alone. we'll send it back to you. david: i have to ask quickly. it's a horrible question, but it's getting so hot down there, it could be deadly. any signs of any deaths as a result of this? >> reporter: in surrounding

counties, yes, there have been bodies found. here in the rio grande valley since we've been here the past several days, we've not heard of any bodies in this area. but unfortunately, once we get into july, august, those numbers are going to go up. david: bill melugin, great reporting. thank you very much. mean while, mil -- meantime, bill mcgurn writing that vice president kamala harris is not the person to blame for the crisis as much as her boss, president biden. he joins us now. bill, your piece is entitled "stop blaming kamala harris," but she's such an easy target. i mean, you know, she comes out with these misstatements, she's made head of the border more than two months ago, and she's never been to the border. why do you think she's not to blame? >> well, because the policy is joe biden's. look, she's performed badly on television, you know, her interview with lester holt where she answered by saying i haven't been to europe. i mean, she does the not, she

does not answer well when there's the tough questions, and she tends to try the cover it up with the nervous laughter and so forth. so it's all fair game to go after vice president for doing this, but let's remember what can she say? given joe biden's policies, given his grandstanding when he first came into office, you know, within the first week writing these executive orders, reversing trump policies without any concern for the effect they have, you know, the president of guatemala says, look, what happened is it changed from a red light to a green light when joe biden came into office. david: right. >> and now kamala harris has to say don't come here to make up for her boss. but this is all on joe biden. this was created by joe biden. and what's interesting to me is that the press letting joe biden off the hook and putting it all on the vice president who did not issue these orders, who is not responsible for creating the problem at the border. and it just lets old joe off the

hook. david: i would disagree a little bit on two cases. first of all, when she was running for president herself, she was one of those people who rose her hand and said, yes, i'm forgiving immigrants all of these benefits. she pretty much said i'm for open borders. she didn't put it in those words, but that was the implication of what she was saying. and then the other thing is she was given the job of the border by the president in front of all america over two months ago. she's supposed to take some initiative, and the first initiative she could take is to go to the border that she's supposedly in charge of. >> yeah. would you go to the border under this policy in it's just a giant gotcha moment. of course she's not going to go if she can avoid it. that's why joe biden isn't going, probably why he dumped it on her. look, i want to be clear, if there were a president harris, i think it might even be worse down there than it is under joe biden. but these are joe biden's executive orders. he is the president. he told us it was going to be a

new day. i would think it's important for him to go to the border. what is she going to do at the border if they don't change their policies in there's no solution. david: right. >> you know, root cause is what you say when you know what you're doing isn't going to work and you want to sort of imply that nothing will work, it's beyond your capability. i mean, everyone knows root causes is a way of saying i don't have a clue. david: very quickly, switching gears, president biden says the gop is now fractured. take a listen. >> the republican party is vastly diminished in numbers. the leadership of the republican party is fractured, and the trump wing of the party is the bull of the party -- the bulk of the party, but it makes up a significant minority of the american people. david: there was a recent gallup poll showing the republican party affiliation has increased since president biden took

office, so who's right on this? the poll or the president? >> right. yeah. well, first of all, i think it's really disgraceful for a president to make a partisan attack on the other party while he's overseas. i just think, you know, we didn't do that sort of thing before. second is, i think if you're looking at the midterms, who's more nervous, republicans or democrats? i think joe biden might get some surprises. yes, the republican party has first yours and fights over -- fissures and fights over leadership. that always happens to the party in the exile. but i think that they look to the next year 's elections with a little more confidence than, say, mrs. moses or mr. schumer might be -- pelosi or mr. schumer might be looking at it. david: bill mcgurn, good to see you. california raking in millions from washington, d.c. for pet projects. how much taxpayers are shelling out for the golden state still the ahead. muck -- i gotta feeling i'm not the only one. ♪ all i wanna do have some fun.

