>> village held the first ceremony in 1786 to honor those who fought the system war. thank you for being on the show. my time is up. jackie deangelis in for neil cavuto today. let me do the traditional toss. jackie, it yours. >> i said philadelphia, i say never bet with me on "varney" trivia. i always get it wrong. good to see you. good afternoon. ckie: i'm jackie deangelis in for neil can -- cavuto on "coast to coast". president biden suggesting that military intervention if china advances on taiwan and the white house is cleaning up his

comments once again. how the world is reacting just ahead. is it the happiest place on earth becoming the priciest place on earth? some saying walt disney world is simply becoming unaffordable. we'll break down the numbers on the magic kingdom. we have a jam-packed hour. so let's get started. our top story today the white house trying to get a handle on diesel cost hitting every corner of the u.s. economy. fox business's edward lawrence has reaction from the white house. hi, edward. reporter: jackie, not only cost but they're trying to get in front of possible shortages. the president could release oil from rarely used oil reserve, diesel oil, it is called the northeast home heating oil reserve to lower diesel prices and deal with the supply chain issues that could come with shortages. analysts say the reserve is at the lowest level since 2008 and prices are near a record high. you can see them there.

the president downplaying all of this as he is in asia touting the u.s. economic strength and announcing a economic framework with asian countries that the u.s. chamber says has lacking enforcement provisions in it. he remained positive when confronted though about record high inflation and gas prices. listen. >> should americans be prepared for a recession? in your view is a recession in the united states inevitable? president biden: no. >> why not? president biden: look, you're talking about the significant progress we've made in making sure we don't have supply chain backups. reporter: but there are still supply chain issues. try ordering a highly rated dishwasher i can attest to. chinese lockdowns are still reaching some manufacturing. my exclusive interview with st. louis federal reserve

president james bullard, he says he is confident about growth in the second half of this year. take a listen. >> you have this second reopening going on where people are getting used to the endemic phase of the pandemic. they're doing lots of things that they wouldn't have done during the pandemic. they are wanting to get out and about. and that is going to lead to strong consumption this year. reporter: no inflation, no recession, no recession this year? >> not this year. reporter: next year? >> no, i don't really think so. that is not my base case. reporter: bullard said he could not predict any shocks we might see in the system but recession not his base case. back to you. jackie: edward lawrence thank you. oil is up over 50% for the year. high prices are citing concerns that the world economy may be heading for recession but the white house continuing to plame russian president vladmir putin for the rising costs at home. hillary vaughn live on capitol hill with more on policies that

got us here. hi, hillary. reporter: jackie, if you talk to anyone in the oil and gas industry a lot of them will say when president biden took office on day one hiss policies were a huge disincentive to tear industry to produce more oil and gas here in the u.s. a trickle in supply, a spike in demand what has driven prices to all-time highs out of the pandemic and republicans say that president biden needs to do way more. >> i called for "operation warp speed" for energy. get them all in a room. okay, if you can't do it waiting for this person to make a decision while we're in the room so to speak you make the decision. the second person does. if there is an agency which seems to be slow walking hold them accountable. this is important to lower the price of gasoline, the price of your heating and cooling bill. they got to show they care. reporter: one of biden's first decisions as president was to put a stop to any new oil and gas leases on federal lands and waters. there is still a backlog of

permits waiting for approval to drill. he also put a stop to the keystone xl pipeline not only killed potential jobs but sent a message to the industry that planning and investing in new energy infrastructure was a no-go. the administration has put more red tape around any pipeline project. to get approved they have to meet certain climate change provisions. last november the epa rolled out new regulations on methane emissions from oil and gas production, transmission and storage that could potentially cost over a billion dollars a year for the industry. making it more expensive to produce u.s. energy. the administration also has been driving subsidies to clean energy and discouraging investment in u.s. oil and gas as biden tries to get congress toe give more payouts to people to buy solar panels and electric vehicles. today in japan he had a message to americans feeling the pain at the pump saying, it is going to be worth it. president biden: here's the situation. when it comes to the gas prices

