because venus has an extremely dense atmosphere, and that affects its rotation. didn't you say the earth, lauren? was that your guess? >> oh, i just picked any number, but, yes, it was. i owned up to that. stuart: i just lost audio -- [laughter] >> why wasn't your ray us in up there as a funny selection? [laughter] stuart: fortunately, my time is up, but, neil, it's all yours now, lad. neil: look at the time. [laughter] thanks, guys, very, very much we are focusing on things here on earth and this whole virus that's spread right now, but there's a back and forth what to do about it and the spikes in cases. you've heard what's going on in los angeles county where masks are being required for those whether you've been vaccinated or not. it's spreading to places in massachusetts, a number of municipalities looking at doing the same thing. so a lot of folks who are vaccinated asking why did i get

vaccinated, a9 lot of those unvaccinated are wondering why should i get vaccinated. kind of an aggressive back and forth on all of this. jonathan serrie on how the cdc is handling this. talk about walking a tight rope, jonathan, what's going on? >> reporter: yeah, exactly. there are a lot of nerves that are frayed, so they want to be cautious. they want to follow the science, but they also want to employ policies that people are actually going the follow and not get frustrated over. federal health officials acknowledge that infection rates vary considerably from community to community, so instead of adopting this national mask policy, for now at least they're deferring to state and local governments to implement their own policies based on what's going there. here's a few examples of what's going on across the country. three san francisco bay area counties are urging private employers to require workers to be fully vaccinated. los angeles county is requiring

residents to resume wearing masks indoors regardless of whether they've been vaccinated. and in philadelphia indoor mask wearing for everyone is strongly recommended. and several large school districts including chicago and atlanta have announced they will require all students and staff to wear masks indoors. but in florida governor ron desantis says he'd be willing to call a special session of the legislature to block any efforts to mandate masks in public schools. >> we need our kids to be able to be kids. we need them to be able to breathe. it's terribly uncomfortable for them to do it. there's not very much science behind it. >> reporter: federal health officials say unvaccinated people account for 97% of those hospitalized with covid-19, and more than 99% of those who die from it. in alabama, which trails the nation in vaccination rates, governor kay ivy expressed frustration with those who continue to refuse the shot.

>> start blaming the unvaccinated folks, not the regular folks. >> reporter: so, neil, what is different from this summer versus last summer is that a lot of covid restrictions are relaxed. fewer people are wearing masks. and then you have this delta variant that is three times more transmissable. so if you're vaccinated, you can expect a high level of protection, but if you're unvaccinated, you truly are at risk of getting sick. neil? neil: jonathan serrie, thank you very much. a reminder, i'll be talking to dr. anthony fauci on this at 4 p.m. eastern on "your world." in the meantime, cornell medicine associate professor, doctor, thank you for coming. this is a raging debate all over

again, right? i mean, what to compel someone who hasn't been vaccinated, doctor, to get vaccinated if they fear they'll be lumped in with everybody else, required to wear a mask indoors and all the other restrictions that are popping up whether you've had the shot or not? what do you tell them? >> yeah, i spend a lot of time talking to people or who are vaccine hesitant, and what i tell them is once you're vaccinated, your life gets a lot easier. if you're exposed to somebody with covid, the cdc says you don't need to get tested, you don't need to get quarantined. once you're fully vaccinated, you can go about your normal life. then there's this question about masks that just came up. you know, all covid is local. i live in new york, there's very little covid right now. when i go out to dinner, i don't even think about wearing a mask. it's not part of the calculus for me. but at the same time. that i'm doing going about my life not wearing a mask, i recently told one of my family

members in florida who was going to church that maybe she should. you've always got to factor how much coronavirus is circulating in your community, and also you want to ask yourself how likely am i to breathe the air of somebody else who has covid. now, the important thing to note here is these vaccines are working. i see patients in the hospital, and the people who are coming in,ning they're not healthy people who are fully vaccinated. it's the unvaccinated that are running into trouble. i know that there are people on all sides of the political spectrum who have concerns about this, but i'm here to tell you these vaccines work. they work against the delta variant, and there is certainly no plan for the cdc to tell you you've got to start wearing a mask again. they're not about to make that recommendation. neil: if they don't, what do -- do you with fear this gets worse? i mean, a lot of the tracing that we've seen, doctor, and it's, you know, not universe isal or across the board shows that much of this has come from people in their homes or within,

you know, a tight nucleus, not just out on the street. so then what? >> yeah. i mean, what we're seeing from the modeling is that it's going to get worse in the next few weeks, that august is going to be tough and then, hopefully, turning the corner in september. some companies are thinking about should they delay having workers come back to the office in september. i don't think you need to do that. what you -- neil: do you believe that? >> no, i think that -- i advise a lot of companies, and i tell them you should have your employees come back in september is. but you want to encourage them to be vaccinated. the higher percentage of employees that are vaccinated, the more confident you can feel about bringing employees back to the office. so, no, i'm not recommending that. i'm not telling them they've got to wear masks in the office. if you are fully vaccinated, there is no mandate that you need to wear a mask. there are a couple of hot spots where hospitals are starting to feel the crunch, and you might see local leaders in those hot spots say, hey, we've gotted to

do this mask thing temporarily. -- got to do this mask thing temporarily. but at the top the cdc is saying that if you're fully vaccinated, you have a very, very low chance of getting sick, of dying, of transmitting the virus. these vaccines work including against the delta variant, and the message has remained consistent that we should go out and get vaccinated. neil: you know, doctor, i look at these data from countries where cases were and are spiking, one that caught my attention, in israel. before this variant got to be the problem it has become, israel reported that the pfizer vaccine was 97% effective. however, since june 6th with the delta variant now certainly circulating much more widely particularly there, the vaccine, the pfizer vaccine specifically, doctor, was found to be 64% effective in preventing the disease. now, 64% is still high, but it's not 97%. i guess what i'm saying is when

i talk to those who are leery of getting vaccinated for a variety of reasons, they will invariably point to stuff like this to say, i don't know, i don't know why i should be in a rush. what do you tell them? >> yeah, i think that what i try to do when i speak to somebody who's hesitant is i acknowledge the questions and the concerns they have. and often the information that they're dealing with is not the same information that i'm dealing with. when we step back from this and look back a year ago when we started working on the vaccines, we would have been delighted with a vaccine that was 64% effective against covid. we would have been thrilled to see that. so even though there may be some decreased efficacy for pfizer, these are still fantastic. i'll tell you, they're better than the flu shots most years, and people go out and get those. so the vaccines are working. they continue to be effective at preventing transmission. it's really helpful to look at israel, i'm glad you brought

that up, and the united kingdom. they both rode out a wave. things are starting to get better in the united kingdom. while we may be in for a tough few weeks here, we are going to be able to turn the corner and get past this, but we've got to encourage people who are on the fence and not just to say, oh, there are people who are lid -- luddites who don't like technology, a lot of people have very valid concerns about these vaccines. and i can tell you, i don't have a financial stake in this. i have nothing other than public health on my mind when i come on your show, and i'll tell you that i enthusiastically tell people these vaccines have fundamentally changed my day to day experience as a doctor. i am not seeing the onslaught of covid cases anymore because i work in an area where there is a very good vaccination rate. these vaccines are protecting people. they're preventing the hospitals from getting overwhelmed which is why we don't see this mask mandate coming back in new york city. it's why mayor de blasio has said i have no plans to do this.

