>> 1508. david: i would say 1631. the real answer, is, i got it, 1631. march 17th believed to being the date of st. patrick's death date. it was more after religious holiday. it is called st. paddy's day. because of the original pronunciation. neil cavuto who knows of the original irish side of equation. neil: i wouldn't have go the it. thank you. run-up in stocks with the run-down in oil here. with today's drop in oil we're down more than 25% of highs in oil. we're up quite significantly from where we were before all of this started but the fact of the matter is that declines, the idea of a haven in oil and in gold, also comes off, and cryptocurrencies, but the big story here seems to be right now, with the federal reserve

kicking off a two-day meeting they will likely announce tomorrow they raised interest rates a quarter of a point. some muted pressure they can go as planned on this. but it's a double-edged sword, for example, for airlines because while obviously traveling to europe it doesn't seem to be a favored idea among many travelers, particular any in the u.s., there is enough domestic strength that some of the airlines like dealt it, united raised their revenue forecasts. airline ticket sales are the highest they have been since 2019. so they're looking at least domestically at some good things. there are fuel hedges they have to deal with. there are fuel surcharges they have to deal with. grady trimble going through all of that with us in illinois. grady. reporter: a tale of two issues for of the airlines, neil, in some ways they're having challenges because of the higher fuel cost. some major airlines like united

are cutting capacity as a result of the higher fuel costs but at the same time they say that travel is coming back stronger than they expected. so they're raising their revenue forecasts as you mentioned. all of the major airlines are in fact. sales in the first quarter.will be 75 to 85% of 2019 levels with future bookings looking strong for this year as well. meanwhile uber and lyft, the rideshare companies they are tacking on a temporary fuel charge because gas prices have gotten so out of control. lyft hasn't said how much but uber said each trip will have 45 or 55-cent cost depending where you are. if you're staying at home ordering in that will cost you more on uber-eats. those are going 35 or 45 cents an order. grubhub is increasing pay for

drivers but it hasn't said yet if it passes on costs to customers. we've spoken to,er this noticing higher cost of fuel not just everything he will, listen. >> 20 bucks, 60 bucks. >> pay more for fuel obviously everything else will go up which will obviously be a burden on everybody. reporter: so the national average of a gallon of gas today is $4.31. that is substantially from a week ago. it is down slightly from yesterday and down from the record high of 4.33 on march 11th. of course, neil, as we see oil prices come down in the last week, including this week, aaa says it is a volatile market right now. so anything can happen and that can change and cause prices to surge once again. neil? neil: perfect timing, right, grady. thank you very, very much. it has gotten so bad at least 89 democrats want to revisit some

portions, particularly the climate sections of that "build back better" agenda but to what end? where is this going? hillary vaughn on capitol hill with more on that. hillary, what is going on here? reporter: neil, president biden last night dined with wealthy donors at a fund-raiser for the dnc. he acknowledged in his remarks to these donors are high gas prices are a big problem. he said the answer to bringing down higher gas prices ditching gas going green. when everything from the price of gas the subject at the dinner table is real. that is why my proposal advances aggressive climate goals. 89 house democrats yesterday for biden to bring back the climate part of "build back better" to lower prices at pump. illinois democratic congressman sean cast ten said this, restarting negotiations with climate action is clearest if not only path forward to deliver tangible results to the american people. senator tim kaine this morning

tells me sees "build back better"'s climate priorities as the best long term fix to bring down energy prices. with some of your democratic colleagues in the house the way, the best way to bring down gas prices is to move forward on the climate provisions in "build back better"? >> certainly long term the best way to bring down gas prices is to have more alternatives available that will bring down gas prices in a very significant way. it is already had an effect. so that is the best long-term strategy. we may need short-term strategies in addition to that. reporter: neil, when it comes to short-term strategies seems like the president is open to using executive action wherever he can. congresswoman pramila jayapal, head of the congressional progressive caucus is expected to roll out ways this week she wants the president to take executive action. seems on climate that is one where the president is very open

to try to go it alone. neil? neil: but not for more domestic production, right? they always seem to draw a line there. reporter: nope. yep. neil: you just summed it up very nicely. hillary vaughn very much, thank you very much, hillary on capitol hill on that. where do you find the middle ground? i guess you can't find any ground there look at technology stocks if we can. the comeback today might seem impressive but i have to put it in perspective because all the stocks are in bear market territory, down 38% from highs reached last fall, apple more than 23%, amazon more than 24%. it has been a little disproportionate with the tech stocks. chinese lockdowns are not helping matters any and technology production plans in asia that have been stifled as a result of this, sort of not helping it but a bounceback is welcome to many of those

investors long this market so you can take what you can on this, right? let's get read from susan lee and ray wang on this. ray, a lot of the activity hinges on production, activity abroad, shinzhen a virtual hub of that type of production all but should downtown. what will impact be going forward do you think? >> the challenge are the three is, we got inflation, we got inventory and issues on invasion. what is happening now nickel prices are up. chinas full lockdown coming back again. the covid lockdowns creating some pressures. so tesla had to raise prices along the way. that created some issues for tesla overall, not just for battery production. they are late for their 6868 charge batteries, supposed to be 3-x, 4-x more powerful than existing batteries on the market. they are under some cost

squeezes that are driving the prices down. neil: susan, we have spike in covid cases. i think 51 million plus chinese citizens are under lockdown now, the greatest since the lockdown itself but it is happening in vital areas, really to the world. you know apple, toyota, volkswagen, foxconn behind a lot of those apple iphone production, all kind of shuttered for the time-being. how big of an impact does this get to be? >> it happened virtually overnight. that is down for the confabbingtry in shinzhen, which is the silicon valley, home to 17 1/2 million that virtually happened overnight. apple didn't have the flexibility to shift production elsewhere and this is probably the most severe cases in fact from what i see doubling of cases in china, something they haven't seen in terms of the spread since 2019 and the initial wuhan outbreak but surprisingly you had chinese, some of the economic numbers,

gdp-related numbers coming out much stronger than anticipated last night. but if the thinking is, look if china can turn the spigots, stimulus spigots like 2008 spend $200 billion to prop up the economy they should be doing that now. there are expectations the national team will go in to buy some beaten down stocks. national team being beijing related and maybe some interest rate cuts at some point. neil: you know, ray, i was looking at some numbers of the technology guys, they fall disproportionally to other stocks when there is a rise in interest rates and i, i understand part of that, you know, that there is sort of a devil-may-care nature to technology investors. all of sudden rates go up, that kind of limits you know, them as a haven, not as a haven but as an investment you know, strength but i never thought it was justified because they are, most of the big cap names, including

ones we're showing here are more than prepared to deal with any swing in interest rates. so why do they get disproportionately beaten by this? >> i think what is happening it is the day traders, it is algorithms that are in place because the fundamentals for these tech stocks are really good. as you're saying they're growing 20%, 30% year-over-year. how do you miss that? compared to the rest of market i'm still big on tech stocks in the long term, microsoft, alphabet, nvidia, amazon, those are solid stocks still growing. they're getting market share. they're getting bad rap because of inflation or oil whatever is happening in the marketplace. people are looking to sell to do rotation but these are probably the best times to buy if you're a long-term investor to get into tech stocks. maybe not now but two other three weeks from now. that is the point they have never been this low. they're at 52-week lows.

