montana in the mid 1800s. my guess was new mexico, susan. susan: i guessed california. stuart: we were both wrong. quick check of the markets, not much action in stocks. bitcoin, the good news it bounced back again to the 36,600 level. how about that for a turnaround on this show. my time is up. neil, it is yours. neil: thank you, stuart, very, very much. bitcoin is not for the faint of heart. i state the obvious but does it ever have a calm day? i'm glad to be back. i'm thanking, david asman and jackie deangelis filling in too ably. job security. sometimes i think they head fake me. we have a lot going on. we're monitoring jerome powell, chairman of the federal reserve. he has been saying the darnedest things on inflation.

two words to watch today, two key words, exactly what does he mean by transitory? transitory inflation pressures he keeps talking about and taper? what will he do so sort of wean us off the government fix where the fed buys up all the treasury notes and bonds? how will he go about the process unloading some of those? we might, we might find out today. we're focusing on bitcoin as we said going in here. a lot of this has to do with the dip below 30,000 ever so briefly. with the notion it is losing support because china is trying to kill it off, certainly, in that country and even in doing business with other countries, that are very big into crypto currencies themselves. there is a method to the selling madness that over, its worse levels of the day, but it still ain't out of the woods. we talking to a guy that runs a wingstop, a big, big chicken wing concern. focusing on chicken thighs.

i don't know if quite the same appeal. it is chicken. the question is, is it doing anything to counter the run-up in chicken prices of all sorts, wings and thighs? with thigh as little less so. we're focusing again on the impact of jerome powell. treasury note remains comfortable at 1 1/2%. if they're reallied about inflation as i often say they're not showing it. hillary vaughn at the capitol. reporter: neil, the white house down playing spikes for every day goods like gas and groceries. say prices are higher because lawmakers are comparing praises today to prices during the pandemic but wall street is worried about inflation. deutsche bank had a survey out yesterday said 61% of market professionals think inflation is the biggest risk to markets right now. warning in a research paper earlier this month about

inflation, quote, we worry the fed will be too slow to tamp rising inflation pressures effectively. policymakers are about to enter a far more difficult world than they have seen for several decades but fed chair jerome powell today will tell policymakers on capitol hill that this inflation is temporary and partly triggered by supply bottlenecks that are squeezing prices higher saying in his statement this afternoon, quote, inflation has increased notably in recent months as these transitory supply effect i abite. inflation is expected to drop back towards our longer run goal. some republicans are not buying it saying it is actually democrat bloated budget that is behind this inflation. republican study committee chairman jim banks issued a memo to republican lawmakers encouraging them to make this a campaign issue headed into the midterms, telling his members this, quote, we need to tie inflation to the biden economic agenda an explain to voters how inflation is democrats hidden

tax on the middle class. there is no doubt inflation is tied to the reckless spending bills democrats pushed for during the last year. senator rick scott, the share of the nrsc also says that if republicans make less government spending a focus of their campaign he thinks that will pay off in 2022 for republicans. neil? neil: all right, hillary, thank you very much for that. so again, where are we on inflation? again the fed chief is expected to say i'm not really worried here, i'm not panicking here. whether he telegraph as time and a place for hike in interest rates already we're hearing and markets are factoring in, it is a 2023 event although others have been saying on the fed, district presidents and the like it could happen as soon as end of this year. hard to tell. get to it, danielle dimartino booth, former dallas fed advisor, shana sissell back with us, spotlight asset group chief investment strategist. shana, danielle, welcome to both

of you. danielle, you know the thinking at the fed far better than i ever will, and i wonder if they see a series of price report that show inflation spiking they have to thread the needle carefully because they don't want to disappoint the markets, markets think they're falling behind the curve and don't want to overreact in this mission to get more jobs. how do they balance that, do you think? >> it has never been this difficult of a balancing act before. we have to remember prior to the pandemic we had two years solid disruption of the supply chain because of the trade war preceded pandemic. this has been a long time train, neil. two years prior to the pandemic, still lumber prices are up 125%. you have iron ore prices have doubled. so a lot of these have been fairly persistent as opposed to transitory but again, what jay powell is banking on is the

most, the most pernicious form of inflation ebbing as we get towards labor day. that is wage inflation. he is looking at all of these states, refilling their labor pools as they pull out of supplemental federal unemployment benefits. he is hoping that takes some heat off. he is also following what is coming out of the regional federal reserve districts. we had fresh data out of richmond this morning that lead times are starting to, excuse me, continuing their turn down. people are anticipating a lot of these supply chain disruptions going out into the future going to dissipate. we've obviously seen the entire commodities complex here in the last few weeks come off its highs. powell is banking on that continuing. one add, i would add also on a seasonal level right now we're heading into a weak early time for gasoline prices that is the most visible form of inflation for households. i can guarranty powell is also

banking on that as he prepares for his testimony this afternoon. neil: you know, shana, i have to wonder then what is transitory? if the notion is this too shall pass obviously you don't want a lot of time to have to pass to reach that, given the stubborn rise in energy prices, a dip in crude oil today, but still over 73 bucks a barrel, record gas prices, you know, they might ease a little bit here, from again the record levels i'm just beginning to wonder whether the markets, much like average consumers will get jittery? what do you think? >> well i think we need to remember that you know, energy prices, oil prices, they have been depressed for quite some time. do we not remember around the financial crisis how expensive gas was? we were talking 3, $4 a gallon. we had many, many years, almost a decade where all we've seen is energy prices go down. part of the reason for that is because the u.s. became a net exporter instead of a net

importer and started to really become a bigger player globally. all the things affect the supply chain and overall inventories. i do think there is continued pressure on commodity inflation, whether that be agricultural, as danielle mentioned, lumber. i think oil while we have seen it dip a little bit, there is some pressure because the u.s. is no longer has as much inventory, not doing as much production as we were say even three years ago. so there are a number of different factors that are here. when they are talking about transitory, they're talking about the things that got depressed as a result of the pandemic. so, you know, some of the biggest contributors to the high inflation numbers has been things like used car sales. rental car, air fare, hotel and lodging, you know entertainment. sporting event tickets. these are all things that got very depressed specifically because of the pandemic. we had supply chain issues because of the pandemic. all of those things are the

things that powell is defining as transitory. and he is not wrong. the question is, are the other things, the factors that we had inflation impacting prior and things that are not necessarily impacted by the pandemic, are those things going to continue to move higher? i think they will. so i think there race balancing act that powell will need to do here. because i do think we'll see a pickup in inflation. do i think we'll continue to see in the 4, 5% range? probably not. but i would not be surprised if we started to see inflation tick up the 2% we've kind of been at for a very long time now. neil: ladies, please don't wanter too far because i do want to pick your brain out of developments we got out of the cleveland fed bank president loretta mester said they could lead to disruption. they pose financial stability risks over time. referring to buying all the treasury notes, bonds,

