yep... everything hurts. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ >> larry: african american free market thomas sowell, read jason riley's book maverick, it's just terrific and i'll see you on monday. " terrific. and i'll see you monday. ♪ ♪ gerry: u.s. customs and border protection agency releasing disturbing new images of how president biden's human smuggling crisis is at risk of spiraling out of control. plus, a crime surge seems to be crippling many u.s. cities, if every member of one police task force is quitting in portland, oregon, after one of their own is indicted. is politics getting in the way of fighting crime? and reopen for business but struggling with demand. can airlines keep up with the

summer travel surge? i'm gerry baker, and this is "fox business tonight." ♪ gerry: our top story, it might have been a new federal holidayed today, but it came too late to give financial markets a juneteenth break. and most investors will probably be wishing they could have taken the day off. stock prices closed sharply lower. the dow jones industrial average ending 533 points down today and nearly 1200 points lower on the week, capping off its worst week in more than seven months. the s&p 500 was 80 points down on the week, and the tech-heavy nasdaq -- which had been flirting with new records -- dropped 39 points for the week. the reason behind the selloff seems to be gathering fear about inflation and the rising likelihood of interest rate increases that may be needed to combat it. early this week the federal reserve signaled it was expecting to raise rates a little earlier than previously forecast but still not until

late 2023, and today markets around the world seemed to be digesting this subtle but important shift in the fed's stance. now, it's been a rough couple of weeks for those who have been insisting inflation was no big threat. earlier this week we got news that producer prices rose at an annual rate of 6.6% in may. that's the fastest rate of increase ever recorded. last week it was consumer price data that showed prices rising at a 5 clip, the fastest -- 5% clip, the fastest in more than a decade. the biden administration and democrats in the washington continue to ignore the warning signs. they're still trying to push massive spending increases through congress on top of the big -- and it now seems almost wholly unnecessary -- big stimulus package at the start of the year. republicans and a few democrats are trying to restrain the urge to spend money, but it's not clear yet who's going to win that tussle. the fed, the markets and the

data all now telling us the risk is clear. it can only add fuel to the inflationary fire. the federal budget deficit this year is on course to hit $3 trillion, that's 15% of the value of the economy's total output, an astronomical number by recent historical standard. the last time we know what happened, in the 1970s people's savings were wiped out, undermining investments and creating uncertainty that battered prosperity and growth. it may already be too late to stop inflation, but it's never too late to start restoring sanity to the nation's finances. here now is mick mull vaughnny. of -- mick mulvaney. thanks for joining me. >> thanks for having me. gerry: as i say, all these warning signs of inflation, markets getting spooked today at the possibility of interest rate increases coming sooner than

expected, yet democrats in washington keep wanting to spend money. [laughter] >> yeah. that shouldn't surprise anybody, gerry. this goes back to the old maxim, don't let a good crisis go to waste. they have an excuse to spend a lot of money which they want to do anyway, and now the they can say they're doing it for covid or for infrastructure even though the covid bill didn't have that much to do with covid, and many iterations of a proposed infrastructure bill don't have anything to do with actual infrastructure. so you're seeing some of the old politics come back to play. what folks don't understand about washington is shows like this, networks like this focus on the economics of what's happening in washington. washington doesn't pay that much attention to economics especially democrats, they pay attention to politics. democrats need to satisfy their political base, they need to have this program expanded, this money spent, etc., and that's what's driving the debate right now in washington d.c. they've long ago detached themselves from concerns about economics, and i think we're going to be the worse for it as we see inflation creep back in.

gerry: critics will say, actually, when republicans when they controlled congress and donald trump was president, deficits went up significantly then too and democrats are really building on that. does anybody care about deficits anymore? >> that's a fair criticism. i tell the story often times about meeting one of the old bulls in washington, d.c., a republican, who looked at me when i came in in 2010, and he said you budget hawks are great, you were here during reagan, you left. you were here during the tea party, you left, and i'll still be here. he's still there. the center of gravity in washington, d.c. is to always spend more money. there's no question about that. and democrats have lost -- excuse me, republicans have lost that moral high ground when it comes to spending. here's one of the differences. i really do believe that if you had republicans in control right now, they would be paying a lot more attention to inflation because they know what it does, it's a tax increase on everybody.

