dogs are found in roughly 69 million households. idaho is the state with the highest percentage of dog owners at 58%. i would advise anybody, come to hoboken, new jersey. hoboken, new jersey is dog city, canine city, wall-to-wall. extraordinary place. it really is. time is up for us ashley. it was great. my time is up, neil cavuto it its yours. neil: makes sense jersey city, those dogs have an attitude. who are you looking at? who are you looking at? thanks very much, my friend. the dow is up 253 points. when all said and done retail inflation data this morning, it was a little higher than most thought it would be. we were looking 8.1% year-over-year increase, we got 8.3%. when you step back, it was running at annual rate of 8.%,

the half full glass crowd, still an argument, maybe that last month was our peak, maybe starting to come down albeit slowly. hard to say. we're monitoring that. we're monitoring how the white house is treating the latest data which does confirm whether it is running at a record high or close to it it is still very, very high. edward lawrence at the white house with more on that. edward. reporter: neil, oh, boy, if we could predict the peak of inflation. still a very big number, 8.3% year-over-year as you're talking about leading the way for price increases. you're talking about shelter, new vehicles, as well as airline tickets, including food. look really where americans have to use this every day, see this every day. when you look at all food is up 9.4%. when you look inside of that number, try making eggs without eggs. they're up almost 23% year-over-year. lettuce up about 3% during that time. regular unleaded gas, 40.2%

year-over-year. that hit another record today. so did diesel fuel at $5.55 a gallon. that is important because just about everything we buy travels on a truck at some point uses diesel. if the fuel costs more it might get passed on to the rest of us. the president is saying more spending will be the solution to all of this. president biden: i'm working with congress to last landmark investments to build a clean energy future. tax credits for businesses that produce renewable energy, tax credits for families to make the homes more energy efficient. reporter: federal reserve chairman jerome powell told me last week, fed act shuns, plus government spending is the reason inflation remains high. you can see own the chart where inflation was when president biden took office 1.4%. where it is today, 8.3 years year-over-year. >> joe biden has failed america in so many ways. he has to come up with talking points to make his poll numbers

better. it is not going to work. he failed the country. oil prices are up. he has no plan. no agenda, except a bernie sanders plan continued to fail america over the entire first year-and-a-half of his administration. reporter: president biden wants americans toe focus on the positive parts in the economy. if he said you like what you see in the economy, don't put republicans in power. thank you, my. neil: thank you, my friend. hillary vaughn, the republicans blaming president, the president spent a good part of the day blaming republicans. hillary vaughn to sort it all out on capitol hill. hillary. reporter: hi, neil. president biden has a lot of ideas how to fix inflation. congress has some bills to do that but that is not doing to help americans pay their bills. i tried to talk to treasury secretary janet yellen yesterday about when americans could see prices go down. you said the inflation outlook

remains uncertain. what does that mean? when can americans expect to see relief from high prices? >> not going to answer questions. reporter: republicans though are fed up with higher prices and are not buying president biden's attempt to fix it. senator rick scott telling me president biden should resign. >> every month he has been in office inflation has gotten worries. the easiest thing he can do for the american public, quit, resign. that is what he ought to do. he is making it worse every month. he is confused. i think republicans and democrats agree the guy doesn't know how to deal with these things. he is unfit for this job right now. reporter: i talked with some senate democrats today and they admit that congress needs to get to work and fast. >> do some things on inflation. we have some bills to do that. i can too my own horn because two are mine. reporter: proposals don't help

americanstoday, what can congress do to help americans today? >> president has done what he can. investments by private sector, partisan action on a energy bill. we had a lot of discussions but we haven't yet seen action here in congress. reporter: neil, americans don't have a lot of time to wait. inflation is eating into everyone's budgets but there isn't a lot of appetite here on capitol hill for a bipartisan solution because republicans and democrats cannot agree what caused inflation or how to fix it. neil? neil: i really love about you, the way you chase people. if i'm coming out of an elevator and i see you there, i'm pressing button, close the elevator door, close. they don't get away. they cannot get away. man, that is pay-per-view material. hillary, thank you very, very much. we get a kick out of these things, hillary, because you're relentless about it. as my next guest, gerry baker, gifted writer, host of "wall street journal at large".

gerry, in this environment trying to chase down simple answer what is is coming up next, each side blames the other. i think the president missed an opportunity being the president to try to rise above the fray here. again he was doing a lot of fingerpointing. i'm wondering where this goes? if he doesn't have any immediate solutions we're depending on the federal reserve to handle this, where does this problem go? >> yeah. i completely agree with you, neil. inflation is a global problem, it is true. we should acknowledge that other countries are going through this too, european countries, not to the same extent we are here in the u.s., at least in part because of the policies the president and democrats followed last year when they pushed through a very big increase in spending. they were warned it would be inflationary. they wanted to do even more, with "build back better" but they were stopped by at least a couple members of their own party. you're right, neil. faced with that.

faced with the fact that he is incumbent president, they're the incumbent party, they control all levers of power in washington how can they possibly blame republicans? they try to blame everybody else. they blame vladmir putin, putin's price hike. they blame it on evil companies, pushing up prices. now apparently it is republicans to blame. they have a different scapegoat every month. i think the problem is, you're right, nobody is buying this, forgive the pun. nobody is buying this attempt to explain away inflation or put it on somebody else. they can see what is going on. they see we have record gas prices. consumer price index number, neil, was a big surprise, quite a big disappointment. people have been expecting inflation to come down and it came down a little, only very little. we're still above 8%. blaming other people just isn't going to cut it. it is an opportunity for him to say, we got a big inflation problem. we have to deal with it. doing what we can as administration to deal with it. federal reserve does what it

does, we have to come to grips with it. nobody believe this is nonsense that it is somebody else's fault. neil: i wonder, you're a great student, gerry, of history, whether president clinton humbled by the midterm elections in 1994 where he concerned the big government days were over and in fact not only followed that parade, led it to pretty comfortable re-election, or jfk, bay of pigs disaster, you know, he took it on the chin for a problem he could have said, laid on his predecessor only a few months into his presidency, opted not to do that. i don't see that, i don't know, legal age we live in, where everyone is afraid of putting himself in a corner but, i don't see a lot of churchhills out there? >> no. well, actually, i think that guy in ukraine is -- neil: you're right about that. you're absolutely right about that. >> sadly, you're right in this

country, it is true on both sides unfortunately. we don't have a class of leadership in this country willing to take responsibility and to acknowledge its actions. there is no accountability here. i think part of the problem is, not just the individuals themselves, as you say it is the system. we have a system, electoral system where people don't accept the results of elections. they don't accept results of supreme court decisions. they don't accept anything that doesn't go their way. that is the culture we have. so you have a president and a party right now again who have been in power for 15, 16 months. they really, long enough time to made an impact, made a difference, pretty well everything they have done has gone wrong. i mean it is kind of extraordinary, the medusa touch, everything they have turns to stone. their response to it, neil, just to say, i didn't do this. it is not our fault, look over there. the republicans or somebody abroad or something like that. there is no, there is no accountability. people are not any longer willing to, willing to take

