today is fears of covid rebound. in particular the delta variant that is starting to pick up and accelerating around the world. the number of cases up 34% around the globe. not as quite as here in the united states but nevertheless it is enough to rattle investor sentiment as you can see today with the selloff. our time is up. neil cavuto taking it now. neil: thank you, ashley. the president just wrapping up his speech. he is taking questions from the reporters. we'll go right to the white house to see how he is handling inflation and covid concerns that are whipping stocks. the president. >> i don't look as a stock market as means to judge the economy like my predecessor did. he would be talking to you every day for the last five months how

the stock market is so high, higher than anytime in history. still higher than anytime in history. so that is not how i judge whether or not we have economic growth. reporter: mr. president, on china and -- >> she jumps up before you do. reporter: administration naming and shaming china. no sanctions. why is that effective enough. >> they're still determining exactly what happened. the investigation is not finished. [reporters shouting questions] reporter: what is your understanding of the biggest difference between what they have done versus what russia has done in terms of sigher hacking? >> that would take a longer explanation. >> [inaudible] >> no, we don't, king of jordan. to the best of my knowledge, i'm getting a report tomorrow,

detailed report. my understanding is that the chinese government, not unlike the russian government, is not doing this themselves but are protecting those who are doing it. maybe even accommodating being able to do it. that may be the difference. thank you. [reporters shouting] reporter: mr. president? >> they are. neil: all right. not much to do there but the president was talking a little earlier about the data shows a lot of price increases we've been saying, and actually experiencing will be short-lived echoing this notion it won't be a long-term problem. it will start reversing itself as soon as treasury secretary janet yellen you might recall said within three or four months we could see the spikes reversing. no one is sure about that. majority of corporate ceos think this will last a while, this inflation up tick, far more of a worry to the markets today with these spikes in virus cases

not only in this country but around the world, i always hasten to add with this the overall case count is very, very in this country and some of these countries, not at all, but some like england, france, italy experiencing spikes. totally different question going on in asia but president seems to believe this is focus of those who have not been vaccinated. the numbers bear him out. close to 99% of the new cases, 99 1/2 of the hospitalizations we're getting are from those who have not been vaccinated at all. this push to get people vaccinated the fact of the matter is, all these concerns right now and slowing economy that could come as a result is weighing on stocks. for example, the dow down about 816 points. so we're near the session lows. i should point out as market watch did as well, all 65 dow industrials, transports and overall utilities components, it

is rare when all 65 across these three indices are down, and appreciably so. they have been bumping around on this. on the fear the more cases ris, the more governments will institute restrictions, mandates, all that kind of thing but we're following this very, very closely. we have a packed show for you. i will be talking to jeff bezos and the crew heading up into space tomorrow. for jeff who has seen amazon shares swoon, he will have a 11-minute reprieve tomorrow when he leaves the surface of the earth. more on that later. let's go to jared levy, jonathan hoenig first on what they make is happening with these markets. you know, jared, when you think about the impact on stocks, you realize putting inflation aside, it gets back to a globe opening up and it might be a staggered opening up, right? that is the fear, right? >> yeah. i mean, right so it is, what does this trigger?

remember, right, last year, early on, we kind of got it wrong, you know, in january, or rather when covid first started coming around, there will be impact, it will be slower. we didn't realize how quick it would be spread. now what industries get affected one of the thing i'm looking at, i'm concerned about the labor market, believe it or not. folks are quitting their jobs and walking away because the labor market is actually really good. what that will end up doing is actually causing potentially cost hikes for businesses. so, i guess what is going on in my mind, yeah, how does deep does this effect, taking inflation into account. what sort of, what is the next step? the good news vaccinations are still rising. as you said numbers overall are low. so i think this is going to be a buying opportunity but right now it could be a couple more days to a week of selling. i wouldn't get excited jumping

in just yet. neil: when you look at the 10-year note, jonathan, down to a yield of 1.20%, i believe that is the lowest in close to half a year people are looking at that and saying, all right, maybe the bond market is telling me something i don't want to hear but this isn't not worrying about inflation, it is very much worrying about the pace of the recovery, what do you think? >> slow recovery, neil, you're right. treasury yields back where they were in february. that is sign of one of two things, certainly fear, what we're seeing in the stock market, expectations of a slowing economy, not growing economy. look under the hood of put the headlines aside, you see internal weakness, 71% of stocks are below their 50 day moving average and 200 new lows against 10 new highs. the generally the momentum of the stock market ebbed here. that is what is leading the way down. bitcoin, biotech stocks, airline and gold stocks, favored sectors

are suddenly out of favor and that bodes very poorly for the market short term. neil: guys, i will go back to you a little later. i do want to bring people up to speed what is happening. dow is down 800 points and why bond yields are collapsing here. the fear of the spread of the virus across the globe anecdotally. even hitting the olympics. a u.s. gymnast tested positive for the virus. at least five south african soccer players who might not make the olympics a british athlete in quarantine suspected of being around someone with a positive covid diagnosis. britain, by the way has lifted restrictions even as cases there spike. prime minister boris johnson saying just go slow, be careful, do the right thing but saying that that shouldn't get in the way of the country trying to reopen up. russia cases are spiking, india cases are spiking.

right now cuba cases are the highest per capita in latin america on top of all the other protests and worries there. i want to posit as i said, so often, hear 40% spike in cases here in the united states, in the last seven-day period versus the seven-day period before, these overall cases are extremely low, nothing like we're experiencing at the height of the pandemic. percentage gains kind of play tricks on you. they sound big and they're startling but they are nothing of the magnitude we experienced. by the way of those cases, very few are severe and certainly deaths overall are in and out of the lows they have ever been since the spikes we're experiencing about seven months ago. so in perspective, that is it, but the forced delay in reopenings, particularly going on in l.a. county and some of these other areas across the country outside of las vegas where they are saying, keep your

masks on close by, you will need it, when you go indoors. that is playing out in a lot of big metropolitan areas. it does concern people who have been sort of betting on an economic comeback. that is the inflationary concerns which have been out there awhile, despite officials from the president of the united states, chairman of the federal reserve just last week, saying this will be short-lived, not proving much tonic for investors, sitting the records hit back a week ago, a little giveback. go to edward lawrence, you think about it, edward, chose today all days to make the case things are fine in the middle of a market selloff. to be fair to him he doesn't obsess in the markets like his predecessor did, even allowing for that i don't know i would make the pitch today. reporter: timing different quite work out for the white house. the president also saying he recently met with the federal reserve chairman but he does

understand the independence of fed. nobody is saying there is unchecked inflation. he is making the case as you stated there there that he believes he brought the economy back from the brink as you see the markets are selling off. as you say because of that covid strain that has increased there. now if you look, in fact, five of those texas democrats who came here fleeing texas, five of them have now tested positive for that covid variant. there were 60. they were in a meeting with vice president kamala harris and senator chuck schumer. the vice president on her normal schedule is here at the white house today. the covid fear hit the markets has not reached the white house. the president arguing the economy is doing just fine. his spending will build a good foundation for the future. >> we have changed that. we have gone from 60,000 jobs per month to 60,000 jobs every three days. more than 600,000 jobs per month since i took office.

