year the solstice is june 21st. all right. i've got to tell you this, the market is way, way down. got that. earlier we told you that, yes, today is paul mccartney's birthday. any idea how old paul mccartney is today? you probably don't know, especially our younger viewers. i'll tell you this, he is 79 years of age today. goodness, me. david asman in for neil -- [laughter] david: doesn't it make you feel a little old? when you hear that paul mccartney's 79. i was thinking 78, and my best solstice ever was in st. petersburg during the white nights, nothing like it. strolling down beautiful st. petersburg at 1:00 in the morning with the sunlight still shining, unbelievable. stuart, have a great weekend, thank you very much. welcome to "cavuto coast to coast," i'm david asman in for neil cavuto. major news this hour, the market took a nose dive on the fed's

hawkish predictions, or at least from one fed official. our topnotch experts are here to break down what all this means for your money. and the u.s. government pouring millions of dollars into a new antiviral drug to combat covid. could this with the magic pill? we'll bring you the very latest. plus, speaker pelosi forming a new house committee on economic inequality. well, how much is the chairman of this committee on equity actually worth in you may be in for a shock. stocks deflating rapidly as the fed's jim bullard says inflation is more intense than the experts previously thought, and adding insult to injury, bullard predicts a possible rate hike by the end of 2022. let's get to market windchillers hal -- watchers hal lambert and steve moore. hal, let me go to you first. the markets tanking on the news. are they overreacting or what? >> yeah, i think it's an overreaction.

i, i'm surprised, actually, the fed is making comments on things that are, you know, chairman powell saying it's going to be 2023 for rate hikes, that's way off. that's way down the road. inflation is here right now. they're thinking it's transitory. i don't see why they think it's transitory. they don't really have nonexplanations -- have any explanations. the consumers are seeing it, the groups that make products are seeing it, the prices received in the ppi index, they're the highest since 1981. so inflation is coming. i don't think it's transitory. i think the fed rate hikes are going to have to come sooner than what they're predicting. seward -- david: steve, i saw you earlier, i'm just going to quote you. you said when inflation goes up, the value of your paycheck goes down. it's really that simple, and that's why this is something that hits everybody, the rich expect poor. and the poor. >> you better believe it.

these price increases are really having a negative impact on middle income and lower income families. there's no question about it, david. it is a regressive tax. i do believe the fed fumbled the football. they should be taking a much more aggressive and immediate stance, in my opinion, david, in terms of dealing with this inflation issue. the idea that they're not even going to look at rates for another year or so, i think, is very misguided. and you look -- and i think the fed has got to nip this inflation issue in the butt now because it just get worse. we saw that inflation has a tendency to accelerate, and so i cannot explain why it is the fed has been so dovish on prices right now when we see in virtually every consumer market right now prices rising pretty rapidly. david: you know, hal, some investors -- not today, of course, but some investors do think they can make the right bets in an inflationary environment.

the best nervous of all time, warren buffett, said the following way back in 1977 about that bet. he said if you feel you can dance in and out of securities in a way that defeats the inflation tax, i'd like to be your broker but not your partner. did he have it right? [laughter] >> well, there's clearly speculation in this market, right? you're seeing it with the meme stocks where you've got stocks one day going up, you know, 50, 60% in a day. that's insane. that's speculation, and that's part of this easy money supply that the fed has created, and that's creating that speculation. so i agree with warren buffett from that perspective. look, early on inflation is good for stocks. stocks go higher when you have inflation, but sustained inflation is ultimately negative for everybody as was just said. it's a tax on everyone, and it certainly hurts lower income people more than anybody else because when you're paying high gas prices, high food prices, high medical costs, you're going to really hurt the low income people more than anybody else.

david: and, steve, we've been talking a lot about too much money, that factor into inflation, but there's also too few goods. and you have those 9.3 million unfilled jobs in our economy right now. that means fewer people working, creating fewer goods and providing fewer is services. when you have fewer goods and fewer services, you have higher prices, right? >> yeah. it's not complicated, is it? the. [laughter] david: not rocket science. >> you put it very well, david. and, you know, you've got the combination of very easy monetary policy, in my opinion, and then you've got an incredibly aggressive fiscal policy that's just pouring money into the economy. i mean, how could that not, the combination of those things not lead to inflation. i want to make a point about inflation in the markets if i could, david, because obviously this is an investor show. and my buddy, art laffer, was showing me a chart the other day of what happened to the stock market in real terms the last time we had a big bout of

inflation back in the '70s. and, you know, he was showing me from around 1968 through around 1981,' 82 when inflation, we finally got inflation under control, stocks lost over half of their value in real terms. david: yeah. >> so there is a kind of artificial rise in the stock market because overall prices are rising. but that ekes into real profits. and so my point is inflation is a very negative thing for stocks. david: well, let me bring out one bit of positive news, hal, which is that there are, there is a pushback to this labor shortage that we have right now. this week we had a democratic governor, the first democratic governor from louisiana, joining 25 other governors who are rejecting the federal bonus, that $300-a-week bonus that is keeping a lot of people at home. that's good news. there are more people on the local level that are saying no to washington. >> that is good news, and i think you're going to see in the

states, i think it's about 25 states -- david: 26 now, yeah. >> 26 now that are not going to take the extra $300 a week. that starts this month. david: right. >> so you're going to see those states, i think, their unemployment numbers are going to come down further because people are going to go back to work, and you're going to see the states that doesn't do that, people are staying at home. david: we've got a whole other discussion on the wealth tax coming up and whether that's going to fly coming up in the new year. we'll see you later in this hour. meanwhile, infrastructure talks are ramping up. democrats are now eyeing a $6 trillion infrastructure investment plan. it goes way beyond roads and bridges, includes a lot of core party priorities. blake burman live in d.c. with the details on this. hi, blake. >> reporter: hi, david. there are two tracks that are going on. first off, the bipartisan discussions among democratic and republican senators are continuing, but with it there is a group of some other democrats who are calling for those talks to be scrapped and calling for

the party to go at it alone and put a package of their own together. for example, senator bernie sanders acknowledging yesterday that he might want democrats to go at it alone with a package that could be up to $6 trillion. he wants around expansion -- an expansion of medicare saying, quote: i do not think it's too radical an idea to say keeping teeth in your mouth should not be a luxury. medicare should be expanded to include dental care, eye glasses and hearing aids. here was senator ron wyden when asked about the multitrillion go at it alone approach. >> i'm not going to throw numbers around here from the seat of my pants. i think in a number of key areas on the issue of revenue, you're also talking about very important reforms. for example, i have long been concerned about the double standard in the tax system in america. >> reporter: of course, raising

corporate taxes and raising taxes on the wealthy is one way that democrats want to go about paying for these plans. to put that up to $6 trillion in the context, david, the first plan, the american jobs plan that came out of the white house, the infrastructure package, was just north of $2 trillion. the bipartisan framework that is being negotiated by democratic and republican senators is a hair under $1 trillion. $6 trillion not even really in the same ballpark. david? david: very interesting. thank you, blake. joining me now is west virginia republican attorney general patrick morrissey. general, great to have you here. let me first talk about this infrastructure bill, because there are a lot of things we want to get to here. i think you heard bernie sanders suggesting that dentistry is now a part of infrastructure. what are you thoughts -- your thoughts? >> look, i think it's been a very reckless administration from a tax and spend perspective. if folks weren't so greedy, there could be a reasonable,