we are in a very good place right now, and i encourage people who are sitting on the fence who feel like they may want to sit this one out or they don't want to make a decision just yet to tell them, you are making a decision. you are leaving yourself vulnerable. you're leaving your community vulnerable, and that may leave the decision makers in your community to say look at our percentages. we may need to recommend masks again because so few people are actually taking these shots. i hope that we can turn that corner. i'm optimistic we will, but we've got to consistently tell people that even with the delta variant these vaccines, neil, are working. neil: got it. i like the way you always keep to politics out of it, left or right. it's just a good bet that you're better off having it, dr. matt mccarthy, "super bug: the race to stop an epidemic," we'll explore this in greater detail later today at 4 p.m. with

dr. anthony fauci. he an advocate of getting vaccinated. he understands a lot of the horror stories and concerns associated with it, but he has a couple of ideas he wants to share with us later today. in the meantime, the fallout for wall street not much on this, a although the spike in cases is worrisome and the crackdowns in some places like l.a. county are noteworthy and in provincetown where they're suggesting wear a mask vaccinated or no, it's a concern, but right now is not the stuff of a selloff. gary kaltbaum with us, george -- with us. george, let's talk about why the market is largely ignoring these spikes. i guess sensing that, overall, these are low numbers. but is there something else we're missing or that we should be paying attention to? >> neil, they're a fraction of what we were having earlier in the year and late last year. so the market's ignoring this because it knows we've crested the hill. we've basically reached the point where this is going to get

better and better and better. you may have spikes for a short period of time that creates some concern and some worry that we'll go back in the bunker in certain states and things of that sort, but i don't think that's the case. i think we're moving ahead now, and i think the market also foresees that when people are getting the virus now, they're assuming the risk because they're not taking the vaccine, as your prior guest pointed out. that's getting to be a smaller and smaller percentage of americans that have either not gotten covid or not taken the shot. so that population at risk is shrinking every day. neil: you know, gary, you're in the epicenter of this latest wave, if you want to call it an epicenter, florida, of course, you know, was more aggressive than most states in not, you know, going full lockdown. and it's been richly rewarded. overall, cases stayed low, the economy stayed thriving. some have even said it has boosted the presidential prospects of your governor. but this latest wave, do you

worry, when you talk to fellow floridians, are they worried? or is this blown out of proportion? is. >> they're not very worried, and they're always questioning who's the ones that are coming out with the stats. as i go around and look around and visit a lot of places, it doesn't look like anything's changed. there are people still wearing masks, employees are still wearing masks in many places, but business is cooking, the housing market's cooking, and now cruise lines, disney is going to start up again on august 9th, and that's really going to help the cruise industry in florida. $60 billion a year of economic impact and represents 60% of all embarkations in the united states. so i don't see any changes whatsoever. but let's be clear on this, we have a moving target. you never know. and, by the way, that last interview with that doctor was the best interview i have heard in the last couple of months

because politics was taken out of it and really, you know, set the table going forward. so let's just keep our fingers crossed things get better and we get rid of this in short order. neil: you know, to -- i'm sorry, to gary's point, george, i think, you know, sweeping government pronouncements can sort of shield this scary thing -- field this scary thing. if the cdc were to say everybody put their masks on back indoors no matter where you are, i'm sure that alone would panic people, to say nothing of the markets. but if the cdc did come out with such guidelines, that would be a game-changer, wouldn't it? >> it would. i don't think they're going to do that. i think that they're going to show some restraint. i think the government and the media -- well, not really the media as much as the government, they realize that when you're negative all the time and causing concern and fear, it really compounds on itself. it's the opposite of fdr saying

the only thing we have to fear is fear itself. there's been a lot of fear induced in the american public in the last year over all this, and it's time to move on. i would say that gary's state has been an example of this, and we've got to recognize that dealing with this has been very, very difficult for all sorts of policymakers, left, right and center, all of the above. part of being a statesman, as the governor of florida has been the last year, year and a half, is you have to balance the equities between protecting people's health and getting people back to work so they don't fall into unemployment forever and have huge financial problems. he's done a really nice job of balancing the equities, period. he's to be commended for that. that's what statesmanship is about, trying to have the maximum outcome for the largest number of people. neil: you know, if we do go that mask route and more communities or counties going the l.a. county route, obviously, that would slow the economic recovery and maybe jar the markets to a point that they have to start

weighing in the financial fallout from all of this. is so if we go that route, play that out for me. just your opinion, but i respect it. >> we would have to go that route in a very big way. and, look, l.a. county's big, but unless we see a ton of 'em go that route, i'm not so worried unless we start hearing the word shutdown, i'm not so worried. and, again, in florida there's none of that going on here. and even in new york you're hearing none of that going on there. so, again, unless this thing really spikes out of hand, i apple not so worried. markets right now -- i am not so worried. markets right now are concentrated, i think, on two things. first off, nike, chipotle, snap just blew away wall street estimates. gargantuan earnings and sales report, and two names, jay paul and christine lagarde -- jay powell and christine lagarde, are printing money, and that is

fueling things. i'm not so worried here. it's a narrow moving market to the upside, but we're -- earnings come out in the next two, three weeks of the big five tech and other tech names, i think we're going to have a good end of summer and probably fourth quarter. neil: all right. we shall see. guys, don't wander too far, i want to pick your brains on this chip shortage which has a lot of companies saying higher prices longer than we thought. in the meantime, inflationary and virus or worries aside, the markets are taking this all just nicely, right? that is rather remarkable in and of itself. what is also remarkable is what is happening in cuba right now and the push to help those folks out including a flotilla being considered from florida to get them food and supplies and maybe an asylum way back to the united states. what do you think cuba thinks of that? what do you think we think of that? after this. ♪ the eye of the tiger, a fighter, dancing through the

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♪ neil: all right, the protests continue in cuba right now, and a lot of the cuban exiles in southern florida, for example,

around the miami area are intent in getting help to them as quickly as possible. a flow till that that could make its way there as soon as tomorrow to bring food, relief, supplies that sort of thing. the big question is how that flotilla and those who are part of it will be greeted by the cuban government. of course, the u.s. officially has taken the position that that kind of thing is probably not a good idea. the former venezuelan ambassador joins us now to the united kingdom. ambassador, let me get your take on how you think cuba will respond to this flotilla if it comes to pass. >> thank you very much for having me on again, neil. well, basically, it would be a humiliation for cuba. don't forget that cuba really see ises itself as, you know, the stalwart, the forward operating base, the resistance against american imperialism. and, therefore, for it to accept

help to its people would be for it to acknowledge that it has failed for its people. it likes to play this game of blaming the u.s. for the embargo of what they call a blockade that's starving its people as the evil empire of the united states, but it also doesn't want -- it wants the so-called blockade lifts so that they can conduct trade, but they won't accept help. u.s. sanctions never, ever block humanitarian aid. so it would be a humiliation for cuba. so from a messaging standpoint, it would be difficult. they prefer things that go through their hands because the same i way the chavez regime does in venezuela, they like to get into the middle of that revenue stream, tax it, make it a black market deal for them to stay in power and finance themselves. they enrich themselves while their people suffer. neil: so then you've got to wonder if we're policing how

that, how those goods and materials get to the cuban people, the cuban authorities there will probably take to offense to their policing them. it could get pretty nasty, right? >> right. well, it could get really nasty. it could get really nasty. and it's always a conundrum when you're living under an authoritarian regime or when you come from one like i do, because you have this whole ecosystem for how to help the people back home, how to help your family members and your cousins. so on the one hand, not only does the diaspora want to do that, but in a way the u.s. government does too because you want to keep them fed, keep them strong as sort of hungry, desperate people cannot rise up. don't forget, it's actually someone from the kgb a few years ago claims that the system of repression in cuba is even more effective than the status city -- stasi in the days of east germany. the fact that we're seeing this

uprising quite so big and that it took them by surprise is amazing. i mean, it's stunning. but in order for this to really continue, you need to give them access where you have connectivity between the people who are on the ground and the reverberation, messaging. and the first time we saw this was, of course, ever since the arab spring a decade ago the importance of getting internet communications and having the people overseas, the diaspora keep resonating that. and in order for them to also see that the world cares and if they keep progressing and rising up, the world will stand by them and to keep pushing for that. so it's a difficult line to tread because you want to help the people without generating a revenue stream that further finances their oppressors. neil: got it. we'll watch closely. vanessa, thank you very, very much for this. eerily kind of spelled all this out when all this started when

