we do hope that we got another 12 that would take me to the broadcasting age of 85. well i live in hope. it has been great. thank you very much everyone. david asman in for neil today. david: i have a quick trivia question. what company uses ludwig von beethoven uses his initials as a symbol. stuart: what? david: steinway. i can see stuart varney broadcasting at the age of 85. easily, easily. stick with it, brother. you have a career. welcome to cavuto "coast to coast." markets falling sharply today as

investors digest earning reports, bond yields at pandemic highs. 10-year treasury yield slightly off its highs after hitting its highest level since january 2020. the two-year treasury yield topping 1% for the first time since february 2020. and higher rates of course have tech stocks tumbling. you know how that works. the nasdaq is now on pace for its second down day in the last three trading days. but first, the energy sector. today's only winner, thanks to rising oil prices. oil hitting a seven-year high as omicron concerns and geopolitical tensions continue to drive prices higher. of course all that is adding to inflation concerns. edward lawrence is in d.c. with what the president is now proposing. edward. reporter: yeah, exactly. you saw it there, oil topping $85 a barrel. the oil benchmark oil prices are highest level since 2014.

now goldman sachss is saying inventory levels will fall to their lowest levels since 2000. so you have supply issues, spiking demand. that equals $4 a gallon for gas. gas buddy, gas tracker, estimates gas will be become $4.13 a gallon by june. possibly decline. this is before the latest removes to restrict supply and opec not listening to the administration's call to produce more oil. the administration will reverse trump era policy, allowing the pest troll yum drilling in the alaska wildlife range. >> occasionally spiking oil prices. there is some concern and it is definitely a headwind for the market in the very near term. reporter: so a pivot to heavy

climate change push from this president. he has been dealt blows in the just this past week the social spending package as well as vaccine mandates. so the president now expanding basically a climate change army with money from the bipartisan infrastructure bill. the department of energy hiring 1,000 employees to be part of a clean energy corps, tasked with fighting climate change. in the announcement the energy secretary says this, quote, this is an open call for all americans who are passionate about taking a proactive role in tackling the climate crisis and want to join a team best positioned to lead this transformative work. so it looks like as his voting rights bill will now failth week or next, depending whenever the president takes it up. the president throwing everything against the wall to see what sticks. david: we have a climate change bureaucracy. isn't that nice? very interesting, edward, thank you very much. with inflation worries a possible government shutdown just a month away, some are

wondering why law make remembers focusing on voting rights legislation over resolving the budget. hillary vaughn is on capitol hill with more. hi, hillary. reporter: hi, david. you're right the government is facing another government shut down on february 18th, if they don't pass a government funding package before then. the government had short term spending bills to buy time. they have not passed a budget for fiscal year 2022 yet. they need to negotiate top line spending numbers. they cannot agree spending for defense versus non-defense spending. budget talks are slowly progressing behind the sustains this month. top republicans and democrats own the house appropriation committees are meeting behind closed doors trying to hash out an agreement on spending bill. unless they spend some sort of government funding measure the government is going to shut down on february 18.

finding top line number is but they have to hash out where money is going which gets hairy for both parties. there is talking of a spending package, additional covid funding, social spending, an increase in defense spending. republicans want to deep the domestic spending increases in line with the extra money defense gets. the senate is in session this week. they were supposed to be on recess but they're not taking this time to deal with the budget. instead are laser focused this week on trying to get voting rights through. figuring out what to do with the filibuster. david? david: both of which they're running into opposition from within their own party as senator sinema and manchin of course. hillary thank you very much for that. "wall street journal" highlighting washington cashing in on inflation as individual income tax receipts rose 55% in the first fiscal quarter. joining me now is point bridge capital founder and ceo and maga

etf creator hal lambert, and tax foundation president scott hodge. good to see you both. before we get into the issue of taxes and we'll talk about that, scott and hal, i want to ask you about the confidence in president biden which is, i think lowest on his ability or perhaps inability is a better word dealing with the economy. i say that goes double for investors looking what is happening right now with the markets, wouldn't you? >> oh, absolutely. i would think there is a big drop in confidence in president biden and it's well-deserved. i mean i have never in my lifetime seen empty shelves in the grocery store and we're seeing that, like we're some sort of third world country. it's really insane. of course then you have the skyrocketing inflation that is hitting everybody in the pocketbook. that i think is the number one reason his approval ratings are a disaster and confidence in him is no longer there.

both from the average person as well as the people that are investing in these markets on a daily basis. david: now, scott, we're lucky enough, a lot of people would say, particularly investors to still live in the trump tax era. they have not yet fiddled with that. and as a result of that some people would say, we have enormous tax receipts. "wall street journal" as i mentioned was remarking on it. in the first fiscal quarter that is from october to december, it is fiscal quarter, first fiscal quarter, we had a 55% increase in income receipts. we had a 44% increase in corporate tax collection. what happens if they try to fiddle, if the biden administration, democrats in congress try to fiddle with taxes increasing them, overturning the trump tax cuts? >> i think what we're seeing people are anticipating some of those high tax increases that were in the "build back better" plan and they probably, some of the investors in particular probably pulled profits forward

out of this year into 2021. that is why you saw some of those tax, those tax receipts go up in the fourth quarter. but i think this also demonstrates that we don't need higher tax rates. the corporate tax, set at 21% is bringing in tons of tax revenues. current tax rates that were set under the 2017 trump tax cuts, those are bringing in tons of tax revenues. so why do we need tax increases? unless it is to pay for the massive expansion of government which was in the "build back better" plan and even at that this will do nothing to reduce the deficits and the national debt that have skyrocketed over the last two years. david: you look at their lack of success in the past two or three months. i think the last successful thing the president did was the infrastructure bill which he got passed. he had some republican support for that. nothing really since then. when i look to what's happening

this year, particularly as inflation continues to increase as opposed to what the president is saying about it, i don't see a great possibility of increasing taxes because there is going to be no republican support and you may get pushback from senators like sinema. >> indeed -- david: i'm sorry. that is for hal. go ahead, hal. >> i think what you're going to see here is they're pushing on the voting rights legislation that will not happen. they continue to use up capital, the average person doesn't care about. now to try to go back to now raise taxes, you're looking at doing that sometime in march or later. i don't see that being i believe to be passed before the midterms. so i think we're not going to have it. there is no need for it. to give context, we collected in the last fiscal year the highest tax revenue in the history of the country t was -- it was

17.8% gdp higher than the average of the last 20 years. we're collecting more taxes than ever with lower taxes. the reason for that we have higher gdp growth. that is spurred by capital allocation. real quickly, if you look at the example we hire 1000 climate activists to work for the government. i guess the only qualification to be activist, let's say elon musk hire 1000 engineers? who will grow the economy more? david: bingo. >> who is better capital allocator, elon musk paid 11 billion in taxes, other nancy pelosi and chuck schumer. david: i have one word for you, solyndra. i have to go back to scott. it is interesting about all the doom and gloom predictions of trump tax cuts, you cut taxes the government would run out of money. it is exactly opposite. the supply-siders were right, the more incentives in the economy for growth and starting new companies the more income

that the government received as a result of all these increases in tax revenue. we've been seeing that play out even now. >> incentives matter. and tax incentives and the costs of doing business has gone down because of those lower tax rates and so, the rewards that come from being an entrepreneur, being in business, investing all of that, has gone up so people are doing more of that. and especially we're seeing a lot more entrepreneurship during covid as people find new ways to work and especially we can now work from home. david: yeah. >> the biggest problem here is the fact that as those tax revenues came up last quarter, so did the federal deficit. so all of the tax revenues in the world can't make up when spending is out of control. david: that's true. >> that is what the congressional budget office is pointing out in their long-term forecast which see as massive gap between the amount of federal spending and the amount

of revenues. revenues simply can't catch up when you have this much spending. david: then of course you have the federal reserve buying up all that debt and printing money to do that. that is where inflation comes from. of course rates are another issue that we'll deal with later in the program with you guys. thank you very much. coming up new york city's new mayor elected as a law and order candidate but are local businesses having buyer's remorse? we'll discuss that with jack brewer when we return. ♪.