in fact, it falls disproportionately on the middle class, the lower class expect elderly. -- and the elderly. democrats say they care about those groups, but they really care about spending the money because it's how they get reelected. i still think the republicans are more fiscally responsible at the end of the day. gerry: i think one of the concerns people have is the big spending plan that biden and democrats have, they're relying to some extent on the federal reserve to keep interest rates low are. we saw in the president's budget that they're expecting interest rates to be, basically, negative for some time ahead. it does rather look as though they're -- it's either wishful thinking, or they're hoping to loon on the fed to keep rates lower than they probably should be. >> sure. and i think that's one of the things that came out this week, that folks are starting to realize that. the whole plan the democrats have depend on zero interest rates forever, and that simply just can't happen. in fact, i think there's a lot of folks wondering if the fed

signal this week that now that they're thinking about raising rates as far off as 2023, if that's too far off. you actually saw some folks start talking about an increase in 2022. i'd be stunned if they could go to 2023 without another rate increase, and i think you saw some of the markets pick up on some of that today. yeah, it all plans on cheap money forever, and that's a very, very dangerous formula regardless of what party you're in. gerry: and finally, the economy does seem to be coming out of this cocovid pandemic pretty well -- covid pandemic pretty well with. we've had a bit of a stall in employment growth, but all the signs are we're going to have a very strong second quarter. there's no need for any further stimulus, is there? in fact, we should be thinking about restraining some of that spending and possibly earlier rises in interest rates. >> yeah, i think you could make a really good argument that the government needed to do something coming out of covid. it did somethingment it had bipartisan legislation when president trump was president to

jump-start the economy again. we did not need theory the size of the bill that we got in the springtime under president biden. probably didn't need the bill at all, and we certainly didn't need to be as large as it is. what really worries me going forward, gerry, is the restriction not on the money supply. money's out this. there's plenty of money. that's part of the problem. it's the restriction on goods and services. the biden administration's going to the make it harder to do everything. you saw that this week with the decision to try and restrict the oil and gas leases on public lands. regulations are going up, taxes are going up, it's going to become harder to make things, and that will put additional pressure on inflation. we do watch that money supply side of the the equation, but we also should be watching how they restrict production through more regulation and more taxes. gerry: mick mulvaney, thanks very much. we'll watch and see if this market selloff can be arrested next week or whether it continues. thank you. >> thanks, forly. gerry: -- jerry.

gerry: pork prices are beefing up. plus a recovery from the ransomware attack, this means higher sticker prices for your summer barbecues. jeff flock is in polo, illinois, with the details. jeff. >> reporter: mick mulvaney said there's plenty of money out there. there's also plenty of hogs out there. we're surrounded by them here in the duncan farms out here in polo. the hog farmers are doing their job, but still the price is on the rise. take a look at the numbers, if you will. 3% overall, pork. bacon up bigtime. although we're comparing this to a year ago, brian duncan, and that was a terrible time. >> right. this is really welcome, jeff. i mean, last year was really devastating for all of agriculture x. now to have this demand recovery, it's so nice to see. >> reporter: people are coming out there, they're cooking again, restaurants are opening. >> absolutely. and, remember, bacon is delicious no matter what you pay for it. and i think there's plenty of

pork. the supply chain is very resilient. we can meet the demand. >> reporter: are you worried about inflation? inflation hits you, everything from like over here, this is what you feed your hogs. if that goes up, cost of fuel, everything -- >> well, we're fortunate, we grow a lot of our own field. but look at lumber. we had a surge in demand, but things have calmed back down, and i think that's the message here. the supply chain's resilient, we can meet demand. stay calm, there's plenty of food, high quality and don't panic about running out. it's going to be fine. >> reporter: only thing we're going to panic about, gerry, i don't know if you know pigs very well, they're very inquisitive, and if you stay still long enough in a pig pen, they will eat you. which is, perhaps, only fair. [laughter] gerry: almost as much pork as we've seen coming out of washington these days. >> reporter: jeff flock, thanks for that report.

well, the drug and human smuggling crisis is deepening at our southern border. we'll talk about that next. ♪♪ ♪ ♪ ♪ ♪ ♪ ♪ hey google, turn up the heat. ♪ ♪ ♪ we are thrilled we finally found our dream home in the mountains. the views are great, the air is fresh. (sfx: branches rustle) it is bear country though. hey boo-boo! we hit the jackpot! bear! bear! bear! look, corn on the cob! oohh chicken! don't mind if i do! they're hungry. t-bone! that's what i call a smorgasbord! at least geico makes bundling our home

and car insurance easy. they do save us a ton of money. we'll take the cobbler to go! good idea, yogi. i'm smarter than the average bear! they're gone, dad! for bundling made easy, go to geico.com. nobody builds 5g like verizon builds 5g because we're the engineers they're gone, dad! who built the most reliable network in america. thousands of engineers on one nationwide mission; to make the best, even better... for millions of people and businesses across america. no one else built this bold... because no one else thought this big. thousands of smarter towers, with the 5g coverage you need. next-generation servers with superior network reliability. broader spectrum for faster 5g speeds. because the more you do with 5g, the more reliability matters. the more your network matters. the more going the extra mile matters. this is us...pushing us. it's verizon...vs verizon.

