start 3.54 million new small businesses last year. 20% more than any other year on record. as i see everything, everything, across the country is, as i go across the country our economy has gone from being on the mend to on the move. but for every worker i met who has gained a little bit of breathing room to seek out a better paying job, for every entrepreneur who has gained the confidence to pursue their small business dreams i know the families all across america are hurting because of inflation. i understand what it feels like. i come from a family where, when the price of gas or food went up we felt it. it was a discussion at the kitchen table. i went, i want every american to know that i am taking inflation very seriously and it's my top domestic priority. and i'm here today too talk

about solutions. there will be more we'll have to talk about as well. but first, i want us to be crystal clear about the problem. there are two leading causes of inflation we're seeing today. the first cause of inflation is a once in a century pandemic. not only did it shut down our global economy, it threw the supply chains and demand completely out of whack especially in country where more effective recovery responses weren't available. especially in those sectors that rely on semiconductors. the supply challenges have been further hampered by the onset of delta and omicron viruses and you've all seen it, you've all felt it and this year we have a second cause, a second cause. mr. putin's war in ukraine. you saw, we saw in march, 60% of inflation that month was due to

price increases at the pump for gasoline. putin's war has raised food prices as well because ukraine and russia, two of the world's major bread baskets for wheat and corn are essentially completely stalled. ukraine has 20, 20 million tons of grain in storage in silos right now but trying to figure out how to get out of the country to market which would reduce prices around the world. normally, normally we would have already begun to export them into the market but it hasn't because of putin's invasion. so we're working with our european partners to get this food out in the world so it can help bring down prices but it is difficult again because of putin and russian invasion of ukraine and those two major contributors to inflation are both global in nature. that's why we're seeing historic inflation in countries all over the world. but here's the good news,

because of the actions we've taken, america is in the stronger position to meet this challenge than just about any other country in the world. some of the roots of the inflation are outside of our control to state the obvious but there are things we can do and we can address and we need to do. that starts with the federal reserve which plays a primary role in fighting inflation in our country. i put forward a highly qualified nominees to lead that institution and i strongly urge the senate to confirm them without delay. the fed has a dual responsibilities. first achieving maximum employment and second is stable prices and while i will never interfere with the fed's judgment and decisions or tell them what they have to do, they're independent, they're independent, i believe that inflation is our top economic challenge right now and i think they do too. i built a, we built a strong economy with a strong job market and i agree with what chairman powell said last week, that the

number one threat is the strength, and in that strength that we built is inflation. so the fed should do its job and it will do its job i'm convinced with that in mind. now as i said when i came to, to what congress and the president can do to fight inflation americans have two potential paths forward. the first is my plan, democratic plan, plan put forward by congressional republicans is a second alternative. here is how each of us would tackle inflation. my plan is to lower everyday costs for, everyday costs for hard-working americans and lower the deficit by asking large corporations and wealthiest americans to not engage in price gouging and to pay their fair share in taxes. republican plan is to increase taxes on the middle-class families let billionaires and large companies off the hook as they raise profits, raise prices

and reap profits at record number, record amounts and it is really that simple but let me explain why this choice is so important. let me start, let me start with the putin price hike. high gas prices and energy prices. my plan is already in motion. i led the world and other countries to join with us to coordinate the largest release of oil from our stockpiles of all the countries in history. 240 million barrels to boost global supply. here at home u.s. oil and gas production is approaching record levels. in fact we produced more oil domestically in my first year in office than my predecessor did in his first year. to further drive down prices my administration is allowing the sale of gasoline using home-grown biofuels. biofuels this summer, which wasn't allowed before. and to reduce our dependence on

foreign oil and reckless autocrats like putin, i'm working with congress to pass landmark investments to help build a clean energy future as well. from tax credits for businesses that produce renewable emergency, from tax credits to families to make their homes more energy efficient. i met with nearly a dozen ceos of america's largest utility companies and they to a person told me, that including southern company, american electric power and 10 others they confirm if we pass the investments i'm talking about we'll immediately lower families utilities bills by as much as $500 a year according to their one estimate. that making their homes more secure in terms of heat not getting out and air-conditioning not escaping because they have good insulation. what is the congressional republican plan with respect to energy? first of all, their plan is to give oil companies a free pass. for example, right now oil

companies are sitting on 9,000 unused leases, oil leases which are the property of the federal government. on the property of the federal government. under my plan they would have to pay taxes and if they don't use those leases to produce more oil. they just can't sit on it. unlike, under the republican plan they would be allowed to continue to sit on this land without producing while shipping record profits back to their investors. the fact is the average cost of a barrel of oil has been steady for weeks. so why do gas prices keep going up so high? republicans offered plenty of blame but not a single solution to actually bring down the energy prices. you know we have no plan, they have no plan to bring down energy prices today. no plan to get us to a cleaner energy independent future tomorrow. so in the future american families are no longer subject to the whims of dictators

halfway around the world. the next thing, let's compare our plans when it comes to lowering everyday costs. my plan is to make concrete, concrete common sense steps to bring down the biggest expenses families are facing. let's take drug prices. my plan would let medicare negotiate prices for prescription drugs like they do with the, with the department of, with the military as it relates to what the administration is able to negotiate for prices for military. the cap, i also call for a cap on the price of insulin which 200 million, excuse me, beg your pardon, 200,000 american children rely on because they have type 2 diabetes at $35 a month. cost 10 bucks to make insulin. they make a significant profit. instead of a average price of

$640 a month. think of the difference it will make in millions of american families like the family i met with in virginia about three weeks ago struggling every day, every single month to afford their son's insulin. on this and other issues i laid out specific proposals to the congress to bring undo the cost of everyday costs all american, many american families face. that is in addition to the work my administration has already done to lower prices. another reason why prices are up for products people need relates to whether or not a manufacturer has access to all the materials they need to build the product. think of the materials you need to build a house. if you can't get the materials from ship to shore, from the, from the shore to the home the prices are going to go up. that is why we brought labor and industries together on the west coast to improve operations at

the port to speed up transfer of products from abroad, from shore, from shore to the location where they're going to be used. so that those products can move more quickly and cheaply. we haven't had enough truckers, for example, to deliver the lumber or other goods. that is why we're executing plan to get more truckers on the job, reduces the time it takes to move the goods quickly. another problem, we face is in some industries there isn't enough competition. i've often said that capitalism without competition isn't capitalism. it is exploitation. so we're promoting competition for everything from internet services to meat processing. we basically have four meat processors in the whole country. they process the meat that goes into the hamburgers you buy. so they set the price. when there is no competition they can set the price higher and higher. so we're helping smaller

companies get into the game to compete, to help bring undo the overall prices. the bottom line is, easy, easing these bottlenecks and making our supply chains more secure is a major focus of my economic strategy. so things move more quickly, prices go down, not up. you know some parts of my plan i've been able to get done on my own. just without congressional approval. some parts are being held up by congress but all of my plan is focused on lowering costs for the average family in america, to give them just a little bit of breathing room. what is the congressional republican plan? they don't want to solve inflation by lowering your costs. they want to solve it by raising your taxes and lowering your income. i happen to think it is a good thing when american families have a little more money in your pockets at end of the month but republicans in congress don't seem to think so. their plan is actually made working families, going to make

working families poorer. you don't have to take my word for it. it is in writing. they have made their intentions perfectly clear. senator rick scott wisconsin, a member of the senate republican leadership, laid it all out, the plan is ultramaga agenda. their plan is to raise taxes on 75 million american families, over 95% of who make less than $100,000 a year, total income. the average tax increase would be about $1500 per family. they have got it backwards in my view. i proposed a minimum tax for billionaires. in recent years the average billionaire paid 8% in federal taxes. congressional republicans proposed increasing taxes on teachers and firefighters. 55% of the largest corporations paid net zero in federal taxes in 2020 on $40 million profit.

