points since june 11th of 2020. nasdaq composite was down 4% or was until moments ago. that is extraordinary selloff. this is a lot of red ink you're seeing on the markets today. war talk doesn't help, nor does the threat of rate hikes from the fed. time's up for me. jackie deangelis sitting in for neil today. jackie: thank you. i'm jackie deangelis in for neil cavuto today. the white house says the biden will hold a videoconference call with european leaders today. the s&p 500 now well into rec correction territory. we'll be on top of the fallout over the next two years. make sure you stick with us. lauren simonetti is here what is what moving. specifically a lot is moving, lauren.

it is just going in the wrong direction. lauren: very broad-based and heavy selling today. biggest losers, tesla, ev makers, moderna down sharply. moderna is down 42% this year, jackie. remember when it hit just about $500 a share at one point last year? look at it now, 143. nvidia in a bear market. there is a double-whammy for investors now. there are worries about aggressive policy tightening when the fed starts there. first meeting of the year tomorrow. a potential russian attack on ukraine. the russian ruble hit 14-month low versus the u.s. dollar. here is the political situation as it stands right now. americans in the ukraine urged to leave. president biden may send u.s. troops to eastern europe. he will hold a video call with european leaders what is next. you can say the final hour of trading will be chaotic if it isn't already now. russia as a major bitcoin miner.

they are considering a ban, cryptos are down sharply for a host of reasons but bitcoin prices are halved from the november high. it and ether trading at lowest levels. bitcoin holding at 34,000. we saw $100 billion wiped off the crypto markets in the past 24 hours. since cryptocurrencies have been trading in sync with technology stocks they're also worried about a more hawkish fed. very small flight to safety today. gold prices have a green arrow. they're up $3. that's it. this is a very nervous market on all of these, the war talk, essentially and of course the fed, jackie. jackie: lauren simonetti, thank you so much for that. of course also on the minds of ininvestors across the country, consumers today, inflation. new fox polls revealing 69% of americans, predicting inflation will be a major issue for a year or even more than that.

hillary vaughn at the white house with more onhat. hi, hillary. reporter: jackie, a lot of americans are feeling inflation but some of them are blaming president biden for it. new "fox news polls" showing that a lot of people do not think that the economy is in very good shape right now. 73% say they think the economy is in poor condition or only fair condition. >> the gas prices are up, the shelveses are, many shelves are empty. you can't find things. so americans are seeing this failed leadership by biden and the democrats and they understand who is responsible. it is democrat policies and joe biden. reporter: inflation is hitting everyone's pockets. almost everyone is worried about it. "fox news polls" showing 85% of people say they are concerned about inflation. and more people, 48% think that it's the biden administration's policies that are to blame. but some democrats now are openly admitting that the record

job growth under biden's first year, the increase in wages, that the president and white house likes to brag about are all being wiped out by higher prices. >> much of the wage gains being experienced by my constituents and by americans all over is being pinched by higher grocery and gas costs. we need to keep the fed's feet to the fire for rate increases that will end the era of easy money for wall street and take the pressure off main street. when we have got to work between federal and state levels of government. reporter: jackie, president biden is not doing a 180 or rethinking his economic policies. he will have an event at 5:00 p.m. today meeting with his competition council. they are going to highlight things they have already been doing, they say to lower prices around the country. one of those things they will point to today is executive order he signed into july says they will use antitrust laws to go after big corporations

dominating industries, they are really trying to pin cause on for driving these prices up. jackie? jackie: hillary vaughn, thank you so much. let's break it all down with capitalist pig hedge fund manager fox news contributor to jonathan hoenig and jim lecamp. jonathan something really struck me in that train wreck press conference he held last week, he pinned inflation, the task of inflation all on the fed. essentially saying it was the fed's job to raise rates. look how the market is reacting with the fed meeting kicking off, getting more information this week how quickly we see that happen. the markets don't like it. the president not taking any responsibility for his two trillion in spending saying jerome powell, you need to fix this. jerome powell looks at market saying what am i spoused to do here? >> only government created problem of inflation. only government can fix problem

of inflation. they will be blaming businessmen, blaming bankers, blaming globalists, add it all up hurting americans, american investors all of us. this tape is as worse as i have seen in years. the nasdaq is on the track for the 10th worst month ever. it is the worst january ever. we're looking 400 new lows, only one new highs. it's a cigarette company. i might need to start smoking if the market doesn't turn around. at this point it shows no sign of bottoming. jackie: we watched the declines. we watched it all last week, seeing a rebound maybe, jim, maybe investors would get back in. you have the russia ukraine tension ratcheting up. the markets don't like the fact that the president has virtual call with european leaders today. they don't necessarily what he will say. what he said in the press conference last week sort of escalated all of this and brought us to where we are at this moment.

>> just more uncertainty. the united states is not supposed to be the leader here. not leaning on europe to ask them what to do. the real challenge what is the fed going to do. we have to wait until wednesday to find out anything about that. the fed really is in the cross-hairs here because what are they supposed to do? raise rates while global geopolitical tensions around the world? not to mention what is going on in china and taiwan. at the same time u.s. savings rates have plummeted. i don't know we can keep up consumer spending. at the same time you have got deceleration in the economy. so you've got deceleration in the economy. valuations that are very high on the stock market. a stock market that is very sensitive to the federal reserve board's plans and is showing its displeasure here. so now you have got the fed straight in the cross-hairs here, wondering what to do, i suspect they're going to hike but, the forward guidance got to be very iffy. keep in mind there are still over three million people out of work that were working in 2019.

you can massage the unemployment numbers any way you want but there is less people working now than there was two years ago. so it is a really troubled economy. it, inflation hasn't gone away. i think eventually it will. the fed is expected to hike here to cool down inflation? this is really a narrow path that they're expected to walk here. jackie: jonathan, let's go back to the rate hikes to pick up on what jim is saying. say the fed decides to proceed slowly. basically says we're going to hike, we'll kick in a few rate hikes this year. it is not that of when it really comes to the market in general. but then you've got an administration, again a president saying we'll take "build back better" spending, right, huge spending plan and we'll try to pass it in chunks. so it is almost like you have got this bucket and it has holes in it and the fed will try to plug the holes doing one thing but water is coming out of the other holes.

you never really make up to it. >> jackie you can evade reality but you can't evade the consequences of evading reality and i think that is exactly what we're doing. the fed can't save this. it comes down to people's individual time horizon about making decisions about their own portfolios, all the moonshot ideas, bitcoin, teslas, microstrategy, basically anything technology related is fading now. people are waiting to see what the fed is doing. interest rates have already risen. the yield on the five-year note has gone from under half a percent to 1.5% in just the last year. so rates are rising, before the fed makes a move. they're saying something a slow economy to come. jackie: jim, i'm looking at the 10-year note, 1.7 now. hit a high of 1.9. bond investors are certainly pricing the rate hikes in. i want to talk about commodities for a moment too. we're seeing a lot of volatility there. we're focused on oil prices. they continue to rise. that is plaguing consumers.

