african val celebration. it was in nice, france, 1294. you have to look at the market real fast. we have a selloff and a half. oil got to 106 bucks. stocks way down. the dow is down nearly 700 and the nasdaq down nearly 200 points. yield on 10-year treasury, at 1.70. what a mess. neil, it is yours. neil: you know what is wild about oil, stuart? ourselves, members of the international energy agency combining to release 60 million barrels of oil and it only goes up. even making up the russian oil, math favors the iea. neil: there is a lot of speculation that president biden might say no more imports of russian oil, taking russian oil off the market. neil: absolutely. stuart: that is why the oil is at 105, 106, but i can't explain

what you're saying, 60 million barrels of oil going on to the market. you would have thought it brought it down but it didn't. neil: to make up, to your fine point it would make up for the lost russian oil but obviously they're looking at things escalating. as you said the flight to quality, interest rates. people want to buy a home, refinance the one they're already in, have a second chance here but outside of that, man, it is scary stuff. stuart: it is. neil: thank you, my friend. great show. i will try to follow your great lead here. the dow down about 670 points but look at oil as stuart been saying here up better than 10 bucks. this is on news, stuart right to point it out, right for president to say we don't want anymore russian oil. it is not a big player in our overall market, about 600, 700,000 barrels a day. 6% of the oil we get in this country and depend on. what is interesting here, tapping the strategic petroleum

reserve that we and other members of international energy agency, better known as the iea would, supposedly more than make up for that. having said that the escalating tensions there in ukraine are not helping matters any. the thinking goes like this comes to tapping the reserve, we've done this once in the biden administration, several times in prior administrations, it never does the job. the idea of tapping it for an emergency, understanding it will alleviate price pressures it never has done the job. the markets tend to say all right, that's nice but what fundamentally has changed outside of tapping into reserve we need for real domestic emergencies? so we'll see how that all sorts out because what is going on in ukraine right now represents a serious emergency. that is, to put it mildly. we're going to get the latest right now from lucas tomlinson. lucas what is the latest? reporter: neil, we just learned that officials are watching a

detachment of russian forces five hours to the north of here in belarus. they think the forces could come south and cut off vital supply lines to ukraine. no u.s. aircraft, no charters, anything is flying. only thing flying over head are russian jets and strategic bombers f the russians come south to cut off the supply line, that would be devastating for the country. that is where hundreds of thousands of refugees are pouring out of country, going to poland 40 miles west of where i'm standing. ukraine president zelenskyy spoke earlier. he accused russians of shelling civilian positions. >> translator: a country that commits war crimes against civilians cannot be a member of the u.n. security council. this country has to be banned from all the ports, airports in the world. reporter: the u.n. says over 650,000 people have fled the country, mostly women and children minutes since military

age children can not leave the country. the land bridge from donbas to crimea, hope you can see? on the map, one of putin's major military objectives is now complete. following a amphibious assault of russian marines. ukrainians say the takeover is not complete. that the area is very contested. kharkiv the second largest city, shelling appears revenge. the woman describes the hell it took to flee poland. we spoke to a woman short time ago, neil, with her bags packed. fleeing on the train station. the trains are book solid for the next week. those leaving are packed. people are much more concern the. you heard air raid syron in western ukraine especially if the russian forces are coming south. neil.

neil:s thank you very much, lucas. we're in and out of lows for the dow jones industrials, starting off the month of march not the best of legs here. it is important to point out we had a lousy february. we had a down january, january, february, both down. all major market averages down anywhere from 3 to 3 1/2%. year-to-date we have the dow down 7%. s&p down 8%. nasdaq down about 12%. now those numbers have gotten worse here given today's developments but that's something we're closely watching as it edward lawrence at the white house where the president is expected to maybe not necessarily refer to our markets but certainly refer to the inflation that is rattling those markets, particularly on the oil front. edward, what can you tell us? reporter: we're told that he will mention the word inflation, not how he will mention it. he also in the state of the union will highlight the economic successes that he has had here. now i can tell you that white house press secretary jen psaki says the president has seen the horrific pictures and

understands the weapons that are being used. in fact she went on and said they possibly could be seen as mohammad omar baradar rick. she also said the president is looking to see if this a war crimes. russian oil is coming into the united states. in fact if you use the latest data, with the current crude oil prices which are spiking today, entities in the u.s. will pay about $50 million a day for imported oil. now all of the sanctions so far have carved out oil. >> we've taken, gone far beyond any steps taken in the past as it relates to sanctions we're already seeing enormous impact on the financial markets in russia but we don't want to destablize the global markets or the markets for the american people. reporter: they believe sanctions will work the way it is. still the president directing another 30 million barrels to be released from the u.s. strategic petroleum reserve where levels there are at a 20-year low shown by the chart. it is coordinated with a total

of 60 million barrels released with other allies. now senator joe manchin saying importing russian oil makes no sense at all and represents a clear and present danger to our nation's energy security. the united states must h can and must ramp up energy production and increase access to abundant resources an technology to both protect our energy independence and support our allies around the globe. representative steve scalise adding we have to hit putin where it hurts. >> you have to cut off putin's financing of this war, a large part of that is oil. oil that frankly president biden gave him leverage on by cutting off the spigots in america. many specific actions toe reverse, things president biden did in the last year that have given putin more leverage. reporter: fox business was the first outlet to ask the administration about russian oil coming into the united states. here we are day six of the invasion of ukraine and russian oil is still being imported,

money still going into russia for that oil. back to you. neil: edward, i know it is a mug's guess here but could the administration, could the president surprise us tonight by talking about returning even in some small way to domestic oil production? reporter: you know there has been no hint whatsoever that they are going to reverse course on any of the policies. they're trying basically everything else. i think the chances, i heard another famous reporter say that the chances slim to none and slim just left town. i don't think you will hear the president talk about reversing the energy policies in the united states. i've talked with a number of u.s. officials here including white house press secretary jen psaki about it. they continue to say this just shows the need to diversify into more green energy, wind and solar and so forth. so they are not looking at reversing course, staying the course on that and releasing

strategic oil reserves you know. we'll see this pain for a little bit longer until you know, either something changes within the administration which doesn't look like it's going to happen or something changes outside where opec produces more oil. neil: got it. thank you my friend, very, very much. just to put oil trading into perspective folks, a lot of people tace stone was not a big issue when the president took office and essentially shut that down, oil trades on the global markets. it responds to sentiment and direction much like stocks but sometimes don't put the overall numbers in perspective. when it comes to russia, it's a good example, the russia is the third largest oil producer on this planet behind the united states and saudi arabia. it accounts for about 10% of the global production of oil around the world and about 7, 8% in this country although that has slid in recent months. having said all of that, if you take that oil out of the equation, how do you make up for it? now the administration as i said

working with its partners at the international energy agency, the iea, they will open about 60 million barrels from the global strategic petroleum reserve if you will. we have our own. they have their own. to make up for that but what is interesting here normally at the hint, excuse me, swapping supply for supply you would see oil prices stay the same or come down a little bit. if anything they have gone up. this is a mission that is not going to succeed. it's a temporary fix. it's a bandaid approach. often the case with criticizing tapping the reserve and as a result we have oil now highest levels it has been about eight years. we're monitoring that as is gillian turner taking a look how vladmir putin is responding to all of this pressure because, there is more of it every day, gillian. reporter: accounts are he is not handling it so well. neil, i have to tell you i'm getting new information this hour about concerns relating to president zelenskyy, the

