pew research. works out 3200 messages per month. texting. >> wow. got to find something else to do. ashley: check the markets quickly. choppy session. send in your "friday feedback." send in fan friday videos. tell us your name, where you're from, the important part, say you're watching "varney & company." neil cavuto sends in his thoughts every friday. unfortunately they're not safe for tv but keep trying, neil. neil: i will keep trying. mine are cut-out magazine letters. all that -- i guess not. one of these days, ashley, i will sneak that in there. ashley: don't give up. neil: i love the show, varney. thank you, my friend. great seeing you again, ashley. we're on top of the same thing you're on top of. a lot of selling going on right now. you know where money is running? this is pretty fascinating in

this topsy-turvy week, into bonds. 3.80 neck of the woods, who would have thunk, right with all the inflationary pressures? you will hear a whole lot more about it especially with the wholesale inflation report, year-over-year we're off the worst levels but still at a fairly dramatic clip but these higher rates will put a chill on economic growth. we've seen it certainly in chinese production numbers coming in. growing concerns as well europe will see a slowdown here. that is weighing, higher prices go, feeling seems to be building that will be a slowdown. even opec indicating today with an economic outlook that says this year 2022 growth is going to see a big hit in overall demand for oil. and opec might have perpetrate ad lot of that being a bit too greedy, not helping out the western world, the world in general, not beefing up production. it has come back to sting them.

i'm of age when they repeated that, did that, in the late '70s, being very stingy with production hoping to stick it to folks. now they could be sticking it to themselves. we'll explore that, free fall having to do with cryptocurrencies. meantime look at the oil markets, energy markets, under selling pressure right now. peter doocy following all of that. the fact that the administration is moving to hit the oil companies on lease and permit sales, that too, could be coming back to boomerang. peter what is the latest? reporter: the latest is that the administration has decided to cancel potential lease of about a million acres in alaska. that is something the president said that he was going to do during the campaign but it is also something the administration had expressed a willingness to let go on as americans struggle with high energy prices. today in the fight between climate concerns and price

concerns, the climate concerns win. we're also getting more after sense now about how the president is talking about inflation overall in private because he told donors at a fund-raiser last night, we can't let this happen, guys. we have to, we have to, it is going to be hard, it is going to be hard, inflation will scare the living hell out of everybody. republicans trying to win back control of congress say they agree, blaming some of this president's policies including the massive covid stimulus package last year for some of these sky-high prices. >> overall food inflation is 9.4% year-over-year. that's the worst year for food inflation in 41 years. should not be this hard for americans to feed their families. parents need president biden and his team to step up to the plate. reporter: but the president's team is trying to turn that

around, accusing republicans today of talking a big game without offering up any reasonable alternatives for bringing prices down. >> i will recognize acknowledge inflation is a problem, costs are a problem. here is a plan presenting it. here is what we have. you have nothing? you need to call that out to make it clear. reporter: there is major supply chain issue with baby formula. the president will make calls to baby formula distributors and manufacturers, figuring out what he can possibly do to get involved. all of that is going to happen off-camera today. neil. neil: peter, fascinating, obviously behind closed doors or meeting with fellow democrats, the president has much more stark impression what is happening on inflation but even those within his own party are kind of pressuring him to say acknowledge the severity of this. i get that but he is not taking the next step saying at least he is to blame for part of it. you can't blame him for all of it, but there is great

reluctance to do that. i wonder if party folks are beginning to worry that reluctance to coming back to cost all democrats? reporter: part of the reason for that would be, they feel like they didn't have a choice last year to pass this covid stimulus to give people 1400-dollar checks, boost weekly unemployment but there was no long-term investment and even, the president's treasury secretary janet yellen has admitted that contributed in some way to the higher prices that we're seeing now, to the inflationary. that was an inflationary pressure and so they had no choice. this is happening now. and they got to figure out how to spin it so they don't get completely wiped out at the end of the year in the midterms. neil: to your point great reporting, peter, wasn't as if larry summers, treasury secretary under president clinton warned about this will stoke the fire. plenty in the party were warning about that. reporter: when we got to hear

the biden white house push back on larry summers couple different times. something that when they claim to town we would not have expected. we need to figure out, we heard president, cecelia rouse, top economic advisors they think it is good that inflation didn't rise more. that is kind of flat -- plateaued, that is where we're at. that is the big problem if it doesn't go up a lot month to month, they will take that as a small victory. neil: yeah. going to need a lot more than that, not to play party politics with it. thank you very much, my friend peter doocy at the white house on that. jeff flock is taking a look how countries are working together, particularly ourselves italy, i don't think jeff was throwing a bone to include italy on this, too h they are here once again to save the world which i think is the intention of jeff's fine piece. explain what is going on, jeff?

reporter: they have ideas, neil, they need ideas to solve the high oil prices and high gasoline prices set another record today. oil price as well. this is the pbf refinery in new jersey. they're caught in the middle. they don't drill for oil. they refine it. they have to pay whatever it costs, right now pretty high. mario draghi, there is your italian, former president of the european central bank, now the prime minister of italy, meeting with president biden this week suggesting what about a buyer's cartel? you have the opec oil producers cartel. let's all getting to the, say, listen, we'll not pay anymore than this for your oil. if you don't want to sell it $60 a barrel we're not going to buy it. it has been tried before. it hadn't worked particularly well but what are the other options? what about a wind fall profits tax? i can't we tried that before too. unto the -- unfortunately that had effect putting chill on new

oil exploration which eventually drove prices even higher. what about price controls? that is also perhaps being thought of. president nixon famously tried price controls back in the '70s. our phil flynn weighs in on that. he didn't like it then. i don't think he likes it now either. >> this is one of the most ridiculous things i think i ever heard in my life. the first thing is the first rule of economics is that you show me a price cap, i will show you a shortage,tomorrow but thry they always do. reporter: tell us what you really think, phil. if you're note going to increase exploration, neil, then the options are limited. those ones that i mentioned, none of them are particularly attractive but maybe the italians do have the answer. i don't know. it comes to food they do, i know. i don't know about energy. neil: really.

you went there? okay. you know, jeff, i was talking to a very good friend of mine, loves this network, really loves you, said neil is jeff as warm as seems like a nice guy as he appears to be? absolutely not. put the prima in prima donna. the guy was absolutely shocked. >> as he should be. neil: you're the best, my friend. love those '70s analogies. i know you still have the leisure suit here. don't pack it away here. don't pack it away. thank you, jeff. senator roger marshall, kansas republican senator, physician by training ogbny has any leisure suits. he is probably too young. wouldn't get rid of them. >> great to be with you, neil. i don't have any leisure suits available but i wore won in my high school prom. neil: i think, senator, we might have been at the same prom.

it is interesting when we look at the oil situation, one thing i notice, owing to my age, sir, the more things change the more rerealize they don't change. opec might have caught itself doing what it was doing in the '70s. as little as they could to ease the oil pressure on folks across the globe, trying to extract the most pound of flesh they could. that is when they were just coming together as a cartel, particularly in the '70s, early '70s. now realizing that worldwide demand is falling dramatically. we could see a global slowdown. they contributed to that, didn't they? >> absolutely. so, this is what happens though when we empower other countries to control our future as you know, neil, i grew up in the oil patch. i'm still around it. the oil patch needs certainty. for you to invest hundreds of millions, billions of dollars, we need certainty. we empowered opec.