bipartisan infrastructure package that everyone could agree with. and i know one of our home state senators, senator capito, tried in good faith to get something done. i think people should say, look, we know the traditional definition of infrastructure -- roads and bridges and airports, internet infrastructure -- when you can look at that, keep it to that level, i think tucked get a very popular -- i think you could get a very popular bill. the one thing i want to warn people about, the other side's going to try to slip something in relating to energy standards which would allow biden to move his climate change policy forward. that cannot be part of the final package, and i'm urging every republican senator to be on the lookout. they're going to try the slide it in. david: by the way, i'm not surprised that the a.g. of west virginia would have something to say about climate change and all of the money that is going into that. what is happening with your state and concerns about the war on fossil fuels from this

administration? >> well, we're deeply concerned. but one thing i want to do is i want to mention that we had a major victory the other night with respect to the biden oil and gas lease initiative. thirteen states got together led by louisiana are, it's a great start because you're going to see republican a.g.s coming together on a wide variety of these energy initiatives. here in west virginia we have a case that we filed to be heard at the u.s. supreme court, and this is fundamental because the biden administration wants to give the epa almighty power and authority. we're not going to let that happen. a lot of people in west virginia are deeply concerned by the speed in which this administration is moving to not only wipe out coal, but cut natural gas capacity in half, move 100 million people over to the power grid, electric cars. this is a very radical proposal, and it's going to cause the average citizen of west virginia to pay a lot more to the power grid. so we're very worried about

that, and we're going to be in court, and we're going to stop 'em. david: yeah. let me switch to inflation and the labor shortage that we have in america right now, those 9.3 million unfilled jobs. a lot of small businesses just can't get the workers because they're paid so much for staying at home, or at least that's the theory. the administration says that's not the cause, but a lot of people talk to businesses and say that certainly is the cause. you say we need to reincentivize work. what do you mean by that? >> well, i think one of the things that we know that failed with respect to some of the covid policies that have gone through is that if people are given so much money that they lack the incentive to go to work, that's a real problem. i was actually very pleased that our governor and many others ended the $300 extra payment because we all know that there should be resources for those who need it most if you have a physical or a mental disability, but we want to get people back to work. and that means keeping the timeline tighter, having lower

money. there should be more incentive to go to work, to work in a restaurant, to work in many of the great jobs that are out there, and there are tons available in west virginia right now, than to sit at home and collect a check. i think we have to make sure that we don't have a renewal of that kind of disastrous policy, because it has directly impacted the work force here in west virginia. david: so you are one of those statements that are rejecting the $300 supplement from the federal government. we just had a democrat governor do the same from louisiana -- >> right. da. david: -- so now 26 states. do you think this is a trend that will continue? because they are going to -- the president said he's going to to, they're going to be eliminated by the end of summer, but that leaves so much of the summer that businesses, particularly small ones, were hoping to use to get back into business after all the lockdownings. >> right. look, i do think that the message that has been centre resoundingly in west virginia and across the country is you have to change these.

sooner they go away, the better. recently i traveled across west virginia, met with many small businessmen, i had a group of about 10 people in the room, there were 440 available jobs just with those people, but they were struggling to get people in. we need to get every able-bodied american back to work as quickly as possible, and the sooner some of these bad incentives get removed, the better. david: i have to ask about a member of the other party, the democrat party, who's also from west virginia. you know him better than most people do, senator manchin. senator manchin claims that he is going to vote down the move to end the filibuster; that is, he wants the filibuster to remain. if you get rid of the filibuster, you're probably going to have a tremendous increase in spending from what we already have because president biden would get so much of his agenda through. do you believe senator manchin when he says he will stand against a change in the

filibuster? >> well, i'm rooting for him to stick to his word, and i've talked to him about that. i think it's really critical that we hold the line here in west virginia, and i've asked senator manchin to do that, and so far he's responded. as long as he keeps doing the right thing, i think we should thank him, and then we should proceed. but let's make no mistake about it, if you get rid of the filibuster, you're talking about d.c. statehood, you're talking about a very radical h.r. 1, you're talking about radical climate change legislation -- david: packing the supreme court. >> it's just unbelievable -- oh, the list goes on and on. and i think senator manchin understands that those don't represent west virginia values, and that's why i'm hopeful he'll continue to do the right thing. david: very quickly, if senator manchin folds on the filibuster, will he hold his office in west virginia? >> i'm just going to keep asking him to step up and to hold the line on the filibuster, just keep doing it, and that's my

position right now. i think there's plenty of time to deal with electoral politics later. let's let people govern. and so far he's held the line. let's keep giving him positive reaassurance. david: attorney general morrissey, thanks very much for coming in. appreciate it. >> thank you. a. david: straight ahead, the nation is on track to miss president biden's july 4th vaccination goal. what the data is showing, also just how much money the united states is putting into fighting future viruses and a new pill it's looking to create. you'll want to hear the details of this. it could take the killing factor out of covid. that's next. ♪ -- made my wish come through. ♪ if you let me treasure you ♪♪

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♪♪ david: inching ever closer to deadline, president biden's 4th of july covid vaccination goals are, though, in jeopardy. fox news correspondent steve harrigan has more on this. hi, steve. >> reporter: david, the rate of vaccination continues to slow. it's dropped dramatically since the start of this month alone. right now, according to the cdc,

about 44% of the american population is fully vaccinated, quite some distance from that 70% target set for the 4th of july by the biden administration, and it's clear that date of july 4th is already beginning to slip. >> as people are continuing to get their first shot each day, we are going to get to 70%, and we're going to continue across the summer months to push beyond 70%. >> reporter: the european union is already recommending lifting a ban on u.s. travelers for nonessential travel into cure just in time for the u.s. tourism season over there. countries like italy and portugal, which depend on tourism, pushed hard for the removal of those restrictions. right now, though, it's still one way. europeans onion essential travel still cannot come to the u.s. they are banned even if vaccinated. right now roughly half of e.u. residents have gotten at least one shot against covid.

back to you. david: steve, thank you very much. meantime, the biden administration's investing $3.2 billion to develop antiviral pills for covid. these pills would fight the virus early on, potentially saving a lot of lives. joining me now is k rock consulting president and ceo, kevin campbell. good to see you, doctor, thank you for being here. how close are we to an anti-covid pill? >> these types of antiviral pills have been around for the flu, for instance. you've teared of tamiflu. it doesn't cure the disease, but it lessens the symptoms, it shortennens the duration of the illness. and i think we're actually pretty close. pfizer has a drug that is in free clinical testing that i think could be available probably by the end of the year, early next year to do just that. david: so would this turn covid into something similar to the flu itself, to the influenza that can be deadly but usually isn't?

