begins today with jury selection and title 42 expected to go away in a week. michael lee, angela, great to be with you this morning have a great monday and thank you, everybody, for watching "varney" & company begins right now, ashley webster in for stu this morning, ashley? take it away. ashley: thank you, good morning, maria and good morning, everybody. i am indeed ashley webster in for stuary varney, he'll be back tomorrow. meantime, jeff bezos is blasting the white house over attempts to inject more stimulus into a record inflation economy. he says manchin is the only one saving democrats from themselves well guess what the white house firing back this morning, we're going to tell you how they're trying to spin all of this. there's more drama in elon musk 's takeover of twitter. he says twitter is accusing him of violating a non-disclosure agreement after he tweeted about their review process. we'll get into that. house speaker nancy pelosi says, "creature donald trump" is

responsible for making the supreme court dangerous to our freedoms. you can bet we're going to take that on. meanwhile record gas prices showing no sign of slowing down, the national average is now at $ 4.48 a gallon of regular. that's up $0.15 in just a week. a new report says that this is causing consumers to cut their spending by $9 billion a month. now, to the market. take a look at what we're expect ing, the dow down seven weeks in a row the longest los ing streak in more than 20 years and the futures point to a flat-to-slightly lower opening. let's take a look at the 10 year treasury yield, sometimes it gives us a clue as to where we're going but we'll see the treasury yield essentially flat, still down at 2.91%. let's look at bitcoin, we know the crypto sector has been absolutely battered in recent times and there you go bitcoin down under 30,000 down $91 and

that 30,000 level seen as a key support. and now there's this , mcdonald's is leaving russia, saying goodbye, after 30 years, that includes 850 restaurants that employ more than 60,000 people. wow. it is monday, may 16, 2022. "varney" & company about to begin. ♪ stand by me ♪ ashley: it looks like a painting, it's not, is it it looks like a painting for some reason, the empire state building, as we listen to the one and old, "the clash" one of my favorites. let's get right to this then, jeff bezos taking on the biden administration. he's criticizing the white house

's approach to inflation. good morning, lauren. lauren: good morning, ashley. ashley: how has the white house responded? lauren: unsurprising this tweet comes after the president met with labor organizers including amazon employees suggesting one of the world's richest men has an axe to grind instead of seeing administration's response to inflation, as simply bad economics so this is what bezos tweeted on sunday twigerring that response from the white house, in fact the administration tried hard to inject even more stimulus into an already overheated inflationary economy, and only manchin saved them from themselves. inflation is a regressive tax that most hurts the least affluent. this direction doesn't help the country. all right, so, the white house has suggested raising taxes on big companies and rich people to bring down the deficit to bring down inflation, but inflation is still being felt throughout the economy, and amazon first quarterly loss in seven years

and being especially felt for as bezos said the affluent. i do want to point out that he owns the washington post, last i checked that is a democratic newspaper, and i also want to point out that jeff bezos is one of the richest men in the world. he's a billionaire, he's elite, he would typically side with the administration, but i see a rift is forming. ashley: yes, very strange twist of turns here, but anyway, he's right by the way, but that's another story we'll get into it and also, lauren, now this story the former ceo of goldman sachs, lloyd blankfein is sounding the alarm over the potential for a recession. he's certainly not the first. lauren: no he warned that companies and consumers that recession is certainly possible, listen here. >> it's certainly very very high risk factor, and but there's a path. it's a narrow path, but i think the fed has very powerful tools. it's hard to finally tune them

and hard to see the effects of them quickly enough. it's definitely a risk, if i were running a big company i be very prepared for it, if i was a consumer i'd be prepared for it but it's not baked in the cake. lauren: now we have the monday morning downgrading, right? the same day he said that goldman sachs cut its u.s. gdp forecast for this year and for next year 2.4 and 1.6% respectively and his successor, david solemon, he puts recession risk at about 30%, so he's a little bit more optimistic. ashley: yeah, i think lloyd blankfein is saying it's probably greater than 30%. lauren thank you very much. let's check the futures, as we kickoff the new week of trading and bring in our good friend jason katz. jason, good morning to you. now the question on the screen here says where is the bottom for this market? now i'm not asking for a day. maybe the week if you could give me that. are we close at least? >> i think we're close. trees don't grow to the sky, but

prices don't fall forever, ash. it feels to me like we're finding a tradeable bottom. it's undeniable the risks are pretty profound here and yet they're pretty well known so we've seen the multiple of the market come down from over 22 times to below 17 last week, so there is a disconnect between some company level fundamentals and the macro environment, so look, if you deem yourself an investor and the operative word is investor, now is the time to actually wade back into the water but look the success of that decision is going to be measured in years, not days, not weeks, not months, years. ashley: well, you say in your notes, jason, that the markets telling the fed that they need or they are still behind the curve. they need to get on with these rate hikes, maybe 75 basis points at the next one, but does that run the risk of kicking us into recession if we're not into

recession already? >> look, i think that getting the inflation genie back in the bottle is a much harder thing to contend to than staving off a recession for a quarter or two so we've shifted from a benefit of the doubt market to a burden of proof market and the first burden of proof is that the economy and growth is moderating, not rolling over. you and lauren discussed lloyd blankfein and others saying that recession risks are elevated. duh, of course it is, but it's not a foregone conclusion and not all recessions are created equal. the second burden of proof here is that we perhaps have seen peak inflation. that's not what we need to see. we need to see inflation moderate. then lastly, the third burden of proof here is that the fed has to demonstrate like we just discussed, they have a grip on the situation. both the stock and bond market are telling the fed, hey, you're behind the curve, get with it. we can deal with a 75 basis

points hike, in fact we want it. ashley: very quickly, jason, i know they are telling me last word, very quickly. you like cybersecurity itch you're prepared for the long term. >> without a doubt. these hackers are really effective and we're going to see over 15% year-over-year spend, not only from governments but the private sector, so cryptos and mobile phones, energy, all are targets. you can invest in cyber here, i think you'll do very well. ashley: very good. great stuff as always, jason katz, thank you very much for being here on this lovely monday morning. thank you. let's get back to jeff bezos blasting president biden over inflation. fascinating is it not? let's bring in matt schlapp. matt, as lauren says, you know, the washington post owner, the devout democrat what's your reaction to this criticism? >> yeah, remember, this jeff bezos, amazon is in the wake of this roe vs. wade decision. it has already signed up to pay

for the abortions of their employees and to fly them to blue states if red states make it tougher, so this is a fully- woke billionaire, ashley and why is he separating himself from joe biden? because joe biden is yesterday. he is a failed politician. his numbers are so bad. last night i was looking at the direction of the country of poll numbers. one poll had it in the teens. i haven't seen that, i really haven't seen that ever. there's a consensus building amongst a lot of democrats and a lot of woke people as well that the biden administration simply is a failed presidency. ashley: all right, with that said, let's move on to this , matt. congresswoman illhan omar rippin g into republicans calling them a dangerous menace. listen to this and i'll get your thoughts. >> we are dealing with people who don't understand our constitution, don't really care for our republic and certainly

don't want a democracy to exist in this country. just how dangerously menacing republicans have been, not just in their rhetoric but the amount of legislation they are willing to introduce to people of their civil liberties, to curb the amount of free speech that we have in this country. ashley: republicans don't understand the constitution? what's she talking about, matt? >> you know, i've got advice for people that want to come to america, we're very giving and tolerant and open people, but when you come here, don't try to destroy us, and i would pause that ilham omar doesn't believe in these constitutional principles and she's a fairly new american and she should hang out with us and realize we're wonderful people. yes some are republicans, some are democrats but this kind of hard core socialism that's been injected into our society that

wants to transform america as barack obama said, that really means change america and you know what? i don't want change america. i think there's a lot of democrats who don't want to change america. i think cops are good, the military is needed, that actually love the country the way it is as accepting as it is and undermining the constitution? boy, that's some dangerous talk and i really think the people of minnesota should send her packing. ashley: yeah, well, we'll see , but shocking allegations from her all though we're not really surprised matt thank you so much for joining us this morning, appreciate it. >> thank you, ashley. ashley: let's take a look at the few futures, we were slightly lower in the pre-market and that's where we are down anywhere from a tenth to a third of a percent, before the bell rings this morning. meantime, house speaker nancy pelosi also lashing out against conservative supreme court justices and the president who

put them on the bench. listen to this. >> who has ever suspected that a creature like donald trump would become president of the united states? and appointing those anti- freedom justices to the court. ashley: creature? all right, well jason chaffetz will be here to take that on. the leading democrat candidate in pennsylvania's senate race recovering from a stroke, just one day before the state's big primary, dr. marc siegel will be here with his analysis after this. ♪