president of ukraine traceability this is coming from people familiar with the threat he is facing now on the ground inside of ukraine. senior state department official tells us the u.s. is coordinating very closely with the ukrainians. they are sharing information, intelligence about zelenskyy in real time. the sources say the concern, want to make sure i get this right is focused on zelenskyy use of the web and social media to communicate with the ukrainian people. we're told the easiest way for the putin and sb r to track and target zelenskyy through his mobile phone and internet use. secretary of state antony blinken is laser focused on putin today. he spoke a few moments ago at the u.n. human rights council. look what he said. >> we must send a resolute and unified message that president putin should stop this unprovoked attack as the secretary-general and high commissioner have done and

immediately withdraw forces from ukraine. reporter: this comes with concern from current and former u.s. officials about putin's mental state. >> this is a authoritarian leader. 20 years he has been in power. the last two years he has even been more isolated. he was covid phobe big. >> i don't think he is a rational actor. reporter: the perception among some foreign leaders like president emmanuel macron of france even when one-on-one putin is keeping his distance. after that encounter macron described the russian leader as more rigid and more isolated. the state department has been long aware of achilles' heel, tendency of autocrats like putin and assad in syria, gadhafi, surround themselves with people in tight circles who think like them, talk like them, tend to believe things they and tend to feed information they want to hear. the chances of putin getting a taste of reality and what the

rest of the world is seeing, and hearing and thinking right now is very slim we're told, neil. neil: gillian, thank you. that is wild. obviously a lot more attention should be paid to the safety of president zelenskyy. speaking of whom he had a chance to do a remote address to european union members and implored them, don't forget about us. take a look at this. >> translator: we have proven our strength. we have proven that as at a minimum we are exactly the same as you are. so do prove that you are with us. do prove that you will not let us go. neil: do prove that you are with us, that you will not let us down. a standing ovation after that. this is something that our own gerry baker writes about in today's "wall street journal" if you haven't seen his column i urge you to read it puts in

perspective the resolve of the west that suddenly seems to be, well, real resolve matched by actions. he cites a number of of countries including germany of course that here to fear for eschewed these matters, we're with you ukraine. "wsj at large" host and fox news contributor. gerry, what you talk about seems real, sanctions could boomerang on countries that impose them, they know it. it does seem rile. what do you make of all of this? >> it does seem real, neil, and very welcome to see it. the point i made in the piece today, the piece i wrote today the we've been living in kind of an illusion in the west for the last 10 or 15 years ago. we've been having our own fights, that is completely understandable, completely reasonable, that is what democracy is like, especially the europeans, believing somehow they deinvented war, they

deinvented conflict. they got rid of it, that they consigned it to the history books and even as vladmir putin was giving us repeated warnings time and time again by actions and words, by invasions of georgia and then taking crimea, taking part of eastern ukraine, his military hostilities in syria, by his words, by saying he wanted to create imperial russia essentially, we paid no attention. we said no, this isn't really going to happen. so i do think we bear a lot of culpability here. by the way the biden administration too, failing to address these threats, not taking them seriously. i am immediately ruling out any military action i think we emboldened him. the idea that putin is kind of mad or crazy, people are worried about his state of mind, i doesn't see that at all. he has been given green light, after green light for years and years. finally it has taken this

tragedy, absolute calamity, obscene rape of ukraine he is involved in to wake the rest of us up. it its time we woke up and understood to the real challenge that the democracy we frankly tend to take for granted. neil: do you think he anticipated that? >> i don't think he probably anticipated the scale of the response. look, he saw the signals. he saw biden say we're not getting involved in military action. he saw the terrible press conference back in january where biden said it will depends what he does. it is a minor incursion, there are differences opinion. he stalled those. you know what? i can do this, get away with it. he would have realized a full-scale invasion of ukraine would respond a response from the west. he probably didn't expect quite to be as robust and as unified it has been and that is very welcome to see but i don't think he will be all that surprised. putin is not, putin is not playing bean bag here.

he knows what's at stake. he is trying to recreate essentially russia's enormous sphere of influence it had much of the 19th century and much of the 20th century, which he feels it lost at the end of the cold war. he ask trying to rebuild that. he knows that will not be done without cost and without pain but he is prepared to do it. first he thinks in the long run, firstly it is in the russia's interest and second of all questions whether it comes down to it nato, the west, and america are really prepared, really prepared to face him down if he can get away with this. neil: but you know for the west, gerry, thinking in your column and your thoughts right now, it is one thing to show a different lesson and another to see if it lasts. i harken to the end of your column where you say, if we draw the right lesson the biggest price he may pay renewed appreciation in the west what our civilization has achieved and renewed determination to

defend and nourish it. i'm thinking to myself cynically, once sanctions take hold and all of sudden europe dealing with sharply higher natural gas and energy prices and so are we, can we maintain that? >> i think that's the absolute, you hit on the key question there, neil. i think, my sense is right now, that the scale of the shock in europe in particular is so great that i think perhaps this is a defining moment. that europeans i've spoken to in the last week, germans and french and british and british always have been a little more clear-eyed about this, are genuinely taken aback at the scale of the threat. the point i was trying to make in that column that we take so much for granted, yet we spent the last 10 years in this country with people particularly on the left, let's be neil, both left and right we're no better than russia, we're no better than vladmir putin.

our system is no bitter than anybody else's. we do terrible things, we had slavery, treat people terribly, we have rigged elections, that makes us no different than russia or ukraine. i think this is a wake up moment, to understand whatever problems we have with our system, many of them are legitimate problems, that we are different, we have different values. frankly, let's say it, we do have a superior civilization and a superior political culture to what we're seeing prosecuted by vladmir putin and by autocrats whether in russia or china or iran or elsewhere in the world. let's not spend so much time denigrating ourselves, beating ourselves up for our failures. let's acknowledge the fundamental values we stand for are good values, are higher values, that so many dangerous people out there in the world who want to destroy those values. neil: that is very, we well-put. gerry baker thank you very much.

"wall street journal at large" on this network. a host. crackerjack writer besides. i urge you to read his column today. as gerry was speaking, you see what is going on with oil. it is just soaring right now. even tapping strategic petroleum reserves as we planned, working with our cohorts in the iea, it is not enough to help out here. we are still going up, up. by the way it is not just oil, a whole lot of others after this. ♪. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

