to protect the end of the shoelace. aglet. aglet. ashley: i know. stuart: i would call that something of a split market. my time is up. it is almost 12 noon. but jackie dedo is in with us today in for neil cavuto. jackie, it is yours. jackie: thank you, stuart, i'm jackie deangelis in for neil today. investors wait a crucial week jam packed with key economic numbers. our experts will tell you what you should be watching for. plus crypto crooks beware, the justice department ramping up to crack down on digital currency

crime. we'll tell you how. if the new york city area hasn't seen enough trauma this year, a horrifying shooting in times square. leaves a marine in serious condition and people ducking for cover. when will the big apple take a bite out of crime? our top story, the president is reassuring the bipart sawn infrastructure deal made last week will not be held hostage for a second spending bill. progressives in his party not happy about that. hillary vaughn at capitol hill with the latest. hi, jackie. reporter: some republicans are not buying president biden walking back his comments about the bipartisan infrastructure deal. senate minority leader mitch mcconnell says he needs leader schumer around speaker pelosi to pipe up too, saying this in a statement, unless leader schumer and pelosi walk back their threats they will refuse to send the president a bipartisan infrastructure bill unless they separately pass

trillions of dollars for unrelated tax hikes, wasteful spending and green new deal socialism president biden's walkback of his veto threat would be a hollow gesture. even though biden did clean up his comments over the weekend saying in a statement point-blank, he was not issuing a veto threat on the infrastructure plan if the reconciliation package did not arrive at his desk too. he said telling republicans to try to defeat it. white house senior adv aisoror blustd erd y bi hs to sig thereure frtrre bture no, i i a a ororuts, n c inningin,ni rinni plan. ototn ndis,ons, one o o ohe itcoions.o to to talk ak a reporter benat b bernienie snd doends hsstiondis.ti

tweet twe t ts. letlet met clear w ar btisa b bracture al witalalalliio ll. recatn bill, b n b deal.ea biden calls that strategy is a mistake. tomorrow president biden will be on the road trying to drive some good pr around this bipartisan infrastructure package in lacrosse, wisconsin. but jackie, very quickly, senator schumer was just at a press conference in penn station in new york and a lot of reporters tried to get questions to him asking him about the fate of this deal but he did not take the opportunity to do what mcconnell wanted him to do, which is essentially echo what president bidennen said over the weekend. jackie. jackie: we'll be watching to see how all this plays out. it's a saga. hillary vaughn, thank you so much for that. we're always watching markets and reaction as well. nasdaq in record territory as dow slumping on economic

worries. companies are considering hiking prices to offset the surging cost of things like raw energy, materials, transportation. let's get reaction from our market watchers, jonathan hoenig and francis newton stacy. jonathan, hillary's report about the spending but it is spending which causes inflation that has the market concerned. >> maybe a short-term boost but as you said it is spending. when we talk about infrastructure, it is infrastructure spending. the government, implicit understanding that the government spending equals growth, it never has. it didn't work for japan in the 1990s. it didn't work for obama in 2008. remember the chevy volt? where does government get all money from spending and stimulus, it is tax, borrowed, printed from us. the result is always tremendous malinvestment because the money is spent and invested for political purposes, not economic purposes of americans ourselves. jackie: speaking of those political purposes, francis,

looking at some social welfare items that take that number up. you know of course that is what the gop is fighting against saying we we can do some of this later. we don't have to do it all in one shot. that is the problem here. you have the more progressive democrats says we need to do it, we need to do it right now. >> i think it is good we're getting bipartisan legislation, and i'm glad they parsed this out into regular infrastructure and poe earningsly add infrastructure, but stepping back from the politics of all of this, we have markets near record highs and the things that cause that are very simple. an acceleration in growth, acceleration in inflation, acceleration in corporate profits, acceleration in fiscal spending and acceleration in monetary easing with asset purchases and interest rates, right? when we look at keeping markets at these levels we can only really reduce some of these before we break the back of the markets. we are reducing the fiscal spending because the package is much smaller than touted earlier

this year. the fed, if you want to know what the fed is going to do, if the fiscal spending gets reduced they will keep their asset purchasing and easing high. so we don't tip the balance too far undoing what caused the markets to go so far up. jackie: jonathan, do you agree with that? >> no. the idea once again is government spending creates wealth. even keeps the market up. but i look back to history. japan began the big stimulus program as i said in 1990. its tock market last year just reclaimed the level it was back in 1990. they spent a lot of money. they built an airport, the airport sat empty for years with two flights a day. that bridges to nowhere we'll see from infrastructure spending with president biden. jackie: frankly, francis, one of the things we're looking at in congress, now, the democrats have time before the midterms, they have to push their agenda at this point, yet you still have the votes that could go

either way, right? somebody like senator manchin, says he will support reconciliation but do it if some of the items are a little bit more modest. for example, when we talk about the corporate tax rate, raising it from 21 to 28%. he is saying take it to 25%. we can make some compromises. your thoughts on the overall picture like that? >> well i agree with him because the thing is, again you don't want to cripple corporate profits too quickly, you will cause a market reaction. some people might not want to care what happens because they are not in the market. i agree with jonathan why the fiscal spending is not sustainable, though it provides new liquidity and we've seen asset prices move highwer a record amount of stimulus the fact ultimately it is debt and the thing about debt, you get into a situation where you have to ever enlarge the pool in order to cover and service that debt and if you get any kind of a meaningful uptick in interest rates towards normal territory

you get a debt service situation which will cause markets to fall. that is definitely some of the picture what happened in japan but in the interim with interest rates low, you also can't stop spending at two quick of a rate or you kind of undo that scenario as well. it is a very tightrope we're walking now. jackie: that is a tricky situation. guys, see you later in the hour. thanks so much for that. meantime i want to get back to infrastructure negotiations because new york congresswoman alexandria ocasio-cortez calling on president biden to use reconciliation measures and should not be limited by republicans. listen to this. >> we welcome the work and collaboration with republicans in area there is agreement, republicans are more than welcome to join so that we can get this work on infrastructure done but that doesn't mean that the president should be limited by republicans, particularly when we have a house majority, we have 50 democratic senators and we have the white house.

jackie: all right. joining me now florida republican congressman carlos jimenez. what i'm hearing in aoc's words there we want to work together as long as you do it our way. >> it's a infrastructure bill, it is a highway bill, it's a one-way street. my way or the highway. and so that is what is going on in congress the last six months. it is my way or the highway and all the democrats, because they have a slim majority but they stick together and they get those measures passed, no matter how radical they are. and even some of their more moderate members of the democrat party are scared to death that if they vote against aoc around "the squad," they will get primaried next year. then they will be out of office. jackie: that certainly is an issue. let me ask you this, one of the main concerns when you look at the spending, if you pack this and you know, do some of those social welfare line items as

well, you create a situation where you may not be able to secure how we're going to pay for all of this. that is what the american people are really worried about right now, at the gas pump, the grocery store, feeling that sense prices are going up, innation is in fact here and could quite possibly be staying with us. people want to know how we will pay for this? >> there is no real plan to pay for it except raising taxes. they will be raising taxes not only on corporations but we're already getting, having our cost of living has gone up. so that is a tax on everybody. look, my concern is this, i ran for congress to secure a future for my children and my grandchildren. we're stealing their future. they will not have the ability to take care of problems they're going to be facing in the future because we're going to be spending all this money. they will have to pay for it in the future. that is the problem i see, one of the big problems that i see and then all the other bad things that happen when you spend way above your means.