mortgage-backed securities, argued at least in the past, artificially given us a since of security that is manufactured more than anything else. i do want to pursue that with you. i want to pursue what is real, not just transitory, run-up in food prices, chicken prices, chicken wings. remember the days when the chicken wings became a big deal in the 1970s in anchor bar in buffalo. i remember this because i went to college in that area. they were cheap. they threw the wings out, they didn't use them. they found a way to make them spicy and the rest. that is food legend, my friends. having said that it is no longer the cheap sort of meat, right? it has gotten to be very expensive. we have the wings stop ceo. they're launching something called buy stop to try to deal with the spike hikes. trying to find better alternative or at least a for h more affordable alternative. nice to have you with us, charles. how do you feel with the run-up

in wing prices? >> it is true. the prices have been more than double where they are a year ago and double what is normal for us. a lot driven by shortages in the labor out there in the market for chicken suppliers to process enough chicken to support demand in front of us. we've done it by launching a new brand called thighstop. doing the thigh, doing exactly what we did with chicken wings, making it the center of the plate item. thighs are a fan favorite. everybody loves dark meat. we created a whole brand around it as an opportunity to take some of the sting out of these high prices we're paying today. neil: so what you have cut up a thigh, dark meat or not, it its cheaper than regular wings, right? >> that is correct, yeah. it is a lot cheaper. in fact it is that product that gets exported out of the u.s., the whole leg quarter does. we found ways to take the bone out, create boneless wings with

it. like our boneless white meat product and bone-in thighs. it fits perfectly in our menu. neil: if i like bones, i like wings, i love the bones, i don't like without the bones, you're telling me that, the benefit here i might not have the bones but i don't have the steep price as well. how are people responding to this? >> well, we just launched it yesterday. it was a great response from our customers. i will tell you that we studied this for a long time and know that thigh meat, thighs themselves, get buried in the bottom of a buckket of chicken. they don't get the respect they deserve. we're bringing them to the forefront. from a supply chain perspective we get the opportunity to utilize the whole chicken. doing that, it takes us away from buying on the spot market. we can start to contract whole birds in the future that will take a lot of pressure off the p&l our franchisees are seeing. neil: charles, how long do you

think the spike in chicken prices, poultry prices in general goes on? we're always hanging on every word the fed chairman says. i don't know how much of a chicken expert is, maybe he loves wings and he loves thighs but this has gone on a while, what do you think? >> yeah, it has. right at the beginning of pandemic supplies were really high. the price dropped to a much as 98 cents cents a pound. it is 3.22 a pound on the spot market and been there for a while and it is holding. there is demand but we have to get people back to work. we're struggling to get enough people to run the lines necessary to produce all the chickens, not just wings, not even thighs, breast meat, everything is being affected as it is through sew many industry right now. i think getting people back to work will make a big impact on the overall supply of chicken which will help moderate these prices but it could be a while. neil: all right. we'll see how it all sorts out.

charles, thank you very, very much. charles morrison the wings stop ceo. the thais get no respect. maybe it is the dark meat thing. from that to washington playing a game of chicken. see what i did there? i'm back, will take us a while to get back in the groove here. on this infrastructure package the president making it increasingly clear what he won't accept. republicans making it clear what they won't accept. they're kind of in the same neck of the woods but no bones about it. this will linger for a while. no bones about it. none. ♪. the lexus es.

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♪ neil: right now we don't know where the whole infrastructure measures stands. we do know republicans and democrats are closer than they have been. that was the case before i left and it remains the case right now. we're in roughly the same trillion dollar neck of the woods. now they seem to be parts of what is new money and existing reappropriated funds. here to give us the latest

tennessee republican chuck fleishmann, serves on the house appropriations committee. congressman, great to have you. where do you think things stand now, sir? >> i think the parties are talking. whenever you communicate it is always a good thing. it gets back to basics, definitions. i think congress needs to go back to third-graders, define infrastructure. what you will get is roads, bridges waterways, broadband, not a social justice bill. we've got to get back to good, basic definitions, come up with a number. i think that number will be probably around a trillion dollars. then basically get it done for the american people. the american people want a good, strong, traditional infrastructure bill. we owe it to them to give it to them. neil: now, it seems, you are in agreement with the administration not too keen on new gas taxes, or mileage taxes, not as strongly as the

president, but, that, that seems to be out the window as a way of paying for this. so how are republicans offering to pay for it? >> we've got to look at what is actually doable and on the table. one thing we don't want to do, neil, is raise the corporate tax rates. one of the best things, of several things came out of the trump administration was reducing the corporate tax rate from the odious 35% down to 21%. critically important. it helped business. it helped the economy. it helped the american worker. it helped move our country forward. it would be a big step backward, i think and detrimental in a very fragile economy to raise corporate taxes. we need to look at that factor. neil: i get that, you don't want to raise the corporate tax. i get that. even when they came back with a 25% rate, president seems to beholding off on that as well. what are you open to. i know user fees have played around with, what do you mean by

user fees? >> well the american people understand that if we're going to have a infrastructure bill and a infrastructure package, you can't fund it with gimmicks. you're going to have to go, this will have to start with leadership from the administration and then secondarily from congress to look the american people in the eye and say if we're going to go large, i think a trillion is large. we'll have to figure out a way to pay for this. now, when you do that, you need to start floating ideas, talking to the american people, but the american people are tired of gimmicks. there's i think one of the best ways to do it is to look at growth. if we could open up new oil wells, things like that, where we would see more royalties, things like that. unfortunately the administration has taken us in the wrong direction i think on new energy and new energy development. there is a lot of growth that we can see there, new revenue, that could be used for infrastructure. so take money that is going to be used for infrastructure and

make sure that you apply it correctly. no more gimmicks. neil: all right. on inflation, i know it has gotten a clarion call of republicans blaming it on this president, of course a lot of the run-up is built on good news, improving economy and all that, we're asking to her from jerome powell, this is transitory, it weren't last for long. do you buy that? this is going to be a temporary spike and then settle down? >> i'm very concerned. neil, inflation is something that i saw as a very young person growing up in the '70s and then into the early 80s. it is a danger. it hurts working class americans. it hurts poor americans. it is the result of failed policies. and this administration is abundantly full of failed policies. let me be specific, when you start curtailing oil production, that is ridiculous. our commodity prices are going through the roof.

you have got to get to the basics, whether it is oil, other commodities and try to let the free market get out there and work its magic. they're curtailing that. labor costs going through the roof. that is one of the strongest reasons i opposed a mandatory minimum wage of $15. you're creating situations inherently that are inflationary when you do that with the labor pool. the unemployment benefits that have been literally crammed down the throat of american businesses and on states, we're seeing an easing up of that, in states like mine and tennessee where they no longer do that, you artificially create situations that drive prices up that hurts consumers. that hurts the economy. let's let free-market capitalism work like it did under the trump administration and get back to common sense economics that will work for all americans. neil: congressman, thank you very, very much. chuck fleishmann from the beautiful state of tennessee. >> thank you. neil: markets are panicking

about all of this stuff outlined there, it has a funny way of showing it. the 10-year note, the dow advancing today, but the 10-year note i find fascinating we showed it well under 1 1/2%, all the inflationary upticks are something we're monitoring. bitcoin itself is trying to, that is seen as sort of a aren't at this inflation play, if you're worried about that. but it has been done well under inflationary pressure anymore under easing inflationary pressure today. but it is off the worst levels. when we come back we'll look at what is going on with bitcoin. whether all of this has much more to do with what is happening in another country china, than what is happening in this one. ♪