account, take accountability, responsibility for their actions. that is a real problem in a political system. neil: irony, of course the american people are quite forgiving if you own up or admit to something. maybe the presidency is something that neither of us do for the time being, that startled to see a plurality of americans, i for get the poll, gerry, many americans believe something about the oil guys, rigging us, screwing you us at the pump, that is what is going on. a good many endorse that view. i see if you keep repeating it, i wonder if it registers and he is scoring points that you might not see? >> there is some truth to that. look, there are some people, president biden has 38% approval rating. 38% of people in the country believe he is doing a good job, i don't want to be flippant about it, as hard as that to believe, where inflation is, crime, all the other problems, more than a third of americans

think he is doing good job. there are always people willing to believe it. what matters, you have got to convince the mass of people. convince the people in the middle ground, 35% of americans, 40% of americans will never say joe biden is doing a good job even if he walks across the water, or walks across the potomac tomorrow will not approve him. there is crucial middle ground and that is where we've got so use to these hyperpartisan elections, about turning out the base, getting people to vote for you, who are like committed to you, i think we might be entering a period where people are so discouraged, so disappointed way country is going, there might be enough people in the middle ground to really shift, you know what? i had enough of this government, this congress, this administration, i really want a change. we might be there. i may be too optimistic. i'm not making a partisan point here either. i'm a conservative, i would like to see a conservative administration but i'm making a broader point i think people are so discouraged and so dismayed what they're seeing there might

be a chance to build a larger coalition here, rather than 50-50 nation we seem to have become. neil: normally presidents emboldened by that type of landslide conviction behind them, whether fdr or ronald reagan, tend to sort of change. the historic inability of parties to get stuff done. if i could switch gears real quickly on this whole abortion debate if you don't mind there, ace point to it. >> yeah. neil: we're learning gerry, joe manchin will vote against the rohr ral roe vote to try very hard abortion rights ahead of the release of the draft opinion of samuel alito. i only mention it, pennsylvania democrat bob casey, pro-lifer, is for the framework of that vote. on this, what's interesting is that even all democrats can't agree on that. this seems to be a wasted

effort. you need 60 votes any way. i wonder where you think this is going? >> you're right. i thought it was interesting casey, we thought was like the last pro-lifer in the in the democrat democratic party, turn out the lights, i comes out would vote for this. interesting manchin is for this. he needs to overcome a filibuster, which there is no way of doing. manchin lays down a marker. he represents a state, look to detailed polling on issue of abortion, but i'm guessing there is pretty conservative state. there are a lot of pro-life supporters in the state. a lot of people want to see restrictions on abortion and don't want him to go along vote for what is a pretty extreme measure, this democratic measure. again, look, manchin has been the thorn in the side of this administration because he is the one who is speaking common sense to them for the last year-and-a-half. seems to me another example of how he so much more in touch with where most voters are than the party, than the rest of the

party he represents. neil: crazy times. gerry baker, "wall street journal at large" with gerry baker. great show, great interviewer. great thinker. you learn a lot. meantime we're still trying to learn more about the intricacies of that inflation report, up bp 191 points now on the dow. fast market conditions, you know the drill, up or down in swings of 30, 40, 50% day in, day out. for the time-being, if you took a snapshot of this, i hasten to add, one snapped, the image is shot, right now. it's up.

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♪. neil: all right. not a good time for cryptocurrencies or anything having anything to do with them, stable coin latest example of that. let's get the latest on all of this with susan li. susan. reporter: this crash in a stable coin called ust, backed by blockchain will play into the

hands of d.c. regulators. i think treasury secretary janet yellen and fed chair powell, also shaking confidence in the rest of the currency market with bitcoin threatening to go sub29,000. that is a level we haven't seen since the summertime last year. also when you lose more than half your cash in a stable coin, you have to raise money elsewhere. so that is also adding to the selling pressure we're seeing in cryptos today. we have to explain what stable coin is, that helps crypto traders move money across exchangeses to trade different crypto currencies. a dollar in should be worth dollar in assets and collateral. ust not backed by dollars in a bank. new wave stable coin backed by bitcoin holdings. at the lows was only worth 30 cents to the u.s. dollar. this is a equivalent to a bank run in cryptocurrency markets.

that is the not good. the founder. ust, stating obvious, last two years are extremely tough on all of you. this implosion is exactly what treasury secretary janet yellen and fed chair jay powell has been warning about, a kneeled for more oversight and regulation, and a standard that needs to be set in cryptocurrencies. meantime look at largest u.s. crypto exchange coinbase. record low, record drop for the stock price. this is after a terrible first quarter. they lost money. trading volume always were down by half. sales came in light, not great already but things actually got worse when founder, ceo, brian armstrong saying there was no risk of bankruptcy for the company. he was trying to calm wall street. instead he alarmed wall street who weren't even thinking about bankruptcy. now they wondered, okay, do we have to think about this? could coinbase possibly go bankruptcy?

it wasn't a smart pr move for the company and founder itself, neil. neil: when everything slides, seems like everything slides. thank you, susan li. to grant mitt lighter in, blockchain ceo who was in before anyone was, 60% of bitcoin buyers are likely underwater. it will likely feed the pitch and more selling? >> one of my favorite sayings, when times are good you forget they ever going to be bad again and when times are bad you forget about things will be good again. fear index of for crypto, is 10, extreme fear. when this was on the upturn, cleared 30,000 first time. about ex-year ago there was extreme greed. everyone was trying to buy in. i say this time and time again, if you're trying to trade bitcoin short term making quick

money, sell everything you own and put your money in something else. if you're betting for this on next 10 years, 20 years, you will win. every time it drops like this you get on your knees you thank god you have another opportunity to buy this at a 50% discounted purchase. kind of along saying about coinbase it is important also for investors never leave your money on exchanges. you can't put your risk of your currency on an exchange. if something were to happen, you have your money in exchange you could be threatened. when you purchase it on coinbase, something else, robinhood, you need to move that money currency into warm or cold wallet so you're protected, even something were to happen with coinbase, which probably won't ever happen, but if it were you would be protected. neil: how do you do that though? if coinbase is your market, would be akin something you have on the exchange, the stock exchange. getting a stock certificate actually certificate is one

thing, how do you do that with this technology? >> yeah. so it is pretty interesting. you can send bitcoin or any cryptocurrency to anywhere in the world in a couple of minutes instantly. so if you purchase it all on the exchange itself you simply just send to it a different wallet address. neil, it would be no different than, in a way, except i would own it, if i had a thousand dollars at my chase bank say, i sent it to your bank account, the only difference i would own that, that wallet and i could store it. no one could get into it. no matter what happens in the crypto market, no matter what happens with any government or any single entity it you're protected from being hacked and from anything being taken or stolen from you in many different ways. it is important to not leave money on these exchanges because you don't want to be at the mercy of them. we've seen small exchanges, bad things happened, investors have been hurt. neil: if people don't think that way, whether coinbase survives is anyone's guess, you're of the opinion you think it will

survive, it has been battered. >> yeah. neil: it would be akin to new york stock exchange, nasdaq, were to close because, nasdaq's case steep technology losses, cascade. very little likelihood of that i grant you, but could people be stuck holding the bag then on these investments and not realize it? >> here's the thing. if you understand where bitcoin is going, all of this stuff doesn't matter. there is -- neil: it would matter if you don't you had the option as you outlined with coinbase. >> right. neil: that was the means, i'm not saying majority, i don't even know, a good many investors gotten into this stuff. they assume the market from which they bought it is safe. >> right. neil: if it is not, it goes under, their invests go under -- >> right. neil: we look at janet yellen policing a lot of this more, i'm just wondering where you see this going? >> yeah. i mean that's why i believe some form of regulation is fine. bitcoin you need to stay out of