and this is way above our means. we need to find a way to pay for it without raising taxes. we need to keep taxes low. we need to stimulate the economy. not through this means. the economy is already heating up. we don't need anymore of this. infrastructure, pure infrastructure, yeah, i can probably buy pure infrastructure but all the stuff else they're calling infrastructure. jackie: right. >> it is just a fancy or nice title for their socialist agenda, their green new deal, all the radical measures that they want to push through now because they know they're going to lose the house in 22. jackie: that is the thing, right? aoc laid it out there in her sound bite, while we have the power we have to essentially exert our authority here? >> that's right. around they know they're in trouble because all these policies that they're pushing defunding the police, open borders, and green new deal, all that stuff, critical race theory, that is unbelievably unpopular with the american

people because it is just dead wrong, dead wrong policies. they know they're in trouble. they know they're going to lose the house. they will try to ram as much of this through right now while they have the three branches, two branches. legislative branch, executive branch. jackie: that is one of the things we could see things shift in the midterm elections. people were not sure what they were going to get here. they have a little bit of sense of it seeing policy. having said that switch gears to that tragic story from your home state, 151 people still unaccounted for, at least 10 people dead following last week's tragic collapse of a condo building in florida. congressman, a lot of people wonder what needs to be done to prevent this from happening again. is there something can be done with the rules, regulation of up keep of these buildings? >> look. the building codes in miami-dade county and broward are some of the strictest building codes in the entire united states. we need to find out what happened here. we have hundreds of buildings

that are lining our shore and our coastline. this is the first one that this happened to. we need to find out what happened. was there a failure of the structure itself? was it a design issue? or was it a failure to maintain the building, to inspect it properly. so those things we'll find out after the investigation. i'm sure things are going to change. could be, make sure that the designs are proper and that the inspections are carried out. then when there is a deficiency report, apparently there was one in 2018 something is done about it, especially with the home owners associations. i expect changes will come. i have confidence in the structures around the buildings that we've built here in miami-dade county. like i said, it is one of the strictest building codes in the entire united states. jackie: we need to find out more. it's a tragic store. congressman, thank you for your

time. >> thank you. jackie: coming up on the show crime continuing continuing to n new york city but some congressman are saying stop overreacting. that ahead. 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 ♪ ♪ when technology is easier to use... ♪ barriers don't stand a chance. ♪

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♪. jackie: another shooting in teams square as crime continues to surge here in new york city. this shooting leaving a 21-year-old marine injured after being shot in the back. fox news correspondent aishah hasnie has more for us. good afternoon, ashiah. reporter: jackie this marine and his family was doing what thousands of people are doing around me, enjoying their day, what is supposed to be one of the safest places in new york city, right? unfortunately this happened. take a look at video. police say this man wearing a red jacket fired a gun in broad daylight. you see tourists go scattering everywhere. that bullet hit the marine in the back. the gunman got away. it left a lot of folks shaken up. this happened a block away from where the four-year-old girl was shot over mother's day weekend. that was some hard video to watch too. back in april, don't forget,

another tour it from kansas city was shot on his way back to his hotel right here in times square. we're seeing a crime surge in this area. the nypd is reporting 173% jump in robberies. a 201% spike in felony assaults, and an 800% increase in hate crimes. the department added a new mobile command post with 24 extra officers patrolling this precinct to help tourists and everyone returning to work be safer. mayor bill de blasio, said listen what he said over an hour ago. >> bottomed line we'll flood the zone in times square with additional officers to make sure the situation is resolved once and for all. we're going into the summer of new york city. we have more and more activity out there. more and more jobs coming back. they have to feel safe and be safe. reporter: jackie, they're

throwing more officers at the crime problem. as i look around, i am told they are everywhere. there are more than 100 in the times square area right now. jackie: i walk by our building all the time. there has been police presence. you are shocked when something like this actually happens. reporter: absolutely. we see police officers are out and about. they can't get to everything. there is so much happening. there are complaints about local residents about drug usage, drug dealing going on. there is some indication might have something to do with that shooting. the marine was not a target of that shooting. they definitely came out and said that for all the people who want to get out during the pandemic and come visit the city, it's a little nerve-wracking. jackie: it is really sad, actually, you will not see tourists come back in droves to celebrate reopening of the city if they're scared as de blasio acknowledges or does something about it.

thank you for that. reporter: you bet. jackie: some new york lawmakers are down playing or ignoring the violence we're seeing. listen to this. >> i want to say any amount of harm is unacceptable and too much. i want to make sure the hysteria, that this doesn't drive a hysteria, we look at these numbers in context so we can make responsible decisions about what to allocate in that cone text. jackie: reaction now from new york city council minority whip joe borelli. joe, are we not looking at the numbers in context? >> no. we certainly are. and in fact i would even say aoc is right, we shouldn't be looking at this hysterically. we should be looking at it from a data perspective and the data as you pointed out earlier indicates a horrific rise in crimes. and most of those crimes are not happening in times square. when they happen in times square they make headlines. when they happen in neighborhoods where aoc lives and where she represents they

don't always grab the front pages but those are people that are genuinely afraid to leave their homes. we want tourists to come back. we have to remember so many new yorkers are afraid of their neighborhoods because of people like aoc and the policies she pushed. jackie: it is really true. i lived here. i experiences it. i've been a victim of crime throughout, during the pandemic and in the wake of it. it is really a sad thing. when everybody says to me the city is open, it is back for business, everything will be great, i say no it is not. tourists will not want to come back and pay the exorbitant prices to live here in taxes, et cetera if they don't feel safe. >> no. it is going to be a long-term problem. the mayor is right to trite to encourage people to come back to the city. he is right to flood the zone in times square with cops but people are not going to come back to work, people aren't going to come back to visit, people aren't going to spend discretionary dollars at

high-end manhattan restaurants if they don't feel safe walking around the city of new york. to piggyback what the mayor said, flooding the zone is what we would love to happen when violence happens but defund the police budget -- jackie: i was going to say exactly to your point, how do you flood the zone if you're defunding the police at the same time? >> a great irony. bill de blasio himself signed a budget defunding the police. you have to resort to basic police tactics in reducing crime. you know, we always had a problem with guns. we always had a problem with gangs in new york city. the thing we did end our anti-crime thing, went after people like this, closed courts for duration of pandemic. the guy arrested in the last times square shooting, with two children was on arraignment, waiting for a court date. all this criminal justice reform the democrats have given us has resulted in a pandemic in new york city of crime. jackie: yeah. >> they're to blame and own it.

jackie: also you're seeing a lot of crime underground. the subway system is so important as an artery for people to come back around come back to work. people are scared to go down there. they're scared of being pushed or attacked, or stashed. there is supposed to be police presence on the subway right now but that still hasn't deterred the crime. >> no, no. again the mayor is doing what he can only do, put more police down there you about every cop that gets reassigned to the transit division, every cop that gets reassigned to flooding the sown in times square means one less cop in a more crime-prone neighborhood where people are unsafe. jackie: right. >> people like aoc should take a hint. 60% of voters in the democratic primary voted for one of the candidates, garcia, yang, adams, had more rational approach to policing than some of the space cadet policies like maya wiley and others. jackie: flooding the zone, essentially moving the chess pieces around on the board but they're not adding more money to beef up the system.