and who wins? you. ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile.

now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network. ♪ gerry: the crisis at the

southern border is putting a severe strain on resources as migrants pour into the united states. border patrol agents are struggling to keep up. smugglers are taking advantage of the surgery. border patrol -- of the surge. border patrol released a shot of migrants packed into the back of a u-haul in laredo, texas, where the temperature reached well past 100 degrees. the migrants were arrested along with the driver of the truck. and border patrol stopped yet another truck in the van horn area which had 33 migrants crammed inside in just terrible conditions. at least 12 of those in the truck were transported to a nearby hospital on the verge of death because of the hot conditions inside the van according to officials. the driver of that truck was also arrested. and while situations like this seem to be a daily occurrence now for many border towns, vice president kamala harris has yet to visit the border despite bipartisan calls for her to make the trip there. alejandro mayorkas, though, is

coming to her defense. >> i am the secretary of homeland security, and it is my responsibility to manage the border at the direction of the president and the vice president. and i have visited the border on multiple occasions. gerry: joining me now is charlie hurt, washington times opinion editor and a fox business contributor. charlie, thanks for joining us. coming to the defense of kamala harris, saying there's no reason for her to go to the border, but she has, you know, been put in charge of solving this crisis. you'd think it's the least she could do. >> yeah, no kidding. early on in the administration i really did think that dhs chief mayorkas was going to be the one that took the fall for all of this because it's such a clear disaster that, you know, even people, democrats that vote for joe biden, they weren't voting for this kind of nonsense. and it's worse than nonsense, it's a legitimate crisis, a

human crisis, a sovereignty crisis at the border i don't think even democrats voted for. but early on in the administration i kind of thought they were putting mayorkas out there to take the fall for this, and now i don't think it's even that. i think they're sending kamala harris out there to take the fall for this. because, you know, there are a lot of good answers to this problem, all of which were enacted by donald trump. but these people are not going to try any of those good answers because they don't want to fix the crisis. to them, it's not a crisis, it's a plan. it's exactly what they wanted to have happen. i think it's probably happening a little bit more dramatically than they wanted, but it's a real problem, and it's going to only grow from here into a political problem that they're going -- and i think they're already seeing it in their numbers, but they're going to start seeing it very dramatically in their numbers over the next year. gerry: i understand the media can obsess about whether or not

it matters whether the vice president goes to the border, but why not go to the border? it's such an obvious thing to do, you know? she needs to get firsthand exposure to understanding what's going on. are they just terrified of kind of a photo opportunity, you know, in a migrant detention center, and then there's a visual way of associating kamala harris directly with this disaster? >> i think that's the top thing because, you know, think about all of the awkward questions that could be provoked by that kind of photo op. and we have seen how kamala harris snaps at people or how she answers questions awkwardly when she's asked pointedly, you know, why haven't you been to the border, or she does that thing where i'm ott not finished speaking yet, which is really, or really bad not just for her, but for the whole administration. but honestly, gerry, i think it's another thing as well, ichich is,ou when whenou run run an campa cnn o idea ideaho have ha

wh me seg,ut alehoho gmhe democratrat pciiticci scied ep regul raregularulemraemoc vo inrs t ihen theest of the calca set s ietn in in in wasngo believelievt t we tsh wou notav border te sho sddd not not our l and a iou ou goi goio the border, i me s gotnto so muco m ble earlilihiseekk where she had thaesduras where she said, look, our border's closed, don't come here. it's insane for normal people because we think, well, how is that controversial? that's what the laws say. and there's a complete -- the other thing, you know, you don't like the laws that we have, go change the laws. that's the proper way to do it. but they're not doing that. they're just refusing to enforce the laws. gerry: just briefly, charlie, because we've got to go, as you say, these are actually the result of decisions that were

taken by the biden administration quite literally on day one. >> absolutely. gerry: this is not an unexpected crisis. candidly, they have behaved as though they really don't care about the border. all of the measures that donald trump put in place which they undid, they basically exposed the united states to this crisis. >> yeah. donald trump did not solve the greater problem of all legal immigration, but he did solve the immediate crisis by getting mexico and other countries to help enforce the border. joe biden and kamala harris have done everything in their power to undo all of those things, and it's funny what happens when you do that. the crisis returns, and not only does it return, it returns worse than we've ever seen it in at least neighborhoods this country. gerry: charlie, thanks very much for joining us. every member of one police task force is resigning in one democrat-led city. why they're saying enough is enough. that's next. ♪ ♪

♪♪ ♪♪ [ engines revving ] ♪♪ it's amazing to see them in the wild like th-- shhh. [ engine revs ] for those who were born to ride, there's progressive. obsession has many names. this is ours. the lexus is. all in on the sport sedan. lease the 2021 is 300 for $379 a month for 36 months. experience amazing at your lexus dealer.