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of. david: new mayor, more crime in new york city. rising crime a real issue for many big apple business. now are some are taking matters into their own hands. fox business's madison alworth joining us live from new york city with details. hi, madison. reporter: david, i'm inside of a mall here in chinatown.

the operator of this mall has hired citiesal private security to keep businesses and customers safe because current policies are not doing that. you know mayor eric adams did run as the law and order candidate but he has done little to turn the tide of crime in the city up to this point. of course it is still very early in his term but we've seen crime increase during that time. just this saturday we saw a fatal subway pushing of a 40-year-old woman who was pushed to her death at the times square subway station by a homeless individual with a history of mental health issues. adams argued that subways are taken than ever that we're dealing quote with a perception of fear. for business owners in this mall it is actual increase in crime. let's first tackle the homeless issue. what are we currently looking at the homeless issue has hit? what are we looking at chinatown. >> we're looking 600% increase in homelessness of chinatown.

with one mile radius, we have five homeless shelters. plan to build more in our area. we're expecting more homeless people in our business. reporter: you rate this mall. you run out to the different stalls. what is the issue of crime within the mall, people coming in? tell me with some of the stuff we're dealing with day-to-day base is? >> homeless people are stealing. people loitering, burning cigarettes, paper inside of the building. it is very dangerous. our customers are scared to come in. we really need help. reporter: you had one security officer, before the pandemic. you now increased to two. some days you have three security officers. why the need to increase security at your mall? >> well, it happens at the, now the security needs security. they cannot tackle these homeless people by themselves. they need to come in on the team, at least two, minimum. to watch each other. reporter: thank you so much. david i've been hear all morning. to paint a picture what we're dealing withing.

i was sitting outside the mall 10:00 a.m. writing the hit during that time. during the time i saw one attempted drug deal and one active robbery where woman's purse was stolen. in one hour. you can imagine what people are dealing with. david: it is getting worse. this mayor has to separate step up to the plate. it is reality, not just a perception of crime. madison, thank you very much. joining me jock braugher, jack brewer foundation ceo, mr. jack brewer himself. i want to touchn the inhumanity of progressive crime policies. it is not helping anybody in start with the homeless situation because we have had two murders in the past week on both coasts. one in los angeles where a woman was stabbed to death when she was alone in her business, a furniture business. another on the east coast in new york city, when a woman on her way to work, worked for

deloitte, was pushed in front of a train. both of these perpetrators, the alleged perpetrators of thieves incidents were homeless people. it brings to mind something former new york mayor rudy giuliani said back in 2015 when homelessness began to get out of control again in new york. it is much worse right now. he said the so-called progressive view that people have a right to live on the sidewalk is not only legally devoid of any merit but is inhumane, indecember and dangerous. would you agree with that? >> 100%. you know, david, as we all know, the majority of these homeless individuals have mental health issues. they don't have the mental capacity to make decisions on themselves. some much them don't even really know what they're doing. that is a sad thing. if you do have the liberal progressive policies that never want to focus on real rehabilitation, real programs to help people get out of the situation, address issues at the root cause, you will have this

continue of swell of homelessness in places like new york, across major cities in america. it is a sad thing because as former mayor giuliani pointed out in his previous comments, look how humane this is. "veeping" in your own feces or filth, no human being should not have to live like that. that is the way people live in third world countries, war-torn countries whether they have no choice. this is the wealthiest, most prosperous nation in the world. no reason we should accept that we need to get our policies, to actually be in place that will help the people rehabilitate to, make themselves better. david: by the way we're looking at video on the left side of your screen, just exactly how dangerous it is. the situation, a lot of these people, yes, they are, they have mental issues or they have addiction issues, et cetera, but that doesn't mean it is okay to just leave them on the street. that is not inhumane. it is not safe for the community.

rudy giuliani gave us a template for hue to deal with it. he sent police out with social workers and the social workers would evaluate exactly what the problem was. whether they had drug issues. whether they needed a job. whether they needed a place to spend the night. the cop would say, look, you have several options here that was just laid out for you by the social worker. one of those options is not using the sidewalk as your bedroom, and your bathroom. that is not an option, period. you can go with the social worker, take you there, make sure you're safe, have a place to rest your head at night. make sure you have a drug program if necessary. that's the way to work it. and guess what, it worked. rudy giuliani's method worked. why don't we use that these days? >> we have to get back to it. i think, you know, folks like the new mayor of new york have got to really step up. law and order has took first and foremost. nothing else. you cannot go in this with a soft, cushy feel.

tough give people choice. listen you cannot be on the street making it unsafe for innocent taxpayers. that is first and foremost. these type of policies you will see happen. i think mayor adams understands it, as a former law enforcement member himself. he knows he has to establish law and order again. if you think about it, if you don't do it, then your tourism is already declining. your economy is already struggling. so to get, to get new york to back to being that city of hope for the entire world he has got to clean up this act because just people seeing and watching what is happening in the streets of new york is causing people not to have grace, not to have empathy. that is not what we need. we need to be loving america that goes out to help pull up the bottom. in order to do that we need to have real law and order, but more importantly we need to have action that gets to the root cause. you do that through rehabilitation, as you mentioned david. david: you are not just talking you walk the walk. your foundation is dealing with people, trying to get them out

of the rut they're in. you worked long and hard year after year. it is rewarding work i'm sure. you put, you walk the walk as i say, something a lot of people are wondering whether the mayor is really willing to do that? he talked a good game how to deal with crime but he is not standing up to these prosecutors that let the violent criminals out. he is not standing up to the city council that creates these laws that allow criminals out. he has got to do that. he has to develop a little more backbone, no? >> he does. at the end of the day it has been done before. like you said rudy giuliani cleaned the city up. not like he doesn't have a blueprint to go off of. you're solving issues no one had to face, it may be a little more challenging but he has the blueprint for new york city. he must act now. it is not right. it is not fair to these business owners that poured their hearts, souls, livelihoods creating their businesses, have to sit there, bring on three or four security guards just to watch