they're taking away from it. >> correct. we've had one police academy class in the past 18 months. it is not enough to keep up with retirement. we're down about 2,000 cops before our pre-pandemic levels. and that is where we need to be to really begin addressing the problem. of course the broader criminal justice problems will still be here as long as issues like bail reform remain unresolved. jackie: joe borelli, great to see you. we'll talk to you soon. >> thank you. jackie: straight ahead, how the feds are accelerating the crackdown on the crypto world. we have got more "coast to coast" when we return. ♪. uno, dos, tres, cuatro! [sfx]: typing [music starts]

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jackie: cracking down on crypto. a recent job posting on the justice department website is another indication that the government is about to accelerate its oversight of criminal activity in the crypto space. let's bring back our market watchers, jonathan hoenig, francis newton stacy. good to see you both again. jonathan, let's start with you. the job posting, it is kind of funny we're reading into that to see what the plans are of the justice department but it does say a lot. >> bitcoin, crypto, writ large, biggest use so far is nefarious activity, illegal activity. think about all the website hacks et cetera, were paid in cryptocurrency. look, what is going to doom cryptocurrency not a crack down by any particular government but the fact that supply is limited. not the supply of bitcoin, but supply of idiots who will actually buy this thing. bitcoin is a ponzi scheme. that is what it is. when the music is over, the plate stops spinning, turns out the lights. jackie: not everyone thinks that, francis. some think it's a great

inflation hedge. there is a limited supply. that is precisely the purpose. they're not even afraid of regulation per se. they would say that regulation is even could make this stronger if it doesn't go too far? >> well there is some point to that. i'm not a bitcoin investor myself because i think regulatory risk is the largest risk in bitcoin but some would say that if you know, with more regulation comes more interest from institutional investors. because institutional investors to jonathan's point are a huge volume of the market space, if they genuinely become interested you could see a rise in price of bitcoin. bitcoin is 50% down from its all-time high, i think largely based on the announcement in the uk versus today's market action. elon musk and jack dogs dorsey talking about, be encouraging institutional investors on july 1st. the a bad news it is not moving the market. which means bitcoin is finding

support and largely priced in both of these things, would say if you're taking normal technical analysis and normal trading and you're sort of applying it to something that doesn't have much of a back history bitcoin should go up from here until further noted. jackie: jonathan, i'm going to guess you don't agree with that. you just called it a ponzi scheme. what would have to be the shoe that drops to get people to say, to realize what you're thinking? >> ironically i think exactly what francis a alluded to. at the top no one thinks it's a ponzi scheme. everyone thinks this time it is different. just like internet stocks back 99 people said these valuations are appropriate. bitcoin we used to think 50,000 is support. 30,000 is support? as they say i see support at zero. i don't know how long it will take to get there but ultimately it will. jackie: francis, cities like miami, say we might use it for

payment as we move forward. elon musk says we'll use it for payment if you want to buy tesla in bitcoin we can allow that. other bankses are using it. as it becomes more ubiquitous in a way, companies adopt the technology and accepting this, maybe this fights the ponzi scheme theory something that was a little bit out there to start actually has a very functional way to work within the marketplace? >> the fed is going to replace it. so any utility that bitcoin has the fed is developing its own digital currency and will not allow competition because the fed will claim that it undermines its dual mandate which largely contains, is contained in controlling the money supply. you know, jonathan, it will go to zero -- >> at the end of the day too, anyone who buys something jackie or receives crypto, first thing you will do is turn it into

dollars. as you said the volatility in crypto is so wide it is really not a store of value. it's a speculation. not a store of value. jackie: guys, we'll have to leave you there, as i was on the topic of elon musk, best-selling author walter isaacson has been in contact with mr. musk about the possibility of writing his biography. charlie gasparino joins us with now what he is hearing. hi, charlie. >> we broke the story last night on foxbusiness.com. i should point out my producer and i, ellie broke the story. anytime you start putting people in jail involving finance the target of the price goes down. remember, if you take air out of bitcoin the easiest way to do it start putting people in jail who use it. that has been the history of finance. but let's get to walter isaacson because that is a story we broke last night. fox news has confirmed he is in

preliminary talks with tesla's elon musk to write the ceo's biography. as you know mr. isaacson is a well-known author, well reknown. he wrote the best-selling book on steve jobs and he is interested in doing the same type of deal with musk, plim narrowly interested. that means if he goes forward wit, from what i understand, he spends two years plus, interviews him 50 times. he writes what he believes is the definitive account of elon musk. kind of interesting if you go back and, if you googled musk around isaacson in march, isaacson gave an interview to yahoo! finance essentially compared musk to jobs, being a risk-taker that could transform the way we do business. musk obviously in terms of tesla being an electric vehicle and his space exploration company, spacex. the one thing i will say here, two points. number one, isaacson is not

definite here. he will meet with him a few times and then he will decide whether he wants to do it. one thing i think that could get him not to do this book is if he really looks at musk, he starts saying, is this really steve jobs? when he did the jobs biography, jobs came back to apple, saved it from bankruptcy and established apple as this iconic company in terms of how we communicate and how we entertain. it is, i don't know if tesla is quite that right now. despite its lofty stock valuation, much higher than any car company, tesla has not broken, is just breaking even now. apple is, you know, and was when jobs did the, during the jobs biography when isaac sown -- isaacson was, apple was the world's biggest company. if elon sauce he will not

cooperate with him, i don't know if he will cooperate with him but they have been meeting and there is some cooperation right now and we'll know i guess by the end of the summer but listen, jackie, i couldn't put down the jobs book. walter isaacson is a damn good writer. i hope he does it. this is the definitive account. jackie: absolutely. musk is such an interesting character i would think there would be a lot of appetite for it but you're right pointing out, a lot to say tesla is like apple at this stage of the game. >> yeah, but you know, it doesn't have to be like apple. it could be a different book. i mean tesla is, elon musk is a cultural phenomenon right now. you know? unless you think he is going to jail when the thing is done. we i will be around for a while, you know what i'm saying? tesla is a real product. it is not theranos. people buy teslas. there is definitely a book here, absolutely no doubt. jackie: i tuned in when he was

hosting "snl," i wanted to get more of a sense who you think elon is. i think you did that night, some of his quirks and the like. >> it will be an interesting subject. as you go to the dot-com, i wrote the story last night, we give a lot of bark ground how controversial he has been the last five years. tesla's stock is high flying. it wasn't like this three years ago, so. there is a lot here but anyway, more to come on this, jackie. back to you. jackie: sounds good, charlie. wear your mask even if you're vaccinated what the world health organization is telling people. that is not all they're suggesting. we have the story next. ♪. we made usaa insurance for members like martin. an air force veteran made of doing what's right, not what's easy. so when a hailstorm hit, usaa reached out before he could even inspect the damage.