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♪ neil: elector i'm not sure where the money is coming from or whether it's going to be tucked into that new infrastructure package, but the latest news out of the white house is it's going to look at expanded assistance programs for those who have fallen behind on their mortgagings. not just those on their rent, that's an earlier incarnation. that might be expanded, but those who have fallen behind on their mortgagings. edward lawrence has more. hey, edward. >> reporter: yeah, these are federal mortgages backed --

mortgages backed by the federal government. it would allow you to extend the length of the loan for that federally-backed mortgage, and that then lowers the payment that you have monthly for that loan. these are for people in that forbearance program, that's the program that you can skip a payment for up to 18 months there. now, this plays into inflation because it gives people a lower mortgage payment possibly to handle the higher costs that are coming. bankrate economist mark mark hak says the supply bottlenecks led to inflation but also the government spending. listen. >> a variety of efforts the federal government has essentially pushed through the system have juiced demand, given consumers the wherewithal to either spend or put more money in the bank, and you can look at that as essentially ammunition that's being held that will be spent at least in part down thed road, and we're only now beginning to see the child tax

credits begin to hit bank accounts. >> reporter: now, here's the impact of inflation on your wallet. the cost inside your home, look at this, grown, these expenses. washing machines up 29.4 president. whirlpool says it finally had to raise costs because -- raise prices because the materials, the costs were going up so much. home furniture up 10.8%. the cost of televisions rose 7.6% year-over-year from june to june. when you look at travel costs, this is the big one, try renting a car. the price of rent aring a car has gone up 87.7% over the past year. we know about gas prices, up 46.4% year-over-year. then airline tickets up 24.6%. now, white house economic advisers feel like this is an area, energy, that will eventually settle down when demand normalizes and the supply crunch will settle. that's because it's a global market, specifically gas prices, and they point to opec. but some economists say, you know, not so fast.

they sea inflation like this -- say inflation like this, consumers get ready for the mindset changes, the perception changes, they're looking for inflation and and prices have trouble coming back down once they go up rather high. back to you. neil: they are rather high, speaking of which. thank you, edward. new reports out now that the average home price hit a record in this country, now a little bit north of $350,000. that's up 24% from year ago levels when the average home was about $284,000. with a e read on all this, the former devos managing partner. very good to have you, peter. i apologize for that. you know, this is a startling uptick, i guess not too surprising. supply, demand, i get that. how long do you see this continuing? some markets are going up at a faster clip than that. in florida, for example. how long does this keep going?

>> well, neil, first of all, thank you for having me back on the show. and, you know, the question in terms of how long does this robust housing market last for, it's something, you know, there's so many factors that are playing into the tremendous amount of demand that there is for housing right now. and what's creating this most recent sense of urgency where you had another historic level of housing last month is really the lowering of the interest rates where now the 30-year fixed rate according to freddie mac is around 2.8%. and, you know, the reason rates have been low for a number of years, but the reason i'm earn sizing this now -- emphasizing this now, the fed is clearly trying to offsent inflation, and the inevitability of rates going up is sparking a huge sense of urgency to take advantage of these historically low rates. and while we've been living -- neil: do you think that's going to happen? i know you've mixed it into your

forecast speech, so to speak, that rates are going to go up. the prevailing wisdom is that's a late 2022 development, maybe 2023, but you seem to be thinking a little sooner. >> yeah, you know, i think that right now -- well, i wouldn't say immediately because rates came down last month. but if you're looking, you know, we're already halfway through 2021. if you're talking about interest rates increasing in 2022 and all the uncertainty in the world, people want to take advantage to secure one of these rates. and cha's driving a lot of -- that's driving a lot of the demand for housing which will continue, which will have this trend go on, i think, for at least the next year or two. the question is, and i think, neil, what you're alluding to is what would cause a correction to take place and, you know, what would a correction look like because it's not just the fact that we have historically low interest rates. you know, the housing boom we're living through right now is really sparked at the beginning of the pandemic with everybody relocating all over the country

and working from home, you know, becoming a permanent fixture for some people. but what you're looking at as well besides just that is the fact that the level of cash entry in the marketplace is at historic levels as well. and that's really being driven by investors who are looking at single family homes as an incredibly stable asset where many compare it to gold. the stock market having gone up 40, 50% in the last year and a half, two years and everything in the economy, real estate has a always been viewed as a stable asset that over the course of time appreciates. and right now seeing i think roughly 25% of all home purchases right now are cash. and a large component of that are investors coming into the market and renting these properties out, driving up pricing which in reality is pricing out millennials and first-time home buyers. you mentioned when we started just now, pricing's up, what, 24% in the last year for single-family homes? i mean, i don't remember at any

point in think career seeing a one-year uptick of that size. neil: is that overdone? i know we're running tight on time and i apologize, but i'd be curious what you would tell a perspective home buyer that he or she is going the make money on that investment when some are arguing we're already at lofty highs. how would you -- >> you know, a couple months ago everybody started talking about housing busts, and i'll tell you why i don't think we are in the midst of a bubble. number one, this boom is not being driven by, you know, excessive credit and subprime lending like we saw 12, 13 year ago. and what you're having now is the shortage of supply of housing is several millions of homes short of what current demand levels are. to even if supply, you know, even if additional supply comes on, there's so much demand there to absorb it. now, the question, the biggest fear i have is that i actually don't think much supply will be coming on because what you're seeing with inflation and the

price of materials increasing, it's going to -- it could potentially slow down, you know, development of new single-family homes in the next couple years. i mean, there's no scent that we have a huge issue in the labor markets with not being able to find jobs, you know, especially in the construction area. or find people, sorry, the fill those jobs. so when you talk about, you know, the inventory not being added to the marketplace, that's actually going to limit the risk of a significant correction taking place in the housing market. neil: that's an interesting way to look at it. pierre debbas on all of this. always learn something, pierre. thank you very much. >> thank you. neil: if he's right what's happening on the housing front, that is inflation. you can call it what you want. but it's playing out in a lot of areas. when we come back, our market pros on how you play that and whether they're worried about that, after many. after this.