we're going through a incredible transition that is taking place, god willing when it is over we'll be stronger and the world will be stronger and less reliant on fossil fuels when this is over. reporter: jackie, biden's budget proposal for next year would also kill any current tax breaks for the oil and gas industry. as you well know, jackie, the government typically taxes what they want less of. jackie. jackie: yes. they do. hillary vaughn, thank you so much for breaking that down for us and setting up the conversation here. i want to talk about this possible emergency declaration on diesel. i want to bring in king's college business and economics professor brian brenberg and former reagan economist art laffer. art, go ahead to start with you. when we look what is happening with diesel prices and gas prices how it is hitting corporations and consumers across the board, we've been seeing a buildup of this for the last year or so as a result of administration policies. here we are, almost an emergency

crisis point as we've been seeing this administration wait to the last second for all of these things to finally start to act and yet no reversal on its policies at all, essentially telling america, i'm doing this at your cost. >> you're exactly right on that. what he did when he first came in was very clear. he reversed a lot of trump's energy policies. he -- keystone pipeline, you named a lot of others. he really has put a damper on all new oil and production of old oil as well in this country, that has happened and has brought down the supplies and pushed up obviously prices as well. you have the economy coming back from the pandemic, which meant very rapid growth, more need for energy. emptied the oil reserves. put out a lot of oil from the oil reserves. that didn't have an effect. he talked about trying to get oil from venezuela or iran. goodness knows, why we would want to support those regimes. that happened. now oil prices are very, very

high. it not only hits diesel fuel and gasoline but also hits fertilizers, if you can believe it in the agricultural belt of the u.s. we fertilize the fields with oil products and those have been now in very short supply, the prices are very high. it is all a big circle process that i think could very well lead recession in the next 12 months. stuart: jackie: brian we talk about the gas prices with the consumers how we feel filling up at the pump but the diesel price really impacts businesses across the country, moving stuff around in large vehicles. he already had target saying higher costs are hitting the bottom line. that is one of the things that spooked the market last week. people say if this continues, that recession is on its way? >> yeah. so here we have an administration that did the strategic petroleum reserve release which did nothing for gas prices. their oil prices are higher today than they were the day before they did that reserve

release. now they're going to do the same thing with diesel and expect a different result? it's completely ridiculous. this administration has no real solutions for the problems that people face and this diesel crunch is huge because diesel goes into the tank of every truck that carries every good around this country that people want to buy. it is raising costs. that's why target, that's why walmart are saying consumer spending is slowing down, profits are shrinking because these costs are completely out of control. once again the biden administration is showing it has no permanent solution. it doesn't want to a permanent solution, they're using the term transition again. you remember the term transitory last year? it is back with a different ending. transition, same story, no truth. just things are going to get better, believe us. you got to ask yourself, do you really believe these guys about anything on the economy? jackie: it is a good question, brian. i'm not going to answer that.

we'll leave it out there, having said that, despite pain at the pump, wallop on the wallet democrats are praising president biden, if you can imagine that. watch this. >> feel very good about where the united states is. >> president biden has been very decisive in his leadership beginning with the american rescue plan. we rescued the economy, put shots in arms, money in pockets, kids back in school. laid the foundation for robust economic recovery. >> by any metric with the exception of inflation, this country has moved forward under his leadership. jackie: that is one way to spin it, but of course we wonder how people really feel. we'll look at latest surveys. more than 2/3 in a new poll say the economy is bad. 1/3 of americans say they're experiencing financial stress. americans say they now have on average less, $9,000 in their savings than they did last year. art, when you look at the spin from the white house, you see how americans feel, and they're

telling us, they're broadcasting that they're worried about their lives and the future, you know, the recession word is out there. i mean things are not going the way that this administration wanted, yet again, i go back to this idea there is no pivot in policy? >> yeah. what they're doing is they're touting things that are not really important to the whole economy and when you look at what they have done wrong that has been catastrophic to the whole economy and you have to judge an administration here not how many times they paid someone a little bit more, that or this, you judge them how they handled crises, and this administration has not handled crises very well at all and results people being very unhappy. gdp in the first quarter down 1.4%, jackie. that is a big drop. the problem right now, not six years from now. it's now. jackie: look at the food prices, we're putting them on the screen across the board. it is not just gas prices,