their small business. this can't happen. it is not sustainable. for the people of new york city, don't deserve that. so i hope he wakes up. i hope we all pressure our politicians and our community leaders to be accountable. because that is what is comes down to, no matter if you're the homeless person on the street or the mayor running the city. you have to get accountability back in our country. david: jack, we got to go. i don't want to sandbag you here, because i know you have a lot on your plate if he was to call you, if he was to call jack brewer, say, jack, would you help me with this, would you have time to do that? >> i would be on a plane flying tomorrow morning to new york city to help serve the underserved people in this city. i don't wear war it is. i helped politicians across the country. i always offer my expertise to help our fellow americans. we must serve. it is not how much money we make, but how we impact

humanity. it would be a privilege and honor, mayor adams, to come there to give you my perspective, god bless you. david: mayor eric adams? are you listening mayor, there is a man who knows what he is doing. he knows how to turn thing around. he will help turn things around. not judge but help you. that is a important distinction to make. jack, i hope the mariesens to you. i hope you make it here. when you do, let's have a beer together. good to see you, my friend. thank you very much. appreciate it. >> i don't drink but i will have a drink with you. david: all right. we'll get you a diet soda or something. thanks a lot, jack, good to see you, my friend. straight ahead, researchers working to make the existing vaccines work against omicron but what happens when we have another variant? we'll discuss the push for more treatments when we come back. ♪.

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david: markets trading near session lows right now. the dow is down 585. the low for the day was 593 intraday. we are marching lower, not higher. we'll get back to that in just a moment but meanwhile as researchers are looking for ways to use existing covid vaccines to cut down on transmission a new study out of israel raising concerns over the vaccine's effectiveness in preventing infections. jonathan serrie is in atlanta with the very latest. jonathan. reporter: hi, there, david. well existing vaccines are still doing a good job of preventing hospitalizations and death but with the omicron variant they're less effective in preventing people from spreading the virus to other people. the surgeon general estimates anywhere from 20 to 25% of people who are fully vaccinated and boosted are still susceptible to breakthrough infections with symptoms, mostly mild but they can still spread

the infections to others. israel which started providing a fourth vaccine dose to high-risk groups, research es set out to see if the additional booster would protect healthy people against omicron infection. preliminary results showed the fourth dose did produce even more antibodies than the third dose but still not enough antibodies to block omicron transmission completely. the ceo of moderna says he expects an experimental vaccine targeting omicron to enter clinical trials in the coming weeks, to have data to share with regulators as early as march. he says in late 2023, a separate vaccine could become available that would combine in a single shot a covid booster, protection against seasonal flu, protection against another respiratory virus called rsv. >> our goal is to have a single annual booster so we don't have compliance issues where people don't want to get two or three shots a winter.

reporter: a day earlier than expected, covid test.gov, the federal government website for ordering free home tests it is already on line. u.s. households can order up to free, four free test kits. the back to you, david. david: the question, when they arrive, will it happen after omicron is all over? jonathan, thank you very much. >> certainly. david: as zero covid policy is looking less policy the key is really in treating the disease once you get it but certain states have been having a lot of difficult getting drugs used for treatment because of federal intervention. one of those states is florida. joining me now is florida's chief financial officer jimmy patronis. jimmy, great to see you again. last time we talked you were trying to figure out what the heck is going on here. why it is you were having very successful treatment centers using monoclonal antibodies in florida. it was keeping your death rate,

even though your infection rate is about the same as new york, your death rate was significantly lower. a lot of that had to do with the monoclonal antibodies but suddenly dried up. it dried up, maybe not coincidentally when the federal government began to take over the distribution of it. have you ever found out, gotten to the bottom of that, why that happened? >> well, david, we sent the freedom of information act request to the government, again trying to get to the bottom -- the irony of this, the executive privilege, the white house doesn't have to answer my questions. we go back to make sure we properly ask those bodies we have access to. dumfounded i can't get an answer to the white house. we submitted those requests. we'll get to the bottom of it. when joe rogan and tucker carlson talked about this early on and then fauci hears about it, i'm sure there is frustration, i think he wants that speech to stop, we deserve to get to the bottom of it because we deserve answers. david: delivery of the monoclonal antibodies, the treatment is extraordinary. i'm a witness to that.

my wife and i had covid, we had the monoclonal antibodies. in 24 hours our symptoms were gone, period. amazing stuff, you about you have to find a place to get administered. it is intravenous. they keep you an hour after you had the serum to make sure you're okay. you had the special treatment centers but without the monoclonal antibodies they're kind of useless. have you had to shut them down? >> so the governor has fortunately for his leadership right now. he opened up five new treatment sites statewide. but you're absolutely right. if i can give options, if i have tools on the table i can keep people out of the hospitals. these treatment centers are exactly there. they're an amazing diversion from a hospital emergency room beds. david: didn't you actually have a deal that you were making with glaxosmithkline which had, by the way, an antibody treatment that does work against omicron? didn't you, weren't you going to use state funds to make a deal

to get the serum from them? if so, how did the federal government interfere with that? >> governor desantis where he has seen impasse with the federal government where they played politics he has gone out worked directly with the manufacturers. this is again, five treatment centers have opened up in florida this week. all over the state. because of his relationships and making those operations go live through our own access. david: so it was only the regeneron, and a couple of other monoclonal treatments or serums you were having trouble getting from the government? you had the direct relationship with glaxo, and that line stayed open, correct? >> correct. the governor has been very proactive. he is not going to wait on the federal government to come with a solution when it comes to citizens of our state and first-responders. david: not to put too fine a point on it, jimmy, for the federal government to conspire

against a state for political purposes that in such a way that could cost people lives, that is a pretty serious charge but that is your charge, correct? >> correct. this is exactly why we did the freedom of information act request. we want to get some answers. we deserve those answers. again i'm sure the administration gets frustrated with those pundits, those that ask questions that are critical of the decisions that they made but the citizens of the state of florida deserve answers. i will share them with you when i get them. david: let's leave on a positive note because florida has become a model what works. i mentioned your success rate keeping deaths down, while other states focused on lockdowns and mandates, you don't have any mandates. many people call it the free state of florida for a good reason. you have this wonderful surgeon general, joseph ladapo, i hope i'm pronouncing his name right, he has become another florida

superstar if you will. you're one. the governor, and now you have the surgeon general as well. isn't this a tremendous case to be made for everybody, all these states looking for the new normal, just get back to normal. get back to normal and you can do fine in this environment as long as you have the treatments, right? >> well, how would you like to abyss in hawaii that now your governor has come out and said the only way you're allowed to visit hawaii is to have proof you have a booster shot? don't they realize what they're doing to the middle class, the small businesses, the backbones of those economies? again i'm so glad to be in the state of florida. it is no longer a secret we're open for business. david: not at all. not only are people going there to visit but they're moving down there in great numbers. they have been for a couple years. they continue to do so. jimmy patronis. thank you very much. please stay in touch as soon as you get information, some freedom of information act requests resolved we want to hear what the story is there.

thank you for being here. appreciate it. >> absolutely. david, take care. david: coming up a surgeon, wild west style train robbery is now the latest complication in the supply chain crisis in california. we are live at the scene of a recent cargo theft with details coming up. ♪. chase first banking. a debit card for kids, and a set of tools to help them learn good money habits. by creating allowances and assigning chores, they can practice earning every day. with a debit card just for them, they'll learn smart spending firsthand, while you monitor and set account alerts. and using their own chase mobile app, they can set big savings goals.