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♪ neil: all right, we were talking inflation, home inflation in the last segment with a guest who said that 24% uptick in home prices, he sees that kind of continuing. it does play out an inflationary theme that my next two guests have been spending quite a bit of time warning us about, gary kaltbaum and george seay. gary, you certainly see is it firsthand in florida, of course, but we've seen it across the country. and if my last guest is right, it's going to continue a while because simply supply and demand. not enough supply, not enough supply to keep up with the demand. that plays out in a host of it, the chip shortage, fewer vehicles as a result. computers available. it does play out again and again. are you worried about it? >> absolutely because for companies it can affect their profits and decision making. for consumers, it takes money out of their pockets.

and, neil, it's not only inflation. there's something going on right now called shrink-flation. you go to a supermarket, instead of getting 120 square feet of aluminum foil, you're getting 100 square feet at at the same price. it all tends to be feed on itself, and the longer it louisianas, the worse it can be -- lasts, the worse it canning be. and with the oil prices, every ten cents at the pump over one year is $10 billion out of consumers' pockets, and that doesn't include all the businesses out there. so this is going to be about duration. if it continues, not good. and the other part of the equation, we ever get into a situation where people believe i better with buy now because i'm going to have to pay more tomorrow, you end up with some hoarding which ends up many a lot more shortages which ends up with more higher prices, and then you get into a real vicious cycle. something to watch very closely. neil: yeah.

then you can overdo it. i did that with processed meats and cheeses, and my wife is still saying, all right, this stuff is still here, neil. what are you doing. george, let me get your take on how far the goes because i generally think that inflation doesn't end until, you know, buyers, average folks, essentially volt. i'm not going to pay -- revolt. i'm not going to pay all thi for bacon or eggs or a host of other products to say nothing of, you know, laptops, ipads and all that. we're not at that point. but i'm wondering how close we might be. or if it comes at all. what do you think? >> well, the first time i got alarmed, neil, was when i saw an article saying the price of oreos were going up. neil: oh, don't get me started, young man. [laughter] >> you want to talk about price inflation, i mean, we talk about homes with your previous, but look at the materials that's used to power the home or heat

the home, natural gas. it's gone from $1.40 or $1.50 a foot just a little over a year ago to over $4 today. that's a tripling of that cost. energy costs are going to explode on consumers and homeowners and renters in the coming months. but you look at the extraordinary times we live in, and they are extraordinary, you've got all these clear very inflationary pressures, and yet the 10-year today is at 1.28. neil: yeah. >> i mean, the bond market is just yawning at all this stuff. so something's going to to give at some point. prices are going up, costs are going to go up, and people are going to feel economic pain. and it is concerning, but i'm with gary. i think the markets will be constructive the rest of the year. one final comment. you've got to invest when blood's in the street because if you'd invested at the height of the pandemic last year, the market's up over 100% since then. the gains from here on out are not going to be as high, it may take another ten years to get

another doubling in the market from here. neil: interesting, and you're right. all the worry and the hand-wringing, that's when you buy. and a lot of people say there's not enough hand-wringing going on, but we'll see. gentlemen, thank you both very, very much. and just a reminder on all this, most of the increases that we've been seeing occurred in stuff that's really not healthy. so salad and evergreens, that sort of thing, they've actually gone up very normally. but when it comes to processed meats and cheeses and the oreo front, you've been double stuffed on double stuf. see what i did there? oh, forget it. we have a lott more to come on a -- a lot more to come onion-worrying day. or it is bear country though. hey boo-boo! we hit the jackpot! bear! bear! bear! look, corn on the cob! oohh chicken! don't mind if i do! they're hungry. t-bone! that's what i call a smorgasbord!

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♪ neil: it has happened again in areas you wouldn't consider prone to crime or or shooting violence or any of that, washington, d.c. is the latest, but i have a feeling maybe not the last. lucas tomlinson has more from washington d.c. what happened here, lucas? >> reporter: well, neil, all is calm here on the corner of one of the most popular neighborhoods in our nation's capital, but different story last night when gunfire erupted around 8 p.m. s this is what it sounded like.

[background sounds] >> reporter: neil, witnesses described a war zone last night. two men were wounded when 20-30 shots rang out with hundreds of people enjoying dinner in crowded restaurants, many dining outside, including our colleagues sally and caroline who brought you that video. d.c. police described the suspect as a black male. two men were seen hopping into this getaway car. mayor muriel bowser wants the police department to use, quote, any overtime necessary to stop the recent surge in crime. >> assure every resident and not just mpd, but all of d.c. government will be doing -- checking everything that we're doing to make sure that we're addressing it as best and as fast as we can to stop the shoot ing. >> reporter: d.c. recently crossed the 100 homicide mark

two weeks ago. the earliest d.c. has crossed that threshold in 18 years. there have been 8 more homicide since is. carjackings are up 74% in d.c. this year compared to last year. the shooting on 14th street comes after a shooting outside nats park seven ising thousands of fans rushing for the exits. the game was delayed a day and comes less than a week after a 6-year-old was shot and killed by a stray bullet not far from the ballpark. a witness described the scene last night. >> a gunshot wound, knew immediately this was real and it wasn't just firecrackers. >> reporter: the suspects in last night's shooting and one at nationals park and naya's killing remain at large. neil? neil: thank you, lucas. to darren porture right now -- darrin porcher right now, i apologize for always talking to you after an incident because i

do enjoy your insight, but a lot of people hearing and seeing these types of things, they're leery enough about returning to work not quite because the virus might be behind us and now crime. what do you tell them? >> well, here's a little inside baseball. you have to focus on crime from a macro perspective, not a micro perspective. when i say macro perspective, we want to look at a lot of the underlying causes in these shootings. a lot of them revolve around gang activities, larcenies and retribution amongst gang members. so that being said, the police departments need to focus on when you have these surges in crime, and that's when you deploy your forces. couple that with the supervision. we need a level of oversight to insure the cops are doing what they're supposed to do, and then we're going to revisit it with an after-action review. that's how you reduce crime. and, unfortunately, a lot of these big city mayors in democratically controlled cities

just don't get it. neil: i'm just wondering too, you think about it, darren, this is happening in areas where this sort of stuff used to not happen, and now it's sort of spreading. how do you prioritize around that? >> you're absolutely right. when we look at the area that we had the shooting just recently in d.c., we take into consideration the shooting that happened outside of the nationals game. traditionally, it's other come pones of d.c., and i don't -- components of d.c., and i don't feel the police department has compartmentalized controlling the crime in these areas we traditionally experience the surges in crime. it's now manifested in different parts of the city. that's not just happening in d.c. it's happening in places like new york city. you take times square, for example. this is something that's happening ongoing. and just look at it from the perspective of being a plumber. if you don't stop the leak, you'll flood the basement. neil: people are leery to go to these places the more they hear

and see this. should they be? >> well, i mean, it's a tremendous concern because if you don't stop the bleeding, it just continues, and then when we look at the socioeconomics of tourism, it really impacts on the knew misif palty. so it behooves the elected official, that being the mayor, to do something steadfast to get a jump and get ahead of this, because this crime seems like it's going out of control. this summer we've seen more shootings as a whole throughout the united states than we've seen in some time, and so it begs the question of what is the effectiveness in the crime control strategies. and it goes back to a what i mentioned earlier in connection with deployment, oversight and supervision. and i don't believe that's being introduced accordingly. neil yeah, i think you're right. clearly not turning this around anytime soon. darrin porcher, good seeing you, my friend. appreciate all that. dow holding up through all of this, up better than 200 points. do you ever ask yourself, how is that happening? if after this.

