you send in your videos. send us an email, varney viewers at folks.com. this week i want to see some hate. i'm tired of the flattery. i want criticism bordering on hate. lauren: oh, no. stuart: time up for me. really time up for me. jackie it is yours. jackie: i just wrote the email address down, stuart, look out. welcome to "cavuto: coast to coast," everyone. i'm jackie deangelis in for neil cavuto. we have a market rally underway today. sentiment up as investors get a boost from a stronger than expected gdp number. we'll have the latest market news this hour. first, democrats are hoping to quickly advance a new justice to the supreme court after learning that justice stephen breyer programs to retire. we're expecting to hear from the president on this later this hour.

hillary vaughn live at the white house for us. hi, hill ray. reporter: hi, jackie. someone jumped the gun leaking out justice breyer's retirement because breyer cities has not had a chance to talk to the president about his retirement yet. we expect that face-to-face to happen today. a source telling fox that justice breyer will meet privately can with biden. there will be an event after their meeting and then an official notice from the supreme court that breyer will retire after that. this is biden's chance to make history and follow through on his campaign promise to nominate the first black woman to the high court. there is already some top contenders reportedly on the list but some critics are taking issue with biden using race as a vetting tool. >> i thought the era which weigh saidple w q fiedlified afiederedal se ose tssal, bas onirheir racace,ac tac w t 19th c19tury19his,19s, is sh w w wou be retni his. issroni iro thecremeupourt c

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supreme court justice with a evenly split 50-50 party divide. so that does not give the president a lot of wiggle room to get his nominee through. jackie. jackie: hillary vaughn, thanks so much for that. let's get reaction from former deputy assistant attorney general tom dupree. tom great to have you with us this afternoon. we're waiting for the president. he will speak about this from the roosevelt room around 12:30. i will ask you follow up what hillary said. biden did promise if he had an opportunity he would nominate a black woman to the court. some are saying we shouldn't be using race as a factor here. your thoughts? >> it was a promise that biden made in the heat of the campaign. he was trying to appease his political base. so he took a very unusual step he went on the record as to the race and gender of the person that he would appoint to the supreme court. it doesn't surprise me he is thinking along these lines.

this is unusual. other than president reagan when he vowed to put a woman on the supreme court we really haven't seen any other presidents in recent history make these types of promises in advance who they would appoint to the court given a chance. jackie: breyer was appointed by president clinton. the kind of appointee we're expecting here would be somebody younger, more progressive. justice buy -- breyer 83 years old. your thoughts on potential candidates could be? >> you put your finger on it i think someone young and progressive. the two leading candidates are sitting judges. one is a woman currently sits on the fifth circuit court of appeals. kanji jackson and lie on doctor krueger. they're both well-known in washington. judge jackson was confirmed a year or so to her current job.

those are the two candidates biden and white house will be focus on in the days ahead. jackie: a lot of people looking forward to the midterm elections saying the timing of this was not coincidental. if you talk about pull the trigger early or how they actually went down. the thought they want president biden to get his candidate through before the midterm election. how much of an impact the outcome will have on the midterms those? some say it is short-lived. >> i think it is short-lived. look there is no question the timing of this was strategic. historically supreme court justices have announced their retirements at the end of the term in june or early july. this was obviously announced in january. the reason they did it is because the biden administration knows that it is operating with pretty much no margin of air or in the senate. they can't afford to lose a single vote. so for that reason they wanted to move this along as quickly as they could before the midterms, when the composition of the

senate could potentially shift to republican hands. so is what makes this unusual. that would make all the more important for biden to get this right because as i said, he is on a ticking clock. he doesn't have any margin for error here. jackie: tom, it also reignites the conversation about expanding the court as hillary pointed out. some are calling to pack the court. we have a court that is 6-3, some say five 1/2, depending how you look at it. but your thoughts on expanding the court, how far that conversation goes? we have some fires to put out here in the united states, so many different problems to deal with domestically now internationally too. to have this conversation back on the forefront. >> i think expanding the court is a terrible idea. we have nine justice on the court since the civil war. it's a number that works well. i think it would be insane to have a court with 21 or 31 or 41 members on it. look, i understand that my friends on the left are very unhappy with the current composition of the court but

what i would say to them the way to get a court more to your liking is win presidential elections. that is how you get people on the court. president trump won, that is why we have justices that we do. president biden won. that is why we make an appointment. that is how you address the issue, not expanding the size of the supreme court. jackie: great point. tom dupree, thank you, sir. >> thank you. jackie: meanwhile fed chair jay powell holding his press conference yesterday where he was pressed on inflation and the ongoing supply chain issues. ashley webster at the port of savannah with more for us. hey, ash. reporter: jackie there, is no doubt about it the supply chain remains broken. here at the port of savannah we see an inkling of light, the backlog being cleared. we were here 3 1/2 months ago, there were 30 ships anchored at sea outside of the port trying to get in. today, zero. they have caught up which is

good news that certainly doesn't tell the whole picture. we know the u.s. west coast, los angeles and long beach have more than 100 cargo ships anchored waiting to still bring in the cargo. the white house says that they believe that the second half of this year will see some relief in the supply chain. but fed chair jay powell, well he doesn't agree. take a listen. >> i would not say that i would expect the supply chain issues to be completely worked out by the end of this year. i do not expect them and i have not expected them. what i would say, i have been saying i expect progress to be made in the second half of this year mainly. progress, because we're not making much progress. reporter: we are not making much progress and a big part of this story as well as the backed up cargo is the price companies are i paing to have those goods shipped. i want to give you an example of those prices. the container freight rates

globally year-over-year are up 140%. asia to the west west coast up massively by 250%. the u.s. east coast from asia, 184%. on top of that we have worker shortages because of omicron. we have the chinese lunar new year beginning in early february which could slow things down on that side of the story. of course we also have no truckers. the shortage of truckers. that problem has still not been solved. so the white house seems optimistic but most of the people i have spoken to say this will continue along with inflated prices well into 2023, jackie. jackie: something consumers are watching very closely because it impacts them every day. ashley webster, thank you so much for that. good to see you. well our next guest says president biden's failure to lead is actually what resulted in skyrocketing inflation and a

crippled supply chain. republican new jersey congressman jeff van drew. congressman, good to see you. >> good to see you. jackie: supply chain problems continue to plague the country. as ashley points out the fed addressing it yesterday, at least for now we're not making progress here but the administration wants to say it will all get cleaned up soon. your thoughts? >> well the fed is telling it how it is. you know, my thought are, in all honesty, this administration, this majority congress is just a cascading failure. it just gets worse in so many ways. for example, i mean we should be doing a lot more at the ports. and i want to see our stuff getting shipped out, not only bringing other stuff in. and that is one of the problems we have. real leadership from the president. he would be creating a policy in which we were starting to begin at least to manufacture more of our own goods, make more of our own goods, put pressure on companies to build america, buy

america, be america. he is not doing any of that. he hasn't done really anything major about the ports. you know worse of all? you talk about the shortage of truck drivers. so his answer is to require them to get the vax and get vaccinated which is even going to pull more, i talked to the association, pull more truckers out of work because they're not going to do it. some of them are not going to do it. he is just creating more of an issue. jackie: in the trucking industry the vaccine mandate has become very polarizing. part of this isn't just, as you said exactly we're seeing happen at the ports but also the labor shortage, right? we want to get people back to work. we want to invent size them to get back out there. yet for some reason they're still staying home. >> yep. you know how bad it is, this is something i want you to think about, the speaker wants us to wear n95 masks rather than regular surgical masks that we were wearing in the capitol.