brian, when people go to the grocery store, they're feeling sticker shot too. all the while, fed, administration know it is transitory. we know it is not transitory. we know prices will be higher for a substantial amount of time. people are having trouble making some of those decisions. what should i be spending money on? anecdotally people filling up gas tank, brian, 20 bucks to get to point a, to point b that is what is happening right now? >> we're kind of like in coping mode, survival mode, what can i buy? 20 bucks, how far can i get on 20 bucks of gas? food prices are crazy. go to grocery store, try to throw a party this summer with your family, you realize, my goodness sakes, i'm spending twice as much in some cases as i did last year. the biden administration, this is crazy. for a time they abandon

abandoned transitory word because it was so painfully wrong. they see recession combing, they don't want to admit it's a problem, they say just hang in there with us. americans can't hang in there that much longer running out of cash in their pocketbooks. jackie: investors, guys, don't have a lot of confidence. we're showing numbers year-to-date which are so important. dow down 13%. s&p down 16%. the nasdaq down 27%. press secretary careen pierre, g this is not something we look at anyway. gentlemen, we'll be back with you shortly. thanks so much for that. >> yeah. jackie: president biden facing backlash after a verbal flub about taiwan riles up chinese leaders. we'll deal with that when we return. ♪.

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jackie: the white house is in damage control mode today after

president biden set off a firestorm by raising the possibility of u.s. military intervention in taiwan. fox news white house correspondent jacqui heinrich is live in tokyo with the latest for us. reporter: hey there, jackie. the white house is maintaining the president did not announce a shift in u.s. policy but everything we witnessed showed that it was. it was a clear break from strategic ambiguity which for years supported taiwan's ability to defend itself but kept very vague whether we would send the u.s. military to its defense and the question noted that the u.s. does not have troops in ukraine, for instance, because of russia's nuclear arsenal. and asked would the situation be different in china attacked taiwan? >> are you willing to get involved militarily to defend taiwan if it come to that. president biden: yes. >> you are? president biden: that is the

commitment we made. that would dislocate the entire region and would be similar to what happened in ukraine. reporter: i was in the room when all this happened. it was abundantly clear that cabinet members did not expect to hear this come out of the president's mouth. antony blinken, secretary of state visibly shifted within his chair, looking for his phone. within the white house had a clean up statement, basically telling reporters we didn't hear the way it sounded. he writes, as the president said our policy has not changed. reiterated one china policy and peace and stability across the taiwan strait. china specifically reacted, they will take firm action to safeguard its interests. so far no reaction from the japanese. they urged biden to move away from strategic ambiguity, that the make it clear that they will

help taiwan, sayingfy juan's stability will be a clear red line. we shouted questions at him asking him to clarify this was a policy shift or whether he went too far upsetting china? the president ignored all the questions. overall it was huge distraction of the news of the day the announcement of the new indopacific trade framework which is widely seen to counter china's influence in the region, jackie, by the time you got questions shouting at him they told him don't say anything else. jacqui, good to see you. this isn't the first overseas blunder from president biden. remember this flub when the president was in poland talking about vladmir putin. president biden: we will have a different future, a brighter future, rooted in democracy and principle, hope and light, of decency and dignity of freedom, of possibilities, for god's sake this man cannot remain in power. jackie: how dangerous are these types of slip-ups especially in

the tenuous geosplitted call moments? joining me now former state department official christian whiton. always great to see you. we joke twit, we sort of laugh, he doesn't know what he is saying the white house tries to backpedal. we shouldn't laugh. these are serious statements. words matter. leaders are listening to his words as our president and he could set off a very, very unsettling course of dominoes here with some of the things that he says? >> they are threatening. the russia statement was particularly odd saying you're going to pursue regime change against this nuclear armed power we're supposedly not fighting against but we are. today's gaffe, i think what this is, the definition of washington, when you accidentally tell the truth, biden has now three times in the last year said we would defend taiwan, cooperate in their defense actively in a war. three times the administration walked him back.