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neil: all right, another three hours to go, this trading week and it looks like it's going to be an up week maybe with a couple of records thrown into boot here and you have to consider what the market has had to absorb this week, not only the higher crime and other developments that have been rampaging throughout the nation

including washington d.c. in areas you would not think would normally be dealing with crime to say nothing of what's happening on the virus front where cases are increasing in every single state in the nation , talk about new restrictions, even lockdown measures and limited basis all across the world right now, and yet, here we go. why are we doing this? mitch roschelle, macro trends advisors llc larry glass eras well the mayflower advisors manager partner, gentlemen, welcome and that's the big question, right? we defy all of the worries and i know as you reminded me many times, mitch, markets like to climb that wall of worry. we've got quite a wall, climb they do. exactly why? why is this happening? >> neil, just to be clear, that aside, i think what happened a week ago if we just go back a week, was the los angeles county shutting down, we're beginning to see delta variant numbers,

and i think that was unexpected. the lockdown in los angeles was unexpected as the week went on we had great earnings from a lot of companies, and prospects that wispers that earnings will continue to be good, and we didn't see other states follow suit and lockdown and the consumer continued to do what the consumer does, which is spend all of that stimulus money that's floating around out there , and that's why the markets continuing to move forward. there are all of these things on horizons, fiscal cliff, potentially shutting down the government, grid lock and the like yet the market is ignoring it assuming that they will continue to print money and that's what the markets addicted to. neil: you know, that's an interesting insight there and larry if you think about it, this is not extended broadly behind la county. i'm not dismissing what pasadena , california is doing separately with the mask requirement or provincetown, massachusetts with such requirements and other restrictions, but it is nothing like some of the activities going on in places like italy and france where you have to

flash a health pass to get on the eiffel tower even though into some restaurants so we're not at that stage yet, but let me flip that around. what if we get there? what if this does build cases do build? >> look, neil. its been the hard to believe market and as it relates to travel and the variant it's hard to believe that domestic travel hasn't had an impact and delta airlines came out and made comments and said they haven't missed a beat people are still traveling there's tremendous pent-up demand and as it relates to earnings it's hard to believe that inflation and supply shortages aren't having more of an impact on corporate earnings. so r far in both cases but again , so far i think is the operative word. we'll see how the number of cases transpire, how that affect s people's travel plans, how that affects reopenings in new york city, are companies still coming back the way they thought they would? would that affect corporate travel and that could start to weigh on profits as we look at the months ahead. so far we have been really lucky and that's why i say it's the hard to believe market but companies can only absorb

inflation and supply chain concerns for just so long, before they have to start passing it through to the consumer and we've been really fortunate that the comparisons coming off of covid made this year look so easy. people are generally beating earnings by a wide margin. its been very easy coming off of these comparisons. those comparisons get more challenging as we get into next year so as we say it's the hard to believe market but you have to be grounded in some reality. it's hard to believe interest rates are at zero and you have this much stimulus coming into the market and you have this massive reopening in demand , yet the government refuses to raise short-term interest rates, so i think at some point somethings going to give that most people with common sense recognize that we're grateful for where we are, but we want to be mindful that we may not be in this place three to six months from now, particularly because some of these supply chain concerns look like they are going to be with us for more than extended period as intel mentioned today. neil: yeah, intel did mention it and say it could squeeze margins going forward but you know, the stock and the nasdaq hardly damaged as a result. why is that, mitch?

is it your sense that people are quite familiar with these inflationary pressures but maybe to larry's point, they were expecting good numbers and they're getting good numbers, albeit off a very dismal period, the comparisons are tougher going forward but it's almost like a scarlet o'hara thing where they're thinking about this tomorrow, maybe, and not right now. what do you think? >> and markets are forward-looking. we've talked about that many times in the past and i think they're looking past some of the hiccups that maybe on the horizon, and every time that there's any kind of a sell-off like what we saw a week ago, all this money comes sloshing back into the market. i don't count out the consumer. i think that the power of that pent-up demand is palpable and they're going to plow through and like take apple which is going to report soon enough. the next time they have a new phone cycle coming out there, people are going to be standing in line again to gobble them up. i just think that the consumer

just can't be stopped at this point. neil: real quickly, guys. if none of this spending comes to pass, in other words, both infrastructure measures fail, i'm not talking only the $1 trillion infrastructure only, i'm adding on the $3.5 trillion so-called reconciliation infrastructure package, they don't come to pass , now wall street keeps saying doesn't like all of the spending, but they do like the benefits of that spending. i'm just wondering how that will play out, larry, if it all goes kaput. >> sure, well we talk about chips being the poster child for inflation but think about steel prices that are up 200%, steel is critical during not just washing machines and autos but during infrastructure so if this massive infrastructure hits , it's going to be very inflationary. it's going to drive up the cost of washing machines and autos everything else because government is going to be competing with consumers for goods and services as they drive up the price and they crowd out demand so that's the key is we don't know the scale of this. we know it's going to be

inflationary if it passes as it's proposed. we know it's going to potentially lead to higher taxes as proposed but there are all kinds of unintended consequences that come along with that and the price of steel is one example people aren't that focused on right now. neil: what about another one mitch that if spending doesn't come to pass or all of this new spending neither do the tax increases that were being planned to kick into pay for that. then what? >> well, listen i'm not a big fan of tax increases so if we don't spend and we don't, as a result, have tax increases, i think the market and the economy tends to soldier on. i'm very worried about tax increases and i'm very worried about the fact that it's a job killer and it could be an economy killer, so if we don't have one that means we don't have the other. what i worry is there are some progressive members of both chambers that want to punish the "rich" and they'll find a reason to continue to want to raise taxes to pay for something

neil: mitch, final word, labii great seeing you my friend guys have a safe weekend and thank you for joining us today. well you know, lauren simonetti has been falling all these cross -currents and developments, company plans, covid spikes and she's neatly put them altogether , an interesting read on where we stand this final trading day of the week. what do you have for us lauren? lauren: well you guys are betting on the consumer, right? and the reopening has been great for american express because the consumer has been strong. shares of amex at a record revenue in the quarter neil came in at $10.25 billion. people went out, spent money, swiped their credit cards, but amex said domestic travel spending has reached 98% of i'm not going to give you the 2020 level it's an easy beat as you discussed, 98% of pre- pandemic 2019 levels and one reason that travel is so big is because the airlines are busy. american airlines hiring 1,300 pilots by the end of next year, betting that that travel recovery that we're seeing lasts

and they are hoping the business traveler returns. american says that revenue from domestic business travel has climbed to about 45% of 2019 levels so we still have a ways to go. royal caribbean, they'vevery set sail for alaska, the serenade of the seas, the first big cruise ship to return to alaska in almost two years. huge deal for alaska cruising brings them about $3 billion a year and 97% of the people on that ship fully vaccinated. you mentioned this , neil. italy now joins france starting august 6 you need to have a health pass if you want to go to a bar, restaurant, swimming pool , gym, concert, museum, what have you. the government wants proof of vaccination, proof of negative test results in the past 48 hours or recent recovery from covid and the prime minister, he says the health pass, they call it a green card, is a condition to keep economic activity open, and also, to force people, basically, to pressure them to

go get vaccinated, so you can better beat the variants i suppose with more vaccinations, neil. neil: yeah, that's what they call subtle pressure. even though it's not so subtle. lauren, thank you very much, have a great weekend lauren simonetti on that. let's go to sarah westwood, examining all of this , especially what's happening on the virus front. you've heard about the spikes in cases across the country. right now, they are calling florida ground zero for all of this. i don't know that's fair but of course maybe it's because the governor of that state, a very popular figure in the republican party, might be entertaining a presidential run, but why should i be so cynical? sarah, what do you make of what's happening in florida where the governor's indicated no matter the spikes and they are almost exclusively among those who have not been vaccinated, he isn't planning any lockdowns or anything like that. how is that going down? >> well, the criticism of that decision is the same that we've heard throughout this pandemic. it's getting a little bit here that desantis is one of the first governors to go ahead and lift lockdowns, ease