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it. david: first the natural disaster, now the lawsuits. the parents of an amazon delivery driver killed in last month's tornado now filing a wrongful death lawsuit against the company, alleging amazon knew conditions were unsafe. fox news correspondent mike tobin live in chicago with the very latest on this. hi, mike? reporter: david, this wrongful death lawsuit argues that it put profits over people and argues that the amazon and builders didn't do enough to make the distribution center safe despite being in tornado country. it cites that amazon lacked a clear safety plan. it was filed by the parents of 26-year-old austan ma cue en. it claimed amazon workers were forced to stay on the job that despite warnings bad weather was coming. when workers were finally given 11 minutes to a safe area, there is no emergency shelter or a basement. >> there is no evidence

whatsoever that the building had an appropriate basement shelter or storm shelter. unfortunately austan and five others were on the outside of the building, sheltered at direction of amazon in a bath room. reporter: amazon released a statement through a spokesperson this lawsuit misunderstands key facts such as the differences between various types of severe weather and tornado alerts as the condition of safety of the building. we believe our team did the right thing as soon as a warning was issued and they worked to move people to safety as quickly as possible. amazon says the company will fight the lawsuit. the governor of illinois, the building, warehouse, distribution center was up to code. it has four couldn'ts of wrongful death in this case, two of them aimed at amazon, two individual ones aimed at two different construction companies. david? david: mike tobin, thank you very much. after the break, just when you thought it was okay to fly again after the holidays, why major

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david: the dow jones just hit a new intraday low, the dow ask down 625 points on the dow, 627 right now, as i speak. actually percentage wise, that is not getting hit the worst. the nasdaq, the tech-heavy stocks that are getting hit worse down about 2.25%. huge drop on nasdaq. all over the place, there are two words that i would say causing most of this. that is interest rates. higher interest rates and the fear of losing the zero interest rates that have created this huge bull rally over the past decade and a 1/2 is what fears the market right now. so we will get back to that. very shortly, meanwhile there are other concerns about the economy, major airlines warning of quote, catastrophic disruptions for travel and shipping if cell phone providers roll out their 5g technology tomorrow. fox businesses grady trimble is at chicago's o'hare airport with more on this.

grady? reporter: david, the airlines, have been putting pressure on government officials as well as the cell providers saying if 5g roll out takes place without any immediate action it could lead to chaos for flyers and it seems that pressure that they have been putting on is working because at&t just confirmed to us that they will delay turning on a limited number of towers around certain airport runaways, saying in a statement they're frustrated by the faa's inability to do what nearly 40 countries have done, which is to safely deploy information sufferingses and urge us to do in a timely manner. they're launching towers everywhere else in the country tomorrow, with the exception of limited number near airport runways. the airlines say the 5g signal interferes with critical safety instruments on planes. united said without any action

the the roll out could have suspension of cargo flights into certain major cities, causing a negative ripple effect own already fragile supply chain. that is what at&t has done. they have delayed turning on thn cell towers near certain airport runway. verizon says if they are doing something similar. we have not heard back. the faa is continuing conversations with cell phone providers and airlines without any mass cancellations tomorrow. david: grady, could be a mess. all eyes on transportation second tate pete buttigieg as the roll out gets underway. can we trust him to handle this crisis any better than the supply chain crisis. bring back hall lam -- hal

lambert. the guy doesn't have any expertise in the subject. he has shown that. in addition he took two month leave of absence in the middle of the supply chain crisis. how do you fix this problem? >> you mean the mayor after mid-sized city is not qualified to got job of secretary of transportation? what a surprise. this whole thing is extremely, more infuriating and frustrating. this appears to be a 100% airline lack of planning problem, okay? they have bottom old all tim terse in their airlines and airplanes they haven't replaced. we've been talking about 5g for what, six, seven years. they have not done it. meantime from the last six or seven years they bought back $13 billion worth of stock in american airlines. it was 8 1/2 billion at united. they've been buying back billions of dollars of stock but they have not updated their aircraft. almost appears to be another kind of hey, give us more money

federal government to upgrade our altimeters in our aircraft or we will shut down half the flights in the country. this should be tolerated. they can't hold up 5g because the airlines don't basically what is a standard thing that should be happening. it is all over europe. five g is in europe. it is in china. now we're having problems. david: i'm not a pro regulation guy at all. i think they generally make matters worse but in this case, shouldn't transportation have been working with these companies, to create at least some kind of guidelines to guide them through the changes that are needed to adjust to this? >> sure. it is not a secret. it is not a surprise. it should have been happening, certainly over the past year, with them saying look, you guys got to get altimeters upgraded. it is a hardware piece in the airplane. they have already delayed it. this was supposed to launch in december. the telecom companies gave in,

said okay, let's go to january, go to delay again. nobody wants to say hey a plane crash because of this decision, right? david: oh, boy. >> that is the thing you know is being held over everybody's head in the decision chain. david: not a lot of time, hal, but you know you have have a transportation secretary with clearly no expertise in transportation. you have a energy secretary who couldn't tell you how much oil is used on today daily base is by u.s. consumers. why don't we have secretaries with a little bit of expertise what they're supposed to be guiding? >> it's a sad state of our country because basically we're appointing political people into these positions that don't have any experience. you're see being the results of this all across the board but empty shelves to you know, secretary of energy that doesn't know how much oil is produced in the country. it is just, beyond belief.

you know, that is what you get when you appoint people that are simply political appointees. david: politics over business. i think that is, that is really what is happening here, with this administration. hal lambert,. >> thanks, david. david: after the break get ready for more inflation a new trucker mandate, wait until you hear this, expected to make produce even more expensive. details coming up. ♪ everyone remembers the moment they heard... “you have cancer.” how their world stopped and when they found a way to face it. for some, this is where their keytruda story begins. keytruda - a breakthrough immunotherapy that may treat certain cancers. one of those cancers is advanced nonsquamous, non-small cell lung cancer