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♪ i want to break free ♪ ashley: cloudy as you can see but still a pretty decent day, 76 degrees in the french capitol. all right, the eu is dropping its mask mandate for passengers on flights and in airports, while officials still recommend wearing a mask, they say, vaccination levels and growing natural immunity justifies dropping restrictions, great news for europe. meanwhile, here in the u.s. , total number of covid deaths is approaching the 1 million mark. steve harrigan is in atlanta following that story. steve, good morning to you. what is the latest? reporter: good morning, ashley. the u.s. death toll from covid now over 99 9,000 expected to hit that 1 million marc shortly, as for the average number of new cases each day, that tops 87,000

and the northeast is again, the hardest hit with those new cases. numbers exploding in north korea although you can't trust the state figures there. it seems covid has gone from 300,000 cases just days ago to more than 1 million, a real example of what can happen when the virus moves through an un vaccinatedded population. china and south korea have both offered to help north korea with vaccines and with testing kits. finally the 25 million people in shanghai will be getting a bit of relief today. some stores and restaurants beginning to reopen there. officials saying the virus is now under control. there's been a six week intense lockdown there in shanghai, which has left many people frustrated. a full reopening scheduled for next month. ashley, back to you. ashley: all right, signs of progress at least, steve, thank you very much. let's bring in dr. marc siegel now. covid deaths and hospitalization s back on the rise, but the number of

people getting booster shots is down. what's going on here? >> well, you just hit on what the issue is. first of all, the death rate is still quite low. we're talking about 300 to 350 deaths per day, hospitalizations about 2,800 new hospitalizations a day, according to cdc that's what's really on the rise and as steve harrigan just said, cases are really on the rise over 100,000, much moreso than hospitalizations. so hospitalizations up a little, deaths really not, new cases really high up, especially since people are testing with home test kits that we don't know exactly how many are even positive, because they don't report it. now what's causing this? first of all, with the deaths and hospitalizations still the unvaccinated group, but i would add an important point. if you're not boosted and this is your point, ashley, one- third of those over 65 who qualify for boosters, who had the first two shots, didn't get a booster and if you don't have the booster, your protection against omicron goes way down. you have an 80% protection

against hospitalization and death if you are boosted but unfortunately, one-third of a high risk group over 65 still not boosted. ashley: all right, well that explains that. i want to get into this story with you, doctor. john fedderman, the leading democrat candidate for senate in pennsylvania says he suffered a stroke late last week. listen to this , i'll get your thoughts. >> it was on friday. i just wasn't feeling very well, so i decided you know what, i need to get checked out so i went to the hospital. >> i was right, as always. ashley: well, the wife is always right. we know that. what do you make of this? the primary election is tomorrow i mean, this is a big event, a medical event. can he make a full recovery? >> you know, this is a really exciting story. i don't think we're making enough of this. let me explain. when you hear somebody has a stroke in their 50s, overweight, medical problems, he has atrial

fibrillation which is irregular arrhythmia you think wow he's out of the running but we're talking modern medicine here. there's a window. you have atrial fibrillation you get a blood clot to the brain, it sounds like from what he's saying they went in with a catheter, ashley, and sucked the clot right out. you can either dissolve the clot with clot dissolvers or suck it out and that's what they did, meaning he may not have had any residual damage so he's there, unable to form words, slurring speech and next thing you know, he's sounding clear. that's where we are with stroke now. an incredible advance. again, i never examine him i don't know this for sure. that's what it sounds like and it's a real nod to modern neurology. ashley: but the key was to get help as quickly as possible, which apparently, according to his wife, he did. >> exactly. within three to four hour window , he went right in, looks like it worked, and he's back in the running. we wish him the best, but it sounds good. obviously, has to have the heart issue taken care of as well. ashley: yup, good for him.

by the way, six foot eight. this guy is a mountain of a man. it's remarkable. dr. siegel, thank you so much, appreciate it. now to this story. shanghai is finally, good to see you, shanghai finally beginning to reopen as steve harrigan said. lauren the city is reopening in phases. so what's happening today? lauren: not much, but you could go to the food store or order takeout from a restaurant, you can't actually sit down, and then some movement restrictions will be lifted next week. most of the lockdown restriction s will be lifted, they hope, they say, by june 1. the issue is not many residents believe beijing when it comes to lifting the lockdowns, and then when you look at what its done to the economy, right? overnight, retail sales down 11% in april there, there's a lot of concern that the number two economy in the world might actually shrink in the second quarter. ashley: they don't believe beijing? wow. lauren: well, it wasn't supposed to last six weeks and it's, you

know, still kind of going on. ashley: true. lauren: i feel really bad for people there. i do. its got to be mentally hard. ashley: i do too. they will believe it when they see it. thank you very much, let's get a quick check of the futures before we head to the break we know what's after the break it's the opening bell. looks like a slightly lower opening on wall street this monday, we'll be back with the opening bell. ♪

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ashley: all right, let's take a look at these futures just as about three minutes away from the opening bell this morning on wall street. as you can see down slightly lower the nasdaq off now half a percent, the s&p one-third and just a tenth percent lower for the dow. let's bring in bill baruch. bill, good morning to you. it's the same question for all analysts. how close are we to the bottom? are there some buying opportunities? >> you know, i do think we had a nice little buying opportunity last week. the s&p sold off right within 10 points at 20% from the highs.

the nasdaq also got 50% retrace ment from its by back down to the pandemic low. these are pretty big levels and the markets able to rebound. everybody is saying we aren't getting the bigger move without a vix spike. i don't think a vix spike is necessary. it's actually a positive thing we're seeing a divergence, lower highs in the vix, and we have lower lows in the s&p, so i think that means we're heading for a bit of a rebound with the doors open for it, inflation obviously is the key, but we're past the inflation data april and april is never supposed to be an inflection point for inflation. that's going to be later part of this summer. ashley: let's talk about buying the dip. how about big tech some of the big tech names have been beaten up the big growth high valuation companies. anything there tempting you? >> absolutely. you see apple and alphabet really apple finally got hit pretty hard last week and for my clients with the longer timeline we're coming in and we're putting some pretty decent positions in on apple at these levels below 150.

it's something you want to stock away and expect to trade higher in the coming days, coming weeks , coming months, coming years. ashley: we had a guest earlier, jason katz, who said the markets are screaming that the fed is behind the curve still, needs to aggressively raise rates, maybe 75 basis points at their next meeting to really get a hold of this thing, this inflation and get the markets back on track but that could cause quite a bit of pain in the short-term, right >> i was in that camp back in march when we were near 4,600 but now the markets corrected. prices have come in, and the fed has already gotten 50 basis points on top of the 25. they are expected to do another 50 in june and the real thing is is the window now. looking at inflation data from june through august cpi of 2021 was a 4.3% average. we have higher base numbers to work on and prices have already started to come in and china and the supply chain bottlenecks are a big question but if they are

working out of the lockdowns we could see conditions ease into the summer and that's where the showdown in inflation is that's where there's a potential for risk on rally over the next say 30-60 days but inflation doesn't subside that's where it's going to get ugly. >> [opening bell ringing] ashley: great stuff, bill, we'll leave it there, people happy and clapping as always before the opening of the market kicking off the new trading week as we said the dow has had seven losing weeks in a row, haven't done that for over 20 years. all right, we are off and running, the buttons are being pushed. let's take a look at the dow 30 as we just get the first trades recorded. all right, chevron, merck, up at the top salesforce, apple and visa at the bottom we are down on the dow about 75 points right out of the chute. let's take a look at the s&p also down slightly, about one- third of a percent at 40,000 , i mean 4,000, not 40, above 4,000, but the nasdaq down more than half a percent at 11,

730 so it is a modestly-lower beginning. let's take a look at the big tech we've been talking about big tech and is there an opportunity to buy here? well, microsoft down again, sorry, stu, 1%. apple, alphabet, amazon, meta all down again, meta platforms or facebook as it used to be known, down 1%. let's take a look at twitter falling today. down well, approaching 4%, let's bring in susan li. good morning, susan. this has got to be related to the elon musk somehow, right? something he said or done. >> well, there are doubts about the deal, especially after elon musk said the deal was on hold temporarily and then over the weekend he had elon musk tweeting that twitter lawyers have warned that he may have broken those non-disclosure agreements in these type of deals by tweeting out his 100 sample size and also adding this weekend i thought it was pretty funny that whoever says owning it be cheap, never tried

to acquire a social media company, exclamation point. so here is the thing. wall street is pretty much in consensus that this is either a renegotiation tactic to possibly get a lower price, or possibly an excuse for elon musk to first of all prove twitter fraud and misrepresentation so he can walk away, either having to pay that billion dollar breakup fee which isn't a lot of money for somebody worth $200 billion or he could even pay something less than that $1 billion to walk away if he can prove that it's fraud with those actual user numbers. now, musk calculus has changed obviously in this deal. tesla stock is down 40% from the peaks, and don't forget he's pledging some of that tesla stock in wealth in trying to acquire twitter. also social media companies have been discounted 25% in this sell-off, so without musk, twitter might be worth sub-$30 according to a lot of wall street analysts and by the way there's no second bidder so if elon musk doesn't buy, who else is stepping in?

there seasoned anybody raising their hand right now. ashley: good point and if you had to bet on anyone breaking an nda, i think elon musk would come in first, for sure. all right, we'll move on. show me bitcoin. the founder of the crypto exchange ftx says bitcoin has no future as a payment. tell me why. >> because bitcoin's underlying blockchain technology is hard to scale, according to sam bankman freed, whose a 30- year-old, $20 billion rich billionaire so now the underlying technology under bitcoin, blockchain, is called proof-of-work and you can only mine a bitcoin by verifying millions, if not billions of transactions used on that bitcoin blockchain, so that kind of technology it needs too much time, too much energy to be able to use millions of transactions per-second which is how you transact payments. ethererum might be better as it moves to new, faster technology in its blockchain technology but

bitcoin is still sub-30,000 this morning after crypto $270 billion 48 hour crash last week and the second richest man in crypto, as i mentioned ftx u.s. has 1.2 million users here in the u.s. , it could be getting a new york license pretty soon, but you know, he also made headlines last week when he bought that 7.5% stake in robinhood for $650 million, so i have to tell you that it's one to watch in the future, they've called him the next mark zuckerberg and if he wants to get into equity trading not just crypto trading, he's definitely a force to be reckoned with. ashley: he is a mover and a shaker. all right let's take a look at netflix, been a pretty rotten time for netflix but guess what they are up 2.5% after giving a surprise upgrade. >> so wedbush has been a bear for a long time all of a sudden because we're down at 2017 level s netflix stock now they are bullish going overweight on netflix and talking about the stag afterred release of hit shows like ozark and stranger things that will

help reduce churn when it comes to users and that's why netflix might be positioned to grow in their view. now we'll get back to $600, $700 -plus level for sometime, but it will bounce, they say, off its lowest from 2017 that's what we're trading at right now and its been, quite a turnaround to all of a sudden go bullish on netflix shares, it took a huge sell-off, obviously. ashley: yeah, look at that graph it's just a cliff. look at rivian. rivian ford is selling more shares of the company. how many are they? >> yeah, 7 million rivian shares so that's on top of the 8 million they sold last week. ford still owns around 9.5% in rivian they are still a big stockholder with 75 million shares on their books still and rivian did rally last week, after reaffirming that 25,000 truck production target for this year and they had 90,000 reservations so there's a lot of demand for their pick-up