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♪. jackie: as the delta variant continues to spread around the globe the w.h.o. is offering new guidance. fox news correspondent david lee miller with more for us. hi, david. reporter: jackie, the world health organization says even people who are fully vaccinated should continue to wearing a mask and take other safety precautions to prevent the spread of covid-19. in the words of one physician who advises the w.h.o., quote, play it safe. a growing concern is the delta variant of the virus t was first detected in india and it is much more infectious. it is now spread to at least 85 countries and resulted in another round of restrictions in israel, australia, bangladesh as well as other countries. an additional concern is emergence of the another variant the dealt interest strain called delta plus. pfizer and moderna vaccines are effective against the virus.

they said from june 6th, to june 19th, delta accounted for 20% of covid cases in the u.s. the head of w.h.o. had this warning. >> starting to see increases in transmission around the world. more cases means more hospitalizations further stretching health workers and health systems which increases the risk of death. reporter: cdc guidance meanwhile says that fully vaccinated americans do not have to wear masks. as of now just over 46% of americans are fully vaccinated. according to analysis by the associated press, the overwhelming majority of covid deaths are among the unvaccinated. jackie. jackie: david, thank you. coming up, a dangerous heat wave roasting the western united states. watch this.

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♪. jackie: the southwest getting scorched by a heat wave. it is raising more doubts about the reliability of the texas power grid. grady trimble joining me now in texas with the details for us. good afternoon to you, grady. reporter: hey, jackie. a lots of texas today dealing with unseasonal rain but last week's heat wave brought reliability of the power grid back to the forefront of the conversation here in texas. you remember those february storms made it the center of conversation because 70% of the state lost power. this time around ercat which

operates the grid and governor greg abbott says they have enough reserve temperatures thad temperatures. energy researchers question that capacity. the grid came uncomfortably close to some outages last week, calling to setting thermometers higher and delaying loads of laundry. this is to note this is the beginning of the summer. a lot of experts fear it could get worse later on. >> we saw very close calls. we saw calls for conservation and, you know, virtually because it wasn't as hot as it might get in july or august we were able to he keep the lights on last week but it gives reason for caution as we head into july and august which tend to be our hottest months. reporter: if you don't like the uncomfortably hot temperatures in states like texas, you will think i will go up north but that is not the case because in the pacific northwest they are dealing with record heat right

now. there are major concerns about heat related illness es and deaths, a lot of homes, as much of 50% of homes in seattle have no ac at all. temperatures reaching 112 degrees yesterday in portland oregon. we should point out back here in texas as we talk about the reliability of the grid, if the current infrastructure bill that is proposed goes through, there are $73 billion in that jackie, that would include upgrading power grids across the country. unclear how much of that would go here to the lone star state. jackie: it will be a hot summer. we're feeling it here too. feels like in the new york city is in the 90s today. everybody brace for it. it is not even july 4th yet, grady. thank you. gas prices in southern california are the highest they have been in years. this is coming a week before the state gas tax is raised. it is not just california, guys. gas taxes are on the rise as people set to travel this

holiday weekend for the 4th of july. now here gas buddy head of petroleum analysis patrick dehaan. always great to see you, patrick. typically july 4th is the fake fake -- peak of the summer driving season. there may be more demand as people want to get out post-lockdown. your thoughts when you think these gas prices will level off? >> well, jackie, it may be dwight some time. traditionally we see gas prices start declining mid to late august as we start to see things back to normal, kids going back to school, vacations basically ending. this year i think the concern is that could be mitigated, the normal seasonal downturn in gas prices could be mitigated that offices are starting to ereturns by fall. commutes could increase. that brings a question will we see a seasonal decline in autumn? i think we'll see one. it may be muted in light of the fact that offices will be

reopening. jackie: look at the prices right there, 3.09 is a national average for a gallon of regular today. a year ago it was 2.17. if you're telling me, things, dynamics shifted here, we'll have more people on the road this summer because of the itch to travel. all of sudden people starting to go back to work, patrick, what does that mean for the price in september? >> 2 doesn't mean, well, frankly means we probably don't see as much relief as everyone is hoping for. instead of prices back down to the mid or upper twos, it may be a push to drop back down under $3 a gallon since we're still going up. i think the question is when we will get back under three. i think it may happen but may happen in october or september. keep in mind, the prime of hurricane season around the corner, there are some potential disruptions that could take gas prices even higher. jackie: you brought up a great point. i forgot to think about that as

well. you and i had the conversation before, we come at it in different ways. part of it is post-pandemic demand and you're talking about, shifts we're seeing in people's lives, commutes, all this thing. i have to go back to this agenda that the administration laid out, really making this push to go green. is that part of what is raising the price here too? even just a piece of it? >> i think it's a little bit too soon. a lot of what we're seeing still are imbalances brought on by covid. down the road absolutely the biden administration push to go green will probably have more of an impact. we've seen two obvious policy shifts, cancellation of keystone while oil production is not what it is yet. that is having a impact. the other one, killing or stopping leases on federal lands moving forward that is more of a challenge that could become a problem in the future. of course the biden

administration, far less friendly to the oil sector, it is a matter of time before we see increases. keep in mind the stimulus thrown at the economy really heating things up. i would say that is probably the most likely angle we're starting to see impact from the biden administration on easy money policy. americans with money in their wallets will go hit the road this summer. jackie: that is the question in the last minute we have left. as prices rise, people look at that as a tax con the consumer in some ways. they might pay it or hit the road or be on vacation or some people may pull back. your thoughts? >> i think, jackie after 16 months of various restrictions, the doors are wide open. the americans are hitting the road in huge numbers. that will continue to grow as we progress through the summer months. america is getting back to normal. with it gasoline demand is surging. keep in mind travel overseas is relatively difficult that will keep the epicenter on pent-up demand here in the u.s. jackie: that is a great point. people are cooped up so long

they want to hit the road. patrick, great to see you. have a wonderful 4th of july yourself. >> thank you, jackie as well. jackie: coming up, why some new york restaurant owners the end of the state's alcohol take-out program is a massive buzzkill for their businesses. we'll be right back. ♪. ...

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>> welcome back everybody to "coast to coast" i'm jackie deangelis in for neil cavuto. a busy second hour ahead as we bring you headlines from "coast to coast." starting in new york, where restaurant owners say that the state is once again leaving them without a lifeline, after ending the takeout alcohol program. we're going to talk to one restaurant owner now sounding off about scrambling to sell his inventory, and in california, where san francisco officials want to use even more taxpayer money for homeless encampments. the new push to boost the already-pricey program coming up. and the nasdaq now on pace for a record close, take a look at the markets there but the dow is reversing its recent up trend. we'll be watching that our market stars will help us break down these stock market moves but our top story this hour, getting back to people, getting back to work. the number of people on unemployment benefits falling faster rate in missouri and 21

other states after the states canceled extra federal benefits. fox business edward lawrence is at the white house to break this all down. edward, really important story here. reporter: it is, and in fact we're only talking about a week or worth of data here but you're already starting to see almost every state that has announced it would remove that extra federal uninsurance, federal unemployment insurance. they are seeing more people move now from the federal assistance payrolls to the private sector. now senator tim scott from south carolina says he's not surprised at all. >> after effects of 21-plus states that have already decided to eliminate the federal benefit enhanced benefit on unemployment will be people coming back to work. you can't pay people $20 an hour to stay-at-home, and ask them to come back to work for something near the same. that is just an undeniably difficult choice for people to make. reporter: so these are the states that have decided to remove that federal plus-up of

$300 a week there's 26 so far. several groups have sued over the decision by those governors. now in indiana that federal judge ordered the extra benefits reinstated. lawsuits have been filed in maryland, texas, that hearing will be this week. now from the president' perspective, the federal plus-up has been a lifeline. the white house has no plans to intervene and ask those governor s reverse course adding back the federal benefits but also they have no plans to call on other governors to end the federal benefits. they plan to look forward pushing the vaccination program to help people feel more safe about being in big groups, but the white house refusing still to point to that extra federal money as one of the big reasons it's holding back the economy and people getting more jobs, now because of this , because of removing those benefits in more than half of the states in the united states, some economists believe this jobs report coming up on friday will be a big one, they are expecting to get about 690,000 jobs added back to the economy that is more than last month. jackie?