sometimes the walk-back comes so quickly appears the white house just issues the walk-back without consulting the president. that is dangerous. it is not occurring in a vacuum. occurring after catastrophic failure in afghanistan last year. occurring after we distanced ourselves from allies like saudi arabia and united arab emirates because they're not woke enough t looks a lot like weakness. biden is onto something in a way his white house staff isn't, sort of stating the obvious that in fact taiwan is worth defending. jackie: let me ask you about taiwan specifically why the white house then tries to clean it up. we understand and we respect taiwan's sovereignty but the majority of americans probably wouldn't approve in getting involved in some sort of military conflict with china. there would be other weapons in the president's arsenal he could use, like sanctions, what not, for example to make china pay for that, deter them from doing it but a conflict is not something that americans want. >> i certainly i don't think

they see conflict. now if china without provocation attacks taiwan, if we wake up one morning, they smothered place with missiles for example, would be first stages of a move, i personally think the argument for defending taiwan is greater than ukraine. with ukraine i don't see a lot of vital u.s. interests. europe is between us and ukraine. europe ought to pay for the defense of ukraine. i have no idea why congress decided to issue a 40 billion-dollar check to the ukraine when the europeans are paying buptkus. when you go to the pacific, china is near competitor there is no europe between us and china. china is aggressive, trying to push us out of western a pacific. we should put a lot more here in america and america first we are dependent on this part of the world. a u.s. involvement like this paradoxically could incentivize get the taiwanese spend more on their defense and encourage

japan finally spending more on defenses as well. jackie: some would say the issue here this is a weak president. vladmir putin taking advantage of him at the current moment. president xi is watching all of this. president trump was in the white house you can say all you want to say about him but foreign leaders took him seriously. the china policy what leads into situations like this where president xi thinks he can take advantage. >> exactly. frankly it is a miracle xi hasn't made a move on taiwan with biden in the white house because i think they look at this, the president says one thing, the foreign policy establishment says another, if we attack there would be a lot of kerfuffle within side the administration and we can make major inroads. china looks at indough framework, realizes it a joke. i call it the zion fell framework a framework about

nothing. we need free-trade agreements, get past asia wanting access to low tariffs and basically take our jobs and manufacturing but we ought to pursue economic reforms in the region, capitalism that grew the economy under president trump, not what biden is doing. jackie: christian, always great to see you. thank you so much for your insight. >> thank you. appreciate it. jackie: we're watching stocks as well. they're heading way up today. could it finally be we hit a bottom in the market? the read from wall street when we come back. ♪. new projects means new project managers.

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♪. jackie: the world's richest person, elon musk, trying to shave down the price tag on twitter suggesting that the purchase price of twitter should be proportionate to the number

of bots on the platform. susan li joins us now with more. hey, susan. reporter: elon musk has until october to buy twitter. hear as few tesla production problems on his hands. he is pledging a lot of tesla stock on the takeover. how the tesla stock goes on the takeover bid depends how much he pays. less la is 650 this morning, lowest since august. they are gaining back pre-production. they are producing 2200 tesla cars each and every day. they say tesla lost 40, 50,000 cars a week. shanghai had rolling shut down of the city owing to covid. guided for production to be flat in spring and winter. reporting that tesla suppliers are talking about diversifying away from china. as for the twitter takeover, you had musk tweeting over the weekend about the lack of

transparency on the actual number of bots on the platform. how much makes up the 200 million plus daily active users. he suggested in the tweet maybe his offer price should be dependent, reflective how many real accounts there actually are using twitter. an interesting headline from the "new york times" this weekend, calling musk more pirate than even among corporate raiders. people are talking about the willingness to talk down the price that he is willing to buy twitter at, given that we have twitter trading at $37 or so that is the widest spread we've seen from the offer price of 54.20 to the actual trade of the stock. that suggests that maybe i think wall street is anticipating a much lower price to be put in. again he has until october, right? he has the billion dollar breakup fee. if he pays the billion dollar break-up fee. get a 10 billion-dollar discount, some say that might not be a bad idea. jackie: maybe not. susan li, thank you so much. the market seeing a lot of green

today after last week's roller coaster ride but was that dip into bear market territory by the s&p 500 a warning what's to come? we have point bridge capital founder hal lambert is with me now to discuss what is moving the market. hal, i look at the market. i see how volatile it is trading lately. we're up 619 points on the dow. i've seen it before. maybe i'm not believing it. your thoughts if we touched the bottom? >> this is a standard bear market rally here. i don't see any kind of a catalyst to continue moving higher. you're not particularly cheap. 17 in the s&p 500, 1times forward. that is not cheap. there is a big spread between the small cap s&p and small cap s&p of multiple points, about five. mid-cap, small cap are trading 12 times earnings. if you wanted to be a little more sophisticated to have a trade on.