[laugh] $379 a month for 36 months. dad i got a job! i'm moving out. [laugh] dream sequence ending no! in three, no! two, keep packing! one. - i'm norm. - i'm szasz. [norm] and we live in columbia, missouri. we do consulting, but we also write. [szasz] we take care of ourselves constantly; it's important. we walk three to five times a week, a couple miles at a time. - we've both been taking prevagen for a little more than 11 years now. after about 30 days of taking it, we noticed clarity that we didn't notice before. - it's still helping me. i still notice a difference. prevagen. healthier brain. better life. 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. age-related macular degeneration may lead to severe vision loss. so the national eye institute did 20 years of clinical studies on a formula only found in preservision. if it were my vision, i'd ask my doctor about preservision. it's the most studied eye vitamin brand.

if it were my vision, i'd look into preservision. only preservision areds2 contains the exact nutrient formula recommended by the nei to help reduce the risk of moderate to advanced amd progression. i have amd. it is my vision so my plan includes preservision. (naj) at fisher investments, our clients know we have their backs. (other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to always put clients first. (other money manager) so you do it because you have to? (naj) no, we do it because it's the right thing to do. we help clients enjoy a comfortable retirement. (other money manager) sounds like a big responsibility. (naj) one that we don't take lightly. it's why our fees are structured so we do better when our clients do better. fisher investments is clearly different.

♪ gerry: soaring crime and now mass resignations in portland. all 50 officers on the city's riot team quitting the specialized crowd control unit. fox's dan springer is in seattle with the story. dan. >> reporter: yeah, gerry, this is remarkable. the portland police bureau has just lost a team of officers specially trained and very experienced in crowd control. so the next time there's a riot, the department will respond with regular patrol officers who lack that experience and training. all 50 members of the bureau's rapid response team quit that detail yesterday partly in response to an assault charge filed against one of the members tuesday. the fourth-degree assault charge against the officer stems from a baton shove used against the head of a woman who claims to be a journalist, but the portland police association says she had just interfered with officers making an a arrest. police union president daryl

turner said, quote: this decorated public servant has been caught in the crossfire of agenda-driven city leaders. the officer did exactly as he was trained. don't take our word for it, pp ppd's -- but the district attorney disagreed. >> when that line is crossed and lacks justification under the law, the integrity of our criminal justice system requires that we, as prosecutors, act as a mechanism for accountability. >> reporter: now, the acting police chief says he doesn't think the mass exodus from the rapid response team all hinges on the officer being charged but, rather, 14 months of a work environment like this. the other question is will regular patrol officers be able to protect people and property the next time anarchists take to the streets? >> we will make sure that we

have as close to adequate resources as we can get within just the limits that we have to deal with anything that comes up with on-duty resources. >> reporter: but they are definitely lacking in confidence. portland's mayor has asked the governor to have a state patrol team on standby and be ready to activate the oregon national guard if necessary. gerry? gerry: dan springer, thanks very much. here now, steve forbes, "forbes" media chairman to talk about this crime picture. steve, is it any wonder when you get this situation where you have democratic officials in major cities basically trying to stop the police from doing their job, is it any wonder that you get resignations from the police force and higher crime and getting into this incredible cycle of violence and destruction that we seem to be in? >> yes. in the past year, the crime has risen dramatically in the united states after tapering down over the last 30 years before that. the murder last year of 20,000 versus 16,000 the year before, you see it in these cities.

there was a survey of 57 cities in this country where the murder rate last year went up 37% on average. so no wonder police are resigning. and they are not being backed by their, by their political leaders. and they have the mayor of chicago saying now she wants police officers to have to get permission from a supervisor to give chase to a criminal on foot. we already saw in another city what happened when the police couldn't chase a car with a gunman in it because they had to get permission to do that. so this kind of thing just undermines morale, and hopefully these cities -- the voters will take matters in their own hands and give the police the backing, because you can't have a functioning city without public safety. period. gerry: it's hard to resist the conclusion that these democratic leaders in the many of these cities actually really do want to literally undermine the police. they're quite happy to see the police withdraw, they're quite happy to see morale hit so hard. the whole idea of defunding the

police, they actually want somehow -- they seem to favor the criminals over the police. >> well, that's right. and you saw the hypocrisy in new york where a mayoral candidate says she wants to defund the police, and she has her own private security. she's got the funds to do it. that kind of hypocrisy is rampant x they want protection when it comes to their own persons, but they're not doing it for the public. i think the public across the board is against that. you got a little taste of it, gerry, in texas where you have lawless eness on the border thanks to the biden administration and recent mayoral elections there, republicans did extremely well including a city of 150,000 the, 85% hispanic, they elected a republican mayor. people want safety. gerry: it's not just undermining the police, is it, steve? you get these democratic-elected prosecutors in many of these cities with their so-called bail reform, kind of going easy on crime. again, the message seems to be we're more concerned about the criminals than the victims. >> well, that's right. and you saw, sadly, in