lauren was talking about crypto as well. what are these asset classes telling you about sort of the fear element in the market? >> they're telling us number of things. first of all the supply chain issues have not been solved yet. that is one of the big reasons why commodity prices are rising. there is an expectation of global economic recovery which is also helping commodity prices. on the other hand, most moves by the administration have been not friendly to oil and gas prices that they have been driving them significantly higher. when you shut downpipe lines you have to ship that stuff with trucks. we have to ship it with trains. it is actually worse for the environment and it costs more and at the same time you're trying to cut off capital expenditures, cut off investment in the fossil fuel industry but we're not ready. we're not ready for wind and solar power to take over yet. we need this stuff. it is very simple supply and

demand. the administration has done a lot to curtail supply. demand is still there that has driven up prices. who does it hurt? it hurts the very people you purport to help, lower income, lower middle income people are paying significantly more at the pump. thatthat is a reason why the sas rate has plummeted. a big reason why i expect consumer spending to really downturn. jackie: pay more at the pump, pay more at the grocery store. pay more for just about everything now. it feels like an added camp at the american consumer. jim la camp, jonathan hoenig, thanks for breaking it down. after the break we're just learning that president biden will hold a videoconference call with european leaders today. as russia ukraine tensions escalate. we'll have the latest from the state department after this break. ♪.

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threat of invasion from russia. fox news state department correspond denned benjamin hall at the state department with the latest for us. benjamin. reporter: hi, jackie. as you say things moving very quickly right now. that announcement over the weekend that the state department was allowing non-essential staff to leave the embassy in kiev and ordering all family members of u.s. government employees also to evacuate the country. as russia continues to mass its troops on the border president biden also now mulling over the possibility of sending up to 5000 u.s. troops to eastern europe to protect nato borders. they categorically deny any will be going to ukraine. other countries also authorized such deployments. today russia responding to this news releasing a statement, we can see the statement published by nato on enhance hadn't and employment of hardware of forces to the eastern flank. this leads to the further escalation of tension. the state department issued a do not travel warning to ukraine and told americans to find their

own way out using commercial means. they refuse to say how many americans are in ukraine, thought to be 30,000 with 7,000 at the embassy. state department officials say they do not know yet whether putin plans to invade but if he did, they say they would be unable to evacuate and save u.s. citizens. the u.s. delivered 80 tons of weapons to ukraine totaling $200 million. more arrive to come. this not the hardware ukraine needs badly, which are air and missile defenses. not hard to think of afghanistan when you hear the state department don't exactly now how many americans are in ukraine. don't know how they will get them out in the case of a invasion. they don't know if the capital city will fall or if russia will invade. the state department is asking in abundance of caution rather than waiting too late. the ukrainians are not happy. they say this is premature around sends the wrong message. jackie? jackie: benjamin hall, thanks

for that. president biden is planning to hold a videoconference call with european leaders today. he is considering sending thousands of troops to counter russia's advance. now from independent women's forum foreign policy fellow and former "wall street journal" bureau chief ins who could you, claudia rosette. great to see you. obviously tensions are escalating and people are saying is united states in the drivers seat or sitting back and waiting for putin? if so, when will he act? >> president biden is completely playing catchup to vladmir putin and it's a disasterous position for a u.s. president to be in. everything is too little too late or simply wrong and this is, president biden has been in office for a year. this is the second time in six months that non-essential u.s. embassy personnel are evacuating an embassy in front of a

potential military onslaught. we're discussing having videoconferences. he's way behind the curve and this will have huge and bad implications unfortunately. jackie: i think you're right. i think a lot of people can see that. the nervousness is reflected in the market today as well. the dow down more than 1000 points as we speak. i think there are a lot of folks sitting back looking at this strategy, looking at this administration how it handled foreign policy. it found itself in this kind of situation before. as we started to see the russians building up their troop force around surrounding ukraine why didn't the president do anything then? he was very nonchalant about it? >> he is completely focused on his domestic agenda which is also a disaster. look at the empty shelves, inflation, gas prices but on the foreign scene he is relying on what? secretary of state antony blinken releasing another

spotify playlists. we have very serious enemies cooperating with each other in many cases, russia, klein, iran holding joint naval manuevers this month and this needs addressing. one of the reasons we lived for a long time in relative peace in the world america's eye norm must power of deterrents. president throwing that away. afghanistan is a landmark disaster and we're heading into another one in a crisis putin created in order to exploit ukraine and the biden administration is just letting him do it. jackie: you bring up a wonderful point about the domestic policy falling apart. i'm sitting here sort of looking at it, saying, this is a very interesting whether by design or not distraction if you will all of a sudden. the fires are burning over here but everybody is looking over here. >> well, president putin who is

a calculating professional kgb-trained dictator, okay, he is trying to reconstitute the soviet empire but without all the waste of communism. he wants it to be a putin empire. he is probing everywhere he can. whenever he finds any place where he can gain something he will move. that is exactly what he is doing now. if you look, he has lots of options right now. he tried this, he began massing troops, remember in april. he got out of that bilateral summit with the american president with biden in geneva in june. now he is doing it again. he can retreat and come back at another opportune time. hey, just kidding. nato will say, thank you, thank god and biden will congratulate himself having not actually defused anything. he can go ahead with a minor incursion which president biden effectively gave him the green light he could do and reassured

him -- jackie: very little consequence. if i can switch gears in the moment moment that i have with you, claudia, i kind of want to talk about what is happening in china as well, launching dozens of warplanes near taiwan on sunday. we have the olympics kicking off in 10 days. people are saying hey, what is china doing? how does putin actions, his thought process, his timeline work around what president xi xinping is doing? >> these are all related. president chichi -- xi xinping is watching putin and who is lesser threat to us and our allies. president biden has not leaned on the olympic committee in the u.s. to keep our athletes out of china. we'll send teams, even if lots of bilevel diplomats. president xi xinping is drawing a conclusion, he is discussing the sequencing, timing of this, with president putin.

for all their differences, their common enemy as they see it is us, and none of the soft diplomacy will diffuse that. president biden needs to find some way to turn this around to persuade the world, particularly our enemies at this point you do not mess with the united states. right now he is saying mess with us, fill your pockets unfortunately. jackie: that is a big turn around to make when you've gone this far. claudia we'll have to leave it there, thank you for your time and inside today. thank you for the conversation. i want to take a quick market check before we head out to the break. nasdaq is down well over 4%. the dow continues lower more than 1000 points. meantime crypto is something that we're watching closely. it is getting crushed. that is not worrying our next guest. wwe pro wrestler, summer ray is here next. why she is coming out of retirement and converting part of her payment into crypto. stay tuned for that. ♪.

