highway. 19,000 miles long, starts at the top of alaska, to argentina. thanks for a great deal. check the markets. president biden speaks on the russia situation at 4:00 this afternoon. my time is up, thanks for watching. dave: thank you, welcome to neil:. breaking news from around the globe. president biden giving an update as fears of war between russia and ukraine are mounting. a major crackdown in canada as police arrest a free freedom convoy organized. tow trucks are mind. we have a report from the center of action up north.

hillary clinton tearing into republicans saying her foes are, quote, coming after me again amid the backdrop of the durham probe. all the fiery highlights of that in a moment but first to our top story. no concern that russia is creating a pretext of the invasion. shelling is intensifying in eastern ukraine. >> reporter: good afternoon. more breaking news. leaders of the separatist territory in eastern ukraine are evacuating civilians to russia claiming ukraine plans to launch an attack. no evidence supports these claims and an evacuation will take action. analysts worry this could lay the groundwork for the false flag attack, could be a

justification for president putin to launch into ukraine. we saw unique renewed fighting in eastern ukraine, exchange of fire. to tell you how this escalated over the past several months, 3 to 5 daily cease-fire violations. yesterday there were 60. one officer says his officers are responding to the schillings by russian activists, russia and ukraine continue missouri drills today. tanks and helicopters conducting exercises. ukrainian president zelinski, reportedly to cruise missile drill saturday. president putin met with the leader of belarus where he has 30,000 troops deployed for training. new estimates, the total russian backed forces range

between 169, two 190,000 soldiers. important thing to remember as the diplomatic clock ticks is the region is bracing for the possibility of a limited attack. not just t of -- kyiv he could take but the part of the country this is taking place in this region. dave: is it business as usual in kyiv? people enjoying it? >> reporter: still business as usual. i talked today with the police commission and he explained they are preparing for the possibility of hybrid warfare, the ability of russia to launch building kyiv that could target civilians and other people still here. many people are still here, they don't despite publicly but they are preparing for the

possibility. biden will look at the ukraine situation at 4:00 pm eastern time. jackie heinrich is live with the latest. >> reporter: we will hear from the president at 4:00. these are previously unscheduled remarks. there are some news in ukraine. we've not confirmed these reports. it's important the us has been one of russia would use a pretext for invasion with a false flag but the news agency reports a large explosion in eastern ukraine which parliament asked pruden to recognize. us officials believe that is sitting pretext for an invasion

after russia handed thousands of passports to people in that area and stoked baseless claims russian citizens are facing genocide. the biden administration is the classifying intelligence in this chess game telegraphing what they are watching for to undercut a russian false flag but the standoff continues, president biden giving a dire risk assessment. >> is there a dramatic path available? will yes there is. i spoke to secretary blinken. he make a statement today. >> reporter: tensions have risen. russia has thousands of troops on its border. intelligence indicates russian hackers infiltrated ukraine's energy, military, and computer network preparing for a massive cyber attack and moscow expelled the second ranking

diplomat and rejected security proposals from nato in the was reading a -- reiterating demands that they move from membership and rollback to 1997 levels. we are set to hear from the president at 4:00. at 2:30 he is speaking with transatlantic leaders. no details who will be on that call. dave: despite this crisis with russia, oil prices are sliding, it is a possibility of a new iran deal that could free up more oil. jeff flock is at a refinery with the latest on how these things affect the actual refiners who turn oil into gasoline. >> reporter: the independent refinery in south jersey. all eyes on the situation in

iran with a potential deal. as you point out the iran situation, the chance of another nuclear deal driving the price down today at the outset although it recovered on ukraine concerns. gasoline prices inch up. $3.53 today. it was a penniless yesterday. on the call less a week ago and $0.20 a month ago. democrats have as a result suggested suspending the gasoline tax. we haven't had a raise in that tax in some time. money would come out of the highway trust fund which is used to build roads and bridges.

it was passed in a bipartisan fashion. the refiners say the key is not suspending the gas tax but releasing blending requirements for ethanol. they say that could mean a $0.30 reduction in the price of a gallon of gas. >> program for complying with this mandate sets up a credit scheme adding anywhere from 15 to sense to $0.30 a gallon where they pay for manufacturing for consumers at the pump. >> reporter: i leave you with natural gas as we turn out a lot of liquefied natural gas being shipped to our friends in europe which is driven up the price as well.

no great news on the energy front. dave: i paid my gas bill yesterday. i know about natural gas prices. russia announcing it will soon be starting a planned nuclear exercise. house foreign affairs committee member claudia tenney joining me now. this is concerning. this was supposed to take place next fall. they moved it up. clearly it is motivated by vladimir putin's desire to intimidate us. what are your feelings about it? >> this is part of a deliberate strategy from vladimir putin. we have a former kgb agent from the soviet union outplaying a career politician who is our president and projecting weakness. what happens when we project weakness? bullies moving and take advantage of this.

you see that on the ukrainian border with false flag operations and vladimir putin creating chaos around the globe. whether it is nuclear malign influence or energy and leveraging energy with the nordstream 2 pipeline. it is great you tie this in with the fact that it is all about energy. our strategy could be, we could strengthen our position against vladimir putin if we had some energy literacy about how to project strength and have strength and common sense, our needs and dependency around the world. dave: president biden talked about blinken going to the un. he doesn't really think that is going to stop vladimir putin from doing what he's doing. >> a putin has no interest in the un.

he is demanding ukraine not be part of nato. nato countries, where are they working with us? germany is trying to find energy solutions. >> dave: >> nato. and now we are looking to other countries, they are looking to us. where we differ medically? the un will not solve this. putin was putting troops on the border. to put destroyers in the black sea. we projected weakness. we relented and a president talked about sending anthony blinken to negotiate our way out of this.

it is a troubling situation and president biden is now sending our border's our, vice president kamala harris to send her to ukraine to solve our ukrainian border crisis. we are projecting a disaster. not building on our allies confidence. dave: a personal question. you are a marine mom. i'm a marine dad. a lot of marine families and other families, there is your wonderful son, about eight feet tall. a lot of us are concerned about the mismanagement, dealing with conflicts around the world whether it is afghanistan or anywhere else. we are concerned on a personal level whether this administration can handle these conflicts. >> he's the commander-in-chief. there is not a lot of

confidence among the troops. congratulations on your son and his service. the military does not have confidence in biden and that is displayed. we've seen his projection of weakness and inability to grasp the consequences of what is happening internationally. it started with his afghanistan policy, one of the worst foreign policy disasters of the modern era, 13 servicemembers were killed needlessly because of his desire to have a political solution. he was determined to end the war in afghanistan or the situation in afghanistan by september 11th and then said let's pick an arbitrary date of august 31st. we didn't have to do that. we had to look at the safety and security of our troops at the military is concerned about the ability of president biden to lead our nation and the world.

the us has to be strong because our allies rely on that. dave: best to your son. shutdown averted for now. of russia and ukraine can't of it war could it have a big impact on the next spending plan that is due in march. at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire.