>> absolutely all eyes on that edward lawrence thank you so much. meantime, the trucking industry is getting creative to combat the growing worker shortage by hiring drivers for rent. we first told you about the rental worker trend on this show, last week. >> devil of a time finding workers, so why not try to rent them? it's happening. he's leading the charge, chris very good to have you can you explain to me how this works? >> we had to come up with some solution and we were lucky enough to find a few agencies that have full time people at their fingertips around the country to kind of like an emergency team. >> fox business lydia hu is at a warehouse in the bronx with more on how this does work. good afternoon, lidia. reporter: good afternoon, jackie we are at the chef's warehouse, this is a business that supplies some of the best restaurants in the country with their top notch ingredients they need to prepare dishes that we all enjoy while dining out but the problem is now they don't have the truck drivers to help deliver those

ingredients to their customers, so, chef's warehouse is renting drivers from out of state paying them to bring them up to new york city, house them, pay for their meals, and their hourly wage on top of all of it. it's a very epidemic expensive short-term fix. we're joined by the founder john papas, explaining to me a little bit about this temporary solution to an expensive problem john you say you have to pass along this inflated cost to your customer. tough decision. >> absolutely, we have to pass it along so that we continue to keep the supply chain going and remain profitable, but it's extremely expensive and not only us, it's everybody that we actually buy from also. they are having the same problems and i don't know how they are managing but they are getting killed with these higher prices. reporter: john you're also running a robust recruitment campaign the signs are all around the outside of your warehouse you're hiring here for warehouse workers and truck drivers even offering a $5,000 signing bonus. what really are you coming up against? what is the problem when it

comes to recruiting new workers here? >> we've actually been told by a lot of people that come in that they will probably come back after september when the $300 bonus from unemployment stops kicking in. so it's scary to think that's going to be another 60 days before people are really looking for work. reporter: you know, right now, across the country we know from the data the bureau of labor statistics that openings in the sector warehouse utilities and trucking they are at all- time highs back in april, jackie they posted 38 6,000 job openings, and until then, when we see workers finally coming back to the workforce, like john looks forward to come september, you know, companies are going to be feeling the pinch, john just shared with me a little while ago on a recent delivery he had to pay his driver and freight so much that it eclipsed all of the profits they made on the delivery so they actually delivered those products to their customer at a loss just to make sure they didn't disappoint their customer, a really tough position for the businesses to be in right now. reporter: oh, absolutely, they

want to make sure they keep the business hopefully things straighten out by labor day. thank you so much for that report. good to see you. >> new york state is ending its takeout alcohol program leaving our next guest with about a $15,000 in unsold wine. joining me now, sam getz, who owns judy's in brooklyn. this is just one of the latest blow, sam, to your business, the restaurant industry in general as well, i was reading about this over the weekend. the takeout alcohol sales were one of the things that kept restaurants in business over the pandemic. as we know, when we dine and sit down at the table, that is one of the higher margin items that restaurants make money on so you were doing the takeout business and now all of a sudden they are ending that. >> indeed they are. thanks for having me on, jackie. >> sure. talk to me about how this impacts you and how angry you were when you found out and where you go from here. you've got that inventory. what do you do with it? >> definitely. super disappointed last week when they gave us only 24 hours to offload all of the wine that we've been stockpiling, to sell

and we turned ourselves into a little wine shop on the side that's been super popular for us , people in brooklyn have taken to that and may come and get their wine for home here, when they're not sitting at the bar getting a glass of wine, hanging out with their friends and then we have 24 hours to just get rid of that part of our business, and 24 hours is not enough time to do that. we were able to do a fire sale and we were able to get word out , you know, put a newsletter out and did social media and we had a ton of people come out because we have an awesome community that supports us here but yeah i was very disappointed with new york state for just kind of throwing this at us willy-nilly and but we'll do what we always do and find a way to survive, been like that the past year and a half. i know and every restaurant owner that i talk to shares your spirit and resilience, it's amazing what you guys have been through and as a consumer, and a reporter that's been following the story, the way i sort of see the problem here in new york city is you don't just turn the

light switch on after everything we've been through and now say okay, we're open for business. the problem is you still don't have the population back here to turn your, to immediately turn your business back on to what it was the day before the pandemic started, correct? >> 100%. we're not at the levels we were at pre-pandemic. we're getting there and very close, some businesses are doing better than others. we've been fortunate we have a nice outdoor space and the weathers been nice here, but some places don't have that luxury and they have a smaller space, and people are still a little trepidation to go inside so having the ability to sell cocktails to go, beer to go, wine to go, like that's huge, and it's very disappointing. >> okay so that's first problem we were just talking about the trucker shortage but we also have a restaurant industry worker shortage here, part of that is the benefits that we've been talking about the extended federal benefits that have made it easier for people to stay

home than to go back to work, and of course, your input costs are going up, right? you're feeling the pinch of inflation so as you bring your business back to normal, this normal is nothing like anything that you knew before. >> for sure. it's a very different time, and just hopefully we get back to post-pandemic levels soon enough , yeah. >> yeah and what about your workers? are they returning to work or finding that sum are stalling and saying listen i'm going to enjoy my summer, i'll see you in september? >> we did not have that problem we have a very small staff. it's pretty much a family restaurant, and we were looking out for each other the entire time, and it was actually pretty nice for us because i knew that they had the lifeline of income while we were just like it was just me working here, so if they didn't have that i would have found a way to take care of them either way because we are a family here so it was nice to have that through the pandemic

and when it was time to get back to work they were like you had us and now we all have you so we've been pretty good actually. >> sam we wish you a lot of luck. hope to get that business back up and running. you guys, small businesses, restaurants, the backbone of new york. we really wish you all the best. thank you. >> okay, thanks jackie. >> all right, well, critics are calling out another worrisome policy proposed by democrats. new analysis from the tax foundation suggests that the president's plan to nearly double the capital gains tax could raise rates as high as 43.4% for people earning over $1 million. that would make it one of the highest rates in the developed world. joining me now is geltrude & company founder dan geltrude and danielle demarch tino booth. this is a huge issue but in a way, are we surprised by this , that we put the biden administration into office and they told us before we did that they were going to raise taxes. >> he's keeping his campaign

promise, jackie. he said he was going to raise taxes, and that's certainly his intention and it always goes back to something we've said over and over again. tax what you want less of, so when we're talking about an increase a substantial increase in the capital gains tax, what are we saying? what we're saying now is we don't want investing. we don't want those entrepreneurs and investors going out there, taking a chance, and doing the things that are really the basis of our entire financial system. it's very troubling, and it's a bad place for us to go, although i don't think that's going to stop joe biden from charging ahead, because this is one of those things where it fills the montra of get those bad, rich people to pay their fair share but of course that's really not true at all. >> you look at those numbers, danielle, 20% is the current rate. all-in with the biden proposals we'd be up to 43.4% over