>> you know, i think it's all about vaccination, and i think the key to this whole thing is vaccinating everyone. however, those who choose not to get vaccinated who get covid or in the rare case of a breakthrough case, being able to use these oral agents to lessen symptoms will make a huge difference and, yes, in a wayed it would be more similar to the flu. if you get a vaccine, you're more likely to have a less serious case than using -- and using these antivirals are less likely to lessen those symptoms. david: can i had covid, i took the antibody treatment, the infusion. within 24 hours my symptoms disappeared completely. same was true with my wife x. as a result, i have the antibodies still in my system. and when you have other drugs like this new pill coming online, could it be that a lot of people will opt not to get a vaccine and just say, look, i can deal with covid if i get it? >> i'm hopeful that they will

not because, again, what we want to do is prevent you from getting it in the first place. what these drugs do, particularly the one in development, it inhibits the ability of the virus to replicate or reproduce within your body. so the viral load is much lower, so your symptoms it is are less. high viral load equals higher, you know, more virulent disease. i hope that folks will not get the idea this replaces vaccine. it's another tool in our tooling box that we can fight the covid with. david: let's talk about how this drug is being developed because operation warp speed was so tremendously successful. everybody do you do you doubtedt trump saying we'd have the vaccine within a year, they said, no, that's nonsense, pie in the sky. turned out he was right. is operation warp speed now our template for developing new antiviral drugs and, for example, for developing any drug that is necessary to kill disease in our society? >> i could not agree more.

i kind of reckon this to be next to what it was like to be a citizenurur worurar ii. ii. mobilidlizelizendlinde cut c som hehend ae wre o produ pro tcehe ims imsmse needneo win w.ar norein fig fig a fig ainga th vus v. v mobizobingizheg abi obibi ststo, t thrghhrou m and m gran ants aes r rnd dspee w w wss w wpsp an i hi thisanork again a atrerere doireng is i i i w ireg that thhaeest and bri btegetge. ingggurt the the m liuccessful treat tments geore mor f mdi. nannan we're cutti cngutng t t mesofmeheed tape t that t weet bogged down in in our fda. i am all for this. david: and letting our magnificent free market system work against this as no other system has been able to work as well as ours has on this. dr. campbell, great to see you. thank you very much for being here. very optimistic report, i

appreciate it. well, inflation is here, and meat prices are popping, but how bad is it? the owner of one new york city restaurant facing a soup dumpling shortage sounds off. you want to hear this story, it's coming next. ♪ hey, i just met you and this is crazy -- ♪ but here's my number, so call me maybe. ♪ it's hard to look right at you, baby. ♪ but here's my number, so call me maybe ♪♪ ♪ ♪ ♪ ♪ ♪ ♪

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something you needed, right, brian? >> yeah, absolutely. all of agriculture's struggled for the last four or five years, and now we see a nice recovery which, after the disaster of last year, is welcome. >> reporter: if you look at the numbers, david, they're up about 3%. bacon is up bigtime, sausage is up bigtime, and eventually -- >> it's good, but year-over-year, you know, last year was really bad. it's kind of a perfect storm as we see restaurants open back up, people go to the retail side too. a lot of demand, and farmers last year in the midst of covid, there was some cutback. we didn't even know if we'd be here this year raising hogs. >> reporter: and the other thing, david, was that jbs hack. you can show me your care sheets here -- everything is on computer these days. i don't know if you can see this as i wade through the pigs, each one of the hogs has got a line on the computer. they measure what length, how much lean. >> yeah, lean muscle.

we find out how every hog did -- >> reporter: it's all computerized. so when the computers go to hell, you go to -- >> everything from scheduling to payment is lek are tronic now. so, yeah, it's a very sophisticated but resilient supply chain. >> reporter: and i will tell you this, david -- hey, buddy, come on, that's my foot. the pigs, you know, we may eat pork, and i do enjoy it, but the pigs if you stand in here long enough, they will make a meal out of you. as perhaps you see, they're chewing my shoe -- david: jeff, i'd like to ask if you could ask brian whether the labor shortage that we've been talking about, you know, there are 9.3 million unfilled jobs -- >> reporter: good question. david: -- whether that's causing prices to go up as well. >> reporter: you know, i haven't -- david's got a great question on the labor shortage we've got right now. have you had trouble or have the packing plants had trouble getting enough people to work, you know?

>> it is, it is a big issue for the pork industry. and for ag in general. we have plants that aren't able to run at full capacity because they simply can't find enough people to work in 'em. you know, i think there's an answer there maybe in some of the immigration bills reform possibly, but it is a big deal for agriculture. >> reporter: you need workers. yeah. and the pigs need food right now, and they think i'm it. [laughter] david: jeff, you put it all in. god bless you, jeff. jeff flock from a pig farm in illinois, good to see you, jeff. and thank brian for us. coming up, pointing fingers, chinese officials try to deflect attention away from the wuhan lab leak. should the white house be taking a tougher stand against the chinese government? we'll discuss that after the break. ♪♪

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♪ david: while the world is pushing for answers into the covid-19 origins, chinese officials are defending the wuhan lab and suggesting that an investigation should be done not in the wuhan lab, but in u.s. governmental labs. rich edson is live at the white house with the very latest. rich. >> reporter: good afternoon, david. part of this increase that you're seeing from the chinese government to try to deflect any type of concern or blame or even an investigation in china, the white house is pushing for a credible investigation, democracies around the world are joining the united states, and china is resisting that effort. >> ultimately, we need access, and the international community needs access to china to be able to get that initial data that will tell us the most about where this virus came from.

>> reporter: china is ramping up its campaign to resist an independent investigation and instead chinese officials are calling for an investigation into u.s. government labs like fort dietrich. the chinese foreign ministry spokesman says a world health organization report from earlier this year should be the end of this discussion and, quote: some in the u.s. have chosen to ignore the report and have been hyping up the lab leak theory and politicizing the origin tracing issue. this constitutes an affront to w.h.o.-led origin tracing study. earlier this year a w.h.o.-affiliated team partnered with the chinese government for an examination in china into covid-19's origin. officials say they were denied access and that china's government is still withholding information. chinese officials refused to allow a follow-up investigation. the biden administration has requested that the intelligence community look into all of this with a report due by the end of august. david, back to you.

david: even the w.h.o. is saying that the report is incomplete and ineffective because of the non-cooperation from chinese officials. unbelievable. rich, thank you very much. coming up, speaker pelosi forming a committee to tackle financial inequality with an investment banker leading the group. of course, that has sparked calls of hypocrisy. listen. >> for us to come together to build an economy where the prosperity is shared by all americans. >> if you have $1,000 in the bank, which most americans don't, that's not a wealthy person. >> the lack of real wealth creation for some regions being very, very serious. >> i represent one of the poorest congressional districts in the country. >> [inaudible] ♪ i'm just a dead man walking tonight. ♪ but you need it, yeah, you need it all of the time ♪♪