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♪. jackie: welcome back. bitcoin prices tumbling to a six month low as the digital asset sees its longest losing streak since march of 2020 but that is not stopping my next guest converting some of her royal rumble payments into crypto. wwe superstar danielle monet, known in the wrestling world as summer ray, joins us now. good to see you. >> good to see you, thanks for having me. jackie: there are a lot of people who might think you would not want to be paid in crypto but a lot of investors who watch this network are very enthusiastic about it. despite we're seeing selling today. where do you stand right now? how are you looking as an investment. what specific value to you see? >> crypto is in the future. right now we're on a sale. every time it is down on sale everyone should buy. being able to work with a company like hedge, it makes it easy for you to convert pay into

crypto. going into the wwe's royal rumble this saturday i will be using hedge to convert some of my pay into bitcoin, eye etherem and litecoin. those are the few that hedge uses. a great way to diversify my portfolio. along with inflation we have going on right now i need to convert my pay into crypto. that is what i'm excited about hedge. jackie: it is a really interesting prospect and more and more people like yourself are doing it. you're right, when you see an asset down this much, when it is on discount, that is the best time to get in. what i think is happening here, i'm just curious what your perspective is with respect to inflation, this was seen as an inflation hedge and i feel like the market is looking at the fed and looking at the spending we're doing here in the united states and it is worried about inflation right now. maybe that could be why we're seeing some weakness. your guess is as good as mine. >> for sure.

crypto is a way to get away from the fed. it is a way, when we first had airbnb getting away from hotels and uber getting away from taxis. it is a way to take control of your money. saying you don't want just something owned by the government. you want things you can control with the rise of nfts and having that able as well that is something cool with my friends that are artists. i've been enjoying working with hedge so far and dabbling in the crypto market. as a female athlete i think it is important for me to have my future. jackie: there are different platforms out there to trade cryptocurrency as it becomes more popular. >> yes. jackie: there are more even merging platforms. hedge is one you're working with. tell me how that company is looking at the competition in the landscape? >> yes. so it is not a way to buy crypto. it is a way to transfer your money. ach wire transfer, take a

percentage of your paycheck or take a dollar amount every week. it is not something that is like a binance to buy crypto. competition is great. it is always great to look at who is around in the market, who you get the best price, who you trust. you definitely want to do your research. i have so many friends ask me the every day, what should i buy, what should i do? never listen to anyone else. do your research. with the day and age of the internet it is easy to have all the information at your fingertips. it is good to have a little bit of competition, but for me with hedge, hedge io is our website. i'm able to convert a little bit of pay going into the royal rumble before i kick all these girls 'butts. jackie: we'll watch the royal rumble to see if the cryptos turn around a little bit. interesting to see how you as an investor will diversify. this will be trends going into the future. great to have you on. we'll check back with you soon.

>> thank you so much. jackie: we continue to watch the markets sinking. this is a tough way for the markets today. tensions with russia not making things any better this moment. only stock on the green of the dow 30 is travelers. ♪. ♪ ♪ ♪ ♪ whether you've enjoyed the legendary terrain in telluride, the unparalleled landscape of park city or the famed peaks of whistler, you face the hassle of lugging your gear through the airport. with ship skis, you're just a few clicks away from having your skis,

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♪. jackie: the nypd grieving the loss of a rookie, excuse me, a rookie officer shot and killed in the line of duty responding to a 911 call at a harlem apartment over the weekend. fox news correspondent alexis mcadams with the latest for us. reporter: jackie, very tragic weekend in new york city. just this month five nypd officers have been shot. we're hearing new audio from police dispatch which shows how quickly the tragedy unfolded. listen. >> what is going on? >> we have got --

[inaudible] >> someone shot. cops are shot. send additional units. reporter: investigators are calling for more help. that shooting happened inside of this harlem apartment complex you see on the screen friday night. officers responding to a 911 call from a woman who said she was fighting with her adult son. when officers tried to talk to the men he kicked open the door and started 14509ing that left one police officer dead. 22-year-old jason riff veer have was shot and killed. he grew up in new york city sharing the video after he graduated from high school trying to inspire younger students to go after their goals. >> you have to do it. when i was a freshman i didn't want to have no one to motivate me. i want to motivate you, hear me, hear my voice and know that you can get through it. reporter: that young officer was trying to make a big difference in new york. the second officer shot was 27-year-old wilbur mora.

he was at shot at least one time in the head and remains critical condition. investigators tell us this is the gunman, 47-year-old, shaun mcneil. at the time of the shooting mcneil was on probation for felony drug charge. his rap sheet pretty lengthy, arrested in various states for various offenses. the gun used was reported stolen in baltimore in 2017. new york's mayor is working to stop the flow of illegal guns. >> we need help from the federal government. we're doing our job in nypd, taking thousands of guns off the street. everyone they take off we're having five come in. how do we stop this if the federal government does not stop the flow of guns in this city. reporter: jackie, mayor eric adams here in new york city planning to release a new policing strategy in about an hour 1/2 ago. it will include plainclothes

officers out on the streets of new york to go after gangs and guns. jackie: a lot to talk about, jackie, thanks so much. "new york post" columnist michael goodwin that the mayor has to essentially be new york city's war-time mayor. always great to see you, michael. i read your piece. you make a lot of great points, but if our officers are not safe how are we supposed to feel safe walking the streets? >> thank you, jackie. look, i think that there is a lot to be said of course for the actual crimes that are being committed, the murders, et cetera, but i think there is a larger question too which is just a sense of fear that pervades the lives of many new yorkers if not most and you hear it all the time by people being accosted on the street. of course the subway shovers, many of whom are mentally ill but there is a sense of danger all the time now and i think it is creating this fear in people

in all walks of life in new york. so i think the mayor has a huge challenge on his hands and not, not every problem is the same. the alleged shooter in the harlem case was a, officer was killed and the other wounded, he was a career criminal with a long rap sheet who has a gun that was stolen. he is not registered to have the gun. he is not allowed to have the gun in new york and yet in the other cases you have mentally ill on subways, setting up encampments. there are a variety of problems that are creating this overriding sense of fear. that is what i think the mayor has to address. he has to act like a war-time mayor in this, in this fight against this, all of these forces creating this fear for a law-abiding citizens. jackie: i think you're right. i think roughly a week ago when we had the tragic subway pushing for example, eric adams came out and said the perception of fear.