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♪. neil: all right. nasdaq is at a record right now. amazon is probably a very good reason for that, north of 3500 bucks a share. up 1 1/2 price. a pricey stock, even with that 55-dollar run up here. we're learning retailers, amazon among them ringing in more than five 1/2 million dollars of sales. prime days isgoers through the end of the day. some say technically past midnight. i don't think that is the case. bottom line the sales are off the charts as they always are with these things. this is record year for them but there were some numbers there that belie how much of a deal you're getting because these prices are up over a lot of items similarly touted a year ago. prime day was skewed what was going on with the pandemic and

rearranged days because of that, but the fact of the matter that strong pent-up consumer demand continues to help amazon. it is helping the nasdaq and this consumer appetite, even in the face of higher prices is something to behold. something we were touching on earlier on with danielle dimartino booth and shana sissell. i will continue doing so now. shana, let us get a sense of the consumer and given the fact that there is still hell-bent on taking advantage of these big sales, even if the sales aren't quite as noteworthy as they have been in the past because of the run-up in some items, that says a lot about this pent-up demand, doesn't it? >> it does. keep in mind, in the pandemic we had record savings rates. so people have money. they weren't out spending the way that they would normally. so we had record savings. we had the supplemental income coming in for those who are unemployed and there were a lot of other programs in place that

made the financial lives of a lot of people a little bit easier through the pandemic, for good reason. what you resulted in, a lot of people with extra money on their hands who want to go and spend it. that is you there these, you know, marketing gimmicks if you will. amazon has got great prices all the time. you know, some of the stuff that is on sale has been -- people are spending to spend. you're also seeing it through travel, right? we have record travel numbers right now. the airlines are having problems with capacity of that. all of these things are sort of a symptom of the larger, i don't want to say problem or illness because i don't think that is what it is. it is just a reflection of the fact that people have a lot of extra cash. they did a lot of saving during the pandemic and now they are eager to go out and spend it. neil: you know, separately, danielle, i don't know how much the fed is paying attention to bitcoin but with the run-up in activity, it is not been helping

bitcoin, and that might stablize maybe news that china is doing its darnedest to squash it would seem. what do you make of what has been happening with bitcoin? >> well, neal, whenever you see any asset class of any kind going back to the history of mankind all the way back to tulips and south china sea, anytime you see this kind of a run-up to 65,000 in very short order and you're talking about bitcoin to date just being where it was back in january this kind of volatility is symptomatic of a lot of speculation and what many who have been skeptical about cryptocurrencies, we're not even talking about some of the other ones which literally melted in the last few days, but what we've been wonder about with cryptocurrencies what the first true regulation would do to it. now we've seen china curb not just mining, but also told the

largest banks, its customers will no longer transact in bitcoin as well. so you're starting to cut off avenues of utility for this cryptocurrency and i think that is adding to jitters, why we did see this morning it dip below that critical psychologically important 30,000 level, neil. neil: you're right about that. it is now over that but fallen 50% from highs that were reached a little more than couple months to go. we'll keep an eye on it. ladies, thank you very much. i want to keep your attention as well what is happening with the return of workers to work. they're coming back hoping to hitch a ride on uber or lyft, good luck on that front. lydia hu, what seems to be going on there, lydia. reporter: hi, neil. neil: we're talking a ride in a new york city taxicab, we're going to the upper west side. this is hard to find mode of

transportation the taxi. i was talking to one cab driver earlier, some of the people picking up during peak travel times are getting extra frustrated. taking longer to flag down. it is taking 45 minutes to an hour to get a cab. we're seeing fewer cab drivers on the roads before the pandemic. analysts say, less than half of cabbies are on the roads right now. it is not just taxis. it also ubers and lyfts experiencing a driver shortage. there is a few as a third of for-hire drivers working in big cities before covid. these shortages are across the country. the results, neil, you are waiting longer for a ride and paying more. lyft ceo explained on a recent earnings call one of the reasons contributing to this, continuing federal unemployment benefits as those are ending in the coming weeks and months. they believe drivers will

return. >> so you got the benefits that are enhanced, expire on september 6th. we know that we're going to now offer low income individuals child care assistance and we know that with more vaccinations people are going to become less and less -- [inaudible] reporter: now that there is this demand for the drivers both taxis and really for hire drivers, the uber and lyft companies are saying, actually now is a great time to get back on the roads and driving one of these for-hire rides because drivers are making a lot more money than compared to the pandemic. uber said the median hourly rate for drivers in new york city is touching $38 an hour. d shiomnget.uch much their markr their deirieire are are makingo3 prettypr good gd g too bee drire if y ouif'r yees that, tha t look like hiktointog,pping,ing,d beuligrihtshmahtshce soo . you. el,lto leadso to aha tt.meantimt

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neil: they used to call it the second toughest job in the country being mayor of new york city which could explain why 13 democrats are interested in the position, two republicans as well. today is the new york city mayoral primary. we may not have results for a while. this is something the whole nation is following closely. aishah hasnie is in new york city. reporter: neil, it is all about crime. i talked to a voter a few hours ago a mom said she can't even

imagine sending her kids alone to walk around the city anymore because it is so terrifying now. she said that something has to change. voters coming in likely having seen this brand new video. of the brutal stabbing of a volunteer for the eric adams mayoral campaign. it happened over the weekend in the bronx. it happened in broad daylight, just gruesome. here is look at the top tier candidates right now where they stand on defunding the police. this is a big issue here in new york city. eric adams, andrew yang, do not support sharking the nypd budget. wiley wants to reduce billion dollars a year. one of the reason, adams a former nypd captain, he is holding a strong lead right now, in online survey just released on monday. he is followed by yank and garcia. former mayor rudy giuliani came in to vote.

his pick, curtis sliwa, founder of a crime prevention group. giuliani those thousands republicans are switching their affiliation to democrat. they're trying to have it go to a more moderate democrat. giuliani says he thinks that is a wrong move. he says a democrat can't save the city. >> you have to be tough. the way reagan was, i was, trump was. people may not like trump but he changed things. we need somebody right now who can get the city saved in one year or we're looking at 30 years of crime. reporter: we just talked to a woman who is a republican, registered republican. she did not switch to the democrat affiliation but, neil, listen to this, she wasn't happy with her two republican choices. if she had to, vote democrat she would choose eric adams. neil? neil: thank you very, very much for that.