you think maybe we're bottoming. the thing to do, maybe buy small cap and short the large cap. i think you could maybe hedge yourself a little bit there because historically small and mid-caps have a higher multiple than the large caps. the only time we've been this wide was back in '99, 2000, where large cap was much higher multiple than small caps. that is more what i'm looking at. we're just not cheap enough yet. the only catalyst i see maybe lower energy prices but that can't be with demand destruction. if you have demand destruction causing lower oil prices, that means the global economy is massively sleeping. we need saudi arabia to step up to produce more oil. that potentially could be a catalyst. jackie: they already said they're not going to do that. saudi arabia likes seeing the price where it is. in fact they're making a ton of money off of this. many are saying it is up to the u.s. producers to step up produce more despite the fact that the president essentially gone after them, saying we want to put fossil fuels out of business in this country.

they don't seem to be willing to invest in the future. when it comes to energy these prices are going to maintain for a while? >> that is a big problem. the u.s. obviously producing more here, ideal scenario. what you have the large companies, exxonmobils of the world, they have been beat down by the green, the far left saying don't produce more. they're not set up to produce more. it takes time. i mean even if we started right now today, to get energy out of the market, it will be months and months from now in the u.s. the saudis are only one that can turn it on tomorrow. jackie: right. >> you're saying they will not do it because they're upset with biden. these are biden policies continuing to for higher oil prices. jackie: that makes a lot of sense. i brought up the year-to-date numbers, because i think that is important. dow down 13%. nasdaq down 16%. high growth tech stocks have gotten crushed with the volatility we've seen. any bargain hunting anything you

see value in? >> i would, i think right now being in cash is not a bad place to be although you're losing money on the inflation side. i think we're still in a bear market here overall. i have guess what you could say you know, you could still be in energy stocks if you don't think they will produce more. i think that is still a play even though they outperform. if you look at defense stocks, obviously the military will keep spending money. we'll keep spending money on our military. so the defense stocks held up well. you can coin it to put money there as well. jackie: we'll be watching, hal, have a great day. >> thank you. jackie: inflation hitting the magic kingdom. why you may need a fairy god mother to afford going there, still to come. ♪.

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♪ jackie: inflation hitting guests at disney world with prices that are well, fit for a princess. fox digital talked to a family who says the park has become unaffordable. ashley webster joins me with more. hey, ashe. reporter: i'm not sure a princess could afford this and not sure what walt disney would make of all this, a place where fewer and fewer americans can afford. according to a family of four a recent trip to disney world in florida cost them close to $10,000. let's break it down for you. straight from the airport, disknow no longer offers a courtesy shuttle anymore. so the family shelled out 200 bucks for private transportation to and from the airport. park hopper tickets cost 25050

bucks. four nights of lodging inside resort cost $4780 for the parents and two kids. once inside of the park they spent 2300 -- 300 bucks on genie plus passes to avoid long lines. paid 950 bucks for sit-down meals. another 700 bucks or so for snacks and souvenirs. all told the cost of the visit rounded out 8480 bucks. you throw in the air fare, the price of the vacation was toward $10,000. there are growing complaints that disney is pricing out the average american family. a disney world vacation is something only for the wealthy or certainly the upper middle class. by the way, jackie, one last point, parking no longer free at resort hotels t will set visitors backs 15 to 25 bucks per night. if you're not staying at disney, a parking pass for the day begins at 25 bucks per day, and

goes up to $50 for a premium spot. now the parks are packed right now because of that demand, you know, demand that we've all been locked down for so long from the pandemic. the question is, will the parks stay crowded at these prices? jackie: how long it will last. ashley webster, thanks so much for that breakdown. reporter: sure. jackie: forereaction, former reagan economist art laffer, kings college, economics professor, fox news contributor brian brenberg. a little birdie told me you are going to disney on friday. did you bring your wallet? >> oh, my gauche, i'm getting woozy, jackie. i want believe the price increases. i know we spent thousands of dollars to go on this trip. this is the thing. i paid thousands of dollars to stand on the sidewalk there? i got to pay more money to get in the express lane to get on a ride? it is crazy. they're nickel and diming people even after they spent all this

