david: markets surprisingly or perhaps not are up for their own reasons on the dow and the s&p. nasdaq is off a little bit. again it was positive earlier but it is off a full percentage point, a little less than that but pretty much down on the tech stocks but again dow jones and s&p are up. the markets have their own reasons, neil cavuto. neil: you know it varies on the day, the hour, even the minute, but you're so right, david, they follow a logic of their own, not that they're always prescient about things but in the moment, right? in the moment. david: you got it. neil: look where we stand right now. there is a little bit of excitement over the fact that oil prices are coming down here. for a while we were touching under $100 a barrel here. as we look at the industrials here, buoyed by a lot of that. we have crude oil 101.59, taking a look at the contract here. the fact of the matter is

though, a lot of this might be based on discuss the promise of ongoing talks between the russians and ukrainians because yields have been backing up. look at the 10-year now at 2.11%. it does seem to be stating the obvious that today's drop in some commodity prices is still taking as a given here, that we're going to have inflation and inflation around with us for a while. that is the given here. impact right now on some of the big players here, technology tends to take a disproportionate shot from that. apple of course with exposure to what is going on in china right now. and of course this main supplier foxconn shutting the shenzhen production amid this covid break out in china is quite serious, 51 million people are locked in their homes right now on orders from china. that weighed on all the major chinese markets in the hang seng index, rich in all the

technology shares. it doesn't help matters any that china and russia apparently have been talking to each other. will be talking to the chinese but the feeling seems to be they're caught up in what could be a potential tit-for-tat sanctions on them if it gets real or overboard because of their perceived help for russia. the fact right now we're hearing vladmir putin making overtures to the chinese. financials in an environment like this though, they love it, right? the interest backup, that sort of environment, you know obviously fattens their bottom line here but it is not across the board but for the most part financials are benefiting from this runup here as a lot of cyclical stocks you name it. keeping on top of all those developments, what is moving, what is not moving here, really going tick for tick what is happening on pete's talks right now. they concluded they will pick up the baton and continue looking at this tomorrow but at least they're talking but it is those

difficult messages from the talks amid ongoing pounding russian airstrikes that sort of puts that in perspective. mike tobin in lviv, ukraine, right now with the latest from there hey, mike. reporter: hi, there, neil. war has spread all across the nation of ukraine as the ukrainian army remarkably is keeping the russian army from encircling the capital city of kyiv, producing dramatic images. one dramatic image, an elderly man walking in the capital city of kyiv, a rocket flies past him into a civilian structure. appears to knock him off his feet. he gets up and keeps walking. terrible images from mariupol on the sea asmov that city has pounding from the russian artillery. they have opted for long-range

fire. they backed up, pounded the city with indiscriminate fire. taking heavy toll on the civilian population there. repeated attempts at a cease-fire for a humanitarian corridor out of mariupol have fallen apart. to the far west of the country, 10 miles from the polish border near the city of lviv, a hub for refugees, a military base took a barrage of russian missiles, killing 35. here is the reaction from lviv's mayor. mayor, what is your message to the western leaders who are so afraid about being dragged into a broader conflict? >> we expect decision about closed sky not after one month. we need a decision today but every one hour russian aggressor killed 100 civil people. women, children, old people. reporter: cease-fire talks which

thus far only produced cease-fire for humanitarian corridors which are fragile at best have been suspended. we are told to deal with some of the technical aspects of the language in the negotiations. neil? neil: all right, mike, thank you very much, mike tobin right now in lviv. let's go to ashley webster. he is in poland and that is where we came very, very close to russian airstrikes, of course a nato country, that could have escalated this beyond the beyond. ashley, what is the latest from there? reporter: that is interesting as mike tobin said, neil, that explosion from where i'm at, 11 miles from the ukrainian border, that explosion was 3miles 38 miles, way too close. people calling it a provocation not only to poland but nato as well. that increased somewhat the flood of refugees. if you see here when they get here really a humanitarian, a sea of humanity, a crossroads. people come here as you can see,

looking at maps deciding where they go next. they're provided with food, they're provided with water. they're given tickets if they're lucky enough to find places to go. bring in simon woodrow, found him, a volunteer from the uk. simon explain what is going on here, the mood of the refugees? >> the refugees are dying. they are dying inside. i traveled up from a place called krushenko. all they want to do is believe that someone will treat them like a human being. i gave one young girl a teddy bear. that is the best medicine for kids. her mom had to explain to her that i was not going to kill her. i was not going to shooter dead because i had given her something. from a combat veteran who has been and worked with the u.s. in bosnia, it is heartbreaking when you have to tell children that

they are safe, they are safe. we are moving people, i was based in krushenko. i moved a family up to here because they had a desperate transported need. tomorrow, next day, it will be up to a place, excuse my pronounce and then a place from the base that got the cruise missiles landing on it. reporter: we're running out of time. i just want to thank you for your work here. i know you got a lot of work here. >> thank you for telling the world what is going on, my friend. reporter: no worries. neil, very quickly to talk about the flood of refugees, we look at a map of europe, total number of refugees last count, 2.8 million. 72% of those are coming through

here in poland. they are coming here wide-eye'd and want to know what happens next. back to you. neil: just incredible. thank you very much, ashley webster in poland on all of that. let's go to go lydia hu right now because we're getting these reports that russia is looking to china on help not only economic support but military support. lydia, what is the latest on that? reporter: yeah, neil, there are growing concerns that china may throw russia a lifeline to help moscow. after the reports that russia asked china for military equipment and support since the invasion of ukraine. china for its part claims neutrality amid this conflict but some officials are saying it is unclear at this point what china will do but before the invasion of ukraine, the two countries, china and russia had been growing their financial ties. china has been increasing purchases of oil and coal and train from russia and the two

nations said just before the invasion, that partnership had quote, no limits. now that western nations imposed crushing sanctions china is sending mixed signals. on the one hand as we see mastercard and visa pull out of russia, china's union pay system became immediately available as a backup allowing russian banks to quickly integrate so russian people can access their money but on the other hand, neil, we see china refusing to tell aircraft parts to russia as boeing and airbus halted components after sanctions. energy is an opportunity for russia. it now has the motive and supply to expand oil distribution into china and there are also reports that beijing is considering buying stakes in russian energy companies as the two nations also have talks about building a second pipeline to connect them. >> the chinese -- [inaudible] holding a large chunk of the

russian economy, especially if they buy pieces of joint ventures with shell or bp with them, pick up huge amounts of stock in russian aluminum or russian gazprom, things like that. this is going to be a very different economic -- [inaudible] at least on the asian continent and -- reporter: neil, national security advisor jake sullivan is meeting with a top chinese official in rome today to warn against efforts to boost russia at this time. neil. neil: all right, lydia, thank you very much. lydia hu on all of this. wonder what claudia claudia rosett former bureau chief for "the wall street journal" think of what is going on here? claudia, do you believe the reports that russia is looking to china for military help, forget economic help, for military help? >> i would be very careful believing any report like that. it is quite possible but i think the dynamic here is that china is looking to leverage this any