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reporter: welcome back to "coast to coast." i'm jackie deangelis. we're watching the markets as we're day six of russia conflict with ukraine. the market is lower for good reasons of the economy is suffering from sanctions and global oil markets are hanging in the balance. investors are facing uncertainty and that translates directly into the tape. with money rotating out of stocks you're seeing an influx into safe havens. take a look at gold here. it is trading up $20, closer to the $2,000 mark. actually moved up $35 since i looked at it last. this is approaching now as we get over 2,000 a 20-year high. take a look at yield on 10-year

treasury note. the relationship is inverse here. when investors buy the 10-year the yield goes down. you can see it is down 12 basis points to 1.7% right now. just a few weeks ago before the russia conflict, it seemed like we were moving past covid and things were betting getter in the united states the yields moved up 2%. investors were buying stocks. they thought the fed would raise rates. now the opposite is happening here. they're buying treasurys. not sure what the fed will do now. it may be more difficult to raise rates to combat inflation in the middle of a crisis like this. there is of course the u.s. dollar. i want to take a look at the dollar index. it measures our currency against a basket of others. the dollar index is gaining ground. purchasing power with the u.s. dollar is stronger than with other currencies. take that with a grain of salt. we've seen the russian ruble for example, plunge 30%. we of course here are still in an inflation crisis, neil. as you know and we'll watch the

markets really closely to see how this all plays out. neil: thank you very much. jackie deangelis following all of those developments. we know money is finding a haven in the u.s. dollar, dollar-denominated fixed income securities treasurys all of that we know what is happening with gold. look at this it is happening with cryptocurrencies particularly bitcoin around the 43,500-dollar a coin level. is this a dance now real? it was picking up steam particularly in the latter half of february. picking up where it left off in march? go to brock pierce, bitcoin chairman and brock what do you think of this, and whether this has traction? >> well i mean bitcoin and cryptocurrencies in general are an alternative asset class that has a lot of appeal for a number of reasons but certainly during times of uncertainty when people mr. in a flight to safety, or we're seeing that with gold as

you pointed out, and bitcoin being digital gold in some ways is clearly an asset class those that are connected to the digital age are seriously looking at. neil: you know, it hasn't always been the case. this is more recent last few weeks phenomenon here where gold was the early beneficiary. a lot of people are scratching their heads shouldn't bitcoin be benefiting from that? more to do what is going on with ukraine, maybe thoughts it is prompting countries like russia, particularly countries like russia to find ways around some of these sanctions and cryptocurrencies are that avenue? >> well i think it's too early in the case of russia to see that anyone is using this as a way of circumventing sanctions. certainly when you look at the end points, call it on-ramps, off-ramps, call of them are ayc,

fact check compliance stuff required for substantial 100 billion-dollar plus businesses in some instances. you know, but there are other things here. there is a direct correlation with the stock market. you would think at some point these two asset classes would be, there wouldn't be correlation but there continues to be. what affects the traditional markets definitely rubs off here but we are going to reach a point at some time where that correlation is discontinued, we get a true uncorrelated asset class. neil: do you think bitcoin and some of these other crypto plays can do just fine on their own without giving crisis or at the expense of stocks? how do you see this playing out? >> well i mean it's definitely interesting. i mean inflation, i'm deeply concerned about it. the amount of dollars and generally currency that has been created over the last two years is going to create a tremendous

amount of inflation as far as i can see and the amount of liquidity that has been injected into the global markets will likely drive up prices of hard assets and cryptocurrency being a hard but intangible asset i think is going to be one of those beneficiaries though i wouldn't encourage people, certainly those that have not invested the time or energy to overallocate but i urge everyone the first step if you're curious is buy $100 worth of bitcoin. that is how you begin your journey. that is how you start learning. from there you can begin to make informed decisions for yourself and in the context of ukraine, it is interesting, tens of millions of dollars of cryptocurrency have been sent to the government of ukraine at the government's request in bitcoin, ether, eos and u.s. tether. so the crypto community definitely showed up to support

ukraine and its sovereignty. neil: a lot of dollar-denominated investments as well. good to see you, brock. brock was the bitcoin foundation chairman. he was on the phenomena none of all of it before anyone else was prices were let's just say a hell of a lot lower than they are now. we were talking about, brock was getting into it, inflation what is going on, we've been focusing certainly what is going on with oil right now, but i dare say what is going on in the agricultural area is even more dramatic. now you heard me often say ukraine is the sort of the bread basket for europe. it is, a lot of wheat there, a lot of barley, all of that i should point out wheat as we speak is up better than 5%. corn prices up better than 5 1/2%. we've got sugar up 4%. soybean, soy meal, up four, five, 6% respectively. some of that has nothing to do with ukraine, particularly soy

oil. but as one agricultural commodity goes they all go and they're all going up. ukraine is not only crucial to the world oil market but steve we eat and need and thrive on. more after this. an 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. (vo) for me, one of the best things about life is that we keep moving forward. we discover exciting new technologies. redefine who we are and how we want to lead our lives.

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♪. neil: all right. will he or won't he? we already know the president will address in his state of the union comments about probably opening up strategic petroleum reserve with americans with rising gas energy prices in general. will he go further to look at domestic oil production in this country? probably not. let's get the read from jacqui heinrich at the white house. hey, jacqui. reporter: neil that is a big question among report is over here. the president's first state of the union address comes with a record low 43% approval rating. the situation in ukraine is once again putting a spotlight on his foreign policy leadership.

today the secretary of state antony blinken asked whether russia should be kicked off the u.n. security council with the russian invasion after sovereign nation entering nearing the one week mark. >> one can reasonably ask whether a u.n. member state, that tries to take over another u.n. member state, while committing horrific human rights abuses, causing massive humanitarian suffering should be allowed to remain on this council? reporter: yesterday press secretary jen psaki said no question the speech would be different now than it would have been a few months ago, as even, rather, democrats are now urging broader action from the president to combat russian aggression like sanctioning russian gas. >> putin has taken a lot of body blows but now is the time to punch him in the face. it is time for the united states and our allies to impose energy sanctions on the russian federation. we should embargo oil immediately and should ban oil

and gas in consultation with our opec and european allies respectively. reporter: significant coming from a democrat there. the white house is putting the decision on the europeans saying they're particularly concerned about price spikes with their prices increasing 365% in the last year and 26% over the last five days. they also claim the delay on kicking russian banks out of swift was because it is a european system but that is also not the whole story. swift is a cooperative. it is owned by member banks and overseen by the g-10 central banks including the u.s. federal reserve. all this is calling critics to question whether biden is leading from behind. that is shush to be the focus of the gop to state of the union. his speech will not likely include the words build back better. he will likely sell individual policies that were a part of that big social spending plan including climate spending which we've learned he is going to pitch as a solution to

inflation, which is still at 40-year high, neil. neil: wow. thank you very much. jacqui thank you. andy card, former press secretary for bush 43. andy, always good to see you. republicans are chomping at the bitten joying the president's very low approval numbers. you are a student of history. ronald reagan at this stage of his presidency spelled out in a column in today's "wall street journal" he was simply looking unelectable and republicans would probably lose seats in the fall election, with inflation still a problem and. they only lost 26 seats that year which was a surprise but he did come back. are there lesson do you think from joe biden on that experience? >> well first of all, thank you for having me on. it is great to be with you. you know the stage tonight is not just about the state of the union, it is about the state of the world and the whole world

will be watching how our democracy is discussing what is happening in the world. so i hope everybody in congress, the house and the senate, and cabinet members that are there, and the supreme court justices that are there actually be well-behaved and polish our democracy, so the world sees value of having a democracy. i suspect the biggest applause line tonight may be president zelenskyy, when he is mentioned. he is not going to be there but obviously everybody is paying attention to what is happening in ukraine. yes, there are lots of problems in america but they are opportunities and i happen to believe our democracy can deal with these challenges in such a way that we'll be able to mitigate the problems. look, president biden is not popular today but that doesn't mean we shouldn't stand with him so the world sees us standing together. i will be standing with the president in terms of his foreign policy initiatives. he has done a great job of