restrictions, earlier in 2020 than many other governors and he was excoriated in the media for doing that and deviating from what a lot of the blue state governors were doing but ultimately the covid numbers vindicated desantis. desantis did not see the wave of covid deaths and hospitalization s that were predicted when he first made those moves. they also saw their economy fare far better than other states so desantis' decisions up to this point have not brought the death and destruction that was predicted. also, at this point, it's important to look beyond just the numbers in terms of case counts. the case counts are no longer a reflection of the severity of the pandemic that they were last summer. last summer, before there were vaccinations when you saw a certain number of cases you could expect a corresponding rise in deaths and hospitalizations and all that scary stuff. now with vaccination levels still high and pretty solid in florida you're not going to see those same sorts of adverse

outcomes from the case counts even though they're rising so desantis is making his decision based off of that, and the sciences behind him. neil: i'm just curious too. he's had to thread that needle on those getting vaccinations, of course against many republicans i don't think it's always fair they are the anti- vaccine party but there are many loyalists of donald trump even though donald trump himself advocated people get the vaccine, isn't exactly screaming it on a mega phone yet desantis has been saying, and pointing out, that these spikes are virtually entirely among those who have not been vaccinated. how is that i guess for lack of a better question, how is that threading going? >> well desantis has actually been pretty aggressive in his vaccine rollout strategy, and he was one of the governors who prioritized getting the shots into the arms of the elderly early on.

florida's vaccination of the elderly actually reached above 80% by may, so the most vulnerable population in florida is largely inoculated against covid and that's part of why you have seen florida fare better in terms of per capita deaths and hospitalizations because desantis had a more targeted vaccine rollout than some of these other states. florida is not one of these places like mississippi or arkansas or some of these other states where vaccination rates are low enough that a spike in case counts could really be concerning. florida is about middle of the pack when it comes to vaccination rates, and i don't think anyone can accuse desantis of being an anti- vaccer. like you mentioned his close association with trump and the republican party gets him lumped in with some of these other republicans who haven't been promoting the vaccine but desantis has, and that's part of why his state has fared so much better than some of these other places. neil: i do remember vividly when he was pushing to get the

vaccinations out in all these publix grocery stores which of course are everywhere in florida and a lot of people criticized that, a grocery store , are you kidding well it proved right. sarah always great catching up with you, thank you for taking the time. >> thank you. neil: all right, sarah westwood of washington examiner. stocks look like they are continuing this four-day winning streak here will be an up week of course as things stand right now, but all attention now half a world away on the olympics they formally kicked off today. i don't know if you had a chance to see the opening ceremony it was a little weird, not an offense to the tokyo host, but there was no one there to watch at least in the stands. some but i'm just telling you it was not like anything you've ever seen, after this. limu emu... and doug. so then i said to him, you oughta customize your car insurance with liberty mutual, so you only pay for what you need.

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>> ♪ neil: all right no fans in the stands but up to 20 million americans more than eager to wager and place a bet. that's how important these olympic games are getting at least to those who want to make a little bit of money betting on the outcome. lydia hu following it all from east rutherford, new jersey. reporter: neil yeah that 20 million people estimated, you know, opened up to so many more than the previous olympic games because sports betting has been

legalized in 21 states plus the district of columbia, so now , people that want to place a bet on the olympic games don't have to travel to nevada to do it unlike past games. you know, new jersey could see a lot of that activity because this is the second largest market for sports betting outside of nevada, and we are here with a man that knows a lot about this , this is ryan marche si, the general manager of fan dual sports here, thank you so much for being with us, ryan. a lot of interesting sports have been added to the olympics this year, we're seeing karate and cheerleading and skateboarding. what are you seeing what sports are jumping out to the people placing bets here? >> absolutely this is actually surprising to a lot of us because we thought people gravitate more towards basketball, baseball, sports they are familiar with but we're seeing 100-meter dash, skateboarding younger generation getting involved with that. so we're actually surprised by that. our biggest bet right now is actually in the 100-meter dash, they are

like trayvon brumel from the u.s.. reporter: it's not just that a bet has to be placed on team usa to win, there are a lot of opportunities and creative ways to place a bet. what are some of those? >> absolutely so we have for a majority of the country over unders for however medals they win or gold medals, usa right now is at 45.5 last i checked so a lot of people are betting over that so they are opening for the next two and a half weeks to cheer on usa. reporter: do you have an estimate about how much the handle, the total amount wagered could be for the olympic game? >> nothing set in stone, because nothing to charity to, but we're hoping that we'll have great handle here, i know we have a lot of customers here excited about it and we're expecting good things. reporter: no comparison point here, neil because this is again the first olympic games that sports betting has been open in 21 states and district of columbia. so but that still means, neil, we are expecting a lot of activity and a lot of money to be flowing through the sports books, here in new jersey, since sports betting became legalized three years ago its generated

over $148 million for the state that equals to about 1.3% of the revenue generated by sports betting, every state is able to set how much they are going to keep for itself in those tax dollars, but still, it's a big opportunity for the states that have legalized it, neil? neil: yeah, and as your guest was saying, people find ways to bet on almost anything. we were just betting how long your report would last and you finished exactly when you were scheduled so people didn't bet on that, so they're out. thank you very much, lidia, outstanding work. let's go to chris smith, sports business journal reporter in tokyo right now. chris, great to have you. you keep hearing and i'm sure you've been peppered with the same question about no fans in the stands and all of that, the opening ceremony very very different. how do you think this whole thing next couple of weeks is going to go? >> you know, if i knew the answer to that, i'd be a very very smart man. i think everyone is trying to look into that crystal ball and

figure that out. i can tell you this. the overwhelming sense is one of relief right now. even just a few months ago, i think the prospect of lighting the olympic cauldron, was still very much in question and people had doubts and the fact that we got this far has people encouraged that we can do this. we can get through the olympics, think us can be a celebration and not a disaster so obviously, no fans in the stands is going to make that difficult. the tv broadcast will be very different and that makes a challenge for nbc and other broadcasters. it'll make it a different atmosphere for the athletes competing in front of empty stadiums but on the whole, i think the sense is we're through the worst of this and now to get to the finish line. neil: you know, chris, there's been some concern expressed for the men's basketball team, they are kind of stumbling into tokyo right now, even the women 's soccer team with an early loss, sweden. i'm just wondering if some of our prohibited favorites might not be favorites, how do you see

it sorting out? >> it's a great question. it's funny actually, the u.s. olympic committee leadership team had some media available today and they were asked, you know, what is your outlook on the medals and the response was as you would expect, we're not going to make any predictions, but given the moving variables and the basketball team that roster has been changing, it's hard to predict exactly what we're going to see out of the athletes. in terms of the stress they are under, the challenges and logistics around training and just the psychological challenge s they are facing so it's a great question. i think one that will only be answered by when the athletes do their thing. neil: right put up or shut up as they say, chris, great job, great talking to you enjoy your time. i know it's going to be non-stop very little sleep but you're there. chris smith in tokyo with more on that.

by the way, we are getting this news flash that janet yellen, the treasury secretary, is formerly urging congress to raise the debt ceiling limit by august 2 or the treasury will start taking extraordinary measures to prevent default. now you seen this play out many times under republican democratic administrations, congress under republican democratic control happens all the time. they push this back to the brink , or on the verge of the government just outright defaulting. there are ways you can avoid that by pry iowa r tieing bills like you might do at home if you're in a cash crunch got to pay the mortgage first or rent first, the utilities then and maybe decide which others you might prioritize or not prioritize, so there are technically ways to keep the government up and running doing things well into october, even november. janet yellen is saying get this thing done by august 2 so we don't have to do that. i can almost guarantee you, they will ignore her, after this.