these instances are very small percentage of what we're seeing on the subway but when i talk to new yorkers who live here and have seen the rise in crime they say the fear is very real and when he started to understand that, he started to change his tone a little bit. but having said that understanding, changing your tone, holding press conferences, these things are all great. actionable change is what new yorkers want to see. they want to feel safer. they want to feel safe quicker, michael, and that will be tough to pull off as he acknowledged in the clip there that alexis showed us. >> some of it is clearly a public relations effort. he has to be out there every day, he has to be talking about these things and promising to do something about it and at the same time he has got to be taking actions that show the public that he is living up to his promises. don't forget he was elected for

this very reason. he was the only democrat in the race who was talking about crime back in early parts of the year, in through last winter even. so he is the one who was elected to do something specifically about these things. they have gotten demonstrably worse in just this month of january when he took office. so he is very new to the job. it seems to me we have to give him some time to get his plans in order, to implement them and i hope he will listen and be as responsive as he has been so far. as you said when he made a mistake saying it was just a perception of crime, he turned that around in 24 hours where he acknowledged that he himself did not feel safe on the subways. jackie: right. >> i think we all wish him the best and godspeed for him to do this because this city is going to die otherwise. jackie: you are 100%, right. only thing i worry about,

michael, i think his intentions are good, but as he starts to clean up the streets, not policies that are very popular. i hope he doesn't bow down to some pressure he might feel as a result of that. we'll give him more time, continue to watch. michael, good to see you. thank you. >> thank you. jackie: meanwhile newly-elected new york city councilmember kristin richardson jordan underfire for her past anti-police tweets and for not tweeting about friday's shooting at all. fox news correspondent eric shawn has more for us. reporter: you know, she represents the harlem district where the ambush killing occurred. she actually has called for disbanding the nypd. get this, freeing all inmates, one would assume that includes hurt irers and other criminals from jail n a poem she wrote police are quote, thugs in blue. newly elected democrat socialist, kristin jordan is saddened by the tragic death of the officer. she has been long virulently

anticop. during the campaign she quoted this, let's make harlem and new york city safer by defunding the police and funding the people. she also tweeted, remember the police and prison systems were created to preserve slavery. to break the chains we must fight for total abolition. she tweeted this, we cannot reform a system of policing so firmly rooted in racism. defund and abolish the nypd. police don't serve our communities. they don't prevent crime. they are occupying force to terrorize poor people and terrorize class give divides. she tweeted. this we demand an end to racist and cashless bail system. immediate of release of all new yorkers incars rate offed at rikers and all new york city jails. former police officials, crime victims, advocate say this a public official who calls for ending the nypd, releasing all the criminals from jail is not fit for office.

>> this whole nonsense with the divisiveness, defund the police, racism, we're seeing through it. enough is enough. let's get back to reality. we have to let our cops out there to be cops. if we don't, we will continue to see lawlessness and blood sled we've been seeing last few years. reporter: jordan attended a vigil where the officers worked saturday night. we have asked her office and her for comment about all of this. so far they have not gotten back to us. jackie: eric shawn, thank you so much for that. obviously a tightrope between two sides how they're approaching these issues here. meantime, coming up, i want to take a quick market check now because we're seeing the dow down 945 points. it is off the session lows. obviously still steep selling today. tech stocks taking it on the chin today as nasdaq falls further into correction territory. we'll have much more on today's sell-off after this.

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impacting the industry. reporter: hi, there, jackie. the lack of workers could slow the expansion of the semiconductor industry in the u.s. alone, an estimated 70 to 90,000 workers will have to be added within the next three years to meet the most critical workforce needs to support the expansion. a more aggressive plan that would make the u.s. independent of foreign supply, that would need 300,000 workers. a number of companies have announced investment to expand operations here in the u.s. the latest is intel with a 20 billion-dollar investment to build two new chip fabrication plants in ohio that would create 3,000 permanent jobs at the facilities. intel is also building two other new fabrication plants in arizona. also expanding an existing plant in new mexico. samsung building a 17 million-dollar plant in austin, texas. micron is reportedly considering a 40 million-dollar plant in

central texas. all of this will require thousands of workers from entry level to college educated engineers. it is adding cometics among chip manufacturers who are already competing against other sectors for workers like tech and auto. some chip-makers are stepping up recruitment, looking at a younger workforce. >> we're spending more time back at the beginning of the process, so more time with students. more time even with you know, two-year community colleges and even in the high schools, talking to kids in the high schools, getting them interested in manufacturing early. reporter: now the chip-makers we have spoken with are optimistic that increased recruitment and education campaigns about careers in manufacturing will help, along with more automation and retraining of workers but, if these efforts are not effective to keep up with expansion, jackie, the supply chain shortages we see now that are creating delays on autos and consumer electronics, driving

prices higher. it will continue. jackie? jackie: you're absolutely right. those semiconductors are in short supply making cars hard to come by. the average price of a car in america, $45,000. lydia, good to see you. businesses hit hard from covid facing more pain from the supply chain. it is getting crunched. my next guest says this affects prices. owner of a salon in new jersey, jessica walker. jessica, i went to a salon last weekend first time in the new year, and the prices went up. they told me, it is a labor shortages and workers there are demanding more. >> yeah, you know it is definitely difficult right now. everything around us is going up. we used to buy a box of gloves for $4. that box of gloves is 12 to $18 depending where you can find it from. as well as employees. they're looking for more money.

they want to know their value, and feel appreciated. there is also a lot of recruitment coming out there from other companies. it is really difficult to try to keep that culture. as the owner, keep your chin up to make good decisions. jackie: yeah, of course. you want to keep the good employees. you want to keep them on board. you don't want to lose them. you invested in training them, building client relationships with them as well which is so important. how do you do it when you have to manage these costs, right? you're a business owner too, you have to make the math work. when supply costs are going up, goods are harder to come by, you have to hike wages, how do you make it work? does it eat into your profits? do you let a certain percentage go to try to preserve the rest? what are the solutions? >> it absolutely eats into the profit. that is, you know, all the way. the same thing goes with increased employee payroll but when it comes to needing supplies we have to have what it takes to take care of the customers. we have not increased our prices

because at this point our community has been so supportive with our business where we are and it is just, one of those things where it may come down the pike but at some point leadership, there needs to be some kind of regulations on what are we doing and how are we going to keep business open. because if our employees are out for being sick and if they're out, the landlords and rents still have to get paid. our expenses still have to get paid. jackie: when it started a year ago i will point out, many business owners we spoke to could ride it out for a little while. they were sort of going with the flee and trying to be as nimble as they could be but as you're watching watching this go longer and longer, we expect inflation to continue through this year into next year now, it just becomes harder and harder. i think it is something that many business owners have expressed they're looking for help from the administration. >> it would be really amazing. i have to tell you that our community here, they're really looking at the services that we