more than three million new jobs all told. reporter: as the economy is reopening, downplaying inflation fears. number of ceos, increasing numbers passing inflation on to the consumer or plan to do that. the same ceo's are having trouble finding workers to fill jobs they have. some economists say that is because the extra unemployment benefits the federal government is giving out. look at this. these are 26 states said now they are not going to give, not offer those unemployment benefits. of those 26 that ended earlier, only six of them have an unemployment rate higher than the national average. 15 of those states, the unemployment rate has a 4, 3, or a 2 in front of the percentage rate. the president said extra benefits are critical for people in need. he says capitalism is alive and well. he just wants to reform it to make it work for the people. again, neil, the president making the pitch the economy is good. nothing to see here.

move on. neil: capitalism isn't about bailouts and government writing checkings right? isn't that theorem of a lot of ceos? they welcome the stimulus comes from all of that. it is like a nicotine effect once it wears off you have a awesome headache not too fun? this is all propelled by that. reporter: exactly. we've seen a number of cases where the white house saying listen to my words but don't pay attention to reality what is going on here. extra stimulus payments are going out, the child tax credit, people are starting to get those in their bank accounts as of last week, the 15th. so that is an extra stimulus but it's a short-term stimulus. one and done so to speak. you spend it that month and you move on to the next month. so a lot of this stimulus going into it is not as laking stimulus that creates that ongoing economic self-sustaining recovery. so that is something the white house is trying to

balance. they want you to believe this one thing but something else may be actually happening in the markets. neil: got it. well-explained, my friend. edward lawrence at the white house with more on that. probably a good thing if you're one jeff bezos, the world's richest man. even though you're down about $13 billion today given the shellacking of amazon's stock, you will leave earth tomorrow for 11 minutes or so but take your mind off that sort of thing. i had a chance to catch up with jeff and the crew that will go up with him in blue origins first human flight. he is pretty confident everything is going to go well. >> this is the first one with human beings, are you a tad anxious? >> neil, i'm not. i am excited but not anxious. we'll see how i feel when i'm strapped into my seat. i'm excited. we're ready. the vehicle is ready. this team is amazing. i feel very good bit. i think my fellow crewmates feel

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♪. neil: all right, now it is up to five of those texas democrats who descended on the nation's capital, fleeing the texas capital denying republicans a quorum to help voting law changes through. the two latest texas democrats, they were all on the sailplane heading up to -- same plane heading to the capital. chad pergram with where it stands. reporter: neil, this is optics nightmare for texas democrats. they came to d.c. to block the texas legislature passing a voting bill. five democrats tested for positive here in washington, d.c. they tweeted a photo of themselves flying maskless with a case of beer in washington. republicans are lashing out at the democrats. >> what is so incredible about this, here are individuals that maybe they would not have this issue with covid if they were here doing their job but they're being hailed as heroes but they're undermining our representative democracy here in

texas. reporter: the offices of senate majority leader chuck schumer and democratic senator joe manchin says those members were not exposed after meetings with the texas democrats. the texans might with vice president harris. she went to walter reed medical center sunday t was described as a routine appointment there is concerns where the nation stands with covid. >> epidemic is not over. we have to be cautious. we've got to do everything we can to get people vaccinated that stands as the single most effective pathway we have to keeping people safe, protecting their families and ending this pandemic. reporter: gop florida representative vern buchanan announce he tested positive for covid. buchanan was fully vaccinated months ago. the cdc says there is one breakthrough infection for every 10,000 vaccinations if the texas delegation is fully vaccinated, that is a breakthrough rate of

9%. neil. neil: chad, the vice president's trip to hospital yesterday. is it deemed to be coincidence on a sunday after meeting with these lawmakers in texas? it just seems to beg credulity? reporter: that is what they're saying. we don't know anymore. presidents, vice presidents are pretty circumspect, pretty quiet when they go up to walter reed medical center. we don't know much about this. this raises questions. they were meeting with all the democrats here in washington, d.c. that is why it has been a pr disaster for the democrats especially after the photo from the airplane. neil: especially now, like you say. chad, thank you very much. dr. amesh adalja back with us, infectious disease doctors, johns hopkins school of public health senior scholar. doctor, should we worry about all these developments? >> not particularly because if people who are exposed to those legislators from texas were fully vaccinated they don't need

to worry. we don't test people based on exposure if they have been vaccinated. we know the vaccines are very robust. people do really well if they're exposed if they have been vaccinated it is unlikely to have a break-through infection. a lot of people are doing testing around these exposures. that is not necessary, not something consistent with the cdc guidance. neil: so doctor, the 99 plus percent that we hear are dealing with these cases, they have not been vaccinated. so if you had been vaccinated the odds still seem very, very low you can contract this, right? >> exactly. what we know is that breakthrough infections are exceedingly rare. that is not something to expect when you've been vaccinated. although they will occur at some rate, one in 10,000 or so, something i don't think the ordinary person needs to worry about. if you become symptomatic after you've been vaccinated, get tested, evaluated, not just for covid but other respiratory viruses.

these vaccines are some of the best vaccines ever been developed by humans. neil: so, doctor, when you hear, you know, some areas including l.a. county and other counties around las vegas are looking reinstating mask requirements indoors, obviously the crackdowns in indonesia, malaysia, tokyo, five olympic athletes and or trainers who tested positive for the virus, how would you characterize all of that? >> what we're seeing is similar to what the cdc director said, a pandemic of the unvaccinated. what has to happen if there are going to be public health measures they should recognize a vaccinated person is not a threat to others and the virus is not a threat to them. they should be exempt from them. it becomes operationally challenged for a business who is vaccinated. that and be worked out. the science shows if you're vaccinated you are not one of the people contributing to the spread of infections.

if there are recommendations for mask should solely apply to the unvaccinated. we will continue to see this kind of seesawing amongst mask mandates, mask recommendations until enough people are vaccinated that we're not worried but in places like l.a. county where their hospitals are in trouble i don't think this type of thing is justified. we're not going to get cases to zero. this virus will be with us. our goal is to remove the ability to cause serious disease, hospitalization and death to threaten hospital capacity. that is not happening in l.a. county. a different story in places like springfield, missouri. in general we've seen dough coupling cases from hottizations, that is what vaccinations are supposed to do decoupling from 80 plus-year-old individuals who are vaccinated. neil: good catching up with you, i appreciate it. meantime tomorrow at this time we'll know whether it was a successful mission, a productive mission and jeff bezos can continue setting his sights on the stars. he and three others, including