this is all because of the results of joe biden's policies and yes, opec will take advantage of this. that is what businesses do. when you can control this much of the market. when america has our hand out begging for oil right now, this is where we are today. neil: you know, i'm just wondering now, you can look at opec itself like an apple i guess on steroids, apple the country i'm talking about. we eeuropean regulators, those in the u.s., looking at antitrust actions against big tech names like apple, why can't we apply the same standards to opec and opec plus countries? >> i think we can, neil. that will take months and years to solve the problem. they have more lawyers than we do as well. when there are big issues they get tied up in court. we could solve this problem ourself if the biden administration would give us certainty, the certainty we need, call epa watchdogs off a

little bit, quit teasing opportunity to buy more leases, taking away from them as well. neil: they're doing just the latter, senator. the plan to take away oil lease sales, gulf of mexico, alaska, elsewhere. only a few weeks ago they were opening a tiny bit of federal lands to that. i'm wondering what prompted this move? out of the blue, it came out of the blue with very little warning? >> neil. this is the uncertainty that they're creating. your listeners know this. we can't go out to find people to give us millions of dollars to invest in something as big as this drilling in alaska would take. so they tease us with it. they take it away from us. you waste all this time on permitting. then the epa stops you at another step. this administration is at an incredible job of creating the uncertainty and stymieing american energy. neil: all right. senator roger marshall, very good catching up with you. don't throw away the leisure suit.

maybe next visit, you put yours on, mine on and viewers click away. thank you, senator. very good seeing you. >> thanks, neil. neil: we were talking about oil. saudi aramco is now the biggest deal in town, the biggest company in value on the planet. it just eclipsed apple here. that could be a market turning point in of itself. oil advancing, saudi aramco the biggest game in town, and greed growing, after this. ♪. meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid,

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♪. neil: all right, when it rains it pours for cryptocurrencies, right? besides bitcoin free-falling, coinbase, major exchange for all of this stuff could be free-falling as well, maybe even driven out of business if some pessimists are right, stablecoin under pressure right now. decoupling from the dollar peg. it is just a mess and getting messier. lauren simonetti has more. lauren, what's going on here? lauren: exempt for this very moment the dow is down, bitcoin up, we've seen stocks and

bitcoins, cryptos trading complete lockstep. bitcoin is the most popular, often the face of digital assets. it is below 30,000. it fell below 30,000 two times this week and its price cut in half from recent highs of just about $70,000. you remember that not too long ago? this is a wash out. it has been more severe for smaller coins like solana, and dogecoin. they fell 30 plus percent in one day! in all $200 billion wiped out in the crypto markets in 24 hours. 600 billion wiped out in the past seven days. stablecoin has added concern. stablecoin is where they park funds as they move in and out of tokens. one is ust by terra. they lost the dollar peg. that is the largest stablecoin at one point it lost its dollar

peg today today. this brings liquidity concerns to the market. this contagion cascading type effect. often when investor loses money in a stock or asset, they sell to raise cash elsewhere. that is how you get that effect. the bit wise ceo says it will be pump by for a bit but overall he is optimistic. >> long term cleaning up risks like that, regulating the stablecoin market will be good for crypto but in the short term it introduces significant volatility. if i'm being honest i think that volatility could continue for a period. lauren: nervous time for investors overall, neil. just as crypto is finding wider adoption, and acceptance, with that regulation, we're seeing extreme volatility. the exchanges by the way, they're getting hit too. not just the coins themselves. coinbase just said the digital tokens it holds for its users might not really belong to the users in the event of a

bankruptcy. so talking about adding insult to injury, that adds to jitters out there. neil: yeah. lauren: there we are, neil. neil: they're not on top of the creditor pile here. talk about scooting down the bench? they're the last man on the totem pole. lauren, thank you very, very much. lauren zimmerman following that. we'll talk to the guy that runs the cme later on here, chicago mercantile exchange here by the old name is that any way to run a exchange but coinbase which was the exchange or was with a lot of people with these investments. they could really get whacked in the heinie if this exchange folds. a lot of people are thinking about it. dave maney, a good read of this stuff. if you don't mind, dave i like what you think is going on with crypto if coinbase goes under. that used to be unthinkable, but now a lot of people are kicking that possibility around. maybe some looking at this as chickens coming home to roost.

what do you think? >> well you know, it is a really complex subject wrapped up in technological and kind of market behavior debate. what there is no argument about is the incredible value of the blockchain technology and all of innovative uses that it has. there is a gigantic amount of uncertainty about the nature and value of cryptocurrencies and crypto related assets like nft, non-fungible tokens and there is no, there is in effect no track record, right? same way that people would have looked at the early days of the new york stock exchange and said, jeez, this things collapsed for the first time. we don't know what that means because it has never happened before. neil: yeah. >> you're looking at same thing with cryptocurrency prices. it is a moment of wild danger if you're a crypto investor and,

frankly, around other sectors of the investing world, i don't think you will find a whole lot of sympathy if you're one of the persons left holding the token as it were. neil: it is interesting too, i know there isn't an exact relationship here but normally interest rates are down. that triggered a lot of, i wouldn't call it devil-may-care but more adventurous spending in technologies like cryptocurrencies and the supporting network of them. less so when rates go up. so if rates even stay where they are, certainly go up further, that has got to be a tough environment for this whole arena, doesn't it? >> yeah. look, i mean, we all, i think you used the technical term of getting whacked in the heinie this morning. neil: i could have said a lot more than that by the way but go ahead. >> it seems to me that is the market story. we have a, we have what can only be described as a bumbling

administration that has kind of you know, that has a difficult set of world events. got handed a difficult hand coming in. has played every card poorly and created an environment of massive uncertainty. and, there is a long-standing principle that says the risky assets, when risks increase and uncertainty increases the risky asset classes take it in the shorts the hardest. neil: i hear you. >> that riskiest asset class, almost on the entire planet has got to be crypto assets which have no durable track record. so yeah, they're going to take it hard. neil: let me ask you real quickly what the original intent coming on what has been going on with technology stocks, going on with apple, replaced by saudi aramco as the highest market value company on the planet. i looked this year, netflix down 75%, facebook almost 50%.

amazon about 40%. tesla about 35%. apple itself about 20%. overdone or much more to go in your eyes? >> my own view, you know running a technology company and so, but know understand that is where i'm coming from, i believe that it's overdone in the sense that, as you and i talked many times, that core notion ever software globalling up sectors of the world and making them more efficient remains. so i don't, i believe that while there may have been overexuberance three months ago, six months ago, what that meant for future prices of technology assets, that remains the guiding, that remains the guiding rail of the future of our economy. like no matter what. and so picking the best companies that do things and have this, the strongest

customer bases and the real grip on their products and their margins, that is a tough thing to imagine going wrong. that almost feels no longer like a separate stock category. that feels like american stocks now. neil: that's wild. dave, thank you, my friend. very much. dave maney following all of this. hillary vaughn is coming up. remember when she was chasing down members of both parties and what they're going to do about all this spending and everything else and the latest headache de jure. she is at it again because a lot of them are very concerned what kind of issues they can take to help the president out, to help themselves out, but they're having a devil of a time figuring it out, after this. ♪. ♪