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♪ david: well, the golden state is cashing in on earmarks with over 1400 projects approved from over 200 from california amounting to over $900 million in taxpayer money. hillary vaughn is on capitol hill with much more on all this. hi, hillary. >> reporter: hi, david. when it comes to the house highway bill that has $5.7 billion allocated for earmarks, california is the prize pig when it comes to pork spending. the golden state was awarded more earmarks than any other state in the highway bill. if passed, california will get over $913 million in federal taxpayer money to fund special projects around the state. a lot of it that it's requested

qualifies as transportation and infrastructure but has a green energy spin on it. $31 million would go to clean and green energy projects in the state if the bill is passed including $4 million for electric vehicle charging stations, $120,000 for an electric car share, $9 million for electric -- 19 million for electric buses in districts throughout the state and $8 million in green energy infrastructure. but there is some money allocated for some projects that could make some people do a double take. $6.5 million for a suicide safety net at the golden gate bridge, $6.5 million for a bike trail in menlo park, california. that's where facebook is headquartered. $3 million for a bike trail through napa's wine country and another $3 million to put new toilets and lights at bay area metro station stops. california has the cash to pay for this, they have a $76 billion pot of taxpayer revenue

to spend, but instead they're hoping to cash in on this federal taxpayer money to pay for things, david, that, quite frankly, only a few californians will even get to benefit from. david: earmarks are back. incredible. hillary, thank you very much. let's bring in democrat michigan congressman dan kildee. congressman, i first want to talk about taxes, if you don't mind. we had tax hikes coming out of the last serious recession, the great recession so far. many say that it was those tax hikes that slowed our recovery, and it was one of the slowest recoveries on record. are you worried that the same could happen if we raise taxes coming out of this recession? >> well, what i'm worried about is, first of all, we have to have tax fairness. there are a couple of elements to the tax discussion. one is the issue of raising revenue for the necessary investments that we need to make to have a 21st century infrastructure and if a competition that requires it.

the other is tax fairness. we always have to be concerned about any sort of overcorrection. but i don't think most americans, if they looked at the effective rate of the tax code on the highest income earners, would believe that the tax code is fair -- david: well, let me just talk about fairness for a second, because it's a legitimate concern that a lot of people have. i but i i went back to the numbers from 2018, the tax year 2018. these figures came in from irs data. in fact, the top 1% -- i guess that's the rich that people are talking about -- pay 40.1% of all income tax. now, 40.1% is not a fair share, what should the top 1% be paying to make it a fair share? >> well, first of all, we don't aggregate people and then say they have a responsibility to pay a certain percentage. what we say is people have a responsibility to pay their share of their own income. if the top 1% is paying some of

the lowest net rates of their income but still paying 40%, that says a lot about how much of the total earnings are going to the people at the very top. the question not when you aggregate the richest people and determine how much of the total revenue comes from them, the question is how much of their income is being paid in taxes. and as warren buffett and many others have said, the people in that category pay a lower share of their income in taxes. that's where the fairness issue -- david: so why not, why not get rid of all deductions and just have a flat rate in wouldn't that be the best way to go? >> well, it's one of the ways that we could go, and that is to create a minimum tax that's a required tax. the deductions, just to be clear, you know, sort of the idea of throwing out all deductions means that we're throwing out the tools in the --

david: well, now you're letting yourself open though to those tax breaks that a lot of people complain about, i think quite rightly, that allow some rich people to get away with paying practically nothing. i pay -- just for the record, i get paid well, but i pay over 50% of my income in taxes. i'm willing to guess that billionaires pay less a percent of their income, and i think there should be just a flat tax that everybody pays with no deductions. >> well, that's an argument that people can advance, and i get that argument. but i don't think it's correct to say that because some people abuse the system and go far too far and the tax code allows it -- just to be clear -- that that means that there's never a good use of tax code-based incentives to encourage investment, to encourage buying a house, to e encourage all the other things that we would like to see take place. so it's a little more nuanced than to just say flat tax or no tax breaks. i think -- david: i don't know. i just think if you're going to

talk about fairness, that's the fairest way to go. i've got to switch to another story because the infrastructure bill's a big topic. democrat congresswoman from washington, pramila jayapal if, urging the democrat party to quit trying to negotiate with republicans on infrastructure spending and go it alone. listen to her and get your reaction. >> frankly, what has become a completely outdated concept of bipartisanship. you know, it sort of heralds back to the time when republicans were actually a party that you could negotiate with. if you're insisting that you have to get ten bipartisan votes because of the filibuster which is a relic that has been used, a jim crow relic used just to stop the progress from moving forward, then we're not going to be able to move forward. david: there was a lot in there, congressman, but your quick reaction. >> well, i think we have to continue to try to negotiate. there does come a time when we have the come to grips with either the reality that we'll be