unifying nato and emboldening other countries that want to be in nato and i think he has built a good, i'm going to say coalition of partners that are working on sanctions. clearly what president putin is doing is terrible and not acceptable to the real world and he is not really a president. he is an autocrat and he is not reflecting even the will of the russian people. so that is how i view tonight's address. yes, we have problems with inflation. we have problems with supply chain. we have challenges with our democracy how it works but i hope tonight we demonstrate in america what the whole world respects about america in that our democracy is the shining example, the great example at the top of the hill that other people want to follow. that is what i hope will happen. there is lots of opportunity for applause and boos. i hope there will be more applause tonight because i want to show the world, i want the world to see what a good democracy does and how it does

its business. neil: well you're right, you're right. that is a big test tonight. obviously vladmir putin what he is doing will be a focus tonight as well. i was wondering thinking you were coming, andy, what is it about vladmir putin has bedeviled presidents? i'm looking back to your old boss, president bush, this is june of 2001 when the president made a reference with a new relationship that could be scored with russia. this is from president bush. take a look. >> i looked the man in the eye. i found him to be very straightforward and trustworthy. we had a very good dialogue. i was able to get a sense of his soul. neil: now here we are 20 years -- does this guy have a soul? does vladmir putin have a soul? has he confused presidents of both parties over the years to the point that we, we can't figure him out and now he is

unleashed terror on the world? what do you think? >> well, he is an enigma. he is a kgb agent. i looked into his eyes saw a kgb agent. president bush in his defense he read a biography before he went to slovenia before he met with president putin. one of the first things he said to president putin and i was sitting there with condi rice and translators and our counterparts, president putin had a stack of cards he wanted to go to and president bush put his hand on the top of cards, before you go through your cards, i you can go through every single one of them, i will be fully attentive to say, what was it like you wn with your mother and burned to the ground and going through the ashes and saw something glistening. president putin was taken aback by that. that was amazing experience. i was going through the dacma.

there was ashes, i saw this glistening, gold and i saw it and it was the cross my mother gave me. president putin was in awe that the president new about that. president bush said that is the power of faith that was the context of the president's remarks i looked into his eyes and saw his soul. neil: right. >> look it i was with president bush when he saw president putin number of times, i guarranty you he thought him of a selfish autocrat a little bit napoleonic , insecure in his own skin and a bully. we don't trust putin. putin violated so many international laws what he is doing right now. it is terrible but we have to be shining example of what governments can do and how they do their business by polishing our democracy. neil: andy card, we'll see what tips the present president gets from you as he addresses the nation tonight in his first state of the union address.

an did i card, thank you very, very much. markets are still getting clobbered right now. by the way if you're in the market look forking home, maybe refinance the one you're already in. oddly enough your ship has come in. i don't know know for how long but interest rates are declining. the decline in security and treasury note and bond related has taken off, i mean really taken off. we're on top of that after this. ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

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♪. neil: all right. you heard a good deal about this 40-mile long russian tank convoy making it its way to kyiv, the ukrainian capital. not much more we know about the convoy or the exact status of russian troops already in ukraine but i have a pretty good idea that our jennifer griffin at the pentagon might have a better idea. she joins us right now. jennifer. reporter: hi, neil, we have a better idea. i just came out of a briefing with a senior u.s. defense official who tells us that there is no discussion right now of setting up a no-fly zone. that is not likely to change given that president biden said he will not be putting u.s.

forces inside of ukraine. more than 80% of russian pre-staged combat power is now deployed inside of ukraine according to this u.s. defense official. some russian units have been captured. officials tell us they have evidence that some russian soldiers have surrendered even without a fight. the russian defense minister made an alarming statement today that it would begin targeting government buildings in kyiv, the capital. we just seen evidence of that. a tv tower was bombed this morning. we're also told that the main advance on kyiv, that 40-mile convoy, there is no appreciable movement of that convoy coming toward the capital. it may be we're told, because of ukrainian resistance. fuel and sustainment issues, they're having problems feeding troops, they're running out of food we're field. it may be intentional parts, they may be regrouping, reevaluating given resistance

they encountered in key cities like kharkiv. there are reports that russian solds are punching holes in their own fuel tanks to stop them moving forward. officials say they have no doubt of those reports, according to a u.s. defense official. we're picking up independently morale is flagging in some of these units. they do not know why the convoy has not been attacked so far however. the u.s. official says we do assess that the russians have moved launcher systems that can be used for thermobearic weapons. those are the fuel air explosions fired by rocket, also known as a vacuum bomb. this footage you're seeing here is from 2014 and that thermobearic launcher inside of ukraine. they have not seen any evidence that the weapons for the thermobearic launchers have been moved into ukraine and not been used yet even though there were reports to the contrary yesterday. the u.s. defense official told

us they have not been able to confirm that cluster munitions have been used as of now. that would be against various weapons conventions. the russians are still trying to encircle kharkiv, the second largest city. they have had more success in the south trying to move forces up to the northwest and northeast from the south. they are still stuck outside of mariupol, that coastal city where a few days ago they had an amphibious assault ships put some troops about 70 kilometers from mariupol, they are near two towns near mariupol. and it is significant they have not carried out more amphibious assaults on beaches near mariupol because they are contested. they're being slowed down. they're very worried what awaits them once they go into the

cities. they still have the intent to connect two axis going from the north to the south. there is no indication that bela russians are entering the conflict. we heard the reports yesterday. they have launched 400 ballistic and cruise missiles since the start six days ago, 20, in the last hour alone. the airspace is still contested. ukrainian air and missile systems remain viable and intact. president zelenskyy has command-and-control over his forces and he is exercising those control. russian conscripts were not told where they were going and were not well-trained, they are picking up those units the morale is very bad. what they're see something a very risk-averse russian military slowly moving forward as they continue to advance on these various axis. neil: thank you very much,

jennifer griffin. california congressman john garamendi is able to join us. i don't know how much you were able to hear from jennifer griffin's report, some of the russian soldiers, their heart is not into it. by attacking people they presumably they like what do you make of that? >> well i've always thought from the very beginning of this that putin's jeopardy really is the russian people. for a variety of reasons, immediately, when he launched his attack the russian people were in the streets saying what in the world is this about? we don't want to go to war period. we don't want to go to you crain period. something reminded me as a young kid growing up in the sierra nevada mountains, when a bear goes after a pour cue porcupine, it never ends well for the bear.

the russian bear is trying to go after a ukraine porcupine. that putin will not be able to consume this country. the people are fighting. they're fighting for their future. they're fighting for their country. they're fighting for their place in the world and they do not want to be a puppet. they don't want to be controlled by putin or the russians. that is a very powerful, powerful weapon and russia is learning just how powerful it is. neil: just wondering though if it a doesn't turn out that way, congressman, putin, given sheer advantage in military size, number of soldiers, whether they're psychologically into it or not, he does take over ukraine, how should the world treat him? some already talked today some of his actions, are that of a war criminal, win or lose he should be treated as such, what do you think? >> well at the very least he should be treated as a war criminal. he should become an

international pariah, isolated. the sanctions going into place are extraordinary for two reasons. first of all, they very, very strong sanctions and will over time and, we also are learning even sooner than most people thought have a severe consequence on the russian economy. in addition to that perhaps as important is those sanctions are supported worldwide. there are about maybe two or three countries that have resisted being involved in the sanctions and one of them is china. so, and a few other smaller countries. india is on the sidelines at the moment but i would expect sooner than later india will join in. russia is nearly completely isolated. their international and economic relationships with the world are being severed, cut off, not happening. that is going to put the russian population in a very difficult economic situation and they're

going to turn out in the street. i think at the end of, not at the end, but in this process the streets of russia are the most important piece of this. the continued resistance by the ukrainians, and that is being shown in russia, not on russia state media. russia is doing everything they can to hide that but reality is the russian army is not doing well. and, when they begin to attack, as they are already, in kharkiv, as they do that attack and destruction, the rest of the world and the russian people will resist and push back against putin. neil: we shall see but it is certainly playing out that way in the early days to your point, congressman. >> it is. neil: thank you for joining us very, very much. congressman garamendi from the beautiful state of california here. you see crude oil continues to rocket alone, despite the president, other rich nations opening up their oil stockpiles

if you will. there is not much more room in that stockpile. they're kind of draining fast. is this a wise idea? the oil markets don't care diddly squat. that is a term. only pay for what you need. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ this isn't just freight. these aren't just shipments. they're promises. promises of all shapes and sizes. 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. (fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher investments. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better