money. these guys spent 700 bucks on souvenirs and snacks? jackie: wow. the snarks and souvenirs are very important, brian. we could cut somewhere else maybe? >> we'll be eating assault teen crackers at disney world saltine crackers. jackie: all seriousness, joking aside, ashley made a point there is pent-up demand as a result of being locked down. we haven't been locked down for a while now, we wonder at these prices is there a tipping point, families say a family would have gone to disney before, saying i cannot afford this, we got to cut it this year? >> yeah. there is a tipping point for sure and disney world and disneyland both know the tipping point very, very well and what they're doing, jackie is just playing the market as it can. most producers do that. you know, it's too bad because it should be cheaper but frankly as long as their parks are full, there is no incentive whatsoever

for disney to lower the fees, lower the prices. it is part of the inflation world we live in today. i understand also they gotten rid of a lot of employees as well. also i understand they're not keeping the grounds nearly as clean as they used to. you used to be able to eat literally off the pavement in disneyland when i was in california. doesn't seem that is the case. this is simply market demand and supply. there is only one disneyland. there is only one disney world. a lot of people like the brenberg family want to go there, willing to pay big bucks. that is what inflation is all about. i'm sorry. jackie: that is the thing, brian, will you tell the little brenburgs we can't afford it this year, can't go, take your picture with the mouse? that is a hard conversation to have? >> i already told them, this is it, guys. have all the fun right now because we're going to be tapped out on disney by the time this one is over. i agree with art, but the thing about it is, you're not going to

pay this eventually. people are looking at disney saying they're spending all their time critiquing florida lawmakers about laws disney is mischaracterizing, bringing their prices down, doing what they're supposed to be doing well, i think people will start changing their behavior, watching everything disney is up to this year. jackie: we've got to go. brian, don't be stingy with the snacks and souvenirs, please, for me. >> okay, okay. >> brian, don't do it. jackie: still ahead, one country implementing a quarantine for monkeypox patients. dr. meghan marty makary joins ur what treatments are at home and how we should respond. ♪ this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep,

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jackie: military plane caring more than 75,000-pounds of baby formula landed in the united states. the next challenge will be getting the formula into the hands of some parents out there who are desperate. lydia hu joins me now to discuss what comes next. so what does come next? reporter: distributing this formula that came in, just like

you said landed in indiana, came from germany. it is formula for about 9,000 infants and roughly 18,000 toddlers this is specialized formula. this is not destined for the retailers shelves. this formula will be distributed directly to baby that have allergies in hospitals and clinics across the country. at the retail level, we have to ask when will that get better for everyone else? it is getting worse right now, jackie. 45% of baby formula is out of stock across the country. that's up 2% from the week prior. there are some states like virginia that are hit much harder. nearly 58% of formula is out of stock in virginia and now lawmakers are asking why wasn't more done to prevent this crisis? >> know that abbott had to start signaling this three months ago. fda could have had everything lined up in order to have things here when kind of things hit the fan and they didn't. so there is either incompetence

or lack of oversight or perception is they just don't care. reporter: jackie, we're getting mixed responses when exactly baby formula will be back on the retailer shelves. the president invoked the defense production act last week. that will allow manufacturers like abbott and others to get needed supplies to make the formula, the ingredients, packaging but the u.s. department of agriculture secretary tom vilsack he says that we'll see more formula on the shelves in just a few weeks. meanwhile yesterday, white house press secretary karine jean-pierre said she doesn't have a timeline when the formula will get back on the shelves. meanwhile abbott's ceo is apologizing in an op-ed published over the weekend and they explained that they expect to reopen the michigan plant sometime next week and says even after it reopens this formula will take six to eight weeks to get back on the shelves.