able to get a bipartisan deal or we won't. i think we have more time before we have to draw that conclusion. it's always better if we can to do things in a bipartisan fashion. however, where i might find some common ground with respective jayapal is that if we can't get there, if we can't find are republican partners that are willing to go into this negotiation in a way that i think will deliver what i think the american people need, and that is a big and bold infrastructure package if, then we may have to consider going it alone. bipartisanship's important, but it's a tool. the goal is actually to deliver for the american people. david: yeah. >> the goal can't be to just behave in a bipartisan fashion even if it means sacrificing the needs of the american people so much depending on us to deliver. david: and do you oppose the filibuster as a part of jim crow? >> i oppose the filibuster: and so does mitch mcconnell, by the way. he opposes it when it works for

him to oppose it. when it -- david: well, the same happens with democrats. democrats have used it much more in the past few years than republicans have. >> well, and i agree, we should. that's why i don't think we should have it in the first place. i mean, i think -- it's not so, i mean, it is an artifact of jim crow, but it's also undemocratic, and it's not something that the framers to of the constitution anticipated. they made it difficult enough for us to get things done without giving one body of the legislative branch this super-charged authority to stop things from happening -- david: well, they made it difficult for a reason, congressman -- >> right. david: -- and there was a good reason for that. >> for sure. david: and i'm sure you agree with that. you're one of the most reasonable men in your caucus, and we appreciate you coming in and talking with us. thank you very much for being here. >> happy to do it. thank you. david: appreciate it. well, he once with called him a killer with no soul, but president biden's now changing his tune on vladimir putin ahead of their first face-to-face

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♪♪ >> welcome back to "cavuto coast to coast", i'm connell mcshane reporting from geneva where we're starting to learn more information about the summit that will take place here tomorrow featuring president biden and vladimir putin. it will be in the early afternoon local time, so back on the east coast of the united states, look for the two leaders to appear somewhere around 7:00 in the morning, first the arrival of president putin followed closely by president biden. taking place not far from where

we're at, in fact, frank just pans to my right and to the camera's left, and you can see as we're perched high over the city of geneva, this is a beautiful day, in the high 80s, and tomorrow we expect the temperature to be around 90 degrees fahrenheit. these two leaders will spend the day inside, and they will never spend any time in a room together alone tomorrow with just translators. that's not going to happen. they'll always have at least one colleague on hand. for example, when the summit begins, the first meeting will be with president biden, secretary of state antony blinken, president putin will have his foreign minister in the room, and then they'll have more officials from both sides. i talked about the city, we'll work in some video that we shot near lake geneva. you saw officials from the city setting up russian and american flags and some last minute military drills even taking place. they're ready to go here, all kinds of topics on the table, arms control, cybersecurity, human rights, but we've been

warned really by both sides but especially the white house to not expect anything huge in terms of deliverables. both sides looking to lower expectations. david: connell mcshane, thank you very much. appreciate it. well, vladimir putin is frequently accused of using deadly tactics to deal with political opponents. steve harrigan takes a closer look at this. hi, steve. >> reporter: david, one of putin's first speeches when he came to power, he really took russian ares by surprise. he said he was going to rub out chechnyan fighters even in the outhouse. twenty years later, concerns about putin's brutality extend to his political opponents. before alexei that navalny was poisoned and impress prisonedded, a journalist was gunned down in the stairwell of her apartment. there was no evidence tied to the regime, but no doubt about the message to sur is sacrificing colleagues --

surviving colleagues. >> i was depressed because she was so prominent and and so important. >> reporter: calling the president of russia a killer is debated by with russia analysts both as a matter of fact and as a tactic. >> putin's willing to use murder as a weapon. but we don't need to say that when we're characterizing him in public. we need to react to that and to establish strong policies in making sure that such ruthlessness does not hurt american interest. >> reporter: others suggest a changing context could help americans get a sense of putin's soul. >> the best way to understand mr. putin and how the kremlin works is in the united states we don't think of criminal organized crime as part of the government. but in russia it is almost the exact same thing. >> reporter: that analogy would make the president a boss of 145 million people with a nuclear arsenal. david?

david: you know, there's some souls that i think i'd rather not see. i would put putin in that category. steve harrigan, thank you very much. appreciate it. well, jamie dimon says jpmorgan is hoarding cash, and the reason he says could impact your wallet. we're going to bring you the details right after a short break. ♪ -- top of the world, i'm on top of the world ♪♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right.