trucks if they get on the road. tesla, since we're on the electric truck theme and electric car theme, it has the widest analyst gap of all stock out there, we're talking about $250 calls, all the way to $620 a share, according to analysts. now the stock is up 22000 percent since it's 2010 ipo and ark invest cathie wood is calling for 4,600 for the stock by 2026 but there's some shanghai covid lockdown hangover over the stock today and let's check in on lucid which is the other high flying electric car name, gas prices hitting a record high not helping the stock right now. ashley: you don't say 22000 percent very often, but hey -- >> it's incredible. ashley: yeah, let's take a look at jetblue and spirit airlines. spirit rejecting jetblue's earlier takeover, but now jetblue may go hostile in this. >> definitely so this is interesting because the tender offer in this hostile bid is $30 a share that's what jetblue is

offering to buy spirit airlines in cash. now, remember that spirit said no the first time and guess how much jetblue is offering them. they were offering more at $33 but i guess because of the sell-off that we're seeing in virtually everything in the stock market, including in airline stocks, so jetblue is saying well, actually, $30 might look good to shareholders, i mean, spirit and their executive board can say no but stockholder s, that might be pretty lucrative in their view, so this deal gets done it be the fifth largest air carrier in america, but don't forget you still have frontier out there, they already have this agreement with spirit, but i think it depends on the stakeholders and whether or not they say $30 is enough to get it through. ashley: exactly. interesting to follow though, susan li thank you so much for that recap of some of the big stories going on. let's take a look at the dow winners if we can in a very early going seven and a half minutes into the session, energy doing fine, chevron, travelers, merck, amgen and caterpillar, j & j on there too, up just about

half a percent. on the s&p 500, netflix we just talked about them, getting an upgrade from wedbush up 3%, occidental another energy play up nearly 3%, cigna up 2.25%, and the nasdaq winners, well, of course netflix again, electronic arts, ea, t-mobile up half a percent as well, those are the top winners on the nasdaq so far about eight minutes into the session. quick check of the big board, the dow itself off just slightly , two-tenths of a percent down 52 points checking the 10 year treasury yield down close to two basis points at 2.900 exactly on the 10 year. taking a look at gold down another couple of bucks, it's at $1,806 for gold. take a look at bitcoin, been hovering around the 30,000 mark it's under that now down 238 bucks at 29, 718 on bitcoin, oil meanwhile, still at $110 a

barrel down just $0.33 not exactly the relief we've been hoping for , and nat gas up 6.3% at $8.14, and once again the average price for a gallon of regular gas in the united states is at $4.48. it hurts every time you fill up the vehicle. in california, you're crying it hurts so much you're crying it's almost $#, it's $5.99 a gallon of regular the average price in the golden state. all right, coming up, transportation second pete buttigieg pinning the blame for the baby formula shortage at one company's feet. listen. >> the president said more action is coming but this has been ongoing for months. >> the government does not make baby formula. we are here because a company was not able to guarantee that its plant was safe, and that plant has shutdown. ashley: but what about the government's role in the

shortage? we're going to take that on. also, netflix has a new message for its employees. if you don't like our content, you can quit. fair enough. we've got the story. plus, president trump says no way, elon musk will go through with buying twitter. we'll tell you why, after this. ♪ anything you want, you've got it ♪

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ashley: all right, let's take a look at the cryptos. ray wong joins us now. the cryptos all down again. ray, stablecoin practically collapsed and brought crypto markets down with it. i guess my question to you this morning is can this recover can stablecoin recover? can it recover its reputation i guess is what i'm trying to say.

>> [laughter] yeah, it's a great point, right? when you have a stablecoin and the idea of a stablecoin is to create a situation where you have a run on the bank so you have a coin worth a dollar and in this case, tied to terra luna and that allows you to actually trade other coins against the stablecoin and when that is down, there's a run on the bank and i think there's the confidence that actually has been reached and i think that was the issue going on along with the stock market being down the last seven weeks, we found out the hard way, that cybersecurities are very aligned with the stock market and in fact it looks like the stock market is driving crypto prices. the correlation between the stock market and crypto is at .78 which has been the highest its ever been so we have a situation where there's a lack of confidence but the good news is when you look at the bids going for bitcoin among institutional investors there's a good bid wall coming up so people are betting on bitcoin and but they are being very disciplined keeping it somewhere

between 30 and 32 is kind of where we see a lot of the bids being placed so i think there's going to be interest in bitcoin for sometime, but it's the overall macro conditions that are keeping bitcoin, and of course, stablecoins, the crisis is stablecoin down. ashley: trying to keep stablecoin stable, let's take a look at big tech if we can, ray. they've been the sectors been taking a beating recently, we know, but at these levels, i mean, you've got people who are going to be tempted to jump in and i'm sure, at some point, it's going to get better, we know it is of course it's all about timing, but what's your take on the tech sector right now? >> so a lot of it is if you're a long term investor and you got a longer horizon it is a great time to buy i think some of your other guests have been saying that as well. i like apple, microsoft, i like where alphabet is sitting and i like nvidia and i think these four stocks, you know, have a lot of potential to go. the problem is the macro and the interest rates we don't know where interest rates are going to end and that's what's

weighing on people but it is a great time to buy we're at 52 week lows, you know, close like most stocks that are listed are up 10-20% above their 52 week low, the pe ratio came down so if you're thinking long term like a three year, five year horizon it's definitely time to buy. if you're short-term, yeah, no one knows what's going to happen and that's been most of the challenges people are facing here is why, right? these stocks are highly profitable. they are growing anywhere from the revenues from 20 to 30% year-over-year, and the fundamentals here and some are paying dividends and that actually helps as well. ashley: you kind of make me feel cold amer this morning, ray. you've got a nice voice and make a lot of sense, and some nerves have been calmed i thank you for that, ray wong, this morning thanks for joining us, ray. >> hey, take care. ashley: thank you. there's something about his voice is calming. former president trump thinks elon musk won't be taking control of twitter. lauren, why does he say that?

lauren: mainly because there's a lot of fake accounts. >> elon musk, so i don't believe he's going to buy twitter because you have so many fake accounts, the bots, all of the different things. i think it's going to be very interesting and he's got some problems because he bought a lot of stock he shouldn't have bought. he's got a lot of problems with twitter but twitter has a lot of problems so go to truth social. i think you'll find truth is great. we tell the truth. lauren: okay, what we know is that, i know, he has a way with words. at least 5% of twitter accounts are fake, those are automated bots, they can spread misinformation, they can insight violence, there are problems so elon musk said all right, let's crowd source this , right? twitter users go out, find how many fake accounts you can find and it's likely more than 5%. i know it be anecdotal but if it can use that information, can he get a better deal, right, to bring down that 54.20 price tag?

i also wanted you to look at this , a 4% gain for digital world acquisition corp. that's the spac that will take trump's media group public. that deal is pegged at $1.25 billion and that money would fund truth social. axios is now reporting that trump will partially restrict himself from using twitter so he's probably going to be on both, especially if he does run for president in 2024, ashley. ashley: yes, you know he is, or at least he's certainly going to try. all right, lauren, thank you very much. get this. walmart is warning of a store manager shortage, even though the job often pays $200,000 a year. that's not bad, is it? we've got that story but first, sky high summer electric bills are coming. madison alworth is breaking down how much more you could be paying to keep cool this summer. go to the beach. that's next.

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ashley: with rising energy costs , americans should expect a shock from their summer electric bills. madison alworth is here now. madison, how much more, for instance could new yorkers be paying this summer? reporter: good morning, ashley. so, con ed supplies energy here in new york city. they're saying that residents here could expect an increase of 11% to 12% more this summer compared to last summer. this of course coming at a time when everything is increasing in cost. so what does that mean for the average new yorker? well according to con ed, the typical resident here uses about 350-kilowatt hours per-month of energy. they would expect their monthly bill to go from roughly $104 to $115 but in westchester where usage is closer to 500-kilowatts per hour they would expect a 15.6% increase in cost that means $133 to now $153 per-month and this is all after a winter

of increased energy costs as well. it's not just happening in new york though. pennsylvania regulars warned earlier this month that customer s could see increases of 6% to 45% starting june 1, serving new hampshire, massachusetts and connecticut said customers could see an increase of 23% to 25% through at least june, and people in south carolina are se. energy supply costs are at their highest levels since 2014, and the elevated cost of gas is not helping, but experts say it's not just the volatility. policy changes are compounding the problem, particularly in places like the empire state. >> the previous governor should be held to account. he's promised wind-solar, et cetera, so as those things struggle to come on line, we have a supply problem. we have an electricity production supply problem and the result will be high prices.

reporter: ashley, it's not just individuals. businesses are also going to have higher costs. con ed saying on average businesses will pay $300 extra per-month compared to last year. ashley? ashley: ouch. expensive bills indeed. madison thank you very much. all right, still ahead. steve forbes, jason chaffetz, lisa booth, and former u.s. ambassador to nato, kurt volker. a great lineup, the 10 a.m. hour of "varney" & company is next. ♪ i may be close to retirement, but i'm as busy as ever. careful now. - thanks. -you got it. and thanks to voya, i'm confident about my future.