the way, but when it comes to stable coins, when it comes to crypto exchanges some oversight is good because -- neil: but in the case of stable coin, don't you think that is akin closing the barn door after animals have left potentially? >> possibly, that's where it is like, if you have a stable coin, i believe that the government should have insight where they're holding their reserves and where they're holding their capital to protect it so it is stable and consistent. but if you have investors, retail investors, never invested crypto before, they have no idea to move it off exchange, or they should do certain things, they're at a threat. some form of good regulation is fine because every major investment is regulated. the stork market, real estate, every other thing. and some, not overregulation but enough to protects investors from something crazy happening with coinbase or something happening with a wallet or

stable coin, they need to be protected. some form of that is important. that is something they need to look on. this is why investors need to be educated not just shooting from the hip when it comes to crypto because it is unbelievable, and it's a huge buying opportunity but they need to understand what they're doing and how to do it in the right way. neil: got it. very good catching up with you grant. all the crypto related investments are taking it on the chin. when we dipped while under bitcoin itself, under 30,000 a coin of the back over that level right now. meantime gas prices which hit a record yesterday are at another record today. so how high is high? after this. ♪.

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♪. neil: telling you fixed mortgage rates have been backing up, 30-year fixed, 5.27%. i believe tomorrow the number is out they're expecting it to be well over 5.30%. then the move to adjustable rate mortgages comes. you can get a little more bang for the buck. not quite as pricey, volatile. adjustable rates do just that, adjust. they're constantly changing. a five-year adjustable makes up one out of 10 loans these days, a little more, has been averaging 4.7%. so about 80 basis points less than a 30 year fixed-rate mortgage. that by the way represents a 14-year high. there are really no places to hide. adjustables there are so many different flavors. a 30-year fixed is a 30-year fixed. adjustment, two year, three-year, seven step plan. someone told me there are more

than 100 different adjustable rate mortgages out there. i don't know if that is true but i know there are many of them. one of the most popular is at a 14-year high given the trend we're seeing. gas prices one day's record is quickly broken the next day like today. gerri willis following all of that in brewster, new york, gerri? reporter: hey there, neil, you've got that absolutely right. of course we have the brand new inflation numbers today but this is a day we're also seeing gas prices at brand new highs as well. let's take a look at those numbers that come out from the bls. energy index month to month, it is down 2.7%, because gas prices went down in that period but you take a look at year to year numbers, let me tell you, it is stomach churning. gas prices are up 30% year-over-year. natural gas prices up 22%. you see fuel oil, you want to buy a can of fuel oil for your

car, 80% hike in those prices. finally if you thought the ev would get you out of this mess, electricity is up 11%. it is truly sticker shock for folks when they go out there to the gas station. the new average for regular unleaded today, at an all-time high of $4.40 a gallon, ouch. diesel fuel is following as well. it is also at a new high. that number 5.55. you may be thinking, gerri, isn't that what we said yesterday but it is slightly higher than yesterday's number. this is critically important because it's really an element in inflation because it is used by truckers, trains. it is used by cargo ships. all of these modes of transportation use diesel and it increases inflation. now we're here in brewster, new york. you can see over my left shoulder the price for diesel, 6.59, higher than the national average.

11 states out of the union prices are $6 and over because of higher taxes. yesterday you heard president biden giving a full-throated defense of his inflation policies. he says gas production is actually at highs right now and that even so his green energy policies will bring down the cost of energy but i have to tell you, the experts, they don't agree with that. listen. >> so no matter what you're filling up with whether gasoline or diesel it will be a very pricey summer, with some spurts of relief but i expect prices to remain elevated for the majority of summerport port so elevated prices starting over the next couple weeks. andy lipow telling us he is seeing another dime on those prices to 4.50 a gallon. neil, as i send it back to you, i mention americans are paying another $100 a month, each month over last year for gas.

neil? neil: that is pretty incredible. thank you very much, gerri willis. so how high does this all get and what can we look forward to or not? let's getted read of mike summers, american petroleum institute president and ceo. mike, what are we looking at here? >> one of the biggest concerns we have the american petroleum institute there are not government policies to match the rhetoric here in terms of how we'll lower energy costs over the long term. we're continuing to see rhetoric from this white house that talks about some of the things the oil and gas industry needs to do, really they should hold up a mirror and look at things this administration should do to lower costs over the long term and that includes opening up federal lands and federal waters to more exploration and production. by the way, also, how do we increase refining capacity in this country to meet what we expect to be continuing demand by american consumers? neil: so, mike, when the

president says we've opened up leases and opportunities for the industry to pursue, they haven't done so, they say one thing and do another what do you say to that? >> well it is hogwash. in fact at this point in president biden's term, if they had already done almost 50 lease sales both onshore and offshore in the gulf of mexico. this administration has done exactly zero. neil: you're saying in president trump's term at this point? >> no in president obama's term they had done 50. neil: i thought you said -- >> during the biden administration they have done exactly zero. neil: got it. >> which means all of the rhetoric they're saying that what they're doing to get more production on is absolutely false and we need a long-term energy strategy in this country. that includes oil and gas. yeah, it includes renewables too but we need a long-term approach rather than a short-term approach. we've seen the short-term approach, more release from the

strategic petroleum reserve but the real concern is you're drawing that strategic petroleum reserve and you're not filling it back up. we have energy resources here in the united states that we can develop quickly if we get the policies right. neil: so, you know, i think he wants to up it to two million barrels a day, from one million barrels a day, tapping reserve t has done little to change the oil equation and direction. in fact it has gone up since all of this started. i'm just wondering how high is high? i know it's a gut call. i know it's a supply and demand thing. i know we have the war to contend with, about locking up supplies. i get all of that. i know the administration fingering you guys making money hand over fist. didn't say of when you weren't making money hand over fist. i wonder where you see things settling now? >> when you look at the actual data, you're actually going to see american production go up by about a million barrels a day before the end of the year. then we expect in 2023 us to again hit record levels of

production. so american producers are responding to these price issues that we're seeing right now. at the same time this industry is dealing with the same issues that a lot of other industries are dealing with. we're dealing with supply chain shortages. api member ceo recently say to me even if i wanted to produce more today, i cannot get access to the oil rigs. we're having issues with supply chain on steel. there are issues with frack sand as well. so there are real supply constraints within this economy hitting the oil industry oil. we also are having worker shortage issues as well. so, things that are existing within this economy and inflationary pressures, are pressing, really pressuring the american oil and gas industry also. but we'll get production back up. we want to reduce these prices long term for american consumers but there are government incentives and government policies we can put in place now if we get a long-term energy

strategy in place. we'll be able to reduce american prices at the pump quickly in my view. neil: we'll watch what happened. mike summers, thank you very much. good talking to you again, the american petroleum institute president and ceo. i don't know those after certain age, do you remember the zone any walkman? it was a good thing when the apple ipod and i touch came along years after this. the difference between the apple device, and walkman, sony eventually was forced to discontinue the walkman and no one was buying it and apple was eating their lunch. apple on its own in the middle of a very popular music environment it invented taking its product oaf the market because it already owns that market. there is a difference and a lesson. what apple could be teaching the world about jettisoning iconic names and making money hand over fist.