he served 20 years in the new york city police department. i want to go to charlie gasparino. i know we're talking about companies going woke. i would be remiss, charlie, if i didn't focus on the race where crime in new york is a number one issue. pretty much across the board, what do you make of that? >> it is. it overshadows the economy. the strongest guy on the economy is ray maguire, former wall street banker. neil: right. >> he is an expert at finance. you would think that he would at least have some shot. he is, looks like he is nowhere to be found right now. listen, crime is a big story in new york. all you have to do as we do, not just today but tomorrow in the office. midtown manhattan is a disaster. crime in the boroughs is out of control. eric adams is a former cop. he is endorsed by the "new york post" which is owned by our company, owned by news corp. and i write for them. he is likely to win and it is,

anything i think, when new yorkers are saying anything better than status quo. bill de blasio has been a disaster. it doesn't take too much of a leap to realize bill de blasio not just stopped businesses during the pandemic, he and governor cuomo but they turned midtown manhattan essentially into a playground for the homeless and boroughs are just out of control including poor areas where they want to defund the police. so it looks like eric adams is going to be the guy although the thing is, neil, they have a crazy ranked voting system. someone could come out of nowhere, maya wiley would be disasterous could come out of nowhere. this is, you got to watch the final returns because anything is possible today. but getting back to my story earlier on, new york mayoral race is a big story economically. it is the biggest city in the country and it is the driver of wall street. wall street right now is trying to figure out what is going on in washington as to how much

they're going to have to disclose of these woke corporate rules. gary gensler, the sec chairman yesterday met with president bide. janet yellen, treasury secretary. gensler is the sec chair. jerome powell is the new chair of the federal reserve. he was there, talking about these new disclosure requirements. they will have to ask every company, wall street firms included, essentially how much of a carbon footprint do you have, or can you cut it back? how much board diversity do you have? how much to improve it. and those disclosures are going to cost a ton of money for corporations and people are just trying to get their hands around just how far gensler and company, because it will mainly be through the sec, through disclosure requirements as we first reported on fox business. he will push for the disclosure requirements. it will cost them a lot of money. it will also make some people a lot of money. law firms and consulting firms. the ernst & youngs of the world, maybe makenzies of the world.

they will make a ton of money making sure companies properly disclose with the new rules when they do come out. there will be a battle over the new rules. lobbyists will make a lot of money in the next couple months. they will hash this out and lobbyists, business lobbyists will go to the sec and say this is one step too much. you're penalizing particularly smaller public companies. so this is really a big story here, neil. it is going to cost corporate america billions of dollars probably. that is the estimates we're getting out of the heritage foundation. it is going to upend the way, the way typical disclosures used to be accounted for in the past. it was material impact on shareholders and bottom line. now it is something a lot more squishy and it is going to be a political story. it will be opposed by republicans. it will be a talking point in 2022 midterms. pat toomey, senator from pennsylvania is big on the case here. so, look for this story to keep coming back. it is definitely going to hurt

some businesses. it is expensive. neil, back to you. great to see you back in the chair again by the way. neil: same here, my friend. a guy said to me when i was gone, what is charlie gasparino really like, i said as i tell all these people, he is what you see on the air. this guy immediately said, that is what i was afraid of. but i think he loves you. he loves you. he was an italian. he had some wiggle room there. charlie, thank you very, very much, my friend. one and only charlie gasparino. we're talking about progress we're making on covid vaccination front. we might not make the goal of the president getting seven out of 10 americans fully vaccinated at one time. we have at least one shot. it might not matter. we'll tell you why after this. the rx crafted by lexus. get 1.9% apr financing on the 2021 rx 350.

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♪ reporter: welcome back to "coast to coast." i'm steve harrigan. health officials are struggling to get young people from 18 toe 39. 36% of people have been vaccinated. the vaccination rate continues to slow. it is slowest in rural areas, among those without access to internet and among those less well-paid, the number is quite

low. also a challenge for seniors to get them vaccinated. of. 11 states across the country, marion any in the south. as much as 20% of seniors age 65 and over have not gotten a vaccination. louisiana, mississippi, alabama with particularly bad numbers. that is concerning because of the delta variant, a new variant of covid which was first found in india. it is more contagious and more deadly than previous variants. >> looks like the delta variant is becoming more and more prevalent. there is a large group still unvaccinated. and they are going to continue to be at risk of severe disease. reporter: across the u.s. roughly 14% of all new cases are of this delta variant. neil, back to you. neil: thank you, steve steve harrigan. i have to ask but the delta variant. it was the cusp of becoming a big deal in europe when last

wechatted. now it is accounting for 10% of the new cases in this country. obviously not the nearly the threat it is elsewhere but are you worried about it? what should we know about it? >> you should know, neil, this is a big concern, and the reason is because the previous reporter said it can easily be transmitted and causes a more severe illness. that more severe illness can land people in the intensive care unit and increase deaths. the big problem, there are 30 states behind in their vaccinations. that is where the delta vary ranter is going to wind up. there is a delta and kappa variant. both of those are from india. they're very, very deadly. they can cause a lot of problems. neil: so one of the problems, if you've been vaccinated, doctor, you're okay, right? the vaccinations that are out there will handle this, right? >> yeah. if you only -- neil: a issue or compel you to get a vaccination, i'm sorry, go

ahead. >> this should get you to be vaccinated because you will be protected. one shot of pfizer or moderna will save you about 33.5% of the time. if you get both shots, you're protected against the variants about 90, to 95%. so it is imperative that everybody get the two shot deal. except if you got the j&j vaccine. the j&j vaccine, data i have here is unclear at this time whether it would protect you against those kappa and delta variants from india. neil: doctor, a lot of people who are never going to get vaccinated. they don't believe they need to. young people in particular. older people have done pretty well on this front, those 60 and over i think were over 70% of them have, you know, gotten at least one shot. how would you, do you, compel younger people to get vaccinated? because a lot of them feel at

this point they don't need to? there have been no spike in cases, don't have to. what do you tell them? >> you know the numbers have plummeted. let's be realistic about this. that we are really gratified here in the northeast we're not seeing much now. we're seeing patients mildly ill and asymptomatic but the ones that we are seeing that are very, very ill are young people. and that is a shift. we used to see a lot of old folks over the age of 65. now we're seeing mostly those between the ages of say 15 and 40. and that is worrisome because that is the population that is not getting as vaccinated as they should be. so they are at risk and that could be a problem. and it is sporadic. and many of those young people are asymptomatic when they do get infected. certainly i would encourage everybody parent to have their son or daughter vaccinated and i would encourage every young person to avoid having a problem this summer.

this summer will be wonderful for the rest of house have been vaccinated. neil: dr. lahita thank you for catching up with us. and your expertise. always calm. looking at calm in technology stocks. people are returning, nasdaq at a record. what's driving that? after this. ♪ (vo) ... your raymond james financil advisor gets to know you, your dreams, and the way you care for those you love.