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muck ♪ david: there's a very good chance inflation is here to stay. now, that's what jpmorgan's jamie dimon is saying and why his bank is olding on the to -- holding on to just a little extra cash. only $500 billion worth. reaction from larry glazier and mitch roschelle. larry, explain this strategy. a lot of people would say why would you want to hold $500 billion if you think inflation's going up? >> you know, david, it really is a good question. and you don't have to be the head of jpmorgan to realize that inflation is a real problem. you just have to be head of a household today.

go to the gas station, the grocery store, go to the lumberyard. inflation is real, and it's more than just temporary. but i think when a leading financial executive, one of the global leaders in finance is telling you it's more than just temporary, you take the message. when the government's own data like today, the producer price index, the biggest increase ever over a 12-month period, you get the message. and then, of course, consumers see it every day. but the fed maybe isn't getting the message, and that's the problem here. that's why jamie dimon is sitting on this cash, because you can't invest it. just like retirees are subsidizing the recovery. they can't get anything on their savings in the bank, but their costs are going up every day, and that's not right. david: but, mitch, i think the point that dimon was getting at is you need flexibility. if you think inflation's going up, you don't want to be stuck in a position, right? in stocks or bonds that the value of which might go down if there is inflation, right in. >> right. and -- right?

>> right. and he hasn't been very transparent, i'm not being critical, but just a statement of fact, in term of what they're going to invest in. if you're investing in assets and interest rates go up, normally you can buy the asset for less money. if he's looking at other banks, i'm assuming he's assuming interest rates are going to go up if the fed intervenes and starts to raise rates, then banks generally become more valuable when interest rates go up. the real question is are they going to start paying depositors more money, and what's going to happen with their net interest margin because when rates go up in terms of what they can loan for, they're paying goes to haves more. the fact that a leading financial executive is screaming inflation is going up and we're not hearing that from the biden administration. david: but, larry, i'm wondering if there is a message here from dimon to the investors out there who obviously don't have a billion dollars to put away, but

is there a way you can kind of mimic dimon's strategy if you're an average investor? >> well, the good news is as individuals we have a lot more flexibility than a leading bank does. long-term bonds don't do well in inflationary period, but lots of other assets do. gold might be a he can, cryptocurrencies could be a hedge against inflation, housing could be a hedge against inflation. we can be more flexible than the bank can, but the irony is banks are doing very well because they're paying you nothing on your savings, and they're lending it out at a higher rate. so it's a good environment for regional banks, maybe you should be buying bank stocks like jpmorgan, because the dividend is more than you can earn on your savings sitting in that bank. david: mitch, we only have 20 secs, but we started two hours ago talking about stagflation because we had retail sales way down while inflation is up.

is that what we're in now? a period of stagflation? quickly. >> no, i don't think so. i think the supply side of the economy is still choked off because the global supply chain is a mess. i think once you can buy goods and services, the pent-up demand is strong enough and we get people back to the work force, i don't see stagflation. i grew with up it -- up with it, i don't think that's what we're seeing now. david: larry, mitch, thank you. well, air bnb saying starting today it's going to be banning new u.s. listings where the tenant has been evict for not paying rent. essentially, the company's preventing landlords from profiting off of pandemic-related evictions as the federal moratorium expires later this month. more cavuto coast to coast right after this.

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david: it's a down day today for the market unless you're buying oil. but it is the kind of market that charles payne likes to turn around. maybe he has a chance to do that in the last hour. charles. charles: you know me so well, david, thanks my man. all right. good afternoon, i'm charles payne. this is "making money." welcome to the rolling thunder pullback tour. have you been waiting for a pullback to get into the market? news flash, every sector already pulled back. we'll help you ditch that excuse. the apes they have already won and continue to crush it with amc. one of the heroes will share his own story. the latest discovery of establishment shenanigans. yes, there is