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♪ david: house speaker nancy pelosi -- a millionaire in her own right -- putting capitalism in the crosshairs. she is naming democrats to serve on a new committee addressing

economic inequality with another millionaire in charge. griff jenkins has the details. a lot of millionaires in this group focusing on inequality, right? >> reporter: good afternoon. happy friday, david. an interesting pairing, pelosi tapping a millionaire and a socialist to look at whether redestructs of wealth is a -- redistribution of wealth is a good idea. delivering proposals for a fairer economic system which she calls a, quote, historic picture of injustice. and she wants to consider a wealth tax on focuses like jeff bezos. now, the committee has eight members including progressive congresswoman ocasio-cortez who is focused on generational disparities and increasing worker power in the economy. >> we should probably revisit some of the basic macroeconomic assumptions about the u.s. economy and not take for granted that inflation is in one thing or another or that full

employment is impossible in the united states of america. and i believe that's been reiterated at the white house. >> reporter: the committee is being chaired by connecticut representative jim hines who spent a decade on wall street and is worth an estimated $7 million. >> fundamentally un-american, that level of unfairness exists. professionally i've seen this as well. yes, i worked in high finance, but i also spent a year amongst the poor of the south trying to establish how we could better serve them in the financial services. >> reporter: his district includes greenwich, connecticut but also has lower income areas like bridgeport. minority leader kevin mccarthy saying he'll announce his members in the, quote, near future. david? david: limousine liberals, we used to call them in the old days.

i guess we're going to have to call them millionaire liberals. griff, thank you very much. let's bring back our panel, hal lambert and steve moore. steve, before we get to the issue of the wealth tax, and i do want to talk about that a because i think they're teeing all this up for the introduction of a wealth tax, but let's talk about income inequality because i don't think they are going to mention, this group will mention the fact that income inequality actually shrunk after the trump tax cuts. we went from, i think, 38% of the top 1% paying their share of all income taxes to now the top 1% of americans in wealth paid 40.1% of all income tax in 2018. that according to or the irs, the first year after the trump tax cuts. so we actually saw their share of income tax increasing after tax cuts. >> well, that's right. and much more importantly than that statistic, which you're right about, david, is what

happened to incomes at the bottom. look, i'm not concerned about inequality. i'm concerned about how do we reduce poverty in this country, how do we create a rising tide that lifts all boats. i'd love to see more billionaires in this country, i think it's great, but we also want to make sure that helps people at the bottom, and that's exactly what happened under trump. we saw record levels of reduction in poverty for every single, you know, ethnic group in america, blacks, hispanics, asians. and i'm troubled by this dialogue, because the problem is not inequality, it's that we're not -- it's growth. you've got to have a vibrant economic system that allows everyone to get ahead. and, by the way, i have a solution to that problem of a lot of low income people only having $1,000 of savings. if we were to have a private investment system for social security, every single worker in america would have hundreds of thousands of dollars of savings built up, but their savings is being robbed by the federal

government. david: and their solution, hal, to income inequality is going in exactly the opposite direction, lowering investment, lowering opportunity and growth in the united states by taking away wealth that has already been taxed. i mean, it has been tried. we can't repeat this enough. it's been tried again and again and again, and it fails just about every time it's tried. that's why the 12 countries that had a wealth tax in europe were reduced to 4 countries that had a wealth tax because they realized they were losing all their investment and getting less money from those taxes than they were in investment leaving their country. >> yeah, it's failed all over the world. and this is a ridiculous committee. i can't believe mccarthy's even putting people on it. look, everyone wants the come to the united states. why do you think we have hundreds of thousands of people coming across the border all in poverty coming to be here in it's not because we have this terrible economy that people can't move up in. look, the brookings institute put out a study almost a decade

ago, if you do three things -- graduate from high school, get married and have children after you get married and get a job -- you have a 98% chance of not living in poverty in this countriful three simple things. we don't need a committee to this. and for nancy pelosi, who's worth $120 million, $120 million, to be appointing a committee to talk about wealth inequality? i mean, give me a break. this whole thing is a show for higher taxes. we don't need to be taxing jeff bezos' wealth. he's created millions of jobs, he's made our lives better. we can order things and get it same-day delivery now, and we have price transparency, he's reduced prices for everybody in this country. he has earned what his wealth is. there's no reason to make him a demon and attack him publicly like this. this is absurd. david: well, steve, the other thing you could do if you really want equality is to have a flat tax. get rid of all the deductions so you don't have certain billionaires paying less percent

of their income in taxes than i do or than folks at minimum wage do, but just get rid of all of the deductions, have a flat tax of 10, maybe 15% at most and leave it at that. that would equal the playing field, would it not? >> well, steve forbes and i just wrote a piece on that, you know? you must have seen it. we basically made that point. and, by the way, under that system you don't need to hire 85,000 new irs tax folks -- [laughter] because people will comply with the tax system. david: right. >> i've got to say one other quick thing about this wealth tax. we shouldn't call it a wealth tax. it's a savings tax. people who save money are taxed, and that savings gets taxed year after year after year after year. what do you think that's going to do to our savings rate in the country? it's going to plummet because after 20 years of that wealth tax, they've taxed half of your savings away. david: and, by the way, for those people who just think it'll go after billionaires and millionaires, in norway it

applies to individuals making $188,000 or more. so if you're making $188,000, god bless you, you're doing well, but you could get hit by this wealth tax if it's introduced. guys, thank you very much, appreciate it. well, that pork supply problem we talked about earlier causing a dumpling shortage. the president of yasu hospitality group joins me now with more on this. we wanted you earlier in the show, but thank you so much for making it in. i know traffic in new york is getting tough, which i guess is good news. but the shortage of pork is causing you a serious problem. how severe is the shortage? >> thank you, david. we are not on a shortage of pork, but shortage of modified starch. we use high quality pork, and the price almost doubled, and we

don't want downgrade our product quality. that's the first. and second, due to the increased price to get content overseas, our suppliers just cannot get our starch from southeast asian countries. david: now, are you losing -- forgive me, are you losing customers because you can't provide them what they want? >> yes. our signature product is our soup dumpling. the customer comes in and sees they cannot order it from, and they turn away and go. i'm very sad to see this, but we can do nothing. we cannot get the good quality, good price pork and the star the. david: now, we just had a report earlier from our reporter who's at a pig farm in illinois, and one of the reasons that their prices are going up for everything is they can't get enough workers. they have a shortage, there is a

surplus of jobs, a shortage of labor in this country. is that what you think is causing this problem for the shortages that you face? >> this is true for restaurant industry. we can't, we've been hiring, and no one even coming in to do an interview. it's tough. and we've increased the minimum wage, increased minimum pay to $16, $17. nobody want to come even for interview. david: you have a minimum pay of over $15 an hour, and you still can't get the workers. do you know why? is it because of all the money they're getting paid by the government in unemployment insurance? >> yes. i've been speaking to some people. they can do nothing and get paid over $500 per week. why bother them to come out to work? david: $500 a week, and a lot of that, of course, they don't pay

payroll taxes on that the, so that's probably more than the take-home pa pay at $15 an hour, right in. >> exactly. david: yeah. well, chi, best of luck to you. actually, i'm anxious to taste your dumplings right now. they sound pretty good, and i may be over there a little later to try. thank you very much for being in. i appreciate you making the effort to get here. thanks very much. >> thank you, david. david: well, after the break, the foo fighters kicking off the concert comeback in new york city this weekend. how the big apple plans to make the big return to full capacity concerts. can't wait for that. that'll help everybody. that's coming up. ♪♪ oh! are you using liberty mutual's coverage customizer tool? so you only pay for what you need. sorry? ...