$1 million, and you look at the average. i was really struck by this for oecd countries this is according to the tax foundation, 19.1%. why do we want to be on the highest side? what is that going to do for us? you're going to short-term attract some more money but long term, you know, kill the country >> yeah, and if you step back and look at the age makeup of the united states, this is russian roulette that they're playing with demographics. we've never seen a capital gains tax hike of this magnitude with so many baby boomers retiring every sickle single day. the last thing you want is to incentivize the baby boomers to sell-off more of their stock portfolios. this could absolutely be disastrous, you know, the most encouraging news i would put out there is that earlier today, mitch mcconnell came out and said that it's okay that the president is flip flopping back and forth on whether or not he's going to require

parallel infrastructure, and his human infrastructure plans but mitch mcconnell came out and said i'm not taking the president just for his word. nancy pelosi and chuck schumer are going to have to chime in and also say that this infrastructure bill is going to have to be passed all by itself, and not parallel with any massive increase in taxes, so at least we can say that the gop is paying attention and that there's not as much support as the biden administration would communicate for these massive tax increases. >> and to danielle's point chuck schumer would not say that he would not say what you just intumated there and so it leaves a lot of people, dan, worried about this. >> as they should be, and you know what makes me worried too is that joe biden actually wants to make this capital gains tax hike retroactive back into 2021. now, do i think that he'll get that? i don't think so, but that in itself is something to really

have to worry about. that means that transactions that have already taken place are going to be subject to attack, that investors were not anticipating. on top of that, he also wants to make it that capital gains be triggered not upon sale but inheritance, so that's losing that step-up in basis so to speak be another huge hit and let's keep in mind, that doesn't make the estate tax go away. this be on top of that, so the taxes are going perfectly together with joe biden's plans. >> well-said, danielle final question to you. you think about america, american dream, the fact that people can come here with nothing and all of a sudden turn it into something, that there's opportunity here, and that's what creates a lot of the innovation and a lot of the progress we see. the vaccines were developed here , first and so you think about this , and you say if we

want to sort of tax the system in this way, we don't want to incentivize people anymore for that kind of hard work and innovation what happens to us? >> well you know that's a really good question. you have to start questioning what happens to the fabric of this nation. as your two prior segments illustrated we're really hurting quite a few small businesses, we're hurting the innovators, we're hurting the people who create the most jobs 47.3% of u.s. businesses are small businesses. if you disincentivize innovation and entrepreneurship on top of what's already been inflicted upon this vital critical sector, in a post-pandemic world, then shame on our government. truly, because that's what made this country great. it's that you can get here and can live the american dream. i'm the product of an immigrant, i'm the product of an american dream and we hate to think about that being taken away. >> it's really sad, i am too. guys great to see you. quick market check here oil prices falling from their highest level since 2018 on

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>> new concerns in washington over the race to pass president biden's massive agenda. the white house now signaling that he will sign thought narrower gop infrastructure bill but that has progressive democrats worried about getting his larger agenda through before 2022, let's bring in real clear politics co-founder tom bevin. good afternoon, great to see you as always. so what i see here is a problem where mr. biden has promised too many people too many things, right? he promised the american people that he would work to be bipartisan and that's what he's trying to do here to a certain extent yet you've got the extreme group of his party that he also promised, he would cater to and make sure some of their agenda items got through and so now he's stuck between a rock and hard place what's he supposed to do here? >> well what he needs to do is get something passed. what he can't do, what he can't have happen is not get anything passed here, and so i think he does need to figure out a way to

pushback against bernie sanders and the senate and nancy pelosi in the house and say listen, we've got to delink these two things and delink the bipartisan infrastructure bill and this budget bill and we've got to get the first one passed with republican support, and then move on to the second and that is probably where they are going to end up but even that, jackie, has issues, because the question is among democrats, they are squabbling over what that budget bill might look like, is it going to be 1 trillion, 2 trillion, 4 trillion. there are a bunch of different ideas about what that bill should look like, especially since some of that spending was tripped out of the infrastructure bill that the republicans sign on to. >> right and that's the point, some of that stuff is being held and the democrats are saying, you know, listen we want to put some of that stuff back in there to make sure we get it. >> that's right, and so it's going to be a difficult, as you can see bernie sanders released a statement saying i'm not supporting this if there isn't massive spending on climate change, especially, and for

working people, you know, nancy pelosi and folks in the house are basically saying the same thing, so it is a bit of a tricky situation, and the question is, you know, if they use reconciliation, they will need every single democrat they can't lose a single democrat and so it'll come down again to maybe joe manchin and krysten sinema to dictate maybe what's acceptable and what might get passed through the senate on reconciliation. >> yeah, and when you look at some of these you bring up bernie sanders and climate change and we've been listening to sound bites of aoc talking about some of the social programs as well. you know the countries in a really tough spot we're trying to recover after a massive pandemic, something that was a once-in-a-lifetime proportion here, and a lot of money has been spent to try to help america recover in that way , but there's a fine line, and even joe manchin has said whatever you're spending on, you've got to be able to pay for it, and we don't necessarily have that mapped out, if you want to go with the most liberal agenda of spending.

>> even on the bipartisan infrastructure deal, right? they used some budget gimmickry to come up with the paying for that, because republicans didn't want to raise taxes, democrats didn't want to raise the gap tax and mitch mcconnell came out earlier and said he's waiting for a cdo score to see if they can actually do what they say and pay for that. otherwise it will not have any republican support in the senate and it's going to be a tough haul and that's just on that piece. to your point on the other piece , there are going to have to be huge tax increases to pay for that along the way and it's nothing republicans go for. >> you and i talk about politic s and business all the time when you have tax increases like that they have a chilling effect on the economy. >> they do, and in addition to the massive amounts of spending we're seeing obviously inflation ticking up and that's something that democrats are really worried about and should be worried about if working class folks around the country are having their feeling they have to pay more for gas, food, things in their everyday lives that will not bode well for them in the mid-terms in 2022.

>> i'm feeling it tom, i see prices up locally up between 30 and in some cases extreme cases 50% for food and things that just keep the city going. it has not been that light switch restart that everybody was hoping for. >> yeah, and that is the big worry i think for a lot of folks is that the inflation that we're seeing is going to continue and accelerate and again, but democrats haven't really trimmed their sales in terms of the spending that they are proposing, and so we'll see how this works out in congress but it is going to be i think a tough hit to get this stuff through. >> tom bevan, great to see you and great perspective, great insight, thank you. >> thanks jackie. >> coming up why san francisco officials are pushing for more money to fund an already- expensive homeless encampment program. the details on that, when we come back.

