>> when did he have time to eat. david: apparently ate quite a bit. ashley, appreciate it. one final look at the markets they're down significantly. they're trading to the downside. all indices are down, particularly tech stocks on nasdaq. that is down about 1.1%. my friend neil cavuto is here to take over now. hi, neil. neil: you know, david a lot of people refer to william howard taft as our most calorically challenged president. david: did i say something incorrect? neil: kind of got a little close here. thank you my thin friend. always skinny guys make a point like that. david: you got it. neil: thank you, david. corner of wall and broad we have indeed a lot of selling going on. a lot of head-scratching going on. just when you think an invasion is happening right now, or at least russian soldiers are in ukraine apparently in a press conference in moscow vladmir

putin i think put the kibosh on that. he said i did not say our troops will go there immediately. so does that mean that troops that he planned to send in the so-called break way regions are not going there or they haven't left that? that the invasion would be put on hold and it hasn't happened. very few in the west are buying that. they say russian troops are there and have made their way to the breakaway regions in donetsk and luhansk. we're getting confusion where he is dangling the possibility how ukraine would be to this go all way. that the best choice would be ukraine to renounce nato membership. should demilitarized end talks

of nuclear ambitions towards russia. you anian president zelenskyy talked about going nuclear down the road. the u.s. never supported than it never materialized. at least something for the way to end this, with the pressure on ukraine to end this. very hard to figure out. also this talk about the minsk agreement, you heard about that. there are two so-called minsk agreements established between russia and new ukraine dating back to 2014 when the russians had taken crimea. well he is saying this peace agreement that dealt with the two breakaway regions, that established peace, make sure everything hunky-dory, bottom line i'm oversimplifying this, it is not russia violated this agreement. in fact it is ukraine, the russian president saying right now, they have done this. russia has not done this. he says also that, it is important to keep in mind that

russia has not brought this day. the ukrainians have. the ukrainian foreign minister said for his part the relationship right now was already at the bottom. i assume he is talking about between ukraine and moscow. now they have sunk below the bottom. that again might be an understatement but again that's where we stand. you know the markets they sort of trade on any sort of nuance or news we get out of the region here. i don't know for example, how president biden will respond to all of this. but i do know he is prepared to talk in less than an hour at the while house right now. peter doocy, peter, fast-moving developments but what can we expect to hear from president biden? reporter: we expect to hear a similar warning to what the president has been giving us which is that everything you just described could have an impact on people here at home. energy prices could go up. that makes everything more expensive and putin could also launch a cyberattack in response to sanctions. and we have been told that

harsher sanctions are coming today on russia. but, there are republicans here in d.c. who are very skeptical that will have the kind of impact enough of a impact to stop what putin wants to do. marsha blackburn is saying that vladmir putin wants nothing more than to return to the days of the old seven yet union. he made it clear he will attack the national security of the u.s. and our partners to make it happen. there are some democratic senators who agree. >> glad to see the biden administration impose sanctions on anyone doing business or involved with these breakaway regions but we do need to go further. reporter: germany came out today. they went further. they say after yesterday they're not going to let putin pump oil directly to europe via the nord stream 2 pipeline, a move they had been warning would come if russia got aggressive. some in d.c. is wondering when the u.s. will hurt putin that

badly? >> germany is learning the lesson unfortunately president biden hasn't so far. stopping nord stream 2 is excellent. that is exactly what germ nye needed to do. reporter: a senior administration official appears to be pouring cold water on talks after biden-putin summit. he can't commit to a meeting that has as predicate russia won't take military action when it looks imminently like it will. the white house gave putin a choice late sunday into yesterday, you can have this meeting with the president or you can get aggressive with ukraine. it appears putin has chosen the latter. neil? neil: peter, just would be curious to pick your brain on this. if the administration, the west, the brits, the germans, making these moves on the belief here that russian troops have moved into ukraine and breakaway regions or wannabe russia sympathize regions, vladmir putin is saying or hinting that is not the case, it is me making

that interpretation but, then what? >> well, neil the language isn't confusing because of what putin is saying. it is confusing because of what the biden officials are saying. we gota call in the 5:00 p.m. hour. which don't get this an invasion because russian troops have again in the breakaway regions or years anyway. this morning they sent the deputy national security advisor on the morning shows to clean that up. they now say this is a russian invasion of ukraine. if president biden sticks to his word in 55 minutes or so, then there need to be swift and severe sanctions f they are not, then the president is not going as far as he promised he would go to in response to a russian invasion of ukraine. remember also after the president made a mistake, well maybe it's a minor incursion we figure out what to do, jen psaki came out to clean that up. she said last month any russian

military going over the ukrainian border is a renewed invasion and that is what happened, neil. neil: got it. thank you very much for that, peter doocy. you can understand the confusion. peter elaborated on here, from vladmir putin quoting here, i did not say our troops would go there immediately. that seems to belie that he has not sent troops in there or he could be referring to the build-up along the ukrainian border many months ago. that troops were not going to go in there immediately. indeed they have not. now the big question is, is he saying they're not in there now because that means that no troops are in there. there is no invasion going an. it's a mess. no one knows. it is all in the interpretation, right? so far the oil markets have decided it is still scary. they're bidding up the price of oil again, nat gas, almost everything energy related again. to that part of the story. phil flynn what do you make of all this? >> oil prices are reacting

headline to headline what is coming out of ukraine. the market realizes, neil this could be the most significant event to impact energy prices probably in a generation if not more. if you look what is happening, when you look at the headlines, cancellation of the nord stream 2 pipeline. that is huge. russia was of course looking to use that dominate energy, dominate europe, looking to double the exports to germany but it also reminds you how dependent europe has become on russia from supply and we need to learn a lesson what is happening in europe right now because it will impact the global economy and us here at home. even vice president harris said, beware what is happening in ukraine will impact us, you will have to suck it up. here in the united states we're not producing as much energy as we can. we continue to fight against u.s. energy. this is where we're at. look at prices. brent prices are through the roof today, the highest we've

seen since 2004. there is a real possibility that brent crude, if there is anymore disruption of supply could see $100 a barrel. at gays tank home, they will pay four or five dollars a gallon, in california six or seven dollars a gallon if this comes down. we can only hope tensions calm down but it didn't look, good, neil. neil: neil: phil, your attention is second to none. we appreciate it. i want you to know vladmir putin what he is thinking or maybe he is playing a cat-and-mouse game here. one of the preconditions, he seemed to be throwing out there for all of this to go away, for ukraine to do some things, including he says end its nato membership ambitions. i'm so glad we have rose with us, former deputy secretary-general of nato, what she makes of all of that. secretary, what putin seems to