neil: susan, are you getting any, you have great contacts through asia and throughout, this technology community, the strong-arming china is getting from russia to provide it military economic aid and our strong-arming back again with 11th hour negotiations in rome with chinese negotiators, not to do that, that they're in the cross-hairs here and that sort of might be getting technology stocks caught up in the swirl, right? >> you saw that in hong kong last night. we're looking 2016 levels for alibaba and high-tech companies trade in hong kong. the worst panic selling we've seen since 2008 because of confluence of events, rising covid cases, sanctions, delisting companies and geopolitical concerns over in ukraine but i would say overall i would say globally investors are trying to figure out where the bottom is. we know we're on automatic for

the federal reserve to raise interest rates by 25 basis points tomorrow but where do we go from here, especially listening to the gdp and inflation forecasts. does this surprise you neil because it surprised me? last time the fed came out with gdp predictions for 2022. they had it pegged 2.%. that was before ukraine. goldman sachs is down sub2% probably anticipated from the federal reserve later on today, do they still hike interest rates seven, eight, nine times this year? a lot of people on wall street say probably four to five is more reasonable. neil: that is very interesting. you're right, that is the betting we see a quarter point rise tomorrow and every meeting after that. they meet every six weeks but maybe not because of everything that is going on. guys, i know you will be back a little later. one of the things we'll be addressing what is on your screen right now, the 10-year note north ever 2.12%. what the backup in rates could mean in the continuing story

beyond just technology stocks. meantime we are keeping an eye on ukraine. a stunning development there today, i'm not talking just about president zelenskyy's address to the canadian parliament ahead of his big address to our u.s. congress tomorrow, of the leaders of poland, the czech republic, and slovenia, nato members all, going right to the belly of the beast. sorts of all that airstrike activity on part of the russians. key today to show support of president zelenskyy and people of ukraine that is big. that is dicey as well. we're on it after this.

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>> translator: can you imagine when you call your friends, your friends in the nation and you ask please close the sky. close the airspace. please stop the bombing, how many more of those missiles have to fall on our cities until you make this happen? it is a dire straight but also allowed us to see who are real friends are over the last 20 days. neil: all right. president zelenskyy addressing the canadian parliament today just like he will tomorrow. the u.s. congress, very, very

unusual event but he again is not giving up on his call for western powers to provide air support for his country. that that's something he vitally needs and could turn the terribles on the russians. so far that does not appear to be forthcoming but as i indicated he is not giving up. all of this as refugees continue fleeing the country. more than three million right now. a lot of them going to poland. about half have gone to poland. slovakia has gotten a good many and romania but poland is the epicenter for all of this. to warsaw, poland where you will find our jeff paul. jeff? reporter: neil, when you start to hear some of these numbers especially when they involve children it is really hard to put into words. unicef reportedly estimates that around 1.5 million children from ukraine had to flee their homes. many times coming here to a country like poland, that is roughly one child per second

during this entire conflict involving russia. this is one of the biggest shelters in poland. when they come here, sometimes they get a toy, these kids. the parents get a cot to sleep on, a warm meal, bare essentials but organizer of this particular shelter they're trying to provide something just beyond the material items. >> give them also as much hope as possible. hope never dies. and this is what they also need. they need to hear something, some good news, that may be it will finish very soon, that they will fine peaceful place. reporter: many of the refugees we've spoken with are beyond grateful for poland and the polish people, for all the things they have done for them so far. they can't go home right now because they know it is simply not possible, it is just not

safe. what is incredible, how of people helping them are just everyday volunteers. we spoke to one man who is from the uk. he told us he couldn't sit at home anymore, watch the humanitarian crisis unfold. he left england. came to poland. he is trying to do his little part to try to make a difference. >> i think it is a smaller things like, you know, collectively go such a long way because obviously he can't come here to stop the war. you can help what you can and that's good. reporter: now this particular shelter there is around seven thousand refugees. it can hold 20,000, making it the biggest shelter in poland right now but this is just one place and many cases it is converted from something else. this would be an expo center. they were getting ready to host an expo just in the next few days. so now they have people here. that is just what we're seeing here in poland, people converting things to help people

out. one thing we need to mention, neil, poland can't be the only country doing this. they tell us at some point they will reach capacity. they need other countries to step up. if not at least money to donate the people in one of the worst humanitarian crises of our time. neil? neil: incredible to your point, i appreciate it as do our viers. jeff paul following all the fast-moving developments in warsaw. let's go to lieutenant-general keith kellogg, served his country very noble. i always love him on, steps back, looks at the big picture. general, great to see you again. as you know, general, leaders of czech republic, slovakia, romania, i apologize, will be in kyiv today to represent three nato nations that can be a prickly event. how do you think it will go? >> yeah, neil, thanks for having me. i think it is a great -- it will go well and i think it's a great

idea, i'm glad they're doing especially president duda of poland, because such a key ally as well. it is cosmetic. i'm not trying to degrade anything they're trying to do but zelenskyy needs a military kit. we talked about the fighters president duda was willing to give, 29 mig, the 29 mig-29s he is willing to transfer to them, that is not coming because president biden shut it down. we'll not have a no-fly zone. that is given. coming out of nato, there is russian system, nest 300, in three nato countries in slovakia, romania and greece. we could bring those forward. what would help zelenskyy not necessarily a no-fly zone. that is transitory. jets have to refuel. they have to land. but you can put the air defense systems at point targets around

the airfield, around the humanitarian sites, they have a slant range from 100 miles. in other words from washington, d.c. to, to richmond they can pick up a missile or aircraft and down those. it's a good system. locks on eight targets at one time. ha is what we have to think about getting them. the fact that those leaders are going is important but we have to get everybody on board to make sure that we give zelenskyy the fighting material he needs. look zelenskyy is churchillian in nature. we shouldn't let them down. give them a bb gun, slingshot, give them everything they need. people don't realize putin is getting ready to be overextended. i mean by that, all armies have to refit, rearm, refuel. he reached that point. he pushed his army as far as they can go without taking a pause. all armies do it. he will have to do it. that shows he is over extended and weakening every day as he

goes forward. neil: you know, general, when i had the honor of talking to a number of these ukrainians volunteering to stay in ukraine, including so many parliament members, to a man or woman they say this isn't just about beating putin but hurting him at home. the longer this drags on, and the more average russians feel the financial impact of sanctions and all of this, and some word leaks out that the horror at that is unfolding here that you can't hide that forever and that is what they hope happens. >> right. neil: it is russian people, support at home that turns on him. what do you make of that? >> well i think it's a great point, neil, because that is what happened in afghanistan as well. right now, i'm looking at unclassified reports which are saying he has lost 10,000 troops. a lot of equipment out there. eventually that will take hold at home because russian mothers are going to see their sons and daughters not coming home.