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this is the price of freedom. >> translator: do prove that -- and then life will win over death, and life will win over darkness. glory be to ukraine. [applause] neil: all right. a standing ovation from members of the european union who were getting a remote feed from ukrainian president zelenskyy who made it clear, look, i need your help. quote, prove that you are with us. if many are committing money, weapons and anything that ukraine needs. there is a concern a lot of this is coming fairly late in the game here. but they're using any and all resources to turn things around. in the meantime, the oil market's convinced right now that this is going to be something that sticks around a while as prices dramatically bid

up, again, the highest we've seen for oil in about eight years, and we're not done. let's yet the read right now on how this could affect the entire globe, the price of gas and nat gas prices, jeff flock in huntington, pennsylvania, we -- with more on that part of the story. hey, jeff. >> reporter: hello to you. i come to you from a russian gas station in the u.s. that's the luke oil gas station. if you didn't know, it's the second largest russian oil company. it's got about 5,000 gas stations worldwide, a couple hundred of which -- small numbe. one of them was the subject of a protest today as, i tell you, the whole world gets behind ukraine. as you with point out, the screws tightening on ukraine has certainly driven up the price of isle. -- oil. we're over $106, that release from the spr today had almost no impact at all, came right back up, and gas prices the seam way.

[laughter] we're now up another penny today, tick, tick, tick the, $3.62, the average gallon of regular, up a dime from last week and up a quarter from last month. as i said, the screws are tightening. we talked to andy lipow who said a couple of interesting things that i think we haven't reported yet. he's got a report that bp and other oil companies have stopped loading russian oil in the black sea. that stopped. overnight, an ending january oil company tendered a bid for oil and excluded all russian oil from the bid. andy says there have been multiple other incidents like that reported around the world. listen. >> european refiners in finland and sweden have also been replacing their russian oil supplies with alternatives. so we can see at the industry is looking for alternatives because

they fear the financial sanctions on russia are going to impact their oil supplies. >> reporter: now the eyes, neil, shift to opec and the opec meeting scheduled for tomorrow. it'll be a video conference, not an in-person meeting. i talked to andy about what could come out of that, and take a look at these numbers. the hope is that opec will agree to pump more than they have already agreed to. he says by his calculations saudis have 2 million extra barrels per day, 2 million extra barrels per day of whats capacity they could pump. the uae has about 1.25 extra. this all begins, and if you got iran back in the picture, it all begins to make up what would be lost from russia and begin to take the pressure off prices. whether that's gonna happen or not, i don't know. but, you know, the world is

coming together in a way, perhaps, we haven't seen before. sir. neil: you're right about that. thank you very much, my friend. jeff flock following the energy side of all of this. you've heard that better than half a million ukrainians have fled the country, many of them going to poland. but there are a good many in poland who are doing the opposite route, going into ukraine to fight the good fight. connell mcshane has more on that side of the story. hey, connell. >> reporter: yeah. hey there, neil. we can't really put a number on that, to be honest with you. a couple of days ago the polish border guard said 22,000 people had crossed back the other way. i'm add one of the border crossings, christian will show you where the crossing happenings. -- happens. probably see i think it's a couple women or women and children coming many, that's what we've seen for the most part on the way in which is what is happening right now on foot. these cars also are on their way in. but on the way out we see mostly young men walking out. the last update we had, again,

it was 22,000. it must be far more than that. we know from the polish government more than 403,000 have come in. nightfall is what you're looking at now, earlier pictures we shot at a different border crossing. you do see the women and the children coming across. they all have individual stories. this woman, victoria, has a 4-year-old daughter, went to see her mom in ukraine. she actually lives now in florida, and here's our conversation from earlier today. >> -- with us canceled and i afraid to stay in ukraine because -- i don't know -- >> reporter: it was dangerous. >> yes, very dangerous. >> reporter: so what are you going to do now? >> i'm going to warsaw, and i'm planning to fly to miami. >> reporter: to miami. >> yes, yes. >> reporter: your husband is in the united states? >> yes, yes. >> reporter: so she's hoping she'll be back in miami where

she lives now in maybe a day or two, but it's been quite a journey, obviously, to get to this point. ends up in ukraine with her mom and the war breaks out. we will put pressure if on european economies like this one, but the polish government said they'll take in all the ukrainian nationals they can to government services. i know there's a move in the european parliament to do the same in other european countries, we'll see how that.coms. but we'll also follow that second story you mentioned coming many. we've spoken to dozens of young men who are walking in, usually just a duffel bag in their hands. you ask them why are you choosing to go back? this is my country, i want to fight for my country, i love my country. and that story really has been picking up here in the last 48 hours or so. neil? neil: it's amazing. connell, thank you very much. connell mcshane in poland with that side of the story. we're also getting reports out of russia that more russians than you know know exactly what's going on, a planned

protest in st. petersburg with very long lines at banks, limited hours and limit as well how much you can take out of the bank in the process. they're worried about a cash drain in the country, also forbidding foreigners from selling russian securities or russian anything to sort of stop this capital flight. let's get the latest from ambassador will qualm taylor, former u.s -- william taylor, former u.s. ambassador to ukraine. very nice to have you. what do you make of what russians know what's going on? it's one thing not to be told and hearing it piecemeal, but they certainly see it when they try to go to the bank and can't or are limited how much they can withdraw from the bank, and they're seeing, obviously, what's happened to their market. they're seeing if they have investments and all that, that they've gotten shellacked. so they're aware of that. >> neil, they're also aware of the exchange rate. the exchange rate with the ruble against the dollar, as you have

reported, dropped off the table. i think it's down 40 or 50%. they can see that every time they look up at one of these little kiosks. they monitor the exchange rate very closely. a lot of people in that part of the world do. this has been so dramatic and this has been so unsettling for russians, they went to try to get money out of the banks, and that has even further spread the panic. so they know what's going on, neil. neil: you know, it's one thing about how this ups the ante and whether vladimir putin can rely on russian support. he seems to be presenting we're going to return to the glory days of the soviet union, ambassador -- i'm simplifying this, but certainly sounded like that a week ago. and i'm wondering if that really impresses him one way or the other. do they want the glory days of the soviet union? >> neil, they don't. we are seeing that around russia. we are seeing people in the