so she was nice enough to give every congressman and every senator a package of masks. they're made in china but the sad part of it is, picture this i want american people to picture this, we have our american congressman walking around with a thing on their face in bold print, says made in china. they must be laughing in china when they look at those pictures. jackie: congressman, they are. there are have been reports local media is literally using those pictures, see, it is the chinese that made all the ppp, the ppe that is saving america right now. so they are taking full advantage of that. but i want to switch gears, take the two topics, what we're seeing at the ports, the labor shortage to bring it all back to inflation. the other day my colleague at fox news peter doocy asked the president about it. he cursed at him and didn't answer the question. the problem here is inflation is a real problem. people are feeling it day-to-day and it really is starting to put

the noose around the american families neck. >> without a question and there is a lack of goods. literally i talked to my wife today, supermarket, large one, no chicken. in a big supermarket, no chicken at all. that aisle is closed down. my point is there are problems with food on the shelves. there are problems at our stores. when the president and jen psaki says there aren't they're just not telling the truth. it is that simple. you know what? the inflation will stick around because again of this constant pushing of the vax mandates which just some people don't want to do. some people are going to quilt. some people are going to leave. they're going to work less, whatever the issue is. he is even going to create more inflation. too much money chasing too few goods. i mean it is almost, it is like afghanistan. i know it is different but he is doing everything reverse. they're doing everything wrong.

as i said it's a cascading failure. jackie: let me just add to that, right? you have the president saying i want to pass "build back better" in chunks. the child tax credit for example. we keep handing out these checks to people on a monthly basis. you're going to be putting even more money into the system. so add that to all of the problems you just mentioned and you would expect that inflation would become actually works than what it is right now? >> very well will. i have a feeling that it will. it's a real problem and challenge. what is even going to be worse yet, they will probably increase interest rates when they do that, you have the problem of double hit of inflation, possibly a recession or stagflation. this is serious stuff. you know the economy, it is just like the military, it has to be run right. you have to do the right things. somebody makes a mistake at every single level, every single time. you're obviously going to have problems. honest to god, i think the world must look at the united states to say what the hell happened to this country.

jackie: wow, congressman jeff van drew, thanks so much for joining us and we will follow up with you, see how this all plays out. thank you so. for your time. >> thank you. jackie: coming up the kremlin is warning there is not much cause for optimism. that the west can meet russia's demands. so does that mean that a war is all but certain? ♪.

♪. jackie: welcome back, everybody. ukraine and russia on the brink of war. russia's foreign minister telling reporters that the united states response to russia's security question was quote, not positive. fox news national security correspondent jennifer griffin live at the pentagon with the details on putin's next move. jennifer. reporter: hi, jackie. well putin knows that the u.s. and nato have ruled out sending troops to ukraine to fight russia should it invade again today russian foreign ministry called nato forces to withdraw not within russia's borders but from all of eastern europe. russia made a surprise announcement today a squad con of fighter jets complete ad 5000-mile trip across 11 time zones from their base near the

sea of japan to belarus. nato's chief says hundreds of russian aircraft are in belarus on ukraine's border, a reported military exercise russia used as cover for the build upends on february 20th, the same day the olympics end, the date the pentagon is watching closely. six u.s. f-15 fighter jets landed in nearby estonia on wednesday as nato reenforced its eastern flank. today four f-16 fighter jets flew to lithuania from denmark to deter putin from going beyond ukraine. >> the united states is doing, nato allies quite modest by comparison. the ukrainians are essentially facing the russians alone. some of the steps you're seeing by nato are intended to assure those allies nato has your back and also send a message to moscow that nato may not be prepared to defend ukraine but it certainly will defend nato

members. reporter: the u.s. has about 80,000 troops based across europe, the bulk of them in germany. 5000 that rotate through poland and the baltics. >> what we said he has got a lot of combat power already in place which means he has options available to him right now. without getting any predictions we have to be ready in case this happens very, very soon. reporter: the u.s. in its written response to moscow's demands refuses to permanently ban ukraine from joining nato and said allied deployments of troops and military equipment in eastern europe are non-negotiable. president biden will speak with president zelensky of ukraine about 2:00 p.m. today. jackie. jackie: jennifer, thanks for that. we have retired lieutenant-general keith kellogg.

great to see you, sir. each day as we follow this story the stakes continue to get higher and higher. russia is reviewing options but within ukraine preparation of bomb shelters for example. your thoughts how this will play out? >> hi, jackie, thanks for having me, probably not well. look the response from the united states that was delivered by ambassador sullivan yesterday in moscow to to the minister of foreign affairs did not satisfy russian demands especially with ukraine joining nato. putin has three options. the first option is to do nothing. i don't think really that is a good option but it is out there. the second continue negotiations. he will talk a little bit more with some of the europeans this coming week but they have been talking for the last six years. it has come, nothing has come out of that. the last one is limited incursion or invasion of ukraine. that is one that has high probability of going forward. look, jennifer made a comment, it probably doesn't mean much to

a lot of people, but when she made the comment about s-35s flying across russia to belarus, area north of ukraine. that is a significant move. that is their most advanced fighter. when you look at forces putin a arrayed all around ukraine, primarily about the don bass region. i don't think we'll have a major invasion of all of ukraine because he really doesn't have the troops to do it but i think he will take potentially a huge hung out of ukraine on the eastern part, especially if you want to look at a map. if people would pull up one there is river called the nema river. that is a great demarcation line between eastern and western ukraine. east of the nepa river, this is almost purely russian speaking area. this is the area he wants. if he takes that part, that gives him security. that is what putin is pushing on

all along. he wants security for mother russia. jackie: i know you're not inside of the president's head or administration, but he sort of set it up in the press conference made the distinction between a minor incursion and what a larger incursion might be. so the scenario you set out there, how do you think the united states would interpret that? >> if they did that, i think if they put that in the realm of minor incursion. to me it is not a minor incursion. that is how the united states would finesse it. because the united states understands that ukraine is not a nato ally. article 5 does not apply to the ukraine. attack on one is an attack on all. you look at a little bit of the fragmentation of the nato alliance, you see that britain is sending antitank missiles into ukraine and the germans just sent 5000 helmets. that kind of shows the disparity who is considered important and what is considered important when it comes to ukraine.

if ukraine is not in your vital national interest. i concern we focus in on russia, russia and the ukraine when we keep bypassing the importance of china. china is the growing threat. china will become the greatest threat the united states is going to face in the next 20 or 30 years. we should remember that. look when it comes right down to it, to me russia is belgium is nuclear weapons that is the most important thing they have is the nukes. they're not existential threat to go after europe. they are not going after europe. jackie: as you point out china will act on taiwan in some way as they watch it play out. the more chaos across the globe might be easier for them. we have the olympic as lot to keep your eye on. we'll have insight, sir, thank you so much. >> thanks, jackie, good to see you, straight ahead virginia schools suing governor youngkin over his making masks optional in schools. we'll speak with the attorney general of virginia right after this break.