be saying never mind that ukraine is not a nato member, of course it has wanted to be but one of the preconditions, and i'm interpreting it that way, secretary, that he is throwing out there end that talk and start demilitarizing. what do you make of that? >> neil, and by the way, putin must be loving these oil and gas prices going up. neil: absolutely. >> that is what the russia economy stands on. this is great as far as he is concerned. one thing i will say he has tightened up his conditions on ukraine now. a couple weeks ago when he met with the hungarian minister, he said maybe a moratorium like not now, not ever. maybe 10 or 20 years, that kind of trying to shape some solution that would work, possibly for ukraine as well as russia. he really upped the ante now. what he is saying ukraine must become not only a neutral state

but a demilitarized state. and its very capable armed forces, i'm sorry ukraine military has become quite capable in recent years due in part to its partnership with nato. what he is saying now they need to demilitarized too and for me that is really upping the ante. neil: i'm so glad i have you, rose, because you can interpret government leader speak far better than i and read between the lines, so when you hear vladmir putin saying i did not say our troops would go there immediately, the knee-jerk reaction you have to that he did not send in troops, or, or, this troop buildup i had going on for many months, we did not send troops there which is right. what if he is right, troops have not gone into the two breakaway regions, how do you interpret that? >> vladmir putin loves to stir the pot and make things as murky as possible. last night we were hearing

russia sent peacekeeping troops n it was on that basis, signed an agreement this morning with both donetsk and luhantsk leaders. they need security support. friendship agreements he will provide security support. he put in in place a fig leaf of what he calls peacekeeping troops but this morning i'm reading what is happening is that the tanks we see going in are unmarked, they are not marked clearly as russian army vehicles. that is what is happening in donetsk and luhansk over the past eight years since the invasion of crimea. they have been destablizing the donbas doing with plausible deniability, weapon systems, uniforms, nothing is attributable to the russian armed forces so we know where the support is coming on. that is a bit what is going on

now. he is trying to muddy waters in this way. neil: rose, thank you very, very much. we're trying to get a good sense exactly what vladmir putin is saying. if he is arguing right now that troops are not inside of russia, not immediately inside of russia. he also seems to be signaling to european countries, germany and the united states, contemplating immediate sanctions that they're not warranted or necessary because he is not in there yet. but they are just the same. we'll spell them all out for you, president biden might as well in 45 minutes he could join the likes of germany and britain, imposing stiff financial restrictions that would take effect before any such action came to be. in the meantime we've been telling you about the runup in prices of oil and natural gas, what is happening in the market so inflation is a alive and well, but we got strong economic numbers that seem to indicate the underlying economy is doing just fine. maybe that is actually spurring this inflation along but

art laffer is saying when i was talking about a repeat of the '70s, this not being that, because we have not got the slow economy part so-called stagflation, he begged to differ. he will try to prove his point after this. art laffer next. ♪. 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,

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neil: whether ukraine tensions or just supply and demand, well you name it, we do know that inflation is real, right now in and out of multidecade highs. that is a lot of people looking for ways to help people, especially in states that are looking for some tax relief, for residents who are priced out. madison alworth looking at that part of the story. hey, madison? reporter: neil, we've been looking at inflation on the rise so many months. it is hitting americans hard. that is why some states are looking for creative ways to lessen the burden on americans. maine and kentucky are the latest states to join the list considering quick and temporary relief for taxpayers. things like offering tax credits for food or suspending the gas tax, eliminating the state sales

tax all together which was prosed in oklahoma. that could save over $250 million for residents there if they eliminate the state sales tax. states are getting create i've to subsidize some sticker shock we've been seeing. these are short-term fixes. experts tell us if we continue to see eye-popping inflation numbers, lawmakers will feel the pressure. >> above 7% inflation for much longer time, there might be, there might be a necessity for lawmakers to consider ways to help people access groceries, access gas, access basic necessities. reporter: well the biden administration is already feeling the pressure to prioritize inflation. according to the latest fox polling 85% of registered voters are extremely or very concerned about inflation and higher prices. americans are paying more for necessities like gas, up 40%. energy up 27%, used cars up 40%,

neil across the board. we're all just paying a lot more. hopefully these are some solutions to help in the short term. neil: all right. madison alworth. neil: thank you very much, madison. appreciate it. things could get worse on the price front. russian lawmakers did in fact authority rise vladmir putin to use military force outside of the country. many are interpreting this as a signal that the broader attack on the uk, ukraine, i apologize, it could be imminent. to art laffer right now looking at inflationary impact of all of that, former reagan economist, economics svengali going back to ronald reagan. good to see you. yesterday, art, i argued inflation is real, '70s feeling is real. the only thought was missing the collapsing economy part jimmy carter had. at this juncture, new economic data on manufacturing, consumer

activity that seems to continue to show strength. the stag part staffing nation isn't there. you disagree -- stagflation? >> welcome back, neil. you said the stag part staffing nation is gone but there are signs the economy is not as strong as it should be. average hours, weekly hours, they're way down. if you look at total weekly hours. even though we had 471,000 increase in employment, the loss in average hours was sufficiently large to make the total hours input into the economy less than zero. so we had a decline in total hours even though total employment went up. the average hours more than offset the total employment. there are some numbers in there that say, gdp numbers are not as strong as we would hope they would be in recovering from the pandemic. these just aren't. they're nowhere near the trend line prior to the pandemic. we're way below that thing and the numbers are looking at it. last thing just to mention the

benchmark revisions which is done by the bureau of census there, the new numbers there, an al all revision, while they did raise total employment numbers recently, very high because of seasonality, they also lowered the historical ones so we did a lot worse six months than a year ago to what we thought we had done. we're doing much better because of just changing the seasonal. there is some indication of the economy not doing as well as we would like it to. i am of the belief it is not doing as nearly as well, not catching back up to where it was prior to the pandemic. we can argue on that level with the numbers but the numbers are not -- neil: you know me, art, i respect the heck out of you. i just look at the picture. you're quite right, a lot of these numbers are not as strong as they appear. maybe we see that for numbers in business activity, service sectors order, equipment, home price. >> exactly. neil: all those numbers are still strong. maybe not as strong as they could be but none of those

numbers were strong, if anything just the opposite during the carter years. i'm not saying the longer this drags on, people have to absorb higher prices it will really test the economy's mettle. i have no doubt you're right there. the reason why i don't buy the stagflation thing right now is we're not there yet. and i think that, you know, the test is how we deal with all of this. but for now i don't, i don't see it. you do. >> yeah. i agree with you. i agree with you, we don't see it right now. we do see some smells of it, some hints of it, but remember this is only first year of the modern jimmy carter, not the full four years of jimmy carter we had back then. neil: but you say it is going to happen, you say it is going to happen? >> i am very concerned. i brief it will happen, yes. inflation numbers will be devastating. they will raise the capital gains rate dramatically, taxed on illusory gains, not real