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i can ate anything. like, i don't have to worry. next great gold producer, with four high grade projects close to their 100% owned, 750 tonnes per day capacity mill. monarch mining. ♪. neil: i woplain this before. a lot of people are feeling wistful about apple discontinuing the ipod. it has been a iconic music source for a lot of people t was, sony walkman killer. remember the zone any walkman, played music cds and the rest t was a way we listened to music. along came steve jobs with this device that allowed you to listen to music in a whole different way. apple today is discontinuing to the product not because music on devices is not popular. apple migrated that into smartphones. they pioneered that. they lead the world in doing that but that started with a technology that the company

isn't abandoning because it didn't work. it worked flawlessly. there is difference between a company ending a product because it just doesn't get it and won't change with the times and the company like apple that understood the inherent genius of this product, well merged it with the times. now it is ubiquitous. now it is everywhere. now it is on your phone. now it is part of life. sony who, when it comes to the walkman. apple and music, synonymous. a lesson in life i guess. a lesson in life how to be a billionaire tick people off, say outrageous things become the world's richest man, try to coax a former president to join you on his latest venture at twitter. grady trimble, keeping track of it all in chicago. grady? reporter: neil, how the former president will rsvp to this invitation back to twitter is another story but yes, elon musk says the ban of trump was a mistake and that if the sale of

twitter goes through and musk becomes the new owner he will welcome trump back to the platform. >> i think that was a mistake because it, alienated a large part of the country and did not ultimately result in donald trump not having a voice. reporter: twitter cofounder jack dorsey was leading the company when trump was banned. he now says he agrees with musk. he believes with some exceptions permanent bans are in his words a failure and don't work. he tweeted it was a business decision. it shouldn't have been. we should always revisit our decisions and evolve as necessary. even the aclu says letting president trump back on the platform is the right call. saying when a handful of individuals have so much power they should exercise it with restraint. as for whether trump will take up musk on the offer to come back to twitter, he has told fox news in the past he has no plans to rejoin twitter and that he is focused and going to be on

his platform truth social. neil? neil: dorsey kicked trump off. now he seems to be saying he regrets it. it, i don't know, buddy. i don't know. thank you very, very much, grady trimble on all of that. chad pergram with the latest goings-on in capitol hill. another $40 billion here for ukraine. how they afford it after this. ♪. big game today! everybody ready? alexa, ask buick to start my enclave. 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.

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and go live your life. head to golo.com now to join the over 2 million people who have found the right way to lose weight and get healthier with golo. ♪. >> welcome back to "coast to coast." i'm chad pergram on capitol hill. this is the second wave of funding for ukraine. it passessed in the house of representatives last night, $40 billion. that is $7 billion on top of what president biden requested. the house approved the plan 36-57. all know votes came from gop members. they question the size of the bill. keep in mind this is new spending. it is not oaf offset. some people claim they did not have time to read the bill. >> instead of garbage of getting 40 billion-dollar bill at 3:00 in the afternoon, not paid for, without having any idea what is really in it, as massive

slush fund guys to the state department, 8 billion for the economic support fund, 100 million for embassy security. reporter: the bill provide 500 million to reload the u.s. weapons stockpile. the u.s. sent a quarter of its stockpile of stinger missiles toe ukraine. democrats who backed the bill say actions speak louder than words when it comes to helping ukraine. >> do not be dissuaded tonight by politics. do not be diverted from our support of democracy which 435 of us support, or freedom or liberty about which all of us talk all the time. talk is cheap. this victory for democracy is not. reporter: it is unclear how fast this bill can pass the senate. fox is told it may take until next week. >> the president called on both chambers of congress to act quickly, so act quickly we must. the house vote was overwhelmingly bipartisan and it should be no different in this

chamber. reporter: president biden met with house speaker nancy pelosi and other members who went to ukraine and poland recently. they say one of ukraine's biggest needs is training. neil? neil: chad, thank you very much. reaction right now from general jerry boykin, former undersecretary of defense and best-selling author. you know, general, i'm just wondering, no one wants to begrudge what is helping ukraine. we don't know exactly where all of this 40 billion is going. we know 20, 21 billion goes to direct military aid. it gets a little fuzzy after all that. what do you think of all this. >> first of all i think it is right for us to do what we can to support ukraine but i took a briefing a couple hours ago on this, on this 40 billion. there were a l aotgs tin tlll real not r reprere supporthe u u u

ts g gthe ay. t hey' oio a the e eeesi png thi thi t t t tn il: tase,ase, e raisrangting f marial, some, soso tso twoti amt xactly rht,ht nei neiei ng pass in this thisng t.sepus i unless they can persuade a sizable number of them. but you know, i think that the ukraine, they need the support. we need to support them but $40 billion. that is a lot of money and now i think it needs to be broken down. there needs to be exposure in the public domain as to exactly what they're doing with that $40 billion. and for those things that have nothing to do with supporting the ukraine, they need to be expunged from the, from the bill. neil: you know, general, i would

be curious what you make of some critics of vladmir putin that this has become his vietnam. he doesn't have guys like you, a former delta force commander to shepherd this process along. a good many of his generals, a majority of them, are gone. i wonder how he sorts that out? >> neil, i think that vladmir putin rues the day that he accepted the most complex option that he could have possibly executed and that was a recommendation of his generals as well. so i think he, he is absolutely looking back on that and realizing that was the wrong way to go. that said, i think he is also looking for a way out of this and i don't think he sees one. all you have to do look what he is doing with leadership changes. he is shuffling his generals around and one of the big things is, he is shuffling his

intelligence around now. he just, he just moved the support to the military forces in ukraine to another intel agency that has traditionally not been focused on that they have been more focused on internal things. so he, the gru has taken over from the fsb and that is a significant change in the intelligence structure for the russian military. neil: what a mess. general, thank you very much. more for your incredible service to this country, thank you. general jerry boykin on that. dow reversing gains. down about 47 points. this is what they call volatile swings, my friends. of course you're used to that, aren't you. i guess the message is, keep getting used to it. ♪.

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at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect. neil: all right, the fire is still burning right now. it began in technology stocks which had, you know, reversed the selling trend and we're picking up steam, they started going south the dow and s&p quickly following suit. who knows where we'll be in

about three hours in the trading day is done, but all of this on the heels of that inflation report, retail inflation report, which spelled out exactly how much more we are paying for stuff, running at about an 8.3% annual clip in the latest go-around that again, is coming under the 8.6% annual clip we saw in the prior month which was a 40 year record so some interpreting that as maybe we're through the worst of it others are saying it's still pretty high so debt over your half glass optimism we've got you covered with garrett tenney following the president's visit to illinois to talk about the spike in food prices, we also got madison alworth in new york on spike for shoppers in general on all sorts of goodies that right now are being priced right out of their existence, and jeff flock on mortgage rates hitting the highest level since 2009 and that's not stopping. none of this is stopping and doesn't garrett tenney know it in illinois. garrett? reporter: yeah, neil, across-the-board, food prices are up almost 11% from a year