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♪. ashley: shake your groove thing on this monday morning. i know it is hard at the beginning of the week. beautiful picture of the empire state building. looks like a picture with the clouds. good morning, everybody, it is 10:00 eastern, i am a ashley webster in for stuart varney. you see red on the screen. nasdaq continuing to gain

momentum on the downside. nasdaq down 1%. dow down half a percent. s&p down 3/4 of a percent. we had a rally on friday. we're going back to more selling. 10-year treasury yield, 2.87 continuing to drop. that usually means good news for the nasdaq but who knows what the indicator means in this environment. crude oil is still flat $110.50, pretty high. bitcoin, bitcoin trying to stay above 30,000, below 30,000, down another five hundred dollars or so, 29,449. a very key level for bitcoin. now listen to what house speaker nancy pelosi had to say about that supreme court leak and donald trump. listen. >> who has ever suspect suspected a creature like donald trump woe become

president of united states, appointing anti-freedom justices to the court this is not about long game. we played long game. we won roe v. wade a long time ago. we voted to protect it over time. the fact this is a dangerous court to families, to freedom in our country. ashley: she is classy, isn't she? jason chaffetz joins me now. what's your reaction to speaker pelosi calling donald trump a creature? >> well, it is not productive. i'm sure she is playing to her base on that. on the broader scheme of things to undermine our government, call it, essentially engage in subversion, that is what she is trying to do, delegitimize the government of the united states of america. that is subversion. she should be called out for it. she is a terribly responsible position there as the speaker of the house but to try to cast aspersion and say this is anti-freedom, this is democracy

in action and nancy pelosi, you lost those elections and there are consequences to that. she knows that she uses that line all the time. to suggest the court is not doing its job, and it is counterproductive to the freedom of the united states of america, that is terribly irresponsible. ashley: it is and it is only democracy in action when the rulings or whatever the issue is go their way. then it is undemocratic. funny how it works out, isn't it? jason hang on. i want to get to bernie sanders. another favorite of ours, calling out manchin and sinema sabotaging biden's plans. >> two members of the senate, senator manchin, senator sinema who has sabotaged. 48 members of the senate who wanted to go forward with an denned today that would help working families, taking on

wealthy and powerful. you have have a president from doing that. you have a president that prevented him from doing that. ashley: two people who wouldn't get in line and vote with their conscious. what do you make of that, jason. >> the math is wrong on that, ashley. the number is 52. they totally dismiss all the other, which is majority of the states in this country. sinema represents arizona. manchin with west virginia. they're never going to go along with the green new deal. they never signed up for that. are you kidding me? this is, so, bernie's math is off yet again. ashley: he's a bully too. it comes across like this. can only imagine what he was saying to people behind the scenes. to your point, that is, your know, don't blame manchin and sinema. blame the extreme policies that they just can't follow? >> yeah.

no, they could have worked -- this is supposed to be the promise of joe biden and kamala harris, they knew the senate and could work together and they were going to form coalitions to make things happen. but that is not the promise that they are living up to. ashley: you know, i always think back to president biden's pledge and on his inauguration day he called for the country to come together. it was his job to unite us. we are as far apart as you can be, he hasn't done one thing i can see to bring us together? >> no. the only thing they can point toe is the bipartisan infrastructure bill. that is contributing to inflation. so congrat con -- congratulations, folks. ashley: we leave it right there, jason chaffetz, great stuff as always. thanks for joining us this morning. >> thank you, ashley,. ashley: thank you. a new poll showed president biden's approval rating dipped to a new low, 39%.

lauren, the president is looking for another term. lauren: when 56% disapprove of the job he's done. he is still planningrun in 24, ashley. "axios" is telling staff that highlight differences between the democrats and republicans, ultramaga, the maga king, those labels popped up, right? this strategy undercuts what he did in 2020. he promised to work together with the republicans to bridge difference. now doing complete opposite. he views midterms not a referendum as first two years in office, to fend off a republican majority that would put him on the defensive over and over again and saddle him likely with investigations. ashley: thank you, lauren. goldman sachs, senior chairman, lloyd blankfein is warning the country is headed for a recession. listen to him. >> it is certainly very, very high-risk factor and there's, but there is a path, it's a

narrow path but, i think the fed has very powerful tools. it's hard to finely tune them and it is hard to see the effects of them quickly enough. it is definitely a risk. if i was running a big company i would be prepared for it, if i was consumer i would be prepared for it but but it is not baked in the cake. ashley: fed has powerful tools. steve forbes, good morning to you. when do you think we'll see recession if in fact you do, and are we looking at deep or shallow recession. what are your thoughts? >> i think the second quarter will be sloppy. i think the downturn comes later this year and early next year. unfortunately the federal reserve thinks the way you fight inflation by slowing down the economy. still talk about overheating. still talk about getting a mild landing which usually leads to a crash landing. so the way you really fight inflation, ashley, monetary inflation, is by stablizing the

value of the dollar. stop the printing. when government stops spending fed stops buying government bonds, you see the dollar stablize in this economy, if they don't do other bad things the economy will recover. the american people are ready to do it. washington is standing in the way. ashley: with regard to the markets, steve, as you see them now, volatility of course, we've seen the dow move lower seven weeks in a row, are we getting close to a bottom? can we see it from here? what are your thoughts? >> market always tries to anticipate the future and what it saw two months ago the federal reserve didn't know what it was doing and this administration is still throwing up obstacles to recover from the lockdowns and supply chain disruptions. every day they come up with some new regulation that horribles an industry like the railroad industry. the the markets see troubled waters ahead. i think the markets are sloppy

for a while because they have no confidence of what the policy-makers are doing. these guys are guilty of malpractice, like medicine 300 years ago they kurd the patient by bleeding the patient. the federal reserve is bleeding the patient and don't have to do it. the downturn is an unnecessary downturn, self-inflicted by our rulers in washington. ashley: i think best place to leave it. couldn't say it any better as always, steve forbes. we appreciate it. lauren, come back in if you can. we're looking at some movers. let's begin with weber. lauren: the grilling company. ashley: weber. that is who it is. weber. lauren: they said their sells fell 7%. you don't barbecue in florida, ashley what is going on here? does fiona do it? ashley: absolutely not. i knew i seen the name. high-end grills, i think that is what they are. lauren: that is exactly what

they are. not best numbers. supply chain, down 3 1/2%. mcdonald's this is a big deal. this is the first major business to completely exit russia, selling all of their restaurants there. they own most of them. a few are franchised. stock down 1%. netflix, the stock is up, wedbush upgraded them to outperform. staggered release of some of the shows like ozark, helps keeps scribers. reports that netflix is working on live stream, contests, vote essentially in real time on some of their reality shows. then there is this, netflix updated corporate culture guidelines for the first time in five years. they say, be prepared to work on content you may not agree with and if you don't like that, you can quit. how do you like that, ashley? they're saying it for viewers to determine what they want to see. ashley: fair enough. short, sharp, sweet, says it

all. if you don't like it, quit. i kind of agree with them there. lauren, thank you very much. i do barbecue on occasion in florida. anyway, move on, take a look at the airlines. they're facing a severe shortage, pilot shortage that is. do they have any solutions or you know, take a crash course, that is a terrible phrase for a pilot. lauren: some of it sounds like that. the best solution so far is raising the retirement age by two years to 67. but there is also talk of dropping some of the requirements to actually become a pilot and also cutting number of flight hours required. you know, especially with those latter two potential solutions, they won't have an immediate effect, right? the industry needs 12,000 pilots this year just to meet demand. because everybody wants to go somewhere. they're in a bind. the only thing that would make sense immediately would be raising the retirement age.

ashley: 12,000 short. lauren: right? ashley: going to be fun at airports, isn't it? lauren, thank you very much. take a look at walmart. you know despite a salary of 200,000 a year walmart is predicting a store manager shortage. the company created a program to recruit and train college graduates to become store managers. sounds like a good teal to me, promising a starting salary of 65,000. launched with two recent graduates this spring. aims to bring 1000 applicants through the program this summer. what a great idea. still ahead, remember dhs secretary mayorkas said his worder policies weren't encouraging illegal migration? listen to this. >> you stopped building the wall and in 25 days title 42, do you think that is encouraging people to come to the border? >> congressman, the increase at the border is the result of a number of factors --

>> i'm asking about those specific actions, your policies? >> i do not. ashley: newly uncovered cpb documents are telling a whole different story. we'll get into that. russia is looking reportedly to engage wnba star brittney griner for a convicted arms trafficker. details coming up. uk militariry intelligence that russia lost a third of its combat forces in ukraine. is putin losing the war. i will ask former u.s. ambassador to nato kurt volcker next. ♪. ♪♪ this... is the planning effect. this is how it feels to know you have a wealth plan that covers everything that's important to you.

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♪. ashley: welcome back, everybody, let's take a look at these markets, rather muted start to the trading week and we are slightly lower. the nasdaq coming back a little bit only down 28 points. dow, s&p, down a quarter of a percent. let's head to kyiv, where greg palkot is. good morning to you. you spoke 40-year-old american paul gray who joined the fight for ukraine. really interested in this story. what did he tell you? reporter: interesting stuff indeed, ashley. yeah, president biden has been pretty firm. u.s. military aid to ukraine but no u.s. military boots on the ground here, still he hasn't said too much against volunteer american boots. take a look. his name is paul gray. born in tyler, texas. graduate of the university of texas. [gunfire] now he is on the front line of the war in ukraine.