it just isn't right. that is why i proposed a minimum tax for corporations. their plan would also raise taxes on 82% of small business owners making less than $50,000 a year. but it would do nothing to hold big corporations and companies accountable. think about it. be republicans in congress are so deeply committed to protecting big corporations and ceos that they would rather see taxes on working american families and try to depress their wages to take on inflation. never mind the fact that many of these companies are recording record profit margins even as, as prices, as they raise prices record amounts. look, heard me say it before, i'm a capitalist. i'm not out to punish anybody. i have no problem with companies getting and generating reasonable profits but, and in

this moment of peril with the war overseas and inflation surging around the world, the last thing we should be thinking about is rewarding companies for exploiting the situation. while families struggle to pay their bills some corporate executives are on earnings calls with investors on wall street cheering their record profits. explain how they're using this period of inflation to cover the rise in prices far beyond what they need to do to cover their costs. all this time, they're not even paying a fair share of taxes in the first place. you want to bring down inflation? let's make sure the wealthiest corporations pay their fair share. my plan, ask those companies to pay their fair share in taxes. congressional republican plan? let them off scot-free. if you weren't extreme enough with congressional republican agenda, they put it in writing. also calls on congress to put

special, excuse me, put social security, medicare, and medicaid on the chopping brock block every five years. if i hadn't seen it in writing i would think somebody is making this up every five years all the programs would cease unless they're revoted, that congress comes along, yeah, we want to keep these plans, affirmatively voting for them. imagine what change will take place then, man. imagine all the barred beganning will take place. you democrats want to maintain social security you have to give up such and such. look, i want to give medicare the power to negotiate drug prices and make it stronger and lower its costs. republicans in congress want to make medicare very existence up for a vote over and over again. along with social security and medicaid. really, ask yourself, how well

are we going to sleep at night knowing that every five years maga republicans if they're still republicans, as i said, this is not your father's republican party, if we're going to have to vote whether you will have social security, medicare, medicaid and what amounts you will have in each of those programs. you know what they're likely to do? use them as hostages every five years to get their way on other things. think about it, give us a tax cut for billionaires and social security gets it. stop investing in clean energy or you're going to, r we're going to kiss your medicare good-bye. that is outrageous. it is outrageous. i can't believe that the majority of republicans buy on to scott's plan. that is a plan in writing. he is in the leadership. finally, let's do one more comparison. let's compare two plans when it comes to the deficit. republicans love to attack me as

a big spender, as if that is the reason why inflation has gone up. let's compare the facts. under my predecessor the deficit exploded, raising, rising every single year under republicans. under my plan we're on track to cut the federal deficit by $1.5 trillion this year. say it again, $1.5 trillion by the end of this fiscal year. the biggest one-year decline in all of history for america. that is in is in addition last r we cut the budget $350 billion, the deficit, not the budget, the deficit $350 billion. my treasury department is planning to pay down the national debt this quarter which never happened under my predecessor, not once, not once. unlike my predecessor, the

deficit has gone down both years i've been here. that is not an abstraction. it matters. it matters to families, because reducing the deficit is one of the main ways we can ease inflationary pressures. look, the bottom line is this, americans have a choice right now between two paths, reflecting two very different sets of values. my plan, attacks inflation and grows the economy by lowering costs for working families, giving workers well-deserved race raises reducing deficit level and wealthy corporations and americans pay their fair share. the other path is ultramaga plan put forward by congressional republicans to raise taxes on working families, lower the income of american workers,

threaten sacred programs americans count on like social security, medicare and medicaid, and give break after break to big corporations and billionaires. just like they did the last time they were in power. when their top priority was the reckless 2 trillion-dollar tax cut going, majority going to the very wealthiest americans which ballooned the deficit and not a penny of it was paid for. look, i know you got to be frustrated, i know. i can taste it. frustrated by high prices by gridlock in congress. by the time it takes to get anything done. believe me, i understand the frustration. but the fact is congressional republicans, not all of them but the maga republicans are counting on you to be as frustrated by the pace of

progress which they ever, they have cover everything they can to slow down. you will hand power over to them, and enact so they can enact their extreme agenda. look at their agenda. we'll put it up on a web page somewhere. i think i can do this, the scott plan. it is in writing. we need a government focused on what families actually need. that is why i urge all americans to think about the path i laid forward. we're going to have to do more of what i laid forward. think about the republican congress are actually proposing. which path is right for you and for your family and quite frankly for america? let's build on the extraordinary process and progress we've made, instead of tearing it down. let's focus on what matters. this really matters to average

americans. i want to thank you all, god bless you and may god protect our troops. [reporters shouting questions] going to ask me about what i spoke about -- reporter: why you believe so many americans believe your administration is not doing enough to combat inflation around do you believe that you and your administration bear some measure of responsibility for the inflation that we're seeing across the country? president biden: first is, we're in power. that is the first thing you are justifiably right. we control all three branches of government. well we don't really, we have 50-50 in the senate. you need 60 votes to get major things done. i've been pushing things i'm proposing here you heard me speak here today since i got in office and i need to get 60 votes to pass this, number one. number two, i think that you

know, it's, they're not focused, all they're focused on understandably is the problem they're facing. they get 5 1/2%, on average raise in their salaries yet inflation exceeds that. they're looking around the world. and they know that a lot of it is extremely complicated. so they're frustrated and i don't blame them. i really don't blame them. there is a lot we have to do, but you know as well, i shouldn't say you, i think what i have to do is explain in simple straightforward language what is going on. reason why 30% of the inflation last year because automobiles cost more. why did they cost more? they couldn't get the computer chips to make them. people making a lot more money, they wanted to buy automobiles they couldn't buy them because the costs went up so high because there were so few of them. the same way this year. the same way this year. the reason why prices are up.

they understand but they don't -- look, most people, the vast majority of americans are hoping that their government just takes care of their problem and they don't have to think about it in detail at the kitchen table or dinner table and that is understandable, no matter what their background. but right now it is confusing. there is a war in ukraine and they're scratching their heads, what the heck is russia doing? should we be helping? they think we should be helping the ukrainians but what impact does that have? you think average person whether they have a phd or have any other job sits and thinks wow, there are thousands of tons of grain in elevators in ukraine, that can't get out, ukraine is one of the biggest producers of corn and wheat. huh. i wonder whether that is the reason why prices are up? reporter: inflation this country, dough you take any

responsibility or your policies. president biden: i think our policies help, not hurt. think about what they say. the vast majority of the of the economists think that this is going to be a real tough problem to solve but not because of spending. we brought down the deficit. the bottom line is how much does america owe? how much in the hole are we going? we're reducing that. [reporters shouting questions] reporter: gasoline prices and diesel prices at record highs. president biden: yes. >> you have yet to ask americans to consume less. you're a train guy. have you asked americans to drive less and take public transport? president biden: if you ever raised a family like mine you don't have to tell them. they're doing everything in their power to figure out how not to have to show up at the gas pump. that's why, for example, one of the things that will help a lot, it will take time, is our infrastructure bill.

the truth is, they don't have that many options in terms of transportation around the country right now. if you live in the northeast corridor you do. if you're driving back and forth between baltimore, washington, new york, et cetera. but you don't have many choices. you don't have a whole lot of choices to deal with other aspects of transportation in terms of local transportation and so, what happens is, and unless they're electric we find themselves, cost of flying, buying a ticket on a plane costs more because of gas prices. so this is a process. but it's a process i've been consistent about, wanting to lower prices for, and shift to renewable energy so we're not as dependent. i have conversations almost every -- that is an exaggeration. at least twice a week with one of my european counterparts, heads of state and what how can we help them, wean themselves off of russian oil because they're so totally dependent.