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jackie: welcome back a quick market alert. the nasdaq now negative. take a look there down 23 points. still strong gains on the dow, up 225. meanwhile seven virginia school districts are suing governor youngkin over his making masks optional in schools. virginia's attorney general jason miyares joins me now. jason, good afternoon. good to see you. >> good to see you. jackie: glenn youngkin his feeling on this, we're going into our third year of a pandemic. we have got vaccines and treatments out there and far more natural immunity. the virus doesn't necessarily really hurt children. why keep masking them? >> well you're exactly right, both this election, what we campaigned on delivering our

promises are parents matter and this executive order, all it says, listen if you're a parent, you would like to have your child masked for six, seven, eight hours a day, that is your right as a parent, they absolutely can be masked. but if you're a parent with a child with asthma, one parent said with me, my daughter went from all a student to mostly c student, she wears glasses because they are constantly fogged up. you know what is best for your child. that is in the code of virginia. as governor youngkin said repeatedly, parents have fundamental right to bringing up their children. that is current virginia law. what we are saying in the campaign and what we're saying now in our legal arguments, parents matter. respect the fact if you are a parent you want your child masked eight hours a day. that is great. respect other parents think differently than you, know what is best for your child. that is what this is about. we're standing with parents

versus far left school boards that are ignoring some parents. that is where we are in the legal system. jackie: that is the key here, option alty, you have a option as a parent to choose, if you feel it gives your child more protection go for it. another woman was on the other day, her little child has spent a third of her life already in a mask. she does not want that anymore. >> right. oh, you're so right. i had a parent shared with me that their elementary school daughter came home and said how excited she was that starting on january 24th, for the first time she could see what her best friend at school actually looked like. that is heart break. we're seeing both mental, we're having a mental health crisis with the school-age children. we've seen our scores just drop so much because they were out of school during the virtual school. really as the governor said to so many we're entering a new phase of the pandemic. let's get our kids back in school.

let's get parents that choice. i remind the school boards that are opposing this, they didn't two anything to stop, governor northam used executive authority under virginia law of the pandemic, emergency order through a governor's executive order, governor northam closed down our schools, closed down our businesses, closed down our churches, implemented a mask mandate. they never challenged any of that. somehow they i governor's inherent emergency powers authority didn't have the right to adjust the mask mandate in the school. parents get to make the decision. that is we're very confident of our legal strategy and our legal argument. we're telling everybody, listen, be patient, let the legal system work itself out. we're confident we'll prevail. we're proud to stand with parents. we're simply asking the school board to let parents make the decision. they know what is best for their child. that is where we are. we're excited about moving forward. jackie: sounds reasonable. you look at the motivation behind suits like this, the conversation that we're generally having here.

you wonder if it hasn't become really political, the same way vaccines have become really political. the same way this entire pandemic after two years has become extremely political and divisive. >> well, listen, i mean i said in virginia we're not a red or a blue state. we're a common sense state and i don't think i would be sitting in this office, my friend winsome sears and governor youngkin as well if parents didn't really reject the sense that other people knows what is best for their child. every time i hear a liberal activist i know what is good for your child as you do, i say what are my children's names? parents intuitively know their medical condition, mental health condition. that is really what we've seen with parents right now. listen, we're now at a new phase. it is time for our kids to get back to a sense of normalcy. i've seen it in the scores. you've seen it in the mental health break down. that is really where we are. unfortunately we had a lot of

school boards candidly paying more attention to special interest groups on the far left than parents. we're going to always, always want to stand with the rights of parents. that is really what this is about. candidly, if more and more left-wing politicians think they can ignore parents, they will see a different result at the ballot box. my hope through democracy our voices will be heard. we're confident in court, if not, there are bills in the general assembly codify in code to let parents make the best decision for their children. jackie: change in general is one of the reasons we did see glenn youngkin take office and become elected. we saw people speaking up at the ballot box as you say. i want to go back to the idea of children's development with respect to the pandemic with remote learning, with all the masking, with everything they have had to go through. we don't even know what the long term repercussions will be. there are some studies that said remote learning, putting these

kinds of restrictions on kids will cost trillions of dollars in earning power in the future for this generation because of the restrictions that were placed on them. that is very alarming also when you think about the future of the country. >> those studies that show just how important learning those non-verbal communication skills are particularly for our younger students in elementary school. jackie: jason, i have to cut you off here because we were waiting for president biden. he is walking into the roosevelt room. he will take the stage. let's listen. president biden: recognize both dr. breyer, dr. biden and being here and i can't tell you, this is sort of a bitter sweet day for me. justice breyer and i go back a long way, all the way back to the mid '70s when he first came on to the judiciary committee but that is another story.

i'm here today to express the nation's gratitude to justice stephen breyer for his remarkable career in public service and his clear-eyed commitment to make our country's laws work for its people and our gratitude extends to justice breyer's family for being partners in his decades of public service, particularly i want to thank his wife, dr. joanne breyer who is here today and who has stood by him for nearly six decades, with her fierce intellect, good humor and enormous heart. i thank you, the country owes you as well. and stephen breyer's public service started early. he served in the united states army as a teenager and in all three branches of the federal government before he turned 40. those were the good ol' days, weren't they? as he was a law clerk for supreme court justice goldberg, a prosecutor in the department of justice, a member of the watergate prosecution team.

i first met stephen breyer when i was a senator on the judiciary committee and he started off, taking care of one of the subcommittees for teddy. he became chief counsel during his tenure, chairmanship of the judiciary committee. beyond his intellect and hard work and legal insight he was famous for biking across washington virtually every day for face-to-face meeting with a republican chief counsel, the ranking republican counsel and over breakfast they discussed what would they do for the country together. in those days we tried to do things together. that spirit stuck with me when i took over the judiciary committee as chair after senator kennedy's tenure. it was my honor to vote to confirm justice breyer to serve in the united states supreme court, the court of appeals first in 1980. and then 14 years later, in 1994 i got to preside as chairman of the senate judiciary committee

over a supreme court confirmation hearings. we were joking with one another when he walked in, did you ever think he would have served decades on the court and i would be president of the united states the day he came in to retire. i, he looked at -- won't tell you what he said, joking. but i was proud and grateful to be there at the start of this distinguished career on the supreme court and i'm very proud to be here today on his announcement of his retirement. you know during his confirmation hearings way back in 1994 nominee stephen buyer said quote, the law must work for the people. he explained to us his faith our complex legal system has a single purpose, tell people who make up our country. it was a different time of course but his brilliance, his values, his scholarship why judge breyer became justice breyer by overwhelming

bipartisan vote at the time. today justice breyer announced his intention to step down from active service, after four decades, four decades on the federal bench and 26 years on the united states supreme court. leading scholar and jurist in administrative law, bringing his brilliance to bear to make government run more efficiently and effectively. enclouds his stated ture as a beacon of wisdom on our constitution and what it means. and threw it all justice breyer worked tirelessly to give faith to the notion that the law exists to help the people. everyone knows that stephen breyer has been an exemplary justice, fair to the parties before him, courteous to his colleagues, careful in his reasoning. he has written landmark opinions on topics ranging from reproductive rights, health care, to voting rights, to patent law, to laws protecting our environment around laws that protect our religious practices. his opinions are practicable, sensible and nuanced.