provide as rituals. that absolutely makes sense to feel better when they come in, when they're taken care of. my whole brand is when our outer looks good your inner feels better. i truly believe it does. how long can we gob on with this environment and we don't know where we're going, how to navigate it. at the same time i'm not willing to close. i've been in business 25 years. i'm employing 60, 70 people, they love and respect where we work and our community and the people we take care of. i'm hopeful that eventually and sooner than later there will be some guidance on what we can do here because at this point we want to keep our doors open. we really need to have the supplies and we need to have the staff to be able to continue to recruit new young talent. that is what i'm working on right now. offering people support to help to pay for them to go to school, to become, a licensed technician because without staff, there is no business. jackie: it's a serious problem. we've been talking to business owners across the country in

your shoes as well. you know, we wish you the best of luck. it is a struggle. we'll continue to tell these stories because it is so important, the more awareness we raise. the administration will say things are getting better, employment situation is better. every time we talk to a business owner the story is very different on local level. we appreciate your time today. >> thank you very much. have a good day. jackie: you too. coming up all eyes on oil prices, tensions in eastern europe are continuing to escalate. phil flynn is here to break it all down for us when we come back. ♪ you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do.

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see why a medicare supplement plan from a company like humana just might be the answer. jackie: welcome back everybody to another hour of cavuto "coast to coast" i'm jackie deangelis and for neil cavuto the top story, the dow taken a beating today, maybe even more significant than the head that were seen to the nasdaq and s&p 500. s&p firmly in correction territory down over 3% look at the nasdaq down over 3% as well as investors are fearing everything that is happening geopolitical tension abroad, rate hikes at home contribute in to the drop that were seen in the market today. take a look at oil prices under a little bit of pressure after hitting new highs last week as demand rises and russia tension x escalates. hillary vaughn at the white

house. >> president biden is not giving up on build back better that is the vehicle for his transformative climate change legislation. with russia flirting with the ukraine invasion republican say president biden climate focus energy policy is already having major foreign policy implication. >> when biden shuts down america pipelines. american drilling puts regulation on our fracking and moves up from energy independence he is moving the world towards. then you add on top the green lighting russian pipeline which moves the dirtiest form of gas in the world the environmental argument does not even weigh in. >> people are feeling pain at the pump prices could go up even more oil prices are already sitting at seven year highs and could go even higher if the conflict between russia and ukraine escalates.

j.p. morgan seen oil prices could soar to $150 a barrel but instead of slapping russia with crippling sanctions. today to hurt the economy president biden said he is using those as a threat to deter russia from going into ukraine. >> very strong sanctions the sanctions that we used to bring a ranch to the table is something that we should hold out as a disturbed entrée deterrent to prevent putin from taking the last step of invading ukraine. >> oil and gas experts tell us today that this could be an opportunity to get europe hooked on u.s. energy and freezeout russian energy supply. the president will be meeting with european allies virtually this afternoon in the situation room along with nato leaders to discuss the buildup of russian military on ukraine's border. jackie: thank you so much for

that, the meantime tensions to rise with russia the u.s. military sending supplies to ukraine fox news national security correspondent jennifer griffin is live at the pentagon with the details. >> the president has not made a final decision on how many u.s. troops will be sent to nato front-line states bordering russia and ukraine. the troops are a large sweep of options presented to president biden with the national security advisers at camp david this weekend treat a senior u.s. defense official told me this weekend one option between 3,005,000 american troops going to romania, poland and the baltics with the possibility of nato allies sending more if russia invades the u.s. military is loaded weapons, pallets on to transport planes onto european bases headed to ukraine some of those shipments began arriving in kyiv this week and included 200,000 pounds of ammunition and small arms nato announced denmark will send her forget to the baltics the and the four

fighter jets to lithuania. spain will send ships to join nato naval forces and considering fighter jets to bulgaria. france says it's willing to send troops to romania under nato command and the netherlands is sending 2f35 fighter aircraft to bulgaria in april which may be too late. any contribution from the germans who have been obstructionist. the head of the german navy was forced to resign after making pro putin remarks. the u.s. essay harriet truman went ahead with the long nato exercise in the mediterranean which will include antisubmarine warfare and long-range strike training that would conclude february 4, the same day the beijing olympics begin a likely window for a russian invasion once the ground freezes and ukraine. the olympics in february 20 the same day russia exercises and

belarus and those exercises are dress rehearsal kyiv is less than 150 miles from the belarus border. russian military action appears imminent and could trigger the u.s. placing missile system and troops on the baltics and romania to deter russia from further changes the map of europe. a russia invasion of ukraine would be bloodied, swift untold and at this point appears increasingly likely and prudent is not bluffing i'm told. jackie: thank you so much for that. in the meantime ward talk on wall street fueling investor worries, that is part of why this market is down today oil is caught in the crosshairs germany's dependence on russian gas has limited europe's option in the ukraine crisis, senior analyst phil flynn is here. i want to go to the point that hillary made there might be an opportunity to a certain extent because of the dependence of europe on russia for oil and

natural gas to create a foothold for the united states but i smirk at that because our production is down in the face of having the store open. i'm not necessarily sure it would be a window that we can tangibly grasp onto. >> i think it's definitely an opportunity and is something the trump administration said that we should do they warn germany that the situation what happened if they came depend on vladimir putin and his track record of the past to be a reliable supplier of natural gas has been suspect. here we are this is definitely an opportunity the u.s. exports of natural gas europe are already at a record high in it should go more. the problem is somebody would have to send the message to the biden administration. the answer is the u.s. energy producer can solve this problem. jackie: your exactly right jennifer brings up a great point

talking about the relationship with germany and russia right now at the moment it seems like the germans do not want to see any kind of major conflict because they don't want to disrupt everything the way the system is working. it's interesting when you step back and look at the dynamics how everything is playing out. it feels like the united states is very much alone in some ways. >> it is in the problem is because putin really has his gun to their head in europe. it is not so much germany, its entire continent even though europe is at risk right now. germany is a major player in making europe more dependent on russia. but it's the entire continent. interestingly enough even as the stock market was showing off this morning oil and gas of the united states were higher on concerns of conflict russia did come out and say even if they

put sanctions on us we will not restrict supply we want to be a reliable supplier but nobody believes them. they were even restricting supply to europe because they didn't get their way with the pipeline approval as fast as they want. this could be a major event for energy prices. if you get into a war, it could have a major impact and i think we can all pay the price. jackie: i they could underscore the dangerous situation that we've been put in essentially. there is another story i was talking about last week. our imports of russian oil have doubled over the course of the year. you talking about a country, the united states that was the world's largest producer now there's a delta of almost 3 million barrels that we counted where we've come down to the lowest last september we knew said my god how can we be giving up 3 million barrels that we were producing here we are

importing from russia place, how on earth does that make sense spain is bad policy in the way that we put sanctions on venezuela and we see venezuelan oil now we need russian oil. you're absolutely right at the end of the day it's a pullback in the u.s. energy producers. you and i know you've talked about it before how the u.s. energy producer change the world are not just talking about the price of oil i'm talking about geopolitics. the world feared the u.s. energy producer all of a sudden. we did not to have worked in the middle east because u.s. producers were providing and will be pullback you look at the way that the world is unraveling. and so much of global politics is driven by oil and gas and this is a perfect example when you show weakness from your production side how the whole world can unravel geopolitically.