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♪ life is a highway, i want to ride it all night long ♪ david: the u.s. markets are getting slammed today. the tech sector hit by the rise in treasury yield as the inflation superhighway is hitting all sectors from apparel to oil, now there is a new mandate about to kick in for truckers that are expected to send all prices soaring full steam ahead, and the market is at its intraday low right now, 642 points down on the dow, lauren simonetti leads us off with our top story this hour, which is the market. lauren? lauren: david, the hits just keep on coming. speaking of inflation, canada just imposed a vaccine mandate on u.s. truckers that are crossing the northern border and

guess what? this saturday, the u.s. will do the same. it is estimated that this mandate will cut in half the number of drivers that can take food, vegetables even paper products across the border. companies are preparing for the mandate. they knew about it and spent big money to recruit more drivers but that will continue to show up in the prices that you pay at the store, and look at those shelves. this is why they're empty. it's not the only reason why. oil prices today hitting seven- year highs, blame geo political tensions for that involving oil & gas producers, russia's aggression at the ukrainian border to rebels conducting drone attacks on an oil facility in abu dhabi. it could impact the ability for opec plus to deliver on planned production increases a whole lot of time when the u.s. has curtailed our own production and omicron has not really dented demand, not even when it comes to housing. national association of home builder ceo jerry howard says some builders are seeing delays

as eight to 10 months for appliances. builder costs up just about 19% since december of 2020, i'm quoting here. he calls the situation like looking into the teeth of a super storm. this month, home builder confidence did dip to 83, it snapped a four-month rise and then the saving grace for the industry is that there is big demand to purchase homes. in other states to move out of the big cities to the south and the midwest and places like that , david. david: lauren simonetti, thank you very much. well, companies being hit by the labor and supply shortages are now facing a new setback, train robberies. kelly o'grady is in los angeles with that story, kelly? reporter: hi, david. yes, union pacific has seen 160% increase in train robberies in this year alone and i want to show you some of the carnage behind me. the tracks are littered with designer purses, unused covid

tests and i want to highlight these containers are coming from the ports so this doesn't just impact california but retailers and secures across the country. now big portion to blame is being laid at the feet of progressive crime policies. critics are questioning why the fbi and biden administration haven't gotten involved when this could worsen our supply chain crisis, and up is calling on la's district attorney to change special directive 20-07 which mandates the 13 types of misdemeanors will be dismissed. in a letter, they stated while we understand the well-intended goals of the social justice goals of the policy we need our justice to support partnership efforts to local law enforcement , hold these criminal s accountable and most important help protect our employees and the critical local and national rail network and it's not just union pacific. retail leaders are pleading with california's more progressive da 's to hold these criminals accountable. oftentimes with a no cash bail policy these are repeat offender s. >> comes down to the we need

prosecutors to prosecute these crimes and when people feel like they can get away with this without having any consequence with their behavior, they are going to continue that type of behavior. reporter: and rachel tells me that the homeless crisis in california has been a big factor organized crime rings prey on these more vulnerable population s to do dirty work for them and david, beyond the damage to consumers, still is the supply chain crisis, u. p. stated they are considering avoiding los angeles altogether and with rail touted as a solution to the supply chain crisis and the truck driver shortage, that could spell trouble. david? david: wow, kelly, thank you very much for that. joining us now is former chairman of the council of economic advisors, kevin hassett kevin wonderful to see you, so much to talk about. it's sort of a perfect storm, isn't it? all of these issues are working against getting the economy backup on its feet. i know we're roaring in some areas but inflation is roaring as well, we still have the supply chain issue problem, and a lot of that has to do with the labor shortage, and now,

because of policies of the biden administration, we have this new vaccine mandate that was devised back in november. now, it seems less scientific than ever to have a vaccine mandate, particularly with omicron, when everybody is getting infected despite vaccine s, but it kicks in in four days on truckers. 50% of all truckers, it's estimated, have not been vaccinated, so that would essentially possibly eliminate up to 50% of truck drivers who are already in short supply. that's going to make the supply chain crisis even worse, no? >> yeah, that's right, and the fact is that they keep saying it's a supply chain crisis, it's a temporary thing, but as your previous story highlights that there are these liberal policies all across the country that are leading to kind of a permanent negative shock to supply. i could tell you, i went to the grocery store to shop it's one of the things i do for my family

, rebreakup the jobs and there was no beef at all at a grocery store, big grocery store right here in d.c. i mean, it's astonishing how much the supply disruption is affecting everybody's lives, and what the biden administration is doing is they're pushing harder on the liberal policies, come on , they are allowing train robberies and now, the shock to trucking is going to be really really startling i think that probably you'll get double-digit inflation because of this and it'll continue to sky rocket out of control until, you know, basically i think the republican s capture the house and start to move policies in the opposite direction. it's clear that this white house doesn't have a plan to deal with the supply chain disruption. where was mayor pete when, you know, i-95 was shut for two days right? david: it doesn't have any humility either, the willingness to say look i was wrong on this thing. for example, the vaccine mandate they announced that back in november. that was of course long before omicron hit.

it was before a lot of the witnesses of the failure of vaccine mandates to really do the job and creating more vaccines, and they could turn that around and say look, because of the supply chain problem, we're going to cancel the vaccine mandates for trucker s, but they aren't doing it. it's only four days away, kicks in on january 22. i mean, they could turn this around if they wanted to, but they are so stubborn they refuse to. >> right and don't forget their story for the last few months is that it's a pandemic of the un vaccinated. david: right. >> now their own cdc admits that's not true. people that are vaccinated, thank goodness they are protected a little bit more or probably a little bit more against severe outcomes but they are spreading the disease too, and so this idea that you're going to stop the spread with the vaccine is something that even their own policy people reject and yet they are still imposing the mandate because they want to slow the spread. you know, i absolutely think

everybody should talk to their doctor and think about whether the vaccine is right for them. i chose to have it, and the booster, but to mandate it, that's a different story altogether. david: yeah, particularly if it exacerbates terribly the supply chain crisis, which it looks like this is going to do. now, on inflation, you've mentioned the possibility that we're going to double-digits. we had wholesale prices up 9.7% annually. we got that word last week, so we're very close to it because those are eventually passed on to retailers and consumers, so we're close to double-digits, but listen to what the president said on the day the cpi figures came out last wednesday. he said we are making progress in slowing the rate of price increases. that's directly from the president on the date the c pi numbers cameo talk about a state of denial. it's direct. >> right, well what he was doing is he was trying to take advantage of the fact that the number blipped down just a little bit, you know, month-to-month but the fact is that we're about to hit a wage

price spiral. i think every economist who studied the history of this agrees that wages lag prices, prices went up a lot last year, real wages declined 2.6% over the last year, and so now, people are going to their bosses saying hey, increase my wage, and when they do that, the bosses have to lift their prices, so it's going to happen. we're going to have a wage price spiral. prices are going to go up from here. inflation goes up from here and one little blip in the cpi report is not something the white house should curl about. i guess the fact is the media never holds them to account when they say stuff that turns out to be wrong a week later, but except for you. except for you. david: except for us. >> it's getting worse it's not getting better. david: it's not just a republican economist like yourself are saying, jason fur man who was one of the chief economists for the obama administration said in the wall street journal on friday that in fact, 2022 is going to be worse for inflation than 2021 was, of course larry

somers has been saying this for a while. they're going to have egg on their face, when the numbers go up and they're going to turn out to be so wrong. is there anything that they could do right now, other than dealing with the supply chain issue, which we mentioned, the trucker regulations et cetera, to turn this inflation story around? >> yeah, you know, i think one thing that they could do is there are a lot of really sensible, reasonable democratic economists that understand, especially now, what's going on and i think that one of the signs is the lack of leadership of president biden is , you know, everything is heading south on him and he's not bringing in any new voices. you know, donald trump, he would fire somebody almost every week, if he didn't think they were doing the job well, that's what leadership is about. biden needs to bring in a little bit of fresh blood, some fresh ideas because clearly the team he has right now isn't getting the job done. i'm not saying he has to fire anybody but he definitely needs to bring in a larry summers to