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♪. neil: you know i love it when we get the opportunity to throw to hillary vaughn. i love embarrassing her. she is unflappable. you can't embarass her. my favorite, when she is down there, above-ground, below ground, where the congressman and senators come and go. they see her. they don't know where to hide because she is relentless, absolutely relentless. hillary, now we know the president has told partygoers, look, this inflation stuff isn't a party. a lot more dramatic and concerned about it that he led on to the american people. maybe that message is coming from fellow democrats. what can you tell us? reporter: neil, i think you're onto something clearly democrats on capitol hill know inflation is a big problem for them, especially headed into the midterm election but there is a problem because they can't seem to get bipartisan agreement to get anything done and the things they are trying to do in a bipartisan manner, really are

not going to have an impact on americans and the prices that they're seeing at the grocery store and the gas station. that will not help americans paying higher prices today. but you're right, the president is clearly sounding the alarm on inflation. he was at a dnc fund-raiser last night in chicago. here is what he told the crowd there, quote, inflation is going to scare the living hell out of everybody. we're making progress but there is going to be a long way to go. president biden also brushed off the idea that his american rescue plan last year that they voted for with only democratic votes contributed to inflation we're seeing one year later a big part of biden's plan to combat rising prices is spend more. a big plan for subsidies, tax credits, things like electric vehicles, solar panels, windmills, meanwhile congress is working on taking action on biden's agenda piece by piece, starting with voting on

legislation next week that would ban price gouging at the pump. that is already illegal. but we were in speaker pelosi's press conference a little bit ago. she thinking oil companies are to blame for higher prices at pump. she said today they are taking advantage of the situation. >> this is a major exploitation of the consumer because this is, a product, consumer must have. again the putin tax cut, hike at the pump is a part of this. you would think that the oil companies would compensate for that. reporter: republicans say the best thing for democrats to do is to do nothing, at least not more government spending. they say it will only make inflation worse. congressman fred keller tweeting this this morning, quote, inflation is barreling ahead at an unsustainable rate. president biden is not changing

course. he said his policies helped not hurt inflation. bold statement from a president that is perpetuated big government spending and destroyed american energy. neil, interestingly as president biden continues to blame putin and the pandemic for inflation that we're seeing today, he said at that fund-raiser last night the one thing that is his fault is he doesn't talk enough about the good things that he has done. neil. neil: he mentioned those good things a lot but, that i don't know eyes of the beholder to your fine point. hillary vaughn, thank you very much for that. want to go to california democratic congressman ro khanna on all of that. congressman, always great to see you. i think some of the books, you're very thoughtful when you address some big issues, indignity in in the digital age, what thing you say make companies more responsive to the needs of people. do you believe, apple is not oil

company, but, what nancy pelosi is saying that this is the putin inflation, the putin energy hike? do you believe that? that that is only the putin war hike? >> no. i mean i think obviously it is more complex than that. i think putin's war has exacerbated it. neil: but is that a talking point? i always ask you, you seem to be your own man on this stuff. i wonder when i hear more and more democrats saying that, almost on cue, i'm begin towing wonder if it's a part of a strategy, blame it on putin, blame it on putin, blame it on putin. >> i don't think that is going to work. we can say putin made it worse. too much money chasing too few goods. partly it is a supply chain disruption. partly too much money chasing production that has gone down. i think pandemic is to blame. it is much more complex than that but what i do think we need to do is have far more

aggressive government intervention. one idea you may not agree with this, neil, president reagan and president roosevelt had the government buy up at low points, food, sell it back to americans at a low price. that is something president reagan did with cheese. fdr did it with many goods. i think we need to do something bold like that to bring prices down n my district, maria, who was a grocery store owner, she is saying milk is up 50%. tortillas are up 24%. eggs are up 50%. this is a real issue. neil: so it is not a transitory issue to you. to give you credit when this was going on early you had your concerns and doubts about that but the longer it seems the administration, congressman, sticks to that, or that, that it has nothing to do with this, isn't that a fatal move for the president and the party? do you fear that it boomerangs and he just looks out of touch?

>> yeah. i think we have to be straight with people. we need to say inflation is a real threat. it is an emergency. we need to take bold actions to deal with it. call out the national guard on transportation. have the government intervene as i suggested to try to buy at low prices and then -- neil: that is not a crazy idea. i didn't mean to challenge that. i remember, you know, a prior presidents doing that sort of thing. old enough to remember reagan. fdr, this might shock you i'm not old enough to remember that but you're quite right. i am curious this if you can't acknowledge a problem or your role in the problem doesn't it invariably get back to never solving the problem then? you're not responsible for any of it? i'm not blaming the president for all of this, but a lot of this was set in motion long before vladmir putin. you can say it came after the whole bust of the whole covid experience and boom that would inevitably follow but not to take ownership of some of that,

even getting it wrong on how long this would last, don't you think that pisses people off? >> i think we should be honest. i think we should say it's complex as you point out. part of it was covid. part ever it we off shored too much production in this country and we were too dependent on supply chains. part of it was government spending both under trump and president biden which i still support because it helped get us out of a very difficult economic situation. neil: but are you for more spending then, congressman? some would interpret that, well you're going to take a bad thing and make it worse? >> well i'm certainly for more right now deficit spending because, if you pay for something it is noninflationary but i'm not for at this moment more deficit spending that would increase excess demand. we have to be first honest with people. yes inflation is real. yes it is hurting folks. this is not theoretical, neil, in my district, we don't have baby formula.

one idea, let's have massive production where you can produce baby formula, or buy it from europe, sell here. look, people don't expect miracles but they expect the government to understand the problem and to be as bold as we can to try to tackle it. i think that is what the democrats need to do headed into the midterms and to solve peoples real concerns. neil: there are a lot of people in your party who are going after the oil companies because they are making a lot of money. they weren't always making a lot of money. i raised with you and the past and others who are on both sides of this issue how far you go targeting an industry or how much you think they should be taxed at for those profits. i'm thinking about your fine book. it was really a good book, digital age. >> appreciate that. neil: now these same companies that have been high-flyers have lost, what about 1 1/2 trillion dollars in market value over the last few weeks, right? so they don't have as much money to splurge. apple's been replaced by saudi

aramco as the most valued company on the planet. it has been kicked down the curb. others have been really kick down the curb. if you were to extract money from them now, you would have less money to extract because they have been financially wiped out marketwise. so is that a dangerous idea? >> well, neil i still rather bet on our software industry than saudi arabia's oil companies. i think your previously guest was right, software and digitization is changing industry. given easy flow of money one of the reasons the stock market was at value it was because interest rates were basically low and the fed probably was too long buying treasury bonds. neil: no doubt. by trying to get money off of companies when they're making money it can turn on a dime, look at tech companies. if you look at their market worth it has been hammered. so if you were to start taking