way it can, what better to become the ringmaster, the broker in all of this. china loves that role. if that happens, don't trust it for a second. they have will not be brokering on our side. is this something china wants us to see that we actually see, russia wants? we don't know. what i can assure you is that whatever negotiation might be going on there it will not be to our favor. neil: you know, claudia, i wonder what china makes of all of this? whether xi xinping is surprised at the difficulties vladmir putin is having and might be a little embarrassed for him and by him and might want to keep his distance if for no other reason it looks like a debacle on the russians part? they might still take ukraine but it is looking very sloppy and it is backfiring on putin and maybe the guilt by association is enough for china to say you know what, we'll

stand back here, what do you think of that? >> well i can't read the mind of either putin or she but i look how they behave and i don't they have embarassment is in xi xinping's lexicon. genocide in xinjiang. both of these rulers you have to regard them having no conscience. we don't react the way we do to their own brutality. i would wager xi xinping is studying all of this to see how he can now play this to his advantage. what putin flushed into view, what is going on in ukraine is horrible but putin is gotten away before. he defer stated grows any around devastated aleppo. crimea. had a war simmering in eastern ukraine for years. so this is not over. we don't recently know. they both know the world tends to move on and forget.

inside china tianamen doesn't come up as a massacre that shocked the world in 1989. i think think i xi xinping is learning how can he use this to leverage it to his advantage? neil: part of me wonders, everyone seems motivated by their selfish interest, right? russia wants china help to keep pursuing your cause but a worldwide shout to patriots the world over want to see russia complete this mission but in china's case i wonder if it looks at the sanctions and the economic ruin that has been foisted on russia for its actions and it has a lot more at stake economically? it might not like the western world but it does business with the western world. so that alone might give china pause in itself trish. believe me, no altruism here but what do you make of it? >> well the problem that the u.s. is going to run into, i think china already well aware

of this. the limit, diminishing returns to sanction. at some point you can't sanction half the planet or you effectively sanctioned yourself. you cut yourself off from everybody else. china and russia have been trying to figure out together for some time how do they bypass the federal reserve the powell views with the dollar to sanction them? china is probably wary. they don't want bad sanctions put on but the fact we already put on these sanctions on russia, will make it harder to put them on china. then you have, you end up trying to enforce effectively sanctions for huge parts of the plan. and, i think they're also looking at russia as putin has a huge card to play, that is his oil and gas where it is desirable stuff. even if we won't buy it. and china wants it. i think they're looking for what arrangements work out and they both have to know that the history of sanctions is that

while they have an initial shock and can have an effect they tend to erode. people find ways around them. it's a dynamic process and do not forget we have a biden administration desperate for really bad deals. they want back into the iran deal. that is something where though will bargain away, the record shows they have done, this is how the obama-biden administration based with the previous iran nuclear deal. they will bargain away sanctions or stop enforcing them in hope of a deal. and i suspect that, i would be astonished if that were not being factored in by both russia and china as they try to figure out how do they ride this out, how do they turn it to advantage each in their own way against the common enemy, the democratic west, which ukraine wanted to join. neil: yeah. still does and still wants to keep that. claudia, thank you very, very

much. good seeing you again. the dow up about 160 points right now. it is oil the fascinating story today. it is slip-sliding away. briefly we got under $100 a barrel. last time i checked we were a little over $101 a barrel. the issue seems to be that it run up too far too fast. you never know with the fast descriptions what is going on. we know this week the federal reserve will join number of other western nations hiking interest rates for the first time since 2018. by the time they wrap up the two-day meeting, the federal funds rate, the overnite lending rate is expected to be up quarter point. the betting we'll see a quarter point rise every six weeks every time the federal open market committee meets. the only question is whether they stick to that script or they increase rates more or even so in between meetings? we just don't know but they're betting on it, interest rates over which the fed has no

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♪. neil: all right. well oil goes up and oil company stocks go up as well. oil goes down and today all the

oil companies, big energy concerns see their stock prices slide. it is sort of like a tandem rule of thumb. we see it every day when the products companies make go up, their stocks do well. when right now they have a tough time selling it at that price stocks go down. not too surprising, we're seeing reaction in oil. it is a up and down thing but do not cry for the oil guys. certainly a number of people on capitol hill are not, they are targeting them for special taxes on their profits. edward lawrence has more on that. edward. reporter: when oil prices are up, yes, those companies will make more money. now the white house here officially blaming everyone for the oil prices and this hodgepodge within that think blamed oil companies for increasing the prices. so democrats senator sheldon white house as well as representative ro khanna believe they have the solution for that. they introduced a bill that would tax oil companies a way to

bring down oil prices. if made law the oil companies would pay 50% tax on the difference between the crude oil price of today, and average of 2015 to 2019 levels. then the money would be turned around and given to americans making less than $150,000 a year in different payment amounts paved on salary. now the lawmakers believe this would incentivize companies to cap prices. in a statement senator whitehouse saying that we've seen this script before. we cannot allow fossil fuel industry once again collect massive windfall by taking advantage of an international crisis. critics don't agree the bill would have unintended effect what they say, in in fact, spokesperson for the american petroleum institute, extra costs of that bill would further discourage domestic production and lead to higher prices. senator marsha blackburn says the administration just needs to change its energy policy to fix the rule. she said instead of buying from people like opec, people like

venezuela or even iran should buy american. meantime the price of oil above $100 a barrel. it has basically been there since the first day of march. neil? neil: thank you very, very much for that, ed. alex epstein wrote a fascinating book on stepping back and writing the moral case, the moral case for fossil fuels. so it gets out of the whole political realm which i enjoy. alex, now the times almost necessitate that we turn to fossil fuels but your argument was long before -- could you explain, in a nutshell where you're coming from? >> sure. the basic idea is that low cost, reliable energy is essentially to what i call human flourishing. it enables us to use machines to make ourselves productive and prosperous and the world is desperately lacking energy. as one fact, 3 billion people use less electricity than a

typical american refrigerator. we need more energy, and low cost fuels are a scalable way to provide it. it is a moral imperative. we see when you ignore the moral imperative, you restrict domestic production you increase prices and decrease security. neil: so now we have this added drama, it is a lot more than just drama, this ukraine war some say should push this administration to push everybody exploring fossil fuel production again, not necessarily to the detriment of some green energy alternatives. what do you think of that? >> i think the basic policy needs to be energy freedom. the freedom to pursue fossil fuels, particularly the freedom to produce nuclear which is essentially criminalized. the price of nuclear has been artificially inflated by factor of 10 due to unnecessary

regulations. we need freedom for everything. solar and wind are unfairly privileged. on top of that we give them special subsidies. there has been this massive movement to restrict domestic production. biden is trying to pretend this doesn't happen, this isn't happening but he ran on, i will end fossil fuel. that was his main, one of his main campaign promises. so think about what that does to confidence which is the key to long-term energy production. you destroy the confidence of the industry you get less production. you can't just overturn that saying now for five minutes i'm in favor of oil because it is politically convenient. we need a fundamental rethinking of policy. neil: but we're not seeing that out of everybody you know? i might even wonder, you just committed to it in the immediate future and re-established contract that were already given, resume the keystone pipeline. it is quite clear oil wouldn't have been coming for that for a