jackie: i will say it again when we were ripping a production and taken advantage of the technology at our fingertips and making ourselves the number one producer in the world, it was a national security strategy as well to your point. it was not just a business strategy. as you can see as it unfolds the worry start to mount. always good to see you. thank you. jackie: straight ahead the train is off the tracks growing calls for the biden administration and congress to get on board with the wild robberies happening on the rails ♪ ♪ ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back.

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action during the inflation crisis. she wants him to come to the hill and testify. >> this is gotten out of hand and indeed i'm going to ask for hearing on this matter because nothing has been done about it. >> as thieves show no signs of letting up receipt of blame game going on the railroad company is pointing the finger at l.a. da george gascon the company alleges its agents have made hundreds of arrest but less than half are booked and some are released the less than 24 hours. house republicans also blame democratic policies in california and they asked the d.o.j. to step in but the da says it's not his fault he is throwing the blame at union pacific say the company has filed fewer cases over the years and accuses them of not properly locking up their trains.

he said this, it is very telling the other major railroad operations in the area are not facing the same level of theft at their facilities as union pacific. progressive l.a. representative jimmy gomez is skeptical about how a new or widespread this problem really is he tells fox the thefts are a fraction of all the packages that travel through los angeles even as pacific union reports that real theft have jumped by 160% over the last year spiking in the last three months. it is definitely a problem out there. jackie: thank you so much for that, as crime continues to rise across the country more voters are becoming extremely concerned. fox news polls are showing along with inflation, crimes is at the top of voters minds. let's begin liberal commentator ethan bierman and foundation for liberty and nick adams joining us now. if i may start with you ethan

let's talk about the train theft, and a situation where people are worried about crime in inflation and whatever fraction the thefts are occurring right now is not helping the supply-chain issue and it's not helping the inflation problem right now. >> let's go back to what the inflation problem is sent to bring it up. big companies have record profits and highest margin in 60 years and profit-taking going on in inflation globally and supply chain issues globally and you're absolutely right. there is issues with train thefts bothering people da george gascon is in trouble with a lot of people because of his approach with policy and i appreciate that a democrat is asking for pete buttigieg to testify. we hold people responsible in the republic collins who don't would hold anybody who's somebody who opposes them these are serious issues with serious conversation and we should be addressing the. i appreciate that there will be

a hearing. jackie: neck i want to bring you when and have you respond to ethan's comments on inflation this notion that essentially it is the big bad corporation they are lining their pockets making themselves rich, their price gouging right now, has nothing to do with the $2 trillion in spending from the administration and the social programs that are out there. your thoughts? >> we have the same thing all the time from the democrats, the attacks that they haven't liked, inflation is happening because of the policies in the spending of the biden administration that is why it's an all-time high and 40 years that is why so many americans now have had enough of joe biden. they see what's going on in terms of inflation and with russia advancing on ukraine and americans have lost total faith in joe biden to unify and in

2020 joe biden was the main and he demanded to bring everyone together demand could understand the everyday americans in instead of addressing inflation the biden administration is focused their efforts on the voting rights act. how is that going to make sure that people are paying less at the gas pump, how is awkward to put food on the table for the plumber in michigan. these are the reasons why joe biden. jackie: we had a segment earlier where we had an owner of a small business a hair salon and she was talking about her cost of goods are going up and the gloves and the dies and all the things in the salon and how she has to pay more for labor and businesses are struggling in dealing with this problem. she in example a corporation that is price gouging as she's

taking about how she has to adjust to this, it is sort of like we could talk about the biggest companies in small businesses which are the backbone of america, everybody is feeling this as well as the consumer. >> there is no question that we are all feeling inflation but the wall street journal and bloomberg have documented the record profit at big companies far exceeding their input cost. for a small hair salon i have friends who own hair salons and their input cost are going up because the majority are coming across from china who started the train war with china. they're taking full advantage of the global pandemic in the supply chain to raise their prices. we don't have control over chinese suppliers prices. improving manufacturing in the united states in improving competitiveness of the

manufacturing in the united states, that is happening in president biden used a 10 billion-dollar care and stick approach to bring more manufacturing back in the united states, these are serious issues that don't just require rhetoric attacking the other side but people working together to help america be more competitive on the global stage and when some of these battles, unlike nick i want to work with people to make things successful as opposed to blame everybody else. jackie: deck i'm going to give you the final word president trump really did take on the strategy stayed working to take china on head-on and we will make more goods here at home to prevent exactly the situation that were dealing with at the moment. i actually agree with ethan that china's taken advantage right now adding to the pressure that we see in the supply chain. the only problem when you look at semi conductors we were talking about them earlier, we tried to ramp up production now in the last ditch effort we do still have the labor force to do it in earnest. >> unlike ethan i'm a

capitalist, unlike ethan i support america, and i don't support china. >> i won't let you say that. >> you had your say. >> i did not interrupt you. >> it's okay. >> don't call me an american. jackie: ethan, i'm gonna have to ask you, last word to nick, you had your chance. >> i won't let him get away with saying that. >> you the one that tweaked stuff out. >> be honest that you don't like capitalism. >> don't attribute something that i did not say, that you cannot support, absolutely not spit into. >> ethan is a little misguided unfortunately but the reality. >> i will set here and defend myself and tell you --

>> we are out of time, unfortunately, i am sorry you did not get to have the last word there. ethan i did give you a fair chance to put your plainview out there, we do appreciate listening to both sides but we have to have a constructive open dialogue without jumping all over each other. thank you for that. meantime peloton ceo in the hot seat charlie gasparino with breaking news on the bike maker right after the break. ♪ ♪ feel stuck and need a loan? ♪ move to a sofi personal loan. earn $10 just for viewing your rate — and feel what it's like to get your money right. new projects means new project managers. you need to hire. i need indeed. indeed you do.