money from them now it would not be a good time, right? >> i think they should pay their fair share of tax. pay some corporate tax an not pay zero tax and basic corporate minimum tax. neil: are you for windfall profit tax, making a lot of money, just like the oil companies are you for that, and where do you draw the line? >> here is where i think the distinction between a tech company and oil. oil is profiting because of a unique circumstance. i do think it is because of putin's war. because we're asking americans to say, stand with ukraine and let's not have russian oil. neil: but 2/3 of that oil run up, as you know was prior to the war, right? >> sure but i think the war has contributed to that. that is what i'm saying the reason to have a tax and give a rebate because i don't think big oil companies should be profiting at a time of war. that is different in my view than other industries that may

just have high margins overall but they're not taking advantage of a particular event. this is not to -- neil: but they're not taking advantage of an event. there were times they weren't making that kind of money. i wonder do you pick and choose your event in the moment? >> i think we tax in a time where there is external event that is driving record profits. neil: okay. >> that would be my argument here. help provide really -- i think the biggest thing the government ought to be doing how do we buy fuel at cheap prices and sell back to the united states. i think, the challenge is this, i support "build back better," i support child care, prescription drugs, renewable energy, let me blunt that will not do anything for the price of milk or the price of gas or the price of, how do we deal with those prices. we have to worry about the next week and those prices. i think the president needs to try to do something on those

issues. neil: congressman, always a pleasure. agree or disagree, you're very thoughtful about this. you have constituents interest at heart. in this day and age people shout and scream at each other, that is a rarity. congressman khanna good to see you. >> always a pleasure. neil: we have coming up. neil: including coming up on the baby formula issue, out of nowhere. you have can't find it anywhere. what happens now? ♪.

♪. neil: what happened to all the baby formula? a lot of parents, grandparents, they want to know because they need some help and they got a lot of kids, grandkids right now who are sort of stuck between a rock and a hard place.

grady trimble what the fda wants to see to open this spigot up a little bit more. what is the latest, grady? reporter: neil, the good news, abbott says if the fda gives it the go ahead it can restart this factory and start producing baby formula here once again within two weeks, but, even after it restarts production, it says it will be another six to eight weeks before that product hits grocery store shelves. abbott says there is no evidence linking its recalled baby formulas to the four infants who got sick, two of them passed away. while this plant is closed the company has been flying in product from facilities in europe. other manufacturers have also ramped up production. but the problem is only getting worse. most states have 40 to 50% formula inventory below what they normally have. house republicans introduced a bill to make it easier to import

formula from other countries. a lot of lawmakers are dealing with this problem first-hand. >> this crisis has been brewing for month. since my 4-month-old was born, i had my entire family across four states scourerring shelves for formula which he is dependent to survive. you mentioned their world countries. i have served in third world countries. reporter: you see on the chart, the formula shortage did get worse once the sturgis, michigan factory shut down, this was a problem because of supply chain issues well before february t likely continue even after the plant gets back up and running. president biden is meeting with retailers and makers of baby formula in the united states. we're expected to hear from him, neil, how he will address this problem later today. neil? neil: thank you, grady, thanks very much. grady trimble. we had losses from a little bit earlier, lower interest rates,

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♪. neil: taking a look at a lot of electric vehicle makers, those dealing dealing with electric vehicles in general, they have been zooming fine not just because of new offerings but demand is strong given run-up in gas prices here. electricity prices are not going down anytime soon. that has risen the cost of powering up these puppies but the fact of the matter it is much, much cheaper than gas. that is the allure. it continues to be the allure. prices of these are coming down to the point where people say you know what? i can do it, with credits and the rest we're told uncle sam can continue to provide and expanding the world is their oyster. we're keeping an eye on that, well on air fares. they're rocketing because you want to get traveling.

you're willing to pay more for the pleasure. kelly o'grady in long peach california, with more on that. kelly. reporter: hi, neil, listen travel bookings are soaring. delta saw its best sales on record in march. american expects business travel revenue to be 90% of pre-pandemic levels by summer but rising prices you know, could cause americans to change their travel, especially with inflation. now air fares rose 33% year-over-year according to the latest inflation data released yesterday. the number that is particularly shocking though is the month over month number. airline prices jumped 18.6% in the month of april alone. that is the highest jump we ever recorded. despite being forced to pay these higher prices travel demand is still high. airbnb revenue is up 80% over the same period in 2019. a record 100 million bookings. this particular listing is one of them. it is worth $10 million in rent for roughly 10,000 a night. biggest interest from extended

family groups wanting reunion. the owner got the idea in super bowl with phone ringing off the hook. >> after super bowl is over we're still getting calls. >> they want a nice place. they want to have a vacation. this is their moment to break away from their war or getting free again. so they want to, they're waiting to get out. reporter: now that trend is driven by two things. not only are people, you know, leveraging the ability to work remotely but post-pandemic he says. we're restless, willing to pony up. a new american express survey says 86% of respondents are willing to spend same or more this year as prepandemic. rising prices could make demand fall off. neil, i will leave you with my favorite feature of the house, it has an elevator. how cool is that? neil: that is pretty special. that's pretty special. you look right at home there. i'm not surprised. kelly o'grady in the middle. reporter: i'm moving in. neil: all that swankiness.

we told you a little bit about the problem with coinbase right now. the exchanges were trading pretty much all things crypto. it is in a world of hurt. the stock is tumbled. growing concerns it could actually fail t could go bankrupt. does that mean all the investors could go bankrupt as well. we'll talk to the head of the cme, how all that could be avoided if you set up your exchange right away. ♪. for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset... ... fourth: be curious.

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with angi, you can connect with and see ratings and reviews. and when you book and pay throug you're covered by our happiness check out angi.com today. angi... and done. neil: you know, when queen was very big, in the 70s, inflation was rampant. the early 70s, queen had just started and of course in the late 70s when they were taking over the world, freddie mercury was the it singer and all of that, we knew about opec, we knew about oil crisis, we knew about higher prices for everything, but the republican and democratic presidents alike, it defined a decade and some people say that it's defining the times in which we live right now, in face of higher oil prices, in the face of wages that aren't keeping up,

and concerns right now that it isn't going to go anywhere any time soon. welcome back, everybody i'm neil cavuto, you're watching fox business, the place to explain the world when it seems like a scary world and under pressure, indeed. we've got edward lawrence at the white house taking a look at how the administration is looking at what's happening on the earnings front and lydia hu on the covid lockdowns and how it's compounding what's happening on the inflation front, madison alworth on some opec that might have been caused biopeck itself, we'll talk a little bit about that, and how the energy conglomerate if you want to look at it that way, has now ruled the world to the point where it's acknowledging the world is slowing down. let's go to edward lawrence first at the white house. edward. reporter: neil, the producer price index came out today and what that shows is an indirect effect of inflation on american consumers. now what that 11% number means

for year-over-year for producer price index is that companies are facing more, it means that we might not be done with inflation as of yet and that's because companies pass on some of that cost to consumers, so the numbers show you that when wages increase, that's less than inflation, you're actually losing money in real terms so right now, wages are going up 5.5% year-over-year, inflation is moving up at 8.3% year-over-year and that means americans are losing ground to inflation, so the former ceo of mcdonald's ed rensi says the president should make policy changes instead of finding new targets to blame. >> shortages we have for the united states have nothing to do with ukraine and that war. you talk about his executive orders when he first became president, when he shutdown the oil & gas industry, exploration, because of the new green deal. this is all in biden's lap and he can't pass it off to anyone else. reporter: but the president is laser focused on showing that he's leading an economy which is