while but it would be coming, future supply that would be coming. what do you make of that argument? >> first of all keystone would already be providing oil had we not been holding it up for 10 years. it is important the obama administration. the obama ran on i will end the tyranny of oil. the own reason fracking happened he wasn't aware of. he was too focused on other things. had he been aware of it he would have banned it as well. these past efforts harmed us today. what you need is a long-term commitment. notice cop26, u.s. saying we'll rapidly eliminate the production and use of fossil fuels. that is totally incompatable. we'll leave all forms of energy free, the way we deal with co2 emissions through innovation and liberation, including decriminalizing nuclear. at website, energy talking points.com. i have all the policies laid out. that is the path forward, liberation, not elimination. neil: real quickly, alex, when

someone presents the argument, of these fossil fuels, they're dirty not good for the environment even though our natural gas is among the cleanest on earth, as an energy source is among the cleanest available, what do you tell them? >> well, so standard pollution is going down and down. the main concern is co2. the thing, co2 is a warming gas, also a fertilizing gas. it has a modest warming impact. the main impact fossil fuels climatewise, they make us safer from climate. they give us amazing machines and infrastructure to make us safe. number one stat about fossil fuels and climate, climate related disaster deaths in the last 100 years fallen by a rate of 98%. no one disputed this statistic. i debated andrew on joe rogan, nobody ever debated the statistic. it shows we're mastering climate. there is climate change but there is no climate crisis whatsoever. neil: very interesting.

alex epstein, the moral case for fossil fuels. he was putting this together long bevelments in the ukraine. just stepping back, take the politics out of it, make the moral case that we have to have it. very interesting way to look at things, without any heat on both sides. meantime right now, a little less heat buying enthusiasm for markets. had been up about 400. in the dow we halved that. we're learning that apple supplier foxconn is in talks with a nine million dollar factory in saudi arabia. on the heels of news out of china foxconn is now stopping its production amid a covid lockdown in the country. right now china has better than 51 million individuals under lockdown because of a spike, a serious spike in covid cases. already they're looking for production alternatives to

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♪. neil: all right, well russia might not like the idea that some western nations are providing military and economic relief wherever they can find it for the ukrainians. they even said that the mere declaration of military support would be kind of akin to declaring war on russia itself. griff: on how the pentagon is deal withing pentagon -- jennifer griffin. eight continues and support continues, didn't it, jennifer. reporter: over the weekend the president authorized $250 million of security assistance to ukraine and the pentagon is working on supplying that as we speak. we learned more about the missile strike of the base near

the polish border. this was an air launched cruise missile strike from russian airspace, not from russian warships from the brac sea as reported over weekend. the base was targeted near the poland border, 12 miles from polish border was not a transition point for nato weapons. that from a senior defense official who spoke to reporters. white house says yesterday's missile strike near the border with poland will motivate them to accelerate shipments of weapons to the ukrainians. congress passed a $13.86 billion package for ukraine last thursday. here is national security advisor jake sullivan yesterday. >> we believe we will continue to be able to flow substantial amounts of military assistance and weapons to the front lines. of course these convoys are going through a war zone so to describe them as safe wouldn't be quite accurate but we believe we have methods and systems in place to continue to support the

ukrainians. reporter: despite a kremlin spokesman says russia's military operation is on time and planned russians are facing resistance ukrainian as they occupy two you anian cities to the south. protesters took place in kherson and melitopol. they waved you ukrainian flag m medical melitopol said release the mayor. the mayor was out spoken against the invasion, speaking out on social media. he was taken away by russian forbes. they were essentially kidnapped him on friday. ivan fed love, the mayor remains missing. second mayor disappeared replaced by a russian puppet,

who the ukrainian people are bravely rejecting. over the weekend in capital of kyiv, president zelenskyy visited a hospital who kept russian forces out of the capital for 19 days. he gave out medals for bravery for courageous actions. too many to count. president zelenskyy will address a joint session of congress on wednesday, 9:00 a.m. eastern. neil? neil: thank you. we have a ukrainian congress committee of america spokesperson. thank you for joining us. the issue of how much military support is needed always comes back to ukrainians you know, desperate move to get more air support beyond even what poland was talking about. do you know in your gut or have you got a sense that something like that is still forthcoming? it doesn't look like it but i

know ukrainians still cling to that possibility. >> i think they are cling in your words to that possibility because every week we seem to be doing things that last week were not a possibility, right? we started this before the war saying that absolutely no sanctions will be put on certain people. they have been sanctioned. absolutely not will we touch nord stream 2, that has been sanctioned. we're ranch ratcheting up the ts prior to the invasion we wouldn't do. the reason is kind of images we're seeing that civilian areas are being targeted or the maternity ward, childrens canner wards, these are places that should not ever be involved as a military strike position, or even those nuclear sites. i mean clearly russia is crossing a line and the west needs to start dealing with how much they're comfortable with. the further we go the less comfortable they seem to be getting. neil: you know, how do you feel about the fact that we, i can

understand this, but we're gauging everything based on what we think vladmir putin's reaction will be? he doesn't seem to give a lick about what our reaction will be? >> i feel that everything he has done to try to get a reaction out of us. remember how this war started. the united nations security council had a meeting that his country was chairing. he released a prerecorded video and started doing strikes against ukrainian position during that meeting. same thing with the missile strike jennifer was talking about. against the training center which was staffed by american national guardsmen for eight years now. so this is a particular thumb in the eye of what is happening. not the least of which even the fact that he is considering and had the belarus people with a fake referendum saying they're ready to have nuclear weapons back on their territory, thumbing the nose at the nuclear non-proliferation treaty. everything in his mind, how he is acting is thumbing his nose

at every international agreement come to this point to say to the rest of the world none of these agreements mean anything to me, nor should they to any of our allies. neil: yeah. that does seem to be the way you know plays it. thank you very, very much. in the meantime other news to report to you besides just what is happening in ukraine and market reaction what is happening with oil favorable right now as oil prices decline but tom brady, remember that retirement announcement? well, he just changed his mind. ♪. it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart.

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alright, so...cordless headphones, you can watch movies through your phone? and y'all got electric cars? yeah. the future is crunk! (laughs) anything else you wanna know? is the hype too much? am i ready? i can't tell you everything. but if you want to make history, you gotta call your own shots. we going to the league! ♪. neil: he is back, tom brady unretiring after mentioning weeks ago he was hanging up his cleats. apparently that is not the case but i have to give veteran broadcaster jim gray credit.

he had his doubts, stated them as much weeks ago that the quarterback would have trouble staying retired. turns out you were exactly right with that. you know him well. did a podcast, written a book with him, you know the guy very well. what was it in the your discussions you had him early on he might be saying this but his heart is not in it? >> well i think at the end of any season, neil, particularly somebody played for 22 seasons, you're taking a pounding, you're 44 years old. you're emotional. you are beaten up. it didn't go the way he wanted to. you were going to super bowl and lost to the rams. weighs a few plays from attempting that again. when he added it all, it kind of felt it was end of line. he had time to think about it, took a step back, i am still the best at it in every statistical

category. he basically led the league for a quarterback. why not. he is physically fit and he changed his mind. neil: sometimes these, you know, unretirements can backfire on you. muhammad ali going back in the ring again and again. larry holmes and michael jordan. it doesn't always work out the way they planned. how do you think this will go? >> well michael jordan came back and won three championships that went pretty well. neil: you're right. >> muhammad ali won two more titles. that went pretty well. you can point anywhere you want to point but take those two greats -- neil: jim, you get to be repetitive retirement. you keep going back and going back. i don't think the fans mind. where do you see all of this going for brady? >> well, he still can physically do it and he stated he always wanted to play until he was 45 years old.