they reflect his belief the job of a judge is not to lay down a rule but to get it right, to get it right. justice breyer's law clerks and colleagues as many of the press here know describe him and his work ethic. his desire to learn more, his kindness to those around him and his optimism for the promise of our country. he has patiently sought common ground and built consensus, seeking to bring the court together. i think he is the model public servant in a time of great division in this country. justice breyer has been everything this country could have asked of him and he has appeared, when he appeared before the judiciary committee almost three decades ago we all had high hopes for the mark he would leave on history, the law and the constitution and he has exceeded those hopes in every possible way. today is his day. our day to commend his life of service and his life on the court. but let me say a few words about critically important work of

selecting his successor. choosing someone to sit in the supreme court i believe is one of the most serious constitutional responsibility a president has. our process is going to be rigorous. i will select a nominee wore think of justice breyer's legacy of excellence and decency. i've been studying candidates backgrounds and writings i have made no decision except one, the person i will nominate will be someone with extraordinary qualifications, character, experience and integrity. and that person will be the first black woman ever nominated to the united states supreme court. it is long overdue in my view. i made that commitment during the campaign for president and i will keep that commitment. i willfully do what i said i would do. i will fulfill my duty to select a justice not only with the senate's consent but with its advice. you heard me say in other

nomination pros sos constitution says seek the advice and consent but the advice as well of the senate. i'm going to invite senators from both parties to offer their ideas and points of view. i will also consult with leading scholars and lawyers and i'm fortunate to have advising me on this selection process vice president kamala harris. she is an exceptional lawyer, former attorney general of the state of california, a former member of the senate judiciary committee. i will listen careful to all the advice i'm given. i will study the records and former cases carefully. i will meet with the potential nominees. it is my intention, my intention to announce my decision before the end of february. i have made no choice at this point. once i select a nominee i will ask the senate to move promptly on my choice. in the end i will nominate a historic candidate, someone worthy of justice breyer's legacy, someone like justice

breyer will provide incredible service on the united states supreme court. justice buyer why, on behalf of all the american people i wantthank you and your family and your family for your tremendous service to our nation. i will yield the floor to you, mr. justice. >> thank you, mr. president. that's terribly nice and believe me, i hold it right here. it's wonderful. i thought about what i might say to you and i would like to say, something i enjoy is talking to high school students, grammar school students, college students, even law school students, and they will come around and ask me, what is the, what is it that you find particularly meaningful about your job? what sort of gives you a thrill? that is not such a tough question for me to answer. it is the same thing. day one almost, up to today, i

don't know how many but what i say to them is look, i sit there on the bench and after we hear lots of cases and after a while the impression, it takes a while, i have to admit but the impression you get is you know, as you well know this is a complicated country. there are more than 330 million people. my mother used to say it is every race, it is every religion, and she would emphasize this and it is every point of view possible. and, it is kind of a miracle when you sit there and see all those people in front of you, people, that are so different in what they think. and yet they have decided to help solve their major differences under law and when the students get too cynical, i say look what happens in countries that don't do that. that is there, i take this around my job, people have come

to accept this constitution and they have come to accept the importance of a rule of law. i want to make another point to them. i want to say look, of course people don't agree, but we have a country that is based on human rights, democracy and so forth but i will tell you what lincoln thought, what washington thought, what people today still think. it is an experiment. it is an experiment. that is what they said and joanna paid each of our grandchildren a certain amount of money to memorize the "gettysburg address." the reason we want them to pick up there, what i want the students to remember pick up, if i can remember the twister two lines, four score and seven years ago, our fathers created upon here a new country, a country that was dedicated to liberty and the proposition that all men are created equal,

conceived in liberty, those are his words and dedicated to the proposition that all men are created equal. he meant women too. we are now engaged in the great civil war to determine whether that nation, or any nation so conceived and so dedicated can long endure. see those are the words i want to see and experiment and that is what he thought. it is an experiment. and i found some letters that george washington wrote where he said the same thing, it is an experiment. that experiment existed then because even the liberals in europe, they're looking over here, they say it is a great idea in principle but it will never work but we'll show them it does. that is what washington thought. that is what lincoln thought. and that is what people still think today. and i say, i want you, i'm talking to the students now, i say i want you to pick just this

up, it is an experiment that is still going on. i will tell you something. you know who will see whether that experiment works? it is you, my friend, it is you, mr. high school student, it is you, mr. college student. it is you, mr. law school students. it is us but it is you. it is the next generation and the one after that. my grandchildren and their children, they'll determine whether the experiment still works and of course i'm on a optimist and i'm pretty sure it will. does it surprise you that that's the thought that comes into my mind today? i don't know. but thank you. president biden: doctor, i don't know that you have ever been to the white house and the lincoln bedroom, but i invite both of you to come and stay. the lincoln bedroom has, against the wall between the windows

looking out, a handwritten copy of the "gettysburg address" written by lincoln in that bedroom, sitting room. and sew you got to come to see it. even if you can't come and say, bring your grandchildren so they can see it as well. thank you all so very, very much for being here. i'm not going to take any questions because i think it is inappropriate to take questions with the justice here. he is still sitting on the bench. -- [inaudible]. but, you will have plenty of opportunities to get me later today and for the rest of the week, next week too. so thank you very much. thank you. [reporters shouting questions] reporter: sir, what will it mean for you to pick the first black woman on the court? jackie: president biden not taking any questions there. using the opportunity to thank people south justice stephen breyer for his on the court, 28

years of service. a couple of points i want to highlight. he did mention when he makes the decision he will nominate the first black woman to the united states supreme court. he also gave us a little bit of a sense on timing there. he said he will make that nomination before the end of february. we'll be right back. d. to go beyond ordinary etfs. and strengthen client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

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jackie: welcome back. let's check the market because stocks are paring earlier gains, now at session lows. the markets rallied earlier on news that the gdp grew at 6.9% the pace to close out 2021. joining me now geltrude company founder, dan geltrude and strategic partners luke lloyd. luke, start with you. volatility in the market, the dow is still positive but the s&p 500 and the nasdaq turned negative. your thoughts how investors are feeling right now, digesting what they heard from the fed yesterday? >> i think they're digesting the gdp report. looks good by the headline numbers. but you have to think diaper, look deeper in this kind of economy. biden is taking credit for the gdp numbers, claiming victory. biden is living in the metaverse and not real world.

how do gdp at 6.9% a win, less than 4 million people working in the workforce a win for america? how is commodity prices higher after the gas pump. how is it a win that the working class americans didn't capture most of growth over the past year? seems biden's numbers are dropping week over week, the same numbers in the financial crisis in 80, 09. if that is the is can only thing that matter is 2022 gdp numbers to strengthen the gauge of the consumer. today's report doesn't tell the whole story. jackie: dan you expect a strong gdp number in the wake of a pandemic, and recovery well-underway when the president took office. >> no doubt about it. look, we already know there was tremendous demand. people had money, they were looking to spend. of course they would have spent even more if they weren't such issues with the supply. i also think that luke brings up a really good point, the gdp

numbers, they're behind us and what we're also skipping over is that the gdp price index came in at 6.9% and the estimate was 6%. now what the market has to look at going ahead is so much uncertainty. what is going to happen with the virus? what is going to happen with the ukraine? what is going to happen with china? so i really think we have not seen the end of choppy waters. jackie: i think you're right. we've been bracing for this volatility, seeing it for the last two weeks or so. gentlemen, we're up against a hard break but i want to thank you both forour time. we'll talk to you again soon. "cavuto coast to coast." we'll be right back a strategic and sustainable asset... the path is gilded with the potential for rich returns.