not a lot of clarity when we'll see universal restocking of formula. jackie: that is not the thing. it is not a light switch. you can turn the plants back on that have been shut down but takes a while to get it to the shelves. that is six to eight weeks and people are still struggling. reporter: all about the supply chain again. getting ingredients in stock, truckers and there is a process about to unfold. jackie: lydia, thank you so much. public health officials in florida are investigating a presumptive case of monkeypox as belgium becomes the first country to introduce a mandatory quarantine for patients. fox dr. marty makary johns hopkins. a lot of people are hearing news develop on this, dr. marty and they're wondering where it goes from here? >> a quarantine is an overreaction, it is a knee-jerk reaction t really should not

apply to monkeypox. monkeypox requires direct contact. we're learning more about the direct contact. we're learning more about sexual transmission, clustering of gay individuals in two locations in europe. uk issued advisory for males having sexual activity for other males. those who are gay, engaging in intimate contact and be aware of rashes. cdc is tailoring language to make very targeted warning to gay individuals focused on intimate behavior and the rash. the rash can be sometimes the hallmark finding this is something that's new but it does appear to be increasingly well-described and we may see more cases in the united states but clearly putting the entire country on high alert is not in line with what we're learning. jackie: okay, some of the information that i read online over the weekend about monkeypox indicated there can be respiratory transmission, that

true or not true? >> we believe there can be but it would require a sustained face-to-face, close contact. even though it's a possible mode, we believe that it may not be the primary mode based on what we're learning. now some places like new york, which has been under pressure for suspending their indoor mask mandate is now pointing to monkeypox as a reason why maybe they should go back. some people are urging the city to go back but really we don't have clear evidence of respiratory transmission at this time. it is more theoretical. it requires a large droplet. jackie: okay. one of the other benefits, if you want to call it that with respect to monkeypox is that you are aware that you have it when you are, you know, contagious, right? that was the problem we had with covid, so many people were asymptomatic spreading it who didn't even know? >> that's right. the asymptomatic spread does not appear to be characteristic, which is why many of us believe

monkeypox is not able to call a pandemic. it has an exotic name but ironically comes from rodents in the modern era. it was originally as described to monkeys and it requires intimate direct contact. jackie: want to parse through this a little more for people impacted by the pandemic, really were scared what we had to deal with, dr. marty, boil it down for me, is this something we need to be worried about right now? >> i don't think so. i think there are many other infectious pathogens, tuberculosis, others have a bigger burden in society. i understand people have raw memories of the back and forth of public health messaging during the last public health epidemic we went through. this appears to be very different. we may see one or 200 cases in the united states with a mortality rate of about 1%, but does not appear to be poised for widespread transmission and i wouldn't change anything in your routine day-to-day behaviors.

jackie: that is what we needed to know, dr. marty. thank you very much. great to see you. >> you too. jackie: with summer coming around the corner gas prices may be posing as a hurdle for some americans planning to travel. we'll have more on that after this. ♪ ... we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones

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♪ we got what we got, we don't need the rest ♪ >> welcome back. i'm jackie deangelis in for neil cavuto, a big rebound today, in the market the dow hoping to snap an eight-week losing streak as the s&p and the nasdaq come off of seven weeks of losses. still, investors fear that fed tightening and consumer confidence could tip the economy into a recession, but president biden says a recession is not inevitable. the white house isn't optimistic about our energy market now looking at an emergency declaration to deal with diesel shortages. first we start on our sky high gas and oil prices, jeff flock is in pennsylvania for us with more on that. hi, jeff. reporter: hello to you, jackie. yeah, as edward lawrence reported at the outset of your

broadcast the president considering a release of something that a lot of people didn't even know existed. that's something called the northeast home heating oil reserve. similar to the spr, home heating oil and reserve, a lot of people don't know, that product is very similar, almost the same as diesel. so a potential impact there, although we just talked to the triple a robert sinclair who says just like the release from the spr, a release from this reserve might also have very little impact. take a listen. >> the president has released oil from the strategic petroleum reserve, but that was a million barrels per-day, and globally consumption is about 100 millioo it does not make that big a difference. it's a literal drop in the bucket compared to what global demand and consumption is reporter: and because of that, it has been everyday since may 10, jackie, that we've had an increase in gasoline prices