so we're, we're working like the devil to help them transition because as long as russia is able to make money selling oil they will continue to do the bad things they're doing. so there is a lot, it is really complicated. i'm not suggesting the american people can't understand it. they understand it but they have, they're working eight, 10 hours a day just to put food on the table. and so i think what's happened is we have, in a sense, i never expected, let me say this carefully, i never expected the ultramaga republicans who seem to control the republican party now to have been able to control the republican party. i never anticipated that happening. [reporters asking questions] reporter: mr. president, a year

ago the administration was saying that inflation was transitory. that is obviously not the case now. how long do you think it will be until we see prices coming down? president biden: i'm not going to predict that. it ranges, depending what economist you're talking to by the end of this year. some say it will increase next year but there are others say by the end of this year see it come down by the calendar year. i don't know but i know what we have to do to make sure we can bring it down. reporter: any restrictions on abortion or what limits do you believe -- president biden: i'm not going to respond. i want this to be about inflation. reporter: you called rick scott out a little while ago in your remarks. earlier today he said anticipating your remarks i'm just quoting here the best thing, the most effective thing joe biden can do to solve inflation crisis he created is resign. he is the problem. president biden: resign. that is good idea.

reporter: the senator added later, joe biden is unwell, unfit for office, unfit, incapacitated, confused. chance to respond. president biden: i think the man has a problem. reporter: will you drop former president trump's china tariffs? president biden: we're discussing that right now. reporter: would you erase that. president biden: i didn't say that. reporter: i asked that. president biden: we're discussing it. no decision made on. >> thank you, guys, that is a wrap. reporter: paying prices at pump. are you concerned about recession, mr. president. neil: that went well. the president fielding all questions about how to deal with the problems right now with accelerating deficits he said are getting better, the fact of the matter is, no matter what the president said deficits coming off the highest level, they increased under his stewardship added under his

spending. comparing under could have individual for the economy against the covid square that that is night and day argument. president didn't say anything he would do now to change things. he said republicans and plans would make it worse without outlining clearly what he would do to stave off the pressure he said a year ago would be transitory. it has proven to be anything but. not taking any responsibility for what is going on. republicans will no doubt seize on that happening under your watch, with democratic house, democratic senate, you're doing little but criticizing the opposite party for that. the president also throwing out the likelihood he said americans are being gouged by the oil companies, meat producers and the like who cornered the market sent prices going higher, much higher still. still there is a good argument to be made this is back to supply and demand. limited supply, demand that is crazy, prices rising.

the president right to point out that we have these chain snags that have been the case far longer then he would have envisioned but offering clearly no prescription for that outside of advocating some of these companies that are making so much money money should turn that over to taxpayers to ease what has been a real problem for that. of course that is a slippery slope start deciding how much for companies to make. nevertheless i'm not sure if any changed investors mind. the dow was down little over 200 points when the president started speaking. down 258 points after he completed speaker here. if they were looking for tonic from the white house it didn't happen. we interrupted days of selling up 500 points previously this morning. all that evaporated then some. that can happen in next three half nurse. we shall see. edward lawrence on the president's remarks, really not changing behavior besides

acknowledging the midterm election that we're in the middle of, what do you think? reporter: right i think what you saw there was a pivot now from this white house to an election terminology, election rhetoric that we're going to hear out of this white house comparing what the president is doing or wants to do with what he says republicans want to do which he based it off senator rick scott's plan. we can tell you senate minority leader mitch mcconnell who leads the senators in the senate has rejected that plan. so not all of republicans as he tries to president tried to lump in are on board with that plan. as you saw president then juxtaposed what he wants to do and what that plan says, which again all republicans are not on board with that plan. now the president as you were pointing out was saying that he wants to stay down the course, more spending. he pitched basically without talking about every component his social spending package. he talked about lowering child care. he talked about lowering prescription drugs, things that he wanted to do. he wants to get clean energy tax

credits through congress. everything he seemed to talk about would not lower inflation right now but he thinks in the future it might lower inflation. that is something that obviously is on his mind. he did say which is interesting, inflation is now the number one domestic agenda item. used to be climate change. so i will ask white house press secretary jen psaki about that when the briefing comes up this afternoon but he says this is the number one problem that he wants to address, yet he laid out the same proposals that he has basically been talking about for years, for the last year or so. i can tell you that representative buddy carter this morning was, a republican, blaming president for these policies. listen to what buddy carter had to say. >> when joe biden took office inflation was at 1.7%. it has gone up every month since he has been in office to a 40-year record high now of 8 1/2%. and it is because there is too much money out there chasing too

few products. reporter: and that is before he is talking about the invasion of ukraine, which, the president blamed inflation on. you know, the other thing senator rick scott, his plan, in fact this morning in a tweet senator rick scott actually called out the president saying, basically this. instead of fixing the crisis he created inflation record gas prices open border, president joe biden is giving a major speech today attacking me. this is a great example of why we need to rescue america from biden and his radical again today. republicans will latch on as you said, neil, to what the president was saying, sort of brushing off inflation, go forward with his spending plan and eventually don't worry, it will come back down. neil: thank you very much, my friend. by the way rick scott's plan to make sure everyone has skin in the game and every american pays something in taxes is meant to address the 50% who might pay, fica social security taxes things like that but are not threw writeoffs, allowances,

federal income taxes t has grown to the point where half of americans are not paying that. that is not endorsed by other prominent republican including mitch mcconnell, said republicans do not stand for raising taxes on anyone in this environment. so a bit of at bale going on among republicans even over scott feature. i hasten to add on this show, no one cares about my opinion, nor should you, i look at numbers. comparison making improvement on the deficit is missing the greater point we had five trillion dollars of covid relief dispersed in 2020 and 2021. that now when we stopped all of that, you know obviously you are going to come down from that level. so we had in the last year of the trump administration, about a $2.8 trillion deficit. the year before that about a $3.1 trillion deficit. much of that borne by five trillion dollars covid relief.

new president comes in, much of that relief money out there. you don't need as much of it. you see real improvement. go from a economy parked in all of this frozen activity then we start moving up and moving out but the fact of the matter is, the deficits didn't go away. our actual debt, a combination of deficits has increased under president biden, just not at the rate it was. it is still getting worse, i want to hasten to add that. it is not getting dramatically better. the rate of increase is getting better, the increase in our red ink but we're still dealing with better than $30 trillion in debt. that is still growing and deficits represent the parts of the total debt. you pile all the debts year after year after year, you get to the 30 1/2 trillion dollars. want to get that out there. maybe the markets are digesting that too. we zoomed up to decline right now. we're down about 328 points on the dow. the nasdaq is cascading as well. jared levy, on all of this,

whether this represents more capitulation, after 500 point run-up, what do you think investors are saying right now, jared? >> yeah. i mean, neil, i'm glad you bring all of that up, when we talk statistics it is real important, right, you get of reference correct. talking about this point in time versus that point in time just be honest about everything. i wish the president would stop blaming offer solutions. i want them. i think we all want them as investors, as consumers, americans we want bickering to stop. in terms of the marketplace right now i think what you're seeing is, it's a reset. when panic strikes like this it changes our psyche, right? for the past 12 years it is like okay, a little selloff. it will come back. and now, you know, you have this sort of building wall of uncertainties. i don't want to be overly dramatic about it because i think it is something we can get

through, but investors are like gosh, everybody seems to be selling at every little rally. maybe that is what i need to be doing? in short term fear has taken over. there is not a lot of technical support out there and remember this was the earning season of warnings. a lot of corporate leadership has gone out there, said you know what? they set the tone. reset the tone. we see some headwinds. probably problems with the consumer, inflation, blah, blah. there has been a lot of, a lot of shakeup. i think it is really hard for the average investor to dip in, overtake that. there is opportunity. that is the good news. neil: talking about that, because the people, always worry at the stage investors to your point, jared, say hello with it, but that is washing out period, you would think after three days, what we're seeing, obviously losing the degree of a trillion dollars in big tech names what they have absorbed over these body blows, but normally, when you're up over 500 points. anything can happen in the next 3 1/2 hours here but you turn

that around, an 800 point swing, down to 300 points, it is as if, the market almost goading people to quit the market. i'm just wondering in that environment -- >> a yeah, a lot of it, the other, the other side of this whole thing is the fact that you know, 20, 30 years ago algorithms were not as present in the marketplace. neil: you're right. >> on netflix they know what you want to watch? in marketplace there are algorithms that know how you feel when a stock or index does a certain things and what your actions are probably going to be. those algorithms exacerbating a lot of these movements. they're purposely making you feel this way, feel uncop forthable. here is something to remember. back in 2018, the last taper segment, last taper tantrum you covered really well, we had 20% drop in the marketplace over four months. we're five months into the year. we're down 17% from our highs in the s&p.