>> never before have i seen such a clear-cut case of like good versus evil. reporter: he had experience. he served two tours of duty in iraq with the 101st airborne division. >> we shot a tank, confirmed kill. reporter: training he said that is from his russian foes. >> i learned difference between spotting who is a warrior and a who is a combatant and who is a civilian. reporter: gray was living in ukraine when the invasion began. he and other americans and foreigners signed up. >> it was my moral obligation and duty to help stand up to repel the invasion. reporter: he is grateful for u.s. military aid the u.s. supplied, including his weapon of choice the anti-tank javelin. >> i thank the support of the american government and people. reporter: a blast left a friend hurt and gray recovering from war injuries. he reflects on thousands who lost their lives. >> it is inhumane what they do

with their artillery tactics. reporter: one strange thing like gray, he is fighting a hot war, stuff only his father thought about during the cold war. >> something they were focused on and thinking about. reporter: it is estimated, ashley, there are a few hundred americans here on the ground fighting the russians. paul gray told us once he getting healed up in couple weeks, he will be back in the battle. with the momentum shifting these day as bit, who knows, he might be on the winning side. back to you. ashley: great stuff, greg, fascinating story. thank you very much. former u.s. ambassador to nato kurt volcker joins me now. good morning to you. the uk defense ministry says russia likely lost 1/3 of its combat forces in ukraine. how many were there at the beginning? 190,000. you're talking about a lot of troops.

this is not going well for russia and continues to not go well. >> that is exactly right. these are estimates that we've seen informally both from ukrainians and think tanks that study this war in depth, to have the british come out to confirm those numbers is really quite something. that is 60,000 or more troops out of commission. not necessarily all killed but certainly off the battlefield and this war has definitely turned in ukraine's favor. they have, as we know, pushed the russians away from kyiv, from the chernobyl area, blocked any efforts to get towards odesa. they're pushing russians away from kharkiv, the back toward the russian border. they failed to make gains in southern and eastern ukraine where they established much more limited objectives. there is a question as time goes on does this actually turn more

and more in ukraine's favor? ashley: how does putin respond to this? is there a point here where he has to lick his wound as little bit and start pulling out, kind of you know, kind of reducing his initial hopes of what he was going to achieve in ukraine? in other words, are we at the beginning of the end do you think? >> there is something in the air right now that there's an air of i don't know what you would call it, there is something wrong with russia now. they're not recognizing that they are losing or at least not in any public way. they continue to double down. they took the phone call from secretary austin last week which is the first time in months. you now see european states urging you know, in indirect ways maybe ukraine should settle to avoid russia losing face. which i think is astounding. how can you gain face if you're

a war criminal and you killed all these civilians? russia has to be defeated and pushed out of ukraine. it sounds like more and more people are seeing this is a possibility. ashley: very quickly, ambassador, finland, sweden, looking at nato. this is really blown up in putin's face, has it not? >> it has. you know is adding 1000 kilometers of border with nato territory on the finnish border. they would not have joined nato but seeing brutality russia inflicted, they said only way to be safe. ashley: very good. covered a lot of ground. ambassador kurt volcker, thank you very much for your insight today. >> thank you. ashley: thank you. senate minority leader mitch mcconnell visited kyiv over the weekend. lauren he is calling for president biden to take action. what does he want? lauren: he wants the white house to label russia a state sponsor

of terrorism, would join, north korea, syria, iran and cuba as the only nations having that label. it is reserved for countries that support repeated acts of terrorism. i would point out it already has been applied to moscow. it has bipartisan support. senators graham and blumenthal sported a proposal to give russia that name early this month. even if it is in name only the white house actually does it. ashley: next one for you, wnba star brittney griner pretrial detention is extended one month in russia. what is the player association saying with this? lauren: they're getting vocal. the league and big players. trumpeting the call. they wrote this, it has been too long, we're unified calling on the white house, president biden, vice president harris to get britney home now. hashtag, we are bg.

putting pressure on washington to get her released. she was arrested in russia on drug charges back if february. she could face 10 years if convicted behind bars. a newspaper said moscow is hoping for a prisoner swap, with a person that flooded middle east with weapons. they are hoping for him. ashley: thank you very much. transportation secretary pete buttigieg is pinning baby formula shortage on abbott labs, roll this. >> look the administration acted from day one. we are here because a company was not able to guarranty its plant was safe and that plant was shut down. ashley: it has. another problem the white house doesn't want the blame for apparently. i can see a trend here. can you. gas prices hitting a new record high. but it is the cost of diesel that's eating into the profits of many businesses across the

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ashley: let's take a look at these markets. we've been down since the open but very modestly so. we're essentially flat right now. dow, s&p, nasdaq all down ever so slightly. maybe we can turn things around just a little bit here. come in, lauren. you are looking at some other movers this morning. let's begin with carvana. lauren: anything but florida. investors like their plan to grow their sales, with that their profits by cutting expenses. the stock is up almost 15%. basically their costs are $4700 per vehicle now. they want to eventually get that down to 3,000. we'll see if they can do it. let me show you some chinese internet names like alibaba, netease, all get the rare double upgrade at jpmorgan. the analyst there says, look, there is significant uncertainties in china's internet sector but they're beginning to abate. so nice gains for these names. and finally, moving in the other

direction, bath & body works. jpmorgan lowered their price target from -- to 67 from 81. ashley: thank you very much, lauren. transportation companies are seeing profits eaten into it more ad and more because of skyrocketing inflation. grady trimble at an appliance business in glenview, illinois. grady, how much is the company's fleet hurting the bottom line? reporter: ash, costs for fuel are up 70% from just last year. we're at apt electronics, big appliance, electronics store here in the area. they're known for the free delivery but of course that has been a bigger challenge than normal because of the skyrocketing fuel costs. they have their own fleet of vehicle, 200 that run on diesel and their own gas station for them. john abt is the copresident here at abt. free delivery is not going away but it is getting harder to do,

right? >> it is definitely becoming a little more complex but we have no plans to get rid of free delivery. reporter: have you had to increase prices because of this or are you holding the line as much as you can? >> no, we're holding the line t comes out of profits within the company. reporter: run up of diesel costs that has gone up 2 bucks since january. that is hard to plan for. >> i've seen gas prices increase over the years and come down but i've never seen them increase like this. reporter: when you're going through the numbers as a business, what do you do when such unexpected rises happen? >> i think, we're going to ride this thing out a bit, see what happens. things go up, things come down. and you know, we've got, we can cover the expense. so it is not a huge deal but -- reporter: harder for the smaller trucking companies and stuff of course, but if you have one or two trucks it's a little bit harder to eat those costs. you're fortunate. you have a huge company that, 200 trucks? >> i'm sure it takes its toll on

smaller companies of the. we have actually over 400 vehicles in our fleet. 200 large trucks that use diesel fuel but you know, we got a lot of people out on the road every day in peoples homes and -- reporter: ash, just to wrap up, we reached out to -- another thing they're monitoring is diesel future shortages. that they are not capping purchases yet, but they might have to especially in the northeast coming up. ashley: oh, boy, won't that be fun. grady from illinois, giving us an idea of impact on companies that fleets of vehicles that use diesel. a good time to bring in gas buddy's patrick de haan. good morning to you, patrick. we're coming up on memorial day, the official coming of summer, what prices will we be looking at, do you think? >> at gasoline, $4.46. gas prices up 14 cents a week

ago. may be light at end of the tunnel. diesel prices down half a cent overnight. i think of abt electronics they may be lucky ones inland. thinking of philadelphia, much of the northeast where diesel prices are dollar a gallon more t will be a sizzling summer this year not only gasoline but diesel. certainly i think we're going to head north of 4.50 a gallon, will put us ahead of five not four. motorists likely stay at home as a result, the best summer to the hit the road since the start of pandemic. ashley: interesting how these planets are aligning. the average suv on empty, it is well over $100 to fill it up which seems an exorbitant amount of money. you've been doing this a long time, patrick. have you seen it like this? >> i think records speak for themselves, ashley, we've never seen price this is high.

as you mentioned a suv well over $100, in fact $125. that is the national average. that is lower than the national average. it will be incredibly costly summer. little things like slowing down a couple miles an hour make a lot of difference this time around. given the fact demand according to gas buddy is up in the last week is a sign consumers really don't plan to really slow down this summer. ashley: all right. we'll have to leave it on that happy note. no immediate relief in sight. patrick, as always, thank you very much for your insight own this issue. thank you so much. meantime, transportation secretary pete buttigieg was pressed on the baby formula shortage. what did he have to say, lauren. lauren: well he blamed abbott which is the largest babe formula producer in the country. >> this has been ongoing for months. supply chain issues already. you have the issue with this one

plant, abbott. whistle-blower in september, february, recall. it's may. why has it taken so long? >> look the administration acting from day one. we are here because a company was not able to guarranty that its plant was safe and that plant has shut down. it has got to be safe and it has got to be up and running as soon as possible. this is the difference between a supply chain, in other words, a problem about moving good around and a supply problem. lauren: former press secretary jen saki blamed abbott for two infant deaths which abbott denied. abbott said we can be up and running in two weeks if the fda allowed us to. the fda weighed in this morning. >> we have a path forward. abbott is responsible for the timeline but i'm comfortable what they said about two weeks. that is entirely within the realm of possibly and in fact i think quite likely. lauren: we hope because the "new york post" said it best over the weekend, right?

biden's baby bungle was the front page of their saturday paper. ashley: that is the headline. lauren, thank you very much. yes. back to this story. jeff bezos blasting the administration. this after the president said corporations need to pay their fair share to tame inflation. we got that story later on in our show. meantime, tragedy from coast to coast. one person is dead, five others are hurt after a gunman opens fire at a church in california. this coming just 24 hours after 10 people were killed at a grocery store in buffalo. we'll have the very latest breaking developments on these stories next. ♪.