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♪. >> it really wasn't a race. what we wish jeff the absolute best and his, the people going up with him during his flight. neil: richard branson, we're seeing his fellow billionaire jeff bezos the best of luck for his flight tomorrow. that is blue origin's chance to blast off and do what richard branson did, experience space first-hand himself. we should point out perhaps no

other rocket has been tested more often than well, jeff bezos' but if you think about it, after 15 tests, the first human one does raise the pulse a little bit. so when i had a chance to talk to jeff and the crew of this first human flight of blue origin he says he is okay and he is ready for it. take a look. congratulations to all of you. you know, jeff, i was thinking of you, joining you on this journey will be both the oldest and youngest human beings ever to go into space and your brother. that is a lot of pressure. i know you had 15 successful automated flights. this is the first one with human beings. are you a tad anxious? >> neil, i'm not. i am excited but not anxious. we'll see how i feel when i'm strapped into my seat but i very excited. we're ready. the vehicle's ready. this team is amazing. i feel very good about it.

i think my fellow crewmates feel good about it too. neil: elon musk retweeted a meme about a spaceflight, jeff, making fun of you only touching the edge of space. he also reminds folks his rockets can orbit the earth at 17,000 miles per hour, not yours can't at 23 miles an hour. is this competitive jousting back and forth? what do you make of that? >> it is correct. what we're doing and virgin doing with the new shepherd vehicle what alan shepherd did first american in space. suborbital spaceflight. go up into space but don't do that. we're building a new spacecraft, the new glenn, after john glenn the first american to orbit the earth. this will let us practice and get more people up into space. that practice will allow us to

build the infrastructure to allow next generations to do amazing things in space. maybe that will do for our young friend oliver, who is 18 years old. maybe they founds a next generation space company, take the infrastructure we built and rest on top of that. neil: that is a cue for me to go to oliver. congratulations, you will be the youngest human being in space. i'm curious, your dad was among the original bidders for a seat on this spacecraft. was it always understood that he was saving it for you? could you tell us what was going on there? >> i think he is afraid of heights. [laughter]. neil: touche. >> no, i've been super excited about space and everything and austin, why not. just try and, now here i am. worked out really good for me. neil: you know, jeff, if you

don't mind going back here, it's a 11 minute-flight, right? a paying customer, for 2million 2million -- 20 eight million a minute or what i spend on amazon in a typical year. curious until prices come down, that is a lot of money. now how soon do you think paying customers will be paying a lot less than that? >> over the coming years we hope to drive the price down. 28 is a special price because that money is being donated to charity and it is also was for the first seat. so it's a special price. but even so the point of this is to over time with practice to drive down that cost. that is what happens with, what happened with commercial air travel. you have to start somewhere. you have to work hard getting it to be more efficient, more practical and less expensive. neil: all right. the guy who canceled out because

of the scheduling conflict, who could have a scheduling conflict that would rifle in importance going into space with you? did he have a dentist appointment? >> somebody who could afford $28 million for a flight could have that scheduling conflict, neil. neil: you're exactly right. it's a stupid question. if you don't mind, you've been waiting a long time for this day and everyone says that you're more up to this flight than any of those three folks around you. >> that is true. >> we can confirm that. we can confirm that. neil: you know, just thinking, you're to be among the first women in space. that program was shelved. was the wait worth it? >> well, yes,. no i was disappointed in 40 years of it, but now i'm going up with the best team ever.

and, we're going to show the world what can be done in space, how we can act, think, how we bring things back to people. >> wally, back in the early '60s, when wally was in the mercury 13, she went through all the tests. she outperformed all of the men. we can confirm in our training here, that she is still outperforming all of the men. she can out run all of us. she is a role model for resilience and grit. she is incredible. we love her. neil: congratulations to all of you. you know, mark, you're the brother. your brother came to you i want to go up in space with you. did you ever think for even a nanosecond, you know have a couple more flights before i consider that? >> no, that didn't occur to me. i think part of was he was going to. if he was just sending me i

might have been concerned. if he was going, i was incredibly excited. you know, it is such an honor to be there to represent our mom and dad, our sister christina and support jeff in the realization of a lifelong dream. we have had a lot a lot of adves together. i can't wait for the next one. >> mark has been a part of the blue origin team from the very beginning. he has been a big contributor and a big contributor my whole life. i couldn't have a better person to fly with me. thank you, brother. neil: that is beautiful. thank you, guys. best of luck tomorrow. godspeed. >> thank you, neil. >> thank you very much. neil: all right, to put this in perspective demand for this private flight, i should let you know that jeff bezos had 7600 bids. that was as of yesterday. 7600 bids from people from all over the world, 159 countries.

remember these bids requiring ponying up $28 million. there are lot of people who want the money and can do it. they can say even after the fact, i have a scheduling conflict. i have to see the dentist. it is surreal. it's a different time. clayton anderson joins us, former nasa astronaut. clayton, big demand for this, what do they, what do they get, you have been in space, you know it so well, the brief few minutes seeing the arc of the earth, blackness of space, beautiful blue earth below, it is a short time to see it but a memorable sight, isn't it? >> absolutely, neil. great to see you. my bid only fell $27,999,000 short. neil: they recognized your nameplate. wait a minute. he is already an established astronaut. what do you think of this? >> i think it is interesting.

i wish them the best. i'm excited for them as well. i wish them godspeed. i was kind of surprised branson went up, nobody had a camera in their hand. to look out the window, sigh our planet, in all that glory, it is absolutely beautiful, it will fuse some images into your brain but sometimes for a guy with a small brain like me, taking photographs help me to remember a little better. so, when i first saw the earth it took my breath away. it was a ah, i think they will experience that multiple times. neil: you know, by the way if you have a small brain young man, then mine is a pea. having said that, clayton, i don't want to get macabre about this, there has been a 1% fatality rate in u.s. manned space travel and that is still very, very low but it is

1/10,000th of fatalities associated with regular airplane travel. do you ever worry that we get ahead of ourselves, we get cavalier about it? i'm not saying richard branson or elon musk or even jeff bezos take this lightly. clearly they don't. in bezos case he has been working on this 20 years but people watching at home think this is taking a jetblue flight to boston? >> yeah. that is the tough part for me. the 18-year-old, i think back to when i was 18, i don't know, he ought to have a little anxiety when he goes up tomorrow. actually they all should have a little anxiety. i did. i wasn't scared but i had anxiety. it is one of those things where you have the risk seems small but we don't know all of the things that can bite us and that is the concern. the more we do this, the more people get the opportunity to go

and see our planet, that is all great but the more you do it, then the more, potential comes for something to go awry. obviously none of us want that. if you think back when alan shepherd did this for the very first time, the good thing for blue origin, when alan did we never done it before. we had never done any of this before. neil: right. >> those guys are able to piggyback on all we have learned since 1961. yeah, he has a great team i'm sure. i take issue with the fact where they said they think it is the best ever. i would argue that. the nasa was the best ever. neil: i hear you. we would like to ask you it's a suborbital flight, like alan shepherd, suborbital, virgil grissom came after him and john glenn with orbital flight. the elon musk says his rockets