♪ ♪ ♪ jackie: welcome back to "cavuto coast to coast"ing everybody, i'm jackie deangelis in for neil cavuto. the markets pulling back a little bit from earlier highs. the dow in the green today after seeing its lowest close yesterday since december 1st of last year. we will have more on what's driving these wild swings throughout the next hour. but first, to the escalating tensions in eastern europe. russia saying that the u.s. rejection of security demands over ukraine is leaving little room for optimism, and that has officials in kiev getting ready for a russian invasion. fox news senior foreign affairs

con -- correspondent greg palkot live in kiev with the details for us. >> reporter: hi, jackie. diplomacy seems to be going nowhere past, but that -- fast, but that russian troop buildup continues. officials in the government of putin's administration says they saw a -- understand no ground was given by the u.s. on a key point that nato backs away from ukraine in eastern europe. this as more nato planes arrived today in neighboring countries. just jets flew into estonia yesterday. officials here are worried about a russian jets building up in next doorbell ruse. -- door in next door belarus. and so authorities have identified 5,000 possible bomb shelters in the city of 3 million, some of them dusted-off cold war relics.

take a look. this is just one of several bomb shelters in this apartment complex in northern kiev. in the event of an invasion, this is home. it's a little bit rough. the bomb shelter we checked out is said to handle about 60 people. if a booming strike -- bombing strike high schools, siren ises will warn -- looms, sirens will warn residents to go down there. it will soon be stocked with food, water and medical supplies and could be key to locals' survivor. >> translator: the most important thing in our lives. it's important to save lives. we will do the best we can. >> reporter: finally, we just got word, jackie, that there will be a phone conversation between president biden and ukrainian president zelensky in about an hour's time. a lot to talk about. back to you. jackie: a lot to talk about and watch for. greg palkot, thank you so much for that. meantime, europe's energy

reliance on russia is a crucial leverage point for vladimir putin, and he's using that leverage as tensions mount over a possible ukraine invasion. hillary vaughn is at the white house with more. hillary. >> reporter: hi, jackie. ironically, it has been a push in europe away from what they see as dirtier forms of energy like coal and towards cleaner forms of energy that has actually led to their dependence on liquid natural gas coming from russia. germany in particular has become hugely dependent on russian fuel. they shut down coal plants to go greener and are in the process of decommissioning several nuclear power plants. russia is by far the largest supplier of natural gas to the e.u. which gives them critical leverage over energy prices there. republicans say they think this is part of putin's plant with nord stream 2 to get europe even more hooked on their future --

on their fuel. >> at the heart of a lot of this is the nord stream 2 pipeline. that's something that vladimir putin wanting something that is built and done. all that needs to be done is the commission of certification, the acceptance of the natural gas. and it's hard to know how far he'd go to make that the norm. >> reporter: experts say it is going to be tough for europe to swallow any strict economic sanctions that could impact their energy prices if that means russia is going to retaliate in response by hoarding their natural gas, that hits people right this their pocketbooks -- in their pocketbooks. >> going to feel the retaliation against that, that's european. and not just european elites, right in it's going to be households because there's a chance that russia could cut off natural gas deliveries across all pipelines to europe. stwhrr and, jackie, europeans could see energy prices soar not just by a little bit, but ten times-fold if russia were to

restrict that energy supply, and that makes it really hard for politicians in europe to justify any action against russia if it's going to -- they're going to have to convince their people that they need to, essentially, shoulder that cost by paying more every month for their energy. jackie? jackie: it's a major strategic leverage point for russia. hillary vaughn, thank you so much. let's get some reaction from republican new york congresswoman claudia tenney who sits on the foreign affairs committee. congresswoman, good to see you this afternoon. >> great to see you too. jackie: your thoughts on the aspect of in that hillary is outlining here. we talk about alternatives, all different kind of having a basket of energy sources, for example, so that no country is so reliant, for example, the situation that we're seeing here in europe and russia. and vladimir putin certainly knows that and will potentially take advantage of it as this crisis plays out. your thoughts. >> yeah, exactly as your

reporter's laid out. this -- putin uses energy as a weapon. it is leverage. and while the europeans try to move away from natural gas, move away from toes still fuels and try -- fossil fuels and go to electrification, they don't have a reliable alternative. they're closing nuclear power plants, but a lot of this is what the united states and president biden is leading with the green new deal and the build back better plan was really about a implementing the green new deal as was much of the infrastructure bill that was passed. so the russians use this energy as a leverage. and remember something about a nord stream 2, this was not a commercial project entirely. this was a project that was a russian malign influence project. that means russia was using it in anticipation of us going down this naive trail to be so-called electrified without any fossil fuel usage which we don't have the infrastructure in place to use.

vladimir putin knows that this is a weakness and that we have projected weakness. the president of the united states. this has been going on, the russians have been at the border. he declined taking any action on navy ships earlier on, we've declined helping the ukrainians in the past. and when you project weakness, vladimir putin sees an opening. he sees an opening on energy, he also sees ukraine as a potential food security issue. there's a lot of fertile ground and soil in the ukraine. they produce about half the region's, you know, in europe and eastern europe's, you know, grain and other crop supplies. so there is a strategic advantage to going to the ukraine. plus, with their return to green energy without having any kind of alternative energy and reliable energy in place, he's able to use that against the europeans, and we're doing the same things to ourself. we're tying our hands behind our backs and hoping we can leverage. jackie: many people looking at

the scenario saying how could the president essentially allow this to happen and, you know, put his seal of approval on the nord stream 2 pipeline, adding so much leverage to putin's hands. but i just want to switch gears for a moment because president biden is going to meet with new york city mayor eric adams on crime next week as well. your expectations there. >> you know, just like the biden administration and the democrats failed to crack down on the crime we have all across the nation, you know, the summer of love, i come if new york state. we have a one-party rule in albany. they've passed a bail reform law that has been devastating not just to new york city, but to upstate new york. we also have criminal justice laws, mental health laws, raise the age for jewell offenders -- juvenile offenders, laws all impacting us under prior mayor de blasio. and at least eric adams is showing some common sense although they keep saying gun

control's got to be the problem. you know, the prosecutors aren't prosecuting gun crime, and you have a new district attorney who claims he's not going to prosecute crimes. and i've called on governor hochul to actually remove him from office a, a power that she has,s because he fails to live up to his oath to enforce new york's laws. and so i hope president biden just doesn't go in and talk about gun reform because, guess what? new york state has among the strictest gun laws in the nation, and that hasn't stopped this crime, but they don't prosecute crimes. they allow these people to roam free on our -- in new york city and even upstate new york where my district is. jackie: yeah, and governor hochul has been largely silent about al a vin bragg as she's gearing up for her own election platform in november. that's something we're going to have to watch very closely because taking those, taking so many crimes from the if felony level down to misdemeanors is really a problem in the city. congresswoman, thank you so much. good to see you this afternoon a. >> great.