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dave: congress has until mid-march to vote to keep the federal lights on after passing another stopgap spending. there are fears they will deal with this in the middle of a conflict between russia and ukraine. chad pergram has more. >> reporter: hard for lawmakers to lecture russia about invading ukraine when the federal government is on the verge of the shutdown. the senate said nyet to shutting down the government. the senate voted 625-27 to

approve an emergency spending bill that keeps the lights on until march 11th. the third interim spending bill since fall. congress was supposed to approve government funding until last october one. some republicans tried to change the bill to defund vaccine mandates. the senate rejected those plans. any changes could prompt the government shutdown because the senate would have approved a bill which differed from what the house okay last week. dave: sorry for the demons in the control room. >> reporter: when it rains it pours. dave: freezing of our video capability. as it seems we are emerging from the pandemic a war overseas could rock the economy. here is distinguished visiting

fellow chairman kevin hasset. there was an old expression in the 60s when lbj rolled out his great society program, guns and butter. are we going there again? >> basically russia knows it would bear a heavy cost imposed on them by the ukrainians. the west will stand down and let them do what they want. basically everybody, russia turned off the natural gas to europe, all that would drive up energy prices and give us a big economic shock. that's a big risk for the ukrainians. the western leaders said we

won't let russia attack ukraine. i don't think the big market moves we've seen as ukraine has gotten closer to conflict, i don't think those are signal of a big economic -- we used to talk about this decoupling thing where foreign-policy is decoupled from the economy. dave: we are spending $800 billion on defense of this year which is more than people thought we would get from the biden administration. to inflation specifically. our federal reserve telegraph they are raising rates, stopping the money producing. they are monetizing the debt. they are buying up as we speak, they say they will end but they are still doing it. inflation concerns are worrisome. a couple weeks ago you said we may not only be headed for

double-digit inflation but might be there right now. >> we are just about there. wholesale prices are up 9.7%. that rounds to 10. the fact is inflation is accelerating and if interest rate moves are too little too late, most americans standard of living will drop a lot between now and the election. the fed will give 25 basis point moves when they do things larger than that. what we said, inflation is headed to double digits. there's nothing i see that will knock it down. dave: the american public sees it firsthand. they have seen their lowering in standard of living as a result of what they can't by. people are buying less meat,

putting less meat on the table because of inflation. it is affecting standard of living. how much further will it go down? >> it will continue to decline for years because the fed isn't going to get inflation back to 2%. wages don't keep up with inflation. i was at a fast food restaurant, stunned at what i paid for a hamburger. absolutely this is impacting people's lives and it will continue. there is supply-side on the fiscal side which democrats aren't going to do and harsher interest rate hikes on the fed side. people need to get used to it. dave: fasten your seatbelts with there's a midterm election and it will play a role in the midterm election. thanks for being here. a major crackdown by police underway in canada.

grady trimble has a preview. >> reporter: you can see police moving in as we speak as protesters chant freedom. the situation intensifies next. is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade ♪♪♪ there's no going back.

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dave: we have a major crackdown in canada. trucks are being towed. police are moving in on the main group of protesters. grady trimble is live where all the action is happening. go ahead. >> reporter: police warned the protests would come to a head in the coming days as that's what is happening in front of us. it is unfolding as we speak. i will try to set the scene.

what you see in the distance is a line of several police officers, dozens of them on foot. behind them horse mounted police officers and behind them, tactical vehicle. on this side are the protesters. they are spreading out at different times but there's a good portion of them lining up across from the police. we see them shoving back at police but many are shouting keep this peaceful. we hear chance of freedom. police said they would make arrests to anyone who stayed put here. they started with organizers of this protest, two arrested on mischief and obstruction charges last night. since we have been here in the last 30 minutes we've seen at least a dozen people taken off by police in zip ties.

one man was carried by his hands and legs. we've been talking to people about whether the threat of going to jail scares them and what we've heard from people who decided to stay put is this is a cause worth fighting for, many willing to get arrested over this. let's turn around to get a sense of where we are. the arrests started on the outskirts. police secured the area, they have 100 checkpoints throughout the city, only letting people in for essential reasons to keep people out. this is the main protest. this is wellington street which passes by parliament. you can see one blockade of trucks. past this one is a gap but

there are many more. two blocks down the road is the building where the main gathering of people are with a ton of trucks, dozens of them still there. police are slowly moving in. it's very methodical. you see them moving right now. trying to listen. they have gotten on an intercom. a loudspeaker. and told protesters if they stay they will be arrested. to give a sense how slowly they are moving, where you see the tactical truck is about where the line of police on foot started. they have only moved 30 to 40 feet in the last 45 minutes to an hour. we've seen quite a few people

zip tied with their hands behind their back. police warned that it would come to this if people didn't get out and we see it playing out. dave: i am wondering what they are charged with, those people who are being arrested what are they being charged with? >> reporter: i can't tell you what people who were just arrested are being charged with but we have confirmed from ottawa police and the organizers that the two organizers who were arrested last night were charged with crimes related to obstruction as well as counseling mischief which i presume means helping to plan protests and encouraging others to participate. dave: i don't know if it is possible, if we could keep up grady's shot because there is action taking place, our next

guest is liz peek. when we look at this. you hear what some people are saying about this. one of the organizers call the arrest a disgrace to any liberal democracy. would you agree with that? >> >> reporter: i think it is a disgrace from beginning to end. i don't know why justin trudeau never talked to the protesters. he fled from their presence. acting like they were bomb throwers instead of peaceful protesters. these have been peaceful protests. as much as the left-wing media tries to gin up some sort of violence or anti-semitism it doesn't exist. these are people who just don't like the covid vaccine mandates due to their livelihood. trudeau is under pressure from the united states to shut this down.