gains. cycle of prices first time, first month real wages rose, meant that nominal wages rose more than 7 1/2% of the cpi. wow, those things are all starting to go and i don't see inflation under control yet, neil. i just plain don't. if you look at monthly numbers, it will be high for a level. it will level off. it will spurt again in september, october, just before the election, you will see another bop up because of 12-month-old numbers will roll off. look at the producer price index. it is above the cpi. it is a stage earlier which it is pushing. looking oil prices which you comment on there, rents, all of these things, none of them tell me that we are having a cessation of inflation or it will return back to a low number. just, i don't see any of that in these numbers. neil: well on that we agree, my friend, inflation is running away as they say, no doubt, those numbers are in fact confirmed day in, day out. art, i didn't know you were old enough to remember the

inflationary bout but you were, are. >> yes i was. you and i had interviews long ago when you were at a station if i remember. you and i were -- neil: you waved me off. no, you would wave me off. who is this guy. get him out of here. >> never, never, never. great to see you, neil. welcome back. don't scare us anymore. welcome back. neil: i just wanted to get attending. that's it. art laffer, thank you very much, the former reagan svengali. this guy implemented that whether you like it or not. historical figure. talking about historical developments going on in the ukraine, who is accurate. trey yingst has the latest from there. reporter: neil, more after the break on the troops that president putin of russia ordered into eastern ukraine overnight. at liberty butchumal- cut.

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neil: all right. the question is, what are the russians going to do next? let's get the read right now from the front lines in key yes, ukraine. trey yingst there, as he has been throughout this crisis. what is the latest, trey? reporter: neil, good afternoon. overnight president putin moved russian troops into separatist-controlled areas of eastern ukraine. military equipment was moving on the ground in both donetsk and luhansk, shortly after the russian leader signed two decrease recognizing independence of self-proclaimed break away republics. this is spun as peacekeeping mission by the russians. make no mistake this is a coordinated invasion into ukrainian territory. violence erupts along the line of contact but could expand to direct fighting between russia and ukraine. two ukraine soldiers were killed overnight as a military funeral was held for a ukrainian

captain. >> translator: the coffin is carried outside the ministry of defense. i cast killed by a shell fired by russian-backed separatists hit histea uai uai s i aerer poalpoanalporalpoembeemem hisensenenkr uniai. to htowase yss r.otot we atewe from frone f f f f d it s aroe h. repoeras a sas mheonds frway oor of t of ukinian so w w w w llededsk. ssyililss s s sood-bygh awshe cs srfofoyyyfl how has the the taryosture i t r rttt ds? d d readyeaeaea.er therhe questst . porteresidenes pin p tod t t rece permi p pn f russi ran lawmlas t use milityorce abroad. this as sanctions are starting to hit both banks and officials in moscow in response to this military action overnight. neil? neil: trey yingst, thank you very much. be safe my friend. right now to mark bruner, former

u.s. navy commander of the uss constellation. commander, honored to have you. what do you make, sir, of our posture we pursued diplomacy until the tanks roll? depending who you believe the tanks have already rolled, the russian soldiers in the breakaway provinces even though vladmir putin seemed to hold out the possibility that is not true, that troops are not there. what do you make of this? >> neil, thanks for having me on today, i'm glad your back in action. what i would say is this is a latetant violation of international law. it is an invasion. it is also a tragic development for the ukrainian people who voted for democracy and freedom and left the former soviet system. unfortunately i fear putin is not finished with his desire to vanquish ukraine and its people and its culture from the civilized world, i think you hit on a key point there which is

disinformation. he is conducting a master class in a disinformation campaign using a hybrid warfare version of old school armor and tanks complimented by cybersecurity threats, artificial intelligence and russian propaganda to essentially create confusion in ukraine, the u.s., and among our allies. i think candidly we're playing catchup here. i think we're having a hard time keeping up with the narrative and the pace that putin is setting for this conflict. neil: you know, commander, maybe help me with this, this idea that we are entertaining immediate sanctions of our own, likes of germans, shutting down the nord stream 2 pipeline, certainly brits who are imposing financial restrictions on

russian companies, wealthy oligarchs, that sort of thing but we have not followed suit. in part that might happen in a half hour or so but if you're vladmir putin, you're looking, ignored the threat of sanctions, and you no you hear they will be immediately imposed what's to stop you from going full invasion now? that the incentive to hold off is gone? >> well you make a good point, neil. i think that we're in for a long waiting game where we hope to wait out putin with the -- and hope that the sanctions will erode his and russian peoples resolve and he plans to wait us out and i think that he also looks at our, some of our european allies who may be more quick to release some of the sanctions if we get a year or two into this and he believes he has leverage there. it's a bit of a game of chicken.

i would say that the financial sanctions are going to hit many countries including europe and we're going to feel it here at home. it also provides, this provides putin a way to distract his domestic audience from life in russia which right now is not very good. the gdp per capita of russia is $10,000 a year. it's $70,000 a year. life in russia is not good. putin is trying to rewrite his legacy, and by pushing into ukraine is his first step what i think is a much broader campaign to resurrect once was the old soviet union. neil: on this commander, i hope you're wrong but you're pretty good on this stuff, you have the credentials, bonifides to back this up. it is scary, mark bruner, former commander of the uss constellation. always appreciate it. >> terrific. thanks for having me on, neil. neil: thank you. to the commander's point he

talked about you who the spillover effect is very real. i should point out european banks are getting hard with exposure to russia, those in austria, italy, france. the dutch lender ing finished down 5%age points. austria's rbi, similarly down. hsbc issued a warning even though it said would not be affected by this, this would be in fact a market contagion. it is going way, way beyond what is happening to european banks. that is one of the chilling effects of all of this. sanctions, penalties you throw on a country reverberate back to other countries that are imposing them that is the fine line we walk. not so fine today, is it? we have more. dick grasso's read on the markets after this. ♪.

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♪ neil: this might be a little concerning. russia said it will evacuate its diplomatic staff from ukraine effective immediately here. a lot of folks can read, what are they planning? one thing for western nations for their personnel to get out fear of such a thing, but when it is russia, you start worrying. the markets continue selling. to dick grasso, former nyse chairman and always great to have you. what do you think of the markets absorbing this? >> neil, always great to be with you. welcome back. you're fit and back at your old fighting weight. i think what the market is saying, let's wait and see. remember half of this, almost half of this 384 points is one stock. don't ask me why because they reported both a beat on top and

bottom line, great forecast, bumped their dividend, still the stock is -- neil: talking about home depot there? >> market is basically telling investors is, we're in a very fragile, very fragile moment. i'm hoping the president, in less than 30 minutes comes out with some very strong sanctions. if he doesn't, both russia, china, and indirectly, iran will say, america speaks loudly and carry as small stick. we've got to send a very powerful message to president putin that we won't stand for his aggressiveness, his desire to take the entire ukraine. you know, neil, this is off-broadway. if we allow russia to go unfettered in terms of its quest for the ukraine what does that say to china about its desire to reunify with taiwan? what does it say to iran about