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♪. ashley: we had a big rebound on the markets last friday heading into the weekend but it is all been very muted to kick off the new week. the dow off 74 points.

the s&p down close to half a percent. nasdaq down 93%. not exactly, or 93 points. not exactly flying out of the chutes this morning but we'll see how it works out. now this, an 18-year-old shot and killed 10 people at a buffalo grocery store saturday afternoon. alexis mcadams is there. was this a hate crime? reporter: stuart, from the beginning of this investigation investigators have said this is clearly a hate crime. this 18-year-old drove about 3 1/2 hours to get to the grocery store behind me on the east side of buffalo, new york, and the plan was to kill as many people in the black community as he could. that grocery store still covered in crime scene tape. we have federal authorities, local and state. it is still an active investigation. investigators tell us, stuart, he was not going to start around end at this grocery store and it was believed he wants to go around the neighborhood and

shoot people as well. we're learning about the victims of the horrendous mass shooting in buff no. of the 13 people shot 11 were black. from 32 years old to 86 year old on a saturday afternoon at a local store taken away in a senseless shooting. one of the victims being hailed a hero. retired police officer from buffalo, aaron assaulter was working security at the grocery store. he was killed trying to stop this teenage gunman. we're learning about other people including a deacon in the area trying to help people load their groceries. listen to this. >> deacon patter san was a man who loved people. he love the community, love the church. he loved the community just as much as he loved church. anywhere he was he was encouraging people to be the best they can be. reporter: police tell us that that gunman, 18-year-old, payton

gendron, did research to find the most predominantly black community within driving distance. that is why he chose the location. he was in town 24 hours trying to case this out. look at the scene, this is the video on your screen. officers say he was armed with a assault rifle, came in dressed in technical gearhead to toe. he had a helmet camera streaming the mass shooting, which is the deadliest in buffalo history. following the plan in nearly 200 page document he posted on line. gendron charged with first-degree murder, currently on suicide watch. he will be back in court on thursday. back live in buffalo, the community still reeling. president joe biden and first lady jill biden will be here this morning to talk with the community members. stuart. ashley: terrible story. alexis, thank you very much for the latest there i want to bring in, lauren, if i can. what did the white house have to say about the buffalo shooting. >> the president said hate is a stain on our soul.

listen here. president biden: we must all work together to address the hate that remain ascertain on the soul of america. hearts are heavy ones once again, but resolve must never ever waiver. no one understands this more than people sitting in front of me, moms, dads, children, family members, about how those folks in buffalo feel today. lauren: and the vice president with this statement, law enforcement is proceeding with its investigation but what is clear is that we are seeing a epidemic of hate across our country that has been evidenced by acts violence and intolerance. we must call it out and condemn it. racially motivated hate crimes or acts of violent extremism are harms against all of us. we plus do everything we can to insure our communities are safe. as alexis said, the president and the first lady, jill biden, will travel to buffalo tomorrow,

and will meet with community members. ashley: it was absolutely awful weekend. there was a second shooting, lauren at a church in california. give us details on that if you can. lauren: about 1:30 yesterday in surgeon california a man opened fire during a church lunch reception. he killed one person, wounded five others. he was stopped after after a store hit him on the head with a chair. other members hog-tied him with electrical cords. they took his weapons. they are hailed as heroes. suspect was asian man. because of buffalo weekend, nypd put out officers outside of black churcheses in some parts of new york as abundance of caution. now that churches have security essentially that is scary and uncomfortable for a lot of people. >> it is very, very, it is horrible. lauren, thank you very much. the attorney general of florida meantime has uncovered documents that show president biden and

dhs secretary mayorkas are fully aware their border policies will lead to a migrant surge. listen to this. >> he is lying to the american public and working harder for the cartels and unvetted illegal immigrants than he is is for the american people. every action, every decision that mayorkas and biden are making is undermining and jeopardizing our safety. ashley: we will have more on that story. with title 42 set to expire in one week there is a renewed push to finish building the border wall. a republican running for the texas statehouse has a plan on exactly how to pay for it. paul chabot will break it down for us next. ♪.

another crazy day?

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even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. ashley: quick check of the markets for you. since we've been open what, hour 1/2 or thereabouts? nasdaq is starting to get a little more downward momentum, down 133, dow down half a percent. same for s&p 500. generally down but now muted. now this, florida attorney general ashley moody uncovered

documents that show president biden and his homeland security chief, alejandro mayorkas, know their border policies hurt the country. lauren, give us details on this one. lauren: mayorkas said increase of migrants in border, i'm quoting a regional phenomenon, a result of a number of factors not the white house's policies. okay. then the florida attorney general obtained documents showing that the white house knew repealing title 42 as they are set to do next week would bring a lot of problems. >> we also know that they understand if they lift title 42 there will be significant safety implications. he is lying to the american public and working harder for the cartels and unvetted illegal immigrants than he is is for the american people. every action, every decision that mayorkas and biden are making is undermining and jeopardizing our safety. lauren: she is fired up about it. she call the it an unconscionable coverup. keep telling us it is not a problem or their policies didn't

cause it. then she found documents showing if we do this, this will happen and she linked them together. ashley: right. yes indeed, she did. lauren, thank you, and staying on the border crisis our next guest is running for the texas statehouse and has an idea how to pay for the border wall. let's bring in paul chabot. good morning to you. the first obvious question, what's your plan? >> yeah, good morning to you, thanks for having me. i have knocked 9,000 doors in six months in texas the priority here is border security. every state across the country is a border state with the fentanyl coming across, give you an idea, overdoses in texas are up 30% since last year. here in texas we pay for our own wall construction, 10,000 guards troops, what i would like to do, tollbooths added along the u.s.-mexico border, vehicles come to and from legally. give you an idea how many come,

in march, big 12 locations where vehicles come to and from, we had three million vehicles in march. multiple across the board, about 6.5 million vehicles in these major ports. charge say 6-dollar toll fee. you're raising about $39 million a month or half a billion dollars a year. here in texas we have toll ways. i have to pay a toll to get out of my door to places like dallas and others. let's charge a toll along the border to help pay for this wall. ashley: what kind of a response have you had so far, paul, to this plan? >> you know, they love it, residents love it. here in the bottom line texas, it is us. texas taxpayers have to pay for the wall and the guard because the federal government is not doing their job. right now we have 10,000 texas guard along the border t costs us about $2 billion a year. legislature in texas, allocated a quarter of that. we're allocating additional resources. i think tollbooths along the

border a great idea. i hope arizona, texas look at this with other border states and create this along the entire region so we can secure this border. in four to five years, with that toll, we could build this wall, about 1200 miles. yes a portion of it is built but much of it is not. this is the plan that we need to do to secure our border here in texas. my website, defend texas now.com has more information as well. ashley: very quickly, is this more important to your constituents than inflation? >> you know that is a really good question. no, these do go hand in hand. these are largely middle-class families. what they're seeing here death and destruction. sadly in america you have more fentanyl than you do baby formula because of the failure of this biden administration to secure the border. ashley: we'll have to leave it right there. paul chabot, thanks for joining us. best of luck to you. thank you so much. >> thank you. ashley: thank you. still ahead, by the way, on the show, lisa booth, joe concha and

stephen moore. don't go away. 11:00 a.m. hour of "varney & company" is next. ♪

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>> to finding a tradable bottom is undeniable the risks are pretty profound and yet they're pretty well-known. jeff bezos the woke billionaire why is he separating himself from joe biden because joe biden is yesterday he is a failed politician. the numbers are so bad. >> that means were heading for rebounded the door is open. >> we found out that crypto currency are very aligned with the stock market looks like the stock market is driving crypto prices. the correlation between the stock and crypto is .78 which is the highest it's ever been. >> the second quarter will be sloppy in the real downturn will turn later this year early next year. the federal reserve thinks the way you fight inflation is by slowing down the economy.

>> what a great day lady liberty in the middle of new york central avenue picture, great stuff on this monday morning. it is 11:00 a.m. on the east coast, it is may 16, i am ashley webster and for stuart varney, let's check the market it's been a beginning, the dow about half 8%, the s&p down 1% and the nasdaq starting to gain a little more momentum to the downside down 163-point let's look at the big tech, meta platform terminated around upper quarter of 8% elsewhere, microsoft, alphabet/google and amazon all moving lower amazon up 2%, the ten year treasury is on the way down it was a 2.90

and hour ago down to 2.86 generally that is positive for the nasdaq but that correlation is not working right now. take a look at bitcoin tried to get back to the 30000 level, the key level still down $473 at 29497. now this thousands of abortion-rights supporters are taking to the streets over the weekend. one pro-choice group warns this will be the summer of rage, listen to this. >> today is day one of an uprising to protect abortion rights, it is day one of her feminist feature and it is day one of the summer of rage where we will be ungovernable, ungovernable. >> ungovernable, that's bringing lisa boothe, she joins us now, good morning what is your

reaction. >> how is that not an insurrection the threat need to be ungovernable and threatening violence across the country, to sort the will of the supreme court and joe biden said something recently that was right for once, he said this is not your father's republican party, it can't be this is what were up against in the political left. the party that doesn't matter the cause, whether george floyd or the desire to end the lives of unborn children, they are willing to engage in violence and willing to burn cities down to bend society to their will. >> exactly it was fine to bring down businesses when it was blm but this is different, the court ruling is expected next month, what do you expect, i know that's a difficult question, how do you think this is when a player.

>> the conservative justices are brave, if they back down there is no rule of law and no super important. it'll descended to complete chaos and a mob of people can sort the will of the supreme court what hope do we have for society. i hope these justices stand strong and i hope they overturn roe v. wade and i hope they stand strong in their conviction because that is only path forward when you are dealing with a mob like they are in like we are. >> it is a fine line it is not a mob they have every right to protest but then there's a line when you talk about intimidation and were talking about the u.s. supreme court. >> they don't have a right to be outside the justices, the whole point of this week was to have the scenario that we have right now that is unfolding it is threatened the lives of the supreme court justices to bully them and intimidate them into changing their minds, the democrat leadership is going along with it yet the white

house endorsing and encouraging what is taking place outside the justices homes. that's the same thing that we saw with the black lives matter riots in kamala harris supporting bailing out the writers and jacob blake she is proud of him the guy the and i for police officers and at a woman's house here to victimize and tried to be victimized. they endorse it. >> exactly don't expect the d.o.j. to take any action for sure, great stuff as always. they keep rejoining us we do appreciate it. elon musk says twitter's legal team is accusing him of violating one of the nondisclosure agreement, lauren come back in, what exactly do they say. tweeter legal just called to complain that i violated their nda by revealing the thought check sample size is 100, 100 is the sample size for twitters tax

on automated users revealing information and that violated your nda, obviously elon musk is pouring through financial filings of the company because he has to determine am i going to go through with buying twitter and trying to reform it and at what price. stuart: elon musk has a stream of consciousness that comes out twitter, you know exactly what he's thinking insane at that time which i find fascinating. i digress, elon musk also joking that owning the liberals is not cheap, what else is he saying. >> you are comparing him to trump in doing these two stories because you have to think about what is he trying to say, he uses his words that i don't often use, it's like getting into his mind. owning the lives is slaying that

they used to defeating or embarrassing liberals if you're having an argument. this is what he tweeted. whoever thought owning the libs would be cheap, never tried to acquire a social media company. he is joking but then he wrote this, at least that is what the libs think. ha ha, it is all part of his public attempt to use twitter as his platform and take it over himself. >> what a fascinating character, thank you very much. let's get back to the market. guess what dennis joins me on this monday, great to see you. were in a bear market, when you see us getting out, that's a key question. >> that the key question and the answer it'll stop when it stops. that in 45 years.