nasdaq is off 27%. the point i'm trying to make, i think we see another 8 to 10% here, it's possible, okay. covid, markets were off 35%. quickly turned around. i think going beyond that, the s&p to fall another 8%, if there is full-blown, god forbid, expansion or nuclear, that changes everything but as it stands right now i think there are some great values out there. as long-term investor you're nibbling slowly. i think another 8% or so to come down. from there you start to get into really oversold situation but right now, there is still room to fall. i'm just going to put that out there. still room to fall. neil: got it. realize that. jared levy, thank you very, very much. we've been following technology as well. the tech giants, a few of the biggest names wiped out about a trillion dollars in market value over the last three selling days. to put into perspective,

microsoft lost $100 billion in that period, made of facebook parent fame, down about $90 billion. nvidia down about $50 billion. tesla close to 190, actually now about 220 billion doing the math backwards. amazon down about $180 billion. it has essentially lost all of the ground that it had gained during you know, when we were all shut in our homes and amazon was a big beneficiary of that. we were all shopping online. all of that is wiped out. then you get back to the idea, what is overkill? oil prices started this leading effect we saw spread to people coming back to work, all of that, oil prices right now are since been coming down on the notion, on the notion all of these upward pressures in rates, prices are going to eventually mean everything slows down. let's get the read from claire chase on that. vice president of public and government affairs. claire, the president did not

spare your industry right now saying you're part of the problem, not you specifically, claire, but saying that you know, you hopped on a supply and demand problem and pushed it and now you're making obscene money off of it. how do you answer that? >> well, neil, in listening to his speech it becomes more and more clear the hypocrisy almost stunning in the biden administration. so we under president trump, you know, oil prices were hovering around 45, 50. gas prices were affordable. that's because president trump unleashed the american energy revolution. he allowed us to drill. so as president goes out and says you know, we're having all these policies to let you drill, we would be taking advantage of those if we could. and granted rig counts are up, we're trying to produce more but what our investors told us we need to be much more focused on

managing our money properly. so that is what we've done. oil is a slow reacting commodity. we cannot just gear up overnight. we're doing our best to respond tote current economy and current demands on our product but if we can't drill for oil it is really hard to get it to market. neil: when he comes back at you, claire, not you specifically again, claire, but as a spokesperson for your industry, i understand supply and demand but but you guys are making outstanding profits from it as americans are suffering, what do you say to that? >> it is discipline we're having to undertake. two years ago we were looking at negative prices per barrel of oil? neil: that's true. >> what we have learned over the course of being in this industry, the up and down cycle of it, boom and burst cycle, we have to be smarter how we invest, how we deploy capital. the manner in which we do it and what has happened before, neil, as you know is when prices are

high, we go crazy. we want to open the floodgates, do as much as we can to get as much oil on the market as we can. that causes prices to snap back. then we have to slow down. we have not been as disciplined as we are now. that is really for the better. so it is not a matter of necessarily profits. it is just a matter of being more fiscally disciplined how we deploy our capital. that obviously has an effect on top of the ukraine war and russian oil bans we're seeing across the globe. that adds obviously pressure to demand. so we've got, we've got to be able in order to help out our european friends we really need to be able to produce and president biden is not making it easier for us. neil: you know has said in the past, claire, look, i opened up more federal lands for drilling. he leaves out the fact he also closed off 80% of other lands for drilling, so it was a faustian choice for you guys, i get that, but you're not taking

advantage of the lands he has opened up. so you know, crocodile tears. what do you say to that? >> i, it is really a struggle to hear him say things like that without getting extraordinarily upset because it is false. to your point he reversed a president trump policy drilling in alaska. he obviously canceled key stone pipeline. he canceled sale of federal mineral leases. for him to say well you have the 9,000 leases available to you, those are not necessarily drillable. those may be pieces of land we need to access in new mexico, for example, we have what we call a checker board. one parcel of land may be owned by the state, one parcel by the federal government, one parcel by a private citizen. we may need the federalis in order to access our state lease. so it is not, it is really misleading. you know it is funny, he said i want to tax oil producers who don't drill on that land. it is really similar to people

who lease a car and would have to pay the leasing company if they don't drive it. why would you do something like that? that doesn't send a signal to us to open the floodgates. it says listen we want to continue to try to put downward pressure on you, to support you fully. it is really hard to invest the amount of money that it takes to rig up a rig when all of the signals from the white house are saying that we really, you know, we want you to do this because we want you to, we want to get reelected but we don't really want to do it because we're worried that our base will be upset because of the climate change issue. neil: claire chase, thank you very much. i wanted you to be able to respond to some of the president's charges here. i do want to point out as well, we'll take a quick break here, even you at your most cynical level are saying oil companies are greedy s.o.b.s, they're in the business to make money, perish the thought, all of sudden frame what they're doing in this environment, why they're

doing it in this environment. in this environment, when prices skyrocket you would think it would be in their best interest to drill, baby drill, take advantage of this, and poised and ready to take advantage of a inflationary spiral. if they're limited doing that, accepting more than their selfish core, then why would they do that? that is a way to cheapen the environment for them. second on this deficit thing, i'm pounding its like a nerd but accept me for the nerd i am. you cannot come off of a period 3.1 trillion in fiscal 2020 deficits, 2.8 trillion, in 2021 and not come down from that when that represented covid relief spending to get us out of a bad situation. spend a lot of money to come up with cures, with remedies, with whatever. by comparison you are obviously going to come down off that because you're comparing it to almost a depression levels. the economy stopped. it stopped. so any effort to move after that, any effort to return to work after that, any effort to

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president biden: my plan is to lower employer, lower everyday, every day costs for hard-working americans. i'm lowering the deficit to ask the largest corporations, wealthiest americans not to engage in price gouging and pay their fair share -- neil: very clearly because he is going after you, gianno. great read of politics. scold bolden, here as well, former d.c. chairman. thank you for sticking around. >> thank you for having me. neil: let me ask you, talking up deficits, having the rich pay their fair share, i don't dismiss deficits improving, that is great. the debt is not improving but leaving that aside, at this moment in this environment who cares? shouldn't your strategy be to ease the inflationary concern

americans feel and the hell with making a bogeyman of the rich as if? what do you make of that? >> well i think reducing the deficit a long-term strategy on any administration's part. neil: no doubt. >> you're absolutely right. you've got to get food prices down and you got to get oil prices, oil prices are down, you got to get gas prices down. okay? neil: right. >> because, not just politically but economically because voters, and remember, this is all about 2022 midterms, voters, if, the remnants of jimmy carter and gerald ford as well as ronald reagan regarding pinching you politically for inflation, it caused a lot of downfall in many administrations, republican and democrats. so he has got to get those down. the problem is, whatever his plan is, whatever anyone's plan is it is not effective and efficient enough, right to have immediate impact on inflation. if you don't have the immediate impact you will suffer politically and economically

because people are, wages are up. unemployment is down but what they're making, inflation is outpacing it. so what do you do about that? i render to say, i fear to say, the most effective way to deal with this for the fed, for the fed, i.e., volcker to raise interest rates if you will. that might cause a recession but -- neil: pulling a volcker here, raising them too much but it did break the back of inflation. gianno -- >> going far too slow though. raising it too slow. neil: got it. as scott pointed out, obviously, i'm glad he did, this is a midterm election year. we know the backdrop the president is making remarks he is throwing it out there, this isn't on me, on greedy companies trying to gouge you, leading suspicion this is on republicans who will eventually going to tax you, so he is throwing that out there. we do know that a good number of americans, a plurality have heard this so often they're