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neil: all right we've been telling you about dangerous shootings and the like happening in new york and washington, but it's also affecting for tourists who end up being in the wrong place at the wrong time their possessions being targeted as well. let's get the latest from claudia cowen from san francisco reporter: hi neil, well san francisco is a tourist mecca, no question about it, more than 20 million visitors a year before covid. it is important they come back to the city and feel safe when they do, but that's been tough when videos of brazen crimes go viral and headlines scream about an epidemic of car breakins. more than 700 incidents so far this year compared to the same period last year. thieves often follow tourists and lay in wait while they go and explore, happened during a recent visit to fisherman's whar f. >> when i got back to the car, the back window was completely

shattered and my suitcase and my girlfriend's backpack was gone. glass was everywhere inside the car, outside. i was shocked. i could not believe this happened in san francisco in a public area, busy street, middle of the day. reporter: city officials say at least 1,000 car breakins every month are committed by the same people. now arresting them is critical, but so is preventing these smash-and-grabs in the first place, and wanting the bad pr. during the pandemic shutdowns visitors spending plunged by $8 billion, a devastating blow to the local economy and now with visitors trickling back the city is beefing up patrols around popular attractions. >> so you will see more officers at the palace of fine arts and in union square and in north beach and in places where we see large numbers of

tourists and pier 39, because we know it's not just people who are visiting our city and the people who also live here. reporter: the immediate plan is to put 30 uniformed officers in tourist hotspots like fisherman 's wharf, and the police chief wants t hire 400 more officers, neil that could take years. back to you. neil: amazing. claudia thank you so much for that. my next guest is probably hoping the sooner this happens the better. jim angopolis is the owner of a very popular restaurant in the area and i was just looking at the menu online and it looks delicious but there does seem to be a big egg theme here, jim, i quickly surmised that but it's delicious stuff but the trouble you're having is just getting people in in the middle of a mask requirement and other stuff how are you dealing with that? >> well, right now, it's not that bad. i'm just afraid what's maybe coming down the pike, so i've

noticed that more and more of our customers are wearing masks and they're more cautious, so we also have a patio that they can sit outside at, so i think that's my biggest concern is what happens, are masks going to be mandatory again. neil: yeah, we were talking about what's happening in the la county area and i can see you're well north of that but you have concerns it could spread. if it did and you mentioned some of your customers come in with a mask anyway, do you think that will chase away traffic that'll be a hassle, you know, people say the foods great, love what you're doing with the eggs, but no can't deal with it. >> i don't think it'll honestly chase away traffic. i think people have been used to wearing masks and so it's kind of part of the norm right now it seems, and i'm okay with it. if you don't feel comfortable and you want to come in and wear a mask more power to you, and if you don't want to wear a mask,

i'm okay with that too. neil: all right, so mandating it or requiring it wouldn't make a huge difference. it's interesting, i am curious where you see it going. i mean, do customers, especially those that wear masks are they concerned about this or are they maybe telegraphing that they are worried here, they hear the headlines and see this stuff and they are dialing back. i don't see any dramatic signs of that, but do you? >> right, right. i think they're concerned in a very quiet way, and they are very cautious, so because of the new strain, so again, this was all quite new for all of us. we just don't want to go back to where we were at 2020. neil: well understood. how are you dealing with labor handling those type of issues, how is that working out finding good help, that sort of thing? >> labor has been tough to find we're backup to full staff, but

for some reason, we still have a problem getting the employees, but right now its been a robust year, better than 2019, and i want to keep it going that way. it's great to see customers coming back and busier than ever before, and as bad as covid was in 2020, it actually helped us in different ways, like we added a patio, we implemented an online ordering, increased our takeout deliveries,, so all those have an effect on bringing us more business in 2021. my thing is i don't want to cycle backwards and that's really, 2020 was very tough for restaurants especially and i just i'm waiting to see what comes down. neil: yeah, a lot of people are. i wish you well, jim, you have a great operation going there and i'm sure people value that.

especially now, people value just getting together, eating a good meal and if you love to have that it's very effective. >> absolutely. neil: thank you very very much. >> thank you very much. neil: all right, be well. in the meantime here keeping you updated on this outage that happened yesterday, across the internet so many financial firms and got me thinking which is always dangerous, my friends, of what if it had been more serious and when you did finally log on to your financial side or favorite stock market site, all of your money was gone? not being a fatalist here, but what then? after this. yeah, i mean the thing is, people like geico because it's just easy. bundling for example. you've got car insurance here. and home insurance here. why not... schuuuuzp.. put them together. save even more. some things are just better together, aren't they? like tea and crumpets. but you wouldn't bundle just anything. like, say... a porcupine in a balloon factory. no. that'd be a mess. i mean for starters,

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neil: all right, you know, you can't put a stamp on a day or two hour show without getting some insight from charlie gasparino and i'm always happy when we do because it's always something you're not getting from anyone else, and he's been looking at robinhood and this big anticipated ipo. first of all, it's like where

does this thing stand? charlie: it's coming wednesday. right now, it's a quiet period, so that means the underwriters and people associated with the deal aren't supposed to talk to you, but that doesn't stop me [laughter] what can i tell you i spoke to some of them and said what is the biggest concern going into wednesday? i mean, there's been a lot of talk about the robinhood, the meme stock investors who are still sore at robinhood for stopping trading in january, remember when gamestop and amc were going through the roof in january, robinhood had to put a halt to trading so they couldn't sell their shares and the reason why is because they didn't have enough capital. this is going to deal with that, they raise capital in this ipo. they are still sore about that. you see on the message boards that the amc ape community talks about shorting the stock, so i've been asking underwriters are they really worried about

the amc apes screwing up this deal, and the answer is a resounding no. they are more worried about what i'm going to layout here, so now , they are obviously pre- marketing the deal. they are talking to institutional investors. what they are getting back from investors that are looking at robinhood is concerns about what's known as payment for order flow, and the sec cracking down on that. robinhood charges zero commissions to traders like yourself, neil i know you're a big trader. they do that because they are able to sell their buy and sell orders to an outside firm like a citadel and that brokerage firm matches them. they are supposed to match them at the best price. gary gensler, the current sec chair has raised issues saying well is there enough transparency, do we really know it's the best price even though the law suggests you need to get the best price, and in any event, that potential crackdown from the sec that's the feedback that the underwriters are getting from the institutional investors they are worried so

that could hurt the pricing and i think that's one of the threats to the ipo from what i understand. one of the positive things for the ipo is they are going to be issuing a lot of shares to their regular customers, to robinhood customers themselves that aren't pissed off at the company like the amc apes and the meme stock investors. they have pretty loyal customers and they could go and buy the stock, so they think they are going to get decent retail demand from their own customers, and they are going to get some institutions will buy this , because robinhood is, if you look at the revenues they aren't quite profitable yet. they have to throw a lot of money into research, development , marketing, and of course, making sure their pipes are working right, so they don't have another shutdown like they did earlier in the year, but the big threat to them is what the sec does on payment for order flow, and gary began letter has put out rulemaking proposals on it. listen, i don't think they are going to end payment for order