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neil: you know, the average, the median home price in this country is over $350,000, up 23.6%, may of this year, over may of last year, which could explain a dip in sales, close to 1%, is simply getting very cost ly here, so some americans are looking around where they live right now, and renovating it as the sort of the best fall back. lauren simonetti on that and lauren? i was out when you returned. it's great to see you back. hope the family is well. what's going on here? lauren: back at you, neil. well the problem here is they

just can't build homes fast enough. we're at a construction site of a new home in bergen county, new jersey and for large homes like this one you were just giving overall prices but for big homes greater than 3,000 square feet they've increased 20% in price from last year according to zillow. it's not just the home that's gone up but everything inside the home, everything outside the home, that's gone up too. take a look at these pavers as we walk to the backyard here. concrete pavers they are up 20%. if you want to get them in time it's going to take you what 10 weeks if you're lucky. there's also plastics, plastics that are used in decking and tre x and the like they've quadrupled in price, what do you do with that? how do you manage it? we're here with a contractor, why are your costs going up so much? >> lauren, the reason the costs are going up so much the price of freight, trucking, and just getting the material on site is up 25, 30, 40% from last year.

lauren: and i mean, are customer s saying okay, obviously i understand i have to pay more but we're canceling this project we just can't do it? >> fortunately, no. we are so busy right now and we are fully staffed and can accommodate the requests, but we have had no cancellations whatsoever. lauren: are you putting clauses in contracts, for instance, saying well, you know, if lumber is going to cost me this much more, et cetera i might have to increase your prices as a result because i can't get my supplier to hold the price he just quoted >> absolutely. right now, if you get a lumber price they're holding that price for six days. it's amazing. lauren: six days that's it. >> six days and the price normally will change. lauren: it's really unbelievable with what's going on nationwide and obviously, neil, we're in bergen county, new jersey it's an expensive area to live but if you look at the midwest and middle of the country prices there surging as well and the average home on the market is three days, in places like columbus, ohio and knoxville,

tennessee, so you know, when it rains as it is right now, neil, it pours if you're in the housing industry. back to you. neil: but they do sell fast, so we'll see. lauren, welcome back and thank you very much for that lauren simonetti following all of that. so the impact of the american dream getting a lot pricey and pricing a lot of people out with carol roth, the former investment banker, we've also got courtney domingus ladies welcome to both of you. courtney if i can get your take on what lauren was just reporting, a lot of people priced out of buying a home pry ing to spruce up the one they are in and that ain't cheap either, what do you think? >> yeah, i think that's happening across-the-board it's not even just homes right now. you're seeing that in gas prices and the grocery store, i mean kind of across-the-board people are finding the things are getting more expensive, and i think it's something that realistically, might continue to happen, so, it really could kind of shift the way that things are right now and people really do have to prioritize where they're living and if it's still cost

effective anymore, and some of these high cost states like new york, california, are going to probably continue to see as we look forward so i think just discontinuing to see some of the supply issues i wouldn't be surprised if this is a story we'll continue to have over the next couple months. neil: you know, say what you will of the slow down in sales as a result, overall homes are still being sold off at a brisk pace, carol, and that kind of mirrors what we're seeing in general retail sales, and what's going on with these prime day sales that amazon and a host of others target, walmart, home depot, featuring sales of their own. if the consumer is stymied which is a funny way of showing it what do you make of that? >> [laughter] alexa, tell me why jeff bezos has so much money? yeah, there's a ton of pent-up demand, neil, and obviously, a ton of money that has been put into the money supply we saw at the end of april, beginning of may, the personal savings rate was up just a hair shy of 15%, a

lot of consumers had paid down debt, and so, you know, there is that level of pent-up demand, but at the same time, they are seeing rising inflation, and they are seeing broken supply chains so they aren't able to necessarily buy all of the things they want, so you're seeing this kind of weird shift that's happening in terms of the consumer wanting to spend and only being able to spend in certain areas because of what's available in terms of supply and because of these rising costs, and what's really amazing to me, we heard last week at the fomc meeting jerome powell saying the fed did not expect this. they did not model this out when they were taking into consideration their policy, they never took into account what was going to happen with turning off large parts of the economy and trying to turn it back on like a power cycle a computer and i think that's the big issue here is that your central planners trying to control this and we're seeing aftermath of that mess. neil: yeah, and that's what worries me, what carol just said

, courtney, because if the fed didn't see this inflationary spike, how can i be reassured that jerome powell planned in about an hour or so he's going to say it's certainly transitory , i'm beginning to question, you know, his wisdom, maybe the feds. >> yeah, i do think that's something you really have to keep watching because realistically,, inflation is going to happen long before the fed is going to do anything about it and i think it's actually better to watch things like the bond market, watch the 10 year treasury, because those yields starting to tick up will happen before the fed decides to increase interest rates, and -- neil: but that's not happening now, so i wonder if it is happening now, is that the markets way, right now, courtney, of saying, um, we're not worried. we're like jerome powell, we're not worried. >> that's the pricing you've been seeing over the last couple of weeks here things are definitely a lot more muted than earlier in the year. i kind of with you though, i don't know if this is temporary as we're saying. i don't think it's the end of

the story so i've just been really cautioning everyone, just make sure you have those hedges and your investments and your portfolios just to make sure that inflation does continue and it very well might. you don't want to be caught by surprise and just wait until the fed does something or until interest rates rise. you want to make sure you have those things in place beforehand because it very well may continue. neil: you know, carol, i know what you want to hear out of the fed chairman, obviously, he's trying to calm people and say his priority and focus is on the economy recovering, people getting jobs but he can't risk falling behind the curve here. that's a tough balance. what do you think? >> yeah, he's certainly not going to say the things that i want him to say and he's certainly not going to own up to the trillions of dollars in wealth that has been transferred from main street to wall street, but the whole thing is insane. if you think about what the dual mandate is, obviously, they're not stabilizing prices, when you think about full employment, if

we have 9.3 million or whatever it is, jobs left, how is continued monetary policy how is continued accommodation going to get people to take those jobs back? so it seems pretty clear that the mandate is to prop up wall street as long as possible and to give government the cover to continue to spend at these low rates because we all know what's going to happen, neil as the rates go up servicing the interest on our insane amount of federal debt is going to start to crowd out other spending so they have painted themselves into a corner and i don't think we'll get any honesty around those issues at this discussion. neil: all right, ladies you'll hang around because i do want to sort of get your gauge of where the markets are going from here and interest rates in general are going from here but in the meantime i want to go back to hans anything all, i love having him on the show, because he zigs and zags and looks at things that others miss, and han s, i'm looking at this inflationary issue. you know, i still see it as good news in this respect.

it's a reflection on demand building for an economy that had virtually none of it over the course of the pandemic. welcome developments but it can go too far, i grant you. are we at the go too far point yet? >> it depends on what happens on the supply side, right and that's the big debate where we've seen the biden administration shift a little bit is that they don't think the supply constraints on the wafer side are really affect ing much, and you know the data as well as i do, neil but we look at the jolts data and there's clearly a gap between open jobs and people applying for the jobs, so that to me would suggest it's also supply side so yes the demand side is real. look, let me just sort of reiterate the arguments you get from the white house on inflation. one they think supply chain, two base effects we're measuring from a period of time when things were depressed 12 months ago because of the pandemic. they haven't really engaged with the supply side argument that much.