have power to handle orbital flights but send astronauts to the international space station. next wave says jeff bezos the wave of glenn rockets named after john glenn will be able to do that. a crowded of frontier billionaires to do this. too crowded or not enough do you think? >> a crowded with billionaire money and billionaire flights that is probably a good thing. commercial spaceflight i think is a positive for everyone. we talked about this before, if everyone in the planet spend a few days in space and spend a few weeks in a third world country all our perspectives of life on earth would change i think for the better. so while there is a little bit of hesitation for me in all of this i think ultimately it's good. i think it is just like the wright brothers in 1903 and the ability we have to do with airplanes today. i have no idea how long it will take to drive that cost down but

right now, that is a pretty steep cost. neil: you know, i joked with you before, you have always been a gentleman about it, clayton, all you went through, the quality education, the training, the years of all of that, you know these guys are just walking on to this thing. they don't have to do anything. the one thing i admire about it, not a single day of train something necessary. you don't have to go through any of that rigmarole you went through. do you ever chafe at that, say, gosh, i don't know? >> well, when they can pein their diaper lying on their back, then we can talk. neil: that, my friend is profound. clayton anderson, former nasa astronaut. very good read. i like his insight. space, third world country, you see life a little differently. that all happens tomorrow. they kick off tomorrow. it is an 8:00 a.m. launch and we'll see it done in about 11

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neil: this market selloff continues right now, accelerating appreciably now, down almost 1000 points. this is really just the delta variant. the spikes in cases of the virus scaring these guys. charlie gasparino following it very, very closely. charlie, what do you have? >> there is a lot of stuff going on wall street right now. the delta variant. there is also worries about the market actually being overpriced so people look for reasons to sell but the delta variant is clearly something worrying wall street. i spent the morning, i don't

want to turn this into clickbait because i can report it like wall street is considering, delaying reopenings, lead with that, and make that the lead but that is not really the lead. the lead if i'm going to be intellectually honest here, but there is a story here, wall street has no plans to change as of now. i have talked to people at the big banks, morgan stanley, goldman sachs, jpmorgan, they're still reopening according to plan. morgan stanley reopening after labor day. goldman sachs, jpmorgan, particularly in new york bringing people back in the office sooner. other banks doing similar stuff, variations of the sort but here is where this thing getting interesting, when you really push him on it, these are people, senior executives at the firms, they also say they are closely monitoring the spread of the delta variant. none of them, not one of them i spoke to today would rule out a delay of the reopening or telling people to work from home more or, you know, play it by ear. this is fascinating.

wall street is worried about the delta variant. they are monitoring it closely. talking to securities regulators bit. waiting for guidance of the cdc. people think that wall street was going to reopen this summer, it may, there is a chance it might not. i think we'll have to see what goes on with this variant, how deadly it is, do the hospitals in new york city particularly get overrun, tell you from personal experience. icu at brooklyn hospital, it is not being over run right now, there is people worried but there is not the fear factor right now. i will say one other thing, i asked my brother this directly, when you have covid patients coming into the hospital or into the icu, into the emergency room, into the hospital, what is the common characteristic? the common characteristic they have not been vaccinated. neil, back to you. neil: absolutely. 99% plus of the cases that we're getting. remind folks here, your brother is a doctor.

he is the smart brother, right? >> you know, intelligence runs in the family, neil. [laughter] neil: all right my fellow astronaut, thank you very much. a lot of you said, can you get a two-fer, you and charlie? i will get in touch with bases to work something out. the dow down 917 points. all the skiddishness of the unknown. not the space unknown but the virus unknown. ♪. our responsibility to always put clients first. (other money manager) so you do it because you have to? (naj) no, we do it because it's the right thing to do. we help clients enjoy a comfortable retirement. (other money manager) sounds like a big responsibility. (naj) one that we don't take lightly. it's why our fees are structured so we do better when our clients do better. fisher investments is clearly different.

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and inflates and deflates in seconds. check it out at aerotrainer.com. that's a-e-r-o trainer.com. ♪. lauren: welcome back to "cavuto: coast to coast." i'm lauren simonetti. it is biden versus zuckerberg. the white house unsatisfied with how facebook handles vaccine misinformation. they put the u.s. surgeon general murphy on the sunday talk shows to crow about it. >> i appreciate they're taking steps. i am clearly saying that is not enough. intention is good. but at end of the day it doesn't save a life of somebody misled by misinformation on the sites, who didn't get vaccinated and got sick and lost a their life as a result. lauren: facebook said point the finger at yourself. writing in part, biden's goal was 70% of americans to be

vaccinated by july 4th. it continues. facebook is not the reason this goal was missed. it is more effective than the white house. more than 3 million americans used its vaccine finder. but, a big but, 161 million people are vaccinated or 60.8% of americans over the age of 12. facebook has fact-checkers of millions of worldwide and artificial intelligence to spot information and reduce its distribution so fewer people can actually see it but who are these fact-checkers exactly? some publications have been fact checked themselves and have gotten warning layings get links to the world health organization or non-profits say they have no political affiliation which isn't as you the case. we reach you had out to facebook who is making these calls. we also asked them if they tweaked their algorithms.

algos provoke user engagement which advertisers reward so are they biting the hand that feeds them? we yet to hear back from facebook. neil: that is a very good point, lauren. to kate it jaw cast constitutionnal law attorney. should facebook be worried? >> the fact that something administration is taking should be on their shoulders versus platforms which allow third party users to share their positions. i think facebook has gone pretty far silencing viewpoints. i'm not sure how much further the administration would like them to go. i think they made their case they tried the best to get the information out there. a lot of this stuff will continue. that we live in a free country. free speech has to exist at some level. neil: the administration is saying that free speech is jeopardizing lives when all of a sudden they're saying, you know, all the stuff about vaccines and

you don't need this, et cetera and the administration says you, facebook have the obligation to weed that out but that is a slippery slope, isn't it? >> it is absolutely a slippery slope. there are laws that protect facebook from liability by third party users comments. perhaps that is part of what could be condered on the legal side. this is really more of a political question and about the administration not taking responsibility for persuading americans to get vaccinated if that is what they're going to say facebook is responsible for. facebook taken significant steps we've seen to combat what they term as misinformation. they also deplatformed individuals as we all know. there is a question how far the government is asking the president of the company is to go when the responsibility does not lie with them. neil: katie, thank you, katie cherkasky, constitutional law attorney. it is going back to the virus

thing whether it is spiking globally. overall cases are very, very low but the spike from virtually nothing to something that hassling building. ♪ ♪♪ ♪♪ you

♪♪ neil: all right. the selloff ensues right now. the dow down about 850 points,

just touched a 1,000-point decline just a few minutes ago, and everything is upside down on the spike in virus cases that has many repositioning their bets on how an economically-sensitive pandemic post return returns possibly to what we were trying to get out of in the first place. gary kaltbaum filed this note that some of the pandemic plays during the covid spike is are finding some attraction like peloton, roku, moderna, etc. others that had been betting on the turn around like the airlines, the cruise stocks and all the rest, they're the ones taking it on the chin as the market begins to think maybe we should recalculate here. we've got david nicholas joining us, gary b. smith if, fox news contributor. so, gary, everything's reversed today. for how long?