ago, which is the largest one year increase in more than 40 years. that is a big concern for the white house, and that's why today, president biden is on his way to this illinois farm to layout several new actions his administration is taking to try to lower food prices and boost food production, including increasing the availability of crop insurance for farmers to plant a second crop in the same year, increasing technical assistance for precision agriculture tools and investing $500 million in domestic fertilizer production which is big considering that fertilizer prices have nearly quadrupled since the start of the pandemic. farmers i have spoken with today though say that none of those actions is likely to have any major impact on food prices or production and a member of the illinois farm bureau told me the biggest thing the administration could do to help farmers is to get energy prices under control. >> the problem is just everything is inflated. diesel fuel is over $5 a gallon

now and energy runs the whole show, right? >> we use natural gas to make ammonia fertilizer and i think there's some natural gas used in the production of'ferricks us and potash, and then transportation, fuel for our tractors, and energy is driving everything. reporter: farmers say there's really not any good quick fix options to lower prices or boost production, but with the mid-terms coming up and inflation where it is, today's trip is the president's opportunity to make the argument that he is taking action, regardless of how effective that action maybe. neil? neil: garrett tenney thank you my friend very very much now to madison alworth following those who had the where with all to buy stuff they can't find the stuff. what's happening, madison? reporter: hi, neil. so of course all foods are looking at an increased cost, right? but it's not just that we're dealing with, we're also dealing with scarcity. take, for example, cereal.

cereal is up about 12% in cost but if you can get your hands-on a box, you're lucky because then you remove it and you see the inventory is incredibly lacking. this is something we're seeing across-the-board. its really been a problem since the start of the pandemic. pre-pandemic, shelf un un availability at 7% to 10% today we're sitting at 12% with the ongoing supply chain crisis. it is also taking manufactures an unprecedented 100 days to get materials. this is the longest delay since the industry started tracking in the late 1980s, but of course right once you can get your hands-on these food items they are going to cost you a whole lot more eggs up 22%, milk up over 14% and coffee up over 13%, so to round out our breakfast, of course i got to add in the bacon, neil. you've probably noticed when you go to the grocery store maybe your favorite brand isn't available or stocked or if you can find it there's less of them available, but if you get your

hands-on the bacon you're paying 17% more than last year, bacon now up to around $7 a pound. you know, neil, i don't know what the tipping point is for bacon, but i feel like we might be getting close. i'm still buying it, but $7 a pound is just a crazy number to be thinking about. neil? neil: i don't know, my ceiling is $50. if it gets to $50 a pound then i stop buying the bacon so walenski see what happens, madison, thank you. this is why you're thin and fit, you maybe have a lower threshold i don't know about jeff flock, he's thin and fit. we didn't put him on the food story, we put him on the mortgage rates are going through the roof story and this is wild, jeff, we're talking all of a sudden levels we haven't seen since the first year of the obama administration reporter: you better be bringing home the bacon if you want to find a place to live these days. neil: that's brilliant. reporter: i try, you know?

neil: that's great. reporter: i'm not as senile as i look. the scarcity of a place to live, yeah, that's for reallies. i'm in philadelphia on the top of a townhome, the roof of it, maybe you see the beautiful view of the city of philadelphia back there behind me. tough to find places to rent these days. take a look at these numbers, philadelphia specific now, there are 289,000 rental properties in philadelphia. there are currently only about 2,000 of them that are open to be rented. that's do the math, .0075% availability. that is something they have not seen here. that is emblematic of the rest of the country and the rise in interest rates or i should say rental rates from about $1,600 this time last year to now $ 1,900. that's a 17% bump and i'll tell you, stacey caroli and albert moore, two real estate gurus in

philadelphia you've never seen it like this. >> absolutely not, not in 25 years. not only that but in january- february you had 636 rentals that closed just in january, until april 1 until today over 1,300 have been rented and now you look at the numbers where there's 2,100 that are available. the numbers are only going up for the amount of rentals. reporter: consequently, neil, the numbers on what this costs goes up all over the country take a look at the big cities in the u.s. , new york pushing $4,000 a month for the average rental, la $2,000, chicago, houston, 49% of people surveyed by pew, recently, albert, said it's a major problem for them now, to find a place to live and afford it. >> absolutely you're all getting priced out and it's making it extremely hard to find a place to live, and as the interest rates rise and the rental rates rise, there really isn't any place for people to go. reporter: it's home buyers are

getting squeezed because you are showing people houses at a certain price point a couple weeks ago, because the interest rates have risen, that's now you can't show them the same house. >> that's right. we've got to lower their expectations, go for something cheaper because they lost their buying power because interest rates are going up. reporter: i'll leave you with a picture of this neighborhood, this is called fishtown neighborhood, very popular. look at all of the new construction and in fact if you look at that, see that, i don't know if you can see the milk bottle up on top of the building that's been turned into residential. you can't get enough places, you can't afford them. it's crazy and you and i remember the days of an interest rate at 18%. boy, those were the days. neil: right? you know? now they are going through the roof which is why you're on a roof i guess. thank you, my friend. reporter: i see what you did there, my friend. neil: this is the gift of age

you and i have, the wisdom that the young kids today don't appreciate in fact they tell me move it. thank you, jeff that was fantastic. now, now, let's put this in perspective though, because what's going on there it shows a very real impact that the options are spending money are few and far between but i don't want you to think that people aren't spending money. they're just prioritizing, for example, trips they are important look at the airlines, almost to an airline maybe with the exception of jetblue looking at a very very busy summer travel season, and when it comes to going to the movies, whether they're big hits or not, amc is making money hand over fist when it wasn't making money at all for a while. kenny political joins us, larry glazer joins us. great market reads, all. kenny, is that the saving grace right now, that the consumer isn't knocked out, just trying to figure out where he or she goes, and they aren't giving up on spending yet. what do you make of that? >> yeah, no, they aren't giving up on spending yet but my sense is that's going to start to

happen pretty quickly, especially if we see the continued spike, talk about travel, continued spike in airline prices which is a direct result of speaking energy prices i think that's going to start to impact and hotel rates are just out of control, but look, people are tired of being strapped down they want to get out they want to go places, they want to go out there and experience the world but at some point, there's going to be a tipping point, when does it stop, when are you not going to do that? i'm not sure we're there yet but i think we're probably close to there. i think people will start to get frustrated with the prices they are paying. just think about it a family of four trying to go away on an airplane, the plane tickets alone cost you close to $2,000 to take your kids and family anywhere you want to fly. it's $400 to fly from florida to new york, one person. neil: i thought you flew private but maybe i just had that wrong. >> [laughter] neil: i'm kidding i'm kidding. >> i don't have larry's plane. neil: you know, larry, one other element that intrigued me was

how it's almost impossible to get into a restaurant or get reservations at a restaurant that particularly on the higher end the kind of places you go, young man, that you can't get in, so that's telling me something there, that it's not as if americans don't want to spend on the things they want to spend on, but what do you make of that? >> there's no stopping the u.s. consumer and there is a shift going on just like kenny said, from goods to services, from being stuck at home and buying stuff on wayfair to getting on delta and going to a marriott hotel and look they are taking the joy out of dining. kenny what's it like to go out to dinner now? it's terrible right? you wait in line, there's no service, no bread, no butter, everything is more expensive. neil: not kenny are you kidding? are you kidding? no, no, with kenny they throw a family out so he and his family -- >> no, no, no. neil: that's connections. >> listen i'm down here in florida larry is in boston. it's difficult to not only get a reservation but when you do, like larry just said, the

portions are actually smaller and the prices are up, right? my wife and i went out to dinner monday night just the two of us. >> absolutely. >> not a big deal, but we had two glasses of wine, an appetizer and dinner and it was $250. >> that's where high prices start to change behavior because kenny will say i'm staying at home. we're going to kukin kenny's kitchen. neil: all kidding aside, it's not happening and i had a theory you guys are the experts but i read a prompter so i think i qualify and kenny the one thing that i see is that people are saying these are priorities for me, going out to the movies, whether it's a blockbuster or not i'm going to do that again. i couldn't do it for a couple years i'm going to do it, going to a restaurant and not just, you know, the kind that larry goes to with the menu, i'm going to do that again because i just need that experience. i need that connection, so i think this lasts a while. that's just my opinion. what do you think, kenny?