thanks so much, jackie. jackie: okay. coming up, the biden administration gearing up for a supreme court showdown as justice stephen breyer prepares to step down. the latest on who the white house is way o -- is weighing, after this. ♪♪ ♪ muck your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire ♪ feel stuck and need a loan? ♪

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>> i will select a nominee worthy of justice breyer's legacy of excellence and decency. while i've been studying candidates' backgrounds and writingss, i've made no decision except one. the person i will nominate will be someone of extraordinary qualifications, character, experience and integrity. and that person will be the first black woman ever nominated to the united states supreme court. jackie: that was president biden just addressing the retirement of supreme court justice stephen breyer. this as justice breyer's retirement is ramping up speculation about who the president will pick to fill his seat. fox news correspondent david spunt is here with the latest and, david, he did tell us that he would submit that nomination

before the end of february. >> reporter: he said before the end of february, and we also know that it's going to be a black woman. and this was a campaign promise made in early 2020 by then-candidate joe biden. of course, the speculation ramped up almost immediately when we found out that justice breyer was going to be stepping down from the supreme court. i want to go over a few names. the first is a federal circuit court of appeals judge named ketanji brown jackson. she was a former law clerk for justice breyer on the supreme court, has a long list of stellar credentials, and something important is that she has already been vetted. president biden nominated her to fill the federal judiciary ship that was formerly held by judge merrick garland who's now the attorney general of the united states. here she is at her senate hearing last april. >> i'm both humbled and very grateful to be here once again.

i'm also truly thankful to president biden for giving me the honor of this nomination to the circuit court. >> reporter: two other names seen as potential nominees, california supreme court justice leondra kruger and federal appeals court judge candice jackson acumenmy from chicago. she, too, was appointed by president biden with the same votes as brown jackson. she also spoke last april. listen. >> -- from my time in the criminal justice system as an advocate is the importance of setting aside personal convictions, personal opinions. >> reporter: with a close 50-50 senate, it's important to get those votes. both judges received three republican votes, lisa murkowski, lindsay graham and susan collins, when they came up to the circuit court last year, certainly something the white house will be looking at a.

jackie: david spunt if, thank you so much. meanwhile, republicans blasting the biden administration after it revoked emergency use of two antibody treatments. the fda says they don't work against the omicron variant, but republicans say that the white house is playing politics with public health. here now is dr. elmahol. good to see you. many people say that as we're battling covid-19, we put so much of a focus on vaccinations, we've forgotten about the therapeutics. but many americans are happy that a they're out there. yet you've got an administration if trying to pull back the reins on that. if why is this? >> well, thank you so much for having me. i really do think this is an issue of whether those monoclonal antibody therapies that have since been revoked work or not when it comes to come -- to omicron. we know it evades immunity deferred by vaccination in a lot of cases but also looks

substantially different from prior variants against which which those antibody therapies were designed. frankly, i wouldn't want to give any therapy that doesn't work to a patient, because all of them do carry risks. we do still have a very effect i have monoclonal antibody therapy, and we are giving it as much as we can with the supply that we have to patients that nighted. jackie: okay. -- that need it. jackie: so why didn't we see a shift saying these antibodies from regeneron and eli lilly don't work, but the one from glaxosmithkline does seem to help, why don't we ramp up production of the ones that do help? why are you talking about a limited supply for your patients? >> well, i do hope that production does ramp up. i think omicron was a curveball to the entire public health community, but i can tell you that we do have more patients that need it than the supply that we have right now. so i think that's something we should call everybody to task on to make sure that more of it is

produced. and we couldn't get the oral therapeutics soon enough. we really do need paxlovid as soon as possible. it has extraordinary results, and we could be treating a lot of patients right now with that if we could have it. jackie: my understanding also with all of these they are therapeutics whether taking the pill from pfizer or to merck or the monoclonal antibodies, whichever vexers are most effective, is that the testing still has to be in place because you need to take them immediately, right? you have to get the test results, call your doctor and say this is the first or second day i've been positive because that's when they're most effective. how do you feel we're doing on testing? we ramped up that program. i signed up for the tests coming from the government, and i don't have them yet. >> yeah. we really do need a lot more tests, and we were very, very short on tests just a few weeks ago. we had lines outside of our own clinic. we do give pcr here on campus. we didn't have a lot of the

at-home tests available to patients. that is getting better now. a lot more pharmacies do have a better stock and, of course, i tried as much as everybody else to order those and, hopefully, they come to our home soon as well as millions of other homes. we do need tests in order to use these oral therapeutics, and i know the administration in washington is working extremely hard to try to do that. couldn't come soon enough. jackie: yeah. in the last moments i have with you, looking at the numbers on the charts, when do you expect us to peak across the country? i know we have in certain places. >> i can tell you right now we've already peaked in the new york metro area. i'm very happy about that. we've also seen more staff coming in because they either had covid before or had a family member ill because of covid. staffing is much better now. we just had amazing military here -- heroes come last week out of the army, very grateful and couldn't be more patriotic these days because of that. what i can tell you is i know

we're not through this across the country yet. it's going to be hard to predict exactly when it peaks, but if we follow the peak of south africa, it could be quickly, and i hope to god that happens. jackie: i think a lot of people agree with you. doctor, good to see you in this afternoon. >> thank you. jackie: after the break, the battle over mask mandates is intensifying. why our next guest says her two children were blocked from entering school was they -- because they didn't have a mask. ♪ we didn't start the fire -- ♪ it was always burning since the world's been turning. ♪ we didn't start the fire -- can. ♪ though we did ignite it, but we tried to fight it ♪♪ i'm searching for info on options trading, and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter,

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♪ ♪ >> parents matter. and this executive order, all it

says is, listen, if you're a parent and you'd like to have your child maxed for 6, 7 or 8 hours a day, that's your right as a parent. they absolutely can be masked. but if you're also a parent where you have a child who has asthma, one child says my daughter went from being an all a student to mostly cs because she wears glasses and her glasses are constantly fogged up, you know what's best for your child. jackie: that was virginia's attorney general standing by his state's move on masking our children, but that is not stopping school officials from defying the government's orders. my next guest and two of her kids were barred entry at their school because they didn't have a mask just a day after governor glenn youngkin made mask wearing optional. independent women's forum president carrie lucas joins me now. carrie, what happenedsome. >> thank you so much for having me. yeah. i went to my children's elementary school, and i broughe

night before that i wanted to exercise my right as a parent to opt my kids out of masks, and i was met with a very nice woman who seemed very happy to have to do the job of telling me that my kids were not going to be rowed in school unless i agreed to mask them. and so they were suspended for the day on tuesday. jackie: and the governor, of course, governor youngkin, has signed an executive order essentially saying that masking, after two years of the pandemic going into year three, is now optional. you have a choice as a parent. so if there are other parents who want to maas mask their kids, they can. yet this woman is telling you, nope, we're not doing that here. how'd it make you feel. >> >> yeah. you know, it's incredibly frustrating. it was frustrating for me, because i felt bad for the people at my school because i know this wasn't their decision. this was the fairfax county public school board, and there's a lot of school boards here in

virginia that are very politically driven, and they want to dig in their heels and refuse to follow this order. i think they're acting lawlessly, they're putting schools in the middle. i felt terrible for that administrator. they're putting kids in the middle and making parents like me -- i don't want to have to fight with my elementary school, but i am going to stand up because i can. i work for an organization that's going to stand with me and support me, so i heard from a lot of other parents who wanted to make the same choice but were afraid. so i wanted to go on their behalf too. jackie: this is obviously going to play out in court. we had the attorney general on before talking about it, and i'm wondering what you diseased to do. did you -- decided to do. did you take your kids home that day, and now what? >> yeah. i did. the kids had a nice kind of day off on tuesday, but i did bring them back, i put them back in masks and sent them on wednesday. they missed so much school with to i would -- covid, i didn't want to deny them that, but we're looking at our options.