he is reaching the point where he almost lost as many casualties in ukraine that he lost the entire time the soviet union was involved in afghanistan and russian mothers and the russian people will take over after a while, say look, this is not going well. intuitively you have to say to them they thought it would be an easy go. remember our chairman of the joint chiefs, general milley said they would take kyiv within three days. they have not. the russian people are going, wait a second. we're avanted military and it is taking this long? sooner or later the tide will turn on him. that is the reason he wants to finish it. i don't he will be able to do it, neil. i don't. the longer this goes the worse for him. if this is a prizefight, in my opinion he is losing on point right now. neil: wow, still losing on points is losing to your point, general. thank you very, very much,hank you again for your service to this country. all right, we've got the dow up 455 points. up there, a move afoot. gas prices have been going down

and energy prices in general. oil for example, with today's decline is already off about 25% from highs reached what, you know, late last week. now the talk is though that to still help out at the pump maybe drop the federal gasoline tax. it is about 18 cents. a number of states have been toying with the idea of removing their state tax, states like new jersey for example, 43 cents. in illinois it is 34 cents. in maryland 36 cents. so, those states begin to move to cut their state taxes. that would go a long way but, i stress we're a long way from seeing that happen. after this.

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♪. neil: all right. if we're not going to open things up to domestic oil production how about just easing taxes on gasoline for the foreseeable future?

one popular idea that has been bandied about removing for, we don't know how many months, the 18-cent federal gas tax. there is similar move in some states, hardly all to do the same for state taxes which dwarf that federal tax level. let's look at this momentum at least on the federal tax side. william la jeunesse in los angeles where gas prices are the highest in the country. william. reporter: well, neil, you know giving people back their money like the gas tax holiday is usually good politics, right? but here's the issue that lawmakers around the country are wrestling with, how do they make voters happy without draining the state highway fund at the same time? >> it's a slippery slope. if the taxes go to help out you know city projects and stuff like that, i think we need to keep it, keep the streets clean. >> we're paying taxes for higher gas prices? >> they're nuts, okay? what are they going to do about

that? they will tax us in another way. we're taxed to death. reporter: well the fuel tax is rare that it is actually targeted for expansion, repair, broads and bridges. record tax prices around the country are driving this debate. 18 states are considering cut to state taxes. florida already did. maryland, georgia michigan are close. georgia republicans tried to stop the 5cent state tax but party-line vote the democrats said no. >> give consumers a break we can do right now. >> this added burden borne by californians alone is not the result of international political events. reporter: so here's a map of state taxes. california, pennsylvania are the highest, total of 57 cents. three others top 40 cents. the majority fall between 20 and 40. seven states are under 20 cents.

now the other option is halt that 18-cent federal gas tax. for the typical car that is $3 a tank, but, to the federal highway fund that is about $26 billion. senate minority leader mitch mcconnell calls it a gimmick but the democratic senators you see here support suspending it until year's end. though speaker pelosi could be a roadblock. >> it will help reduce the inflationary pressures that are causing rising gas prices at the pump. >> but do you know that there is no guarranty that the oil companies pass that reduction on to the consumer and it's very hard to write a bill that requires them to pass it on to the consumer. reporter: that's the deal what governor newsom is proposing. he thinks if they cut the tax that, say the middleman will

take the difference. so he wants to have some kind of a tax rebate. the bottom line is, election year, right, seems like good politics however, you know, we spent a year talking about infrastructure and how important it is. this is actually a tax that goes to that. so by removing it you technically undercut that argument. so the politics, neil, is kind of crazy on this with republicans on one side favoring it, let's say in many states and on the federal side opposing it and vice versa with democrats. neil? neil: amazing. all right, william la jeunesse, thank you my friend. want to go to neil cab tree right now, uncanny read of these markets, former keystone pipeline worker. neil, good to have you back, one of the ideas that don't seem crazy to me at least beef up production here, heaven forbid but i'm wondering what you make of some of these ideas they're tossing out right now, temporary tax holiday, that sort of thing

what do you think? >> we just passed what, a 2 1/2 trillion dollar infrastructure bill to go to fix roads and bridges, to me it doesn't make a lot of sense the one source of funding with the gas tax but i know american public is hurting and they would probably love that break but it seems like every option is looked at except for putting americans back to work, you know, getting rid of some of these regulations and but you know, not just here in america. we talk about energy independence i like to talk about north american energy independence. canada is a big partner with us. if we can grab some of that global market share, it will help you know, with these price fluctuations when things aren't going to well in other countries. neil: you know, as a former keystone pipeline worker it's god to bug you, neal, it will

make no difference, cutting off-key stone when it was years away from offering all the oil markets had been anticipating had zero effect. my argument always been, it is about supply and demand, and that includes future supply and future demand and when the market saw that cut off, it immediately read into that, a reason to think maybe supply is going to be limited and bid up the prices? it was almost to the very day that was announced by the president on his first day in office, that that all started rolling? >> right. you know, when you bring that kind of attitude in the white house and especially with some of the rhetoric leading up to the election with putting energy company ceos in jail, once you're elected president of the united states those words carry weight. you know the attitude in the oil and gas industries was hesitant to develop anymore, but as far as that keystone pipeline goes, the white house is putting out it wouldn't have had the effect,

it is not a oil field but just a transportation mode but, the pipeline capacity coming out of canada right now is, it is tied up. it is 100% being used. that keystone pipeline would have looked pretty good right now, it is costing $15 a barrel to bring the oil in by train and that prize will keep rising. neil: so where is that oil going largely from alberta? >> mostly, you know, we're still set up like we were back in the '70s. most of our refineries are on the gulf coast because we imported a lot of our oil. we haven't built any major refineries in the country since the '70s. we built a few smaller ones. most of it has to be transported down to the gulf coast. neil: well-put. you know of what you speak. neal crabtree, former keystone pipeline worker. i will sound repetitive here, a lot of you have heard this before but again to neal's point oil trades on the open markets

worldwide like a stock. it is not based on the immediate supply and demand in the moment. it is based on future supply and future demand in the moment and when the markets interpret something they're interpreting the price of something based on what they see right now and what they see coming down the pike. i liken to a company that announces earnings, handily beat the street and future guidance in after-hours and after that, reverse can be true. you're getting very bad earnings but the company is very optimistic looking forward. oil is the same. it is traded like a stock. just like that and was bid up from that moment on after this. e moment they heard, “you have cancer.” how their world stopped... ...and when they found a way to face it. for some,... ...this is where their keytruda story begins. keytruda—a breakthrough immunotherapy