he has the tb 12 method, fly ability. fortunately for him he hasn't had serious injures since 2008 when i had his knee blown out with the new england patriots. the rules now are that the quarterbacks are well-protected. i see where he is going with that. don't think he wants to sit up there in september, you know what, i can still do this, why am i watching? i'm as good as these guys. he is doing what he has loved for 30 years and still very good at it. i don't think you can come back two years from now, three years from now, because of his age. if he will do it this is the time to do it. neil: had he beadedden the rams and moved on to maybe to win the super bowl would this retirement issue ever come up? or was it the immediate aftermath of that loss that hit him at that moment and said, ah, the hell with it?

>> i think probably that loss and it hit him and you know, it wasn't an easy year. there was just a lot of things going on. it is very difficult to repeat in the national football league, very difficult to repeat in any sport. nobody has done it with all these teams since the new england patriots, 2003 and 2004. then it is very hard and all the factors injuries piled up on tampa bay all season long. they didn't have the entire team for the whole season. antonio brown takes his shirt off and leaves there is a lot of factors with this. he took a step back. spent time with his family. support of his family, love he needs, you know what? this is what i wanted to do. we didn't really ask michelangelo or ray charles or barbra streisand, quit singing, quit painting you're too old. i don't know what the big deal is. he wants to play football.

he had a change of heart and he is great at it still. i think we all should enjoy it. let's take it in while we can. he is still great to watch. fans in 30 says basically dislike this guy because he has beaten the hell out of him for years. unless you're in tampa or new england everybody wants to see him go. in terms of his life, he should do what he wants to do. he is still great at it. so here we go again. neil: i tell people the same thing. you're getting kind of old, cavuto. let me be the judge of that. look at jim gray. he is still on fire. >> you can't talk about the stock market anymore. what do you know, come on? why would you come on tell people about financial stuff? you've been doing it so great for so long i think you should stop. neil: absolutely, absolutely. jim you're the best. >> you've been too great for too long. quit doing it, neil. neil: there you go, keep feeding my ego. jim gray is the best. he was on to this before anyone

was. dow is up 140 points. we're getting a little bit more information from china what is going on after this.

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♪. reporter: welcome back to cavuto "coast to coast." i'm jackie deangelis. china facing the worst covid

outbreak since 2020. that was the time we considered the height of the pandemic for us here in the united states. the outbreak forced shenzhen, which is a manufacturing center for china, to suspend business production. the government has suggested the companies there get their employees working remotely. working remotely is fine for the office work and the paper pushing but the actual manufacturing cannot be done at home. this is impacting companies like foxconn which is a key apple supplier. the case numbers are still relatively small, roughly 400 since late february in shenzhen but china is trying the zero covid strategy. they don't want to see the 400 balloon into many more. in shanghai, a business and financial center in china, the schools have been closed. remote learning has been triggered. shanghai residents are being told they should leave the city, pardon me, they should not leave the city. they have more than 600 cases there since late february. hong kong across from shen shen saw an outbreak of the omicron

variant recently. it is believed that omicron has gone over to the mainland this is all happening as we are loosening mask restrictions and our vaccine mandates here at home because our numbers have dropped significantly but the pfizer ceo, now coming out with this recommendation of a fourth shot, if you got the pfizer or. moderator: moderna shots, those are two additional booster shots. of course some americans have been resisting while roughly the 2/3 of the population has been vaccinated. only half of those who were eligible for the booster have gottent third shot. they may be hard-pressed to take orders on a fourth one. neil: to put it mildly, jackie, thank you very, very much. let's go to right now with the national association of wheat growers. i'm glad i have you today, because people have forgotten you put the focus on what is happening with oil and metals all of that. wheat has just been soaring. in fact the speed of that increase is faster than all of

those. so i'm wondering for wheat growers, and you're the ceo of that national association of wheat growers, it's a double-edged sword, isn't it? >> it most definitely is. you know, when we've got the world's largest exporter of russia and then ukraine, the fifth world's largest exporter, basically you've got in jeopardy here a third of the world's wheat production. since beginning of conflict within three weeks we've seen our markets limit up and then limit down the next day and limit up for three days and they have already started to decline again this week. that volatility brings a lot of uncertainty for the farmers which makes it very difficult to do the business plans for the upcoming farming year and makes farming and overall planning very difficult. neil: sounds like a crisis. i don't want to overstate it. not that there is shortage of wheat. there is shortage of available markets for the wheat, right?

where do you see this going? >> that i think really is going to depend how long, how big this conflict continues to get but you're right, we do have enough world stock of wheat out there from end of last year to keep up with supply, but the big question is really going to come down to especially for our u.s. wheat growers, the cost of production continues to skyrocket, fuel continues to skyrocket. input costs continue to skyrocket. what is important for the consumer to know when you're food prices are increasing which we're globally at highest food prices we've ever seen, when you pay roughly four dollars for a loaf of bread, only 17 cents goes back to wheat grower in the united states. when you pay 4.99, 12 cents goes to the wheat grower. amount of money i was going up but the amount of money going back to the wheat farmer is not increasing. next could be a difficult

financial year for our wheat growers if this conflict continues and spreads. neil: irony, with price so high, they should enjoy it. that is not happening. chandler, keep us posted. following closely what happens with wheat. you see it at the stores as well. the price of everything, with everything in it like wheat, soaring, continuing unabated. after this. ♪. you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. ... riteria. visit indeed.com/hire and get started today. stuff. we love stuff. and there's some really great stuff out there. but i doubt that any of us will look back on our lives and think, "i wish i'd bought an even thinner tv,

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neil: all right, all is well not ending well i'm not talking about the markets today, but the repercussions of higher gas prices, even though gas and oil today is slipping just a little bit, still at multi-year highs. we've got you covered with madison alworth following how drivers are now changing their habits because of all of this. grady trimble in chicago on the sudden interest in electric vehicles, costly they are, they could be a money saver if prices stay high and dan springer in seattle on oil producing states that are likely to collect a lot of, well a lot of money thanks to these higher gas prices, and the taxes that go with them. let's go to madison alworth first on how drivers are changing how they drive. madison? reporter: neil, drivers have to make that change because of these high prices. our national average today sits at $4.32, the highest we have ever seen, triple a finding six

out of every 10 drivers have to adjust their driving because of that high cost, and the drivers that i've spoken to here at this gas station are saying the same thing and it makes sense because not only are we dealing with these higher gas prices, but we're dealing with a 40 year record high inflation of 7.9%, and at that rate only 18% of americans say that their wages have kept up with the increased cost of living. the people i've spoken to are struggling and are trying to make changes to keep up. >> [inaudible] >> i've been thinking and considering not driving into work and taking the bus which is a difficult decision given covid. reporter: yeah, so that first person that you heard from, might have been a little hard to hear, his landlord raised his rent last month and he's running out of money because it's being

hit in every which way but some states are trying to help considering a state gas tax pause, or a push for a pause on the federal gas tax, but of course, if that happens, it's only a temporary solution and could also have an impact on state and federal budgets so we have to see if that even is going to happen. right now it's all just being considered. here is the thing though, neil. even if you don't drive you're going to have an impact from these higher gas prices, jet fuel that's up and also uber, they are adding a fee on to all of their rides and uber eats orders to help the drivers with higher gas prices anywhere from 35 cents to 55 cents all adding up to a much more expensive budget for americans and as you hear, they are just struggling to try and keep up with that. neil? neil: yeah, so moving target to your point, madison thank you very much, in east rutherford, new jersey, grady trimble now in chicago. not surprisingly, interest in electric vehicles has been ris ing, right along with the higher gas prices, grady what are you seeing?