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>> welcome back to "coast to coast." we take you to the west coast where san francisco is now seeking $20 million to continue funding six tent encampments in the city. fox news correspondent jonathan hunt joins us with the details. hi, jonathan. reporter: hi, jackie at a cost of $60,000 a year, the city of san francisco provides a tent in one of its safe sleeping village s but on top of that, you get path room and shower facility, security, and food. few political leaders have suggested the city shouldn't be doing something about its homelessness crisis, but plenty of questions that cost including supervisor hillary ronan who told a budget and finance appropriations committee meeting last week, "it is a big deal to have showers and bathrooms and i don't dispute that but the cost just doesn't make any sense." now that cost comes out to about $5,000 per month per tent.

it's almost double the median cost of renting a one bedroom apartment in san francisco, an apartment that would of course come with its own bathroom and according to the real estate website zillow, city officials could even rent a high -end apartment in a luxury building with 24 hour security, pool, and sauna and gym for the less of one cost of one tent in a safe sleeping encampment and a similar story in la as we reported a few weeks ago. each of the tents in their safe sleep village costs more than a one bedroom apartment, and perhaps the biggest concern for taxpayers here in la and in san francisco is the ongoing cost. san francisco, for instance plans to spend more than 1 billion, with a b on homeless ness, in just the next two years. jackie? >> jonathan hunt, thank you so much for that and you wonder why

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it means experience. i mean, put it this way. if i told you i'd been jarring raspberry preserves for 85 years, what would you think? (humming) well, at first you'd be like, "that has gotta be some scrumptious jam!" (humming) and then you'd think, "he looks fantastic! i must know his skin care routine." geico. saving people money for 85 years. beg your pardon. >> the markets seem to be shaking off fears of higher inflation, this is clorox, tyson foods and kellogg, now joining the list of companies looking at price hikes to combat higher inflation. let's bring in capital wealth planning founder and chief investment officer kevin simpson kevin it's great to see you. we talk about inflation, the market is going back and forth about how worried it is, you're actually not that worried this is going to be a long term inflationary cycle. tell me about that. >> hi, jackie thanks for having

me. you know, i think the markets realized there's going to be some inflation and they are trading at all times highs because some inflation is okay, and i think even the pop that we're seeing in inflation off of this reopening trade makes a lot of sense, we're going from a global pandemic shutdown to what will hopefully be a normal full thriving economy. in fact i'd be more concerned if we weren't seeing inflation. now that doesn't mean we don't want to see the pop last forever and run too hot for too long and i don't think it will and neither does the fed, but we don't want to lose sight exactly to your point with the stocks you were just talking about and the pricing power, a little inflation is good. if we run a thriving economy at two or 3%, i mean, that's not too shabby. >> you bring up an interesting point because that is one thing that the fed is always watching and we've been in this low interest rate environment and there have been times when we've had economic recovery and you say to yourself, you know, interest rates don't have to stay at zero either. we can have a small rise in

interest rates and it's not going to upset the apple cart as well and that ties into this idea of there should be a little inflation. >> yeah, jackie you're right. we can even survive a little bit of an interest rate increase. we've seen good strong bull markets during inflationary periods. we've seen them during higher interest rate environments. we don't want to see hyperinflation, we definitely don't want to see high interest rates, i mean, i'm old enough to remember you aren't but gas lines in the 70s and 15-20% interest rates on mortgages, we definitely don't want to go there, and i don't think we will. >> okay so we hope it's not going to be that. we're going to continue to watch it but the number one question people ask me all the time, and i don't give them investment advice but i'll point them in the right direction to do research, i want to pick your brain here. the question is as we go through the summer and this recovery watch the markets go up, up, up, nasdaq hitting an intraday high again in the session today and you ask yourself, should i be in this? are we getting to the point of

musical chairs where someone is going to pull the chair out from under me and but at the same time people are afraid to cash out of the market right now because they think if it keeps running up i'll miss out so what's a strategy that they could use to protect themselves investing in this environment? >> yeah, i mean that's a great thing to be considering right now when markets are at all times highs. we haven't seen a pullback since the election and that's sort of atypical. even in a long bull market, you have frequently five, 10, 15% pullbacks. yes we had a massive one last year and i'm sure none of us are anxious to get back there again, but when we think about hedging your portfolios, and handling volatility, it's always best to do it now when times are good. after the fact, it's going to do very little, so one of the things that we do at our firm is first we invest in companies that pay dividends and a light, modest dividend is going to give you a modest hedge in and of itself. the second thing that we do and we advised clients and investors

to consider especially now is introducing a call strategy and a covered call strategy is a very modest hedge. it's a way to help protect a little bit of the downside, and it's a strategy that you can do in good times and in bad, but certainly, any time you're thinking about insurance, protection, hedging, it's always best to do it when things are good. >> yeah absolutely and some of this volatility is scaring folks out there right now, and they are sort of seeing what's happening not only in the marketplace but they are looking at the administration, all this spending worries about inflation, what should we do, you know the market can be so fickle it's like all of the signs can be there that the downturn is coming, and then it just happens in an instant for no particular reason, no particular catalyst. >> yeah, that's the thing. we're all hoping the stocks will go up forever and we realize that's never the case and to your point, when we see capitulation to the downside , which often is very very unexpected and again, it's too late . that's why i love covered calls. we do it every month, not on every positional the time, not

systematically, but very tactic ally and it's something you can benefit from in up markets, certainly covered calls work best where you need them to most in down markets but it's something that on a consistent basis, every investor can add to their portfolio, it's a small element of hedging, very very easy to do, very conservative approach. >> you've been doing it for years. kevin simpson great to see you thank you so much for sharing that with us. >> thanks jackie thanks for having me. >> see you soon. all right, the search continues at that condo building in surfside, florida. local officials say 151 people are still missing. fox news correspondent charles watson has the latest from surfside. reporter: hi, jackie. we just got those updated number s a short time ago. rescue crews pulling another body from the collapse site bringing the death toll to a total of 10 people who are now confirmed dead. as far as those who were un

accounted for , that number now is at 151 people. this is really a tough situation , because rescue crews have not pulled a single survivor from the collapse site since early thursday morning. despite that, miami-dade officials say they are holding on to hope that they can identify signs of life within that mountain of debris. here is the mayor of miami-dade county. >> we are exploring all possible avenues that they identify, and we're going to continue and work to exhaust every possible option in our search. reporter: now you know, there are people coming from around the world to assist in this large-scale effort to find victims. teams from israel are here, people from all over the country are here to assist. officials say this effort has attracted the largest gathering of resources in florida history,

outside of a natural disaster. now there's been a lot of talk and speculation about what caused this building to collapse we've heard of structural issues that were possibly playing a part in this. governor ron desantis says every scenario will be explored as federal, state and local officials conduct thorough investigations to determine what caused that residential building to collapse, and fema is on the ground helping to assist family members and victims with places to say we've seen the american red cross going door-to-door, handing out care packages with food and water for folks who are displaced and there are non-profit organizations that are raising millions of dollars to give monetary donations to families who are struggling right now, so this is going to take an all hands-on deck effort, that's going to take a lot of patience and miami-dade officials, you know, are just telling people to keep up the hope, keep praying, because they are going to need

those things in the days coming forward, jackie? >> charles watson, thank you so much for bringing up the latest from surfside. after the break, why new photos of the leader of north korea have many residents alarmed. we've got more cavuto "coast to coast", after this. 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.