philadelphia the election, re-election of a d.a. like that. and this was -- these d.a.s are coming in with the backing of funds from left-wing sources that want this kind of lack of law enforcement. but the public's not going to stand for it, gerry, and i think what's happening now both on the border and in these cities, totally unnecessary. but in the meantime though, you see it in new york and elsewhere, thousands of experienced a officers are taking early retirement or quitting altogether. gerry: and as you say, this has to be a political opportunity for republicans. you've seen it in a down -- couple -- >> i think you're going to see it next year bigtime. it may not show up in the polling, but people want safety. gerry: what's puzzling to me is in the 2020 election, we awe that whole defunding the police thing, a lot of democrats who lost blamed the defunding the police for their loss and said this is crazy, we've got to stop it. and yet this anti-police rhetoric and action still seems

to go on in the democratic party. >> it's a determined group of anti-police. most people support the police. they want reform where it's needed, like tim scott has proposed, but they do want police of to have backing. this determined group is against it. and what is shameful is not that a group like this would try to undermine public safety, but that the political leaders are too cowardly to stand up to them. gerry: steve forbes, thank you very much, indeed. have a great weekend. >> thank you, gerry. gerry: calls for an investigation into the wuhan lab are meeting fierce resistance, unsurprisingly n china. and now beijing is pointing the finger at the united states. ♪ ♪

[sfx: thunder rumbles] [sfx: rainstorm] ♪♪ comfort in the extreme. ♪♪ the lincoln family of luxury suvs. 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. time. it's relentless. we do everything but control it. and when it's running out. we relentlessly try to protect it. because "all the time in the world"

it's just a saying. today, for women living with hr+, her2- metastatic breast cancer, more time is possible with verzenio. proven to help you live significantly longer when taken with fulvestrant. verzenio + fulvestrant is for hr+, her2- metastatic breast cancer that has progressed after hormone therapy. diarrhea is common, may be severe, or cause dehydration or infection. at the first sign, call your doctor, start an antidiarrheal, and drink fluids. before taking verzenio, tell your doctor about any fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. life-threatening lung inflammation can occur. tell your doctor about any new or worsening trouble breathing, cough, or chest pain. serious liver problems can happen. symptoms include fatigue, appetite loss, stomach pain, and bleeding or bruising. blood clots that can lead to death have occurred. tell your doctor if you have pain or swelling in your arms or legs, shortness of breath, chest pain and rapid breathing or heart rate, or if you are nursing, pregnant, or plan to be. if you have hr+, her2- metastatic breast cancer.

more time is possible. ask your doctor about verzenio. ♪ all by yourself.♪ - oh. - what? rain. cancel and stay? done. go with us and get millions of felixble booking options. expedia. it matters who you travel with.

oh! are you using liberty mutual's expedia. coverage customizer tool? so you only pay for what you need. sorry? limu, you're an animal!

only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ ♪ gerry: china is fighting back against claims that covid-19 may have started in one of its labs. china's now trying to call out the united states, asking for an investigation into its government labs. joining me now to discuss is james carafano, heritage foundation vice president for national security and foreign policy. james, thank you for joining me. >> good to be with you. gerry: i hope this isn't too cynical, but it does sound like the old playbook that when you've got something to hide, you point the finger everywhere else. >> yeah. i think they're exploiting the weakness in the biden administration. biden's foreign policy is turning out to be a happy meal. you open up the meal, there's nothing in the box. it's like the happy meal without the meal.

biden said we're going to be tough on china, we're going to demand the world health organization investigate china, and we're going to demand that china cooperate in the investigation. they say that knowing for a fact that neither of those things are going to happen. so, essentially, they have a policy of of nothing. so they, essentially, create a space for the chinese to move into to countermove. so this is -- we're going to see a lot of this and not just with china. by essentially backing off and trying to disengage, much like the obama administration did, they're opening up spaces for other guys. they think they're being so smart because they think they're taking on very little risk, but they're freeing up the other guys to kind of take advantage. we saw it in putin in the press conference essentially going after the u.s. because he got to speak first, and now we see the chinese because the u.s. response is so weak say we'll just go attack the u.s. gerry: james, do you think we're going the need china's cooperation which, obviously, we're not going to get to discover whether or not this leaked from the lab, or do you think there's going to be enough