reporter: well, neil the folks at cars.com say this is a normal trend, right? gas prices go up, so does interest in more fuel efficient vehicles. the difference this time around though is the scarcity of new vehicles in general, and the fact that we're talking about electric vehicles because so many of them are coming on to the market right now. in fact, cars.com says searches jumped 112% in one week for electric vehicles, as prices skyrocketed, the automakers can't make ev's fast enough, slowed down in part by the chip shortage. some of them, like ford, have paused new reservations for the f-150 lightning, the marvel cinematic rick hybrid pickup and some mach-e model. electric vehicle could save you money overtime, especially if gas prices are high but on top of the lack of availability of vehicles, there's also the fact that the average sale price for ev's according to edmonds, is about $15,000 higher than the

overall market. >> what really does kind of favor people of means when we're talking about electric cars, unfortunately. it is not a car for the masses at this point. anyone whose just thinking i just need a more efficient vehicle, it's like get in line, buddy, and get ready to pay, because there are already people that have been thinking about this and waiting for it. reporter: just about any electric vehicle is going to be hard to come by right now, but here is a look at the models that you might be able to get your hands-on because they are most available. relative term there, the chevy bolt, both versions, the euv and the ev, the ford mustang mach-e is on the list so is the kira nero and the vw id -4. neil i'll wrap up, even in the short-term you might not be able to find an electric vehicles, long term the folks at cars.com say this could change

buying habits, especially if prices go even higher and they stay high for a long period of time. people might remember the pain that they are going through right now and the next time they go buy a car, it just might be an electric vehicles, even if it's not right now. neil: yeah, and to your point, has to stay at this level for a while and could still go higher and then they might lose patience, after losing money thank you very good, grady trimble at that. dan springer now in seattle. you know, if you're an oil- producing state right now , you're making money hand- over-fist because all those higher prices are leading to a lot higher tax revenues. what's going on here, dan? reporter: yeah, neil. i know people don't want to hear this , as they are paying 5.39 a gallon like the people at this shell station behind me here in seattle, but with prices this high, there are winners including the states that produce all this very expensive oil. now, alaskans are used to paying a premium for their energy, but the thing is softened every year when they open their permanent

fund dividend checks with oil prices low the last few years and production on a long slow decline, those payments to every alaskan got down to about $900, but this year, they will be 2,500 as the state could rake in $6 billion in oil taxes this year alone. >> about what it does for the state coffers, but definitely, more concerned about what it does for our citizens. reporter: alaska gets 75% of all its tax revenue from oil, even as its dropped to the fifth biggest producer in country texas is number one, but it's economy is much more diverse, north dakota and new mexico are also very dependent on oil taxes in north dakota, where whole cities popped up around the bakken shale basin a decade ago, residents get a tax credit every year thanks to taxes paid by the oil companies. that credit is about to go up. if oil averages $100 a barrel

that state tax will double to $3.4 billion equal to all the taxes they collect now, but some are voicing caution, because every boom is followed by a bust. >> after the oil is gone, and it will run out from all the places that you go, and then you'll have land that you have to reclaim. reporter: and of course, there is a big push for these oil producing states to crank out even more oil. that does take time though, neil , as you know but even if production doesn't go up with these prices this high, these states are raking in the money. neil? neil: incredible, dan springer, thank you for that, i think, dan , i think. all right in the meantime, the inflation is on, even with some of these energy prices slip ping today, and that has helped the dow a tiny bit, the prices aren't slipping as much and the dow isn't up as much, that inverse relationship continues, but one thing that is notable here is that we are dealing with price

pressures that are being felt and the federal reserve is poised to address wednesday, we are expecting the first interest rate hike on the part of the federal reserve since 2018. what are the implications of that and especially talk that it's just the start, it won't be the end of this process. jonathan hoenig with us, carol roth with us. carol what are you looking at? the consensus seems to be building around a quarter point cut on wednesday, and a quarter point cut at every fed meeting every six weeks so the remainder of the year. are you in that camp, more or less? >> [laughter] no. so i agree with the 25 basis points, i think it is a bit of window dressing, neil, if you look at we had the 7.9% cpi yet the fed was still in the market purchasing assets up until a couple of days ago, so i think this is the "they need to maintain credibility and do something" but given the fact that we're seeing yield curve

flatten, seeing a lot of people project lower growth, i think that maybe we get like two or three this year. i think that six or seven given the implications for interest payments on the national debt and everything else we have going on, i just think that that's too high. neil: but let me stop you there because i just want to explain when carol referred to the yield curve it's the gap between short-term and longer term rates using the two year and 10 year, its been narrowing but if it ever reverses that's a gimme for the slow down or worse a recession so jonathan go ahead. >> neil auto have to laugh when carol says the federal reserve's credibility central planning is always wrong, especially about interest rates. i mean, the fed controls the shortened of the curve but interest rates have been going up four months, and if the field on the five year has gone up from about seven-tenths of 1% to 2% in a year and a half that's meant huge losses for people who

have invested in supposedly safe bonds. i mean, a 10 year bond fund neil this year is down about, down about 12%. that's even worse than the s&p which is only down 4%, so people have been holding bonds have already had big losses despite the fact that the fed is just now raising rates. neil: all right, so carol, where do we go from here? assuming the fed does rethink what you said is a consensus argument here, because doesn't want to go too far. i think it's still in the back of its mind and i'm talking about jerome powell, this won't last forever the idea that it's short-term has already been disproven but they don't want to over do it. they fear if they overhike, then it's going to be a disaster. so what's guiding them right now >> unfortunately, i think, politics are guiding them right now and i think that jonathan, per usual, is exactly right. they tried to thread this needle as if they know exactly what

they're doing and they have gotten pretty much everything wrong along the way, so the likelihood if we just go based on past experience, that they are going to get this wrong , i think it's pretty high, but as i said i think that looming issue of the amount of interest that we are going to have to pay on our national debt as interest rates keep rising really is that politicization of the fed, and the fact that we have an administration that wants to keep spending and we certainly don't have a lot of investors who are interested in financing that around the world so unfortunately the fed has become , they aren't independent, they are a political animal and i think that is driving them as much as , actually much more than their mandate, and unfortunately, we all pay the price, both figuratively and literally. neil: you know, jonathan, what worries me though, and i can remember a day where again, paul volcker didn't really care about what the markets thought. he came in, jimmy carter appointed him right before jimmy carter was forced out because he