because biden and democrats in the united states are terrified this will come here. for many reasons. among others, they are protesting the nonscientific vaccine and covid mandates people in america are tired of. they get a lot of support and democrats can't handle that. lauren: dave: the interesting thing about canada. various provinces, québec for example this week announced it is phasing out its vaccination mandates. they are going to be very -- immediately will phase it out. there is no attempt to compromise. >> they didn't have to drop the vaccine mandates. many think they don't make sense for truckers who spent all day by themselves. why not postpone it and have hearings. some exit strategy.

there was no exit strategy. invoke emergency powers. those people who want them out, it is a pain in the neck and shutting down of businesses. they are saying this seems like overreach. that is lost trudeau. dave: overreach has been the call of the day since the pandemic began. a lot of people say this is long covid. they've become so addicted to the pandemic power grab that they can't let it go. that is why he's not doing any democratic compromising. >> we have the same problem. when the state of the union speech comes up. senators and representatives have to show a vaccine card.

dave: they are -- >> in new york we have this all the time, demanding a vaccine card doesn't mean anything. people are tired of the phoniness. dave: people are tired of declaring martial law when there's room to compromise on this issue. we are going to stay on this story. these pictures out of ottawa, we will come back to grady. stay tuned for breaking develops. we have more breaking news. the fed adopting new rules for investment and trading by senior officials. edward lawrence has that. >> reporter: the federal

reserve is changing rules related to senior fed managers and people in position of authority. what they decided to do was to ban all stock purchases and individual stocks in an individual sector. the fed can no longer hold investments to individual bond agencies, commodities or foreign currency to enter into derivatives or engage in sales or purchasing securities on margin on the selling and purchasing side for approved things. the purchasing and sale will end entirely. it will not happen in a period of heightened market stress. this comes in response to

investments and activities by dallas federal reserve president robert kaplan and eric rosengrant. they made millions of dollars and cause a controversy, both resigned last year. they did nothing wrong under the old rules that led to an appearance of inside knowledge. there is a greater disclosure for fed investment and visibility on financial moves. the senior officials have one year to settle their accounts. these rules go into effect on may 1st. dave: if we could do the same for members of congress. thank you very much. president biden looking to boost the missouri budget is war worries ramp up. a report from capitol hill next.

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>> reporter: welcome back to "cavuto". president biden is asking for the biggest defense budget in us history. reuters is reporting the numbers $770 billion for fiscal year 2023. that is a lot of money. some think it's a drop in the barrel. the pentagon is gushing cash as inflation soars. the american enterprise institute estimating they are losing $4 billion to $6 billion a month because of higher prices. recent op-ed says inflation is making the us military poorer overnight saying, quote, there is no part of the defense budget that is unaffected by sustained inflation was the result is an agency surging troops forward as russia builds forces near ukraine that is losing buying power. the military will continue to

financially triage, from fuel to timber to rental assistance outpace actual bills. record spiking fuel costs hit the military harder than any other industry because they use the most fuel of any organization and experts say military services do not hedge fuel costs. they have to absorb the increased by reducing training or reducing global operations which is the first step in creating a hollow course. all of this a lot more significant with growing tension between russia and ukraine. that $700 billion a year sounds like a lot of money, it will get burned too quickly unless inflation is under control. dave: it is a lot of money but the effects of inflation. reaction from roger zachiam. the biggest thing about inflation is the price of

energy and energy is one of the major expenses of our military forces around the world. despite the increase it might be a decrease. >> i think that is what will happen. $770 billion sounds like a lot of money. it will not keep pace with inflation. this is a problem. it was a problem last year, congress hasn't even appropriated funds at the requested level for this year. it will be a problem in fiscal year ahead. it takes fuel to put those tanks out. that is fighter aircraft or ships go to see. it will cost a lot more given this inflationary environment. dave: shipbuilding has been a top priority for the military because of what is happening with china because china is so active in its exploration of territories, using its military, it's navy.

will that have to be cut back because of extra inflation expenses? >> all procuring will be impacted. quantity has a quality all its own. we need ships to be around the world, in and around china, taiwan, navy will help defend taiwan and deter any chinese events arisen. xi is watching what vladimir putin is doing. if we don't deter in europe, xi will think we won't deter around taiwan. dave: they are also looking at the way woke politics is affecting the military in a lot of ways, not just incidental. i'm close to people in the military. there was this week, yesterday, a lecture by thomas piccady, a

promoter of democratic socialism. the case for global justice and democratic socialism sponsored by the of defense. does it make sense that the permit of defense is engaged in promoting socialism, there's something good about socialism when people in the military think that's what they are fighting against. >> the millennia need seeds to focus on more fighting. to defend our country. they should focus on the constitution and the declaration of independence. at the reagan institute we do an annual defense survey where we look at how the american people view the military. do they have confidence in the military? the entire time we've done this survey, trust and confidence in the military is declining. if they focus on their mission which is what they sign up for we don't have to deal with

these issues. dave: my marine stepson came here to escape socialism with his mother. he didn't join the marines to fight for socialism. i think it is a disgrace for the department of defense to be funding a lecture promoting socialism. it is extraordinary. a lot of marines and service people think that is not what they are fighting for. thanks for being here. coming up. 's calorie clinton gearing up for a run in 2024? what her speech this week could be signaling. ♪♪

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>> should be clear to all of us that the struggle for unity and democracy as far from over. republicans are defending cooper lottery's --coup plotters.