>> maybe pretty long. you know, neil, it's unusual to see a drop of this magnitude be cured in a day or so. i, you know, to me, we were up, what, almost 50% from the 2020 lows. it would not be surprising to me if we sank back to 29, 30,000 on the dow. in fact, that would look kind of normal to me after that huge runup. you can blame it on covid, the delta variant, the reaction to the dell -- delta variant, the fact that we got oversold, pick your poison. but i think a pullback -- so what would that be, another 10% or so, would not be unexpected. neil: what do you think, david, when looking at this? >> i think it's interesting to look at the divergence between the dow and the nasdaq. if you look at the names, the

nasdaq is holding up relatively well to the dow. the dow is going to be most exposed to some of the roping names -- reopening names. we're getting a lot of conflicting signals. is it a covid day, is it a reopening day? well, if there's inflation, rates should be heading higher. well, guess what? the 10-year continues to drop. i think until we get some leadership or a consensus for the market, i agree, i think we're going to be in the volatility range-bound at least for the next couple of weeks. so i think if you're patient, it's a good opportunity to buy names, i'm just not sure that day is today. neil: well, you're right, the dow down about 2.5%, the nasdaq down 1.25%. it is interesting following what the bond market is doing. it's one thing to say they're not worried about inflation, that seems clear, but maybe they're telegraphing something

worse like a slowdown or a complete reversal. where are you on this? >> yeah. well, look, it's interesting that, you know, both you and david talked about inflation. i didn't even mention that. of course, if we did not have this, you know, delta variant scare, the covid concerns, i would have blamed this on inflation. i think that's fair. i think you're absolutely right though, i think no matter what we have, we have to see a slowdown maybe not so much in the economy, but the growth of the stock market, if you will. and i know that often times, you know, one is really not reflective of the other. i think that the market, honestly, the stock market got ahead of where the economy was, and and i think even if we slow down a little bit on the economic growth which i think we will, then, you know, stocks are going to follow in probably even greater magnitude. neil: all right. don't wander too far, guys, because i want to pick your

brains on some of the broader market averages. as you indicated, both of you, not doing, to the point. but the president did speak out on all of this a few minutes ago. he doesn't obsessed over the markets which is why he talked about how well we're doing as the markets are tanking, but that as it may, he's confident it's short-lived. >> -- experienced the highest economic growth rate in nearly 40 years. and we know -- and now we knew that we needed -- get americans vaccinated. we did both those things. and now the forecasters have doubled the projections for growth this year in the economy to 7% or higher. neil: all right. put that in perspective, of course. we're coming to a very low level, 7, 8, even 9%. is it really that impressive when you consider you're coming

from virtually nothing happening? the further we go along and, again, like-minded -- that gets to be a tougher sell to make. art laffer, former reagan economist, many other powerful players. by the way, supporter of bill clinton, his tax cuts and some of the things he did. so art calls them as he sees them. always good to see you, art. the president is saying i'm optimistic we're going to get big numbers. i think he's right about that but only because the prior numbers were so awful. but how do you see this going out the rest of the year into next year? >> yeah. well, the thing that surprises me about the president on this, neil, is that he is accurate, but he's not correct. i mean, we had this huge drop because of covid, and a lot of the growth that he's touting as the best in 40 years is just the catch-up from opening up after covid which is accurate, i mean, he's correct, there's nothing wrong with his numbers, it's just not, it's just not reflective of what is happening.

we're just trying to catch back up to where we were. one of the things that i think has been missing in all of these to discussions is the stock market today is about the highest level it's been relative to gdp. now, i'm using the s&p 500, relative to gdp than it's been in the entire postwar period. so it's way above where it was let's say in 2008, some 30, 40% higher relatively speaking. so we have bad policies coming in, ask we have a very high stock market. and all of that, to me, bodes ill for the future of the market and the economy. neil: i'm just wondering too if this is really driven at its core, you and i talked about this a lot, art, by the covid, and now a statement out of the cdc raising its warning for those who want to travel to the united kingdom to a level four, this despite as the brits are not going through with further if restrictions. in fact, they're continuing easing up on them.

some interpreted that as sort of endangering that recovery. but what do you think of that, that now this is front and center? if these spikes in cases, i've been urging viewers to step back and look at the spikes. that's one thing percentage wise, but overall cases particularly in this country are very, very low k and of these new cases and hospitalizations which are extremely low, fully 99% of them are those who have not been vaccinated. i'm wondering if we are overreacting. what do you think? >> yeah, i think we are overreacting if this is the cause of the market. we are overreacting. we are overreacting with regard to policies as with well. you know, it's not just not vaccinated, neil. there are a lot of those people who have already had it and have antibodies, and there are a large number of them out there as well. you should have the vaccinated plus those who had it before which leaves us with a much smaller share of the population that's really unadvantage say --

vaccinated. we've done a great job in this country, and biden too has done a great job extending it, pushing it, and that's great. and i don't think there's any reason why this would be the cause of a market selloff and especially as serious as this appears to be starting to be. i think we got way too high prices and we haven't built in any of the biden agenda into those numbers. and once we do that, we're never going to catch up again to where we were, number one. and number two, with all the stimulus spending, all the taxes, all this regulation stuff, we're going to have much slower growth going forward, and that just doesn't justify a stock market as high as it is. it just doesn't. neil: over the weekend "the washington post" gave the administration four pinocchios for putting this inflationary spike on the president. i get that any rebound from a parked car is going to incite this kind of activity.

but they went on to say that six months into his presidency, you can't be looking at some of these other spikes. i think they were talking about grocery store prices without saying it on a president who, you know, is only a half a year in office. what do you think of that? >> well, i think four pinocchios is probably a little large for that -- [laughter] but there has been a spike in prices, and, you know, that's -- what they're arguing is these are temporary spikes in prices which makes some sense. they're coming from the very lows to of the original covid period where prices dropped and all of that so they look large. and if you look at it and interest rates and gold prices and if you look at the dollar and the foreign exchanges, there's no sign yet of a major inflationary period. but to say that prices haven't risen or are not rising or that you're a pinocchio for saying that, that's ridiculous. i don't know whether inflation's going to hit or not to, but to

say that prices have not risen is pretty bad. neil: well, i think what they are saying is this boom isn't on the president. i thought that was a little naive because, you know, markets respond in real time to pressures, and the markets do the bidding of all of this stuff. so that's -- could i get you real quickly on if this really continues, art, the last time we had a serious case of inflation, of course, the paul volcker situation where he would raise interest rates, what, a full percentage point at a time. and that did the trick. i mean -- [laughter] killed the economy for a while, but it did wipe out inflation. of course, from there that combined with ronald reagan's tax cuts which you had a big part in, we were off to the races. are we at that point where if this accelerates, the fed will have to do something, quit waiting around for this to sort of settle down? >> i don't know what the fed would do to stop this from continuing, neil. i don't know what the tools are. what paul volcker did was he