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♪. neil: you know has searched his country honorably and with great passion and now this particular veteran wants to serve ukraine

with the same honor and the same passion because he doesn't like what is going on there and wants to help out there. jerry cosky, u.s. army veteran kind enough to join us now jericho, guys like you are special breed apart. i'm sure your loved ones don't want to you do this but you're doing this. why? >> innocent civilians are being attacked, my family is not happy with my decision not they're not happy with my decision to serve the people but not happy with me being in a war zone. sorry. camera just fell over. so, yeah, but you know, they, at first they didn't get it but now they understand that it requires good people to stand up and to protect the people here,

otherwise, if you know what kind of people are we if we sit back and watch a massacre happen? we're no better than the aggressors. neil: you will be getting there at a time things are getting more and more gruesome by the day. more attacks on civilians this is something that went around the world a pregnant woman was killed in this bombed out hospital and her baby and we're seeing more of that. it's a hornet's necessary, what can you offer? >> with my military background and training, it is like, with combat life-saving experience, what i can offer is front-line support and medical support for those who are in the front lines also in the, being, you know, either shot by gunshot or

getting hurt by shrapnel and explosives. so, you know, anything those are my two specialties when i'm out here. neil: you know president zelenskyy of ukraine made a pitch again, as i'm sure you are aware for air support. it has fallen on deaf ears. a lot of people in this country think that it would elevate this to world war iii, what do you think of that, as a veteran yourself and how vital air support can be? what do you think? >> yeah, so air support it's crucial you know? it is terrible to see that support is not able to be provided but i do understand that if, if another country or if nato get involved, then it es going to push, push pressure on to russia to take more drastic measures and potentially to

escalate the threat of, just different types of weapons, you know, whether it is biological you would be against that for the time-being right now, right? it would invite more danger than it would help? >> it would help, be tremendous but i feel it would escalate the threat you know. of course everybody, we don't talk about it too much here but the talk of nuclear warfare which is the thing that everybody is trying to -- at all costs. so, you know, it's really hard by i do think that not getting involved with troops on the ground for the time-being is probably the right decision because as we've seen russia right now is unpredictable and they're not afraid to escalate the force, the forces that they're using. so, it is really unfortunate but

that is also why it is important that people with military experience and backgrounds do come out to volunteer to join these ranks and help hold the line, you know, against the threats we're -- against. neil: be safe. your mother must have been prescient for giving you a the same with biblical significance of jericho. she might must have known the man you would grow up to be. jericho, be safe. >> i will do my best. neil: we'll have more after this it can be a smaller house, but a bigger nest egg. a goal to work toward, or the freedom to walk away. with 200 years of experience, personalized advice, and commission free trades on an award-winning app, we are working for you.

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♪. neil: do you ever see amazon's headquarters in seattle? it's a very futuristic building you about it is in the best part of seattle. you would think in that particular neighborhood they would be watching for crime, all of that. it has gotten so bad in seattle of late, that the company is relocating some workers and it's a big worry because, it is not just happening here, but happening all over the country but it has gotten particularly bad in seattle and doesn't dan springer know it. he has more. dan, what is going on?

reporter: this is another major blow to downtown seattle which has been plagued by crime, drug activity and homelessness in the past few years. amazon would relocate 1800 people working in the hard of the crime surge. over a three-week span, three shootings, two stabbings and a car squawking. two shootings were fatal including a 15-year-old boy. there was also a despicable attack at the light rail station two blocks away. a woman in her '60s was leaving the station, and a man randomly grabbed her, threw her down the stairs but wasn't done and threw her down again, an again, and kicked her in the head. the victim had to have surgery with multiple bones. amazon is saying we hope conditions will improve and bring employers back to the location when it is safe to do so. amazon is not alone.

closed with frequent violent protests. the city council cut the police budget and stopped prosecuting drug crimes. several blocks turned into open-air drug market. retail theft has been rampant. most businesses have their own security. aggravated assault jumped 24% last year a popular bakery closed for good out of fear for worker safety. >> you know, you know, throwing things at my people. my people have been spit at before. reporter: seattle police force is down more than 200 officers but the chief and mayor are finally addressing the problem downtown. a mobile command post was set up to flood the area with cops. the new city prosecutor is also pledged to charge repeat offenders. amazon still has a massive presence in the seattle region which some 80,000 employees but those 1800 in that part of downtown will be missed by all the businesses around there. neil? neil: yeah, to say at a minimum there, dan, thank you very much.

want to go to susan li, ray wang on this, think about it guys, this is occurring at same time like amazon and some others are relaxing covid restrictions, welcoming people back to the office. technology companies led the way, susan. stuff like this obviously distracts that. >> if you want to talk about the crime rate in seattle and want to come here to new york city where major crimes are up 32% so far this year. neil: yeah. >> recent attack 67-year-old asian woman hit in the head 125 times. those are terrible, terrible headlines f you're working in technology, say a ceo of google, apple or amazon we know it's a tight labor market and it is very competitive for talent and so if they're will be to shift employees out of these high crime rate types of environment i think that is one way to try to retain talent. not just a concern of seattle, neil. it is everywhere else in all the urban cities. new york city is a highlight of

that. neil: yeah. a lot of places, ray, where the crime is rampant, that was that was the big issue for workers returning to offices, not covid. so it remain as primary worry, doesn't it? >> it's a primary worry. there is more than just density as a business model going away in cities. people were leaving. up to 35 million people have moved. moving out of urban cores into suburban areas, for safety, more space, for better tax climate, for better schools. that is happening right now. it is only accelerating. see states like texas, florida, north carolina, idaho, nevada, picking up residents. that is not because it is covid. because people want better environment. they want safety and it is important. this is large great refactoring among tech workers because you can work at home, live anywhere, take advantage of those benefits and get a good work life balance. neil: guys, thank you very, very

much. susan li and ray wang on these developments here. we're also focusing on the corner of wall and broad where the dow is sprinting ahead right now. nasdaq is trying to climb back as well. still in bear market territory. i believe the dow still in correction territory. the big impetus today is what is happening on the energy front with oil prices continuing to slip 'n slip 'n slide, with dow down 25%. perspective is everything. more afterer this. but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. ♪ ♪ ...