thriving, as well as helping out americans and this is what he told a group of democratic voter s last night at a fundraiser. "you know, one of the things that i think we have to do is not just talk about what we've done, and we don't do that enough and that's my fault, but today treasury secretary janet yellen testified on capitol hill that global factors also drove inflation, not just government spending. >> well, inflation is a serious concern. look, we're not the only country experiencing inflation. >> but no other country is at this level though. >> but it does show that there are factors beyond spending in the united states that are critical to inflation. reporter: so as the blame game happens from the administration, americans are feeling that price pressure at the pump and at the grocery stores, neil? neil: all right, edward thank you very much my friend edward lawrence at the white house on that to lydia hu right now in

new jersey on some lockdowns that are picking up steam across the planet and the boomerang very real here, lidia. reporter: yeah, neil, there's definitely a ripple effect, even though we're starting to see some of the onerous lockdown s in china starting to be lifted in some cities like shanghai, experts say that the ripple effects created through the supply chain are going to be felt throughout the duration of the summer and that means a lot of the goods and supplies that we get from china could get more expensive for american consumers in the coming months. imports from china represented nearly 18% of all imports to the united states last year. many of these items, neil, you can see they're critical from building materials to medical equipment, semiconductors and fertilizer. now there's a growing backlog of container vessels waiting outside of chinese ports because ports are largely shutdown, most recently, more than 500 ships are waiting. that's nearly double the amount

back in february when the first major lockdowns in china happened for this most recent covid outbreak. now, that means that right now there's actually a lull in shipping costs. shipping prices are slipping from their highs just that we saw back in september of last year, right now it's about $14,000 for a container from china to the west coast, but when chinese factories get back online and ports get back to operating, some are predicting a surge in shipping activity that will put a demand and strain on the system and send shipping costs soaring once again. >> last year, with the stratosphere pricing, a lot of importers actually absorbed a good percent of those increases and did not pass it on to the consumer. they don't have that flexibility this year. they are going to have to do it. reporter: now moving forward, neil, the experts say expect a lot of continued volatility in the shipping arena because we have not just the covid issues in china and china's response,

but we also have the start of labor negotiations on the west coast with the long shoreman, it just adds stress and uncertainty to the situation and as we see the chinese factories resuming their operations in the coming months, again there's going to be demand for shipping and that's going to create increased shipping rates and increased costs for consumers. neil? neil: not good. lidia thank you very much, lydia hu on that. no wonder even opec is saying right now the environment for the rest of the year doesn't look good, forecasting global activities going to slow maybe markedly in the year ahead, madison alworth on all of that. madison? reporter: hi, neil, yes, high gas prices and ongoing pandemic restrictions could be lessening demand, at least that's what opec believes. the organization of the petroleum exporting countries cut its forecast for growth in the world oil demand for the second straight month. opec pointing to russia's invasion of ukraine, rising inflation, and covid-19 lockdown s in china as factors. meanwhile, in the u.s. , drivers are facing the highest prices

for gas historically. the national average is $4.41 per gallon today, and now, the biden administration has also canceled one of the most high profile oil & gas lease sales. over 1 million-acres in alaska's cook inlet and also in the gulf of mexico. the department of interior telling fox business a lack of industry interest in alaska and conflicting court rulings for the gulf of mexico region sparked the decision. the american petroleum institute disappointed with the decision telling fox business in a statement "unfortunately, this is becoming a pattern. the administration talks about the need for more supply and acts to restrict it. as geopolitical volatility and global energy prices continue to rise, we again urge the administration to end the uncertainty and immediately act on a new five year program for federal offshore leasing." taking a look at that statement right there. now, when it comes to all of

this , the american public, they are at the root end of all of it i've been speaking to drivers all week and really all year about these higher gas prices. they feel stuck, and forced to pay higher prices while little is done to combat that. >> going to pick-up my daughter from college, i'm going to probably use all $115 and come back, fill up so i can get to work as well. i've already committed to certain things, and that's why this is a big shock. i have no choice but to fill up my gas tank and pay this money. there's no other choice. reporter: neil, we've set new national records for gas prices everyday over the last three days. noticing a trend here? neil: yeah, really, i mean no moreso than you. you've been our taking a look at energy pricesspondent extraordinaire on this , it is relentless, madison you're righs

technology a bit of a different story here, containing losses, the nasdaq but significant nevertheless, the nasdaq right now is well, well it's a bear market territory, decline in excess of about 27% i believe that was going into today, i don't know the latest figures, this is not helping matters any as some big technology names take it on the chin. when i talk technology i know no one i'd prefer to talk to get a gauge than ray wong, the constellation research ceo. everybody wants to rule the world which is handy for ray, he already does. ray, good to see you because technology stocks which once ruled the world are not anymore. do you think this is overdone? do you think they're really getting pummeled too much here? >> they're getting hammered at the moment mostly because we don't know where interest rates are going to go and that's really been the basis of these p e valuations that are there. if you want we've taken almost $7 trillion out of the publicly traded tech markets since november, and that is a huge number and we haven't seen anything like this , i mean this

is like a tech route meets a crypto winter at the same time neil: and it was just this week so i'm just wondering, you know, that could look overdone to some people and i get the interest rate thing that i always feel it disproportionately hits technology stocks, because they don't necessarily need to thrive in a low rate environment. they do quite nicely under all, but i do get it that in a low rate environment, you chase risk , because you want to get some more bang for your buck if rates keep rising then i would assume this keeps happening. >> it's going to keep happening and people don't understand where the floors going to be, and while these are growth stock s, the technology firms that actually were able to show growth from subscribers, strong balance sheets, real cash and revenues were doing fine but when they forecasted hesitation in q 2 and q 3, that's where their stocks got hammered and that's where the valuations continue to drop.

neil: now you know these numbers far better than i so these might be dated but already, netflix is down about 75% this year, facebook about 44%, amazon about 40%, tesla about 35%, but what's lost in the sauce here, all of those issues have effectively doubled from their lows, so you can't blame some investors and say look, i want to lock in whatever gains i've had. i don't want them all to be taken away so could this feed on itself? >> it could, not all tech stock s are built the same and i think that's the important thing to realize. it's going to come down to the forecast, the durability of where some of those tech names will be. one of the areas really strong are the enterprise software players if you look at sales force and adobe, nvidia, these companies are going to weather things a little bit better than others. stocks with dividends, like ibm pays out almost a four to 5% dividend yield, that's actually a pretty good percentage so you're going to see -- neil: very few technology stocks too, right?

you mentioned a couple more traditional names not across-the-board, apple has that feature, amazon not yet. do you think amazon will be under pressure to do so? >> i think overtime they will. they're facing twin issues, one is retaining workers, they pay a low base and everything is based on their stock and rsu's and that's leading to exodus out of amazon for sometime and of course this tech investors are looking for those dividends and google and microsoft and aws and amazon will be putting out dividends probably in the next few quarters they are trying to prop up their stock prices. neil: i'm just wondering when you step back it's not as if their underlying business i can't say this universally, ray, but as if their underlying business is bad, but maybe it was priced for perfection. if we have a slowdown globally as opec seems to be forecasting, as the world bank and imf seem to be forecasting, would the demand for these products subside as well? do we need as many gadgets?