contracted the monetary base which allowed the money supply, and we had, quote-unquote, tight money. and with reagan's tax cuts, we had an increase in the supply of goods and services. and if we have less money and more goods, that's going to start controlling inflation. that's exactly what we did back then. by the way, you were a young pup back then, but that's what we did to bring things under control. they don't have these tools now. they're not lowering tax rates, and the fed has no constraints whatsoever on its operations. so i don't see anything in the policy mix that would cause inflation to stop if it were to ever start really and truly. i just don't see it. now, there is one other indicator that indicates inflation is rising a little bit. if you take the 10-year bond yield and you subtract out the tips yield, you get the expected inflation. and that has been rising somewhat over the recent past. so it's not as though there's no indicators of inflation, but the true ones, test rates, gold,

dollar, foreign exchanges, they haven't shown it yet, but there is some in measured prices, clearly. neil: i wish i was a young pup. it was my first big story, covering that finish. >> i remember that. neil: ronald reagan -- >> and where were you back then? i forget, you were at cnn or somewhere. you were at a different station. i'm not allowed to mention that -- neil: oh, no, that's fine. you were a handsome young man then, you're a handsome man today who has not aged. you know, i remember that like yesterday. [laughter] where did that time go? when i tell my kids this, they just say, really, dad? really? art, it's always good seeing you. >> my great grandkids tell me that. neil: yeah, really. i can't even relate. some of the other stuff they tell me. art, thank you very much. again, inflation is in the eye of the beholder. you hear about treasury yields, bonds, all of that. bottom line, there's all sorts

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neil: all right. here's a fox alert for you. a hack attack not with fingerprints on -- russian fingerprints on it, but chinese ones. the u.s. is blaming the chinese for a microsoft e-mail hack earlier this year, to say nothing about communications with scores of companies. edward lawrence has more on what we're thinking about doing right now. >> reporter: thinking about and talking about what we're doing right now. the united states as well as the united kingdom, european union, canada, australia, new zealand, nato all today calling out the chinese for what they call irresponsible and destabilizing behavior online. now, these were through cyber criminals as well as cyber attacks. the u.s. saying specifically the chinese are targeting within the u.s. military, universities and critical infrastructure among other things. a senior administration official telling us the hacking is originating from the chinese ministry of state security.

now, here's the president on why the chinese were not sanctioned in this, just an advisory, while russia was sanctioned last april for a malicious cyber activity, listen. >> to the best of my knowledge, and i'm getting a detailed report tomorrow morning on this, my understanding is that the chinese government -- not unlike the russian government -- is not doing this themselves, but are protecting those who are doing it and maybe even accommodating them being able to do it. that may be the difference. >> reporter: he does say state sponsors. the purpose of this announcement is for businesses and universities to step up monitoring. these are the mitigation steps that cyber officials in the administration want to be taken. first, patch systems and equip them properly. second, ebb hasn't monitoring of network traffic, and finally, use protections in software to stop malicious code. that's by getting the best, most up-to-date antivirus software for systems. the u.s. says taking these steps

while publicly calling out the chinese. one senior administration official says they still have not said officially the last ransomware was connected to the government. they did sanction moscow for online actions during the last election, so white house officials are now saying they will continue to monitor russia while pointing out that the president did put russian president vladimir putin on notice when he last talked with him. again, the chinese are being called out today, the russians were sanctioned and are now being monitored. back to you. neil: edward lawrence at the white house, thank you very much. so that the you've got russia, potentially china, we know iran has done this a few times. to neil jaffer, ironinnocent senior vice president -- easternnet senior vice president. what do we do?

we have a pretty good hunch, you know, china's fingerprints are on this, we've talked about russia and iran in the past, it's a growing field of players. what do we do? >> well, look, i think there's two pieces to this. there's the defensive side and the offensive side. on the defensive side, you know, we've talked about this for years, and the information identified a year ago in the report, they said, look, you can't just do this one company at a time. it's got to be companies with other companies, industries with industries and, frankly, the government should be coming closer together, and more than that collaborating, actually taking action and saying, hey, here's what i did. you should do the same that way we're not defending against every single thing, we can divide and conquer -- neil: but on that though, i'veed asked you this before, if they're not listening to reason and and we're trying to get to the source of this, if you're to going to hack anything, at least leave 16 industries a alone,

that aside, they're not playing nice. so why don't we play their game? you know, we're a pretty sophisticated country technologically. just hack back at them. >> we have been doing some of that. part of the reason it's not working as effectively as it might is the hack-backs haven't been deterrents. we haven't done enough aggressively whether cyber or otherwise to really deter the behavior. one, we've got to get tougher on them. number two, if you do x, y and z, i'm going to do a, b and c to you, and then we actually have to do it. the problem is until you punch the bully on the playground in the face, they're not going to learn their lesson. and we've done this over and over with the russiansnd the chinese, they're not getting the message. the biden administration says, hey, we'll do this at a time of our choosing and you've got to hit 'em back. neil: all right. are you convinced that china is behind the latest wave though?

>> yeah, look, i do i think china's definitely involved in this microsoft exchange hack. microsoft and other organizations have already attributed this attack to the chinese. so now we know it's definitely the chinese. we knew solarwinds was the russians and just like we knew -- look, what happens is they're using proxies, using criminals. president biden's right, they didn't do it directly. but when you know something's happening in your up country or you encourage it to happen, we've got to push back. neil: well said. we appreciate that. following another development a little closer to our country right now, and that is cuba. the protests continue there and those in southern florida who are itching to help out. the latest right now from phil keating in miami. hey, phil. >> reporter: hi, neil. yeah, it was a big weekend of protests over the communist cuban situation not only here in south florida and in particular little havana, but also in the nation's capital.

as for what's happening in cuba, due to the internet government -- or the government's internet blackout and social media blackout as well, it's very hard to learn or discern whether any protests continue to happen on a daily basis on the streets in cuba as they did eight days ago. however, some social media postings are suggesting that they are as well as dozens upon dozens of new arrests each day. on saturday in downtown miami near the freedom tower, thousands showed up demanding freedom for cuba after nearly 60 years of true freedom being absent. this was the largest anti-communist cuba protest in the whole eight days. the local cuban-americans have been demonstrating for the past eight unites, all of this starting two sundays ago when tens of thousands of cubans took to the streets across the island demanding change, e placing the -- replacing the cuban regime and local miami political

leaders are demanding the biden administration do something more than it's done which is talk. >> -- the president to continue to up the ante. all options have to be on the table. all options have to be on the table. >> reporter: in washington on saturday a hundred or so protested outside cuban embassy in d.c. that included many from miami who bussed themselves in. over the weekend south florida congressman mario diaz-balart dismissed suggestions that the cuba unrest has anything to do with the food shortages and chronic poverty. >> nothing to do with lack of medicine or electricity. this has everything to do with lack of freedom, with repression, with the communist system where there have been no elections, no freedom for 62 years. >> reporter: and he's also calling for the biden administration to organize with the united nations as well as the organization of american statements which handles -- states which handles a lot of

the cuban countries -- or a lot of the latin countries in latin america to try to get them to do something, something that has never been done for the past 50 years while the communists have remained firmly entrenched. meehl? neil: yeah, like you said, easier said than done. thank you, my friend, very much. phil keating in miami. all right, a couple of things i was noticing about jeff bezos, right? it's been taking years, 20 years to get straight -- you're pissing away a lot of money on this, and there's no return on investment. you're probably thinking i'm talking about blue origin space program. actually talking about when he took on amazon. they said the exact same thing. are you going to bet against this guy? just asking. ♪ then i saw her face, now i'm a believer. ♪ not a trace of doubt in my mind. ♪ i'm in love, i'm a believer, i