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neil: all right, led by declining oil prices, stocks are clawing for a comeback today, the fact that we had a wholesale inflation report that ended up being a little less than we thought it be was still up a lot eight-tenths of a percent in february february, 10% year-over-year but some still feared it be stronger that is combining to take people out of what had been sort of market hedges, if you will, like oil and gold, and right back into stocks, so we'll see how long that goes, but putting this oil drop in some perspective, it's accelerated of late. now, you know, a barrel will cost you a little under $98, while not that long ago it was about $130 so again, perspective is everything. even on wholesale inflation, like the producer price index, you wouldn't necessarily celebrate an eight-tenths of a percent run-up in wholesale

prices but again, when you are beating expectations, all of a sudden, you know, that's okay, because that's the reality today , where even a 10% annual rate is an at least what some thought be an 11% annual rate. so you take your licks where you get them or your rewards. edward lawrence with more on all of this including something that could propel inflation back again especially if we start sanctioning china for rumored help from russia, that does not appear to be so say the chinese, but we don't know, right? reporter: yeah, exactly, and you know, before we get to that i want to tell you that russia now has imposed its own sanctions on president joe biden, as well as top members of the official in the administration, we're talking about the secretary of state, but also on hunter biden, as well as hillary clinton, so russia sanctioning our officials now, and there's a deep concern according to senior administration official who tells me that the relationship, the alignment between china and russia that is forming here, now

the u.s. is publicly and private ly directly warned to china against helping russia with this invasion of ukraine. now, there was a seven hour meeting yesterday between jake sullivan and national security advisor and his official or counterpart on the chinese government. very intense talks is the way it was described. they related the gravity of the situation to the chinese, so far, they deny helping russia. the foreign minister of china says they want to avoid u.s. sanctions. republicans though starting to say possible sanctions on china should be prepared right now. listen. >> so we need to see how far this is going to go and jake sullivan should have laid down the law to china yesterday and said look, if you do this , we are going to move forward with these sanctions. as a matter of fact, we'll go ahead and we'll put the sanctions in place because we know what you've done with credit cards, we know what you're doing with energy. reporter: so when china maintained normal trading relations with russia since the invasion started including

buying oil from russia, chinese stocks trending down a little bit today, the stocks of chinese companies, trending down the chinese stock market also down today, particularly on the fears the companies could get caught up in u.s. sanctions. so far, the white house has not yet warned u.s. companies about chinese investments, listen to this. >> china is in the conversation about helping russia, should u.s. companies then look at maybe decoupling from china with their investments there and be cautious. what's the message, can you trust the chinese? >> i don't think it's about trust, but we have not made an ask or request at this point of that. reporter: have not made that request but the u.s. is saying what side of history does china want to come down on. back to you, neil. neil: edward lawrence thank you, my friend. to ashley webster now all the way out in poland where he's keeping track of the exodus of refugees being processed and welcomed there. i think we're now over 3 million

refugees and about half of them have gone to poland. ashley has the latest. ashley? ashley: yeah, hey, neil. if not more, maybe 55 or 60% of all those ukrainian refugees end up here in poland, we're in southeast poland, right on the border with ukraine and as those refugees come across this is what they are greeted with, a series of tents and volunteers, offered hot food and nourishment, clothing, places to stay. this is the first stop outside of ukraine, it wouldn't happen without the volunteers in fact we caught up with one earlier today and believe it or not, his name is rye about ryan miller. he saw what was happening and he jumped on a plane in dallas, texas and now he's here helping. i asked him how are the refugees what's his interaction been? take a look. >> a lot of people are in shock they literally can't process the fact that they've lost their homes and they've been kicked out of their country essentially it's not great.

they haven't slept in days. it takes a long time to get here from across across the border. ashley: once the refugees get out of ukraine, they end up at the railroad station or here at the bus station and from this point onward, they head west either deeper into poland or to another country. as you can see this bus says we drive ukrainians to denmark, in fact 12 of these coaches have left for about 700 refugees and i managed to speak to one of those , her name is elena, from kyiv, and this is what she had to say. >> it's my model and i love it, i love ukraine, and i want to stop the war, stop killing our people, our children and bombing our hospitals and schools. ashley: so as you mentioned, neil, right at 3 million refugee s is the best estimate, 1.81 of those coming to poland and they continue to come in waves. in fact the mayor of the city of

warsaw said his city is basically a breaking point. he says we are no longer able to cope if it keeps on like this they have already housed 200,000 refugees in warsaw, and now they are starting to sleep on the floors in the train stations. so, the word has gone out to the international community. we need more help, especially right here in poland. neil? neil: they do indeed. ashley, thank you for reminding us of that, ashley webster, stay safe in poland. ashley: thank you. neil: you know, we talk about how ukraine itself has been bombarded quite literally with air strike after air strike and now, russian soldiers are kidnap ping and taking mayors in ukraine, but if you think that is giving my next guest pause, think again. alexander sinkovich is the mayor of mekolai, i hope i pronounced that, mayor and you're fighting the good fight, you aren't at all in timmy dated russians are

targeting your city, you keep half way to other important points, but you are still on call and still fighting and staying there, but its got to be intimidating. >> the bombardment everyday for the last let's say nine days , the last one was a lot of dead people where the day before yesterday. they bombarded us in the daytime , and all these days they bombarded us with illegal cluster bombs. the main aim of these bombs is humans, i mean people, so only buildings and houses and residential areas were bombarded by the rockets. no military objects, yesterday also our children was bombarded

in the early morning so this plant builds gas turbines, nothing military there, but any way, they decided to ruin it too. neil: you know, a new strategy, mayor, is russian soldiers taking that in other places and intimidating local officials. what do you make of that? >> first of all, i can say that they don't come close to our city. our city is well-defended. we have army, we have territorial defense troops, we have national guard here, and they come closer for let's say 30 or 50 kilometers, they shoot , and they hold back so they don't stay too close because our artillery can hit them like we did before. i can say that their personal, let's say, motivation is not too

good. they don't want to die for putin because after our hit, after our hit, they are running, they runaway leaving tanks and heavy techniques which we take and bring it to the city. for sure, i'm ready for this kind of action, because i see they do it right now in ukraine, but i'm armed and ready for any kind of, you know, ideas of putin. neil: yeah, i tell you, mayor, i wouldn't mess with you. thank you very much and your brave constituents and fellow ukrainians. you're a different breed, my friend, that is for sure, and it's very inspiring to the rest of the world. mayor, please, please be safe and thank you, again. >> thank you. neil: all right, we have a lot more to show you what's going on at the corner of wall and broad, the worst fear is that maybe some of our investments get hit, of course that is not happening today as oil prices slide and retail or i should say wholesale inflation report comes

out a little less than we thought it would. that is not changing minds of the federal reserve is still going to likely raise interest rates tomorrow, for the first time since 2018 likely a quarter point that seems to be the betting. markets kind of sense that as a sure thing. they don't like to be surprised. we're following those developments as well as what's going on in china right now, and the threat of sanctions. the china says they aren't warrant the and further more doesn't want to see it, after this.