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discomfort back there? instead of using aloe, or baby wipes, or powders, try the cooling, soothing relief or preparation h. because your derriere deserves expert care. preparation h. get comfortable with it. david: and welcome, everyone, to the second hour of cavuto "coast to coast" i'm david asman in for neil cavuto. a busy hour ahead as markets fall across-the-board on new inflation warnings from at least one official, at the fed. and some of the top headlines we are watching for you, unemployment fraud running rampant as more businesses look to get back to work, we're going to take a look at the numbers and tell you what if anything is

being done to stop this multi- hundred billion dollar problem. then battling a worker shortage for farmers, how one california robotics company is looking to help the industry keep production going with fewer workers and more problems for portland. the police department's crowd control team all voting to resign. all 50 of them we've got the details. first live music is back in the big apple. the foo fighters headline the first full capacity concert since the start of the pandemic that happens this weekend at madison square garden. fox business lydia hu is live from madison square garden with the details. can't wait, lidia. reporter: hey there, david, the best part about all of this? no capacity restrictions, no mask mandates, no limits on capacity, how many people can be here. madison square garden is going to require that everyone that attends be fully vaccinated and they will be requiring proof at the door.

this returned to a full capacity concert indoors is a big step and the return to normal especially for the 300,000 people that work in the industry that went completely dry last year. while the kickoff to the concert season is cause for celebration here is a look at some of the headliners to look forward to, industry advocates remind small privately-owned venues across the country are struggling, and trying to survive after a years worth of lost revenue. congress set aside $16 billion in emergency funding for small venues in december, but the sba only awarded about $530 million worth of that, so we spoke to one venue operator who says they need this money in order to get up and running once again. >> it's a trickle at this point we need a deluge of the grants to be honored. if we are given the funding that we have been promised to be released that will all be up and operating, and i know, i can't

wait to get into a crowded room and hear my favorite band. reporter: now, the small business administration also said in a statement to us that the pace of distributing the money is "not reflective of the high standards that we strive to meet" and they say they are working on improving their speed, meanwhile, david i just checked ticketmaster and on ticketmaster, everything was sold out for sunday's big concert. david: i'm not surprised. a lot of pent-up demand. i must say though it's the small clubs that i love most about music in new york, the 55 bar, the small clubs that have like about 100 people capacity. that's what makes new york, and it's such a venue for the struggling beginning artists. you don't want that to die god bless them i hope they survive this. lidia, thank you very much for that report. well as more and more industries look to get back to work the rise in unemployment fraud is showing no signs of stopping. fox business lauren simonetti

has the latest on what's being done to try to stop the problem. lauren? lauren: in short, not enough, david. the security firm called id me says as much as $400 billion in unemployment benefits stolen during the pandemic. that's as much as are you ready for this? since 2021 budget for the u.s. navy and army combined. so the government has budgeted $2 billion to fix the fraud, but first, they have to find it. i spoke with the labor department and they said look, this is not easy. there are 53 different state systems including puerto rico, the virgin islands and d.c. those are 53 different opportunities for hackers to get in, and exploit the relief programs intended to help struggling americans but quite honestly often lining the pockets of foreign criminals like china and russia. >> we believe that moneys being used for nefarious purposes, including terrorism, drugs, and child trafficking. understand that at least two of

the three groups that are involved here are state-sponsored. lauren: the government kept the money flowing, david, despite suspicious data early on this is just one example so this is from last august. about 29.5 million people filed for what's called a continuing jobless claim, that means they've been out of work for at least two weeks, yet look at this number. 13.7 million folks were official ly counted as unemployed during the same month. like i said, just one example, so what happened? some states, like arizona, they tried to fix the problem themself, they hired id me to filter unemployment applications and guess what? the number fell drastically 96% in just a month. the government understands that this is a problem. they are working on a national solution. it does have bipartisan support, but with so many different state systems, and so many different programs, the policing of it, it's really challenging, david. david: we should remember the person in charge of that

federal program, the unemployment program was in charge in the state of washington of a program that lost $600 million to scammers so she doesn't have a great track record. i'm hoping that she's learned something from her own experience. thank you very much, ms. simonet ti. good to see you. well good news, on folks getting back to work. kroger is seeing a spike in job applications following a massive hiring event last month, resulting in nearly 5,000 new job offers and they actually have 10,000 jobs they want to fill. let's get reaction from market watchers frances newton stacy, dave manny, and john lotsky. john, this does say a lot for the american worker, the fact that despite all of those great unemployment benefits that are out there for people, there are so many people that are looking for long term jobs out there. >> well that's a change for the better, but the fact remains, that there are a number of small businesses that are in

desperate need of workers. i mean, we had a survey taken by the national federation of independent businesses, that's a trade association for small businesses. it consists of a lot of smaller construction companies and restaurants and a record 48% of those responding to the survey claimed that job openings were hard to fill. moreover, the biggest problem faced by small businesses is not taxes, not regulation, not slow sales, but rather, labor quality getting the right people to fill the available slots. david: but francis, i don't want to bury the lead here which i think is a good lead. a good news story lead, which is that kroger did fill 5,000 jobs. they did offer, they did, by the way, have to offer a lot, $ 16 an hour, and when you add in the benefits it comes to $21 an hour that kroger is putting out to get these new workers, is that kind of going to be the new

standard here in the united states in order to get the workers you'll have to go above 15 an hour? >> well, i think that is sort of becoming the new standard and we've tried to legislate that as , you know, a $15 an hour minimum wage; however, these inflationary pressures and the supply chain constraints and some of this unemployment backlog is going to probably change going into the latter half of the year. the fed has very little they can actually do because the problem is is that everything that they do has a lagging effect on the actual economy. the markets will trade the news in an instant, but it has a lagging effect, and because we have deflationary pressures coming into the system in the back half of the year, bank loans are going down, fiscal spending, the rate at which fiscal spending is coming in is going down, which be the same as tapering on on on the balance sheet so some of these things work their way out and that means i think that these

extraordinary measures that kroger and others are taking to get employees will be mitigated into the end of the year. david: well perhaps, but i'm just wondering do you suspect, this is a conspiracy theory but that the biden administration was looking to bump up salaries to have a minimum $15 an hour wage by increasing unemployment benefits, by so much for so long >> yup. [laughter] david: wow. >> of course they were. i mean, it plays very much in line with their, you know, with their messaging and with their base and frankly, i mean, i thought that the trump adminitration was but this , the biden administration is like proplagate on a weekend, i mean there's like no attention at all to kind of future implications of the spending, and i very much believe that we're not seeing full effects yet in these

inflation rates, and that we are in for a rough ride because i don't think there's going to -- the stimulus, not under this president. david: we're getting a little pause in your electronic signal there for dave but john i want to go back to you. the fact is that we just had the story on hundreds of billion s of dollars that might have been scammed away from these government programs. when you have this much money with an administration, let's face it, that doesn't have a lot of business experience, they've got more political experience and they are willing to look at money being wasted in politic, unlike the trump adminitration that had a more of a razor focus on waste and government, you're going to have spending that is just totally out the window. i mean, spending on useless things, scamming being subject to scammers et cetera. that's very bothersome problem,