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♪ neil: this is the first one with human beings. are you a tad anxious? >> neil, i'm not. i am excited but not anxious. we'll see how i feel, you know, when i'm strapped into my seat, you know? i'm very excited. ready. the vehicle's ready, this team is amazing. i feel very good about it, and i think my fellow crew mates feel good about it too. neil: you know, elon musk retweeted a meme about your space flight making fun of you for only touching the edge of space. he also reminds folks that his rockets can orbit the earth at 17,000 miles per hour, yours can't, not quite, 2300 miles per hour. is it just a little competitive jousting back and forth?

what'd you make of that? >> well, it's cracks -- what we're doing and what blue origin's doing with the new shepherd vehicle is what alan shepherd did, the first american in space. it's called a suborbital space flight. we're also doing a vehicle to do that, it's called the new glenn after john glenn. but this is a tourism mission, and it's very important because it lets us practice, and it will let more people get up into space. neil: you know, it's interesting that a lot of people are saying that jeff bezos said what he's doing with blue origin, that he's late to the party. what if i told you he was actually the first to the private space party? this was 21 years ago, so before musk and branson. and then i started thinking to myself, wait ament minute, wasn't that the same -- wait a minute, wasn't that is the same series of doubters and naysayers when he started amazon? they said, welsh there was kmart

and walmart who were already pursuing this market that, you know, online, that would never if amount to much anyway. didn't he become the world's richest man going against that tide and the same critics who said you're spending way, way, way too much and it's not going to get you anything, he started a making money, then he became the richest man on the planet worth more than $200 billion because he refused to listen to them and the naysayers? maybe it's just me, but ooh i'm seeing something very similar in the, pardon the pun, trajectory here. what to make of that with david nicholas and gary b. smith. gary, i remember all those doubters in the early days of amazon, particularly how he plowed so much money back into the organization and wasn't making a profit. actually until quite recently, if you think about it. and everyone criticized him along every step of the way. kind of similar here. what do you think? >> exactly.

i think here's the difference between bezos and myself, he's a visionary, and i -- [laughter] sadly am not. [laughter] when i first heard about amazon, i thought, oh, okay, they're going to sell books, you know? big deal. what's there? i couldn't see any kind of online. i'm not sure a lot of other people did either. neil: right. >> and so when i got the topic for today, i'm like, oh, yeah, space flight, what could possibly be there. it sounds like a vanity project, but it's a $420 billion industry. i did not realize that. there's 185,000 people employed. he apparently sees something there that maybe you too, but i surely do not see. and i don't want to bet against him at this point. neil: yeah. and i hate to sort of brag about this to say i had any prescience

here, but years ago when i realized i could do this online and never step in a mall again and pay more for the privilege -- and in those days you did -- that i thought it was a great concept. that's only because i'm lazy and i don't like to shop. but, david, the one thing i also notice, and this is what all three of these billionaires have in common. i'd extend that to richard branson, elon musk, they're dismissed and ridiculed by the same people who were eating crow now. there's a commonality in that. i just wonder what you make of it. >> yeah, no question, neil. the ingenuity's been amazing. and i'll tell you, really it's a -- when you look at the free markets, it's a win for free markets. it's a win for risk taking. it's a win for human ingenuity. if you look at our short hawaii in the country, there's --

history as a country, we saw what vanderbilt did with railroads, rockefellers with oil, jy.p. morgan with electricity, henry ford with the automobiles, the production line, all of this happened in a 50-year time spanker and it revolutionized -- span, and it revolutionized technology. so i think a lot of people like to point fingers, like to attack, but i'll tell you, it's the ingenuity and the risk taking of someone like jeff bezos that is literally transforming the world right in front of us. my money's on you as the first reporter in space. i just want you to send me a postcard or something -- [laughter] neil: well, there are many volunteering me. guys, i want to thank you. i apologize for the truncated time. the one thing i've discovered in many decades of doing this boring job, the power of positive thinking. each one of these gentlemen just don't hear the word can't or no

or not or are you kidding? i just added the are you kidding. they just do their own thing. they've become billionaires many times over trusting their gut than any wall street analyst. we'll have more after this. the best price on every trade, which saved investors over $1.5 billion last year. that's decision tech. only from fidelity.

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♪♪ neil: all right. there's crime and then there's an incident like we saw at the nationals park in washington, d.c. over the weekend where there was a whole lot of shooting going on outside, and they still can't identify who was doing the shooting. the very latest right now from david spunt in washington d.c. david, what are we learning? >> reporter: yeah, hi, neil. authorities still looking for a suspect in this case. they put out a picture of two cars. there's also a $10,000 reward for information, and detectives are hoping people give

information. this happened in the sixth inning, neil, saturday nightment there were tens of thousands of people, many families, young kids inside just enjoying their time during the baseball game between the washington nationals and the san diego pad if race when these shots -- padres, when these shots rang out. many people running to hide behind their seats, also in the dugouts just to make sure they were safe. several people were injured, three specifically outside. the good news, they're expected to be okay. neil, this shooting in southeast d.c. came just one day after little naya courtney was shot and killed about 3 miles from where i'm standing in another drive-by shooting. neil, she was just 6 years old. this morning her grandmother talked about the shooting and the fact that naya was shot and killed while police were on scene. they showed up quickly after the first of several shots were fired. >> they were bold enough to do it while the police were present. and i feel like if they have --

to do that, why not get out of the vehicle and walk up and get the person that you're trying to get instead of shooting into a crowd with children in it. >> reporter: also not far from where i'm standing, an uber eats drive was killed in march after a carjacking. authorities say two teen girls aged 13 and 15 pulled it off. they're both in jail right now and will be there until they're 21 years old. the d.c. police union tracks numbers recorded in 100 homicides this month, the last time they hit a number this high early this time in the year 2003. there have been more than 200 carjackings and 386 police officers have left the scene -- or have left the force, i should say, since last year, june 2020. they say that about 175 of them have resigned, the rest of them have retired.