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neil: all right, we don't know when, we don't exactly know where but jen psaki telling reporters at the white house that the president does look at a possible trip to europe in the very near future, we don't know exactly where he will go, but this happens on the same day of the leaders of poland and the czech republic, and sloshing vein yeah are heading to kyiv where there are a number of air strikes that have been going on pretty much all day in and around kyiv, but that's not stopping these leaders, and from showing their support for president zelenskyy. speaking of president zelenskyy, addressed the canadian parliament today and said do you know what i still need that air

support and that air help, now canada among pretty much all the western powers that has poo- pooed the idea for the time being open to sending other critical military equipment but it's air support that again president zelenskyy had said is vital to turning the tide in this war. he will no doubt be saying the same when he addresses our congress tomorrow. in the meantime we're following a number of other developments including what's happening in austin, texas, as mark zuckerberg is getting ready to address a key conference there. you know he's been getting a whole heap of criticism about not only how he handled financial matters, but whether he snoops a bit much. kelly o'grady there with more. kelly? reporter: hi, neil. well, an information war is being fought on social media and many are questioning why platforms aren't doing more to remove russian disinformation as well as accounts affiliated with state and state media.

now, twitter in particular is facing backlash for allowing a number of tweets to remain most recently russia's ministry of foreign affairs, is attacking their own nuclear facilities, in a statement to fox business twitter said, we've labeled and de-emphasized state affiliate accounts belonging to the russian federation in addition to 20 other countries to provide important context about who they represent. it did not, however, share any intention to deplatform these thes. now that comes as social media platforms have chosen to silence topics they do deem controversial. critics of critical race theory and users who violate their standards of covid-related misinformation are in the crosshairs of big big tech moderators and that's a topic here at south by southwest we spoke to facebook whistleblower franchise hougan, who said not only are these companies ill- equipped to combat these but their algorithms are acupuncture actively promoting it. >> the real problem with misinformation is not individual accounts or individual people. it's about networks of amplification and the reality is

that russia has spent the last five or 10 years building out incredibly elaborate networks. facebook allowed these networks to thrive. they've consistently underinvest ed in basic national security issues. reporter: now, as you said mark zuckerberg will speak to the south by southwest crowd later today about the future of the m etaverse, but a missed criticism from both sides of the aisle as well as censorship is certain to take center stage. neil? neil: all right, thank you very very much for all of that, kelly , kelly o'grady in austin. that's a big technology center. speaking of technology those stocks are coming back today. that in and of itself is a little surprising because there's so many of them are in bear market down 20% or more from their highs so it might be just a situation being oversold. what was weighing on folks as well is these covid case spikes particularly in china and the virtual shutdown at shenzhen , that has buffeted the likes of apple and toyota,

foxconn and all the apple iphone s. offsetting that though is the fact that you know, technology is finding other avenues, for example, intel unveiling an $88 billion chip making expansion plant across europe, so europeans obviously welcoming that. let's get the read on the significance of these cross- currents for technology stocks with mark hamrich of the bank rate send your analyst, rebecca walser, walser wealth management. technology gets overbeaten when rates backup and i don't know that quid pro quo relationship, it is what it is and it happens almost to a tee, but you think its been overdone? do you think its been overdone? >> you know, i would say just generally with technology, yes, neil. the reason people leave technology is because they think it's going to take a long time to actually get a return on their profit and it will hit big when it finally hits but it takes a while you've got unicorn

s or go-to-market ipo's still not profitable hanging in there because they expect a big pay day at the end and when they start to see interest rates go up and they say well i can get a 6%, 2% fix, without any risk let me go and take some of the money and do that instead of waiting so long so the thats why you see nasdaq come down as rates go up and it doesn't make a lot of sense because you'd think it be the exact opposite, speculative people running high returns fast and growth stocks and then they go to safety. doesn't make sense but that's the play there and i do think, you know, with shenzhen, you know, that is the silicon valley of china, so people don't understand that the impact is significant and it should help our tech stocks maybe, yeah, absolutely, neil. neil: you know, mark, you mentioned china, and there's a threat of sanctions that we're going to impose if china helps russia, particularly if it helps militarily forget about economic ally, all bets are off there, one thing to sanction russia, not a major player no

offense to russia on the global stage but not nearly in the camp of china so i'm sure you watch that closely. >> it's something to watch, neil, and yet we don't want to have anymore geopolitical risk coming into the system, but it seems to be multiplying on a number of fronts and you know, the question remains and at this point it's a rhetorical one , lacking the knowledge to answer it myself, and that is how much more trouble does china want to court, and so it has its own issues with its own economy and the shutdown is a good example of that and here we are talking two years after the pandemic and we're still talking about supply chain issues in china, so absolutely, something to watch. neil: you know, rebecca too when you talk about china, the politics notwithstanding is covid spikes are pretty severe better than 50 million chinese are in lockdown right now, virtually all of shenzhen, this technology hub you alluded to earlier, so they've got a

serious covid problem here. that's where it all began, does it worry you? >> you know, neil, the thing is they have a covid-zero policy and i think anytime we continue after two years to have a covid- zero policy we're going to continue to get this. we have to look at the science. neil: do you think they are overreacting, rebecca, right? >> yes, yeah, this is, we are beyond this now. we have therapeutics, we have other things, we have these gene therapy vaccines, we have all of these things and yet you're still getting a covid-zero. can you imagine, neil, if we had a flu-zero policy in the united states if we shutdown every time there was a flu outbreak? this is not workable in a global economy and until the chinese and all of the world realizes that we have to worry about countries that have such strict policies if our supply cin depends on them. neil: mark, finally, you're very good economist and you know

watching the fed tomorrow is expected to raise interest rates a quarter point. some have been saying it will follow that every six weeks at a fed meeting, others are advocat ing for more increases and those that might be in between meetings. where are you on this? what do you forecast? >> well one thing i think people don't sufficiently appreciate, neil, is that these meetings are all so-called live and that means that while we will be diving into the dot plot to see the trajectory, they make it up as they go, as they ought to, right? and so i would say chairman powell is going to have a news conference where he will address what is a very high degree of uncertainty. we have those sources of uncertainty, almost emerging on a new basis everyday, but it's also true, neil, that the fed is behind the eight ball. they do want to get monetary policy back to nominal and we're a long way away from that having just ended asset purchases so we'll see whether the economy can avoid real problems here but

the risk of recession is no longer zero. neil: all right, we'll watch very closely guys thank you very very much, i know i've ping pong ed with a lot of things but i want your thoughts on breaking news developments and you delivered as you always do. by the way we're learning from the president of the united states right now that ahead of president zelenskyy talking to congress tomorrow when it comes to air support and all of that, and the no fly zone thing, it's still not flying at pennsylvania avenue, the president saying that he continues to believe that a no fly zone be escalating in the ukraine crisis. of course president zelenskyy insists otherwise and without it , he's going to be behind the eight ball. we'll see if he can make it, certainly will make that pitch tomorrow, as he did to the canadians today. the president though does not seem to be moved to change his mind. stay with us. at ameriprise financial, our advice is personalized. based on your goals, whatever they may be.