did appoint the guy, but my point being that he didn't really give anything about how the markets were reacting and they were volatile to put it mildly and now we have a fed that's predisposed to watching every tick. i don't know whether that's a good or bad thing. what do you think? >> i think it's a good thing actually, neil. they used to talk about the so-called bond vigilant see, rates were going up and back then the term they used was " behind the curve" was late. i think it's the same thing once generates have been going up but you mentioned, neil, something in a sense that for everyday investors and americans it's even more important is that flat yield curve, that's always, no indicator is perfect, but that flat yield curve is almost always been an indicator that a recession is to come, and it's quite flat now, not inverted but quite flat which is a pretty good indication, one reason goldman upped their chances of a recession to 35%, i think it's even higher than that. neil: all right, guys i want to thank you, carol, by the way mentioned that flattening yield

curve, happily take the credit though, but guys we'll get you back a little later again. where we go from here in the volatility of the market seems to be ukraine focused eventually it will come a time where it won't be but then what, where will we be at that point? stay with us. every business is on a journey. and along the ride, you'll find many challenges. ♪ your dell technologies advisor can help you find the right tech solutions. so you can stop at nothing for your customers. ♪ ♪

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neil: you know, interest rates back off and tech stocks for some incredible reason always take it on the chin. that anomaly continues today, right now, even though you could make the argument that some of these players, including the microsoft and the old facebook name, meta, apple and amazon and alphabet are very very strong in their own right, but the fear seems to be that investors sort of move away from these riskier tech names, in the face of higher rates. it is held for the most part even though there's not a lot of justification for it, but those technology stocks are down as our own charlie brady has put it our stocks editor here for the nasdaq, that is looking like the lowest close since 202m here and we're watching it for you. in the meantime watching what's going on half a world away in ukraine because you think about this , the catalyst for all of this is that war and the effect

its having on sanctions and the rest not only hurt russia but hurt everybody else as inflation begins to run amuck here. russia's not showing any signs of slowing down here, it's getting more brutal even in the face of so-called peace talks that quickly produce nothing and the air raids continue. jeff paul in warwaw, poland looking at the fallout from a neighboring nato country. jeff? reporter: yeah, neil. new figures from the government here in poland show about 1.9 # million people from ukraine have crossed into poland and many of them coming right here to warsaw specifically the central train station and right behind me this whole area full of people presumably in part from ukraine, and getting the help that they need right now from a mostly volunteer staffed crew. folks out here, many of them using their own vacation time just to help their neighbor to the east, you know, whether it's finding shelter, getting a job,

finding somewhere to live, traveling to another city, or just a hot meal they are out in big numbers volunteers trying to help their neighbors. one of the volunteers we spoke with says he's been out here for 10 straight days and another one we spoke to whose a father says he hasn't seen his kids much over the past two weeks because he's so compelled to be here and help the ukrainians through this crisis. >> i sit in my chair at work for too long, because i was just following the situation in ukraine, and knowing that there are refugees coming needing help , i just couldn't do this anymore. i couldn't be so static. i had to get active. >> we are fighting for our values and vying for our values so i feel compelled and obliged as a human being, as a person, as a neighbor of ukraine to react to that, to help them to the best of my abilities. reporter: now beyond just the

proximity closeness to ukraine and the fact they share a pretty large border many people in poland say there's also historical reference to why so many people feel compelled to help ukrainians right now during this time of crisis. they remember what their grandparents went through during world war ii being attacked on all sides whether it was the germans or the soviets so they feel like in this case, they have an open door, they can let them in and help them right now, but they don't know how much longer they can last with a volunteer workforce out here, because the numbers of people continue to come in, as this war continues. neil? neil: jeff paul, thank you for that update my friend, appreciate it. want to go to my friend wally fe rris, the former foreign policy advisor to president trump. we're closely monitoring these talks, if you want to call it that, between ourselves and china. of course china has been asked by russia to provide military support beyond economic support.

do you think china would do that , in this environment, right now? >> that's the best question of the day, neil, because china has all the components of mystery. on the one hand, the chinese want to continue to support russia. maybe not as publicly as possible, they are going to continue and something very important, they aren't going to apply the sanctions. they said so, but on the other hand, they are going to continue to tell the west, the united states, that they are and be willing to play the role of a mediator between russia and the west, and that's a provision that no one else has. we know that israel, turkey have been trying but china has more weight so china is going to tell washington, look, i am supplying russia but i can play another role if you want me to and therefore, beijing will become a very important international place of negotiations. neil: you know, you still have to wonder, walid, about china, assessing what's been going on

with russia, maybe embarrassed by the problems vladimir putin has had. maybe stung, thinking by the grace of god, if the sanctions came to us for helping russia, that that might give them pause. in other words their own economic interest might tell them to cool it. >> yes, i agree with you, on the long run. if this is not resolved if the conflicts in ukraine is not resolved on the long run we're talking months from now, definitely we're going to see two systems and any nation will have to choose with which system they are going to be working with. i mean, china has so much in terms of financial interest in africa and latin america but also with the west, with the united states they have our debt, a lot of cash, so yes that would play, but in the next few weeks, and months, if china can convince the west that they can talk to the russians and maybe deep down they think this was not a very successful operation, that we will see , but the bet

right now is to position themselves in the middle and if it doesn't work then they will evaluate. neil: walid, do you think xi-jinping, chinese president, is embarrassed by vladimir putin ? it's genuinely almost a shame of what putin is doing, no matter their military power and their own right, there's no shrinking violence when it comes to that, with all of this , but that they are actually quite frankly appalled. >> they are at least saying or stating that this was a miss calculation, because they are doing their projections financially, russia has what, two or three months of being able to fund these offenses and already moscow is asking beijing for some help and soon enough they may ask them for cash funds , so china knows that there is something not working 100%. that's why i go back to my

previous point. if despite the fact that they do not evaluate russian action as good enough, they can stop this confrontation and regroup and i'll explain why in my view. because china can see the miss calculation on the ground and see if russia fails, then they could understand what will happen to them. i mean, they can see what these sanctions can do, withdraw in western international financial support is a problem for them. neil: walid, thank you very very much always learn talking to you a lot, walid phares, the former advisor to president trump. in the meantime here, we are following technology stocks and my producer was concerning netflix, the stock is now essentially lost its gains from the pandemic. remember it was a pandemic play? much like zoom and some of these others. right now the streaming services shares are off more than 2%. that's a new 52-week low putting it in perspective, it's down more than 50% from a 52 week