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jackie: welcome back stocks taken a hit continuing a volatile month for the market look at the percentage falloff nasdaq and s&p 500 both down around 3% strategies president

jerry leiby is here to tell us what is going on, there is a lot going on right now your intentions overseas and worries about what the fed is going to do and potentially raising rates, you have everything else, consumers in everyday americans are dealing with right now it is a little bit overwhelming in the market is expressing. >> its application of factors. here's one things to remember a lot of folks are not talking about we had this tremendous rise in jan inexperienced investors. i say that not a horrible way but a lot of my friends in their 20s, 30s are on robinhood and trading and i have friends calling me frantically for the past two weeks my crypto's are blowing up all my gosh the market is blowing up what why do do i sell, there is a lot more participation right now from individual investors who are getting nervous their freaking out and hitting the sell button that is amplifying a lot of what were seen i do think this will end up for some stocks being a buying opportunity.

jackie: i've been saying all along that the market kept going up and up and people kept seeing these profits expand we know the market cannot go up forever so it certain extent when i look at big tech and think investors are booking profit it makes sense. >> i call these rethink moments this is a point where you look at your portfolio and everything that was the golden pony boy for the past five or six years because the market levitated, is this going to continue is the stock i want to own a double supply one own and i say multiple ratios and things like that to i want to own this risky of a stock now you reanalyze your holdings and part of that re-analyzing is cutting some of the ones that you may think be time and holding onto the ones where there's value. jackie: i look at this market and say we were down four

straight days last week, were down today and volatile strings intraday of roughly 1000 points on they're down and that indicates it might just be a little bit more than profit-taking here. that is where the fear factor comes in and a lot of investors are trying to engage this and say should i be getting in here if i see an opportunity or are we looking at something that could potentially become worse. >> this will be a different year i do a lot of talks and a lot of coaching in a trading range investors we've gotten really used to markets doing this and 2022, i think this would happen last your buddy did, this year is going to be a rude awakening in the stresses going to be on how do i control risk. what am i doing here it might as experienced as i need to be in may be sources like fox business and folks will turn us a little bit more for help in a think we need to be there and coach them

through and keep people stable. it'll be a volatile year end i don't think, now that we seat of the past couple of days or weeks more volatility less ease of investing if you will in 2022 you have to pick your winners. jackie: jared always great to see you, thank you. the nizoral for peloton ceo john foley with activist investor black wealth capital calling for his exit. charlie gasparino has the details. >> i did not know you were coming to this. the magic of being home now you know why people get in trouble with zoom. we won't go there. anyway. this is a big story. i've been talking to my sources you are generally major investors with big pe funds in

my producers is talking to the trading sources. the vast majority of the opinion is that peloton will not be sold it is way overvalued into this market, the last couple of days of crazy stuff that came out the report that said halting production, that report had journalistic problems including the i don't believe yet to check whether or not the reporter asked the company whether there's documents that she got that were still current that is problematic but the way the company handled it did look good in the ceo looks like he's not worried for prime time i think the stock is up based on a potential for takeover in the crime investors are pushing for but at this evaluation there will not be a lot of buyers i asked people would you take a

swing at this thing and they said it's going to come down dramatically. this is going to be an interesting stock going forward, but generally we make good points before about 2020 to be an interesting year things are not going to go straight up in a be lots of volatility and peloton play will be interesting because now that were done with omicron in john with this. don't make it really does become endemic in people going back to the gym i like going to the gym. i just came back. i have a nice gym in my basement some reason i like to go to the gym. if you put all that together plus a company that maybe does have the best management this will be revalued by the market in an environment for people why

something really profound it is too expensive that is all. jackie: the year-over-year chart for peloton downward and 80% this was a pandemic play that's taken a hit i agree with you on that the last thing that i remember about foley he was essentially trading up hamptons houses, there is a lot of outrage as the ceo handling this. >> i really want to know if i were an activist investor in the stock i would want to know how they handle the cnbc story about the documents the said they would hold production if cnbc did call them and you can't really tell from the initial writeup of the story whether they called about the document and asked specifically about that. if they called them and they said no, that is a huge mistake that just lit up the stock.

if cnbc did call then okay you give them a pass on that but if cnbc called them and said are these documents real, yes or no, these documents current are you still gonna halt production as it says here and they said go pound sand, guess what they should be fired because that just ripped the stock that night into the next day it was really bad stuff and if this guy is not ready, that would show this ceo is not ready for the environment that they are entering which is a treacherous environment and they are not alone amc almost at $13 a share today it is back up to another crazy stock, pumped by weird conspiracy theories on message boards that there is citadel screwing around in dark

pool shorting the stock. there is a lot of the stuff in the market right now. it is in their and the only way to squeeze it out is to basically higher interest rates and if the fed does that all of this weird stuff is rebounded and peloton is going to be in that basket with amc. jackie: as we wait for this two day meeting of the fed to conclude in your today is down 20% is taken a hit we have to go but thank you so much. can the fourth time be a charm, coming up whitecoat vaccine mandates could be on the way.

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as covid case levels are trending downward the federal government is moving toward recommending another covid shot. something that would be the fourth covid shot for americans. listen. >> we may need to boost again that is entirely conceivable but before we make that decision about yet again another boost we want to determine clearly the durability of protection of the regular boost. jackie: whether the fourth covid shot will be required will be depended on ongoing research into the boosters durability. most states will reach the peak of omicron the first two weeks of february. the nation is averaging 700,000 cases a day. meanwhile the cdc is planning to pivot or change fully vaccinated that according to rochelle walensky the cdc website now says fully vaccinated means a

person who receive their primary series of vaccines for up to date that means a person has received all recommended covid vaccines including in booster doses paving the way for booster mandates. now previously rochelle walensky another stated the definition of being fully vaccinated would not change. 210 million americans are now fully vaccinated, 83 million have received a booster dose. but not everybody agrees that multiple shots are needed pfizer ce oh is saying an annual covid-19 vaccine would be preferable to additional boosters. he says the company is trying to create a vaccine that covers omicron but doesn't forget other variants. i guess one thing to keep in the back of your mind, there are six states that every okayed recommending an additional covid shot, booster usually to specific populations to state employees. back to you speak with the big

question how many shots are we all gonna have to get. thank you so much for that to try to get an answer let's go to st. joseph's institute for autoimmune disease director doctor bob the heat on this. always great to see you. that's the question people are asking two thirds of the population that said i will go out and get the vaccine to get my two doses in the third of the population that said i will go in out of booster but with omicron we essentially saw the vaccine in the booster are not making it so this disease is not transmissible between people who have taken all of the shots and people are saying how many shots i'm going to have to get now? >> we know the booster shot does have an effect on omicron, it is the only thing that attenuate or weaken the omicron infection. all of the vaccine, all three shots the two primary in the booster will prevent you from dying and winding up in intensive care unit.