help him think about what he needs to do, because they aren't taking any moves right now that will move it in the right direction. david: by the way have you been hearing anything that larry summers might be tapped or maybe jason furman would come back? >> no i have not heard anything at all. but you know, president biden doesn't talk to me about stuff like that. david: well finally, i've got to ask about taxes because as we mentioned before, we're still operating under the trump tax code which has brought in enormous numbers of revenue. we have a 55% increase in income tax, i think it's 44% increase in corporate revenue that's come in as a result of the tax code. is there any justification for changing the tax code when it appears to be working so well >> no, there isn't. you know, the tax code is working well, but one of the things that we saw, you know , you alluded to a cbo report that came out that was a big surprise about $250 billion surprise in revenue , well one of the reasons why that happens is is that with

inflation you get sort of fake profits, right? you're just raising prices to keep up with inflation and when you do that, then it looks like a profit, the the irs takes some of the money. david: kevin hassett good to see you. senate democrats are feuding over changing senate rules to push through voting legislation, the very latest from the capitol after the break. ♪

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david: democrats facing off as the senate returns to continue their battle over the filibuster, and voting rights legislation, fox news congressional correspondent chad pergram has more from capitol hill. hey, chad. reporter: good afternoon, david. well the math equation is not adding up for the democrats. the standoff over voting rights and the filibuster continues, but nothing has really moved on this issue in weeks, even president biden failed to close the deal with reluctant democrat s during a meeting on capitol hill. senate majority leader chuck

schumer wants to get everyone on the record about voting rights, even if it embarrasses some members of his own party, and that could be the point. house speaker nancy pelosi is imploring senate democrats to offer the filibuster to pass voting rights. but we have to get this done and the truth is that our colleagues , house and senate, democrats and republicans, must weigh the equities here, so i ask our colleagues in the senate , respect fully for what they think the filibuster means, to compare that to weigh the equities against our democracy because nothing less is at stake than our democracy. reporter: democrats joe manchin and kyrsten sinema stand in the way, but they remain opposed to changing the filibuster. the democrats think they can pass voting rights measures before the mid-terms. there's a great deal of skepticism. >> they maybe on life support, but, you know, the others did

not give up after the 64 act, that's why they got the 65 voting rights act. reporter: it's possible schumer could hold a vote tomorrow to change the filibuster, even if that vote is doomed to fail. democrats need all of their members on board to change the filibuster. david? david: chad pergram, good to see you, chad, thank you very much. well, the wall street journal editorial board calling out senate majority leader chuck schumer suggesting some of his claims about voter suppression in georgia don't pass the smell test. the editorial board writing, who you calling dastardly, mr. schumer, another tall tale about georgia voting proves too good to check. joining me now is georgia's attorney general, christopher car. general car, thank you for being here. let's start with lincoln county, georgia if we can, which senator schumer says is racist because of its voting rules. well it just so happens the

director of voting for lincoln county is a black woman named lavender bolton who said to the wall street journal and i quote, the story is that i'm just after the black people and i'm not going to let them vote. it's crazy. well, it's also a big lie, general car. >> oh, david, it absolutely is and thank you so much for having me on today. whoever is giving senator schumer political advice is doing a bad job with it. let me tell you, it's the height of hypocrisy for the president of the united states and senator schumer to criticize georgia and our election bill when our bill is less restrictive than many aspects of their own laws, election laws in their state and delaware as it relates to the president. in new york as it relates to senator schumer, and david, you hit the nail on the head. voter suppression did not occur in georgia. this goes back to the 2018 election where stacey abrams ran. she got more votes for governor than any candidate in georgia

history except one guy named brian kemp and she brought a lawsuit in federal court, a landmark lawsuit she brought a couple years ago. last spring the federal judge dismissed 18 of the 20 lawsuits, or 20 claims, and why is that? because voter suppression simply did not occur in georgia. registrations are up, participation is up. all of this is simply a distraction. it's political theatre to distract from the democrat's problem which is crime is going up in democratically-run cities. inflation is on the rise. the number of shelves that are empty are on the rise. the only thing that's declining right now for democrats are their poll numbers and the confidence that the american people have in their leadership. david: and i know that politicians lie all the time. on both sides of the aisle but the shame less lies to accuse a county whose election board is run by a black woman of being racist is just, it's just beyond

, and then of course, you had all of president biden's lie s about the new georgia voting law, some of which even the washington post which has been very supportive of biden said was a four pinnochio lie and that led to the business but cot of atlanta which led to them losing the all-star game over the summer which cost billions of dollars in revenue for a lot of black businesses in atlanta. there are consequences to these lies. >> well that's exactly right, and david, what we focused on our three things in our bill. security, transparency and access and let's remember, by the constitution, elections are run at the local level, but the constitution provides states the ability to regulate the time , place, and manner of elections. there are a number of ways that you can vote in georgia. we now have 19 early voting days , which is more than new york or delaware. you can vote no excuse absentee ballot which new york couldn't even get passed, the wall street

journal pointed that out. you can vote on election day, and whether or not lincoln county chooses to consolidate based on efficiency, that's going to be up to them, but as you said all of this is based on a lie, but what has the democratic response been is to weaponize, federalize and vaporize. weaponize the department of justice to sue states like georgia, based on political theatre, based on stacey abrams campaign flier, to federalize elections through the bill being debated now and vaporized the senate rules. look i'm a am toker chief of staff in the u.s. senate, david, i'm going to tell you this right now. when you can't get a bill passed in the senate you don't change the filibuster. you change the bill. david: yeah, we only have about 30 seconds, but briefly, what would a federal takeover of state voting laws mean for a state like georgia? >> well it be more restrictive than what we're doing right now. just take, for example, early voting. georgia now has up to 19 early

voting days. the bill says 15. it would federalize campaigns and this bill be a disaster, and it's unconstitutional, david. it is our right as states to regulate the time, place, and manner and again, voter participation in georgia is up. to say there was voter suppression in georgia is crazy. in fact we just selected our first african american senator. it is preposterous to say voter suppression is going on and this bill is a bad idea. david: christopher car, attorney general for the great state of georgia. thank you for being here, appreciate it. >> thank you. david: good luck. coming up a shift in popularity, what a shocking new poll is showing ahead of the november mid-terms. ♪ i know the way, i know the way , baby i know the way, oh , i know the way, the way you love ♪