beginning to believe it. especially when it comes to the oil companies gouging them. maybe he is crazy like a fox. what do you think? >> well i want to remind, if i may, for a moment, remind president biden of what candidate biden said on 4/20/2020. the president needs to stop blaming others and do his job. i know it was a 4/20 holiday but anything could be happening. the problem with president joe biden he made a number of claims of what he was going to do as a candidate and now people are seeing that none of those, a lot of those things have not materialized and he doesn't seem up for the job. so my concern is, it doesn't matter what he says in a press conference or sit-down interview. the town square is at the gas pump. the town square is at the grocery store. people are not going to be paying attention to what is going on fox news and msnbc and cnn when they can look for themselves and feel the pain of the economic environment where

they had a president who said that he was going to do great justice on it. he was going to improve the economy. that the job situation would change and we've not necessarily seen that. sure, a lot of jobses have come back but those were people who lost their jobs during covid, these are not necessarily new jobs, especially when it comes to the energy sector people losing their jobs on the keystone pipeline. another lie and die session he felt republicans have not mentioned any plans. republicans mentioned a number of proposals. the republicans are not in power. he is. so do your damn job, mr. president. neil: you know, scott, let me ask you, one of the things i see the president reluctance to take responsibility for anything. i get that. i like to blame thyroid for weight issue, minor weight issue, i'm three or four pounds overweight, would it kill you i botched it. i thought it was transitory, it wasn't. do what president kennedy did bay of pigs.

own up something under your watch. you could have shift thed blame, gingrich disaster in the revolution, you will get on board with that see through the changes, end up getting reelected in a pretty comfortable margin. he must look back in history saying sometimes owning up to a mistake doesn't kill you? >> yeah, right. that is not happening, not in this political environment. nor do i believe the democrats or the president believes that. he has brought unemployment down. he is coming out of a pandemic. he and trump pumped money into this economy which is a big part of the result. he can't control the ukrainian war that has is creating problem at the gas pump. he can't -- >> already going up. [all talking at once] >> hold on, hold on. listen he is in office, he is in power so he will take the hit. inherently he has the responsibility but he will not concede he botched it.

neil: you don't have to say you botched it. say something, you acknowledge it was going to be -- >> what did he miss? tell me things top three things biden missed. neil: inflation. oil, he government spending. >> inflation was -- >> in a bad position. neil: he is not going to do anything. we'll take a quick break. starting your buick enclave. i just love our new alexa. dad, it's a buick. i love that new alexa smell. it's a buick. we need snacks for the team. ... ask “alexa, tell me more about buick suvs.” ♪ ♪ we all need a rock we can rely on. to be strong. to overcome anything.

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neil: all right, we started the day with investors trying

reverse three days of major league selling, and you know, a collected trillion dollars lost in some big tech names. amazon right now is right back to where it was before the pandemic even started. some other big tech names losing anywhere during this three day period not even adding in today, hundreds of billions of dollars that just add fuel to the worry. it's not done, let's get the latest on all of this with lauren simonetti. we're not ensured or assured at least, lauren, on anything the president just said. lauren: no and this is the definition of volatility, right? any gain is not holding, so today started as turnaround tuesday. at one point the dow was up more than 500 points. now it's down for the fourth day in a row. the nasdaq completely struggling to hold on right now. it's still below that key 12,000 level that the s&p 500 is below 4,000. those are milestones we're below it. the nasdaq has completely been crushed this year. its lost more than a quarter of

its value, and i want you to look at some of the biggest names hurting even more than that. if you look at the past three trading sessions, so from wednesday, that's when the federal reserve hiked by 50 basis points through yesterday. apple lost $220 billion in value then you have tesla and microsoft, look here they lost about 200 billion each. microsoft's market cap, yes it is still holding $2 trillion but it dipped below that for the first time since june. microsoft has been a winner this whole time, and you just saw the amazon story they gave up all their pandemic gains so some traders are saying this is throwing the baby out with the bath water especially when you consider the nasdaq 100 gave up $1.5 trillion in three sessions or $3.4 trillion in value since just the start of april so there's worry that the federal reserve will keep hiking interest rates to tame inflation and that could push the economy into recession. already, the consumer is slowing

down. this is the latest from the new york fed. mortgage originations dropped 17 % in first quarter as rates went up, continue to go up, total household debt up to nearly $16 trillion. i point this out because we're already starting to see signs that the consumer might be cracking. it was sured up with all those pandemic savings, if you will, and higher prices for everything will eventually take a toll. neil: and that's already happening to your point lauren thank you very much, lauren simonetti. now there are a stubborn sort of resistance to all this on the part of many americans still want to take their trips, still want to have their vacations and are willing to pay for the privilege, but they're really paying for the privilege and doesn't madison alworth know it in new jersey. madison? reporter: hi, neil, yes, drivers , travelers, definitely feeling it. we have officially hit a new national high for the price of gasoline, this just about a month after we broke the record that was set in 2008 so what

we're looking at today the new national price of gasoline in the u.s. is $4.37. that is up $0.17 in one week, up a nickel in just one day. americans are now at a pressure point in a triple a driver survey completed this march, 60% of drivers said their pain point is $4 a gallon for gas. we are way past that. >> it's just really, it's out of reach unfortunately, for a lot of people and most of those countries don't have a public transportation alternative like we see in the major cities, so it's a real burden. reporter: it's definitely something i've been hearing from drivers here, neil. some are so shocked to see the number on the pump once they're done filling up. others are worried with set incomes that these prices, they keep going up. take a listen. >> i can't even believe it. i came out because i had to double check that price.

it's unbelievable. >> i don't think we're going to make it too much. i want to sell this car and get a horse maybe. >> every now and again you do need a change of scenery and get out there take the kids out take the family out and we can't do that. it's costing us just to get to somewhere. reporter: while it's very comical to buy a horse, obviously, that's not a reliable means of transportation in new jersey, you know that, neil, but you know, you've heard that last guy there and he's retired veteran on disability. he has a set income, this is what he has to pay if he needs to get around. unfortunately, analysts, they expect the price to go up even more at the pump. really hard to believe considering we are now like i said at the highest price we have ever seen since these prices have been tracked. neil? neil: amazing stuff thank you very very much, madison alworth, now, to the bible on these prices where they might go, patrick dahun joins us the gas

buddy.com head of petroleum analysis. so patrick, when we had the down draft in prices we fell about $0.20 a gallon depending where you live, you said don't get used to it. a lot of people were getting used to it that's evaporated what's happening? >> yeah, neil i think a lot of what we're seeing in the price of oil right now is having to do with the eu potentially sanctioning russia's oil that will certainly widen the imbalance between supply and demand and of course, china, continuing to lockdown shanghai and beijing with covid flaring up, so we have two issues really on opposite sides of the spectrum. oil markets so far this week plunging, obviously economic concerns, china shutting down its economy, but what's powering gas prices right now is what wti did last week rising $9 a barrel so we'll see the increase probably continue for another few days but i think the increase could then fizzle out especially if today's drop for the second straight day and wti can hold on neil: you know what's kind of interesting about this , patrick , is americans

willingness to absorb these body blows, and still take their trip i get it, they want to get out. they are sick of being shut in. this is their first summer to do that after a couple of brutal ones, so i get that. so that might keep these prices up ironically. that very demand, right? >> yeah, absolutely, neil. there's a lot of pent-up demand as you mentioned. this is going to be the best summer since 2019 to get out and about, the economy is broadly reopened, covid at least for now , cases are still very low, and americans want to get out, and we're just starting to see warm weather heat up, demand is still very strong, against a backdrop of supply that's been shrinking and you look at gasoline and diesel or distillate inventories, neil it's not a pretty picture. not only that but u.s. refining capacity is down a million barrels a day compared to 2019, so there's a heck of a lot of ki nks potentially in the supply chain for oil this summer. it may not be a pretty one. neil: pat, i'd be curious your take on the president pointing

the finger at the oil industry itself. these guys are making record profits, he says, it's obscene, there's got to be something we can do. others like bernie sanders talked about a profits take to share the loot they are making. >> well, neil, oil companies are price takers. i know everyone thinks that oil companies get to arbitrarily just charge whatever they want, why wouldn't oil companies charge $300 a barrel but the fact of the matter is, oil companies lose billions, they do really well, they make billions when prices are high. americans, you know, we continue to fill up. part of it is my own fault i still want to get out and about but neil at the end of the day you look at it. this is a banner quarter for oil companies. bp, shell, exxon-mobile, total you combine those four oil companies and their blockbuster first quarter, it's still not as much profit as apple is making, so are we really, you know, do we have any room to go after the oil companies when profits, i mean, we're in a capitalist society.