intelligence that we have, that other countries have, the scientific evidence we may be able to piece together that make a convincing case that, actually, this did come out of the lab? >> i think that is the course of action. we should have a relentless, unforgiving intelligence investigation. not just, not just because we need to know where the virus came from, because we do, actually, but that will always keep the chinese on their toes. then you have to think 24/7/365. every scientist, every piece of information, every piece of paper, every electron that might identify a malicious activity by you, you have to lock down, and the americans are coming for that every single day. that will not only puppet a lot of pressure on them, it will make them think twice before they try to hide stuff in the future. gerry: and just on a different topic, north korean leader kim jong un is ready for dialogue and confrontation with the biden administration. [laughter] that covers just about everything. do you think this is a prelude

to perhaps more action on the weapon testing front or some other action coming out of north korea? >> i think they're reading the iranians. they're going to see what the iranians get out of the u.s., and they're going to demand exactly the same kind of deal, and if they don't get it, they're going to be very aggressive. and i think the biden team is in for a real roller coaster ride, because in rushing to do a really bad deal with the iranians, they're actually maybe precipitating another crisis with the north koreans. gerry: do you think we're going to get anything, any progress -- president trump, obviously, met twice with kim jong un and didn't seem to yield very much. do you think any reason to expect the biden administration will get any further? >> not if they're going to give carrots up front, they'll just get plaid. or if the north korean -- played. or if the north koreas are gone havetive and they immediately give them something, they'll just be more demonstrative. look, the biden administration said we want full nuclear disarmament, that we want

verifiable things, and we're not going to give up sanctions on the front end. if they stick to that, they'll be okay. if they don't, they'll get played like a cheap suit. but the problem is by giving the iranians so much sweeteners on the front end, what they're actually doing is not only are the iranians going to take advantage, but the north koreans are going to say we're bike to try the same thing, because the iranians did it, and it worked. gerry: james care ran owe, very disturb picture. thank you for joining us. the president's back at the white house after a week on the world stage and the highly anticipated summit with russia's vladimir putin. kt mcfarland told me today it was nothing short of a disaster. what success do you think president biden had in his meeting with president putin? >> none. i think it was actually a real disaster for the united states. when president biden walked into that meeting with putin, the die was already cast. he had already given up all the

leverage. i found it deeply upsetting. gerry: you can see the rest of that interview and more on fox business tonight on "the wall street journal at large." , and that airs tonight at 9:30 eastern. well, extreme weather coast to coast. a state of emergency's declared in louisiana as the record-breaking heat wave explodes in the west. ♪♪ jason, did you know geico could save you hundreds on car insurance and a whole lot more? cool. so what are you waiting for? mckayla maroney to get your frisbee off the roof? i'll get it. ♪ (upbeat music) ♪ ♪ ♪ whoa. here you go. (in unison) thank you mckayla! dude, get it. i'm not getting it, you get it. you threw it. it's your frisbee. geico. switch today and see all the ways you could save.

♪ ♪ ♪ geico. switch today and see all the ways you could save. ♪ ♪ ♪ hey google, turn up the heat. ♪ ♪ ♪ shingles? oh... you mean bill. he's been a real pain. again with the bill... what? it looks like a face. ...hearing about it 24/7 is painful enough... i don't want to catch it. well, you can't catch shingles, but the virus that causes it may already be inside you. does that mean bill might have company? - stop. you know shingles can be prevented. shingles can be whaaaaat? yeah prevented. you can get vaccinated. oh, so... i guess it's just you, me and bill then. i'm making my appointment. bill's all yours... 50 years or older? get vaccinated for shingles today.

♪ gerry: airlines and airports aren't prepared for the bounceback in travel that's expected this summer. u.s. carriers are likely to see a 32% increase in fliers next month compared to frill. this comes as the -- to april. this comes as lawmakers urge the biden administration to end the federal mask mandate on airplanes. here now is joanie bliley, thanks for joining me. >> thanks for me having me, gerry. gerry: so i guess we're seeing these bottlenecks as demand surges, people come back from the long lockdown. we're seeing these across the economy. >> absolutely. and, you know, as we all know, the travel and leisure sector was certainly hit the hardest

during the pandemic. in fact, they lost 5.6 million jobs in 2020. and though we have seen jobs coming back in this sector, the airlines and the airports really don't have the infrastructure today to handle the demand that is starting to heat up. you know, i can tell you, ironically, i can give you some firsthand experience. i was a passenger last night. i flew from fort lauderdale to new york, and while i was there, i was shocked to see the lines at security and then how long it took to get through security or going to the restaurants, not being able to grab something quickly. they just don't have the staff in place. and the flight was full. there wasn't one empty seat on the plane. so travel is coming back, but i don't think the industry expected it to come back so quickly, and they really are struggling right now with the