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neil: all right, it is unusual to put it mildly for someone like president zelenskyy of ukraine to address one world body after another, remember the european parliament, then he just address earlier today the canadian parliament and of course the hat trick complete tomorrow by addressing the u.s. congress. certainly something you don't see everyday. let's get the latest on all of this from chad pergram who knows the history and the significance better than anyone i know. chad? reporter: well, this is rare, this is significant, and this is a direct appeal by zelenskyy for the u.s. to help. in fact zelenskyy is expected to come down hard on congress and ask lawmakers to do more. >> if you say it enough times there will be people that hear it and believe it. these people are going through the same thing we went through in 1776 can you imagine if we were standing in those shoes how badly we want the help of a nation like the united states of

america. reporter: zelenskyy could ask for nato to impose a no fly zone but that faces resistance on both sides of the aisle. >> it's not going to happen any time soon. no fly zone is a direct confrontation with russia and i don't think nato and the united states are ready for that. reporter: zelenskyy is already using another weapon in his arsenal, communication, that's why he's appealing directly to congress. the gop says the biden administration should have help ed ukraine a long time a.g. ago. >> president biden declined to send support and training to ukraine in december because he feared it might provoke putin. predictably, putin has not pulled his punches as a thank you to president biden for pulling his. reporter: zelenskyy's predecessor petro poroshenko spoke to a joint meeting of congress in 2014. he asked for more military assistance after russia an exed

crimea. the virtual presentation with zelenskyy is in a joint meeting of congress reserved for most foreign leaders but it's as close as they can get during a war. neil? neil: all right, first zoom meeting in congress, chad, thank you very very much. chad pergram on capitol hill. the significance of this peter brooks senior research fellow the heritage foundation. peter, we know already that president zelenskyy is always looking for more help and god bless them, he be crazy if he weren't, but that air support thing is just not forthcoming. what do you think? >> well, i want to hear more from the administration about why they denied the air support. you know, they said we're not going to do it, but what does that mean? i think we need to know more and i expect that after this address tomorrow, considering how capable zelenskyy is and how powerful his cause, is that there's going to be a bow wave of support for additional help from the united states, and that

will include the transfer potentially of aircraft so i think we're going to hear more from the administration on this. when i think about this , neil, i think about what was said of churchill. he mobilized the english language and sent it into war. in some ways zelenskyy is doing the same thing here, by going to places like britain and of course canada today and the united states tomorrow, via virtual broadcast to try to, you know, impassion the people that are trying to, that he's trying to defend in terms of his territorial integrity, his sovereignty and the freedom of the ukrainian people. neil: peter, the argument against not doing this , and opening up the air space, it invites world war iii. do you agree with that? >> well look, you've got two things one is the transfer of the migs, but you're talking about the flow fly zone is that correct? neil: yes. >> yeah, okay. so it's all right the no fly zone is problematic because it potentially puts nato and u.s. pilots in contact with

russian fighters. at this point i don't support it , but the transfer of the mig s is something we need to go back and look at and find a way to do it plus other things , neil. we have things like we can support them with intelligence, you know, targeting things, and it doesn't all have to be public too. i'm a little bothered by all of the public expressions and talk about things that are transferred, just transfer it and we have to start doing this quickly because the russian s, if they're smart are going to try to cutoff those logistics lines and supply lines as they move into the western part of ukraine. hopefully they won't but they are going to start thinking about it we saw the air strike yesterday in the western part of ukraine, more of those maybe coming and the russians are going to try to cutoff those supply lines so we have to be thinking about getting these things in there. i don't believe we have to talk about everything publicly. we just have to do it, and we have to see what they need. air defenses and other things but yeah, more needs to be done, but at this moment, i'm not supportive of a no fly zone. neil: in the meantime, peter, we're certainly being

provocative ornate o nations are the leaders of poland and czech republic and we'll be in kyiv today to show support, for president zelenskyy. separately, more than 50 various nato warships are at or near the russian border, part of a military exercise i guess they call it cold response, involves more than 30,000 troops from more than 25 countries. that's pretty provocative. >> well, this has been planned for a long time, neil. neil: in a good way, i mean it in a good way don't get me wrong >> no, no. neil: kind of signaled that. >> i agree with you. well it shows solidarity right? if you have almost all nato members participating, as you mentioned 30,000 service members , bunch of ships, 200 aircraft you know for the defense of norway, operating in the baltic sea, near russia, which is this russian between lithuania and poland, you know, close to russia it shows our capability

if we need to, if there were russia greg against nato states such as the baltics, right, which are very close by to where this exercise is taking place, so a demonstration of force, the timing couldn't be better, it'll last i think about a month so i think it's going to last into the first or second week of april. neil: all right, we'll watch closely, peter thank you very much, great seeing you again, peter i apologize for choking there nothing to do with the fine thicks you were saying, my friend, peter brookes, senior research fellow at the heritage foundation. kevin hassett, key economic advisor to president trump on what he makes of the fed dilemma it's going to raise rates but it can't over do it or should it over do it? his read on an important first step tomorrow.

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neil: all right we know already that the federal reserve was all set to raise interest rates and

that was well telegraphed, then of course came the ukrainian war and that has changed maybe a lot of people's perception about how far the fed should go, you over do it on raising rates of course you could send the u.s. economy and with it potentially the world into a slow down if not outright recession so it is a very, you know, very very meticulous threading of the needle that they have to orchestrate. kevin hassett with us the former chairman of the council of economic advisors under president trump, kind enough to join us. kevin, good seeing you. thank you. neil: the federal reserve now has been looking at the inflationary spike that it thought be short-term, you know, it's not, but i wonder how much the war has changed things for that quarter point at a time , every fed meeting strategy what do you think? >> right. well, one thing we could look at and i know you know this , you talk about it on virtually every show is if you look at what the

market expects, the market expects about seven rate hikes in a row and so what the market is saying is that this thing going on in ukraine isn't going to affect what the fed is doing. i kind of lean that way too, because if you look at the history of inflation battles, you never really start to get ahead of the curve in an inflation battle until the interest rate is above the inflation rate. we're so far from that right now that i think that the market can really digest like six or seven moves in a row without the kind of calamity you might have expected a few years ago so with inflation this high and by the way if you run the numbers for commodities and energy for march, the print for the consumer price index for march is probably going to be as much as 2% just for the month. so we're talking inflation is way into the double-digits and so there's just a heck of a lot of pressure on the fed now i know that it's terrible what's happening to the people of ukraine, they are in our prayers it's having a big effect on markets but what it's doing is driving prices up and so the

inflationary pressure because of like the price of nickel which is a key ingredient in so many things like solar panels and batteries that that price right there is increased pressure on the fed really because those things really feed through to the top line. neil: but it flips the other way , right, kevin? you can schooled the fed for not getting ahead of this , it's behind the curve, that other countries have been raising interest rates for a while right now, and we're just coming to that, and we'll regret that. we'll rule the day, what do you think? >> yeah, i think the fed is totally behind the curve. i've been talking about inflation this high for about a year now, and the fed is just now sort of getting his act together, if i were there i would have started last summer. i think the risk is that with all of the turmoil and markets with the potential conflict with china, if they give arms to russia and so on, there's so much going on that you could