flow, but suppose they make it more difficult, suppose they, suppose robinhood gets paid less for that retail order flow, because they have to do something. i mean there could be stuff that they do and remember, 75% of robinhood's revenues come from payment for order flow, and that could be a problem and that's one of the things the underwriters are hearing, neil but anyway i know you'll be happy that you can trade on robinhood and now it's a public company. are you going to buy any shares on your robinhood account? neil: you don't have any relationship. charlie: joe piscopo says hello, i spoke with him today. he misses you. neil: well that's good i love him, funny funny man. relief.com, the pain thing is working out for him too so thank you, my friend. charlie gasparino, following these developments always agitating. you ever notice that about charlie? what can i do to set neil off a little bit, but i'm not taking

the bait. not today. anyway, want to go go to vinnie toria, principal security consultant, so he's a good guy to get a read on what happened yesterday. in case you didn't follow yesterday, or you weren't directly affected yourself, better than 50 various sites were shutdown a while, or very slow to get to, and it was affecting some big ones, you know, you had capital one, you had fidelity and a host of other players, and a devil of a time getting into see how your account was doing and it got me thinking because it was an internet outage, a snafoo but what if when you did get on to your site your account disappeared? everything else that's been part of my biggest fear about ransomware and all these other attacks if they succeed in that final stage, vinnie, i know i'm over worrying here but given the broad nature of these attack lines and i want to stress that yesterday was not that, but i'm wondering how far away we are

and what we risk getting to that what do you think? >> i think it doesn't really serve much of a purpose for some of these hackers to go in and actually delete accounts, because once they do that, i mean, there's no way for them to make money. i think holding them hostage is probably more likely, or even having the data and then threatening to sell it on the open market which is something they do pretty often, but you know, the days of malicious hackers going in and just deleting things because you've got a bunch of teenagers that think it's funny, we're kind of past that a little bit. neil: so i understand the difficulty in not only shutting down an account but then to go the extra level to make money on the way out is hard to do, but if we would, it would jar people, the ability to take that, shut it down, even if no money is taken out, would alarm people, and obviously, call into question all of the

safeguards particularly financial institutions have in place to deal with this sort of thing. are they up to speed on this? >> so actually, financial institutions are probably some of the most, they have the most security in place just because of ffic regulations and everything else they have to comply with. i would say much more than, you know, our own like national critical infrastructure, financial institutions are in a pretty good place. that being said there's always gaps to be found and i think rather than criminals trying to barge down the front door, where there's all this security in place, i think now, the move has been more towards stealing individual crypto accounts so hacking into people's crypto accounts and then just taking the money out since it's actually pretty much impossible to recover at that point. neil: who was behind releasing, you know, all these billionaires

and how much they pay in taxes, you're right no money was stolen but it was exposed to the world and that makes me think, do they have inside help at the irs and other entities where they can get that information and release that information? >> yeah, i mean, there's always a chance of insider threat is always, it's always a real possibility, and so the idea of someone on the inside leaking some of those files to maybe some hackers that will then release it for money or try to sell it, i mean, that kind of thing happens all the time. especially when you're talking about really sensitive data or something that could potentially be really profitable in the right hands, i mean, it makes total sense somebody on the inside would try to steal it , especially if there are no safeguards in place to prevent those users from doing that. neil: in that case we haven't heard from anyone on the inside that might have helped out in this case presumably at the irs right? well that's true and the irs had its own problems over the years, going as far back as i can

remember. they've always had major deficiencies in their security, which i'm always kind of surprised that they haven't solved maybe budget or whatever it is, but the irs should be at the top of its game and it's not it hasn't been. neil: all right, vinnie, thank you very much, vinnie troia, shadowbyte ceo, and we're still racing ahead all of the major markets advancing even in the face of all of the news that was pelting the market markets this week, the soaring virus cases to soaring prices period look at that the dow around 35,000 and the markets racing to a winning week in a couple of cases potential records. stay with us. as i observe investors balance risk and reward, i see one element securing portfolios, time after time.

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only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ (announcer) the core is key to losing weight, getting back in shape, and feeling good. introducing the aero trainer, designed to strengthen your core, flatten your stomach, and relieve stress and back pain. it conforms to your body and increases muscle activity. abs, back, obliques, hips, and glutes. get incredible results in just five to ten minutes a day. the aero trainer supports over 500 pounds, and inflates and deflates in seconds. check it out at aerotrainer.com. that's a-e-r-o trainer.com. neil: all right, whether it is temporary or not, inflation is real and hanging on for the time being and my next guest is right all of this planned spending in washington is only going to make it worse. congressman blayne lukemeyer republican from the beautiful state of missouri sits on the house small business committee among others congressman thank you for taking

the time. so you think what the president 's plans are and democrats in general are going to make things worse? >> well thank you for being, having us on today, neil and yeah, i'm very concerned about this. i think, you know, last five months we've seen consumer confidence continue to go down. we've seen small businesses now believe that inflation is the biggest problem they are facing, 32% of them believe that the administration continues to bleed more money as a solution rather than stopping it and trying to get a handle on what we're doing. even the cbo on this last one, $1.9 billion bill that they passed said we didn't need it. by the end of the year we're going to be at a 5% growth rate and we didn't need to pass this additional bill and the additional dollars now are causing or helping to cause, anyway, this inflation that is racking our economy and devastating our small businesses 47% of now raised prices that's

a 40 year high and we're just in the last month. we're setting new standards every day, every week, every month, neil. this has got to stop. neil: but you know, how much of this and i understand where you're coming from the democrats and the spending but how much is just a response to going from part of the economy during the pandemic to a year later with these comparisons on demand soaring and limited supply, that that is what's driving this , now this new spending might aggravate things, but isn't this just an economy coming off a good chunk of it, that is the issue? >> i think it's a fair question and i think that there probably is some of that. i think we've got a supply chain disruption and has been for quite sometime. part of it's due to the unemployment check, the extra unemployment check that's out there the $300 check that about half the governors in the country have rescinded, other half still have it in

place. our state rescinded it and we can see people going back to work. the morning consult poll the other day had 1.8 million people refuse to go to work, refuse a job they were offered because they could make more money staying home with these checks, and that disrupts the supply chain. not enough people to produce the products and services and the little widgets and parts for all of the things we need so when you go to the store and you need a part for the refrigerator and have to wait six weeks for it that's a disruption. you go to that's why there is computer chip problems so all of these things add to the problem, exacerbate the problem, we had chairman powell in front of our committee the other day and he seemed to indicate he thought things would even out here shortly, although every other thing i've seen looks like it may go through the end of next year, with this inflationary trend, before it is halted, so i think there's probably some

truth of the suggestion you made but i think this huge amount of money, and the definition of inflation is a whole lot of money chasing not enough goods and services and that's one of the biggest problems we have right now in my judgment. neil: got it congressman thank you for taking the time. have a safe weekend. watch where you're shopping i guess, congressman depending on what you like to buy or eat. we're following up on that also following up on the markets, not concerned about all of this particularly you notice yields are still low, so that's a reflection, despite the congressman's worries the markets just aren't buying, they've been wrong before, but right now, that's what they are saying, we'll have more, after this. >> ♪ who let the dogs out ♪

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neil: all right, now, here is the guy worthy of a gold medal for his coverage of the markets. my buddy charles payne. charlie: and i'll stand at the national anthem as i get it, neil. neil: absolutely good for you. charles: good afternoon everyone i'm charles payne this is " making money" and breaking right now, oh, snap! the markets are rocketing again. individual investors, well they saved the day by buying a dip again. wall street just simply has no idea how to respond, in fact today's big move, being led by social media stocks following strong earnings results from snapchat, twitter had good numbers too so here is the thing