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neil: all right, we are getting reports right now according to several u.s. officials that russia has indeed asked china for military equipment. moscow and beijing have of course both denied this , but jake sullivan the national security advisor has met with china's top diplomat in rome, warned beijing that if it provided such aid it would face consequences, especially if it's trying to find aid that would evade sanctions already in place again, we don't know much more than that, but the feelers were out to china from moscow to see if it could help economic

ally but again, not everyone is buying that, so there's a lot of back and forth on that. the warning from the u.s. is pretty much you even think of doing that, china, then sanctions could have a way of spreading to you as well. we'll keep on top of that. what we do know is it's kind of whip sawing the markets, whipsaw ing certainly even cryptocurrencies which are having a tougher day of it. lately they have been stabiliz ing and then shall cabbiesed on concern here that maybe a haven like this isn't the desired one. let's get the read from brock pierce, the bitcoin chairman and 2020 presidential candidate. brock, good to have you. what do you make first off, of what's been happening and with the war and its effect on cryptocurrencies? i noticed cryptocurrencies are no less vol a volatile than stocks responding to the ebb and flow of information. how do you see it? >> well, they are clearly still

correlated. i think most of us anticipate that disconnect and it becoming a non-correlated asset class which i think will be great for cryptocurrency but clearly there's still a correlation. what i can tell you is someone that's been very involved in this humanitarian crisis related to the war, charitable organizations that wanted to make donations or provide aid on the ground in the ukraine specifically buses to help refugees get out of the country, on the ground in the ukraine, they will only accept cryptocurrency for payment and so i've been facilitating transactions, helping and so cryptos playing a very fundamental role in the ukraine, because traditional financial services aren't functioning. its becoming a primary form of payment, everyone in the ukraine that has had or held cryptocurrency is feeling very good about that. i think the russians probably as well, and so it's clearly very important but we're not

really seeing it reflected in the price is the short answer. neil: it's a dumb question, brock, but it's benefiting the good guys and the good work you're doing to help out average ukrainians, you know, deal with this in the face of sanctions that get them caught up as well, but it's also the province of all these oligarchs who find ways around sanctions and ways around financial limits. that's already prompted talk of some oversight in this country, that it's called for , how do you feel about all of that? >> well, i mean, i think it's always good to have conversation s, right? and let's actually look at things and understand how real the problem is. it doesn't appear that cryptocurrency is currently being used in any meaningful way as a way to get around sanctions, may that be something of concern moreso in the future and should we talk about it? of course, sure, let's talk about it and see how real the

issue is, and then also take a step back and understand what are our objectives certainly as a nation. i spend a lot of time traveling around the world talking to world leaders, heads of central banks, legislators, regulators both abroad and domestically, because i think this is a very important subject. we're living through the fourth industrial revolution and these new financial rails are emerging , they're very real, over 40 million americans have cryptocurrency, collectively as a community and as a new industry we've got a couple trillion dollars. this is very important and i think that the cities, the states and the countries at the end of this century and like what they look like is somewhat going to be determined by the success they have in this space. i think the most notable thing is we talk about the u.s. digital dollar and stablecoins. the u.s. dollar has 97% market share in the cryptocurrency industry in terms of converting

crypto to government-issued currency. america is winning. america is winning and i hope our legislators are very informed. actually i was quite happy with the white house's executive order in recognizing how important this is and making sure that wise decisions are made and it wasn't rash. i think that the market obviously responded positively to that but america is winning. we've got 97% market share in dollar-based, i mean digital cryptos that are fiat-based. also in mining. china had almost 75% market share. america now is number one in the world. we are winning in this space and thanks to the leadership of the new mayor of new york city like eric adams, the leadership of the mayor of miami mayor suarez and states like wyoming and more recently the governor of colorado. america is on a good path to stay the capitol of innovation certainly in this sort of big shift of new monetary rails. neil: well some of those mayors

you alluded to have dialed that back a little bit, with disappointing returns here but you're right. it is spreading, so we'll see how that goes, but thank you very very much, brock pierce, the bitcoin foundation chairman, all the major cryptocurrencies down today, but again, it's a give and take thing, stocks go one way, the cryptocurrencies go the other. to charlie gasparino with us right now. charlie, you know, the dow was looking, soaring earlier today and of course, you and i tend not to follow tick-for-tick movements here but it does sort of ride on whatever is riding in this ukraine war. the better it looks for ukraine, better stocks do. not all the time, but most of the time, and there's just total confusion. how do you look at the markets in this environment, in general? charlie: i mean, listen that's the short-term approach and of course it's going to move on, if this war was over tomorrow and vladimir putin left, guess what?

markets would probably go up a thousand points, right? it be a tremendous day in the markets but the long term thing, there is headwinds here and the headwinds are the fed and we do have inflation and it's going to get worse, and jerome powell whose up for re- appointment soon will have his hearing soon, probably going to fly through because republicans and even joe manchin think that the alternative will be someone even less hawkish than him, and joe manchin is an inflation hawk, you could see it today by not supporting sarah raskin for fed position. you know, they're going to have to jerome powell will have to deal with inflation in some way and that's generally not good for the markets. he will have to raise rates. he will have to do it a bunch of times and we do have pretty significant inflation. remember, the cpi print, neil, that we had last i think it was thursday, was basically did not

take into account even what's going on in russia so when you throw the russia-ukraine stuff it's even worse. russia-ukraine are huge, big in the energy marks but also in the grain markets, so we're going to get some worse numbers coming, and you know, who knows what powell might have to do and i think that's the long term worry, if you're an investor. does the fed have to go in and literally slow down the economy and you know on top of that there's a whole bunch of stuff going on here in the investment world. you know, there's a movement by the sec. i'd be remiss to not say this , because it is interesting to get a practice known as payment for order flow, where if you trade at a robinhood, if you trade at a schwab, they sell their orders to wholesalers who pay for it. there's a movement by gary gensler the sec chief to end that. if that happens you can kiss goodbye to zero commissions and very low commissions. i mean, that's why you pay almost no commissions and

robinhood and schwab and these other places, i will tell you that there's a study in germany that came out, germany is for payment for order flow, they came out with data saying they should keep it, and we should point out that the big wholesalers, the citadels are going from capitol hill saying you really want to crush this market? get rid of payment for order flow, where retail investors don't have to pay any money even if gary gensler thinks there's scams there so they are running around capitol hill right now with this german study saying germany didn't ban it, neither should we and by the way gary gensler should show proof this hurts retail investors if we don't ban it. again there's a lot of interesting headwinds with this market. i would put at the very top, the fed, and this , well, right around there, this war. but even if you take out the war , you got the fed and you got a lot of crazy stuff like this payment for order flow stuff. neil: you've got a lot of risk and i think they call that headwinds right, thank you very much charlie gasparino following that. images count for a lot in wars.