streets opposing this invasion. last week, two weeks ago a, actually, there was a retired general, russian general, pretty hard core fellow. he sent a public letter to president putin saying, mr. president, don't do this. you will destabilize your own government, your own regime. you could have an uprising, this general told president putin. this is something that the russian people don't support, that the elite doesn't support even within his administration. you can see that on the looks of their faces when he tells them to do things. no. why are they doing it? because they oppose -- why is he doing it? because he wants to be seen as a great russian leader. not good enough when normal russians are seeing their cost of living go withdraw up -- way up and their quality of life go way down. and these russian families, neil, are going to start seeing body bags come back. they're going to start seeing their sons and daughters, fathers and sons coming back

dead for burial. this is going to be -- this is going to light a fire. this is going to be a real problem for president putin. neil: ambassador, this is a weird question, but you're very patient with those kind of questions if me. do you think putin has lost it, that he's snapped, that he's, that that he's just crazy now? >> neil, this is a good, this is a good question. it's being debated. i have heard smart people on both sides, we have heard several people -- condi rice, mike mcfall, others who have said -- president macron, they've all said that they have observed a real change in president putin. on the other hand, neil, i have talked to people who say, you know, we don't really understand his logic or his calculations, but from his logic, in his calculation of costs and benefits, this makes sense. so he's not crazy, these people will argue.

so you've asked the right question. it's not clear. in any case he's making from our standpoint, our evaluation, crazy decisions. neil: ambassador, we learn a lot. thank you for taking the i'm -- time, sir. ambassador william taylor are, i look forward to chatting with you again. if we're showing you oil prices rocketing away here. so in this nervous environment, money's going into gold, crypto currency, going into our bond market where yields are sliding. you know the drill here, money floods in, prices go up, yields go i down, and once again interest rates are very low. not too long ago, i think about two weeks ago, the so -- 10-year treasury was at 2%. got down to 1.69%, but that's an important rate and one that is really controlled by the markets, not the federal reserve, with the belief being here that for those who maybe are interested and missed a window to buy a home or

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neil: all right, if you remember before the russians invaded ukraine, there was a noticeable country-wide cyber attack that took down financial institutions, banks, end even some government agencies. some saw that as a preview to what would ultimately be the attacks on the country. hard to say for sure. what away do know right now -- we do know right now is that the fear of cyber attacks, very, very real, and this goes for the entire world right now. it's a major, major worry for u.s. banks. charlie gasparino following all of that. what are you hearing? >> it's a major worry, neil. it's always a major worry. we should point out that the banks that i've been covering for too long to mention -- [laughter] get cyber attacked almost every day. it's the usual coterie of miscreants, people from russia or criminals from you should shah, criminals from iran or maybe the iranian government, criminals from china or the chinese government and maybe the russian government. it happens every day. what they're seeing now is

something for pernicious sources at the big banks, senior executives are telling us the attacks, they believe, are coming from russia. they're more than just usual stuff, the phishing tough to get personal if ids from people or somehow to disrupt the web sites of these big banks where people transact business. this is stuff that they believe is aimed exist ten,ly to take out the u.s. financial system, and it's been occurring in rapid fashion since vladimir putin ordered the invasion of ukraine. it's really ramping up now that the u.s. has imposed sanctions on russia that are designed to cripple the russian economy. and so the u.s. banks are being targeted. now, i don't know if it's going beyond banks. it could be beyond banks. we don't really know exactly who's doing thisment remember, in the past these russian hacker gangs that, you know, broke into jbs, the big meat producer or

colonial pipeline, they'd say it has nothing to do with us, but most people think it does have something to do with them. people at the u.s. banks believe this is being ordered by putin or at least his proxies, spy networks out there. the good news is banks spends billions of dollars on this stuff a year, billions. you know, estimates i've heard over the last ten years is something like $600 billion spent on cybersecurity for their systems. there have been no breaches yet. but this is where it gets interesting, neil. if this keeps going on, other industries are less, have spent less money. they are less prepared. and they are violate vital to our economic -- vital to our economic infrastructure. as we know what happened with the colonial pipeline and jbs, the big meat producer. so we don't know if the russians are going to break through on those areas. clearly, you know, we're not at

war shooting guns with russia right now, but there is a cyber war going on. they've launched the attack on us. i guess the real question, is our cia doing the same to them. speaking with the bank executives, they don't know. it's something no one's talking about. there is a cyber war going on right now. it involves at least the banks, and it probably involves other major u.s. industries that are vital to the infrastructure of our economy, neil. back to you. neil: thank you, charlie gasparino. to eddie ghabour right now, a very good read of these markets. and, dudleyty, as -- eddie, as you know, we're down across the board on equities. a lot of money going to gold, cryptocurrencies, a lot of money going to treasury notes and bonds. what do you make of it all? >> so, look, i think what's happening in russia and ukraine with their war going on has just made the fundamentals worse than what they were coming into this year. aye been doing this, this is my 24th year managing assets.

this is the most cautious i've been coming into a new year. we started taking risk off the table back in november because of our concerns with a slowing economy and a fed tightening into a slowdown which was the worst thing that could happen. and now with gas prices, oil, natural gas, i think we're going to have a huge miss on gdp versus where consensus is. and if the fed tightens into that, we could be in the early to mid earnings of this selloff. so unfortunately, the backdrop is extremely bearish, and i think any bounces are just going to be typical bear market bounces because the flight to safety is where the money is going to be going, in my opinion. and trying to be a hero here and pick a bottom and really increase risk right now, i just don't see the risk/reward worth i it for our clients. neil: what if the federal reserve looks at the landscape here and says, all right, we're still going to raise interest rates, but not maybe as much and not as many. how would the market digest

that? >> i think what you would get, neil, is you would get a typical bounce on that day because of the news being perceived as good news, but it doesn't solve the problem. the consumer is getting killed with inflation. so whether they raise rates or not, it's not going to solve the problem that's been caused with this printing press that's cause canned asset prices to inflate. the consumer is spending through their savings, and gdp is going to be continuing to go down whether they raise rates or not. so it's just delaying the inevitable. the fact that i think we could potentially be looking at a recession this time next year. neil: yikes. eddie, i hope you're wrong here. thank you -- >> i hope i am too. [laughter] neil: right. the key advisers group, the co-owner there, eddie ghabour. a couple of things we're following, again, this concern that vladimir putin isn't responding to my of the pressure he's getting to sort of cease and desist.