you've seen a little bit of a shift on them by them kind of claiming to be agnostic on how long unemployment insurance lasts but that's a shift from the white house as well so yeah, look the demand side of the story is great. i think everyone likes that just no one knows what's happening on how lasting the supply side part of the equation is. neil: you know, there are some economic puritieses i don't know if that's the word, hans to say you have to compare apples-to-apples and look at life before the pandemic and when you look at it that way, this inflation run-up isn't nearly so severe. what do you make of that? >> well, if you go apples-to-apples from 2019 to 2021 you are seeing some increases in prices, but it's right. if you go, you know, 2020 apple to a 2021 apple, it looks more like apples and oranges and that's really the core of what the white house's argument is. i would just suggest or note that the white house seemed to

be making the base effect argument much more loudly and much more frequently a month ago , with this latest round, the rsvcpi we got last week, they weren't making that as clearly and as forcefully and that's why i see the shift. where all this matters is if they end up doing this bipartisan deal that we're all sort of scrambling to figure out if it's going to happen the 1.2 trillion infrastructure package, if that passes and it has a fair amount of deficit spending, that's going to increase inflationary pressure, so in some ways the white house is sort of the horse is out of the barn on inflation. it's all the fed, but the one place they can't tweak it, we'll see to what extent they are willing to have dollar for dollar sort of tax increases or new revenues for whatever spending they're planning to get , if they get a bipartisan deal, which is of course the big conversation on the hill. neil: you know, you and i, i think i'm fair to say i'm older than you so i would say i remember what happens when you

see a spike in oil and of course correspondent to the 70s not only the first energy crisis under richard nixon but the second one under jimmy carter but once it spikes it takes a whole lot of other things with it. oil is speaking, but a whole lot of other things are as well, which is why the republicans increasingly say this president 's like jimmy carter. i don't know if you can make a leap like that or compare those two, but it is a worry, i would imagine, secretly of the white house. what are you hearing on that front and this issue that more inflation pushes up, it could push the economic recovery down, we could have stagflation on our hands, or are we getting way way ahead of ourselves. >> well a little bit on the stagflation argument. i don't think anyone is really using that term at least publicly or even privately at the white house just yet. i do think they are concerned about inflation at the white house. they just have this sort of challenge and if they start publicly talking about inflation , that will hasten the very inflationary pressures that they are trying to suppress , so it's a little bit

like me saying to you, don't think of an elephant, right? i know if i don't want you to think of an elephant i won't tell you not to think about an elephant, so, the white house publicly doesn't get too far in front of inflation in part because they know it will, it could potentially accelerate. now, that said, they aren't in the larry sommers camp. if you have the open line of communications and a lot of ment ees are in the white house in treasury and in key positions but they aren't quite there on sort of the inflation coming and the data is pointing to it we need to do a course correction. white house isn't there yet. again, the only thing the white house can do on this is either make a change in the federal reserve, right? and try to send a signal of that , they can talk about it as i suggested but that's probably going to be counter productive or they can insist on massive tax increases to pay for their spending because then you won't have anymore additional dollars coursing throughout the economy, they will be revenue-neutral and i don't know if i'm allowed to say this but almost inflationary neutral.

any real economists will make fun of me for that craze. neil: i doubt that very very much but hans, always good see ing you my friend thank you very much putting that all in perspective, of course, the former treasury secretary has been very critical of this president and spending initiatives could ignite an inflationary spike, the likes of which we haven't seen in decades. we'll have more, after this. stay restless, with the icon that does the same. the rx crafted by lexus. lease the 2021 rx 350 for

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>> it's a free ride. you want to lose, go ahead go for it because you're going to get away with it and the looter s know these are criminals out there, knowing the system, and the system has failed us. neil: you know, how is it to be in business trying to get back to business, when finding workers is tough and dealing with crime, depending on the locale, is even tougher. it's certainly that way in new york, no different in chicago, where you'll find our grady trimble hearing from business owners dealing with a very very different kind of spike. grady?

reporter: neil, the good newses they are seeing a spike in tourism but at the same time, they are seeing a spike in crime , as well. we're in downtown chicago, at a restaurant called " bella luna cafe" and they used to stay open until about midnight on the weekends but they moved that up to 10:00 because the owner will tell us, you just feel like it's not safe anymore late at night. what's going on? >> it's just a bad situation out there, there are carjackings , crime down here has gotten out of control. it's just not safe. reporter: we mentioned this is a downtown area a lot of people live and work here, tourists come here, we're only a few blocks from michigan avenue, magnificent mile where people go shopping. this didn't always used to happen, in these areas. >> no its just spiked the last couple of years. its been a great area, never seen this type of crime. you could walk freely o in these streets with no problem at all but just the last couple of years is out of control. reporter: recently at a press conference the police superintendent cited some crime statistics that show some types of crimes are down in the city but if you look at the numbers

in this neighborhood where we are, crimes of all types are way up whether it's robbery, up 106% , shooting incidents up 150% , sexual assaults up more than 400%, and you're seeing types of things on a regular basis, on the streets here. what are your employees saying and what are your customers saying? >> they just don't feel safe. it's just got to stop. they just don't feel safe. it's all we can do about it is stop. reporter: it's tough though because you see police out here all the time right? so what do you do? >> police are doing their jobs just a matter of its got to stop police are out there and doing their jobs. its just got to stop. reporter: yeah. we hope it does. that's the situation here in downtown chicago, neil, and unfortunately, business owners in other major cities across the country are dealing with the same type of spike in crime. neil: boy oh, boy, as if they don't have enough headaches getting back into this , finding workers, dealing with the higher costs, just amazing grady, great reporting my friend, grady trimble in chicago.

the grover group ceo, catering and that sort of thing, but he's been talking about some of these very same issues. how are the guys you know, you're in business right now. since the great reopening that's been phasing, you know, in throughout the country, how are things looking now? >> things are looking good. we're excited, customers are coming back but it's a struggle, we can't get people to come off unemployment, they are warding off phone calls, they are happy to be on it and they get the summer off, and we can't tell people, you know, you can't come. we waited so long to open and now we're open and we can't really serve them right. it's sad. neil: now, we didn't have these extended job benefits that go into the fall. a number of states tried to move to get them out now, but it's a little too late for that for you , so what do you do? what do your colleagues do? >> well, we call temporary

services. i, myself, are working on jobs i haven't done since i was a kid, behind the counter, i'm helping serve tables, carrying trays, you know, cooking. it's fine, i have no problem doing it but my administrative staff is saying we're pulling secretaries out and people that haven't done this in a long time moved up the ladder right back down the ladder so they can help out but that drives up cost because our salaries are much more than can be afforded, so everything has got more expensive. it just is another problem. neil: you know, butch, i've noticed a number of restaurants and you're hearing this anecdotally as well all over the country that aren't keeping their old hours, they are limiting hours because of the difficulty finding help, so, you know, just when they have a chance to make back all of the money they lost, they are kind of stuck, right? >> yeah, we're caught up in the same situation. i cut back two days off a week and that wasn't really busy and i said why am i going to

struggle with staffing it'll cost me too much money with overtime and everything else, i might as well close until we get the right staff, you can't provide the right experience that they want anyway, what they are paying for so we just reduce the days and the hours, it makes more sense, but it's not what i want to do but i like to expand and do more, but there's not much i can do. my hands are tied. neil: butch, do you think when all of these extra benefits and nationally, in the fall, that those workers will become available, or are you worried that many of them have decided that no, i've made a gut call. i don't want to return, or certainly return to restaurants >> nats that's a good point, neil. a lot of the people i called said i'm no longer going to do this career, i wanting something more consistent, a lot of people moved out of new york, they are moving to the carolinas, florida and texas and it's easier, the pandemic ended much earlier they can get more consistent hours and the others, that are just they want to hide from work

i had one couple tell me listen, we'd love to come back to work but last year in 2020 between unemployment and the stimulus, we took in almost $90,000 between husband and wife. no taxes, and, you know, why go to work? they made more money than they would make if they worked for me as a wait person, part-time, so, you know, it's easier for them to stay home. neil: no, i can understand that. they've crunched the numbers so we'll see how this sorts out but butch, i wish you well my friend you've been speaking out a lot and also for your colleagues. i'm sure they appreciate that as well. the dover group, ceo. all right, the irony with some of these extended benefits is some of the corruption that they've uncovered going into it. there are a lot of people, those are the most needy and want that help, but billions of dollars in costs. people take advantage, after this. >> ♪