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david: a dramatic shift, a new poll showing democrats hemorrhaging support under president biden and republicans seeing their highest popularity in nearly three decades. mark meredith has the very latest. hi, mark. reporter: david, good to be with you, gallup's latest polling shows republicans do have momentum here but you know this as both parties there was a long way to go between now and november's mid-term elections. gallup says over the last year it was conducting some 13 telephone polls essentially asking americans which political party they were leaning closer to. when 2021 started, democrats were leading by nine points, 49% of the people said they believe in the democratic party. far fewer leaved in the republicans, 40% leaning right and then slowly but surely as the year progressed, those numbers really flipped with more americans now identifying with republicans. the gop saying the results backup what they're seeing nationwide. >> we view this as a direct correlation between joe biden

and kamala harris' failed policies coupled with the democrat agenda in the house and the senate to where the american people feel, how the american people are reacting to this radical administration. reporter: gallup says its results are closely tied to president biden's approval ratings, still the white house insists its work continues despite recent set backs and that any dip in the polls its seeing maybe temporary. >> the truth is, an agenda doesn't wrap up in one year. we're going to continue to fight for every component of his agenda and his plans for his presidency that he outlined when he was running for president. reporter: so you could bet the president is going to get asked a lot about his agenda and poll numbers which appear to be stalled when he speaks with reporters tomorrow he's taking questions in the afternoon. republicans are adding on the pressure though, david launching ads on issues tied to the inflation and economy not to mention the surge in covid-19 cases. david: mark thank you very much that presser will be very

interesting tomorrow with crime hitting records an open border inflation sweeping the country is it any surprise there is a seismic shift happening on behalf of voters? tennessee republican senator marsha blackburn is here with more. seattle good to see you. before we get into the details of inflation, crime, et cetera, it's not just republican versus democrats. it's the independents, the largest voting block in america are the independents. i think democrats and republican s have about 26-30%. the independents are about 44% of the electorate and they are streaming away from president biden in this policies. >> and that's exactly right, and i talked to tennesseeans who classify themselves as independent every single day and you know, more women are independent than men and i think that is also significant, but david, you're exactly right. whether you're talking about the border, crime in the streets

, the amount of inflation, the poor response to covid, these are issues that i hear about regularly. i would add to that when you're talking with female voters there's a lot of resistance to teaching crt in the schools and women want school choice. david: absolutely well perfect example of that is what happened on a state level in virginia, where governor youngkin has taken over and he really wasted no time. last weekend was his first day in office, on the same day that he took the oath, he issued 11 executive actions, including one on education, of course which is the main reason why he won, banning the use of crt, of critical race theory, ending school mask mandates, crime. he terminated the entire parole board of the commonwealth of virginia. every single one of them who have been having some of these crazy rules that increased crime , green energy rules were changed, pandemic rules were

changed, i'm just wondering, how much of what we see in virginia might be repeated in other state -wide elections. >> oh, you're going to see this repeated across the country, because it doesn't matter if it's virginia or if it is tennessee. you have these issues of safety and security, of the education. what is happening in inflation, i get a telephone town hall last week for some of my east tennessee counties. we have thousands of people on the call, and david, i asked a poll question. i said is inflation adversely impacting your family budget? 93% of the people on that call said yes. it was adversely impacting their family budget, so these are issues that are not going to go away and it really is the reason that joe biden is having such a difficult time getting to anything from his agenda through

congress, because while they would like to say oh, we have a mandate from the american people , they don't. the american people thought he was going to be more independent -minded and what they're expecting from him is to get things done, to address these issues, to secure that southern border and stop the entry of individuals into this country that have not been tested for covid. they're coming from 160 different countries. we do not know really who some of these individuals are, and while you had 2 million illegal entrants last year, you had also upwards of a half million coming across that as the got-aways, and they were evading arrest and apprehension. they did not want to be caught and that's kind of the floor, not the ceiling on that number. david: another problem for

democrats they don't have much of a back bench. there are a lot of new rising stars in the republican party. i mentioned governor youngkin of virginia. by the way, his lt. governor, wi nsom sears wonderful woman whose a former marine, a marine veteran and she's a ris ing star, you have ron desantis in florida. i mean, you have people who have a track record and again, people are going to be judged. you don't judge politicians on what they say. you judge them on what they do. i've learned that in my long life and you see what is being done in america. the only place that's really getting anything done are the republican states, the democrat states are trying policies are continuing with policies that don't seem to work >> well, they continue to try to go into lockdowns and mandates and things that do not yield a productive result, and then they say well we have to have more help from the federal

government, whereas you have states like tennessee and florida and texas and of course the dynamic duo in virginia and i'm a big fan of lt. governor governor sears, and you have people saying, you know, we're going to trust the people. we're going to trust our state and our counties to fairly run elections. we're going to trust the people to select their candidates. we're going to trust our economy to work its way out of a hole, and they are getting less federal help and it is that good old american ingenuity saying we have a problem, we're going to find a way to address it and to solve it. david: well trusting the people is not a bad thing for government to do. i mean, that's what our government is supposed to be based on. anyway, senator great to see you thank you for coming in today appreciate it. >> thank you. david: coming up the ceo of blackrock pushing back against

accusations of supporting a woke agenda. we'll be right back with that. ♪

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clearchoice changed my life. david: let's check in on the markets. we have another big sell-off in stocks especially the nasdaq, which is down about 2.25% as rising rates spark a route in tech. here now is market gauge group managing director michelle schneider. michelle is this just the beginning of the great reset to higher rates? i mean, we've had zero rates now since essentially since the 200. i mean, we are having to adjust to the idea that there are going to be significant rate hikes coming up this year, and is that what's going on now with the

markets? >> well definitely, but let's really define the word " significant" when you go from zero, anything seems significant but when you step back and think about say the last time we were in this inflationary period, where rates were much higher, even if we get the four hikes this year, and we go up and i don't even think we'll see four, i'd say more like maybe we'd stop at .75%. that's still from historical perspective incredibly low rates so it just goes to show you how overdone especially in the growth area and the tech stocks, have come over the last several years, because of the easy money and because of the zero interest rates, so some more realistic valuation may not be the worst thing. david: but how, i mean, you know, it's impossible to tell exactly how high rates are going to go up but if they are going to lick inflation, we had kevin hassett on earlier, he said he thinks we're already into double-digit inflation right now. how high will rates have to go

to really lick inflation? >> well, i think a better question is, can the fed actually get the rates to where they need to be in order to lick inflation, and i think the answer right now is no, because at this point, like something today, you have the empire fed manufacturing survey. it was the third-worst on record month over month and the last two that were worse were in february and march of 2020 right before we saw the big covid sell-off so we are contracting here from a manufacturing standpoint which means the fed is really going to have to decide what's going to be more important and i still think that even though i agree that we're heading into much higher inflation, they may not care about that as much as they do really killing a limping economy that we've got going on for quite sometime. david: but the economy is going to be limping even more if we get stagflation. they're really going to have to lick, i mean, if we face

stagnation, it's kind of hard to imagine avoiding a recession, isn't it? >> well certainly from a stagflation we could see a recession. that's for sure, but we do have one maybe ace in the hole and that is the fact that at some point, this covid situation has to get us back where at least maybe people are traveling, again people are going out again , and maybe at some point the labor force actually improve s. right now we're looking at everything from the worst picture, and the fed is really, i think, stepping back, hoping that inflation may have another surge but the economy can get stronger and then they can proceed with this plan of possibly raising rates more. we're in a really tough spot right now, economically and in terms of the market and which is why commodities are doing so well. david: yeah, by the way, with these new trucking regulations, having a vaccine mandate for the trucking industry, when only 50% of truckers have had a vaccine, i mean, it doesn't look