no? >> oh, you are so correct with your spending, these huge amounts of money, you're invit ing scammers. that can't help but be troubled by the fact, we say that we have all these great data scientists around today. why can't we do a better job of keeping track of each dollar spent and moreover, why isn't this money, for the most part, going to people who really need it. not to people who don't need it, and that's one of the reasons why we're looking at the huge increase in personal savings and is this the savings bulge gets released you are going to have higher inflation for a longer period than many people now expect. the other guest was spot-on. david: yeah, well and francis, we did have that comment today from the fed that in fact, they may have to raise rates in 2022, a year earlier than we heard from the fed chief, and that's what's sending markets down so

much today. is there going to be continuing back and forth on this or will the fed come to a consensus and it's likely to happen earlier than later? >> i think that there will be a continued back and forth and the reason is is that they have to start tapering the asset purchases before they raise interest rates, because the asset purchases are also easing and so you don't want to put your foot on the gas and the brakes at the same time, because you're going to negate your own policy, and so we won't really see any activity out of the fed until they taper those asset purchases but the fiscal stimulus is doing that for them, because even whether or not we get an infrastructure package, the moneys not going in at the same rate that it was, because the spending is now over a longer period of time, and so there will be some tightening effect from the slowing in the fiscal stimulus and i know many people agree with that and they say stop spending, but it will have a tightening effect on the economy. david: dave there's an old phrase, guilding the lilly which a lot of people suggest is what the fed is doing. you have the release of the economy, not just here but the world economy after the

lockdowns, after the pandemic lockdowns. it's getting going on its own juices, there's pent-up demand, so the consumers out there bying stuff, and you still have the fed acting as though we're in a recession when we're coming out of a recession, but to buy, for example, every month $40 billion of mortgage backed securities, what the hell is in their mind? does real estate really need the fed to be buying 40 billion a month in mbs? >> clearly not. i mean, we're at this point where we're 40 years out from the kind of stagflation numbers and 40 years is a long time for us to have institutional memory, and i'm afraid now that i'm an old guy, that that people of my era, david, and probably yours, remember that much too clearly, and i don't think that the core policy makers are taking the proper amount of caution, and i think we're all going to pay for it and those of us in business are really going

to pay for it as are consumers in the coming months and years. david: john do you agree there's nothing we can do to stop it at this point? >> well we have to do our best to try to slow things down. i mean, we just can't go on with this current level of fiscal stimulus. we've yet to spend, as i noted earlier. the super high personal savings rate tells us we've yet to spend all the stimulus that we applied last year and recently. there's no need for additional fiscal stimulus, and we have to show greater caution with monetary policy. my goodness, the spread between mortgage yields and the 10 year treasury is up 1.4 percentage points. that ought to be wider. the reason why it's so narrow is because the fed is buying all of these mortgage backed securities each month. it's time to wake up. david: you know what i'm hoping for is gridlock. a lot of people say it's a disaster when congress is grid lock. i think that's just what we need to prevent anymore of this spending leading to all this all over the place. thank you, gang i appreciate it.

well straight ahead the senate preparing for a showdown over new voting legislation, details when we continue. >> ♪ stay restless, with the icon that does the same. the rx crafted by lexus.

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david: well u.s. senators are set for a showdown over election reform, senate republicans vowing to shoot down a new voting reform measure set to hit the senate floor for a vote next week. let's get reaction from former ohio secretary of state ken blackwell. ken great to see you thank you so much for coming in. georgia activists, stacey abrams says she is on board with this compromise that joe manchin has come up with, but the irony is this compromise doesn't seem much different from that georgia law that these woke activists were so much against, and it ended up boycotting georgia for , right? >> right, david. it's good to be with you. look, all americans should be engaged in making sure that our election systems are where it is

easy to vote but hard to cheat. you know, we don't want any legal ballot that's cashed, negated by an illegally cast ballot and i think that's what state legislatures are trying to go after all across this country that is the case, and in georgia if you look at the common sense reform that have been put into place from making sure that there is not private money that is unevenly applied in our election systems to something as simple as voter id which has popular support across ethnicit ies and races, and income groups, you have to say that this effort to federalize the system, which this compromise would do, is just wrong. it's just wrong. david: but ken what really, you think of all of the small businesses and a lot of the

minority-owned businesses that were hurt by this boycott of georgia, because of a law, that stacey abrams now says is pretty much the same as the law that senator manchin came out with so they are ending up agreeing with the law that they boycotted georgia for , and injured god knows how many small businesses as a result. >> you're absolutely right, david. if you take a look at the georgia reforms, and you compare it with the established law in denver where the all-star game of major league baseball was moved to, the laws and practices in denver are actually more restrictive, and so one, it was reflective of folks not doing their homework and it is the height of hypocrisy and stacey knows that. i just don't think that folks are going to be gaslighted into believing that if they embrace common sense reforms that may

get easy to vote but hard to cheat, that they are racist, they aren't going to embrace that. david: today, the president signed the juneteenth law that essentially makes it a national holiday. something that's been celebrated for decades already, primarily, in the minority communities but i do want to ask. there's a new book out claiming things about president trump that he said things that were racist in orientation. even though he increased the number of blacks voting for him during 2020 from what he got in 2016, do you think, you know the guy. do you think there's anything behind charges that he has a racist attitude towards black americans? >> look at what he accomplished criminal justice reform, an expanded economy that created more work opportunities lifting family incomes, the answer to your question is

no. we can't get into this politics of division, and i think it is interesting that we celebrate juneteenth as a national holiday along with not only recognizing the brilliance of the emancipation proclamation but we are getting ready to celebrate the 245th year of this nation as a unique nation as a bellweather nation in terms of freedom. i think it's very very important that we all take a page out of s atcehell page's book. he says stop looking backwards you aren't running in that direction and i think it is very important that we understand as lincoln said, this nation is not perfect, but it is perfect ible and that it is a great nation, not because of a great government. it is a great nation because of

good people doing great things together, and we must realize the end of slavery came about because there were people of different races, different religions, different ethnicities that actually came together and affected change for the best. david: yeah, same thing happened in 64 with the civil rights act as well so we can continue to improve on what we, on the beauty that we already had. ken, great to see you thank you very much for being here. i appreciate it ken blackwell. very wise words so big tech could be facing anti-trust trouble as president biden gets set to announce key appointments charlie gasparino is here with details o in that. charlie: hi, satchell page, i wonder if most of our viewers know it was a great african american ball player who played into his 50 because he was barred from segregation and i actually saw him when i was a kid playing in an all-timers game so that dates me let's get back to the story at hand here if you think the biden administration can't go any

farther left in terms of regulation, it could get a lot worse. here is what we do know that right now, one of the top choices or you say front runner to be the u.s. attorney in the anti-trust division the lead of the anti-trust division, a huge post, david, in terms of the business community, it has power over deals, it could breakup big tech you name it. it's a guy named carl racine and the progressive d.c. attorney general, just filed a case against amazon to try to break it up. what we understand, and he is the front runner to get that job and again, this is a very important job. now let's just look at, layout the regulatory landscape right now, david, when you look at where biden has put people that are going to essentially regulate the business community. you have lena khan running the federal trade commission, huge progressive, 32 years old and she's maybe one of the top bureaucrats in washington over business. she wrote a paper that basically said amazon was the evil empire

and they need to be brought up, it was a college paper she was just in college a few years ago now she's running the ftc, you got gary gensler at the securities and exchange commission and again very progressive looking to regulate wall street in ways that hasn't been done in years and now, mr. racine is the front runner for this job and that, david, could have a real impact on regulation in terms of breaking up companies, also, quelling deal making that's why wall street is paying attention because deals may not get through the justice department, they may get sued by the ftc and maybe get stopped by the securities and exchange commission, so again, pay attention to these three players wall street is they could have an impact on deal making on bank profits obviously if you own bank stocks there's an impact here. david: very important story thank you, charlie. after the break how one california robotics company is looking to help farmers battle a growing worker shortage. the ceo of that company is here to explain, when we come back. >> ♪