do we need as much cloud computing stuff? >> i don't think it's going to end. the cloud computing players are still going to do well. they are all growing 20 to 40% year-over-year and i don't think that's going to stop but the price-to-perfection is part of the problem we've been forecasting this and the macro forces are much bigger. infection, inventory, inflation, interest rates, invasion, they've am actually come to a confluence and it's a hard thing to beat. neil: you know, coinbase, the big exchange for trading, all things crypto, or at least most things crypto, in a world of hurt, now some wondering if it will survive this. is that weighing on on the technology sector in general >> that's a little bit different, so coinbase, the exchanges that actually rely on transaction volume depending on where the volume is on crypto , there's still interest there but it's definitely down. i mean, with bitcoin close to 30 it's a very very different market than when bitcoin was

sitting at 60 so i think the interest and risk assets as you were saying earlier continue to be challenges. people are staying away from the risk assets. we're actually seeing an influx of capital out of bitcoin and tech into real estate and that's the one place where we're actually seeing a lot of growth. neil: all right thank you very much my friend ray wong following all that of course the 30 and 60 to which ray was referring on bitcoin roughly $30,000 a coin right now, bitcoin is fetching a little under that versus the highs of 60,000-plus a coin, back in november i think, that was then, very different world right now, and the exchange that deals with it in a world of hurt. what does the guy that runs the cme think of all of that? very different exchange, after this. this. ♪ it■s hard eating healthy.

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neil: what if an exchange went out of business? what if coinbase, which has become the place to trade all things bitcoin, cryptocurrency, ethererum, all those other

places what if it just went kapu t, as unlikely as that seemed a little more than a few weeks a.g. the slow cascading down of the stock to a little bit more than $50 a share and then sliding from close to $350 a share and an offering price that seems to promising then, very different world now. what happens to all those investors, who through coinbase have bought all of these once hot technologies? let's get the read from terry du ffy, the cme group chairman and ceo. you talk about a huge exchange that handles virtually everything you consider, you could trade currencies with them , you could trade energy, interest rates, metals, cryptocurrencies futures, even the vix fear index so so much more. terry duffy is the cme group chairman and ceo kind enough to join us now. terry good to see you again. >> nice to see you, neil, glad to see you're back. neil: same here. let me ask you first, i don't want you to weigh in on what might or might not happen to coinbase but its got a lot of

people thinking, what happens when an exchange like that goes or potentially some fear goes belly up? what happens to all those investors in all of those investments? >> well, you may have just seen that their ceo from coinbase i think is what you're referring to that's only publicly traded one that we're aware of filed a 10-q i believe yesterday in lieu of a bankruptcy what would happen and what would happen is the participants that have money in coinbase would lose that in bankruptcy which is really unprecedented and for any industry so like cme, for example, if it ever had a bankruptcy issue, the creditors would lose money, the cme would lose money but our participants don't lose their money so it's a different segregated pool of funds so it's pretty frightening to think what could happen in somebody's models. neil: you know, they be treated like unsecured creditors, they be at the back of the bench rather than the front of the bench and i'm just wondering is a lot of this the fault of, you know, just not being regulated or not having much

supervision, i mean, it's a pretty tight, just look at the new york stock exchange, like nasdaq, all these others, very little of that there. i don't want to weigh in on their potential funeral here, but a lot of people didn't know that, don't know that. >> you know, and again, i think that's up to the people who participate in any platform can know what they're getting into ahead of time, neil as you know, so i think education is key, not only for the participants but for the organizations that are selling their products to the public so we're big on education for everything that we do in cme , people know our procedures and processes that we have, so that is up to the individual and the institution. neil: and we should adhere, as well, that an inflationary environment adds to the appeal of cme. you can trade on these energy futures and interest rate futures and metals and all those and again, even the fear index, the volatility index, vix , so there is a way to

trade-off of that, but there are very few choices, let's say of the stock market you're looking at the market itself or making bets like that, so in this weird time we live in is that actually helping you? >> is it helping cme? well obviously our volumes have been up significantly, neil and that goes to a whole host of factors. i tell people all the time that you need to manage your risk before anything happens, because once an event happens you can not manage your risk any longer. the event will be so moving that you won't be able to manage that risk so an example being when we had the tanks lining up on the border of ukraine people said well they probably won't drive in there and the moment they drove in there you couldn't manage the risk because the markets moved. you need to take certain signs ahead of time otherwise you'll never be able to weigh out that risk so yes businesses like cme have grown exponential ly. we had a record quarter this past quarter, record revenues, and we have moved forward exponentially so a lot of people are using our markets

to mitigate their risk. neil: i tend to follow you guys very very closely to get a gauge of where this inflation thing is going. obviously the hotter the contracts are that you trade , that are very price- sensitive or inflation- sensitive, the more you scruitinize what's going on and i did catch not too long ago that hog futures, for example, fell to their lowest level i think since back in january and it had me wondering even though that's very distinct investment and a bet whether that might be portending inflation topping out or it could be a reflection of china's no longer a market or as big a market or a slow down going on in the economy. how do you see that? >> i think, neil, it's tough for me to predict tops and bottoms of markets but to your gauge if you want to use certain products which people do, not too dissimilar than the way you look at certain products, but there's a lot of fundamental factors going into price whether it's livestock or grains or any other products and you

referenced it. when you look at china being shutdown, that's a big part of the global market of commodities that we live in today so that could have more of an impact versus what's going on an the 8.3 inflation number that we got yesterday. neil: so when you hear the president talk about how maybe some key players are rig ging the game, sometimes as hard as it is for a lot of folks to comprehend it is supply and demand, it's fear and greed or whatever. people's perception of where they think a certain product or item or commodity is going to go, nothing more nefarious than that so you'll just wondering how you feel about the way some on capitol hill have labeled this , that it's not just supply and demand. there's a kabal going on corner ing markets particularly when it comes to oil. what do you say? >> well here i'll say a couple things and i'm very respectful of the institution we call washington and the office of the president of the united states, but you can't have it always. you can't give a speech and blame every price increase on

putin out of russia, and then in the next thing you're saying that companies are price gouging at the same time, we have blockages of supply all over the world, and we have massive demand, so i don't know how that's price gouging when you look at what some of these factors are so i think it's a bit of a political message going out from the administration right now and i think there needs to be more clarity around it. when the president talks about there's only four meat packers in the united states he's correct. why is that? because the rules are so prescriptive to get into that business, government-related that nobody wants to be in it anymore. it's not cost effective to go into these businesses, so sometimes you get unfortunately what you ask for so the government needs to be mindful of what they're saying because it has truly unintended consequences. neil: for those that make a good deal of money at this and oil companies come to mind because they have been obviously profiting off what's been happening, that wasn't always the case, of course, but this idea of a wind fall profit tax or to go after the meat packers and some of the big players in that industry, you