the best you can get. when you see the redemptions beginning to flow when stocks. people are not throwing up on their shoes they called it sometime you get a get a balance because of the cnn read index is the lowest it's been in a period of time but at the bear market in the valleys should be selling into and lining up your position. were some way from the bottom yet. >> thank you from the issue. you said i'm certain the prices will be materially lower, three and four in six months from now than they were last week and are presently. you see this continual move down. the fact that the fed is removing the fuel and is sponsored the bull market is

something that people need to pay attention to, they get it taken dollars away on a monthly basis going forward for the next several years this is not something that's gonna end very soon it's gonna go on for a period of time it's a field that sponsored the bull market and taking a few away. i think you have to be very careful. i'm holding some -- quite a bit of cash in my own account and add the chairman of the university and the endowment is $400 million. it's important to us and we took 50% out of the stock market at the end of the year end i have my next meeting wednesday morning and i'm going to argue that we should take a little bit more, were in a bear market and will be the winner and were losing less than anybody else is right now. >> fascinating, some people and some professional investors will hang on and convinced that they made the right decision and they do so at their own peril. as the hand on the value of the assets go down, there's a bit of

pride involved as well. >> the worst is watching what ms. woods is doing averaging down into a bear market she's continuing to buy tele-daca things like that average into a lower price and averaging down is the worst thing you can do an 80 market. the oldest role if you buy a stock at 15 agosto 25 more if agosto 25 by more. if it goes to 30, by more but if you buy it and it goes to tend the market is telling you is wrong why should you do that if it's not working. >> you are a perennial bear, i only say that because you are. i noticed for a day and a half you said you were somewhat neutral on equities which is quite a difference for you but it didn't last but a day and a half. it didn't last long at all. a. if you get a bounce the fact that we have the cnn get down to six on thursday of last week which was extra nearly oversold

you will get a bounce at that level but bounces will be sold into. but i would not call myself a perennial bear, to bear when it's time to be a bearish and noble when it's time to be bullish. i would much rather be bullish, the women are prettier and the clothes are nicer, the champagne is bubbly and cold in the bear market, the music is atonal in the close look a little bit rumbled. i would much rather be bullish than bearish. >> dennis, terrific colorful interpretation of what's going on these days. we do appreciate it, thank you so much. you're not a perennial, we all ought to be bullish. thank you so much, common, you are looking at movers, let's begin with airbnb. >> they are a party pooper they crackdown on unauthorized parties in las vegas. they don't want the one night reservations because that means somebody is daca for the homeowner or the neighbors.

i don't list on airbnb because i wouldn't want anybody throwing a party in my house but the stock is down in airbnb is a party pooper. take a look at wild open west the broadband service provider up 10% there is reports that morgan stanley infrastructure investment is in talks to acquire some potential mna this monday morning yet eli lilly leading the s&p 500, the newly approved diabetes drug could bring in $14 billion in sales by 2030. ashley: up for in the third%, no party pooper here. thank you very much. great stuff as always. blasting the administration for inflation. now the white house is firing back. will have the latest on that story. saturday night live is poking fun at president biden's failures. is it me or does every story

sound like an open invoice and a mad max theory. the year of 2022 a virus reaches across the planet men are ready to die for gasoline and we suffer under the leadership of the one known only joe. ashley: talking of joe, joe concha will get into it. also ukraine's president zelenskyy says russia is bankrupt and unable to win, listen to this. >> the occupiers did not want to admit that in the dead end in their so-called special operation has already gone bankrupt. ashley: he also said victory is beginning, rebecca will take that on next. ♪ if you invest in the s&p 500 your portfolio may be too concentrated in big companies. this can leave it imbalanced and exposed

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>> the occupiers do not want to admit there in a dead-end in their so-called special operation has already gone bankrupt but the moment will surely come with ukrainian people will force the invaders to recognize reality. ashley: that was ukraine's president zelenskyy, he went on to say victory is beginning. let's begin rebecca, the former defense intelligence agency officer also author of the book that you can see on the screen pollutants playbook perfect person to talk to. rebecca, is president zelenskyy right, is ukraine's victory beginning, i know he's going to say things like that, but is he right? >> the momentum is shifting in favor of ukraine.

there is no chance that president putin can secure a clear military victory. this is precisely why he is shifting his tactics toward scorched-earth and also complementing his strategy with asymmetric tactics. he is blocking ukraine's exports of crane and will start a global food crisis with starving 43 million people. ashley: that is dreadful but certainly is a stalemate, if anything he's going backwards, how can he get out and still say face. >> momentarily he is absolutely stalling. ukrainian forces are pushing out the russian forces from hierarchies. the operations somewhat at a stalemate and the dog boss area.

although putin is determined to secure dog boss of europe and completed the land bridge, there is no way he can get out of it without saving face and from the intelligence standpoint, what we have to worry about the most right now is the proxy war between russia and the united states and nato can at any time turn meaning the market participants in the fox business news, the proverbial black swan, the low profitability high risk scenario is turning grayer and grayer and darker and darker. what does it mean, putin has the nuclear weapons and he's been threatening to use them in the probability of that is unfortunately increasing. the more dangerous the russian nuclear bear is is when he is

cornered and we need to be highly cognizant of that and strive to de-escalate the situation at this point. >> very worrying, i have time for one more very quickly russia looking to exchange wnba star brittney griner in a prisoner swap for this convicted arms known as the merchant of death. what do you know about him. >> it's a huge mistake to do this. unfortunately if we exchange this heinous russian criminal who is serving at 25 year federal sentence in the u.s. president for conspiring to kill americans. we don't want brittney griner to rot in a russian prison and by exchanging her we are encouraging russian intelligence

services to grab more americans on russian soil. the biden administration unfortunately has a history of endangering americans before the special operation what the russian call there were on ukraine. divided a administration exchanged russian cyber criminal who has defrauded americans by attacking with rain somewhere. >> were out of time, thank you so much for your expertise and helping us understand the situation even better. thank you so much, we do appreciate it. ashley: thank you. british intelligence officials say it is likely that russia has lost one third of its combat force deployed in ukraine. those still there have not been able to make any territorial progress in recent weeks.

the added russian troops are unlikely to dramatically accelerate anytime in the next 30 days senate majority worker mitch mcconnell is helping president biden to label russia as a state sponsor of terrorism after he visited the capital city over the weekend for both democrat senator richard blumenthal and republican senator lindsey graham have introduced bipartisan legislation to label russia as a state sponsor of terrorism. mcconnell added president biden can do this on his own. that is the latest on ukraine and russia. very quickly take a look at the markets, we've been in the same region since we opened nearly two hours ago, the dow, the nasdaq down 1% on the nasdaq and the s&p down a little more than half 8%. let's take a look at mcdonald's, the fast food giants announcing it's gonna sell its operation in russia after more than three decades in the country, the stock is down 1%, the company

says one of the top priorities is ensuring that employees continue to be paid until the close of any transaction. mcdonald's down 1%. coming up netflix is taken on woke employees with a simple message. if you don't like our content you can quit. more on that just ahead, goldman says there is a very high risk of recession. listen to this. >> if i was running a big company i would be prepared, five is a consumer i would be prepared but is not baked in the cake. ashley: not baked in the cake, we will ask stephen moore if he agrees and he will be here next. ♪

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ashley: the beach boys how great were they coming of the kennett north myrtle beach in south carolina, it's very comfortable,

80 degrees those lucky folks enjoying every second. nothing out of this world the nasdaq continuing to lose ground dad wanted a third%, let's bringing susan li, you're looking at the move let's start with apple and spotify. >> would entered when you talk about the milking conference in l.a., everybody was there bopping along. i was really impressed spotify excel enough not because the music but a podcast. apple announced a new podcast partner to help their creators across the platform but not surprisingly spotify is not one of those partners and spotify is a major player when it comes to podcast, spotify has been spending billions on content

like joe rogan show and you have to imagine when apple throws its weight around at different businesses like music it's always scary to compete with the 3 trillion-dollar giant, anytime he is a heavy selloff taking place in big tech once again look at these names, their selling off despite the fact that the ten year yield went down sub 290, there is a lot of recession risk especially after goldman ceo lloyd blank finds out a very high risk every session. i also want to check in the electric car maker foretelling 7 million rivian shares still around i do not present around rivian, 75 million shares, the rivian valley last week after they affirm their production of 25,095,000 reservations, that's evaporated, tesla also down

today the analyst gap of all stocks, we have $250 target prices all the way up to 1620. that stock is worth 4600 according to kathy wood by 2026. lucid also getting hit. it's surprising that you think with the price of gas prices hitting record high you would imagine electric car makers. ashley: you think it's a free advert to push possible consumers that way. very interesting indeed. thank you very much, a lot of info. let me go back to the story, jeff bezos calling out the biden administration after the president we did that making sure corporations pay their fair share they have a lot of jeff bezos blowback, edward lawrence is at the white house, has the white house responded? they have responded, jeff bezos has been an cheerleader a president joe biden. but now he's questioning the entire economic policy.