when democracy needs champions. democrats are fighting for the rule of law and judges who follow it. dave: while hillary clinton's 2016 campaign is under scrutiny over the durham report, she tore into the gop and push the progressive agenda, questions about her 2020 floor plans swirl. political correspondent for real clear politics, thank you for being here. hillary was talking about the rule of law. that is what john durham is engaged in. is she trying to make the case that john durham is a political hack and his investigation is about that? >> a few years ago john durham was held up as one of the best inspector general's we ever had and the special counsel. all of a sudden it is all about politics.

but she protests too much. if hillary clinton wanted full transparency in trying to link trump to russia she would sit down with a reputable reporter and discuss it and how she funded the spying of the trump campaign and answer these questions. instead she offers a vanity fair story as proof that the durham indictment doesn't mean what republicans are interpreted to mean. vanity fair coverage is so far left it is a joke, you have all these other reporters coming forward from the complicit media siding with her saying this is a conspiracy. what we don't know is what took so long for us to find out her role in funding it, the russia hoax, that was a problem.

about real court filings the real indictment. dave: we are asking those questions. there are some people but not the mainstream media. she hasn't been targeted as far as we know. because durham is a good prosecutor he's not leaking what he is investigating. but it was her campaign, people in her campaign doing these dirty tricks. does that not bring it back to her? >> we need to find out. certainly we know that all the money that funded the dossier against trump was laundered through these lawyers linked to big democratic names and hillary clinton's campaign. this is the type of thing, we

need more curiosity. not partisan questioning, complicity, the same people that were promoting the dossier are not asking these questions. glenn greenwald said they were covering every time robert mueller sneezed during his investigation. dave: every sneeze was covered but now that there is substantive stuff going on they are turning a blind eye. great to see you. tensions simmering in eastern europe as the ukraine crisis intensifies. will president biden crackdown on the kremlin or will this be crimea? we have the latest coming up. ♪ ♪ wow, we're crunching tons of polygons here!

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david: our top story this hour, the u.s. says russia's troop buildup could be as high as 190,000, as russia holds drills to test its strategic nuclear forces this weekend. the white house vowing strict sanctions if russia invades ukraine, but that effectiveness of that strategy is facing scrutiny following the 24 annexa

tion of crimea. edward lawrence is live at the white house with the latest on the white house response to the russia-ukraine situation. edward? reporter: yeah, first david we will hear from the president at 4:00 today he's going to talk about where we are in terms of diplomacy and in russian build up related to this. now on the sanction front, we've heard russia could be imposed with many different sanctions, we heard the president say that he could end the nord stream 2 pipeline should the ukraine invade, fox news exclusive we obtained a letter from the ukrainian parliament which asked the u.s. to do that right now so it's unclear though if germany will go along with that step to cancel the nord stream 2 pipeline. russia could also be removed from the swiss six, a system that allows processing of different accounts of transactions globally, also there could be a ban on exports from russia, specifically talking about oil, imports into russia on computer chip, again unclear if europe will go along with this stuff that's because russian natural gas accounts for

about one-third of the energy that comes from, comes into europe, from russia, now this is what the russian president is counting on that europe won't follow along. listen to this. >> and as we look and see what the international play of events is right here, we absolutely have to have that to be strong and to help the ukrainians and others in the nato area with this inevitable, i think, russian invasion. reporter: and u.s. is now saying that russia has between 169,000 and 190,000 troops at or near the ukrainian border still the administration believes they have been able to get putin to pause so far. >> i think president putin has been a little bit surprised at that solidarity, at the way that nato has come together, the european union has come together. reporter: now vice president in a multi-lateral meeting in germany pushing though the same rhetoric. listen to this.

>> it will be comparable in terms of the economic sanctions we have discussed and the alliance will be strong in that regard. reporter: now russian president vladimir putin bucked those sanctions back in 2014 when he an nexed crimea it was then vice president joe biden who was with that administration there, they tried to stand up to putin then, wasn't able to, now he's coming back at them again. we'll see what happens, david? david: by the way 190,000 is 20 % of their entire active military personnel, so this is a huge chunk of all that they have , right now, on the ukraine border. reporter: david some came as far as siberia, so 4,700 miles. david: wow unbelievable. edward thank you very much. here with me to sort through all of this is independent women's forum foreign policy fellow and former wall street journal moscow bureau chief claudia rose tte. claudia looking at all of this

what do you think the russian people think about what their leader is doing in ukraine? >> i think they don't think they have a great say in it. putin has been the dictator of russia for most of the 22 years he's been in power and right now , look at what happened to the opposition leader hit with gas recovering now on trial. i doubt they are enthusiastic about this , but i don't think they have a great voice in this. david: you know there was a time when russia or the old soviet union had its afghanistan problem, they had troops there and everything. they began to see so many body bags coming back home that even the dictatorship of the old soviet union had to withdraw their forces. there is a limit to how much the russian people can take of their dictators, isn't there? >> well, there is, but vladimir putin has been mobilizing the forces he's got in a way that is really slapping around the west and so far, he's done

it without really taking casualties. david: that's true. >> he's got this force and in other words i don't know if it will come to a complete occupation of ukraine where you see a resistance and terrible st rife going on we really don't know what his next move will be but the thing he has done, and again, i'm guessing because i haven't had a chance to go around talking with people on the street in russia during this , but i'm guessing that there is a certain sense of national pride somewhere in there, among the russians, is a sense that putin is really reasserting russia as the boss in the region. he's doing nuclear missile drill s tomorrow while we have kamala harris who didn't even impress the president of guatemala, talking of munic security conference and worries of europe traveling to the kremlin to petition putin so

it's probably a mixed bag as far as the russian people but the player whose critical here right now is putin. david: by the way, putin is going to be, he's going to be himself in the black sea, in crimea, during that nuclear exercise of sorts that's taking place over the weekend, so it's interesting, his positioning of himself there, he could actually want a ringside seat to what happens in northern ukraine as things develop we'll see but meanwhile as you mentioned the u.s. is not doing a heck of a lot. they sent anthony blinken to the united nations, i don't think that's going to amount to anything, do you? >> no, it amounted to nothing. it was an interesting exchange. at one point yesterday, the ukrainian ambassador and the russian vice foreign minister who is chairing the meeting russia is presiding the security council this month were quoting a soviet poet back and forth, but apart from that,