know, the drill here. these guys are going to get drilled by washington and then hauled to the carpet, you yourself addressing house agriculture committee on this very issue. where is this all going? >> i don't know but it's kind of amazing because what do you do when you have another situation like when the pandemic was at its peak? april 20, 2020 neil when we had oil go to minus 3,750 is the government going to bail us out when they are paying you to take the product and put a tax on those massive losses so when these markets go up and down basically on fundamentals and people have to get out of the blame game and understand there's a lot going on in the world and prices and products reflect those activities going around the world. neil: do you do better in a volatile environment like this , terry? >> you know what, neil, there's a situation for volatility that i call good volatility and bad volatility. when you look at volatility that can be so like when russia invaded ukraine, that could be volatility that's not considered good, so there's certain

volatile times that we do better but it's only a component of what we do, neil. it's not a driving force in what we do. neil: so when we get news, for example, of what's going on with cryptocurrencies and i know you trade these cryptocurrencies futures. how does that come into play here? that's the latest sort of fear gauge if you will. i just wonder how the cme sorts that out. >> so here, when i started to list cryptocurrency futures i was the first exchange to do so. neil: right. >> in 2017. what i did i put a whole host of different controls on my products and didn't, i had margins set, so extraordinarily high where the cash markets and the cash cryptos had different platforms that they were doing so listen this is an asset class that some of my participants wanted to get into and i'm happy to provide it for them but at the same time i won't provide a reckless platform in them to do so, so we have high margins, limits on these, we have functionality in our marketplace that stops these markets and we don't trade seven days a week 24

hours a day. neil: well coinbase does, and coinbase is in a world of hurt. >> they do. neil: have you given any thought to buying them? >> you know, we don't talk about any m & a activity, neil. neil: you can wisper something. >> the answer to that be no, i'm not thinking about buying them. neil: all right, so do you think someone does or do you think they -- >> i don't know. neil: are they at the risk of just going belly up? >> i have no clue. i don't know much about coinbase i've been watching the price like everybody else for proxy reasons, and seeing what they're doing in the crypto space. i have no idea what people's thoughts are about either acquiring them or if they can continue to move forward. that's up for coinbase, their investors and the people they borrow money from and their shareholders to decide, not me. neil: should they have been better regulated? >> i don't think regulation played into this , neil. what played into it was when you have an asset class that's primarily driving the price of the stock from 60,000 a coin to 29,000 a coin, that's really what drove the price down

immensely when you have the amount of users that they had over the pandemic, and those user base started to fall off dramatically when people got out of their houses that's really what us caused the market to come down. neil: that's a brilliant explanation, what happened that's exactly what happened. i go on for hours talking about it, you just summed it up in two sentences. terry, i do want to step back at your big picture view of the markets right now, of course this has been a rough month, a rough year, we're reversing a lot of gains we made, technology stocks are taking it on the chin is all of this overdone to you? >> the market, you know, again, it's hard to predict markets i'm here to manage the risk of the markets in every single asset class, neil and other people can make those decisions. the markets, you know, they're trading in ways that a lot of people have never seen before. i made this comment to a group of students i love talking to students and i reminded them that everybody in the room sitting there never saw a down tick they didn't like and a lot of participants are in the market today only know which one way to trade the market and i think people have to

understand that there's going to be good times and bad times and a lot of people have never seen a bear market or a downturn so you got to be educated on both sides of the market and unfortunately, i think people are learning that the hard way. neil: so are you saying no longer buy on the dip, you're a dip if you do, what? >> [laughter] no you said that, i didn't. i think that people need to make their own decisions, neil and i'll manage the risk for them. neil: well-played. i thought i had a gotcha moment, terry but i didn't. terry duffy great seeing you. >> thank you, sir. neil: the cme group chairman and ceo. there are ways to play volatility and the cme is a very popular place to do that with all sorts of restrictions and provisos. something sadly enough that coinbase did not offer. we'll have more after this.

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neil: all right, you heard terry

duffy say that the cme if crypto is in a world of hurt and sunk to the case of coinbase where some people are actually saying they could go bankrupt, do not count the cme among the interested buyers, charlie gasparino, i've gotta give you credit my friend, very early on in the crypto wave you were talking about the concerns for the whole thing. i'm not, you know, this is not the funeral for crypto, don't get me wrong, but some of the issues that you raised in the environment that you talked about in which these issues traded, all those chickens are coming home to roost. now they might finally find a way to roost and be fine but they're worried. charlie: neil, look at it this way. a rising interest rate environment will always bring sanity back to overpriced risk assets. you see with meme stocks, look at what's going on with amc and gme, you see it with crypto, it was bound to happen. you throw that on top of it regulation and then you throw on top of it and this is what

always kind of got me even though i think bitcoin, the blockchain could be transformational internet-like method of transacting, it's still not really used that much and it's kind of divorced from the sort of speculation in bitcoin and the cryptos, so throw all that together and this thing was ripe, and i just want to say this. i never liked predicting doom and gloom. i mean listen, there was one lehman moment it my career and that was lehman brothers and that set off the spark that caused the rest of the financial crisis, i was deeply covering that crisis, and you saw it coming from a mile away. i'm not saying i'm there with this , but you know, there's a accept scenario where this could be systems icily problematic for a lot of retail investors and a lot of people. neil: a lot of people are exposed to this , a lot of institutions are exposed to this names are now pushing to have this included in 401 (k) portfolios. there's a lot at stake here. charlie: there's a lot at stake

and i would look at something called tether, it's a stablecoin , it's theoretically backed up by dollars, it trades like a money-market fund and you know, remember there was a money-market fund back in 2008 i can't remember which one, i'm not going to say the name if i don't recall it specifically, but it broke the buck, meaning that it wasn't worth a dollar- for-dollar because short-term assets declined in value so much, it was literally a financial panic. that was another sort of canary in the coal mine of the financial crisis. tether broke a buck recently and it's backup above that from last i looked but that's a bigger problem than coinbase. the coinbase thing was fascinating they are basically saying that people that are input their money with coinbase like a bank, you know, you get treated like a credit creditor. theoretically if a bank went under and your money is there you're covered by deposit insurance. obviously you can't get it immediately, it's in bankruptcy

but you're not quite a credit door. this is a little different and that's what's a little scary about the coinbase thing but watch tether. it's a key thing and if that keeps breaking the buck, then you could have -- neil: you're on the brink. charlie: it's going to be very problematic for the rest of the market and that's where you see the systemic risk pile on. again just want to throw it out there. never never say there's a lehman moment unless -- neil: unless you know there is. thank you, my friend by the way that break the buck moment with the reserve primary fund back with the lehman brothers bankruptcy i believe back in 2008 many argue that is what be lehman brothers in the financial meltdown, that was then, we're not saying its happening right now but it's a concern that if history isn't repeating itself it sure is ris ing. in the meantime want to go to chad pergram on capitol hill and concerns of a committee where this is all going. what do you have? reporter: we have breaking news here, neil, where the one-six

committee task taken the extraordinary step of issuing subpoenas to sitting members of the house of representatives members of the republican party who are not being cooperative with the investigation. they include the house minority leader kevin mccarthy, also jim jordan, the republican from ohio , mo ex brooks the republican from alabama running for the senate, scott perry republican from pennsylvania and also andy biggs , republican of arizona. now, this is extraordinary because in the house of representatives and also in the senate, if you have a member whose misbehaving or not cooperating in some fashion, what you do is you have your own ethics process. article i section v of the constitution says that the house and senate can discipline its own members. so this is why this is rather extraordinary to issue a subpoena to a sitting member because if they don't comply with the subpoena, they didn't comply with the average request here to just come in and talk and sit for a deposition so if you issue a subpoena and they don't respond to that what do you do? well then you'd have to move and we don't know that they will do