there's a tense battle in washington, d.c. between the actual city officials, the city council and the police union. the police union, they say that they are hamstrung by some of these policies being put in with how they can pursue suspects and how they can question suspects. that is also a tense, tense battle here in washington. neil? neil: david spunt, thank you. in the meantime, once burnt, twice shy for a lot of wineries in california ever since the real severe wildfires that destroyed so many a few years ago. good luck finding insurance right now as they face maybe wildfires that could be even more damaging. the very latest from lydia hu in napa valley, california, with more. lydia. >> reporter: hey, neil if. we are at a vineyard where this particular winery used to pay about $200,000 to insure all of it property and equipment. now it's paying about $800,000 for only 20% of that same

coverage. a major wildfire torched this area last year just next to the grapevines, that that fire destroyed about 6,000 vines that would have produced about a million dollars worth of wine. the total estimated claims from all the california wildfires for the wineries is believed to be around $3.7 billion last year, so this winery says they're relieved to have any insurance coverage for this year. >> you start to get very nervous, a lot of sleepless nights. one of the other things that is incumbent in those discussions is talking with lenders, you know? wineries, it's a capital-intensive business that a lot of the wineries all have very significant levels of debt. it's really not giving the winery owners any protection. all it's really doing is protecting the banks' interest. >> reporter: the napa county farm bureau includes roughly a

thousand members. they say, neil, more than 800 of them have been denied insurance coverage for fires this year, and now that comes at a time this a it's not a matter of if wildfires return are, but a question of when. neil. neil: yeah. they do have a habit of happening again and again. lydia hu, thank you very, very much. and you heard this again and again, a deal at hand on infrastructure maybe, on that human infrastructure package maybe not, but next week could be a very busy week. we're on top of it after this. ♪ ♪ ♪ as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold.

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so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours. ♪ neil: all right, jeff bezos is shooting for the stars. you might just say so is chuck schumer in a different sense with a timeline to get infrastructure done and maybe all set up then week. that might be an aggressive timeline. connell mcshane following it very closely. connell, what does he want to do here? >> reporter: well, he's running it on two different tracks, neil, which is kind of

interesting, and to your point, this is an aggressive time for the senate democrats. potentially a bipartsan infrastructure bill, and leader schumer wants to file cloture today on a motion that would set up a procedural vote for wednesday, and that's the big today we're looking at, wednesday. he's also set a wednesday deadline for democrats to agree on their $3.5 trillion budget bill. that's the big one. on "fox news sunday," louisiana senator bill cassidy is actually one of the republicans who's negotiating on infrastructure. he was asked if you can, indeed, separate the two. >> absolutely. because the $1.2 trillion infrastructure is over a 5-8 years depending on what what aspect. the american people universally want it. the spending's somewhat on the back end. it won't worsen inflation, it'll create jobs. that is very different than what is being offered with the $3.5

trillion. >> reporter: yeah, that 3.5 trillion, yeah a that's the big one expected to include medicare expansion, paid family medical leave, expansion of an already-expanded child tax credit, a number of climate change proposals as well. republicans are worried that would just lead to runaway inflation. so the democrats know they don't have support for that. they know they have to go it alone on that particular part. so so the democratic moderates are the ones to watch yet again, joe manchin from west virginia, kristin sin ma from arizona -- kyrsten sinema from arizona. we'll watch the infrastructure talks, they really are bipartisan, 11 democrats, 11 republicans. but already there was a significant bump in the road over the last few days in terms of how they want to pay for all of this. they'd been talking about giving more power to the irs to collect taxes that are owed but haven't been paid yet, but the republicans don't like the idea of making the irs more powerful, so that's out. now it's anybody's guess as to

whether the wednesday deadlines are met and even if they are, what would happen next at this point. we'll follow it throughout the week. neil: all right, connell. thank you, connell mcshane, on all of that. a bit of an alert for you here, i'm not talking about the dow jones industrial, look at the price of oil right now. i checked it was down more than 7%. right now the big issue seems to be whether opec is just sort of losing ground here, and that despite operating about 400,000 extra gallons of oil to the market a day and concerns that it might be too little too late here. andy joins us now, very good to see you. interesting a reaction,s i get it. supply, demand, you make more supply maybe in the same demand content will fall off, but this seems precipitous. what do you make of it? >> well, i think two things are happening. first, as you mentioned, opec

has agreed to increase their oil production by 400,000 barrels a day, but they're going to do this over the next 4 months and completely -- 14 months and complete wily restore the 5.8 million barrel withs a day that hay had cut -- that they had cut due to the pandemic. that's at the same time that we're seeing worries from the. demand side of the equation from the dell v.a. variant. and we see this especially happening in countries like australia, korea and now with the tokyo olympics, so the market is quite worried that while today is market is quite tight on crude oil supply, as we move forward over the next couple of months it gets looser into an oversupply situation. and as a result, prices are falling. neil: so in other words, if we start heading back indoors or, you know, restrictions are put on, any of that stuff, the fear is that we're kind of going backwards, and that means back to the time when to oil demand wasn't merely so robust. >> well, that's exactly right.

and we can see this really shape ising up on international travel -- shaping up on international travel where the business traveler and the number of flights that are going overseas are still constrained. and, of course, that constrains jet fuel. on the other hand, the higher oil prices have resulted in drilling rates being returned to the permian basin and elsewhere, and according to baker hughes, drilling accounted more than double compared to a year ago which is going to add supply here in the united states. neil: andy, what does it mean for gas prices? they've been sub bornly -- stubbornly high. >> well, they certainly have. the national average is about $3.17 a gallon, but now with today's selloff, there are some relief in sight of about 10-12 cents a gallon. given that gasoline demand is going to be robust over the balance are of the summer, i expect the national average to still be about $3 a gallon by

the end of labor day. neil: all right. a little more haul of this. all right, andy, great to talk to you. uncanny read of these crazy markets. the dow right now down almost 900 points. stay with us. x it? ten-x is the world's largest online commercial real estate exchange. if i could, i'd ten-x everything. like a coffee run... don't just sell it. ten-x it. this isn't just freight. these aren't just shipments. they're promises. promises of all shapes and sizes. each with a time and a place they've been promised to be. a promise is everything to old dominion, because it means everything to you. . .

so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat, all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours. ♪

♪. neil: you know a lot of you have been emailing about the jeff bezos interview and wanted to know about the guy who canceled out because he had a conflict on his schedule.

he paid close to $30 million for the honor. that is where the 18-year-old kid came in. his dad part of a big european capitalist firm. he plunged down money. we don't know how much money. he put his son in that area. like me a lot of you are wondering how can you see a conflict of your schedule after plunking down almost $30 million. is it a dentist appointment, doctor's appointment? we don't know. charles payne would never do that but this guy did. charles. charles: that was a fantastic interview with jeff bezos and crew. i sense you may want to take one of the next trips up, my man. neil: your viewers, are telling me i should, my friend. thank them for writing. charles: thanks thanks a lot, n. good afternoon, i'm charles payne. this is "making money." i talked about it for a couple