no, it was everybody posturing, and the thing is, while we are talking and talking and talking, and some of it's undercutting us when president biden keeps saying over and over that biden and jake sullivan and his whole team we'll accepted no troops to ukraine, specifically no troops to ukraine. don't say that. let putin wonder. that be a little bit of a deterrent. we just shuttered our embassy in kiev. well that's putin for the personnel, but it's a terrible sign, it echoes of afghanistan and keep sending signals like that, that doesn't help us at all. it makes us, in fact, look weak. again, we're bringing words, putin is rolling up you've said something line 190,000 troops at this point, and david, i'm also very worried about the black sea fleet. what's going on in the seas off ukraine right now is alarming and if you look at the geography , putin does not have a

land to crimea. crimea was all about the black sea fleet and getting complete control of that back. ukraine's coastline matters here too. there's a whole slice of it that for strategic reasons gives him better access to the black sea, mediterranean, suez, you name it that's russia's warm water access to the world. david: claudia we gotta run but i have to ask you we talked about the russian people. let's talk about the ukrainian people because they have been through so much over the past 100 years or so particularly with regard to the soviet union when they caused all kinds of problems leading to millions of ukrainian deaths. there's a lot of animosity among ukrainian people, even though their government maybe corrupt, may have problems of its own, they are determined, according to our reporters there, to fight if the invasion is full bore. do you agree that the ukrainian people won't take an occupation? >> oh, i think they will fight.

i mean, my god. they went from stallin to chernoble, it was not fun being part of the soviet union. i think they will fight. part of what we're now looking at is and what that happens with nato, do we have our troops sitting in front row seats in po land, sort of helping refugees as they pour in, and just watching? something else needs to happen here. president biden has the immense resources of the united states at his command and anthony blinken and kamala harris are not the leading edge of what we're capable of. i understand he doesn't want a war, but he could do a lot more to credibly deter putin. david: we don't want a war either let's majority ic that clear, but anthony blinken at the u.n. i don't think is going to cut it. claudia rosette, thank you for being here appreciate it. well markets waiting on russia and the fed in and out of session lows gerri willis is here to break it all down for us , not a good day on the

markets. gerri: gosh no not a good day and as you say inflation higher inflation, higher interest rates have been really hard on the markets lately, but now, this russia ukraine tensions really krypton i'd for traders in the market as major averages extend the fall as you can see the dow down 276 points at this moment, the s&p is off 45, the nasdaq, this is really important here, down 219 that's a big number. war worries likely to lead the dow down for its second week in a row it sold off more than 600 points yesterday. its worst day of the year after secretary of state anthony blinken said a russian invasion into ukraine was imminent. the president himself saying very likely it is imminent as well. its been a week for defensive plays, and today, no different. big tech and industrials leading the days losses. the only s&p sectors in the green today are consumer staples and utilities. now, while consumer

discretionary and information technology are in the red, and the yield on the 10 year treasury, the ultimate safe haven, take a look at this. 1.927%, below 2%, down for the third day in a row on geo political pressures, as you know, the treasury yield or coupon moves in the opposite direction of bond prices lower yields mean higher demand for government debt. it is a safe place to be that's how investors look at it. gold, the ultimate inflation hedge, taking a breather today after heading higher for four days the precious metals down marginally. meanwhile, oil volatile, rising earlier today, after ukraine tensions offset expectations of increased iranian exports, but lower now. now, for the dow, intel leading that index lower, after the chip maker said its margins will drop to 52% from 58%, as the company invests in new technologies to meet rising chip demand, boeing and disney also lower, and as i send it back to

you, i've gotta tell you this is complicated stuff, david. got a lot going on, today friday , right? traders have to figure out how to set their portfolio because monday is not a trading day. they have to be happy with this for three straight days. there's also options expiration today, that can make for a messy close, and we have the president speaking at 4:00 when the market closes, so this is going to be pretty tricky as we get into the later afternoon. david: don't look at your 401 (k) today. gerri: good advice. david: thank you, gerri appreciate it let's bring in capital management founder gary kaltbaum, he is here with us as well, and gary not only has to look at his 401 (k) everyday, but his clients as well, i'm sure you get an earful about that. gary just generally speaking, what do you tell investors right now? >> um, be in as much cash as possible, be patient, we're in a bear market for assets, it

started last february when a lot of bubbles popped, it's now getting the nasdaq, the growth stocks for the last few months are now the bigger names that had held up, the indices so well are now coming in and you just gotta go through the process. i do believe there's more to go, probably got a few more months. david: a lot of people are looking at gold, gary. crypto seem to go about as far as it's going to go in a crisis like this people go back to the old mainstay the fear mainstay which is gold. it was up to 1,900 yesterday, it's very close to it only about $0.80 away from 1,900 right now. would you advise putting a little bit of your cash in gold right now? >> only on pullbacks, that's had a nice little move here but we've no doubt it's being treated this second as a safe haven. if you notice in the last couple of days that the bond market which has been in real bad shape has been bought up, flight to quality and flight to safety,

not just because of russia, but because the complete malpractice economically and financially by the fed, losing all credibility, so you're just seeing a lot of what we call defensive maneuvers by the big money crowd right here and you see it everyday in the indices. david: now one place besides gold that's a safe haven is in housing. it's not only safe haven with regard to foreign problems but with regard to inflation as well , and people are looking to get in there before interest rates go up, while they can still afford a mortgage with a decent interest rate on it, we had existing home sales jumping 6.7% in january, that was above expectations. again, higher inflation, higher interest rates are getting people off the fence to buy a house. >> i'd be careful there too. mortgage rates are starting to go up even though they're historically low. david: forgive me for

interrupting, don't you want to get in now before we see them really jump up because we know that the jump in interest rates we seen so far are miniscule compared to what's coming. >> i think prices already had a gargantuan move over the last few years in housing and what it comes down to as always and i know it's an off-use phrase, it is location, location, location. i think there are areas around the country that are in bubble areas that will eventually come down and remember, housing is an asset. if asset prices come down, it will not be immune, and i can tell you once you start to see inventory start picking up, and it will, i think prices will come down, so again, very important. i'm not sure housing will be immune either. david: gary kaltbaum, good to see you thank you very much. appreciate it. frustration is mounting in border agent ranks we'll have a live report from our border coming next.