its pursuit of a nuclear device? you know, strength is what our adversaries understand and i hope this president is about to come out with a very strong set of sanctions that defers any further action by the russians, the chinese and the iranians. neil: all right. i believe a little earlier you were talking about how the markets is guy guessing this, punishing good companies, strong companies, home depot was your reference point there. boffo sales, better-than-expected earnings numbers and good forward guidance yet getting pummeled here. seems like now the dow falls off over 400 points. they're worried that an invasion is inevitable, that all the chips start falling. if it comes to an outright invasion, how do you think the markets react? >> well, markets never react well to war on the threat of war. but i do think that, in the back

of president putin's mind is the commentary of some his advisors ukraine might well be to russia what vietnam was to the united states. a long, drawn-out, guerrilla war, which will test his ability to continue to lead russia. you know, i think, neil, he is a very smart guy. he is a kgb product and he has got to be balancing what he does in the near term versus his own individual, long-term goal which is to remain in power. if he takes on a long, drawn-out guerrilla war i think that speaks very badly for his future. i would hope the people around him are not just wagging their heads and saying, let's do it, mr. president, but reminding him that you know no, no leader in the history of mankind has

survived this type of internal controversy which he may spark by a ukraine, prolonged invasion. neil: we'll watch it very closely. dick, always learn a lot. thank you very much, dick grasso, the former nyse chairman and ceo. quite familiar with markets, words, usually sell on the prospect of something bad happening. then recover. we just don't know. we'll keep it a very, very close eye on it. meantime, the stocks certainly are not doing well. there is no flight to quality there. we're seeing very little of it in gold. you know what is surviving just fine, thank you? you don't chart it day by day, minute by minute, home prices. real estate is stronger than ever, continues to be through this. how long does that last, after there? ♪.

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rent is too damn high. it is that way now. home prices jumping, rent prices jumping. in the middle of it lydia hu is keeping it on track. reporter: it is forcing people to dig deeper into their pockets, find housing or remain in housing, federal moratorium on evictions has stopped. median price on rent is up 19% year-over-year. it is reaching 1789 when we look across the country. some cities, particularly sunbelt region spikes are higher. median rent in phoenix, arizona, up 27%. orlando, tampa, ending up higher in steep increases. miami has a increase of more than 50% year-over-year. according to realtor.com, this increase in rent means that people are spending more on housing out of their take-home

income. in miami, 59% of a household income is now being spent on housing if they're renting. more than 40% in new york city. economists say say increase in the cost of living will continue to drive inflation. >> inflation running at 40-year high, may continue to being accelerate. as does the rental component is a big weight to over all consumers prices. when the rents rise, it will continue to push up the overall consumer price inflation. reporter: now the causes here is that we have very low inventory for housing. when we look to the rental category. that is at a 38-year low. we know a lot of people are moving out. a lot of young adults moving out of mom mom and dad's basement, creating a lot of demand. prices for rent will continue to escalate through the rest of the year. neil? neil: lovely. thank you, lydia hu, thank you very much.

i love watching this on tv, not only lydia, but my next guest, million dollar listing star, she has uncanny way of looking at markets and people and real estated. kristin good to have you. >> happy to be here. neil: a lot of people say the real estate market is frothy, overheated, a lot of markets are gotten too heated. with the prices getting out of whack, ukraine, you heard it all. what do you think now? >> well there is no sign of things slowing down. we have seen inventory shrink for various factors. wasn't just the fact that people are moving out of cities and started disrupting the traditional patterns of where millenials were going to move, the fact they jumped into the market. we're also seeing institutional investors continue to purchase single family homes. we're seeing individual

investors purchase single family homes, because the fact you can airbnb them, maybe incredible income on properties that traditionally had regular tenants in place five or 10 years ago. we're also seeing additional disruption from the fact that the elderly, traditionally downsizing right now have no place to go. if they sell the homes, the smaller homes they would traditionally buy are being scooped up by millenials and first-time buyers. there is no sign of things slowing down as far as the inventory shortage and prices. neil: all right, now you see things largely through the prism of new york. that seems to be its own little world. i could say the same about palm beach and other areas. is there going to be a separation here? >> well, a separation of people moving and leaving new york city you mean or -- neil: hot markets going their own way but you know, maybe that won't apply to the rest of the

nation? >> well, it seems to still be applying because of the fact that buyers are moving into these exurbs as well and so are builders. seeing builders traditionally worked in markets more urban going to different markets they have never been in before. the fact they can only see more upside and more value where they can make money. as you know, as soon as the traditional buyer gets priced out, so us about the builder. neil: now, you know, new york area, some of these other areas where cash is king, a lot of people are putting money down, all the money but there are some obviously who finance and some given very low rates we've gotten used to have good reason to play that card because it's a pretty smart way to go about it. if rates go up even for the well-heeled crowd i wonder what the impact would be? >> what we're going to see, we'll see things slow down slightly. we'll see people become a little more price sensitive and a little bit more thoughtful

thinking about what kind of mortgages they will be getting. how that plays out into the kind of purchase they make. in new york city we have a co-op market that is restrictive of kind of mortgages you can apply for. you cannot only leverage 50% or 30% of the purchase. that will affect our market in that way. i think we'll see it in the builder markets where the builder is getting ready to bring the inventory to market, you can't get traditional financing on it because it is not built yet. it will be interesting to see where the builders are able to flex pricing f they bring the homes to market fast enough, if they compete with what is going on with interest rates? neil: kristin jordan, good to talk with you very much. she follows things closely, million dollar listing, a very popular bravo series here. corner of wall and broad. home prices might do just fine. wall street not so much. the dow at session lows, down 444 points. as dick grasso pointed out, even

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♪ ♪ ♪ neil: all right. in and out of session lows, the dow jones industrials seeming to have beat a fast path to a down 500-point day, down about 465 points right mow on concerns the situation in ukraine is accelerating. secretary austin the pentagon saying vladimir putin could still avoid a full blown tragic war of choice. we'll see what the president plans to say in a matter of minutes from now. hillary vaughn at the white house with r more. >> reporter: president biden promised swift and severe sanctions against russia, and we are learning today that the white house does consider russia

moving into these breakaway regions in ukraine as an invasion. so the world is waiting to see if biden will follow through on that promise and will judge if the sanctions announced today are tough enough. russia, though, is brushing off the threat. russia's foreign minister, sergei louisiana love, telling reporters -- sergei love are love telling reporters they're used to sanctions. odd's announcement is not biden's final act. >> i think you will see significant steps that will impose consequences on russia for the actions it took yesterday. if russia takes further if actions, we will have further significant and severe consequences that that we can impose via sanctions on russia. >> reporter: republicans are warning even if there are crippling consequences for putin and his cronies, the world could suffer some economic repercussions too. ukraine, the world's breadbasket, and russia, considered the world's gas station entangled in conflict,