labor shortage that is affecting all sectors across the board. so it's definitely going to have an impact on travel and leisure this summer. gerry: and it's very frustrating, as you say, when people really want to get away. they've been stuck at home for 15 months, they want to get away, and then they're going to meet these long lines in airports. what about, also, the other factor is prices and wages are going to be bid up, prices are going up, you're seeing extraordinary increases in airfares. it's going to be an expensive time for a lot of people. >> it is. it's going to be an expensive time, certainly. i think airlines and the airports and, you know, hotels, the hospitality industry in general, they're going to have to pay employees more. this is one of the most unique employment markets i've ever seen. i've been in the industry for 25 years, and i've been through good times and bad. but in today's market, we have over 9.3 million open jobs in

the united states, but we're struggling with labor participation. we are at an all-time low, and we need to get people back to work because the jobs have come back, the demand is certainly there, certainly in travel and leisure and in hospitality, but it's in all sectors. and so we are seeing that employers are raising wages to try to entice people to come back to work and to keep their current employees in place. gerry: what's behind this mismatch? at the lower end of the wage scale, there seems to be plenty of evidence that the additional federal money on top of state money that's going through until september is discouraging people to go back to work. how widespread, though, do you think this kind of lack of willingness to return to the work force is? >> well, to be honest with you, our country was struggling with labor participation even before the pandemic. and this the has been a challenge for us. but the current unemployment insurance benefits have

definitely hindered some people from coming back to work. i can tell you at employ bridge we actually track how many people are applying to jobs at the state level, and what's very interesting is that the 25 states that did away with the $300 unemployment benefit, we saw at employ bridge that our numbers were up by about 10% in those states versus other states. so i know that is a factor. it's part of it. it's not the whole story, but that is definitely holding people back from participating in the work force. i think there's some other things around health and safety concerns, people looking for flexibility, wanting to work from home, that's still a challenge as well. gerry: interesting. and particularly interesting you say those states that have ended the additional unemployment relief are seeing increases in employment. johnny bily -- joanny, thank you very much, indeed. >> thank you, gerry.

gerry: tropical storm warnings for the east coast. fox news chief meteorologist rick reichmuth is in the weather center with the latest. rick. >> lots going on in the weather across the country right now. so many things to track. one of them here is this potential tropical cyclone. don't worry really about what that kind of strange name, we're used to names with these storms. it hasn't been given a name because the center of the storm isn't really organized, so we don't really call it a tropical storm just yet. that said, there's a lot of moisture, and northeast of that's way off to the side, not right around the center. because of that the, we still have very strong winds but not at the center of the storm. 45 mile-an-hour winds are some of what we're seeing, but our biggest issue with this storm is going to be the very significant amounts of rainfall across the southeast that's already seen a lot of rain over the last number of months. here you go, center -- there really isn't a center, but maybe

it's somewhere where here just to the south of kind of say the louisiana area. continues to pull off towards the north. all of this moisture pulling towards the north, and we're already seeing the heavy rain beginning to make its way in towards that central coastline. because those winds are up around 45 miles an hour, we have tropical storm warnings infect. the storm probably won't ever get to a -- get a name to it, but there's heavy moisture along with it. watch it the next few days, continues to pull towards the north, off towards the northeast, and we're going to see some spots maybe around 6-8 inches of rain. that will definitely cause some localized flooding. right now this one model predicts the rain right around the new orleans area, lake ponte if char train. so watch for that -- pontchartrain. it's stretched out across mississippi, alabama, eventually across georgia as well. you mentioned the heat across the west. it's been a brutal week with temps in the triple digits all

week long and in a lot of cases, around the 120-degree mark. that's going to stay with us all weekend long. take a look at what happens the next three days. phoenix, you're 117 today, tomorrow, sunday maybe drop a couple of degrees. a little bit of relief by the time we get towards monday where temps are going to be down around 110. that you can handle this time of year. take a look at this, the western half of the country is under an incredible drought. the highest level is exceptional, we see that across parts of north dakota, definitely around the four corners and beginning to build in across parts of the pacific northwest. because of the drought and high temperatures, we're already starting to talk about fires and very worried about this fire season ahead. gerry? gerry: you've got a picture of the map of the western united states, looks like it's on fire -- >> yeah, not looking good. gerry: thanks very much, rick. now to lydia hu, who's covering a different type of opening day. lydia. >> reporter: hey, gerry are.

music is back in the big apple starting this weekend. the first full capacity performance here at madison square garden square sunday, i'll tell you who's headlining. miss it. that's right after the break. -- don't miss it. that's right after the break. (naj) at fisher investments, our clients know we have their backs. (other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to always put clients first. (other money manager) so you do it because you have to? (naj) no, we do it because it's the right thing to do. we help clients enjoy a comfortable retirement. (other money manager) sounds like a big responsibility. (naj) one that we don't take lightly. it's why our fees are structured so we do better when our clients do better. fisher investments is clearly different.