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david: well the crisis at the southern border is growing every day and law enforcement

officials say frustration is mounting in the ranks. fox news correspondent casey st egal is joining us from texas. reporter: david good to see you when you talk to the people out here where we are in the field, working on the front lines, they do say that it's getting, frankly, harder and harder to do their jobs effectively with so much crime all the way around, especially, they say, as more and more time goes on without any solutions to fix the problem , coming out of the beltway. fox news cameras capturing once again multiple pursuits this week, here in south texas, between dps and drivers carrying migrants illegally into the country, troopers say day in and day out, it is a vicious cycle they see of smugglers and cartels moving people and drugs right here into the homeland, listen. >> we see the most is of course marijuana, cocaine and now fentanyl. fentanyl has been very prevalent

, we're seeing just the start of this operation lone star, our dps personnel seized over 1,100 pounds of fentanyl which is equivalent to 260 million lethal doses. reporter: meantime, construction of the border wall continues in texas, after president biden halted the federal project, remember, governor greg abbott resurrected it, one mile has already been built of that structure with state funds and private donations, texas also, buys the way, just acquired 1,700 wall panels, panels that were supposed to be used when biden stopped the construction, so the materials were then deemed federal surplus, so texas got them donated. they paid about $2 million to have them shipped by truck from california here to texas and those will be used as some of the new building materials to continue building structures like the one you see behind me. david? david: fascinating, costing states a lot of money, casey thank you very much appreciate

it. well meantime, the department of homeland security is proposing a rule change to allow millions of migrants who were streaming across the border to receive food and housing assistance, cash payments, and of course medical care, before they've actually obtained legal status. so, what effect will this have on a border crisis that many say is already out of control? let's get reaction now from our nation's first director of national intelligence ambassador john negrapani. ambassador great to see you again thanks for being here. we're all, those of us who are, do believe in borders, the value of borders and we see the growth of fentanyl and human traffic king, you understand why it's important, to have a border and to have border security. won't this just provide more incentives for even more people to rush across the border? >> well, yeah, but on the other hand once people make it across, they are entitled to various

legal processes of user which kind of ensures they will be here for quite a while, so i think i can somewhat understand the motivation to give people somewhere with all while they're here let's say pending deportation cases or whatever is going to happen to them but the other point to make is look, you and i know, since we've known each other a long time, that this is an age-old problem, and until some kind of overall solution to our migration legislation and our migration policies is found, that we're going to continue to face these kinds of short-term issues. the other thing is that the situation in central america is a mess and that of course has to be dealt with as well. david: it sure is a mess no doubt about it but creating what i have a problem, i have a lot of problems with this new policy by the way it's not necessarily a new policy. it's going back to an old policy

the trump adminitration changed the rules so that people who have not yet obtained legal status are not entitled to welfare programs, like most u.s. citizens are, but it creates a sense of dependency on the government, even before you've obtained legal status and that's not the kind of immigrant s that we want coming here. we want immigrants coming here to work, know the to get government subsidies, right? >> yeah, i agree with you there and i understand your reasoning, absolutely, but again, going back to central america, for just one minute. this new government in honduras now maybe that presents an opportunity to have some enhanced cooperation with them about eco development and so forth. one of the thins that we've just not done enough of is to have a really broad gauge economic reconstruction policy for the northern so-called

northern triangle, honduras, el salvador and gathering and i think we've got to get back on to that. david: by the way for those who don't know and i remember in fact that's the first time you and i met when you were ambassador to honduras back when i was cover covering latin america, i saw so many cases of countries these well-meaning programs where the money from u.s. taxpayers ended up in swiss bank accounts bye-bye those running the central american countries, how can you prevent that from happening? >> what you want is things that create jobs, you want incentives for investment, we had this caribbean basin initiative back then that allowed products made in those countries in on preferential customs and duty and stuff like that. private investment and so forth, but -- david: focusing on private investment is the key sorry to rush you but i want to focus on russia before you go, because it's so important. what do you think is going to happen there and what do you

think putin has in mind? >> well i think i know what he has in mind, which is he's obviously challenging the whole order that was created after the end of the cold war, and he's trying to change the course of history, and he's a man who believes that historically, he gave a speech last july about the historical unity of russia and the ukraine, and i think that's the kind of historical notion that he's trying to push here. his ambitions are political ambitions seems to me extraordinarily large reverse nato membership for various countries that have joined since the 1990s and so forth. i don't think he can get that but he can intimidate ukraine. it's not a nato member. it didn't get in. it's not a member of the european union, and i think

that he is putting enough pressure on that country that i think he hopes to get some kind of change in policies coming out of kiev, and i think that's what this is all about. david: john negreponte, a man who has a resume that's much too long to talk about here, but the former director of national intelligence, good to see you, john, thank you very much for being here appreciate it. >> thanks david. david: absolutely, well, coming up just when you thought mask wearing was over, apple wants to make it easier to use their products while you have the mask on. we'll explain, coming up. ♪ glamorous, glamorous ♪ ♪♪ care. it has the power to change the way we see things.