prices could be on the rice for many. >> gas is going to go up significantly. because the intrusion, invasion in ukraine by russia is going to be disruptive to the oil and gas supply of the world. ukraine is the fourth largers exporter of wheat and the fifth largest exporter of corn for the world. so that market is going to be disrupted, so you'll see an increase in food prices. >> reporter: some republicans want to see a few things from bind today; remove russia from the banking system that allows them to engage in normal banking practice, ramp up u.s. energy exports to stop russia from filling the void and also get germany to turn their suspension right now of the certification of nord stream 2 into a completely permanent cancellation. neil? neil: all right. hillary vaughn, thank you very much for that. let's go to claire chase right now, director of government

relations, looking at the runup in oil and natural gas price. i believe natural gas increases are running double what they have for oil. claire, good to have you. play out the whole energy scenario for me right now and how you think it goes from here. >> well, neil, i think, you know, as we look what's happening in russia and you cane and what has happened in the united states ever since president biden took office, i think it becomes very clear that we need american natural gas, that the europeans obviously need it more than we do, and we have recently become an exporter of -- a net exporter of both oil and natural gas, and we need to continue that. i think europe has traditionally turned its nose up at texas natural gas because they didn't like the way it was produced, but it turns out they need it all of a sudden when winters are cold and russia's not going to be the supplier they need. america needs to play a bigger role in production for global

security. neil: so, you know, when they deal with shutting down the pipeline -- that is, the germann exporting gas to all of europe and the european union and that is done now for the time being, you would think it's in vladimir putin's interest to right that ship or do something, but he doesn't seem to care. and i have often wondered, and you're the expert, claire, but does he have other markets he knows, black markets or those that will still get oil from him to more than make up for thatsome. >> well, neil, if we lock at the previous administration and how strong they were on insuring that we were being a strong player in global politics as well as in energy production, i think we've always known, right, that oil is the most powerful commodity in the world, and america needs to be the country that produces that. and if you look at sort to have stability of eastern europe with, i spent the last couple years traveling in the balkans,

they need better air quality, but what they really need is reliable energy. and they're facing this crisis right now. we talk about germany and other place, but if you look at some of those smaller countries who don't have the same leverage points that germany has,s for example, i think it becomes ever more cheer that joe biden needs to get off the back of american energy producers, let us produce, let us ship link liquefied natural gas to our allies in europe and produce the oil that not only we need in america, but worldwide. neil: yeah. well, that's not happening yet. we'll see what happens. claire, great have having you. i appreciate that. oil markets, nat gas, all the other respective energy sources alling up on fears of what's going down in ukraine. let's go to charlie gasparino, what he's hearing and what maybe the white house could be contemplating. >> there's a lot of speculation, no clear signal is the. usually the bank get a good signal there any administration

about what type of sanctions are coming because the banks play an integral part in the sort of money-making part of this, of cracking down on a rogue country like russia. but there's been very little coming out of the biden administration except for taking the demanding of swift off the table, that's the cross-border payment system, interbank system. they're not going to shut that down, that's off the table. so what does that leave you? lots of speculation, neil, that the treasury department i somehow use its anti-terrorism unit to crack down not on putin because putin is maybe the richest man in the world, but apparently all his money's hidden inside russia. the oligarch, the people that made him rich, there's kind of a back door way at him if you go after his buddies that are essential arely controlling the russian economy. they like going to geneva. they like buying to rolexs in new york. they like leaving the country. following that paper trail as

through the anti-terrorism unit of the treasury department, maybe cracking down on them, making their lives miserable and difficult might be a way at this. at least that's what i'm hearing from some of my banking sources. again, very vague stuff. once you take swift off the table, neil, i mean, i don't know why he did that. you know, i get it that you don't want to roil the market, but, you know, if you want to, you know, make a statement, you basically have to say you're not going to transact any business -- you, being mother russia, and you, vladimir putin and all your buddies. the best way to crack down on oligarchs that way. you can't do trades, can't get money out, can't get money in, and they're not doing that. so somehow they're look at a back door way to make life difficult for oligarchs who when they want to buy a rolex, the alarm bells go off if they have an account at jpmorgan chase x

it slows that down. they have to prove it's them. it's a whole sort of process that gets put into place through the treasury department's anti-terrorism unit. so that's what we're talking about, neil. if i get some more detail on exactly what they're going to do, i'll be on it. but again,st it's kind of weird, you know, there's not a lot of stuff that people are talking about. and, again, once you take swift off the table, i'm not quite sure what's left other than these sort of, like, side issues where if i'men oligarch and i want to buy a rolex, i have to take money out of jpmorgan, there's an alert that goes on that i'm violating the anti-- the anti-terrorism part gets sprung, and, you know, make it difficult. but still it's not that powerful. we'll see. you know, markets -- neil: you know, charlie -- [inaudible conversations] you know, yeah. aye never seen any country in the history of mankind and maybe i'm missing a few that have been

sanctioned into submission. >> yeah, i know. i know. iran found other ways to survive. there's a black market out there. neil you're not kidding. >> the oligarch thing is interesting because these guys do live outside, they do like having their three girlfriends in different cities across the globe, live a lavish life and, you know, they're not necessarily many russia. they're doing business elsewhere, and this anti-terrorism unit can make life difficult. but, again, it's not the hammer of the swift. neil: we don't know. ask vladimir myrrh putin is one of those oligarchs, as you pointed out. now to susan li, another curious development is the impact on cryptocurrency investment, and they're not having a good ride through this, are they? >> no, they're not. oligarchs have their three girlfriends, how does gaspo mow that? [laughter] neil, great to see you back. we've seen story where

cryptocurrency is seen as a hedge against inflation, against bad government policy and global tensions. obviously, i think that correlation has clearly broken down, you have bitcoin falling to 36,000 last night which is a two week low. now, gold prices have gone up, so you're looking at $1900 an ounce. bitcoin and crypto have gone down. so, obviously, it feels like cryptocurrency is trading at a risk, in line with stocks, and we've seen the tighter correlation with the stock markets now. it's been four times higher in 20 2021 because the currency is aligned with stocks than, say, back in 2017-2018. so clearly, that same money which is from institutions is now chasing cryptocurrency as it is chasing stock markets, neil. neil: all right. susan li, thank you very much for that. a couple other developments we're following about all the major sectors, some in real estate are surviving this so far, you know, weathering the blows.

but outside of that it is sort of like a shooting selling spree going on. finish right now the dow down about 415 points, had been just about touching a down 500-point day. people forget the impact of what's happening in ukraine or could fall in ukraine, it's having a widespread effect even when it comes to the chip shortage. believe it or not. not that ukraine is a mecca for computer chips of any sort, but the reverberations could be very, very real. stay with us.