neil: i don't see anyone going back against apple saying turnover that iphone and ipad revenue. you mentioned a good point but patrick, i'm just wondering if there's a breaking point for consumers. a capitulation in energy, if you will. we still haven't seen it in stocks although we could be getting close but is there a level at which even those who are hungry to take a vacation say no, i can't deal with this. how close are we to that? what would get us closer to a point at the pump where we say this is ridiculous. >> neil, i think most of us, you know, we talk a big game, $4 a gallon we all hate it. nobody likes to pay $4 a gallon, but $4 a gallon isn't that resistance point where i'm going oh, man i've got to stop driving i think that resistance point for most americans is going to be that $5 mark, right? we seen $4 around the last month and a half. nobody is really curtailing driving. maybe a small percentage of americans. it's really going to take that first digit, that psychological

call first digit, it's going to be $6 for california and $5 in the u.s.. neil: you talk about it too. i know they say in places like france, it's the equivalent of $ 12 a gallon and a lot of americans who don't like the french say yeah, but you're in france. so, back and fourth we go on this but it's a lot worse elsewhere, isn't it? >> yeah, absolutely. you look to europe where they have other forms of transit that are options. france, bullet trains, high speed trains, the difference is that the u.s. doesn't have that. i mean, what germany is about the same size of montana, so i mean if the u.s. wasn't small we would probably have a really efficient network too. the problem is we don't. we rely on the automobile and affordable energy and we don't have any of it right now. neil: sorry to jump on you there , pat, i just wanted to get your sense then. could the escalation in prices eventually lead to a reversal in prices, that you hit a point of

resistance that opec didn't envision in the early 70s or again late 70s when it shutdown the globe. i hope that doesn't happen here, but is there a point where you get where all of a sudden, opec realizes, you know, we kind of forced this over the edge. >> absolutely. opec's mission is not to charge obscene amount for oil, right, neil? it's to keep americans addicted to oil or beyond the point right now, i mean, opec dragged its feet only starting to raise production in july in 2021. and now we're well beyond that point where tesla can't keep ev 's in stock because more americans are making that jump, so if opec wants to do something and keep americans relying on fossil fuels, they better ramp up production and quickly, otherwise they will become irrelevant when americans start making that trend. neil: they are shooting themselves in the proverbial foot. patrick always good talking to you, the gasbuddy.com, head of

potential petroleum analysis. want to go to brandon arnold, as you heard he's with the national taxpayer's union by the way is that the rich are doing what the rich do, being greedy and selfish and not paying their fair share in taxes and they are compounding this problem. what did you think of that? >> yeah, this was an absolutely infuriating speech because he blamed absolutely everybody except for himself. it was the meat packers for high food prices, it was the oil companies for high oil prices and it was the rich, of course for not paying their fair share in taxes. of course one of the reasons why the corporations don't pay as much in taxes as perhaps biden would like is because of some of the tax policies. policies that are passed on a bipartisan fashion that allow them to drive down their tax liability, particularly in times when we're facing tough economic circumstances, has been the case over the past years for a lot of companies, so that's why a lot of companies aren't paying as much as they'd like.

raising taxes, of course at this time at a time when the economy is really struggling, due in large part of course to the biden administration's policies, with absolutely disastrous and would really really hurt working americans. neil: you know, i'm all for everyone paying their fair share, brandon. you and i talked about this before. it's just a moving target what the fair share is and it used to be if you got up to 30% you were paying your fair sheriff you got up to 33% you're paying your fair share and 40s and everything else i don't get it. so with the fair share part i notice it comes back finding creative ways to come up with more money for washington, but washington not equally obligated to come up with saving money for taxpayers. it's just uncanny. >> yeah, that's the answer whenever there's a shortfall the answer is to raise more in the way of taxes, raise taxes on corporations, raise taxes on wealthy individuals. other countries have gone down that path and what is done is stifled economic growth. it's a bad, bad formula here,

but let's be clear here. why he's talking about this right now, is to distract from the core issue that is really really hurting americans and that is inflation. your previous guest talked about it in terms of gas prices but it's across the economy, and he said that there are two main causes for inflation right now. two, the pandemic and putin. what he failed to recognize is theres a third p, and that's the president. the president is in charge of this government. the president has spent like a drunken sailor. this president has spent $2 trillion right off the top of this administration while restricting the amount of gasoline we can get out of this ground and therefore, we have this inflationary crisis that we refuses to take any kind of blame for. neil: you know, looking back in history and i've raised it with other guests, brandon, you're probably tired of hearing my say it as well, it's one thing to sort of deny a problem so you can't address the problem, but it's quite another to point the finger at others for that problem without at least

pointing something back at yourself because he's president, after all. his party has the house, and the senate. he was the one who started saying much like our federal reserve, that this be a transitory problem. what would kill you to say, i botched that and i got that wrong, i'm not alone but i botched it. i think americans are very forgiving, very understanding of presidents who admit a mistake, and very unforgiving of presidents who never do. >> yeah, a little humility be nice for sure, i mean, and it's one thing to blame putin it's one thing to blame the pandemic because there's grains of truth to both of those claims, but right now, he's blaming rick scott, he's blaming the junior senator from florida for our economic problems because he came up with a plan and my estimation a flawed plan but he came up with a plan to try to address our economic problems. he's the junior senator from florida. biden is the president. biden's party controls the white house, the house, the senate,

they can pass virtually any tax or spending bill they want without a single republican vote , so the ludacris nature of this blame game is what is really driving people crazy, it's driving me crazy because you have to assume at least a little bit of the blame for the mess we're in right now and he refuse toss do so. neil: and you're off to the races once you do because you're encouraging the other side to find common ground that's not happening. brandon arnold great catching up with you national taxpayers union representative here and by the way referring to the junior senator of florida rick scott, of course whose in charge of senator finance committee so he sort of doles out the dough for a promising republican candidates he has a plan out there that even fellow republicans are disavowing including mitch mcconnell to make sure everyone, everyone pays something in federal income tax right now 50% of americans do not. rick scott is arguing that everyone should have skin in the game. obviously for very very transparent reasons, mitch mcconnell is saying that's advocating a tax hike for half

the folks out there, half the potential voters out there, mitch mcconnell wants those voters, he seems to be saying rick scott is going to alienate those , so he's not for it, but there is a push right now to understand how our tax system has gotten so out of whack, where fewer than half americans pay any federal income tax at all. can we sustain our huge government on that math? clearly not. stay with us. ♪ i'm on the edge, of glory ♪