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david: well the russia crisis obviously could send gas prices

even higher and that has some democrats calling out to suspend the federal gas tax, but our next guest says not so fast. maya mcginnis, joining me now on that. why not so fast, maya? >> well, let's be clear. inflation is a real problem which is one of the most urgent problems in the economy, but the way that you deal with inflation is first and foremost, through monetary policy, and when it comes to fiscal policy and our budget what we want to make sure we're doing is not expanding our deficit or spending more with borrowed but things like cutting taxes, which listen, all of us want, who doesn't want a tax cut , that's a political play, which isn't going to have the real effect that you want on the overall price increases in the economy, and it would cause the government to lose by our calculations $20 billion a year, this year, at a time when we're already borrowing way too much, so what we do want to do is address inflation, but this is a

political construct to try to create sort of an easy fix that honestly isn't going to be what works. david: well and i agree with you. it's all, what inflation is is it's all about spending money you don't have. you can bring it back to the very personal level, we all know that that's a problem, we didn't do that eventually your debts mount up and that's what's happening in the united states, $30 trillion worth of debt right now, but when you hear the president say that the way to fix inflation is by spending trillions more on his bbb plan and others what do you say? >> unfortunately in politics what we always see is no matter what the problem is, our political leaders are unlikely to put forward their preferred solution and state that's the solution to that problem. that's not the situation here. bbb has a lot of different components to it, it's a massive huge bill, but borrowing a lot of money, which it would do, and spending trillions of new dollars is not going to be overall something that brings inflation down. now there are pieces of it that

might but overall, by our calculations and others, it would actually add to inflation. that form of bbb looks to be we're moving on and now what we really need to do is think about these challenges and the economy and you said them, it's the debt , inflation, and it's maintaining growth and that's going to take a different kind of package than what we saw from bbb a few months ago. david: it's also following the money, from our perspective, yours and mine, as mine is a journalist, yours as a public policy expert that wants to follow money allocated and spent we have a teacher crisis right now, in a lot of states throughout the country. teachers have retired, they're not being hired, we have national guardsmen filling in for teachers but we spent $189 billion in three covid relief plans on k-12 education. i know you haven't specifically followed the money, but whose supposed to be following the money? is it omb, solicitor general, who is it? >> yeah, so you want the white house and the individual agency

to be tracking the money that's being spent. here is the problem. it is really good that when covid came along we were able to respond by borrowing trillions of dollars and we borrowed a massive amount but it wasn't targeted well enough and we didn't have the infrastructure to follow those dollars, and when it came to education particular that's something we could all relate to through our families we probably put more money into those programs than we had the ability to spend in a timely way for the emergency, so now we're starting to hear about fraud, we're going to hear a lot about fraud and abuse of the overall system, and we're going to hear about dollars that weren't spent the right way and at the same time you're getting requests for more borrowing for ongoing covid when we haven't even spent or accounted for all of the dollars that have been proved so far. david: it's obscene. you have a request for $30 billion in new money and we have hundreds of billions of dollars that we still haven't spent. maya macguineas, i'd not have any hair left i'd be pulling it

out if i had your job. turning to market headlines fox business correspondent lydia hu is joining me for details. reporter: hi david we're track ing the tech sector pretty closely so let's start with a check on cathie wood's ark next generation internet etf. david it's not doing so well today, as tech shares, yeah , remain under pressure you could see there, down almost 6% at the moment that's continuing to decline that we've been track ing for months. this particular fund invest in companies that benefit from cloud and mobile technology, rather than hardware and software, you're going to recognize some of the holdings, coinbase, zoom, roku, which we'll talk about more in just a moment, this etf is trying to take advantage of some falling tech shares, just this week, the fund purchased shares of video game platform roblox, which has slumped about 27% this week. now today, like i said etf down 6% over the past year, down about 54% over a year ago.

now, this next story has me asking better late than never, apple is solving a problem that might be going away, as mask mandates are rolling back, apple is now testing a new option to unlock an iphone with facial recognition technology, even while you're wearing a mask, so david, spare you the aggravation of having to pull-down your mask or take off your sunglasses and then you want to type in your passcode the feature is still in beta version but could come to the iphone 12 and new devices in the coming weeks so maybe something to look forward to there. now, let's circle back back to r oku, shares are taking a nose dive today on pace for the worst day possibly ever, down about 25%, now 26% actually you can see this is on top of a 10% drop yesterday: the stream ing company reported a revenue miss for the fourth quarter and its first quarter guidance, it's hitting below

expectations. roku blamed slower growth on supply chain disruptions and sales of tv's that are just lagging behind pre-covid levels. there's also growing competition here, david, not just from competitors but also for our attention because we're not at home as much, we're not stream ing as much, so even though they are seeing an increase in the number of active accounts collectively we're not spending as much time on these streaming services like roku. david: it's a big problem, and there are other companies that are rethinking whether they are going to get into streaming services entirely. thank you very much, lidia, good to see you, well the dow on pace for its second straight losing week as investors continue to be worried about russia and ukraine and inflation and rising interest rates, a lot of worries out there. we'll be right back. ♪ it's my life, don't you forget ♪

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david: we are getting new details in the legal battle between ripple and the sec by none other than charlie gasparino, who joins us now. charlie: you might not know this , but this case is going to determine the future of crypto regulation, okay? if the sec wins against ripple, it's going to have massive power essentially to regulate almost anything it wants in crypto, even though the laws on the books right now are a little sketchy. it's essentially saying that ripple issued a token, a coin, digital coin, xrp to build-out its platform. it should have registered with the sec to do that because it's like a stock, a security and ripple said no, we're not much different than bitcoin but the sec wins, they can actually go back. i don't think they will go back

to bitcoin but they will go back to ether and another big standard cryptocurrencies out there so what do we have today? well we have documents that show a change in the sec's approach to the case. couple years ago, they were trying to set crypto regulations , a guy named bill hi nman head of corporate finance went out and said here is what we think is a security, we don't think bitcoin is, we don't think ethererum is, much of this case is riding on what he said because what essentially the ripple people are saying is we're no different than ethererum. if you think they're okay, we're okay. now, here is the crux of it. hinman's speech and his documents, the e-mails that have gone into making that speech, ripple wants to release to the public, the sec doesn't, and that's where we are right now, the sec is changing its legal argument to keep those documents secret. david: hasn't the irs already determined that the cryptos are securities? charlie: no. david: that's interesting. charlie: by the way it's not

their call it's the sec's call. people might think this is very esoteric, if it's a security what's the difference. if it's a security, bitcoin, whose the guy that created bitcoin? i'm butchering his name, he should have registered with the sec. ether which is the sort of cryptocurrency of the ethererum platform, which is another huge blockchain, they should have registered with the sec and they owe money, basically to the sec. the sec is saying ripple, in building out its platform and using xrp owes them like $2 trillion, $2 billion, i'm sorry thinking of the budget deficit there, but billions of dollars. this is a really big case, and so many people bought xrp on the notion that the sec thought it was giving it a pass, no different than ether. the price has cratered since they brought this case so there's a lot riding on this case and i'll tell you, david, if the sec wins, i mean,

this is throwing crypto regulation, it's going to upend the industry. david: wow. charlie: this is an industry that will have a correction anyway. david: millions and millions of investors are interested in this , charlie, thank you very much. well, nascar has become the hot new investment for celebrities, connell mcshane is live in daytona, with a preview of that, connell? connell: yeah, no crypto talk here, david as far as i could tell but they are excited for the great american race this weekend, practice running behind me, they are heating up at the daytona international speedway talked about some of that new money coming in from some of the biggest celebrities on earth. we'll have that story, when we come back here live, next.