the lexus es. every curve, every innovation, every feeling. a product of mastery. get 0.9% apr financing on the 2021 es 350. experience amazing at your lexus dealer. nobody builds 5g like verizon builds 5g because we're the engineers get 0.9% apr financing on the 2021 es 350. who built the most reliable network in america. thousands of engineers on one nationwide mission; to make the best, even better... for millions of people and businesses across america. no one else built this bold... because no one else thought this big. thousands of smarter towers, with the 5g coverage you need. next-generation servers with superior network reliability. broader spectrum for faster 5g speeds. because the more you do with 5g, the more reliability matters. the more your network matters. the more going the extra mile matters.

this is us...pushing us. it's verizon...vs verizon. and who wins? you. in a recent clinical study, patients using salonpas patch reported reductions in pain severity, using less or a lot less oral pain medicines. and improved quality of life. that's why we recommend salonpas. it's good medicine. living with insulin requiring type 1 or 2 diabetes? how does no daily insulin injections sound? omnipod delivers insulin through a tubeless, waterproof pod. and the best part.. no more daily injections! plus, omnipod is covered by most medicare part d plans. get started with a benefits check today. go to omnipod.com for risk information, and instructions for use. consult your healthcare provider before starting on omnipod. simplify diabetes. simplify life. omnipod.

up at 2:00am again? tonight, try pure zzzs all night. simplify life. unlike other sleep aids, our extended release melatonin helps you sleep longer. and longer. zzzquil pure zzzs all night. fall asleep. stay asleep. ♪ ♪i've got the brains you've got the looks♪ ♪let's make lots of money♪ ♪you've got the brawn♪ ♪i've got the brains♪ ♪let's make lots of♪ ♪uh uh uh♪ ♪oohhh there's a lot of opportunities♪ with allstate, drivers who switched saved over $700. saving is easy when you're in good hands. allstate click or call to switch today.

♪♪ gerry: the show must go on. finally. live music is back but only vaccinated americans might be able to attend. lydia hu has the story. lydia. >> reporter: hey, gerry. just like the signs over here say, rock and roll returns to the garden. it happens this weekend with the foo fighters headlining sunday night here at madison square garden. no social distancing, no masks required, no restrictions on capacity. but like you said, they are mandating that everyone be vaccinated, and proof will be required to enter. now, while the kickoff of the concert season is big reason to celebrate here, some of the other headliners to look forward to, industry advocates do remind us that small, privately-owned venues are struggling ask trying to survive after a year's worth of lost revenue. congress set aside $16 billion in emergency funding for small

venues, but the small business administration has only awarded about $530 million of that money, and operators tell us they desperately need it so they can reopen. now, the sba gave us a statement that said that the pace of the distribution of this money is, quote, not reflective of the high standards that we strive to meet and that the agency is working to expedite the distribution of these funds. meanwhile, gerry, i can tell you that tickets for the foo fighters here on madison square garden on ticketmaster, they're sold out. a lot of interest and excitement about this big concert that's coming. gerry: lydia, is it only music concerts that are operating at full capacity this weekend? what about sports? >> reporter: sports are also welcoming the full return of fans and spectators. the yankees are also welcoming full attendance, 100% capacity. to good news for sports fans there. and another thing to track is the development of what type of vaccinated fan is going to be

allowed to attend some of these events. bruce springsteen is returning to broadway later this month, and the headline there is there must not only be proof of full vaccination, but full vaccination of a u.s.-approved vaccine which means pfizer, moderna, johnson & johnson. astrazeneca will not allow someone to enter the performance on broadway. gerry: yeah, that is pretty remarkable, and they will be checking then, presumably, people's vaccination cards. if you've bought a ticket and you've got an astrazeneca vaccine, they won't let you in, is that right? >> reporter: that's exactly right. and another important thing to note about the vaccines and how they're checking them is here you have to be fully vaccinated before you enter madison square garden and many of these other facilities like yankee e stadium which means at least two weeks after your last dose. if that's the johnson and johnson, it has to be two weeks from that vaccine, and if it's pfizer or moderna, two weeks after your second shot in order

to be considered fully vaccinated and to gain entry for the performance. gerry: broadway back later in the year, i think. lydia hu, thanks very much. that does it for us tonight on "fox business tonight." "the evening edit" is coming up right now. ♪ ♪ >> from the fox studios in new york city, this is maria bartiromo's wall street. maria: happy weekend and happy father's day. welcome to the program that analyzes the week that was and help us position you for the week ahead. i'm maria bartiromo, the taper tantrum has begun. the federal reserve this week signaled rates will move higher and the conversation to pull back on the fed's massive easy money is beginning. coming up, keith banks, the vice chairman of bank of america, he will react to the fed meeting and how to change the way we invest now.