easily see that flipping into recession, and so then what's the fed going to do when inflation is running at 10% but we're in a recession, that's kind of i think possible, and in that kind of a state, like i really am not sure what the right answer for the fed is, but i think that getting ahead of the curve on inflation is important because if we don't, you know the u.s. could get into an inflationary spiral that's unlike anything that we've seen even in the 70s, so i think the fed is going to have to be tough even if we enter a recession this year. neil: you know, normally, it's very hard to orchestrate a soft landing whether it's for an inflationary spiral or what have you. so the books don't make you optimistic about whether jerome powell will succeed. what if he doesn't? what if he, you know, beats ris ing prices forget about how the fed reacts to them, do weigh on consumers, they stop paying for a lot of these goods. it's one thing to pivot from chicken to turkey to tofu, but

it's quite another one when you run out of those options and shutdown. how likely is that? >> right. you know, one thing to look at i've been looking at very closely is just real income growth and since wages haven't been going up as fast as prices, then real income growth right now is in the sort of minus two or minus three range depending on which measure you use and you know, in the end, there's an income account and a product account in gdp and if the product accounts declining two quarters in a row you call that a recession well if the income is declining then the product accounts going to catch up to it eventually and so i think we really are looking at a very high recessionary risk at a time with super-high inflation and it's an incredibly unfortunate mix as you say, but i think that if we don't get inflation under control what's going to happen is that prices are going to move faster than wage, you know, for maybe a number of years in a row, real incomes are going to

go down, and you're going to be looking at a very very lengthy recession, so i think we've got to take some strong medicine now before the wage price spiral gets completely out of control. and last thought on this , i'd be doing 50s not 25s, you know, i'd be trying to get the medicine in quick. neil: oh, wow. wow. i don't know if i like doctors like you, when they do that but anyway, i did want to get , you're a great student of history, and i've always argued that the difference between this and the 70s under jimmy carter is the underlying economy was in bad shape on top of what was going on with oil and energy and inflation. you could say for now, at least, the underlying economy is in relatively good shape, but that could peter out, so how do you see this going by the end of the year? >> you're exactly right that the economy has been stronger, there was a v-shaped recovery which we didn't know was going to happen from the covid shutdowns, but the other thing that's different and people forget about this.

people talk about ronald regan as the great deregulator but jimmy carter was a great deregulator too. a lot of the deregulation that people give reagan credit for was started by jimmy carter who was really aggressive and today be like a right winger when it comes to regulations, and so one of the things that has to happen is that supply has to go up, so that supply is running ahead of demand and then prices can start to drop, and so jimmy carter actually did a pretty good job of deregulating and encouraging small business formation and so on, and you know, making it so that the airlines could compete in and they were not so quite organized to drive up trucking prices and all that kind of stuff, and biden is doing the reverse, right? neil: that's very interesting. >> if supply goes anywhere because of biden's policies it's going to be a negative effect, or positive effect on inflation neil: remember the airline boom that started under carter and people express came along and still to this day, kevin hassett great seeing you again thank you

very very much. >> good to see you again too, welcome back. neil: all right, i think kevin and i can remember that. i bet charlie gasparino remembers people express, and paying for a ticket on the plane charlie: i remember all that. i remember trump airlines, remember trump air? neil: yes, yes. charlie: [laughter] i remember pumping gas in the 1970s with blinds around the block and also -- neil: would you go back tok to that, charlie? kevin doesn't think necessarily we are. charlie: wow kevin is such a nice guy he didn't really say if you read between the lines what kevin hassett just said because again, nice, good guy, but very smart and between the lines, he said that jerome powell made one of the biggest fed policy blunders ever in addressing -- neil: he's very late on this and you know when you're late for something, you got to do more of something. charlie: because you know, and then what happens is you got to do more but not only that you never know when you do have to

enact a policy like we're having fiscal restraint, monetary policy restraint, you never know what geopolitical factors are doing so in the middle of the worst time to possibly do this the world is getting turned upside down, as kevin said, we have stuff with china, maybe the saudis selling china oil de nominated in the chinese currency. we have china dealing with russia. we have russia, sanctions against russia. we have ukraine under siege, which takes a chunk of the grain sales out of the markets. this is a wild time to be dealing with jerome powell, by the way, has to do, and the only reason why he has to do it now, as opposed to doing it last year is because he waited and dithere d, and quite frankly supported the biden economic agenda which goes part in parcel with this. part of the one-two punch from

biden was we're going to flood the zone with fiscal stimulus and jerome powell is going to be accommodative on the monetary policy and by the way and cheer us on and that put us in the pickle we are right now with massive inflation which by the way in order to get rid of it, fast, you might have to cause a recession because eventually, we're going to get a recession based on massive inflation, but be that as it may, neil, we're going to be talking a lot about that tomorrow. what's going on today at the sec , another biden appointee, gary gensler, is really ruffling feathers, fox business has done pretty interesting deep dive into what's going on inside the sec and here is what we know both the staff is revolting against gensler because these are staff, these are people that have been there forever that interpret the rules based on the administrative code that he is all-controlling that the political people control the agenda totally, that the staff is cut out of major decision makers so you have a

revolt of the staff. at the same time, we have wall street and you might want not to feel sorry for wall street but guess what if you don't have firms that are able to do things without the heavy-handed government, we will get more inflation. we have wall street going nuts right now saying his agenda is affecting every single part of our lives, he's overstepping the bounds from crypto to pushing esg mandates going down the line and this is the wildcard, if the republicans take both the house and senate, i just wonder if gary gensler is going to survive and here is why the republicans have a bullseye on him. certain people the republicans really don't like in the biden administration. i would put, you know, say what you want, dr. fauci is clearly at the top in his little corner of the nih. another part of it is gary gensler. they think he's a tool of elizabeth warren and he wants to turn the economy upside down.

watch him. if the republicans get both, he's either going to be helping capitol hill a lot on hearings or he might just see him, they might have to put someone else in there because he won't get anything done. anyway, on that note -- neil: thank you, charlie. beautiful tie by the way. charlie: thank you. neil: viewers will call me back and say you're like the alan greenspan brief case indicator when charlie is wearing a tie maybe -- charlie: what's it mean when i'm wearing a pink shirt? neil: the pink thing sort of dials it back so you're a riddle and the conundrum at the same time. you're the best my friend, thank you very very much charlie gasparino, he is non-stop 24/7 breaking news big developments we'll have more, after this.

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neil: time for charles payne. he starts right now. >> hey, neil, i know sometimes are tough. i saw you strong-arming the guy for discount at the bakery. what is going on? neil: come on. charles: thanks a lot, neil. neil: exactly, buddy. >> good afternoon, everyone, i'm charles payne. this is "making money." breaking now, the coiled spring has sprung is it today's big bounce another head fake? we'll break down how to find bottoms, avoid these head fake and sift through the ashes for the best buys when you want to buy the dip. fed and jay powell are ready for the close up and inflation continues to rage but