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40-mile-long russian tank convoy, how far away it is. trey yingst, what can you tell us? >> reporter: neil, good afternoon. we've seen some escalating violencing in other ukrainian cities. the second largest city here, kharkiv, taking who direct hits from cruise missiles today killing at least 6 people and injuring many more. this is the type of violence that people here in the capital of kyiv are extremely concerned about. we do know this russian convoy is head toward the ukrainian capital at this hour, according to maxar technologies, it's more than 40 miles long and includes

russian tanks, troops and signie intelligence is correct, president putin's forces intend to surround this capital city and ultimately try to overthrow the government. as sirens sound throughout the day, civilians do remain underground in many places fearing further bombardment by fighter jets. we were at the train state today in kyiv speaking to those citizens. a familiar scene in the ukrainian capital. lori says good-bye to his daughter and granddaughter. they're evacuating to the city of lviv near the polish border. >> translator: we have to leave our homes to make our children safe. it's not a joke. help. >> reporter: like thousands of ukrainian men, rory will stay and fight. >> translator: my family, my daughter and granddaughter are leaving. i'm staying in the territorial defense. >> reporter: people here are running out of time. there's a real understanding that russian forces could

surround the city in a matter of days. so the train station is a major evacuation point for people looking to go back. the city is extremely tense at this hour. forces have set up roadblocks using anything they can, concrete barriers, even pianos to stop the russian troops as they try to enter the city in the coming days. neil. neil: trey, thank you for that, very much, trey yingst. facing all this criticism and growing what seems like a world war, why would vladimir putin pen risk it? he's lost billions on paper, and his country now is dealing with a currency that's worth barely a penny on the dollar. everyone is losing money, everyone is kind of losing it period. so it begs the question, is vladimir putin losing it, period? if are these the actions of rational man who can see the implications of those actions? we thought we'd is ask a darn good doctor, dr. jeanette

nesheiwat. you recognize her. doctor, what do you look for in behavior where someone might be snapping or might just less normalcy, what do you look for? >> it's a challenge, neil. we look for deviation in the normal standard that we normally see with their behaviors. i've taken care of hundreds of patients with mental illness. one in five americans suffer from mental illness. we see, for example, borderline personality disorder, narcissistic, anti-social, paranoid, skid oiz personally disorders, so we look for that basic change from the baseline. but here when we look at vladimir putin, we're looking at a pathological personality disorder. he's expressing similarities to someone that may have cue bits syndrome, an acquired personality disorder. and we usual wily see that in those who have had high level leadership positions for prolonged periods of time.

president putin has been in power for nearly 20 years, since 2000, except for one term that he lost in 2008. and so we see he has this intoxication of power where he's lost touch with reality. he feels he can do no wrong with unfettered power. his behavior is erratic, his judgment is irrational and, unfortunately, we're seeing it. and the result of this, thousands of ukrainians injure ared, also russians injured, hundreds have been killed. yesterday we saw a 6-year-old girl who was killed by putin, by his actions. doctors and nurses desperately tried to resuscitate her: and on op of that -- neil: does that weigh on d doctor, when you see that kind of stuff and a normal person, all right, i've overflayed -- play my hand. but when he doubles down, and you're quite right, he's had this mercurial temperament since he came into office, former kgb agent, as we said, but he's not listening to his advisers, we're

told. and they were alarmed when he put his nuclear forces on alert. he's browbeating some of his highest officials at public venues, something he never did. what does that tell you? >> it makes me think of, number one, this self-imposed isolation that he's put himself into. that can result in cognitive breakdown, that can result in distorted perception, even hallucinations. and on top of that, if you add to the fact that we know many of his staffers have developed covid, the sputnik russian vaccine is not very effective. if he is suffering from any sort of long covid complications which i've seen like brain fog if, difficulty with concentration, confusion,age aation, delirium, all of this can occur. there's also been some reports that he may be suffering from parkinson's disease. we heard senator marco rubio mention this just in the past couple of days. that is where we see, again,

cognitive impair. even mild dementia and difficulty -- neil: i'm sorry, doctor, do you think covid could be playing -- a lot of people always see these pictures of him at long tablings. apparently he's obsessed about this covid thing -- >> oh, absolutely. neil: -- quite large distances. so this is sort of the way you meet with the guy, if you get a chance to meet with the guy. but we're told that everyone who has met with the guy, it seems to be like a surreal event. he's not taking any counsel, and he's just on his own here. how -- if you see that when you tell your patient where you're concerned about his or her mental well-being, you can talk to them. do you think anyone here talks to vladimir putin, or are they just scared for their lives? >> i think many people are noticing severe changes in his behavior mentally and even physically with his movement when he walks, when he swings his arms. but long covid complications or

even covid complications are quite common. 20-30% of people can have them. mild fatigue, shortness of breath to serious mental, psychiatric and actual physiological damage to the brain. covid can cause inflammation to the blood vessels to the brain, little holes in the blood vessels to the brain. it can result in clots, it can result in dementia, it can result in difficulty thinking and concentration. covid can affect any part of the body, literally, from head to toe. so there's so many components we have to be aware so the united states can be prepared for potential unpredictable actions by covid. covid can -- by putin. covid can cause psychiatric issues, it can cause depression, it can cause fear and paranoia, and these are all the things we need to look for to prepare ourselves. the only solution to the problems that we're seeing coming out of russia, out of vladimir putin is the removal of power. that is the only solution to

treating what we think he may be suffering from, hue hubert's skin dream -- syndrome. neil: easier said than done. doctor, that's fascinating. dr. jeanette nesheiwat, how you deal with anyone that might snap, but very, very different when he's in charge of a country that has a lot of nuclear weapons. we have a lot more after this including the dow at session lows right now. the worry is that this situation is getting worse but, again, markets turn very, very quickly. ♪ muck

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neil: all right, when it rains, it pours. the sanctions and punishments keep going up and up and up. directv now the latest entertainment powerhouse to drop russian programming from are its satellite field. netflix has also refused to

carry russian state-run channels in russia. sometimes that that's about the only way folks the can can get this stuff. and separately, as you know, facebook, tiktok banning russian state media you are their european feed. so, again, the isolation of russia continues. let's get the latest, though, on some developments closer to home including a big primary, first in the nation primary, going down in texas. and so, obviously, it's been pushed aside with all international attention, but some very big things on the table here in the lone starr state. that's where you'll find our grady trimble, in houston. hey, graidty. >> reporter: hey, neil. and with today's primary here in texas, election season is officially underway. we've been talking to voters about the issues that matter to them, and some of them are texas-specific, things like securing the southern border and hardening the power grid after those winter storms in 2021. but others are big national issues that will certainly play a role later this year in other

primaries and the midterms, and a big one is inflation. >> that's an issue that weighs heavily on me personally every time i go to the grocery store, every time i pay an electric bill. >> when you go to the grocery store every bit of a week, the prices keep going up and up. >> we welcome immigrants, but you have to do it the right way with the right process. that's why it's in place. >> reporter: in the governor's race, governor greg abbott and former congressman beto o'rourke are essentially looking past today's primary and focusing on the november election. they've been -- [inaudible] since at least last july. o'rourke has raised already more than $10 million, governor greg abbott raising double that, $20.3 million since july 1st. some other races to watch today, there are 38 congressional seats up for grabs in texas. two of those are new. district 28 will certainly be one to pay attention to because congressman henry cuellar faces

a progressive candidate, a rematch if gwen jessica cisneros who's backed by congresswoman aoc. cuellar, more moderate, and his district is -- includes part of laredo which is right on the border there. another race to watch, kevin brady is retiring, district 8, as well as the attorney general's race where the current a.g., ken paxton, he has former president trump's endorsement, neil, but he's likely going to faces a runoff because there are some other high profile candidates including louie gohmert and george p. bush who is currently the land commissioner here in texas. a lot to pay attention to here in texas that could give us a preview of what's to come for the rest of the country. neil? neil: got it. grady trimble. on that subject, the ceo of "forbes" media, steve forbes. without going on and on about it, just curious, a lot of republicans have to decide are we going to be the party of donald trump, are we going on the party of getting past donald

trump? a lot of the candidates come on both sides in texas. how to you see this sorting out for republicansesome. >> i think the candidates are going to say we want to look good to 2022 and 2024 and not have a referendum on whether or not they like donald trump. the foremanner trump will make -- former trump will make a decision after the midterm elections, and then that'll be an issue. unfortunately, ukraine is underscoring in a tragic way issues that have to be dealt with both domestically and internationally. neil: you know, you mentioned ukraine. of course, i had a doctor a short time ago, steve, saying it gets very dicey when, you know, someone is under great pressure. dr. nesheiwat concluded that vladimir putin's under great pressure. obviously, you don't have to have a medical degree to say that, but that he he has maybe jumped the shark, that he's losing it, that he's snapping.