i am talking to other parents and lawyers about what parents like me can do to push back on our school districts that are a really refusing to give us the legal options that we're supposed to have. jackie: what do your kids say about mask wearing? what's the gripe with it for them? if or if they didn't necessarily say anything, what is your feeling as a parent? what's bothing -- bothering you about it? >> my kids complain if all the time about their masks. it's just ridiculous. here in virginia you can go to restaurants, bars, clubs, judgements -- the gyms, adults go ever where without a mask. and it's ridiculous, especially -- i have a 7-year-old. his mask comes home wet and dirty, it's -- i think it's completely unhygienic as well as just really sad. jackie: yeah. here in new york i take these masks on and off all the time,

touching them, and you have to wonderyou're doing more harm than good. carrie, keep fighting the fight. we'll talk to you again soon. >> thank you so much. jackie: meanwhile, an unusual january wildfire burns in northern california. people who are live out west are dealing with longer fire seasons. a small san francisco start-up is using artificial intelligence to combat them. grady trimble has details for us. grady. >> reporter: hey, jackie. it's a simple concept but a high-tech solution to help prevent wildfires. what this company does is they mount these cameras on mountaintops, overlooks, on cell towers where they can see landscape, and the cameras are artificial intelligence. they use machine learning software to scan for wildfires. and as soon as they spot one, they alert authorities that there is one. and here's a % example of that a

playing -- perfect example. the camera picks up on that smoke in the distance and then it triangulates and lets authorities know exactly where the fire has broken out. the company has 25 cameras installed right now with the goal of expanding that all over the west coast where these fires have become so prevalent. i spoke with the ceo who described how she expects this to play out in the real world. listen. >> in today's worsening wildfire conditions, every minute matters in response. every mega-fire started as a small fire, and if fire authorities can detect, confirm and pinpoint the fire rapidly, they can get a heavy response to the fire and nip it in the bud so that it never becomes a raging inferno. >> reporter: and right now they have several customers in both the public sector and private sector, so they've got government fire authorities but also insurance companies, utilities like power companies are interested in this

technology and so are private landowners, jackie, who want to use essentially what used to be human fire spotters, but now the cameras can do it x they can do it quite a bit more accurately than people can. bang to you. -- back to you. jackie: thank you for bringing us that story. that's really cool. that's great to know. we'll see you soon. coming up, a billionaire's big bet against a streaming slowdown, after this. ♪ ♪ don't you give up, no, no, no -- ♪ i won't give up, no, no, no. ♪ let me love you, let me love you ♪♪ ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further.

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>> reporter: and competitors like hbomax and disney pose channels in areas netflix is just -- challenges in areas netflix is just developing. disney is a franchise monthization -- montization -- monetization engine. if i watch frozen on disney plus, disney can leverage that data to target olaf merch toward me. while i agree with ackman if on streaming as a whole, i need to see more from netflix on franchise building, and with the upcoming warner discovery merger, the -- is going to shrink, jackie. jackie: even though they were one of the first ones out there

and they got us all hooked on streaming. kelly o'grady, thank you so much for that. well, from a possible streaming slowdown to a booming economy, stocks swinging between gains and losses today amid news that gdp grew at a 6.9% pace to close out 2021. point bridge capital founder and ceo hal lambert joins me now. that 6.9% number was above expectations, and for the fourth quarter we saw 5.7% growth. it was the most growth or the fastest growth we've seen since 1984. so the market liked that. but you wouldn't expect that. we were coming out of a pandemic, and we were reopening the economy, right? if. >> yeah. i mean, it was a good number. the problem with the fourth quarter number is 70% of it was driven by inventory remennishment by businesses, so that's likely to not be repeated in the first quarter of this year which means you're going to expect a big drop in gdp going into 2022, and economists are expecting, you know, kind of

3.5, maybe as high as 4% gdp for '22, which is a big drop. and consumer spending is dropping. in fact, the savings rate has dropped, this quarter dropped from 9.5% to 7.5% on consumers. that's down from almost 14% at the end of last year. so consumers are spending, they're spending off their savings, and they're going to, obviously, come to a point where they can't spend anymore. so the fed's got a real problem here. jackie: yeah. and you're bringing up a point that i have been thinking about throughout this pandemic, right? if everybody say sid, oh -- said, oh, we saved so much money, we weren't doing anything, and then people started spending, inflation crept up, and people started spending because there was pent-up demand. at a certain point people are going to say i just can't pay that much more for doing out, that much more to go on a vacation. and that a ultimately will have a chilling effect on the economy. >> absolutely. i mean, they'll run out of savings, which is what we're

seeing. we're seeing big declines in savings. again, it's going towards goods and services that are unfacilitated higher, so it's going -- inflated higher, so it's going to peel off more quickly on their save,s -- savings, and everyone knows things are going to slow, so what's the fed going to do? they've got an inflation issue that's driven by policies that they're doing and on the fiscal side. as an example, i don't understand right now why the fed continues to buy more gang-backed -- mortgage-backed securities in the market. we have a housing boom where housing prices are as high as they've ever been, interest rates that are very, very low, and you don't have enough workers to build them, you have prices inflated on lumber. why are we guying mortgage-backed security ises -- buying mortgage-back securities? their policies are causing a lot of this because we have manipulated interest rates for mortgages. jackie: right. and the fed has essentially held on to this policy as we came out of the last financial crisis,

and now we see jerome powell starting to make some moves here and sort of doing an about face saying it's definitely time to raise rates indicating we could see that as soon as march. but many of the experts on this program say that's already priced into this market. i wonder what you think. is it priced in, or when he pulls the trigger, is something else going to happen? >> well, it's priced in, but the problem is we don't know really what he's thinking because i think his press conference was kind of jumbled. they seemed to be all over the place, and i think tapering should have already happened where they don't buy anymore, and they start letting the balance sheet roll off. raising the interest rates by 25, 50 basis points, 100 basis points, is not going to curb inflation. it's simply not going to. this is supply chain issues, this is problem problems with, you know, we have unions on the port in california that aren't unloading shipments fast enough. we've got, you know, the fiscal policies that the government's spending all this money, and the fed's buying the debt, so we're

having -- we're not having interest rates where they really should be. so this is driven by policies, and it's not correctable by simply raising interest rates, you know, 100 basis points over the next year. jackie: president biden just pointed the finning per at jerome paul -- finger at jerome powell and said it is up to powell and the fed to fix this inflation problem, kind of washing his hands of all the a spending we've been doing. and when you talk about consumers and the savings rate, a lot of that was coming from the $1.9 trillion plan that he put into place last march as well, and this administration wants to keep on spending. >> it's funny you bring that up. the last time i was on the show i predicted that biden would blame powell, and it's already starting. this is going to be a difficult year for powell. i think they're very nervous inside fed because i don't think they know really what to do when you have a slowing economy and inflation, right? they're worried with about stagflation. and the problem with the policies under the biden administration, you know, until