>> i think it will last a while , but listen it's going to get very tiring. i'm going to be honest with you. you try to just go out to dinner with you and your wife every time you go out it's $250, just to go out for dinner when i could go home and cook that meal myself and probably do it better for a third of the price. neil: you sound like charlie gasparino. you know, larry, i do wonder though, that's the difference, again, kidding aside, that i see between the 70s experience with inflation and what's going on right now, that we're in a better position generally than where we were back then. i'm not sort of minimizeing the stark hike in prices but we're coming from a better position than we were then, now that could deteriorate, i don't dismiss that possibility, but what do you think? >> well i think we talk about this idea that you can talk yourself into recession if you're not careful and the consumer actually is in pretty good shape here. balance sheets are pretty good, equity in homes is pretty good.

it's washington that i worry about when you get $90,000 worth of debt per-person, they aren't putting on their balance sheet, but at the end of the day this idea that it's a transition going on from goods to services in the same breath people will tell you how expensive it was to go to the grocery store, they will tell you about the cruise they are booking to go to florida this christmas, so nothing is stopping them from doing those things. it's going to be great for travel, leisure, hospitality all those businesses that got crushed during covid are where the action is that's what's going to do well and if you were a stay-at-home stock it was about screen time, netflix, ordering stuff to your house, stop it won't do well and that transition is helping, neil. that's what you watt to see because you get a lot of leverage in the economy and that's optimistic and it's good news in the long runment neil: i'm just word worried ability if i ever dine with kenny is he wining and complaining the whole time looking at the prices. >> i just lay it out the way it is. neil: very good guys, i do want to get your thoughts on those big names you're

mentioning about how all of a sudden right now, their stocks are hurting and maybe, maybe the next step is their employees hurting. we'll get into that a little later, after this. you'll always remember buying your first car. and buying your starter home. 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. t. rowe price.

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neil: all right, democrats are furious about this leaked draft of the decision maybe that could be coming out of the supreme court that would wipe away roe vs. wade. that's why they're working hard right now to save those protections into law, and there's only one trouble and one big problem. forget about getting republicans on board. they can't get all democrats on board. hillary vaughn with more on that hillary? reporter: hi, neil. well the senate in about two hours is going to begin this process to vote on a bill that would make roe vs. wade the law of the land but also go a few steps further. house progressive democrats are planning to march their way from the house side of the capitol in the next hour over to the senate to pressure, to pro-choice republicans senators susan collins and lisa murkowski to vote yes. >> we do know there are 49 senators would are democrats who

are for this bill. we do know that there are two republican senators that are pro -choice. we call on them to do the right thing and vote for this bill. reporter: senator susan collins though is a no because she says it doesn't just codify roe vs. wade but does a lot more saying in a statement this. contrary to claims from senate democratic leaders that their bill would not infringe upon the religious rights of individuals and religious institutions, the bill explicit ly invalidates the religious freedom restoration act that protects healthcare providers who choose not to offer abortion services for moral or religious reasons some democrats are also disapproving of this bill. senator joe manchin says he is a no too. >> it is not roe vs. wade codification. it's an expansion. it wipes 500 state laws off the

books. it expands abortion, and with that, that's not what we are today. we should not be dividing this country, we're already divided maybe in pro-life, but i know how i feel. life is a gift. reporter: and neil, the women's health protection act, that's what they are calling this bill that would macro vs. weighed law , one of the other arguments from senator collins is that it would knock downstate laws, put in place to protect people like minors, making sure that they are getting parental or guardian consent before getting an abortion. neil? neil: hillary vaughn thank you for that. right now we have south carolina congressman nancy mace with us. she has urged the white house to take a look at what's going on outside justices homes right now , particularly those conservative justices who are right now the targets of these protests she fears could turn into riots very quickly if we aren't careful. congresswoman very good to have you. >> thank you, neil.

neil: the administration seems to be taking the view of the protests are fine, you're quite right to point out they're actually against the law when trying to influence the opinion of justices in the middle of a decision but they continue, unabated. what do you make of that? >> they continue unabated and you look at the words of jen psaki and joe biden over the last couple of days it's as if they endorse the idea of protesters showing up at the homes, the private homes of supreme court justices and i don't care where you stand on the issue of pro-life or pro- choice. none of our supreme court justices, no matter the cause, case, outcome, should be showing up at their homes. i can tell you this is an intimidation tactic in advance of a landmark case, decision and i personally as you know, neil, last year i had someone show up to my home in the middle of the night and spray paint it with antifa and i can tell you this is a wrong an act of intimidation and it can turn violent very quickly as we have seen at protests

across the country over the last two years. neil: so when they argued jen psaki and others in the administration argue so far they have been peaceful protests no need to worry what do you say >> well until it's not, right and we should be redirecting joe biden and jen psaki should be redirecting these protests to public places, let's say the steps of the supreme court or capitol hill. everyone including myself, you can look at my social media comments and see i love free speech and the right to free speech and we support that but not at the home of the supreme court justices is just definitely seen as an intimidation tactic. look at the remarks by mayor lori lightfoot in chicago recently picking up a call to arms. this kind of rhetoric can lead to very dangerous outcomes and we need to protect our supreme court justices whether they lean right or left, no matter what. neil: you know, we don't know who leaked this , congresswoman. we do know there is a suspicion it had to be a clerk for one of the liberal justices, again no way of knowing that, but that it

be disrupted particularly in close races. yours is cited, maybe as this is becoming a wedge issue that could hurt you. what do you say? >> well, i do think that the leak needs to be investigat ed and i will tell you based on what i have seen not only in my district and in south carolina and across the country, 25 only 25% of americans want abortion for any reason. that means to me 75% of americans are okay with some restrictions and if you look at some of the socialist neighbors we have across the pond in europe, many of them don't allow abortion after 12 or 15 weeks, and so we have the most liberal abortion laws in the country and now we're going to see the u.s. senate today look to expand those laws even further and that is not what the american people support and i'm someone who has understood this complicated issue as a state lawmaker i work to put exceptions in a fetal heartbeat bill for women who have been raped, victims of incest and for the life of the mother and these are complicated issues but

we ought to be having a conversation about them and where america is at and it's not where the far left progressives are today. neil: you know, congresswoman, i'd be remiss we talk about your re-election effort, the former president trump is supporting your opponent, in other words he wants to primary you and i'm just wondering what you make of that. his batting percentage has been pretty high lost a gubernatorial race in nebraska because the candidate was seriously flawed but having said that does it worry you? >> well we're looking very good in the polls i'm cautiously optimistic we have 31 days to go i've raised $4.5 million, my opponent has raised less than $300,000 so far this cycle, and i got to tell you i'm running against someone who had their top secret security revoked for leaking classified information about our military and i could be trusted with our nations secrets and this is a fiscally conservative district and my opponent voted for the highest tax hike in south carolina history so i feel i'm cautiously optimistic i feel very good about where i stand on