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neil: all right. still waiting to hear prosecute president, what he is going to do to respond to these latest provocations from vladimir pilot, mark meredith at the white house on how this could have a spillover effect in the most unlikely of areas. mark, what's going on? >> neil if, good to be back with you, welcome back, sir. we've been talking about the supply chain shortages that have been happening for months, and the white house says the president's been paying close

attention to this. later on this afternoon after he's done with the the remarks on ukraine, he's expected to outline how the government's going to reduce pressures on these supply chains specifically when it comes to minerals. the president's expected to outline several different steps he's planning to take because he believes that too much of the u.s. is relying on foreign sources and adversarial nations for what these critical minerals can do. he's going to be announcing the pentagon's going to be awarding a company called np materials a $35 million contract to separate and process heavy rare earth elements coming out of california. the white house says they believe this is only one of many steps they can do to combat china economic economically which the administration says already controls close to 90% of the magnet market, and those magnets go into everything from electric vehicles to wind turbines. we're also waiting to see what is going on in russia and ukraine, whether or not that's going to impacter -- impact so much of our economy.

florida senator marco rubio arguing the challenges go far beyond what we pay at the gas pump. >> ukraine is one of the world's largest producers of neon gas which is critical to the semiconductor industry. 90% of the neon gas used by our manufacturers in the united states depends on knee neon gas from ukraine. it'sgoing to really hurt the industry here in the unite. >> reporter: vice president kamala harris even said americans may have to pay more at the pump, pay. maria: thing, pay higher prices for more things because of what's going on in eastern europe. neil, imagine the political repercussions that can come from manager like that, whether we see huge spikes in gas prices, more supply shortages. the timing really couldn't bees wither for the white house as it tries to broker a diplomatic solution here. neil? neil: yeah, good luck on. that mark meredith. as you can see, take a look at the corner of what's going on at

the corner of wall and broad with the dow down session lows right now, 530 points. scott martin, the market clearly doesn't like the uncertainty around this, and it's selling first, maybe asking questions later. it that has a history of doing that, with but what do you make of this behavior? >> it's exactly what you said. it's sell first and, i hope, asked questions later. i'll tell you, neil if, the market may forget this as investors and money managers, the market gets motional at times kind of like humans do. and i think as an nervous you have to remember that a lot of investments are long-term in nature if, you're hopefully if investing in good companies. so as much as it sounds crazy, i like days like today, believe it or not, because you can find value in companies that are doing very good work like home depot if, very good earnings report recently, and they're getting smashed today, and you can buy these companies at discounts because they will go

up again when the smoke clears. neil: all right. with the dow's fall today, i think we're close to down 8% this year on the dow, over 10% on the s&p which would be, obviously, a correction. we're close to 15-16% on the nasdaq, a bear market when it gets to 20%. this cascading continues punctuated now and then by some days where people are calmer. but it's like a drip-drip effect. what do you make of that? >> it's the hard to take. i would like my drawdowns fast and furious, frankly, you know? but they don't come like that. you know, the elevator kind of goes up and down in the market, and you have to be rae for these times. the one thing that's happened with respect to recovering from covid and all the government stimulus, the fed help is we haven't been used to periods like this very much or they were short-lived. if you look over the history of markets, i've been around for quite a bit of time, maybe more

than yourself even though you look about, you know, 10 years younger than me, frankly x there are times that we remember in our careers, i'm telling you, times do happen like this. what you have to do is remember the long term, remember these are just as natural as upward-sloping markets, and there are times when you get to get into stocks that are pulling back because that's better than buying them high and chaseing high prices. neil: you know, it's interesting because we're so focused on sanctions against russia and particularly vladimir putin and his rich buddies, and that can have a reverb reverberating effect. that doesn't necessarily mean you go slow on the sanction, but when we're hearing from hsbc in europe of a market contagion, that european banks are disproportionately exposed to russia, and i think mentioned the dutch lender ing, rbi, a number of other banks in italy and in france that would be

impacted with a freeze in monies going to and from russia, and that that -- i think the gist of what hsbc is saying -- it will spill over to all financial players. what do you make of that? >> we've heard a lot of that since is 2008. that was the big contagion effect back in '08 with the financial crisis. we've heard that a lot. remember the debt crisis which was six years ago, that was going to be a big deal, and that was going to be this big contagion. evergrand, there was going to be this big contagion in asia from that, that didn't happen or at least hasn't yet. look, banks that have exposure to russia that's overly so as far as their balance sheets, i don't know why they would do that to given with as a good business practice. but there is always a concern of spread, there's always a concern of in the contagion effect because it triggers thing in our minds back in '08. but i think banks and hopefully

their management are a lot smarter these days to be able to stem some of the spread. but it's one thing you do have to consider when you looking at what's going on with ukraine and russia and god knows what else. there's things that are going to go on that are going to make folks say that, but i believe there's enough safety or sanity in the system to at least prevent something like '08 like we saw what happened with our banks here. neil: thank you, my friend. scott martin who, actually, he's young enough to be my son, but that's okay. i like it. scotting thank you very much. we were just showing you the russian market. a lot of people say, well, you know, vladimir putin is ignoring all of these things tar going tm like the pile-on that could come with sanctions and the like and slapping could be who he can deliver oil to. but look at what's happen to the russian stock market. down about 4% today, it's off more than 25% this year, down in

excess of 32%. so russian money men and women, investors in russia are saying this is killing us. and he doesn't care. more after after this.

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♪ if. neil: all right, it's always been about sanctions, not soldiers, our response to whatever vladimir putin ultimately does or might have already done in the ukraine. jennifer griffin with more now from the pentagon. hey, jennifer. >> reporter: hi, neil. as we await the president, we gist learned that the european union has sanctioned all 351 russian duma members who voted in favor of recognizing as independents those ukrainian separatist areas. here at the pentagon just moments ago the ukrainian foreign minister arrived to meet with defense secretary lloyd austin and to demonstrate unity

and calling russia's move an invasion. the u.s. and some nato allies became aware of putin's plans back in november and -- october and began aggressively building a coalition. december 27th russian ultra-nationalist vladimir sirh november sky spills the beans on the time and date of an invasion. spution spution spution. [speaking russian] >> reporter: at 4 a.m. on fen 22nd, that is what he said -- february 22nd, that is what he said inside the russian duma predicting the day that russia would invade ukraine. february 22nd is a day putin will never forget. in 2014, hundreds of thousands of ukrainians rose up in may

dong square in you cane, and the russian-backed ukrainian president victor yanukovych pled to russia. february 23rd is also defender of the fatherland day when moscow commemorates the founding of the red army. so all of these dates very important to putin. the u.s. and nato have been carefully coordinating their reaction from declassifying the intelligence about putin's plans, something they have never done in such detail, an effort to unmask and disrupt putin's plans. today the ukrainian secret service agency released intercepted conversations between russian separatist leaders admitting they had fired on ukrainian civilians hoping to provoke a reaction from the ukrainian military. in military terms as nato puts together sakss, the allies lay in wait to see putin's opening gambit. they saw it yesterday. this video of putin humiliating his foreign intelligence chief yesterday is very is telling