the court just overturned it, he was saying private employers over a hundred had to vaccinate employees, you had employees quitting. so you don't have enough workers, yet you've got employees quitting and not going to work because of covid. look, it's a mess, and powell's got a very is difficult -- but he's trying to get reconfirmed. i think you're going to see republicans voting against him. you've got a politicization of the fed when he's talking about climate change and racial justice. those aren't the purview of the fed. so you're politicizing the fed if, he wants to get reconfirmed, so he's trying to do everything he can to not raise rates or to his them as slowly as possible, and i think we're going to run into problems because of that. jackie: and it's so interesting because when president trump was in office, everybody said that he was putting pressure on the fed, and the fed was supposed to be independent, and why was he doing that. you see the same thing kind of happening subtly. it's a different way of going about it, but it'll be interesting to see how it plays out. hal, thank you so much. good to see you. >> thank you. jackie: coming up, restaurants

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jackie: the senate commerce committee headed for a showdown as they plan to vote on nominee gigi sohn next wednesday. charlie gasparino is here on what fireworks we can expect. charlie. >> you know, jackie, this nomination has more ups and downs and gyrations than the recent nasdaq stock -- [laughter] i mean, it was on last year, it was off, it's on, it's off, it's on, it's off, and now it's on. and at least next week, apparently she's going to be vote to either in or out from the committee, the commerce if committee, which is the first step before you go before the full senate and your nomination is confirmed. we should point out somethingabout gigi sohn.

brilliant, passionate, a progressive. and, you know, she's done -- she's been around so long in the telecommunications business both on, in regulatory matters, she worked in the wicker fcc as a counsel to tom wicker back then, to -- excuse me, tom wheeler back then. get my wickers and wheelers missed -- mixed up. you'll know why in a second. she pushed for net neutrality, active on twitter with. so you can understand why her confirmation is very, is very controversial. she's now under question, people are questioning her role many a nonprofit called low cast. a couple years ago it was created as a nonprofit essentially to take signals from big broadcasters like fox and others and give them to people for free or for a $5 donation. broadcasters, obviously, didn't like that, hay shut down low cast -- they shut down low cast. they were ordered to pay as much

as $32 million, and according to confidential documents reviewed by fox business, that number actually came down to $1 million. now, what's interesting about that is she was on the board of directors. that deal was cut about a day after, essentially, a day after she was named the fcc chief. so it was cut -- a lot of people, particularly tom -- roger wicker of, ranking member mt. if commerce committee, senator, is saying that presents some sort of a conflict of interest. i can tell you the people that surround sohn and what they're telling the commerce committee is she played a very minor role in this. she only signed it because she was a board member, the real deal was cut by lawyers, she had nothing to do with it. in any event, this locast thing is going to become an issue particularly if wicker gets his way and there's another hearing. then the fireworks are going to go nuts. we don't know if that's the case. i guess a lot of this comes down

to, as all things do these days, joe manchin and kyrsten sinema, and particularly sinema because she's a moderate. she's on the committee, she's on the commerce committee. she hasn't said which way she's voting. if she's not voting for her, well, or there's probably going to be another hearing, and then this thing goes going -- thing's going to get very interesting. keep an eye on this. the fcc, if you don't know, is probably the most powerful -- i mean, there are a lot of regulators that are powerful, the securities and exchange commission, obviously, the justice department, but the fcc rules media and telecom. think about that. two of the biggest, most important businesses out there. it affects everybody's lives. if she moves to the left, there's going to be a change. she's made some pretty controversial statements about our employer if, fox. you can look it up. a lot of republicans think that should disqualify her immediately. negative statements, we're saying. jackie: yeah. >> so this is pretty interesting, and it could get

more interesting next week as the commerce committee votes to move her out of committee or not. jackie: we will watch those fireworks, charlie, and sounds like it's going to be a showdown that's going to come down to the wire. another nail-biter here but with very important implications, as you say. >> absolutely. jackie: charlie gasparino, thank you so much for that. we're going to switch gears talking about restaurants now pushing lawmakers for more covid relief. let's bring in national restaurant association's sean kennedy. sean, good afternoon to you. we do know as we're heading into year three that restaurants continue to struggle mostly because of the labor shortage, inflation, rising costs of food and goods that they use to package products and if also because of the mandates that we're seeing. so restaurants are in a rough position here although many have said to me we'd rather not have more relief, we just want things to go back to the way they used to be so we can do business. >> jackie, thanks for having me. right now the restaurant industry is really struggling to

keep -- we're struggling to keep our doors open. in a lot of respects, washington is in danger of making the situation worse. we have just finished a national survey. 76% of restaurant operators reporting that their conditions are worse now than they were just three months ago a. programs like the restaurant revitalization fund have saved, by our estimates, 900,000 jobs. congress continues to sit on the sidelines, not taking care of funding that program which could save by our estimates an additional 1.6 million jobs. jackie: yeah. we are definitely in sort of a tough position here and in some ways a turning point with this administration could decide which way that it has to go. as a result of what we've seen over the course of the last year, some of these restaurants really do need that bridge loan to stem the gap, right? >> well, restaurants are a low profit industry on a good day, and we are still loaded with debt from government-mandated

shutdowns. it has been really tough for us to come back online. we don't have the customer traffic that we need. the restaurant industry is the nation's second largest private sector employer. there's bipartisan legislation that would replenish the rf to leadership of ben cardin of maryland, roger wicker of mississippi. we need to get that legislation pushed through congress. 90,000 restaurants have closed their doors temporarily or long term. if communities do not want to see that number tick up, they need to be weighing in with their members of congress and doing what we can to bring relief. jackie: especially here in new york city, the restaurants are the life blood of this city. in the last 20 seconds, the labor situation is, how is it playing out? is it getting any better when it comes to hiring staff? >> it is still probably one of the top two items. you did a great job in teeing it up. we have runaway food costs that we are trying to absorb so we can minimize price increases for

customers. we are still over 650,000 jobs below where we were during the pandemic. jackie: yeah. >> there are things that the restaurant industry will take on that are our problems, but we need congress to step up, give us some runway to make sure we can keep our doors open. jackie: sean kennedy, we will check in with you again. thank you, sir: the fear gauge is up today, now seeing its longest stretch of gains in more than five years. check it out right there, up 2%, 3267 on the vix. more "coast to coast" when we return. ♪ uptown funk don't give it to ya. ♪ saturday night and we in the spot -- ♪ don't believe me, just watch ♪♪ 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, snowboard and luggage shipped from your doorstep

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jackie: that will do it for us. thanks so much for watching. we'll send it to charles payne to take you through the next hour. charles. charles: jackie, thank you very. good afternoon, i'm charles payne this, is "making money." breaking out the market tried to move higher. once again is struggled to maintain the rally. bouncing in a dedicated range. it sees buyers emerge on the dips also sellers bailing out on on the riffs. i don't think it is too go that way. after the fomc meeting we seem to get consensus. we're not getting that. jay powell walking a tightrope not making anyone happening. a year ago the