many of the policies that are facing our nation, our community and our state today and i'm looking forward to a big win on june 14. neil: obviously donald trump prefers your opponent to you. he doesn't like you and if you win, and you get re-elected, and he runs for president and gets elected president, can you work with him? >> i have said previously in 2021, i was willing to work with anyone who was willing to work with me. in fact i just had another bill my 16th bill passed out of committee with republicans and democrats on the oversight committee that's supposed to be partisan but it was a very bipartisan afternoon. i work very hard and that's one of the benefits of representing a swing district is the ability to one, i'm conservative and be true to my principles but also, where we're willing to work together, show that there is a path to doing that and i'm really proud of my record and as i said before, i'm willing to work with anyone whose willing to work with me on either side

of the aisle, hard stop. neil: if donald trump were the nominee in 2024 for republicans, would you vote for him? >> i said previously that i absolutely will support the republican nominee. i think joe biden has done more damage in the first six months of his term than i thought possible in four years. that was before the immigration crisis at our southern border that was before afghanistan and that was before the supply chain and inflation and economic issues that we're facing today, and i believe republicans could put forth the message and show our policies and solutions are better answer to the challenges facing our country today, we're going to have a big win not only in november of 2022 but that will exceed beyond into 2024 and the presidential election cycle. neil: all right so no matter your differences or arguments in the past if donald trump were the nominee you'd vote for him. >> i don't hold any grudges. i want to make sure i'm effective member of congress no matter what, that's the job i was elected to do and i'll work hard doing it. neil: thank you very very much. >> thank you. neil: nancy mace representing

the beautiful state of south carolina. we'll have more after this , the dow is about 93 points right now, tech stocks under pressure as well. stay with us. ♪ (vo) while you may not be a pediatric surgeon volunteering your topiary talents at a children's hospital — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you give back. so you can live your life. that's life well planned.

neil: its been the happiest place on earth, not been very happy lately and a judge today denying a lawsuit brought by some florida taxpayers over governor ron desantis' revoking walt disney world's special tax status. it gets kind of into the weeds but the stock under pressure today, disney reports after the bell today, might be our first glimpse of how the company says any of this is affecting business at its parks, even disney entertainment service, but for the time being, a

victory right now, for governor desantis, so advantage the governor over the mouse house. charlie gasparino on maybe what this is saying about where woke corporations are. charlie? charlie: they are in the crosshairs of the republican party right now, and you know, republicans see what's going on with ron desantis, the success he's had against disney. he's not backing down, there was some pressure i guess you could say for him to find some appease ment with disney, they are one of the states largest employers, i think there was some members of the republican party in the state that wanted him to patch things up. no go from what i understand people close to him. he's not giving in. he has no problem sitting down with them. he's not going to let them bastardize the law in question. this all started when florida passed a law that if kids are between kindergarten and third grade you can't teach them about sex education.

doesn't say you have to brain wash them with anything, just don't go there until they get above third grade. it got dubbed by the liberal media and by progressives as don't say gay bill, which it doesn't say that at all. disney, at first, kept quiet and then bob chapek started reaching out to desantis to start change the law after he heard from his vocal employees, and then this thing became a huge mess for disney, because desantis pressed the nuclear button and said okay, disney, you want to go there, you want to pressure me to change law, you want to be active in politics we'll get rid of all your special tax status here in the state. they are actually an independent , almost like a city within the state, so he threw desantis and the republicans and the legislature passed that and you know, from what i understand , desantis has an open door policy with them. he will talk to them. he will not, though, allow them in these meetings to bastardize the law as don't say

gay, because that's not what the law says, he believes and i think a fair reading of it would say the same thing so we're at an impasse right now. disney does have earnings today. it'll be interesting if what bob chapek, the ceo of disney has to say about this. it's a huge black eye to him because he kind of came out really on the losing end of this desantis is the first governor of any state to stand up to these woke companies, you know, goldman sachs, this one, that one, during the 2020 summer of love when there were largely peaceful protests as mobs were burning down cities, you know, they were sort of virtual signaling some of this stuff following the tragic death of george floyd and defund police movement, and no one really fought back. definitely not here in new york where we had massive riots definitely in portland, oregon where they had riots or seattle desantis did something different he fought back and he's winning and the republican party that officials that i speak to say he

represents a template against corporate wokism, which i will say this , neil, the republican party right now sees corporate america as almost an addendum, some sort of a part of the democratic party and then just not going to take it lying down, so i guess chapek we'll hear if he's going to meet with desantis, desantis again from what i understand, won't meet with him if he bastardizes the law and calls it don't say gay law. he has to come, you know, with a fair reading of the law or he's not probably not going to take the meeting is what i heard. neil: got it thank you my friend , charlie gasparino following that kenny polcari, larry glazer, gentlemen, good to have you back. i do want to talk to you a little bit about this disney situation and these taxpayers losing at least this suit, kenny , what do you make of it? >> so look, i think it's a very slippery slope, right? i mean, i don't think, i think disney caved.

i think companies should stay out of this fight, it's not politics, but i have to say, look, i live in florida. i know what this bill says. it doesn't say don't say gay. it says exactly what we've been saying, that you shouldn't talk to a four, five, or six- year-old about sexuality. it's just in appropriate. that's all it is. if you want to talk to them when they are eight or nine when they are in fourth or fifth grade fine but what kindergartener, whose talking to a kindergartener about their sexuality? that makes zero sense, so to sit here and make it political and say don't say gay, it's not a don't say gay thing at all, at all. neil: yeah, and they just don't say it before the third grade, and it's not even that but to your point and larry i'd be curious, disney earnings are coming out after the bell this will be our first chance to see whether there's been any re percussion from this. it would really involve the last month or so of the quarter, i think, so it might be a limited take, and the company might give

some guidance whether there is anything there, but what do you think? >> you know, i think the quarter will be a reflection of what happened in the past not what's going to happen in the future and disney is a diversified company but that theme park business is a gem, it can't be replaced and there's so much demand for all the trips that didn't go to disney world, disneyland, that people have booked six months ago those trips happen. the question is how the company navigates a tricky spot right now and what it means to their bottom line in terms of other businesses like their media services, streaming, retail sales, so i think it's a difficult position for companies to be in, to keep everybody happy, including shareholders, attendees of theme parks but also, when they get in the cross fires of politics, so hopefully people can go on their vacations and do their thing and hopefully these companies will be able to report good earnings because it's important to the country that they are able to keep the parks alive and the attendance high. neil: if i could switch gears, gentlemen, to our original

intention, thanks for helping me with the breaking news, i knew you could, but kenny, the big name tech stocks have lost what a trillion dollars in market value over the last few days. not all of these issues are in that same group, but uber and amazon, facebook, some others have started slowing hiring and they aren't laying off people, but normally that's the step before you do that, and given the market wipe out they have been experiencing, does that surprise you? >> no, it doesn't, and actually , they're losing more money today the nasdaq is down almost 270 points right now. neil: you're right. >> a lot of those names continue to come under pressure even today but it doesn't surprise me partly because a lot of them overhired. i think that now that the economy is coming back, a lot of these people started saying well i don't want to go back to work, i want to work-from-home, and by the way i want you to pay me more and these companies are realizing that that's not necessarily going to be the way and especially if we're now coming into what's expected to be a

recession and times are going to get more difficult, so i'm not necessarily surprised. i'm not happy about it, because i think that just speaks to the fact that these companies are preparing for tougher times ahead. neil: all right guys i want to thank you very very much. a lot of breaking news here we want to keep track of some of the disruptions in this wholees but it's even hitting the wine industry. kelly o'grady on top of that in nappa, california. say it ain't so. reporter: [laughter] yeah, neil, you might be surprised what has stuck out. we'll have more on that for you, coming up. ♪ you know liberty mutual customizes your car insurance, so you only pay for what you need? like how i customized this scarf?