that he's not listening to his aides, he's shorten-temperedded, that he obsesses of returning russia to the great day days of the soviet union, and he's leaving people at a loss. how do you deal with someone like that? >> you deal with them by reacting and trying to anticipate his actions and reacting to what he does. part of this may be almost disinformation on putin's part to say, oh, we'd better talk this guy seriously and make concessions in ukraine, or he might do something destructive like blow up the world. so is -- neil: that's the risk, right? that you all of a sudden are not having a common negotiation because the guy on the other side of the table -- >> no. but -- [inaudible conversations] >> but he's, yeah, he's always desired to restore the soviet union. he's made that clear years ago starting with what he did in georgia and then crimea and now today and what he's been doing in belarus. but the key thing is, is to -- you don't have to negotiate with

the guy, you just have to take actions that make it clear what he's doing is not going to work. and one of the things that's going face this government and other wen governments in the next few days is a huge humanitarian crisis coming up in ukraine. chechnya, when putin 20 years ago and there's no question about people thinking maybe he's lost his marbles, he reduced cities in chechnya, killed tens of thousands of people to subdue that rebellion, and it looks like he's ready to do the same thing in other cities in ukraine. what are we prepared to do about it? red cross and the planes to deal with this crisis? are we going to have to intervene screen militarily? neil: do you think he's going to be overthrown? >> well, that's the -- neil neie are waiting in long lines outside banks and they can only take out so much, they've seen a ruble that's now worth less than

a penny on the dollar. at what point do they say enough is enough? >> i think that's starting already, and that's one of critical things we have to do, is publy size and start seizing overtly the assets of those oligarchs to make it clear to the russian people. they're not the only ones suffering for this, the oligarchs are as well. and they don't share putin's desire to create the great russian empire. they're stealing money because they want to have fun. so i think keep the pressure on. putin may be overthrown not just with riots in the street, but by the inner sanctum saying west virginia got to put a stop to this because he's jeopardizing everything we have. neil: the difference with vladimir putin himself an oligarch is he has talk about hard weapons. >> and that's why i think even if hay felt he was really, truly off his rock, there's a chain of command. it's not as if he can press a button and go kaboom. i think you would see him

overthrown because they know the consequences would be dire, and they don't know how far it would go. and, again, those oligarchs want to have fun with their money, they don't want to be blown to smithereens because vladimir putin has this grand vision of whatever. they don't want to follow him off the cliff or go blow themselves up. so i think you're going to see an internal reaction before he can do something truly devastating to the world. neil: you think that's going to happen? >> i do. and, you know, everyone's talking about the eyes of march, julius seizer is play by shakespeare when caesar was assassinated. putin had better dust that off, becausethis thing -- i think if the west continues a strong reaction, i think people are going to say time to go. oh, he had a terrible stroke or something like that. neil: interesting. you sound like tony span mow right now, steve -- soprano right now. [laughter] >> no, we're fighting a tony soprano without the charm, a man

with nuclear weapons. that's the difference. [laughter] neil: very different. steve forbes, thank you very much. >> thank you. and you look well, neil. keep it up. neil: thank you, steve, very much. we have a lot more coming up. the dow in and out of session lows, down about 714 points. we'll have more after this. ♪ your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire ♪

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neil: all right. ahead of husband state of the union address tonight, the president is has always gone ahead and working with big western countries to release money from the strategic petroleum reserve, or promised to, 30 million barrels from this country, 30 million among the other international energy agency members. that, we're told, is going to be the extent to which he'll say he is addressing the runup in oil and gas prices and maybe to lessen that. jason furman joins us right now, former obama economic council chairman. jason, great to have you. what if people say that's not enough, mr. president? we need you to consider drops the federal gas tax or recommend states drop their gas tax or open up more energy production in this country?

how do you think that that goes down? >> president biden has -- [inaudible] a big job tonight. unlike a lot of presidents, he's standing up there at a time when the american people are very concerned about something, which is gasoline price, and like a lot of american presidents, he doesn't have some dial to dramatically bring those prices down. gas tax holiday, maybe until lower the price by 10 cents. also, by the way, oil companies would pocket a lot in extra profits. he just doesn't have much he can do -- [inaudible] neil: his response in leading this world series of actions against rush russia -- russia, you know, he's been eclipsed, obviously, by president zelenskyy. that's probably to be figured given what's going on there. but shouldn't the whole ukraine thing be the centerpiece of his remarks, that democrat as we know it and freedom as we know it is being waged in this globe

and i am the leader of that effort? >> look, certainlied today the main thing on my mind ukraine and what's going on with the people there. that's what's on many americans' minds. but americans also care about jobs, they also care about costs, they also care about investing in their children's future. and when you're president, you have to do all of those. when he was fighting -- neil: yeah. particularly -- you're right, in the state of the union address. but do you risk ping-ponging? there's a push here given his poll numbers, and i don't always buy this stuff, jason, because if we had the same sentiment with ron reagan at this time in his -- ronald reagan at this time in his presidency, he wouldn't have been. there's great pressure to counter this impression that he is beholden to progressives. what do you make of that? >> look, i spent ten years working in the white house, and as president you get pulled in different directions.

it's something that makes this group happy, ideally you have policy for all of it. the other thing is you work on more than one issue at a time. you don't just get into the office and spend 12 hours on one topic. you have staff that can help flesh all of that out. when lincoln was fighting the civil war, he was also, for example, building america's universities and financial system. neil: true. but his most famous speech was, what, about two and a half minutes. [laughter] i have a feeling this one won't be that short. but i'm wondering here, the underlying economy is strong and people forget that. now, of course, it could be tested by what's happening right now. how does he relate that to americans who disagree? >> he needs to say two things. one is we've had extraordinary job growth, we have an unemployment rate that is lower than almost anyone expected it would be right now. we've recovered much faster than

economies around the world and many of the other major advanced economies, but he also understands inflation is difficult for families. inflation is hard, and he's going to do something about it. now, the truth is the main thing he's done about inflation is nominate some excellent people to the federal reserve, and it's going to be their job to bring that inflation down. neil: all right. wish we had more time, jason. always good catching up with you. jason furman, former obama economic council chairman. we should point out that ronald reagan in that address to the country in 1982 state of the union did acknowledge the serious honest of -- seriousness of what was going on in the economy. he said he wasn't going to pivot. he believed in his programs. more after this. ♪ finish. ♪ . .

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catching a good opportunity... is all about timing. so, enroll today, before the moment slips away. take advantage now. neil: all right. taking a look at the corner of wall and broad the dow down better than 700 points. the concern what happens next with the 40-mile long russian con sigh making its way to kyiv. here is charles. >> thank you, neil. i'm charles payne this is "making money." headlines washing away of under current resolve. self-inflicted policies backfiring here in the united states right now your portfolio is in the hands of putin, biden and powell. crude oil spiking on news that was supposed to quell the market. why panic is the