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>> this is designed designed to actually deliver benefits to working families who have particular needs, child carolina we've seen that the evidence actually suggests that this kind of tax credit boosts employment and boosts labor force participation particularly among women, because it provides families with more options, for example, to pay for affordable child care. neil: all right, those child care tax credits whatever you think of them they are a booming issue right now in this administration, better than 36 million families who technically qualify, perhaps more than that. blake burman at the white house with a lot more on this hey, blake. reporter: hi, neil there is a push as you just saw there from the white house to get the word

out about this enhanced child tax credit, which was a part of the american rescue plan. that is because starting july 15 , the recurring monthly payments will begin for those who are eligible. let me walk you through the parameters as to who could take advantage of it. those who qualify single filers who make under $75,000, heads of households under 112, 500 and families under $150,000. if you have a child under six years old, the credit is $3,600 for each kid, and for children, 6-17 years old it's $3,000 per- child. the vice president, kamala harris, hit the road yesterday visiting pennsylvania to to the the program. >> what we know is when more families know about the relief that is included in the american rescue plan, when more families know about how they can get the relief, that is how we will be able to lift our children out of poverty. that is how we will lift up our nation's middle class as well.

reporter: neil, you mentioned those 36 million families who are eligible potentially for this credit. the white house says that if you filed your taxes in 2019, or 2020, or if you received a stimulus check, you will be enrolled in this , but for those who think that they might need to enroll themself, the website that the white house has put forward is childtax credit.gov. neil? neil: blake burman thank you very much. my friend, to congressman right now, of kentucky. what do you think of these child tax credits, the 36 million families would benefit, perhaps more, where are you on these? >> well the more money washington prints the more we're going to see inflation and that's a huge tax increase on the working families of america, inflation, and that's what we have right now. i don't think anyone would dispute that with the extended unemployment and the enhanced unemployment along with these child tax credits we're paying a lot of people in america not to work, and we're creating

inflation. when i say we, i mean the democrat majority in washington, so it's just not working, and i wish that biden would sit down with house republicans and senate republicans and try to come up with a plan that will work. the biggest problem we have in america right now is theres a shortage of workers. neil: you know, obviously, many people received child tax credits and they might be working as we speak, and democrats might pounce on the notion that you're against these credits, that you're hurting children, you know how the political saw goes, congressman, so i'm just wondering how you counter the criticism here that you're denying help to those who are working. it's not just people who are not working. >> well the democrats want to always politicize everything, and it's hard to vote against the child tax credit or any type of tax credit. the problem is the democrats continue to increase spending. you can give tax credits if you cut spending. the democrats are increasing spending so what we're having is

massive inflation, so a family may think that they're benefit ing from the $3,600 annually in increased child tax credit but when they see their every day expenses go up about five or 6,000 dollars because of the democrats obsessive, excessive spending, then i think that they are going to realize that the democrat big government plan is really doing more harm than good. neil: you know, republicans certainly are no strangers to spending a lot of money, right? >> that's right. neil: i'm just wondering if that message is resonating and whether democrats go right back at you, or not in particular, specifically, to say republicans on spending and deficits and piling on debt is a bit rich. what do you say? >> well i think that the difference in big spending today versus big spending two or three years ago is the fact that we have massive inflation, and inflation has been in check until this last huge

$1.9 trillion spending bill that biden passed through the first few weeks in office, and i think that that on top of excessive spending during the covid pandemic with the cares act has created a situation to where every american is having to pay more for everything from milk to gasoline and everything in between and i think that they are going to realize that you can print all of the money you want and send all of the stimulus checks and enhance unemployment and tax credits in the world but if we have massive inflation in america, then you're defeating the purpose and that's what i think the average american is starting to see. i agree with you. i preach the federal debt for years and years and years and it just doesn't seem like the average person in america really takes that seriously, but i think they do take seriously what their grocery bill is, what their rent is, and how much they're paying at the pump for gasoline, so when you have inflation, i think the american people are going to wake up and

realize that these democrat policies are counter productive. neil: well, it might be a bit of a stretch, don't you think, to blame this president for higher pork and poultry and other related prices and as far as the spending is concerned, of course there were a number of rescue measures under president trump as well, it might be dating back to that. i do see your concern about the spending leading to all of this , but if jerome powell, for example, the federal reserve chairman, sir, says today that this is a transitory issue, that it will pass, things will stabilize, this is really a supply and demand issue driven by the improving economy and it will be short-lived, do you believe that? >> i do not believe that. we will see. i don't think he has anything from a historical standpoint to make that statement, but we shall see , and i believe that you got a situation where the manufacturing sector can never get back to where it was

pre-covid as long as we're having these extended unemployment, enhanced unemployment, you know, you have 8 million jobs posted right now in america, but yet, the jobs report comes out and it's dismal and it shows that there is still a pretty good percentage of unemployment in america and that's because the government is making it more advantageous for a certain segment of the population to not work than to work, and you throw that in with the fact that what jerome powell said is we have a supply side issue. if we don't get manufacturing back to normal, then that supply side issue is not going to be resolved, so this inflation stem s directly from the excessive spending of the biden administration and it didn't help during the last year of the trump adminitration with the pandemic, but we argued and argued on the house floor that we didn't need to spend that $1.9 trillion. let's just let the economy recover and the role government

should have played is just get out of the way, but instead, the democrats wanted another $1.9 trillion and then create this enhanced unemployment and extended unemployment that's just made the labor situation even worse, and the fact that we're never going to get this supply side challenge fixed, as long as there's a big percentage of the population not working. neil: but it all ends in the fall, right? so see if a lot of those people do return to work. all right congressman, thank you very very much very good having you on to discuss this. in the meantime you heard what happened with the colonial pipeline, right? controversy there, all but shutdown for a while and now, there's another one. a big one, after this.