i tried to do a statistical analysis and see how many people got the booster and i don't think anybody knows including the cdc knows exactly how many people got the booster. random sampling of mind is only about 50% of my got the booster shot, the third shot. jackie: when you hear from the ceos of the big companies that develop the vaccine, of course are going to promote getting more vaccines. i was talking to a doctor that said they could give you booster every day they would. it's great for the bottom line there has sort of got to be a balance between how many we will ask people to do with respect to the shots and people already been to a certain extent resistant to booster after booster. the question i have for you, as the virus mutates, we are now into the original virus, delta, omicron, it is getting weaker, is that correct? >> i think the virus is getting weaker based on what were seen with the omicron variant where the clinical manifestation are not that bad. there are people out there that

have immunodeficiency said they don't even know that they have in their people over 60 years of age who have what i call immuno synapses their immune system has gotten older and less likely to respond robustly so they go want to wind up in the hospital and died. that is what the boost in israel is for, their second booster shot for people over 60 and some countries are considering not. that is to prevent people of a certain age from dying. i don't think we will have that here and i don't think people would like it here. jackie: always great to have your insight, this is a tough call, somebody people are now trying to exercise their own judgment to listen to all the information coming out from the cdc and all the experts and make sense of some of this. great to see you. thank you. >> thank you. jackie: a fox business investigation reveals billions and fraud from ppp loans and unemployment benefits. where has that money been spent

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jackie: billions of dollars meant for ppp loans and unemployment benefits being spent on outrageous items like rolex watches and they were giddy. kelli o'grady live in los angeles with the latest on the story. tell us about it. >> good to see you 100 billion of 2 trillion from the cares act was doled out to fraudsters that is 5% the stolen money was put on they were giddy's and rolex to strippers if you can believe it, we dug into these are what if share a few 2 million and unappointed benefits by using information of third-party victims they proceeded to post photos on social media holding and fanning out the large sums of cash which helped authorities discover them, he conspired with an individual on match.com to steal the identity of numerous victims in open bank accounts, she is charged with helping her online paramore over 99000 and

unemployment social security benefits. imagine that romance probably did not last and government officials told the covid relief. jason larry the first ever mayor of stonecrest georgia use the six-point to million the city received in aid to pay off his own outstanding taxes and the mortgage on his lakefront home. as people lay in hospital beds many criminals committed schemes ranging in extremity from settle claims to early withdrawal from 401k to outrageous purchases like luxury real estate one individual used identity of 254 unknowing people to receive more than 1.4 million he was found out because he is the same security question and answer for each application that would be the name of his family dog benji. with a 100 billion only 2.3 billion has been recovered into even more covid relief being proposed critics a and f is been doled out with the rapid inflation that we are seeing. jackie: kelli o'grady will be watching this very closely it's undoubtedly making a lot of people very angry thank you for

that back to react foundation for liberty and greatness founder nick adams, you think about that and how people are joking about how their essentially stealing from the system and did you have administration talking about more money into the system and is really outrageous to a lot of taxpayers. >> it certainly is outrageous and crazy and unpalatable to really think about it. the broad point is unfortunately this is what happens when you pay people not to go to work. often there is a lot of fraud and waste when you're dolling out all these large amounts of money. i think we can certainly understand when covid first came on the scene the need for covid relief we did not know what we were dealing with but now that we are aware of what's going on and we see the fraud that is already occurred and that we've encountered as taxpayers it

would be absolutely ludicrous for us to doll out even more. jackie: you know what is so interesting we were talking to a small business owner earlier and i talked to many of them about their experience. if you asked them they say if all things are considered and everything stays the same they might have to rely on more ppp to get by. but what they really wish what happened is not that they would be getting more ppp checks or need to ask for it they just want the system to be were regulated and inflation to come down and pricing to go back to normal. the labor to come back into store they wish they could really get back to the way that they were it's not that they want the extra stimulus so people can skim from it two. >> that is absolutely right, now that they're there and congratulation to fox business on this investigation these are the results that we need to highlight for people to realize a lot of the strain and stress that small businesses are

feeling can be alleviated if the policy of the current administration change if we can get a hold of inflation. if somebody americans don't realize how little margin of restaurant or grocery shop operates on a margin of profit and the first thing to go of course are always going to be staff and things like that. it's really important that the american taxpayer realizes what's involved. it's not his money going out and the chance of fraud but we need to do everything that we can too have the strongest and greatest economy in the world. jackie: part of the problem is the president is acknowledging where the inflation problem is coming from. as we were talking with ethan they will tell you it's corporate greed. the president said in his speech it's up to jerome powell in the money printing within the money system in the interest-rate set of cause inflation. sure they've contributed but the

massive spending packages have also been a substantial factor and nobody wants to accept responsibility for that. >> that is true if it were not for the spending we would not have the inflation that we see right now. the electricity bills would not have gone up in the gas prices would not have gone up. all of the things that americans have been experiencing in the last 12 months would not have happened had it not been for the biden administration spending like drunken sailors. that is a reality, the left can walk away from that they can claim that that's not the case they can say and get all ruffled but at the end of the day that is the reality without the spending we would not have the inflation. jackie: to the point that we started we are talking about more spending were not talking about the bbb bill anymore but the president saying i want to pass some of this in chunks. we're gonna have to leave it there, good to see you. thank you so much for coming on

today. some breaking news coming in as a white house press secretary jen psaki briefs reporters on the situation in ukraine. the white house as president biden's call with european leader is focused on deterring measures in addition the white house says it is refining military plans for all scenarios on the ukraine crisis. we will continue to monitor this as more news comes in nd themse”" leaving you lost. you need to hire. i need indeed. matching your job description. visit indeed.com/hire (vo) for me, one of the best things about life is that we keep moving forward. matching your job description. we discover exciting new technologies. re. .

jackie: well, stocks are starting to stop their bleeding a little bit, down 2% with 500-point loss for the dow. remember more than an hour ago it was down more than 1000 point. nasdaq was near 5% loss at one point. well off that at this point. thanks for watching. here is charles payne to take you through the next hour. charles? charles: jackie, thank you so much. good afternoon, i'm charles payne. this is "making money." really it began weeks ago, snowballed into the first full-fledged stock market crisis. driven by number of issues and unanswered questions. is the fed too late. will the fed go too far? how long will the hyperinflation period last? what kind of market reset is real sy warranted at this point. toss into the mix geopolitical risk, domestic turmoil, of course the nation that feels