about his plans -- [inaudible] one last chance to negotiate putin tapped his fingers impatiently and chuckled cynically. putin: so if it does not happen, you are offering to start the process of negotiations? the russian spy chief looks nervous. putin says, just talk in a straight manner. he interrupts him, just say it. the spy chief has tates and -- hesitates and say i am supporting the decision about donsing joining the federation. putin: we are not talking about that indicating putin was already talking about sending the mugs april tear into ukraine which is exactly what the duma voted to do today. we are now moving into a very dangerous phase. neil? neil: talk about job security on the line on live tv. so this is all putin, isn't it? >> reporter: it's all putin, and the people around him -- it's not clear who he's

reasoning to. european leaders who have dealt with putin for years say that he's not the same putin. he is paranoid, he is aggressive, and he is moving forward with this plan to invade ukraine. neil: you know, jennifer, watching reports throughout even when i was out, they're just phenomenal. but if you don't mind a different type of question about getting inside the head of a vladimir putinen who's using, if he is among the world's richest human beings, billions on paper, right? the oil market, i know between the near, you know, collapse by a third in the russian stock market, everything else, targeting oligarchs like him, he's doing all this despite that. that shows me a whole different form of obsession here. >> reporter: well, i think you have to go back to that july 12, 2021, speech that the, where he basically outlined his view of history and his place in history. this is somebody who's not after money per se, as you said.

he's stored so much money away, and he has about $638 billion in reserves right now because of the high price of oil up until now. he he believes that he can outlast the west. he thought that nato would crumble, he thought the e.u. would crumble, he thought that -- he may have misread the situation, and there are many around him and there are some indications that his own generals don't think this is a good idea. but he is moving forward, he is poised for a full invasion of ukraine. you heard the defense secretary here at the pentagon as he was meeting the ukrainian foreign minister, very significant that he called it an invasion. the white house not willing to do that last night. things are moving forward. putin is going to be very surprised, i think, at the depth of the sanctions. he hasn't faced these kinds of sanctions in the past, and he thought that the west was bluffing, and you're going to start or seeing the oligarchs around him targeted. the amount of isolation that

putin is about to experience in terms of being cut off from western markets and money, he will also be able to disrupt those markets. he knows that. we are really literally getting an insight into a madman's mind. neil: that is wild stuff. jennifer griffin, keep at it. you don't need any reminding from me. second to none with this whole crisis from the pentagon and our thinking. wild sff. jennifer, thank you very, very much. a good point to pick up withny joey jones, retired staff sergeant, fox news contributor. we're very grateful for that. you know, johnny, i'm thinking of you and looking at this and i'm -- what is motivating virginia myrrh if putin? -- vladimir putinen? he's going to be financially ruined by all of this. i know he's stashed a lot of cash away, so maybe not merely to the degree that we think, but he doesn't care.

he's not listening to his top aides. what do you think? >> yeah. i can only pull from the if lessons i've learned from my own life. when we talked about something like ending the war in afghanistan, we talked about how far as much as the united states might not want to be at war,our enemies are at war, we are at war regardless of if we want to be there or not. and that's the feeling i get from this entire circumstance. i don't think this is something9 that the biden administration foresaw or thought they could maneuver around, but here we are. we're in a place where vladimir putinen at this point i believe he has no choice but to find a win. russians are very pride are portfolio people, and it's a part of how he rules his cup. i don't think he has the opportunity to back down over a threat of sanctions. and i think that's the rock and the hard place that he's put himself in. and for our administration the rock and the hard place is kind of like the first rule in knife fighting. the first rule is you accept you're going to get cut, but you decide where. for our president and our administration is to accept

putin's going to make moves that probably will disrupt markets, kill innocent people but rye to maneuver that to how we decide how -- we decide how that happened and, we can respond with. if that is appeasement, i'm not going to say that's never a good option but i hope we have a a strategy. what is putin's strategy and what is our counter-strategy which is long term. what does all end in? that's where i hope our president is. neil: you know, he's supposedly a good student of history and, you know, misses the glory days of the old soviet union, he wants to rebuild it and cobble it together. >> yeah. neil: but he must remember, too, failed russian missions and soviet missions in afghanistan, he must remember how so-called easy walks for other despots who came in, i'm thinking hitler into poland -- not that he didn't easily wipe them out very

is, quickly, but it was a much, much harder fight than he thought it would be. i could go to france, our own experience in vietnam. is he aware that this might not be so'king city and might not just go down as switly as he hopes? >> you know, neil, all we can do is sit here and really pontificate as to what his end game is because we can see an uphill battle in any direction, and we can also see a way that he can make life terrible for a lot of people to include all around the country, economic and financial, through the oil market or just the fact that now we have the domestic politics of should our president send troops and resources to nato. but i think, you know, we have to understand his end game to kind of understand what he's weighing. i really thought up until point the idea was something time what we've seen this week where he has an opportunity to create sort of a proxy war and create ukraine and has this way of calling them the bad guy so he

can claim enough territory to have the win and maybe get concessions out of nato as far as missile placement or ukraine's future with nato. and i felt like that was kind of the draw we would come to. but now you hear jennifer given's report and you see the visual images of such a strong military presence, and i don't know that it stops there. that's what worries me. at the end of the day, it may hurt our pocketbooks, but it's going to take people's lives, and that's not what we want. neil: yeah. it takes someone like you to put the important part into perspective. johnny joey jones, very good having you, my friend. and thank you for all you've done for the country. >> thank you. and welcome back. neil: thank you. i appreciate that. all right. in the meantime, you know, you're not imagining it, one country after another is getting rid of the restrictions that were set up for covid. in britain we're seeing out it it right now, partially in france, australia opening up its boarders for the first time in two years. all of this maybe, maybe giving

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so you can - retire better. be soeasy and might not just go neil: boris johnson lifting all covid restrictions, and australia is reopening the border for the paris time in two years. there is some caution in some countries and states like hawaii, they are still requiring indoor mask mandates. wonder what dr. robert redfield thinks of this. you remember him, former cdc director, kind enough to join is us. now, doctor, thank you very, very much. what do you make of these restrictions being lifted sweepingly across the globe? >> you know, neil, i think it's really time for us to move forward and start to recognize we're going to be living with covid for the rest of time, and is we really need to equip people to make their own personal decisions and evaluate their own risk analysis is, let

individuals make those choices. so i'm in favor of us moving forward. and recognizing that we're going to be dealing with covid year after year after year after year. and and the more of the individuals can be equipped with the knowledge to make their own individual decisions, i think, is important. obviously, vaccination remains to be critical, but i do think it's time for us to be pulling back on all of these mitigation steps. neil: you said this is going to be with us, you know, maybe forever, and i'm wondering then do we treat it like we do the common flu where you just get an annual shot or something like that? or is it a little more involved? what do you say? >> well, you know, neil, the last week id had an op-ed in the hill along with marc siegel, and one of the things we really argued for, it was time for us to go beyond knowing the prevalence of infection to