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neil: by the way we just learned

that krispy kreme shares are up about 5% after results beat the company didn't even have the dignity to thank me for boosting their sales and earnings, you're welcome, krispy kreme, but again not everyone is facing hard times right now, people will gladly pay for those sweet donuts. let's go to kelly o'grady right now. kelly, i think i called you grady when i referred to you before. this is why the staff calls me popeye. i apologize for that. you're talking about wine in napa and it sounded like in my intro before i was taking too much wine but i apologize for that. what's going on? reporter: [laughter] hey, neil yeah, not a bad assignment right i'm in napa valley, the cpi number came out this morning highlighting how high inflation is and the supply chain snarls are a key driver of that. it's affecting every industry, california wine is no different and you've got folks struggling to get their hands-on key packaging materials to prevent that wine from spoiling everything from barrels to bottles and most difficult of all, corks. we're here at port-a-cork, one

of the largest cork harvesters and processors and struggling with a severe inventory problem with shipping times so unpredictable there's 138 million corks stranded at sea or at port. that's up from just 90 million a month ago and shipping costs are skyrocketing as well. they get their corks from portugal and it's shipped into the port of oakland that used to cost $2,500 a container. today, it's 14,000 per container with little explanation as to why. we spoke to the ceo here who tells us that aside from rising prices, some of the containers sit at the port for as much as a month. there's little communication from the port, buried in a massive containers with trucking not available. >> today we have product that has arrived to the port over four weeks ago that we're just receiving this morning. its been, you know, gone from less than a week to four and sometimes close to five so that's put a tremendous hit on our ability to supply.

reporter: now there are more challenges ahead. some vendors are saying their material costs will be increasing over 10%. you'll be able to absorb some of that but some will also get passed on to the consumer. neil, you remember two buck chuck? go to the store it's three buck chuck now. neil: wow times are changing. i understand you volunteered for this story so thank you for that. kelly o'grady, napa, california on that. all right, think quick, what is the difference between joe biden and jfk? what if i told you j t can owned up to a mistake, and saw his poll numbers rocket. this president hasn't and his poll numbers are sinking. ♪

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>> so because of the pandemic, we had disruptions in our supply of important materials so prices went up. the second big reason for inflation is gas prices, and it's vladimir putin's gas price increase. it went up every year under my predecessor before the pandemic and during the pandemic. these 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. this year, we have a second cause, a second cause, mr. putin 's war in ukraine. neil: you know, i definitely don't like playing the politics stuff on this show it's bad karma and both sides can be blamed for stuff but the one consistent theme is the president of the united states who is essentially saying the buck does not stop with me, might have worked for jfk so a few months into his presidency had to deal with the bay of pigs a notion that was concocted by his predecessor and the brightest military minds of the world and he could have said this was on the other guy said it was a good idea and he didn't do that. he took the blame for that, his poll numbers went up 10 points. his dad used to joke, you should fail more often, son. the message here, moral here when you're the president, maybe at least some of the buck should

stop with you? maybe you should take some of the blame and responsibility for higher prices, to richard fo wler on this the american radio show host extraordinaire, fox news contributor. richard that's all i'm saying. would it have killed him to say, all right, i'm the president, i didn't see the magnitude of this problem, i thought much like the federal reserve, you wanted to share blame thought it be transitory it wasn't, it isn't, i see it now, i'm on it now. he didn't do any of that. >> i think that would have been the right way for the white house to go because once again, what is transitory inflation? because to the american people who are trying to buy bacon at the grocery store, transitory means nothing when i'm trying to buy a pound of bacon at $15 a pound and so i think the white house could have been quicker on their response to deal with the impacts of inflation and i thought what we saw from the president yesterday as step in the right direction and hopefully we'll see some support on capitol hill on the two things i think the federal government can control prices, they can control prices in the healthcare sector, and they have an oversized influence in

housing because this is the terms of mortgages they set the terms of affordable housing when it comes to rent, as well as the fact that they are one of the main sort of bidders in the healthcare market , these are two places where the federal government can engage and bring down some prices for the american people. trust me i think the president wishes he could change gas prices but he can't but he could actually -- neil: but the idea that the government can fix the problem, isn't that part of the problem? isn't it what its best intentions it only worsens it and such spending only compounds things. i mean if the president got in his way on build back better, richard, you could make a point that it could have exacerbated a lot of inflationary tensions so it's probably a good thing or we be worse off. >> i agree with you depending upon what spending measures we're talking about. if the president in build back better had capped the price of insulin, from where many senior citizens are paying upwards of $ 1,000 a month for their insulin if you'd cap that to $35 a month for senior citizens their cost over per month --

neil: no doubt and that's a small part i take nothing away from those that need insulin but the overall effort here was to spend, spend, spend and then to brag about bringing down the deficit coming off record levels of covid spending and the height of the crisis, he compounds the problem by presenting something that isn't real, that isn't true. why can't he just say, all right , i see the magnitude of this , rather than blame republicans for it, i'm going to try to work with him to force the issue but he didn't do that. >> listen i agree with you and i think it's a novel concept to work across the republicans, who are willing to work with this president and i think there's work for them to do, right? neil: i agree with you both sides should be doing this and there's a lot of finger pointing going on i just don't find it very constructive. he thinks they are just on steroids or whatever but is the name calling really helping? >> no, i don't think the name calling is helping at all because if you talk to the american people, those who are one month behind on their rent

or two months behind on their rent, they want solutions from washington. they want the price of represent to go down, and that's actually something that washington can do , and yes, it's spending but it's spending that will actually help working families, and if you help working families probably that dow ticker behind us will be going in the opposite direction. neil: you know, that actually makes a little sense. richard, it's very good seeing you again my friend. >> good to see you too. neil: richard fowler, fox news contributor, why can't we all just get along, quit the name calling and the cheap political insults on the right and left and just do something. just do something. more after this. we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. . .

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neil: all right. this looks familiar right now up a few hundred points. down a few hundred points. volatility rules the roost. charles payne to help you out. hey, charles. charles: neil, we have a great lynnup, hopefully we can help people through it. neil: thank you, bud. charles: this is "making money." what a blow. the cpi number was supposed to give wall street and main street a sigh of relief. instead it brought more pain and reminder this problem will simply not bo away easy. pendulum of emotions always swings too far in either direction including investor pessimism. is there blood in the street? remember what warren buffett said. it is the ultimate buy signa