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david: welcome back. america's technology becoming more vulnerable than ever, with the latest digital disruption targeting the airline industry. that has cyber insurance premium s for companies skyrocketing. our cyberguy, curt knutson is here with the details hi, curt. >> hey, david good to see you for three days in a row this week, southwest has delayed and canceled flights the plane going to a glitch from a weather data provider that was on monday then a day later, a second technical glitch caused southwest to cancel half of its flights and by thursday morning, four major u.s. airlines joined southwest in reporting more technical trouble. american, delta, and united reporting outages to its customer-facing websites. now this time, it's a single

back end tech company akamai, that is, well, for a few hours, darkening those airlines doors, and some major banks in australia and hong kong. now, it's not your imagination, david. america in its technical infrastructure, is more vulnerable than ever, with ransomware attacks on the rise, cyber insurance premiums as you're mentioning already increasing 10-30% by the end of 2020, and more recently, annual premiums have been going up as much as 50%, just as american companies need that cyber protection the most, and while the dhs cyber defense focus is attempting to work with companies to thwart tripling attacks, a bigger problem is becoming clear. america is largely in protected from itself. glitches from a big handful of big tech backbone companies are becoming more common. last week, it was the shutdown of dozens of big name websites like amazon this week it's the

other little known tech player with the power to disrupt our own lack of planning has allowed for a week of technology infrastructure where a single company's accidental glitch can now bring chunks of the internet and economy to a halt. incredible at this time that the internet was designed to survive a nuclear blast, and still work, and somehow, we've allowed control to be in a handful of a tech company that can disrupt our lives with the flip of just one switch, and , you know, it's also another glitch today, david. we've got a breach from carnival being reported affecting three of their cruise lines, passenger data as well as crew. all of this sort of stuff just keeps amping up and amping up. we don't know with carnival paid a ransom yet but we do know that you can check your phone number and e-mail on a post that i just put online at cyberguy, which is just one way to watch it but when companies lose your

information, they are obligated to let you know, so you could at least take some form of action, but i don't know what i'd do if i got my social security and passport stolen, and apparently with regard to carnival, even some medical records of passengers were reported stolen as well. david: it's happening more and more, kurt, thank you for that report appreciate it. well, farmers battling rising prices, and a labor shortage. we've been talking about that all day. now, turning to autonomous tractors to help them get the job done. all thanks to the ceo of a california robotics company, let's bring in the leader of that company, robotics founder and ceo, gino cafiero. good to see you. how do these tractors work? >> david it's awesome to be here thank you so much for having me. david: thank you. >> so we build autonomous technology for farm tractors so we take existing tractors and we can source these from farmers, from dealerships, doesn't matter we put our technology on them, and deploy them to growers to help them with their operation.

david: now can one operator, one robot operator command several vehicles at the same time? >> oh, you bet you. that's the whole point, that's what we do from anywhere in the world. david: and there was a time when we worried about things like this displacing workers. now that we have such a labor shortage, is there concern that you maybe pushing labor out for good from some of these jobs >> no, not at all, david and that's the thing we talk about a lot. there's this misconception about agriculture where if someone leaves or quits their job, there's this long line of qualified workers just ready to go to philly and that couldn't be further from the truth. folks who know how to operate machinery safely, know the operation, are dependable and super hard to find so the folks that already exist on these farms are some of those valuable members of that staff, and what we do with our technology is help those folks be more productive at their jobs

david: now there are also of course the family farms, a lot of family farms still left. let's face it, the corporations are trying to take over but there is still some family farms are they in the market for this technology because this would allow them to be able to expand their operations, right? >> oh, absolutely. we're building technology that can be used on any farm in the world and we're exceedingly excited about that. the tractor is ubiquitous across farming so when we deploy technology that helps that tractor be used more often, 24 hours a day, in tighter weather windows that helps everybody that uses tractors. david: now mechanical things always break down at some point, and the more stuff you have in a mechanical object, the more likelihood something will break. what is, how would you rate your tractors, the autonomous tractors from the ones that are driven by human beings on the site there? are there more things that could break down with the autonomous units? >> well we build reliability into our systems.

this is the value of bear flag, you can farm more, fewer acres on less land that's what the we do so reliability is built into everything we do. we have one of the finest engineering teams in the world building this technology, and we have the finest ag professionals deploying it to growers to increase their efficiency in productivity. that's what we do. david: you stick with the customers to provide them with the support they need, right? >> oh, yes, sir. that's absolutely right. growers have so many things going on looking at the weather, market prices, disease crop. we just help them make that part of their operation easier and more dependable. david: well now more than ever with the labor shortage, a lot of farmers having to destroy some of their produce because they just don't have the workers to pick it up. now with these autonomous systems, you provide an answer for them. thank you so much for being here , gino, best of luck to you appreciate it. >> david thank you so much take care. david: absolutely you too after the break the boating industry

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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 to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. >> ♪ david: well talk about a perfect day for a spot like this , super yachts making a splash among the super wealthy sales soaring 46% compared to last year. fox business cheryl casone joining us now from bridgeport, connecticut on a beautiful day with a look at what's behind the

boating boom. hi, cheryl. reporter: hi, david. it really has been amazing what's happened during the pandemic and post-pandemic. you mentioned that number the 46 %. that is true. that was just the first quarter of 2021, but these multi-million dollar boats that was $1.3 billion in sales, a boat show like this , they've got a very elite clientele that's come to bridgeport, connecticut to look at the multi-million dollar purchases because what they found in the independent is that people want to stay on boats, they were doing this socially distanced obviously during the pandemic, but now, about covid and what we've learned is that the manufactures are completely behind, and in fact if you go to buy whether it's a $1 million, $5 million, $68 million boat right now, you're actually going to have a problem with getting delivery of the boat. manufacturing can't keep up demand. behind me right now as you can see , you've got all these multi -million dollar boats and some of these are anywhere from

$3 million to $4 million and i'll have him point tok his left and you can see , that is a katherine, the $68 million yacht , as you can see , four decks. you can charter that, david i've been looking out for you today for about $535,000 just for the week, that boat is on its way to the mediterranean, but the boat show overall has been really interesting because again, that uber wets it clientele and also the fact that these boat, it's not just boats they are selling this weekend, it's vintage cars, there's a ferrari, an air maze boat, believe it or not, and then there's also all of the toys like helicopters, because, david if you have a super yacht, you have to have a helicopter. that is anywhere from $2 million to $4 million but if you have a helicopter then you'll have to have, david, the helipad of course landing but all of this happening whether it is the helicopters, the vintage cars, or the $68 million yacht, it is all here for you, sir.

i invite you to come up it is a beautiful day. i know you've been up here before. david: i have but i must say i had a combination of both those things when i was buddy with steve forbes. he had a yacht that had a helipad right on the yacht so he had a helicopter that would land on the back of his yacht and it went across the pacific, by the way, not just the atlantic. he got rid of it a while ago but it was a fine thing to have when he did. cheryl thank you very much. well, coming up more problems in portland, oregon. we have the latest on what led the entire anti-riot squad there , 50 officers to resign on mass, we'll talk about that when we continue. incomparable design makes it beautiful. state of the art technology makes it brilliant. the visionary lexus nx. lease the 2021 nx 300 for $359 a month for 36 months. experience amazing at your lexus dealer.