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but it's images like that, i think, that crystallize the brutality of this , and might galvanize the world even more against it. what do you think? geraldo: i hope so, so barbaric, neil, it was so disgusting it was outrage infuriating to watch a woman at the moment where she deserved the utmost privacy and dignity giving birth to a child. instead is taken on a gurney, her life ebbing, and the child dying alongside her. it made me so angry at vladimir putin it made me want to spit in his face. it was such a horrifying horrifying in delible image. if they are capable of this , if they are capable of torturing a woman having a child, what else are they capable of? it was just so infuriating and it made me just angry, and i

think the whole country, the whole world was angry, and horrified by it, neil. neil: you know, when you think about it though, its done little to reign in vladimir putin. maybe it might be another malose vich thing, we've seen so many dictators in syria who unleash chemical weapons on his own people. far from reigning them in and the world outrage. they continue to do what they do and i'm wondering given the frustration that putin must be feeling with the course of the war, he does more of this. geraldo: i think that vladimir putin has by the conduct of this conflict absolutely removed himself from the world of civilized people. he does not deserve ever to come back. this is a rat of a person. someone who he lost the smart

war he planned with the special forces and the lightning strikes and the commandos taking strategic outlets, and winning the war in a day or two. he lost that fight, so out of frustration, and out of pure hatred, his tactic now is to take his remaining artillery, surround the community, and then shoot. shoot at civilian homes, at hospitals, at schools, at gathering places for refugees, trying in a way just to inflict maximum pain and suffering on the ukrainian people. he must remain, neil, forever a pariah. he cannot be allowed, regardless of whether these peace talks succeed or whether they garner a cease-fire. this man can never be allowed back. what he has done is with

absolute disregard, with absolute arrogance, he's unleashed this brutal force on the most vulnerable people with no conscience whatsoever. there is no tactical reason for blowing up a high rise apartment building. the strategy is to so terrorize the civilian population, so batter them, inflict such widespread casualties that then his forces can come in and take over and the people who have survived the barrage will be grateful that they at least have their lives. he is an animal. i can't stress how low on the chain of life this person is , neil. neil: and to your point, i mean, what does he take over if he does win? a shell of a country, and he would at best be an occupier and one that be targeted and his soldiers targeted forever.

geraldo: i agree. i think that what the real story here, aside from the barbaric nature of the russian way of waging war. what you have is ukraine in its ironically in its destruction, even as ukraine is being pull vargasizeed, even as ukraine is being shattered, you have rising from the rubble, people like president zelenskyy, this heroic figure, this leonitis, he can't be killed anymore. zelenskyy will live forever. he is immortal because of the way he has conducted himself in ukraine's last stand against russia. he really has united and defined the modern ukrainian nation. they are now proud and united and there is no way russia will ever defeat them to your point, neil.

there's no way that an occupying russian army will ever feel at ease or at rest or at peace. they will be hunted forever by a people against whom they have unleashed hell, neil. neil: that is very well-put, geraldo. i always tell people when they ask about you, i always say no one works harder over his incredible career, and no one feels moreover that same career. thank you, geraldo for joining us, i appreciate it . geraldo: thank you, neil, thank you, buddy. neil: we'll have more, after this. you can't buy love. happiness. or confidence. but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. ♪ ♪ 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.

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neil: all right, in case you didn't hear, might be on the decline here and pretty soon say their planes will be out of style, so to speak, but in china it's a real problem, 51 million are in a lockdown right now because of the spreading number of covid cases, in fact, a serious spike in cases. that's why the president of the united states still wants to put back in covid relief funding , covid backup support here. he thinks we're getting a little ahead of ourselves here. others agree, others disagree. peter doosy on how the president is going to deal with all that today speaking to the national league of cities. peter? reporter: and, neil, the president's only public event today is going to be at conference where they talk about domestic agenda, and things that he has done so far as president,

and that is something republican critics are betting is going to backfire big time. >> i think that republicans are going to take back both the house, and the senate. what that means is that it's going to be a complete check against the biden administration and their radical agenda, which has led to higher prices all across the country. reporter: so the president today wants to talk about his progressive plans, and exhibit a , on twitter, before i took office people were hurting and we had to act. we passed the american rescue plan about a single solitary republican vote, few pieces of legislation in our history have done more to lift the country out of crisis. there's nothing really being to lower gas prices in any of the president's plans, or public statements, and that is something that republicans really want him to address. >> they could get rid of the 18.4 cents per gallon gas tax, 24 cents per gallon diesel tax, the 12% excise tax on new

big rigs out there so truckers can get things from a to b in a quicker way, they could be authorizing the corps of engineers and military personnel to work in ports to help ease that labor shortage and get goods out of our ports at a faster rate. reporter: so when we see the president here stateside he is continuing to try to shift away from ukraine to talk about domestic problems and his plans to fix them; however, there might be a big trip in the works a source here at the white house told me that they are exploring the possibility of sending the president to europe to stop tbd, to go address the situation in ukraine. neil? neil: do you know wherein europe he would go? reporter: no, and it doesn't sound like anything. it sounds like they are pretty early on in the process but they are telling me in the next couple weeks they are looking at that. neil: got it, peter, thank you very very much. well we told you about inflation that is already entrenched in our system here and already, a lot of companies are adding the cost along with their

services, uber of course the latest to say it's going to tack it on to your bill anytime you drive with them. we've already seen airlines have fuel surcharges that are reflected now in possibly higher ticket prices although not dramatically higher yet and we stress yet. others are grabbing it into their foundation, even movie theaters and the like that are doing surcharges, based on the rising cost of fuel, and the repercussions it has on the products they sell. don't ask how they figure that into their bottom line, but they do and who am i to argue. let's go to jonathan hoenig and carol roth back with us. jonathan the fact of the matter is that as you've reminded us, carol as you've reminded us, higher energy prices seep into everything we use and consume and now the people who make that stuff will use and consume are raising those prices. are you worried, jonathan, that this spreads even further? there are more ubers than american airlines to come. >> well, neil, add the cruise liners to that list, as another

example of companies still they are adding fuel surcharges but to your point, the economist always talked about what is seen and what is unseen so even for example, many grocery stores are talking about the higher expensive produce because of the fuel surcharge they are being expensed, so biden could do something about this. you have high oil prices, you can simply produce more. you could deregulate and have more oil out there but as you said this trickles through if you will to the entire economy and it's another example of how what's happening on wall street and washington really what impacts what's happening on main street as well. neil: carol, i wondered too that the difference with this economy now versus the one jimmy carter was dealing with at the time of the opec oil embargo the second big one, and the iran hostage situation, the underlying economy today is pretty good. not as strong as it was but it's pretty sound, but we've been waiting for the stag part of

inflation. more of prices go up with uber, it >> i have been talking with you about stagflation for probably over a year now. i think the differential piece that we have strangely enough is that we have so many job open. we're not in a situation where people are at risk of losing their jobs but i do think whether it is a recession or just a, an economic stagnation, having that with the inflationary pressures that we're seeing, from, not having as much energy independence to this wage issue created by this dislocated supply chain and labor market i do think that is a real possible outcome by the end of the year. neil: all right. we'll watch it closely, guys. i apologize for the truncated time here. attention at bottom of your the screen, dow reverse ad 450 point

gain. we're down 80 points. the nasdaq lowest it has been in more than two years as technology stocks take it on the chin. interest rates backing up as well. 10-year, 2.11%. what this is previewing is anyone's guess, but the markets seem to be acknowledging inflation and it is not a temporary event. now to my buddy charles payne. hey, charles. charles: thank you, neil. good afternoon i'm charles payne. this is "making money." after disasterous finish what was a disasterous week the market began with a brave face but higher bond yields neil was talking about it. the rest of the market not doing as well. meanwhile there is a new great debate, folks, where is the best place to hide your money, cash, gold or bitcoin? plus a reminder to investors this is a long-term endeavor, do not panic.