really developing ability to know the prevalence of immunity. we really need to understand and develop the critical tool of an immunity test so people can make that decision. obviously, it's it's great to see you back. you were obviously in our prayers. you've hat the chance to experience -- had the chance to experience covid a couple times. and the real issue, to protect you for the future, is your immunity. and we really need to get that tool so we can understand, you know, because if you don't have immunity from the vaccine, we now have a product, the astrazeneca monoclonal antibody that we can give pro lackly that will prevent you from greating infected. i really think it's important to start moving forward. in that regard the immunity test. aa -- i also think it's important to be extremely aggressive in building private sector public partnerships to develop nor antivirals, more treatment options. that's going to to be the future for all of us. we're going to live with this pandemic, it's going to be more

than the common cold for those of us that are vulnerable and at risk for bad outcomes, and that's why we need to understand what our immunity level is and need access to new antivirals. neil: you know, just when you think we're over something though, you hear of, you know, new varian wants -- variants or subvariants. i don't know the terminology, doctor, but this ba-2 that's very infectious in more than 60 countries, is this how it's going to play out? just when we think we're out of the woods, we get news of yet another variant or whatever they call it and it's with us and we just have to deal? >> yeah, neil, this is going to be the reality for the future. i mean, i predicted it on fox, you know, probably six months ago, that we're going to -- this virus is going to evolve from one variant to another, and the new variant are going to be more infectious than the previous variant, and they're likely to be less path generallic.

and yet they're going to have a selection bias for being able to get around immunity when it's natural immunity or vaccine-induced immune deity. and again, that's why being able to measure that immunity and modulate that is important. this virus got a head start. i know some people feel this is controversial, but, you know, coronavirus is like stars and mers, they never learned how to go human to human. to this day. 19 years later for sars. this virus has,s from the day it went out of the gates, was a highly effective virus going human to human. and as a consequence is of that, the evolution of variants is going to be the rule. we'll have another variant, i'm pretty confident, before the end of the year after omicron ii, which you talked about, there'll be another one after that, and it'll be more infectious than b2. many people thought we couldn't get a variant more infectious than delta. well, they don't understand how

these viruses evolve. again, i'm a virologist. this virus is going to be the more infectious, more infectious, more infectious -- neil: wow. >> it's going to learn how to escape our immunity whether it's natural immunity or whether it's advantage even-induced immunity. we're going to need to stay ahead of that, and i think one of the biggest tools is going to be an immunity test. obviously, the sec tool is to have a great arm tear yum for antivirals so that when we do get infected, we can get treated effectively. neil: that's the crucial part, doctor. dr. robert redfield following all of these developments. we are following what's happening at the corner of your screen. the dow's down 566 points. it's the all about ukraine. that is all about ukraine. more after this. ♪♪ care. it has the power to change the way we see things.

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ukraine. lucas. >> reporter: neil, first off, 4500 miles away in ukraine, welcome back. earlier today the vladimir putin spoke, he denies he's trying to put the soviet item onback together. [speaking russian] >> translator: we see and also have anticipated speculations on issue that russia wants to restore the empire within the -- empire's borders. this is totally false. >> reporter: this year marks the 100th anniversary of the founding of the soviet union. eight years ago today putin's puppet government fled ukraine after thousands took to the streets in die among square. my dong square. in his address to the nation last night, putin essentially read from the 5,000-word essay he wrote over the summer. putin thinks ukraine and russia are one people. a majority of the ukrainians we've spoken to disagree, a majority want to be closer to the west.

here in the cultural capital city of ukraine, u.s. kip -- diplomats have fled, some of them returned today and will continue shuttling back and forth to poland. earlier i spoke to residents who say they are more nervous now than in recent weeks, some finding old bomb shelters just in case. in an interview with the city's mayor, he says putin's goal is to put the ussr back together. >> putin have rebuilt soviet union together with ukraine and belarus, kazahkstan, this crazy idea. ukrainian country, independent country. >> reporter: u.s. officials tell me they're seeing increased fuel shipments to the russian are front lines, a worrying concern on the ground here in ukraine. neil? medical school meehl lucas, thank you, my friend. please be safe out this. lucas tomlinson in ukraine. let's talk to harry -- [inaudible] senior director. people forget no matter what

russia does, it's going to be financially impacted from this. and yet we don't appreciate just how much, do we? >> no. i don't think we do. i think vladimir putin's trying to carefully calibrate what he's going to do next. and i'll tell you one thing, neil, russia -- i doubt -- is going to invade ukraine in some full-out, blitzkrieg, world war ii sort of scenario with. vladimir putin cannot make russia great again by invade ising ukraine. he would have to take all 190,000 of those troops, storm across the border. he would galvanize world opinion against him in a way that hasn't really within seen in general -- been seen in generations. i mean, i really think, you know, putin -- [inaudible] stupid mistake. it could be the end of his regime. so i think putin's trying to figure not only a withdraw out of this cry is the, but a way tf

declaring the donbas essentially part of russia might be his way to try to dial back some of this. neil: you know, it's interesting, a lot of -- about the personal financial hit that vladimir putin would take from these sanctions, especially if all of them go into effect, but that he doesn't seem to care. i say seem to care. what do you make of that. >> well, by some regards he's the richest man in the world depending on how he camouflages his finances and things like that. so he's obviously not concerned in terms of how far he's willing to go here. but i think he is afraid of sanctions. i mean, as they say, russia is the world's largest gas station. i think it was john mccain who said that first. but i think for him he understands that the sanction could be debilitating if he were to go all the way into ukraine. the biden administration were, for example, to kick him out of swift or damage his ability to

convert dollars into rubles and trade oil, that could take 3, 4, 5% off of gdp. neil: harry, thank you very much. following these developments here. we just tonight know what's happening next. and wall street sells first, might ask questions later. this, of course, characteristic of the year where they've been doing a lot more selling than asking questions. stay with us, you're watching fox business. st... get decision tech. for insights on when to buy and sell. and proactive alerts on market events. that's decision tech. only from fidelity. . . each, with a time and a place they've been promised to be. a promise is everything to old dominion, because it means everything to you.

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♪. neil: all right. the selloff continues right now at the corner of wall and broad. the dow jones industrials down 600 points. it looks like a big number, it is, i'm not minimizing it but less than 2%. the same rough drop, 500 plus points back in 1987 represented a quarter of the dow's number. a big number. the selloff ensues. to my buddy charles payne. charles: neil, great seeing you again. good afternoon, i'm charles payne, this this is "making mon" the world is on edge as president putin make his move. as the drum beats move closer to cannons being fired investors flee to safety. history says this might actually be the time to buy our market experts how to navigate this market. that we don't endure more damage to our portfolios. gasoline prices continue to

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