like the labor situation is going to get any better or the supply chain issues, if we only have 50% of the trucks out on the road, so it has got a lot of headwinds that we're facing in this economy. michelle schneider thank you very much good to see you. well blackrock ceo larry fink attempting take a bite out of cancel culture saying stakeholder capitalism is not woke. charlie gasparino joining me now charlie it's funny. this is coming just after ray da lio was suggesting the u.s. adopt the chinese communist economic model so it's a tough case to make. charlie: you know, larry fink is one of the smartest market guys. i'd love to get his take on inflation. instead he wrote a lot in his letter to the companies he invests in, just some of his thoughts about the markets, about what's going forward, and particularly, about environmentally sensitive invest ing and you know, he's taken a lot of flack from

conservatives about this being too woke, maybe pushing companies to adopt more esg standards to reduce the carbon footprint to zero and a lot of conservatives are against this because that could hurt the economy in the short run. you just talk about inflation. one of the problems with inflation is that it's high oil prices one of the problems with high royal prices is that the biden administration is prod ding us to tomorrow to go out there and reduce our carbon footprint by, you know, 100%, so remember that's all related. what i found interesting about this , for a guy that's, you know, an advocate for environmentally-sensitive investing is he took a modest tone here and i suggest you read the letter. it's a really well-written letter and very provocative. what he's saying is this. listen, we're going to this , we're in this thing about trying to reduce our carbon footprint for obvious reasons, because we have to. that's his opinion. what he's also saying here is we have to do this in a way that

just doesn't blow off the economy, does not create rampant inflation that affects the middle class and the working class and the poor, because remember, inflation is really attacks on poor people, on working class people, people that don't get the raises of income as inflation goes up, so it eats into their income. it's actually a pay cut because they get smaller wage increases than the inflation, and he's saying, take a modest tone with this. don't do this overnight. don't ditch fossil fuels overnight, because if you do that, it's going to disrupt everything. i found that, david, to be an amazing part of this letter and i think you should read it. for a guy, again he takes a lot of gruff from conservative. i've written stuff about him. i actually like the guy, he's a really smart guy, but you know, this is a different letter. i think you should read the nuance here, because you just talked about inflation. inflation, this is what's causing inflation.

it's this movement, like a freight train to adopt zero carbon footprint, companies doing that. there's going to be a dislocation here. oil prices will go up, natural gas prices will go up. that's, you just can't do this overnight and fink is making that point in the letter, david. david: very interesting. it's a very interesting letter, and i'm just wondering if he has any resonance with the biden administration. i mean, we have to go. even overtime but does he have any input there? charlie: well his former head of environmental investing at blackrock is now the head of the nec, brian deese. there's a ton of blackrock people in the biden administration and we'll see if they listen to him. david: see if they have common sense thereafter all. good to seeou charlie, thank you very much well a co-owner of the golden state warriors ripped for comments about the treatment of wegers in china but some want the nba to hold them accountable more on that, next.

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david: so, russia is thinning out its embassy in ukraine, a lot of people are looking at this as if it's a clue into what vladimir putin's next move could be, with the ukraine. here now is independent women's forum forward policy fellow and former wall street journal bureau chief in moscow, claudia

rosette. so claudia are you expecting an invasion anytime soon? >> the timing i really don't know. i think that's a guessing game. i'm expecting an invasion at some point but is this a faint where putin is doing this and we're keeping us all wondering? or is it the real thing? unclear. i think putin is seeing how far he can go, and so far, president biden and nato have basically been inviting him to go ahead, so timing, i don't know. i think it maybe coordinated with china's moves on places possibly taiwan, but something in asia, but it's a bad sign. david, just to wrap it up, look when the u.s. was fitting its embassy staff in kabul in august it's because we were engaging in a frantic desperate wholesale retreat. here's russia and this is because they are about to invade those are not good trends in the world. david: yeah, you know, general jack keane kind of surprised me the other day when he said that

nato, europe in general but nato in particular, is finally waking up to the russian threat in the ukraine, realizing that if russia's allowed to do whatever they want in the ukraine there are other countries in europe that will face problems. it sounds like you're not seeing that. >> i think nato is waking up a little too slowly. the model for this over and over , david, unfortunately is the 1930's. a day late, a dollar short, a step behind, we're noticing that there are real threats, as these threats are moving ahead in a big way, and right now, america really is in disarray and retreat and both china and russia and iran and even old north korea are all pushing to see how far can they go, and putin is very good at that game. he grabbed crimea in 2014. he's still got it. david: yeah. he does indeed, and i want to move you mentioned china. you also were based in china, in fact you were during the

massacre there. one of the part owners of the golden state warriors basketball steam in the united states is facing backlash for comments he made about china 's human rights abuse against the weger muslims. i want your reaction . roll tape >> nobody cares about what's happening to the wegers okay? you bring it up because you really care. >> what? what do you mean nobody cares? >> the rest of us don't care. >> you don't care, you're saying you personally don't care >> i'm telling you a very hard ugly truth of all of the things i care about yes it is below my line. david: walk that back a little bit, but you know, he said it. he said it in pretty blank fashion. what do you make of that? >> first off, the right to free speech even though he said that however, what the he said was atrocious, stupid, ugly and let's go back to stupid. that really ignores what's going on in the world. it be good if prominent figures and billionaires had some flicker of humanity in what the they talk about, what's going on with the wegers what

china is doing to them is truly horrible, but he doesn't apparently doesn't understand that this is a threat to us as well. that's what china is learning it can get away with and when he says something like that, xi-jinping's flunkies all go running to say hey, this is fine , we can go ahead. it's very very damaging, very dangerous, and i would suggest instead, listen to, enes kanter freedom who actually rebuked him for this saying these things really do matter. of course they matter. you don't have to care personal ly about the wegers but it is a good idea to care when a predatory tyranny threatening you as well is doing things to people under its rule, which it's doing in shin-junk and mongoose and hopes to do to high

taiwan and that's the future if that line prevails. david: by the way very quickly 10 seconds. if, in fact, russia goes into ukraine, will china go into taiwan, or try to take that over? >> we don't know the sequence with which they will time it but it ups the odds dramatically and they are already very high. yes, it will say to china, you can do this and america will release another spotify list from secretary of state tony blinken. david: claudia good to see you thank you very much. well the u.s. 10 year treasury yield is extending their rise and fueling a sell-off in the tech and growth sectors, in fact treasury yield hitting its highest since january 2020, remember the wild market swings, that ensued just weeks later. more to come. but when it comes to my insurance i don't. i use liberty mutual, they customize your car insurance, so you only pay for what you need. wooo, yeaa, woooooo . .

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♪♪ david: well they're off their lows, the markets that is, but that ain't saying a lot on a day like today when 490 is good compared to 632 to the negative side. charles payne, you have your work cut out for you today. charles: we love a challenge, david, thank you so much, my friend. good afternoon, i'm charms payne. this is "making money." do you hear that? thundering herd is racing for the exits. earnings were supposed to be a the great equalizer. so far they have been anything but but including goldman sachs laid a big egg. your portfolio has to avoid labor intensive businesses. we'll explain. there are bright spots inclu