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neil: you know, maybe it's just the pandemic thing but undergraduate enrollment is down 5% from last spring. edward lawrence has more from washington. reporter: a lot of interesting things happening in this education space you talked about big government earlier. the government is starting to see now both sides of the education monetary equation, so the biden administration is proposed more grant money and assistance to college and universities, while offering to cancel some student debt, and $10,000 worth, although more progressive members of the democratic party want the president to go farther, still, right now there's a pause on paying the $1.6 trillion in >>stuart: student debt spread across the 43 million borrowers. the former head of the council of economic advice advisors for president donald trump says this kind of government support

in already left-leaning universities adds up to an in doctrine asian. public education and student loans which i think is very similar to that in terms of the financial impact are a way to essentially pay for future voters lacking big government and that's essentially what's going on on our campuses. reporter: so, in higher education, covid has changed a landscape, you touched on this a new study overall shows enrollment at higher education fell to 16.9 million students from 17.5 million students from the spring of 2022, spring of 2021. something interesting happens when you look inside the numbers though. the number of undergraduate students dropped 4.9% the declines are steeper if for men than women but the numbers have of graduate students actually increased 4.6% the study done by the national student clearing house research center, now all virtual classes at full price colleges might have caused the decline for some

of that while people with jobs going back-to-school, while they're at home, maybe the other side of that regardless, democrats like elizabeth warren, senator from massachusetts, says that at least 50,000 in student debt needs to be forgiven for each person, she wants to know what the lenders are now planning on doing when the pause on that loan payments lift on september 30, she says the education department waving $60 billion in interest on student loans already allowed students to pay off debt and avoid other financial disasters. she wants to know what happens when that rest of that lifts on september 30 and that deduction happens. back to you. neil: thank you, edward very much. in the meantime you had it with oil over $ 70 a barrel, bank of america says get ready for over $100 a barrel. >> ♪

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neil: all right, think about it first you had keystone, right? and the president put the kabos h on that so that really effectively took that oil

right off the market and then the colonial pipeline is separate kind of disaster there, with, you know, the shutdown, the hacking attack that lifted prices all the more and now, a pipeline in minnesota, that a lot of protesters are targeting no wonder we're over $73 a barrel for crude oil right now, and bank of america is saying could easily reach $100 a barrel jackie deangelis following all of this. jackie? what do you got? reporter: good afternoon to you, neil. enbridge's line 3 pipeline which carries oil from canada to the united states, it's the latest pipeline that we're talking about in jeopardy. environmental activists are protesting and vandalizing various sites of construction cleaning that native american tribes are being adversely impacted by construction but fox news spoke with matt gordon, vice president of his family's construction company, in minnesota. he's also a member of the white earth nation tribe, and he said this , "for the most part, a majority of the people are in favor, are for the pipeline. everybody enjoys gasoline and

plastic products. the opponents are shielding themselves with native americans , most of the protester s were white. " line three has brought back millions of dollars to the reservations and now in fact, en bridge says more than 500 native americans are part of the line three workforce and that the project could benefit native american-owned small businesses in the region as well , with a total of 2,500 construction jobs. now, as we saw most recently, with the colonial pipeline, pipelines are critical pieces of infrastructure. they service the needs of the american people. until renewables in green energy become ubiquitous, you still need pipelines to carry oil around they are safer and efficient than by doing it by rail and truck and we just had gas prices up over $3 a gallon the national average in this country up about $1 since last year, neil and part of the story, of course is what's happening to pipelines. don't forget it. back to you. neil: that's wild. all right, jackie thank you very

much. jackie deangelis on that. all right, back with carol roth, courtney dominguez. carol, i understand the demand thing, lifting up, i understand the timing of the biden administration going after traditional oil, fossil fuels and that contributing still more to the run-up and dependence now all over again, with opec but this $100-plus oil that bank of america sees what do you think of that? >> well obviously, like you said, the demand side we're going to see that continuation increase. oil is always a headache because you have to remember globally there's a cartel whose making decisions around supply and in many cases restricting supply but certainly not having the u.s. ramping up more production in that area gives them more control over the entire scenario, and i think either way, whether you get $100 or it's 80 or 85, you have to remember that the consumer is

going to end up paying more as well because of the disruptions to transportation, because a lot of the truckers were moving the oil or excuse me, the gas, the processed gas to the gas stations, to take other jobs or opted out of the workforce, you know, over the pandemic and they are having a hard time getting people back in and you can't just have a random person off the street drive a tanker truck, so i think that whatever that ultimate number ends up being, what's going to end up happening is that the consumer is going to end up paying more either way. neil: you know, courtney, i was listening to a little bit of history on the two last big inflationary spikes we had in this country, in the late 1970s and in the early 1970s and of course they started with oil. they started with the opec oil embargo in this country, and then things got out of hand again in 77 under jimmy carter but they tend to start with oil, and i'm wondering whether this is a preview to coming inflationary attractions. what do you think?

>> yeah, and it very well could be. i mean, i think we're going to continue to see the demand for energy increase if people want to get out and travel and the economy continues to reopen but supply chains are still down and so it's going to really press this up, and that is going to then, it depends, essentially are going to get this kind of chain reaction where anything the oil is used for is going to make the cost of those goods and transporting other goods end up becoming more expensive so that's why it can actually have this trickle down effect and make sure inflation could continue in the future if energy does continue to go up so it's definitely worth keeping an eye on but energy has tended to be one of the good inflation hedges so that is actually something that's kind of good to keep our eye on if you do think inflation is going to kick in and based on all of our conversations a lot of us are of that mind frame right now. neil: you know, i just have to wonder, carol, that if you're an opec member country or opec plus country like russia, you got to be saying hello? our ship has come in.

>> yes, it's hard for me as a free market capitalist to put the russia hat but but i'll try and do this for you, neil. obviously, they've seen depressed oil prices for a long time and this is how they make a lot of their money, so if you have the opportunity to extract, no pun intended, more dollars from the market, you can get everybody to agree on that, i do think there's a scenario where they are going to hold back supply so that they can makeup some of that lost round that they have, certainly not the way that i would approach it but again, you know, i'm not russian and i'm not for cartels. neil: okay, i like that, just put that out there, i'm not for cartels. you know, courtney, inflation only gains traction if people keep paying those higher prices. now, there is a point and i understand that a lot of americans are coming out of the pandemic, their balance sheets are dramatically improved they paid up a lot of bills and saved some money, not everybody but enough that they are in good shape, so maybe that is why they

continue to spend even in the face, not only higher oil prices, but as we touched on earlier this hour, higher prices for a bunch of other stuff. how long do you suspect, courtney, that lasts? >> it could last a while. americans have done a very good job of saving here throughout the pandemic, and just kind of put it in perspective, americans have about $2.5 trillion more than they would have had the pandemic not happened because they really focused on savings or couldn't spend their money essentially which is about 15% of what consumer spending was back in 2019. so i think the fact that people do have a lot of cash on hand can really lead this going forward, but on top of that, you're seeing this wage inflation happen, as you're see ing this just continued supply constraint on the labor front, and that can increase wages going forward which again not only do people have savings, but if wages do increase that's just more they can go into the economy, which can then lead to them willing to pay higher prices if you have more savings and you have more income, so, exactly what will happen we're not sure but those things are leading up together which we are

definitely going to have to watch. neil: all right guys thank you both very much on all of that. in the meantime we are keeping an eye on nasdaq as well. that market racing ahead here in and out of record territory, microsoft second day in a row, it is at a record and you know, those computer stuff, they don't come cheap. but people are buying them. >> ♪ you packed a record 1.1 trillion transistors into this chip i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you become an agent of innovation with invesco qqq

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♪. neil: all right. we're going to my buddy charles payne right now whom a viewer wrote, you know what i like, neil, about charles payne doing your show? he is not you doing your show. you're world. talking about "your world." that was mrs. charles payne. kind of hurt my feelings. >> i told her to use a fake account. there you go. neil: well, thank you, very much. charles: all righty. good afternoon, i'm charles payne. breaking now, fed chair jay powell stepping to the mic. he has to make lawmakers happy. speaking of inflation, how they enlisted talking leg goes to see