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>> the plan put forward by congressional republicans is a second alternative. here is how each of us would tackle inflation. my plan is to lower everyday costs for every day costs for hard working americans, and lower the deficit by asking large corporations and the wealthiest americans to not engage in price gouging and to pay their fair share in taxes. neil: all right, there's no proof by the way that price gouging is going on. they've looked into this with the oil industry a dozen times

over the last what, four, five decades, not once did they find evidence of that. kind of hard to pull that off today in this environment. by the way, and it would have to involve all the big giants, including by extension the food industry where the president says is also going on to prove that, so that is not a given, and also the presidents views right now on the deficit, improving the deficit leaving aside that it's hard to not come up with some improvement of the deficit after all the trillions that were thrown, $5 trillion over two years to deal with covid and if you can't come down from that you have more problems than you think. charlie gasparino, monitoring all that because a collective sh rug from wall street here, politico standings notwithstanding, what do you think, charlie? charlie: well his speech and the falsehoods and spin that he put on some of these issues did not help the president' standing

on wall street with investors as you saw stock market is sold off a little, didn't obviously didn't come back when he started speaking. i will say this , neil. one of the problems that we have right now, obviously is inflation, obviously with the markets and the economy, obviously it's rising interest rates, and that will slow down the economy but the other part of the equation here is a lack of confidence in the guy running the country, and it's becoming increasingly obvious from, listen i'm plot going to mention names. i talk to bank ceo's all the time. these are people that voted for him. they believe he's incompetent and they believe the people around him are incompetent and they don't believe they are getting anything done, and you can go out there and blame corporations for price gouging. i'm just trying to figure out whose price gouging right now. i mean, really, are oil companies really price gouging? really the truth that oil

companies have the licenses to start drilling and they're not because they just want to price gouge. that's a lie. that's wrong. they have to get other permits and the government is not handing them out and what he's saying is so verifiable, you know, you can verify it as being false so easily. if donald trump gave that speech , the mainstream media be going nuts. this is a president that does not know what he's talking about he be twice as effective in his divisiveness, neil, if he didn't stumble over every other word as well and i don't mean that to be nasty and mean. this is a guy that just is not capable of communicating and then when he does, much of it is wrong, so listen, we called it out when trump was president. you and i were not someone that just gave him a pass, but this is, that was a frightening, in my view, a frightening demonstration of a lack of knowledge of what's going on in the economy, and as bad as

donald was sometimes when he spoke about covid and again, we both criticized him, this is really bad on the economy and we're at a very treacherous time in the economy, neil. this could go, this could go south fast. both the biden administration and spending money and heaping on regulations that constrained the supply side of the economy, and jerome powell who just kept printing money and throwing out, keeping interest rates so low, they put us in a pickle. neil: and to your point, charlie , you raise a good point because i don't expect my presidents to be perfect. i don't expect them to rise necessarily above, you know, that's politics i get that and they are free to pursue that but i think about now. americans are very forgiving people. if you admitted to them, look, i botched this i thought this was going to be brief, it's not brief, i'm on top of it now here is what i plan to go now, i hope to work with the same republican s ripping me a new one

to see if we can find some common ground, in other words to rise above that fray and provide the means by which we could dig out of this because i think for people paying all this at the pump, paying all this at the grocery store, they want answers , they don't want finger pointing. charlie: right they don't want, they want answers, but what he said on fact after fact after fact that republicans want to raise your taxes and this and that, i mean, it was false. it was like easily verified false and here is the thing. neil: well he's zeroing in on rick scott and the plan to go after that but you're quite right. let's step back from that. this is a chance where he can sort of reclaim the center here but he doesn't want to do that. charlie: and here's why, okay? it's in that book by the two new york times reporters, their names escape me, where they had him quoted and this has been a confirmed quote where he said, i'm paraphrasing, barack obama is probably jealous of how

transformational i'm being. so he has so much vested in the fact that he's a progressive transformational president. he was above and beyond what barack obama did with obamacare, that he thinks this is actually good and the evidence is mounting that it's really bad, and by the way, he's actually nasty in defending it and that's the other part. one thing about obama with progressivism and this is not a progressive country, but he had a way of selling it, and he didn't sell it perfectly as you know they lost majorities in the congress throughout his tenure, he wasn't a man who was wildly re-elected by massive margins either time, but he sold it. this guy is actually nasty in pushing his left wing agenda that most of the country does not like, and i don't know how you sell that. i don't know what's going on. neil: well bill clinton to your point was able to recalibrate and say all right this is a

different situation after my party was pummeled in the mid-terms. i'm going to change, and in fact forget about following the parade he eventually led it. so that might be a lesson. charlie: but my point was, he was not elected to be bernie sanders. as a matter of fact bernie sanders and aoc lost, that wing of the party lost, he was elected to be moderate joe, to bring the country together after years of divisiveness and you compare what he said and the type of language that trump used. you tell me that trump was, tell me trump was much more divisive than joe biden because he wasn't this is a divisive president and by the way he's doing it at a time where you can't afford to do it because the economy is horrible. neil: you're divisive, do you know what? charlie: thank you. neil: but in a good way. charlie: i'm take that as a compliment. neil: thank you very much, charlie charlie gasparino, calling it as he sees it sometimes there's numbers, facts

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neil: all right, we're getting some things from elon musk i think he's at a financial times future of the car conference, something like that, anyway, he's saying that i do think it was not correct to ban donald trump from twitter, that that was a big mistake. he's kind of said that in the past. there had been talk that he wanted donald trump to rejoin twitter and he seemed to be open to that himself, the former president, by the way, has said that he's not doing that as his,

where at least you have an incoming twitter boss as he succeeds in getting all this done and through, that certainly seems inclined to welcome the former president back, because he thinks it was a mistake for twitter to junk him in the first place. we'll keep an eye on that, keeping an eye on chad pergram and the capitol, especially when it comes to threats from abroad. chad what do you have? reporter: good afternoon, neil. well the main points of discussion at this hearing, the war in ukraine and designs china has on taiwan, on ukraine director of national intelligence admiral hanes said russia was prepping for a prolonged conflict but she doubted vladimir putin would use nuclear weapons unless he felt threatened. still, hanes offers a caveat. >> there's always an enhanced potential for miscalculation, un intended escalation which we hope our intelligence can help to mitigate. beyond its invasion of ukraine.

reporter: defense intelligence agency director scott barrier was frank about the status of the war 10 weeks in. >> i would characterize it as the russians aren't winning, and the ukrainians aren't winning and we're at a bit of a stalemate. >> who faces greater risk from a stalemate? russia or ukraine? >> i think, i think we have to take a wait and see approach on how this evolves and what is in the decision calculus for putin and his generals as this unfolds reporter: barrier said ukraine has filled eight to 10 russian generals, gop arkansas senator tom cotton offered a theory about why so many generals died. >> the fact that russia is los ing all these generals and as you pointed out they have no trained mco core suggests to you these generals are having to go forward to ensure their orders are executed in a way that general barrier never would have to go forward if he was in a combat command because he could count on the captains and the

lt.s and the sergeant barriers to execute his orders. reporter: on china, hanes testified that beijing would prefer to take taiwan without an armed conflict but she said china is prepared to use force if necessary. the house votes tonight on a bill to provide ukraine with nearly $40 billion in aid. it split between humanitarian and military assistance. it's 6 billion more than president biden requested two weeks ago. neil? neil: where's that extra dough going, do we know? >> well it's $3.4 billion for humanitarian assistance and $3.4 billion for military aid. again, the original request was about $33 billion so they amped this up to $40 billion. it'll pass the house tonight. the senate, it might not hit this week it might be next week but what is not connected to this is the covid money, that's something the president said we need to get the ukraine money out the door and they will deal with ukraine separately at a later date. neil: i've always thought given

your propensity to remember statistics and numbers that you're a secret want to be wall street reporter you're so good at it. reporter: i always wanted to be a sports reporter. i can quote pete rose's batting average in 1973, .338 things like that. neil: definitely company earnings. chad, you're the best, thank you , my friend chad pergram, following all that. general keith kellogg you talk about a guy good with numbers and patriotism and saving lives, kind enough to join us right now general if i could go back to this money being spent, i don't want to worry when the numbers get this high, whether it's all going to the right place. to you. >> yeah, neil, thanks for having me. yeah, i do. i'm with you on this. look, i think we've given a lot and when you look at the numbers , that's an incredible number considering that europe is only given about $8 billion and i, if i was advising the president i'd say okay, this is last time we should do this. now we should turn the european

alliance and say okay, you need to kick in a little bit more, germany you need to kick in more , uk and france. we've given a lot and we've really drawn down our military supplies as well. we supply the ukrainians the best as we know 10 javelins for every one tank the russians have got. that's an enormous number especially when you got a probability of kill for a javelin is 1:1, so i think this should be the last time that we say okay, we're going all in for this number. now we need to sit back and see what others do as well. neil: you know, i was looking forward to pick your brain on the victory day in russia, general, and everyone was afraid that vladimir putin was going to either announce an outright war even though its been a war and really, up the ante here. he didn't, he seemed to stumble his way through acknowledging the greatness of that moment but i wonder if he reminded russians that this ain't that moment. >> yeah, neil look, i'm