this , have a vote on the house floor to hold them in context of congress. what does that mean? well then those contempt resolutions are sent to the justice department for possible prosecution. now, we've seen that with steve bannon. steve bannon was not cooperative with the committee. the house voted to hold him in contempt of congress and the justice department decided to prosecute him. same thing happened with mark meadows dove the doj has not prosecuted him so if you don't hold them in contempt on the house floor, what is your remedy here? members of congress, if they decide not to cooperate with the committee in this instance which is pretty rare, that's rather extraordinary and they don't do this very often. i don't want to say that this is unprecedented necessarily, but it is exceptional, because you have that internal process, but here's the bottom line. this is what this is all about. the one-six committee, neil, is going to begin its hearings in early june, around june 9 and so what they need to do between now and early june is start to

curate a narrative, what did these members know? how involved were these members? of course moe brooks was speaking down at the ellipse telling people to go to the united states capitol and it was time to take names and kick some blank. that was the line that he used speaking at the ellipse the day of the riot here at the capitol. there had been these audio recordings from kevin mccarthy in the days after the riot talking about the former president, talking about maybe invoking the 25th amendment all sorts of issues between the former president and kevin mccarthy, so what they're going to do is try to tee that up by saying look you have these members who have certain bits of information, parts of the story that need to be told. they're not cooperating and then they bring in these other witnesses, maybe aids or other associates, people who we might not even no, not household names and they say mr. mccarthy knew x or jim jordan knew y, and they spell that out at the committee hearing that's why

today in usualing the subpoenas whether or not they act on those subpoenas is so important, neil. neil: that's wild. chad thank you very much, chad pergram on that. i don't know if news of this committee and these subpoenas going out to prominent players including kevin mccarthy is weighing on stocks or gave an extra kick to selling i don't know if it was terry duffy from the cme saying he had no interest in buying coinbase, the crypto exchange that's in a world of hurt right now. whatever the catalyst, we know this much. stocks are at session lows. stay with us.

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neil: we all remember that condo collapse in florida where a condo collapsed and more than 100 people died. now finally a settlement and a big one close to $1 billion. phil keating with more in surf side, florida. phil? reporter: neil let's start off

with this. one year ago today you would not see this void of blue sky behind me. you'd see a condo tower there and then of course the horrific disaster happened. attorneys believe this $1 billion deal could be finalized in just a couple of months, and it's $1 billion to be split by all of the people who survived but lost their condo, and all of the familyings of the 98 people who plummeted to their death in the most horrific of ways, while they're sleeping, waking up for a matter of seconds, not knowing what's going on, just pure terror, and then getting crushed by tons and tons of concrete. this financial agreement was reached late yesterday. this is that surveillance video from the building right next door capturing the collapse which you may recognize from all of our coverage here last summer this tentative settlement is the result of a class action lawsuit against the developers of the tower, the insurers, and the building next door. the investigation concluded the

building was structurally unsafe, leading to its collapse. the horrific disaster happened nearly a year ago last june. engineers who were hired to assess and investigate the structural flaws before it fell down were also part of the settlement. after the deadly collapse it became pretty understood that the buildings condo association board and its residents all knew that major structural peoples were necessary, but the board kicking the can down the road because the condo owners did not want to buck up the 50 to $100,000 each needed to do. not yet clear as how much each individual unit owner will get from this somewhat unexpected billion dollar payout , but it will be determined by how many bedrooms, size of their unit and its estimated value at the time. now, the city and county, the city of surfside, the mayor was here, they dedicated a wall for the 98 lost souls in honor

of the people who lost their lives. that was this morning, and what happened in tallahassee this past session, the legislature led by the republicans and republican governor did actually nothing to change the existing state laws and regulations that inspection codes because there are condo towers that line the entirety of florida's coastline on the atlantic side here, and as well as the gulf of mexico. maybe that'll happen later this summer in a special session neil? neil: phil keating thank you very much my friend. billion dollar settlement, how do you parcel that out? i'll be speaking to ken feinberg , the man behind the 9/11 compensation fund who changed the rules about how such funds are distributed among victims and their families he will be my special guest on fox news at 4:00 p.m. eastern time. we'll have more with the dow at session lows down about 500 points, after this.

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switch to xfinity mobile for half the price of verizon. new and existing customers get amazing value with our everyday pricing. switch today. neil: finland has announced the supply for nato membership and wants to do so in a hurry. as you know vladimir putin of russia was warning finland and sweden also kicking this around it be a bad idea indicating right now that it would do something awful, we don't know

what that be , and congressman house foreign affairs committee member, physician by trade and served his country are great honor, you do not mess with mark green. congressman very good to have you, sir, thank you for joining us. >> thank you. neil: being threatened until they are a nato member it could be open season on them. do you think putin is going to do anything? >> well right now, putin is tied up in ukraine. he can't even maneuver on the ukrainian military, so i doubt very seriously he's going to do anything other than be bel icos. , but you never know with this guy. he's pretty crazy. his invasion of ukraine has just been insane, so who knows. neil: now watching him very closely, congressman, as you are , where that is vladimir putin and a lot of territories that russian soldiers have either taken or are on the verge of taking. is is that his strategy, call those his, leave maybe just breakup the country into what's part of russia, i can not imagine the ukrainians accepting

this. >> oh, absolutely not. his initial strategy was to basically replace the leadership of the country. that's why they were focused on kyiv but that became impossible for him to accomplish so he shifted to the donbas to get this land bridge to the crimea and they are going to do basically what they did in crimea, they will create a false story that the people there want russia to stay, to protect them, and we can't allow that to happen. the ukrainians are not going to allow this to happen. they feel like they can win, and so they're not going to count it victory until every russian is out of ukraine. neil: congressman i can not imagine the russian people would accept that as a war worth it. >> oh, certainly not. we saw at the beginning of this thing, tens of thousands of russians protesting, of course they immediately went to jail, so that has died down, but there's still significant unrest in russia over this invasion. those young boys coming home in

body bags is unacceptable to russian mothers. neil: all right congressman, very closely, thank you for taking the time. >> thanks, neil. neil: we are in and out of session lows the dow down about 500 points here, interest rates not so much the issue today since they've been relatively stable but concern right now that we're going into a slowdown , opec saying that the imf saying it, the world bank saying it so kind of this view, look, we might get inflation under control, but too little too late to get the world's economy under control. after this. of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.

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>> this market can't gain traction. technology stocks under pressure albeit not quite as much yesterday. fears as well about cryptocurrencies, and coinbase, in a world of hurt, cme chairman saying he is not interested in buying it. what a mess. time for charles. hey, charles. charles: neil, thanks so much for that introduction. good afternoon, everyone, i'm charles payne. breaking right now, you know, listen has been a topsy-turvy day with this market. of course we plunged at the open. buyers did sniff around a couple times. listen, many times have been grinded into the dust. i can see why you're interested. if the companies don't go out of business they must be buys, right? that is the mentality. of course for those folks peeking at 401(k)s the only thing they are screaming at top