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david: the portland police department's riot control team, 50 officers in all, voting on mass to resign after one of their officers was indicted on assault charges. fox news correspond en dan springer has all of the details for us, dan? reporter: yeah, hi, david. portland's rapid response team has been on the front lines in the city of portland, really in the most dangerous situations there since 2017 when they were really tasked with keeping

antifa and the proud boys separated so they didn't kill each other but for the last 14 months they have been under regular attack from anarchists who want all police abolished. night after night last summer we saw them get abused verbally and physically during protests. we saw them make well over 1,000 arrests only to see the district attorney decide not to prosecute the vast majority of them. all this while the city council cut their budget. then, this week, the d. a. filed an a sought charge against an rrt member for shoving a protester with his baton. the police union president said his public servant has been caught in the cross-fire of agenda driven city leaders and a politicized criminal justice system and a taught lay maker believes this was the last straw for the whole team. >> they have urine thrown on them, they are subjected to molotov cocktails, and for the past year and a half, and even before that, they've been willing to stand up and be subjected to that.

the system right now has let them down. reporter: all 50 members of that rapid response team quit the detail yesterday, leaving patrol officers to handle the big protests and riots. officers not specially trained and experienced in crowd control portland mayor ted wheeler is concerned about losing that he's asked the mobile response team on standby, and to be ready to activate the oregon national guard if necessary, but the city council's most vocal critic of police says basically good riddance. joanne hardesty wants the city to disband the rapid response team saying "what today's action says is that some police officer s believe they are above the law." the rapid response team is a volunteer, they are volunteers, so they quit that detail, but they are now able to stay on as police officers, but david, this happens at a time when murders are through the roof, they are setting a record in murders and shootings in that

city, and they tried to reestablish a violence, gun violence task force after it was disbanded by the city council. they can't even get enough officers sooting up for that detail to fill it and have that back. david? david: unbelievable thank you very much for that report. well, reaction now from utah republican congressman burgess owens. great to see you, congressman, as always. what do you make of these radical prosecutors and it's not just portland. we have them in la and new york city and chicago. radical prosecutors who are targeting literally targeting police and making their communities less safe as a result. >> first of all good tariff talk with you. what we have to understand is what we're up against right now, it's called cultural marxism. it's designed specifically for chaos. our system of our country, the way we make things happen, we have to go to work and run our businesses is based on rule of law and based on the fact we

get up every single day and predict we can safely get home again. when you see these blue cities is nothing but chaos, it's done on purpose, what's hurt the most are those who live in these communities that are away from gates and police force, and they are destroying the opportunity for people to build their businesses to become part of the middle class and be independent of elite class. david: you know, i don't think there's any question anymore that there is a relationship between these radical policies, whether it's getting rid of bail, allowing a turnstyle justice where violent criminals are out on the street, defunding the police, there's a definite relation to that and this huge spike in crime in all these city, right? >> there's no question, the relationship is across the board through this administration, again, the word is chaos. you see it in the cities, you see it on the border, you see unfairness, you see people being hurt. i mean, there's so much misery, even those coming to this country that do not

understand the track they have to take to go in the process, so we have a very empathy-free administration whose clueless, i'm going to say three words kind of define it in my mind. lost in space. these people have no idea what they are doing both the president and vice president , and unfortunately, for american people, we have to deal with this for a little while longer but the american people are waking up, david: they are. >> democrats and independents. david: not only on blm and de fund the police movement but also critical race theory and things that divide us. i'd like to switch to something that might unify us. it is juneteenth the concept and it took a lot of americans by surprise, the federal reserve didn't even know if they were going to be open or closed today as a result, but it can be seen not as another divisionary movement even though a lot of divisionary folks you see in the crowd there pushing it, but you say it can also be seen as something that could bring us together. how so? >> juneteenth was already

bringing us together, clay higgi ns made a comment on the floor yesterday, across the country, we have as americans beginning to celebrate that and i think it should be celebrated. here is where the process is. they like to divide. they are trying to put up a separate independence day, a black independence day like they did with the black national anthem. these people are all about division and as much as we want to coming together, find those things we have in common, understand their game is to divide us whether it be the national anthem, black and white, college kids going to a black and white dormitory, this whole thing of juneteenth being a black independence day versus a normal independence day , my goal is to bring us together and i look forward to the day where we can celebrate juneteenth as the emancipation proclamation and the times that occurred and also celebrate the july 4th as a celebration of all of americans, black and white, because we all paid the price to get to where we are , and blacks paid the price during the revolutionary war, to

make sure we won that war also. david: there doesn't have to be any kind of division between celebrating july 4th and celebrating juneteenth. they are part of the same picture, are they not? >> it is. it's celebration of freedom but we have to keep in mind that july 4th is independence day for all of americans i don't care who we are, what background and every culture has paid the price to make sure that means something. juneteenth is another celebration. it's a celebration of freedom for the black community and it's something that we've embraced across our country. why bring politics into it, and that's what the left is doing, again, once again, if there's a way to divide us they find a way even in the ways that seems so simple and easy to do. they are finding a way to try to divide our country so just keep an eye on this. david: well i'm glad you're in congress, congressman, because you bring a breath of fresh air to this discussion. it's really a pleasure to talk to you as always. burgess owens, thank you so much for being here. really appreciate it. >> thank you, david. all the best. david: quick market check the

dow on track to see its worst week since october 30 of 2020 as markets see a massive sell-off today. we'll be right back with detail, coming up. >> ♪ 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 (vo) this is a place for ambition. like you a forge of progress. a unicorn in training. a corner to build a legacy. a vision for tomorrow. a fresh start. a blank canvas. a second act. a renewed company culture.

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david: well the markets been down all day but it really took a dive when the fed manmade his statement suggesting that in fact we'd raise rates in 2022, not 2023. that really increased a lot of fear out there and the fear index by the way, vix is up 10.2 % right now, so there is a lot of fear out there but a lot of opportunity as well, and charles is all about opportunity , right? charles: that's right, more of the words of under dog. never fear, something like that, david. david: thank you. charles: thanks a lot my friend, good afternoon, everyone i'm charles payne this is "making money." markets retreating all session long this as you just heard after st. louis fed president james bollard shared his hawkish thoughts on inflation and fed policy and i've got three brilliant economists weighing in on the fed and also a bunch of investing pros on what you should consider buying on this dip. by the way, it was a good week for the reddit investor revolution, gamesil