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>> well new concerns over the health of north korean leader kim jong-un after newly- released photos reveal his dramatic weight loss fox news senior affairs correspondent greg palkot has the latest. hi, greg. reporter: it is the disappearing dictator, we're talking about north korean leader kim jong-un who never was known for his figure, turning up for his latest appearance looking slimmer than just the month before. his clothes are hanging a bit off him and one theory is he has been ill and of course that is a word you in a country run by one family. in a report on state television they even have a staged man on the street interviewee saying and seeing general secretary breaks people's hearts and makes tears well-up. the other analysis is just opportunistic stunt to have him show solidarity with the north korean people, the food situation in the north is

described as tense, with super- tight covid-19 restriction s, weather disasters and crop failures. still, jackie, there might just be one more reason for the new profile. it might have just been decided that leader kim needs to lose a few pounds in his last summit appearance you might remember with president trump it was a bit rough coming across the dmz >> i do remember thank you so much for that greg palkot. meantime the u.s. military launching air strikes against iranian forces, on three facilities near the iraq syria border. fox news correspond jennifer griff en has the latest from the pentagon. >> well the most surprising reaction has been the rare criticism from the iraqi government condemning the u.s. air strikes which were carried out overnight. one of the three sites targeted by the u.s. f-15 and f-16 war planes was inside iraq on the border with syria, the targets included three facilities used by iranian- backed malitia that the

pentagon says use these sites to assemble the drones that have been harassing u.s. personnel at bases inside iraq. it's the sec set of air strikes in syria, and iraq, that president biden has authorized since february and attempt to deter the i iranian backed malitia from targeting u.s. personnel. >> we've been very clear the president has been very clear throughout that we will act to protect u.s. personnel, and given these ongoing attacks that you referred to by iran- backed groups targeting our interest in iraq. >> secretary of state anthony blinken spoke while attending an anti-isis coalition meeting in rome, describing the air strikes as necessary, appropriate, and deliberate. the pentagon added in a statement, "as a matter of international law, the united states acted pursuant to its right of self-defenses, it was necessary to address the threat and appropriately limited in scope. iran's foreign ministry

spokesman issued the following threat. >> definitely, what the u.s. is doing is disrupting the security of the region, and one victim of this instability will be the u.s. itself. reporter: all of this is happening with a new round of nuclear talks between the u.s. and iran, slated to begin this week. iran says it may not extend a monitoring deal with the iaea which expired last week, and is threatening to withhold security camera video from the sites. the iaea had been monitoring. jackie? >> jennifer with those talks on the table, the situation on the back drop here is certainly really interesting, but you see this escalation happening and you wonder, you know, at what point does iran sort of push this administration possibly a little bit too far, how far does it have to go? >> well i would put into perspective what we saw overnight. these were very calibrated air strikes. no deaths as far as we know on the ground.

there were a few reports from some of the malitia suggesting that some had been killed, but i don't see this as an escalating situation. i believe this is a messaging operation going into those iran talks as a background to the talks, including when the u.s. military took offline some of those websites, iranian websites through a cyber efforts earlier last week, so this is all setting the table, i think, for those very tense talks about the nuclear program. >> and as you said, president biden authorized these strikes and so very well aware of this situation, jennifer griffin , thank you so much. reaction from hudson institute senior fellow rebeccah heinrich. always great to see you as we talk about the conflict again we've got these talks coming up these are talks that many would say president biden shouldn't necessarily be having with iran, that maximum pressure with the way to take care of many of these problems. >> yeah, maximum pressure was working, now, i say that as a

controversial statement because what i mean by that is it was drawing up the regime of its resources, that regime uses for the kinds of attack that we retaliated against, last night to and today, which is that we're still seeing drone attacks against u.s. personnel and bases , attempts to kill americans, and so if you have the iran deal, in an attempt to slow or stop their nuclear program it doesn't handle all of the rest of the problems that the iranian government continues to engage in and so you end up simply funding attacks against u.s. interest in the region, so i applaud the biden administration for defending u.s. forces in this way, but it's still with a back drop of a very confused middle east policy and especially towards iran. >> that's the thing i agree with you there but i worry about the overall strategy, right? the iranians are pushing back and trying to test the administration and see how far they can go. obviously as i said the president authorized these attacks so he's very well aware of what's happening that something has to be done. at the same time, he wants to

continue these conversations, everybody said that that obama-era deal was not the deal that was going to keep the iranians from moving forward with their nuclear ambitions. >> and it hasn't. they've continued this illicit activity and then they engage in nuclear extortion, where they start improving their system, or they don't allow inspectors into see certain sites, and they do this while attacking americans. i mean, they're the ones sitting back and making the biden administration essentially beg them to come to the table. we are not in a position where we need to be begging. we need to be putting pressure on them, drawing up the regime and when the iranian government understands that it's in their interest, which it is, to stop all of this other activity, then they can do that and then we can have a conversation, but until that happens, i would say there's no deal to be had. >> it's amazing because you hear that sound bite that jennifer played of the iranian official basically turning the whole story around on the united states, it's almost like that's what they do in iran , that's what they do in

china. the messaging they are giving to their people it's shocking to hear that. >> it is shocking and the last administration started this strong message that the biden administration should continue which is that the united states of america is pro-iranian people. it's the iranian government that we have a problem with. it's the iranian government that's oppressing its people and the iranian government that is depriving its people of a solid economy because we're spending these resources on illicit missile activity and then funding proxies and terrorists throughout the region. one more point i would say i am concerned that there is media reporting that the biden administration is going to be withdrawing some missile defense assets throughout the middle east to pivot towards china. it's a false choice. if we're engaged in these back and forth with the iranians we better be protecting our u.s. forces and that includes with missile and air defenses. >> rebecca real quick on kim jong-un, that weight loss. is it troubling you? >> well it troubled me but for the reasons different than the north korean people. it looked like he's in better

shape. he's obese, he was obese, he's a chain smoker so his health was in bad shape. he looks like he's in better shape but of course his people are always at the mercy of propaganda and they see him as a god, and so they are at least saying that they are concerned about his health but there's only so much we can know because of how closed the regime is. >> nothing tastes as good as skinny feels rebeccah heinrich, great to see you. quick market check here, let's take a look at the market the nasdaq is looking to close in record territory today, as you can see , it's the only index that's up right now by 84 points, the dow retreating after seeing its best week since marc. we'll be right back. >> ♪

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♪. jackie: the tsa is not looking to battle long security lines and growing worker shortage by overing 1,000-dollar bonuses for the new screeners. it is part of the plan to add 60,000 new agents by the end of september. airport officials tell travelers to arrive at the airport as much as three hours early because of long security lines. meantime ubs will allow 2/3 of its staff to nix working from home and the office as an employment perk after determining that it weren't hurt office productivity. this decision marking a departure from other major banks like morgan stanley and

goldman sachs, that are pushing for all employees to return to the office. meantime i want to take a quick look at the 10-year treasury yield before we go. the 10-year falling below 1.48. marking the first downward trend for first time in four days. investors buy bonds. yields are going down. that will do it for us on "coast to coast." i will send it over to my friend charles payne. take it away. charles: good afternoon, thank you, jackie. i'm charles payne. this is "making money." the market has not been in this serene for years. we have just removed from the 5% correction in the s&p 500. every sector has pulled that much or more. should we be chill about this market being so calm? you don't want to miss the trade. i think we have the right folks to help you if you want to succeed there. limited money printing, mayan kings pushed monetary system to the brink and it broke their empire. what we learn from history or maybe this time it