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♪ round and round, end of the night it's going down ♪ david: well nascar has become the hot new investment for celebrities this years daytona 500 is featuring cars owned by pitbull, that's why you're listening to him, michael jordan and floyd marryweather. connell mcshane has more. hi, connell. connell: david ursino got a big

name like michael jordan or pit bull as you mentioned and the thinking is, the sport here they have such a big following they could have a big economic impact. we were talking to justin marks about this , a racecar driver turned entrepreneur owns track side racing the team that teamed up with pig and now he's talking about trackside as a marketing company rather than just a racing team a little different than what you hear in some of the other sports. >> we have our franchises, we call them charters, which is essentially a big piece of economics of our racing they give us a piece of the media rights deals so that's very similar with everything involved for us and what makes nascar bit unique is we're still very reliant on corporate partnership s and that really makes our teams go. connell: so the idea is you help the sponsors by bringing in the celebrity with that broad reach, and you know, they are able to spread the word, mike joy, the broadcaster, he knows all about this , been around the racing for years and years and he said to call another

daytona 500 on fox this weekend, he's seen the ups and downs and he tells us he thinks the business of nascar at this point is on the way up. >> partly due to some of these new celebrity owner, partly due to a new crop of drivers that young people are hitching on to, young fellows like daniel suarez and bubba wallace, not your mainstream nascar stars and the sport is expanding once again. >> you know, mike says you see that in the attendance, take a live look at daytona international speedway right now , it might seem kind of quiet today, except for the practice run that's taking place behind us, that's not quiet at all, but this place will be sold out on sunday, the grandstand and the infield, that's the celebrities floyd mayweather 's team qualified his car last night so he has a stake in it, michael jordan has a couple of drivers we talked about pitbull so who knows david maybe one of the big celebrities ends up in victory lane we'll see. david: you were talking to mike joy, he is a classic i love that

guy. have fun there. you're in a good spot. >> very nice guy. david: yeah, you're in a great spot. thank you very much, connell. well, from the racetrack to a road near you, our next guest sees a future of autonomous trucking at least in short hauls , how might this help the supply chain issues, joining us now is gattick ceo gottam naran. you already have a fleet of autonomous trucks don't you? >> we do we have over 25 vehicles in our fleet and that number is growing quickly, so we're targeting over 100 vehicles by the end of this year david: now, are they still just in the testing stage? i mean, you're not actually using them for deliveries, yet are you? >> we are, actually. since summer of 2019 over the last three years we have been working with retail res like walmart, making commercial deliveries,, and gatik and

walmart together, where we became the first and the only autonomous trucking company operating on a commercial delivery route without any behind the steering wheel. so that milestone has been a big highlight for the company and then now we're looking to roll out fully driverless operation across multiple sites. david: are you making a profit yet? is this now a profitable enterprise? >> so all our commercial deliveries, we never do an unpaid pilot or short-term demos, our partnerships are long term, the company revenue has been in single-digit millions, increasing over 300% year-over-year, so the number is growing, and we will be targeting corporate level profitability in the next few years. david: next few years, what about the government regulations on this? i mean, a lot of people are still particularly, they are weary enough of cars of autonomous cars let alone trucks that have a lot more damage potential. how bad is a deal with all the

regulations? >> yeah, so gatik, what we have taken is maintain a very close relationship with the state regulators and the policy maker, so the use case that we're going after is b2b short haul logistics so unlike the big rigs that are over 80,000 pounds we focus on class three to class six vehicles with a top weight of 26,000 pounds, and our use case is intrastate, so we don't have to wait for the federal level policy to be rolled out before we can commercialize. today in the u.s. , there are over 21 states where we can take the driver out and commercialize our service. david: wow. >> and it has been let's walk closely with the regulators, let's inform them about how this use case that we're going after is safer than let's say a longer trucking application or b2c delivery application and it has worked in our favor so far. david: we only have 20 seconds, gautam, but any accidents so far? >> no, so gatik had 100% safety

record we have been operating in a commercial capacity for the last three years, live across five different markets so no accidents whatsoever. david: extraordinary, it really is the future. we wish you the very best. i love innovation like this , terrific stuff, thank you for being here, the name of the company is gatik. appreciate it. more "coast to coast" right after a short break, stay with us. this mom's one step closer to their new mini-van! yeah, you'll get used to it. this mom's depositing money with tools on-hand. cha ching. and this mom, well, she's setting an appointment here, so her son can get set up there and start his own financial journey. that's because these moms all have chase. smart bankers. convenient tools. one bank with the power of both. chase. make more of what's yours.

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david: so the markets have recovered a bit, but they are

still way down, nasdaq is down well-over 1%, dow jones is down about a half a percentage point, intel taking it on the chin today down just about 5%. interest rates, of course are down all of this i would suggest today has to do with what's happening in russia. a lot of uncertainty about whether or not russia's going to invade ukraine with all of that uncertainty, one man whose certain to cover it as well as anybody in the world is charles payne and he joins us now. charles? charles: thank you so much david i appreciate that have a great weekend my friend. good afternoon i'm charles payne this is "making money" and breaking right now, the market is walking a tight rope and we've got winds coming from all directions david just mentioned russia, there's also the fed, there's inflation, there's valuations and of course, our own emotions, what you need to know to stay say, balanced and safe plus the buy and dip has been a popular saying but in real life, most people really don't have enough cash to make one or two big dip buys in a