probably in the min minority in this one and i read his speech about five times and he mentioned donbas five times never even mentioned ukraine and the way i read it is not only what he said which is important but what he didn't say as well. he didn't talk about mobilization of the reserves and building the forces out and i'm thinking maybe what he's trying to do is say okay let's try to figure a way to get out of this thing because it's not going well for the russians, because eventually, you're going to have to have these both sides sit down and talk, and talk their way out of it and i'm thinking maybe we're reading this a little bit wrong and maybe we need to approach and say how do you get out of this thing because he's clearly not going to win this fight. ukraine will survive and he's got his handses full. his army has been badly hurt and his leadership is badly flawed and i said well, let's look at a little bit differently. at least that's what i would do, let's find someone and find out is there an opening here to at least sit down between zelenskyy and putin and start talking about it. neil: i just wonder where that

would go and how russians would respond to an outcome that is nothing like when he seized crimea, he seized it, got it, kept it, and survived the body blows after it. here, i don't know if it's that simple, or if he even comes up with that as a victory. >> well he's going to have to explain it, because it sure wasn't what his first plan was, but he's trying i think to say well we've got the donbas region and that's the reason why when he talked about it in his speech and mentioned it five times more than any other thing he mentioned it was always about the donbas and i said okay maybe there's an opening here and zelenskyy made that comment about three or four weeks ago when when he actually talked if you look at his words maybe we'll give you a trade and get the donbas back and you keep crimea or something like that. of course right now zelenskyy is not giving in and neither is putin. that's where you need to find somebody out there who can say how do we get this thing and stand this thing down. neil: we'll watch closely general thank you very very much by the way we are getting more

comments from elon musk at this conference again saying that twitter should not have on a permanent ban, should not have any permanent bans on anyone, let alone the former president donald trump who he said he would welcome back upon taking over twitter. he said the tesla's goal meanwhile to make 20 million vehicles by 2030 is aspiration. it's not a promise. there have been growing concerns about that, declining production levels in china particularly in shanghai because of the ongoing covid threat there. he seems to be acknowledging the obvious, he's going to put a crimp on my dreams and hopes. more now, stay with us. i just love our new alexa. dad, it's a buick. i love that new alexa smell. it's a buick. we need snacks for the team. alexa, take us to the nearest grocery store. getting directions. alexa will get us there in no time. it's a buick. let's be real.

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neil: well don't get me wrong, i love all these sexy looking electric vehicles that are all the rage right now, and the push to make sure we all have them and in short time, some are going to go all electric in the next few years and then i'm think together myself, self, they all have to be plugged in and all have to get back to

utilities and utilities are taxed as they are, and along comes my buddy jeff flock to take a good look at that, what it's meaning now before this weight really kick in, electricity shortages. he's in pennsylvania with more on that. jeff? reporter: what a beautiful day, neil, for renewable energy. look at that sun shining down on me there's not a cloud in the sky, the wind is blowing, but you know, not everyday is like this. and we are shutting down nuclear power plants like the ones you see behind me, that's the lime rick generating station in montgomery county, pennsylvania and coal fired plants. take a look at the numbers on coal plants, across the u.s.. in the next six years we will shutter 14 states will shutter 80 total coal fired plants. the hope is that renewables will makeup the difference. well, are they? in pennsylvania alone, this coal state, we're the third largest coal producing state in the

union. used to get 50% of its electricity from coal. that was just 10 years ago, now just 10%, and some folks say, we're in for blackouts, we're in for energy shortages, because we're shutting down coal and nuclear too fast to have the renewables like solar keep up. take a listen. >> the biggest problem with solar, besides the fact that it's made primarily in china, besides the fact that the rare earth's that power them are min ed in unsustainable locations around the world, the biggest problem with solar is that you can't use it 15 hours a day but we do use electricity 24 hours a day. reporter: yeah, the problem is we don't have enough storage for what we do produce in terms of wind and solar. take a look at these numbers, neil because i know you love the environment as much as the next guy. we're doing our part in terms of reducing carbon emissions. coal now is just 22% of our

energy mix at least it was last year. nat gas a big one, nukes which of course don't emit any carbon, about almost 20%. then comes wind and solar, but if you look at the rest of the world, coal is still king in the rest of the world. 37% of the world's electricity is generated by coal, so while we're doing our part and shutting these plants down, if you think that's a good idea, we might be doing it a little too on the quick side. sir? neil: it's a good point. i always wonder you and i can remember, you know, what it was like and all fossil all the time , why can't you be in on all of them? all these energy, all in on technology, wind, whatever. maybe we're just getting -- reporter: it's like investments you want to spread your risk. neil: that's exactly right. well said, jeff flock, thank you , my friend, in limerick,

pennsylvania taking in the sun. he's always good explaining things in english and we're seeing big picture right now for stocks they turned around yet again, volatile times, swings are the norm so how are we going to swing in a couple hours, we'll see , after this. ♪ at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. (all): all hail, caesar! pssst julius! you should really check in with your team on ringcentral. oh hi caesar. we were just talking about you. yeah, you should probably get out of here.

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♪. neil: we have elon musk speaking at a financial times conference in london. he has made a lot of news there, talking about what he will do once he takes over twitter. obviously very competent that will all go through some bumps notwithstanding. saying if he had druthers we welcome donald trump back to the site and unfair to have bans from people you might disagree. donald trump had been banned from the twitter site. elon musk said that was not only a mistake but a slippery slope for any social media company to willy-nilly pulling any

personality there. talking about optimism with tesla now, the means which he fund as lot of things including this twitter purchase or at least collateral to do so. the goal to make 20 million vehicles by 2030 saying more aspiration, not a promise. of course he has been tripped up by china production problems because of the shanghai covid cases that are spiking in a big facility in that neck of the woods here. he is making a lot of news, optimistic things will turn around at least for his business and production in general but. hal lambert, point bridge capital founder ceo. how this happens in the backdrop of stocks suddenly turning around going south after being up. a swing of by my math 800 plus points just today, we're not done with today. i guess volatility the rule, huh? >> absolutely and it is going to continue because people are really uncertain about where we're headed here.

the market is not exactly, cheap, neil. we're 17 times earnings. that is not inexpensive. you're looking at estimates are 9% type earnings growth from last year. well you know if you have 7, 8% inflation, real earnings growth is maybe 1%. you know, 1% real earnings growth with 17 multiple is not screaming cheap buy. neil: that's a very good point. that's a very good point. never looked at it that way. hal, i'm wondering though at what point do we get to the proverbial capitulation people say the hell with it, i'm tired of this, i'm out? >> well that's a good question. could you look at it from a multiple perspective, well we could drop a couple more multiple points which would mean 500 more points on the s&p 500. so you could look at that as as capitulation. would see that something being happening. consumer sentiment is down, neil.

last time consumer sentiment dropped this much this fast was the 07-08 time frame when we went into the housing crisis last time. we've gone from, looking january, when biden was sworn in january of 2020, consumer sentiment was high. neil: 2021,. >> hi end of the range. 2021 excuse me. was high. it's dropped ever since. neil: interesting. >> we're looking at very negative numbers even though the market was going higher. it was decoupling what the stock market was doing. that is because of inflation. neil: thank you, my friend. sorry for truncated time. dow up 120 points. stay with us. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help.

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neil: what if there's a slow down interest in stocks? 10-year back down under 3%. oil prices sliding away, had been 102 bucks a barrel. things could be slowing, might ease inflation jitters. who knows. here is charles. charles: we'll know more hopefully in less than 24 hours. thank you, neil. neil: thank you, bud. charles: market opens strong. we faded quickly. we're spiking a little bit right now. let's face it investors are reluctant to take the bait. remember this is the second worse start to a new year in market history. you remember fake meat, high-tech exercise bikeses they have come crashing down-to-earth. the question now, will they ever live up to the hype? president biden