as you mentioned the tweet, the president weeding out if you want inflation damage to the wealthiest americans pay their fair share, bases responded, the newly created gives information will review the tweet or maybe a new board instead raising corporate taxes is fine to discuss in it is critical to discuss machine them together is misdirection, on sunday bases follow with the street, in fact the administration tried hard to inject more stimulus overheated inflationary economy and only manchin save them from themselves. inflation is a regressive tax that hurts the least of fluid misdirection and does not help the country. the white house deputy responded saying it's no wonder whether the wealthiest people in america is going after the president's agenda for the middle class. he added this in the statement it is also unsurprising that

this tweet comes after the president met with labor organizers including amazon employees. republicans are pointing to fail policy that the left is going to the wrong direction on this economy. >> that's what inflation is, if you're someone who works hard, saves money, invest conservatively, inflation is stealing money from you stealing purchasing power, under the name of social justice. no indication the white house is changing course on any of the economic policies or other policies going forward. >> fascinating stuff, edward lawrence at the white house, let's bringing stephen moore, i bet he can't wait to get in on this, do you think bases is right to call it the biden administration? >> a thing that is amazing about this whole story, jeff bezos is

not a wild ride republican conservative is very liberal and very applauding abiding in for him to call out biden for this falls into inflation policies is very significant. more and more people are losing confidence even people who voted for biden supported him, right now we were just looking at the state pulling, did you know joe biden in the terms of his approval rating is underwater and 46 of 50 states, the only four states with a positive rating are hawaii, massachusetts, maryland and vermont. even california new york has a negative rating. people are losing a lot of confidence as they see the inflation rate go up and up. >> it is fascinated about the story, the response of the white house, you are upset because we are talking to unions which is completely missing the point, he is responding to what the biden administration said which shows

they don't really understand how inflation is caused in the first place. >> i think that's a great point, there are two vectors to that response, number one it shows what we want to do is finger point and say that person is a debility or the meat factors, it's always somebody else's fault, the other point of this, jeff bezos is right, how in the world what you reduce inflation by raising taxes on american producers, that raises the cost to make inflation worse, the truth is the biden administration doesn't have any response people are doing and calling and they're getting sick of. >> props to jeff bezos for taking a stand, stephen moore as always, great stuff. thank you. have a great week.

in the new culture memo, netbooks is telling the employees to quit if they're offended by the content that the company produces. if you find it hard to support our content, netflix may not be the best place for you. even elon musk agrees good move at netflix, how about that, by netflix. now to a quick programming note tomorrow night is a new episode of american built on fox business prime the episode will focus on the bridge tunnel with a little preview, take a look. >> the scope of this job was the largest civil engineering undertaking in the history of the united states. big dreams. the entire world knew this project was being built. >> long odds. >> we thought it to be

impossible. it took innovation a determination. >> nothing is impossible. >> to create the ultimate combination. >> for new man-made islands into high-rise bridges. the 17 mile-long chesapeake bay bridge tunnel. >> you can catch all new episodes of american built tuesday 8:00 p.m. eastern right here on fox business. great stuff indeed. covered up, a new poll shows 75% we are headed in the wrong direction, meet the press says that puts democrats in serious trouble ahead of november. do you think, the back-and-forth over who is to blame

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ashley: welcome back a quick check of the market. a nice rebound next friday going into the weekend but here we are on the downside. fairly new to compared to what we've seen on some days but the dow up a quarter of 8%, the nasdaq the bigger loser down 138 points, the s&p write a 4000 down about 6107%, looking at big tech we see the ten year treasury yield come down which normally is positive for big tech, that does not seem to hold true today, three quarters of 8%, apple down 145, microsoft and alphabet moving lower, now more on the story, the baby formula shortage has gotten so bad that some parents are being forced to drive hours to find

some. lydia hu is outside of a target in new york city and is there any baby formula in stock at your location? >> none the shelves are bare a baby formula here in new york is not even one of the regions hardest hit by the crisis. across the country 42% of baby formula is out of stock but states that are hardest to including tennessee, delaware and texas with more than half of the formula out of stock but now pressure is mounting to boost supply the questions are raised as to how the administration did not prevent this crisis. >> they did not catch it on day one in is typical of this administration they want to blame somebody else there blaming the other manufacturers but the fda should've known about this, they should've reacted a lot sooner. >> abbott nutrition is a major manufacturer of formula and temporarily shattered the michigan plant.

on friday the company pushed back on claims by the white house the abbotts formula was a source of bacteria that sickened and killed two infants critical brands of investigation found no evidence that her formulas cause and for illness which raises questions as to why the michigan plant remains closed. abbott says it can restart operations as soon as the fda gives approval in the up and running within two weeks. the fda said friday the administration remains focused on ripping a production with other companies and increasing imports from abroad, according to doctor robert we are expecting to hear more details on importing formula from abroad will work by the end of the day today. even with these efforts, the ceo another manufacturer baby formula is telling reuters even with the ramp-up and production he is expecting to see shortages

from the remainder of the year. workers tell us they don't know when their stocks will be re-shelved and restocked with baby formula. ashley: a go situation, thank you very much from new york city. take a look at this a new nbc poll that shows 75% of voters say the country is simply on the wrong track, 16% say the u.s. is headed in the right direction. this is only the fifth time and 34 years that the number has reached 75%, the last time that number this time was during the great recession back in 2018 followed by the 2013 government shutdown. the numbers are not good for joe biden. shelby the dow 30 stocks to get a quick sense of the market. we have more red than green, chevron energy company at the top of american express salesforce.com down at the bottom, the dow itself is down

less than one tenth of 8%. the meantime that woke bob went after joe rogan earlier this year, you remember that they try canceling him, now joe concha says elon musk is their next target, he is here to explain next. ♪ flexshares etfs are built with advanced modeling. to fill portfolio gaps and target specific goals. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.

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call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217 ashley: voters in north carolina head to the polls tomorrow for the states primary as a race to fill tom phyllis senate c is heating up connell mcshane joins me now, you spoke with farmers and north carolina, what did they say about inflation and how it may impact their vote. >> issue number one not even close when you talk to many of the other states that we've been to. it certainly can be undermined with a vote, when you talk to tommy porter who is a former north carolina, cows and pigs and chickens on the form that he

runs the numbers are staggering when it comes to inflation, use fertilizer as an example of how inflation is hitting home for him. take a listen. >> the cost of fertilizer, chemicals, fertilizer is up 3 - 4 times a year ago that is crazy 3 - 4 times. 275-gallon tote a generic roundup which is a weedkiller a year ago $1400 now over $10000. everything, fertilizer 3 - 4 times what it was a year ago. we have nowhere to pass that cost on. >> i think that's what people miss with her talking about your pain more but maybe you're charging more and you can pass that along. >> that's not the case, farmers are price takers were not price makers to pay the price of cattle is no better than it was a year ago. i have 3 - 4 times the cost to produce them in receiving no

more for them. that is not sustainable. >> he says he should take a look at the farm that he runs there in concorde north carolina he is tied into contracts and it's tough to raise the price. he is worried about the future and to get to the point where we started, how does that impact your vote, you can see why republicans can see like a state like north carolina through the primary tomorrow is less clear how little impact there. the congressman's looking pretty good but once we get past tomorrow gop is quite confident that they can keep the senate seat read largely because of inflation, you get down there and talk to people and that is issue number one and it's driving them to the polls. >> three or four times more for fertilizer, they need gas to run machines we know the price of diesel, being a farmer is very difficult at the very base you are battling mother nature in so many things.

it is amazing that they can make a go of this but it is not surprising that these costs have to be passed on. >> that's a difficult part depending on who you are and what farming you're in, you sign a contract with your farmers and your selling some of the big food companies, you agree to a price already, you can increase the price breed we talked other farmers in a different part of the industry that they are getting hit hard by wage inflation they have to pay them more it's a real tough situation. >> getting hit on all sides, great stuff, thank you very much. let's take a look at the headline in the hill if we can. it says elon musk joe rogan the author of that piece, joe concha and guess what he joins me now, joe, good morning explain this to me how is elon musk the next joe rogan. >> joe rogan remember who he is he endorsed bernie sanders in 2020 and is not going to be invited to cpac anytime soon as

your featured speaker in the mob came for joe rogan because somebody went through his thousands upon thousands of podcast hours and found some things that were deemed insensitive. there were calls to boycott spotify and you saw neil young saying i'm no longer going to be on this platform if joe rogan is going to be on it in two thirds of cable news you saw a segment after segment talking about a threat to democracy joe rogan was and what happened with the dust cleared rogan gained 2 million subscribers to 11 million that were listening to him at that point. elon musk were seeing the same thing. the free speech he wants to change twitter which is become a horrible super pack of activism in terms of censoring accounts and suppressing information, covid may have came from a lab that studies the coronavirus and you got locked out of your

account. now since he's trying to buy it, elon musk the world's richest man the guy giving satellite and internet to ukraine bother under siege and now he's the bad guy and i have a feeling it's going to end the same way with joe rogan elon musk is only good to be bigger, stronger and more popular. >> were out of time but you explain that beautifully, i fully understand it i think you're exactly right, elon musk is the next target of the woke mob, thank you very much. we move on it is now time for the question how many legs does a lobster have four, six, eight, ten, will find out after this. what do you want to leave behind? what do you want to give back? what do you want to be remembered for?

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ashley: we just asked you how many legs does a lobster have. if joe concha at the dinner table not many but i jest take a guess. >> i demanded i stay for this. i asked my daughter from a kid's trivia from my phone. the answer, 10, absolutely and she got it right. ashley: very good. i didn't know you were a lobster expert, joe concha. you get a door prize when you leave today. thank you very much. did you know that, lauren? lauren: i was going with eight. joe told me that is octopus. i said fine, i go with six to be

different. ashley: by the way the lobsters have four pair of walking legs and the front two legs are antennae like, used to feel and smell their surrounding and tipped with grasping pinchers which have bands around them apparently. my time is up. david asman in for neil cavuto today. david: a lot more to lobsters. i'm david asman in for neil on "cavuto: coast to coast." biden's new regulations on fossil fuel production continues unabated. gas and diesel prices hitting new records with the national average for gas now at 4.48 per gallon. united refining company