and a new record set. despite that, the forecast is that more people will travel by car this memorial day weekend, 38 million says the travel website arrivalist, up 8% from last year and could top pre- pandemic levels. why is that? well here is an interesting reason. they found although people are taking fewer day trips, they're actually taking longer trips by car. why? because airfares have gone so high that people are pivoting to driving instead. of course now, 4.59 is your average regular but jpmorgan says at least one of their analysts says that she thinks gas could go as high as $6.20 for the average gallon of regular by august. at that point, i surveillances all bets are off and we are all on bikes. >> bikes, maybe but you're right with airfares up more than 30%, people are trying to balance and decide, maybe hitting the road is a cheaper

alternative depending on how far you have to go. jeff, great to see you. thank you. reporter: thanks, jackie. >> all this comes as president biden tries to ease recession fears while in tokyo. listen. >> is a recession in the united states inevitable? >> no. our gdp is going to grow faster than china's for the first time in 20 years. now does that mean we don't have problems? we do and when it comes to the gas crisis, we're going through an incredible transition that is taking place. this is going to be a haul. this is going to take sometime. >> capitalist pig hedge fund manager jonathan hoenig and former investment banker carol roth joining me now. jonathan i'll go ahead and start with you. he says no recession lying ahead although economists will disagree and if you look at that jpmorgan estimate on gas prices the average at 6.20 by the end of the year. that could be a severe serious problem for this administration. >> yeah, i mean, jackie great to be with you and look the recession is here, as he

said gas prices are up 34% year-over-year, but it's not just gas. i mean that's indicative of the economy at-large. airfares up 34%, hotels are up 36%, gas prices at the highest price ever, and break this down into everyday terms for our viewers. the owner "average suv which a lot of our viewers own is paying about $1,320 more this year, just to operate that suv. there's an entire weeks worth of work for the average american. biden is blaming the supply chain but this is affecting everyday americans right now despite the fact we're in a recession or not. >> carol, speaking of the everyday american, that maybe invested in its 401 (k) we have the year-to-date numbers up and i keep hitting those numbers because they're so staggering for people not only are they paying more for everything that they need when it comes to grocery store, gas prices, clothing, et cetera, but they also feel poorer if they're checking these accounts. >> yeah, this is the most frustrating part that not enough people are talking about, jackie

, is that this , all of this intervention, all of this , you know, fed intervention was all for not. i mean, why, our 401 (k) is going back down, we had a huge transfer of wealth from main street to wall street and we have inflation and whether you call it a recession or stagflation, have this pain for the american consumer, so if they were trying to do all of this , to avoid that outcome, they have still done it anyway, and by the way, if they get the soft landing, it's going to be on the back of the american consumer pulling down their savings, putting up their credit cards so it's basically sacrificing their wealth in order to "save the economy." >> well thank you for bringing up the credit cards because jonathan, i've been digging into the numbers and the federal reserve reports that more accounts are being opened now year-to-date as a matter of fact than we're seeing those balances rise as well and that's what i'm worried about as consumers blow through the savings because of

higher prices and now you start to put things on credit at these astronomical interest rates and that's when the real trouble starts. >> we always talk about inflation being a tax on the less well to do and this is the most obvious example and as carol pointed out there's no such thing as a free lunch, all that stimulus spending, the paycheck protection, all those schemes, we're paying for it now and the average american is. they are enjoying their life less, getting less quality of life, and going further and further into debt at the time and interest rates are rising the most so there's no such thing as a free lunch and joe biden says well maybe we're in a recession maybe we're not. meanwhile the average american is struggling more and more and more and it's not billionaires and evil wall street it's that spending in washington that's creating the inflation on main street today. >> yeah, and carol when it comes to the inflation, you know , it ticked down just a little bit in the last report, but having said that i keep making this point as well. the problem that i see in this market is a supply side

problem. it's supply side when it's oil & gas and when it's food. i don't see how raising interest rates destroys demand on those items because those essentially, you know, they could be paired back a little bit but they are necessities for people. >> yeah, i mean, unfortunately, the only way that you solve that supply-demand imbalance as you were eluding to is to put us into a major recession and as you said we have a labor supply imbalance, a food supply imbalance, we have energy, we have a commodities, we have a housing supply imbalance. the one thing, as you said, energy people maybe able to pair back on somewhat but certainly that's important, and then the food piece, and so the only shining light is at least we're going to have access to food, where some of the rest of the world, i mean, this is like where i'm digging deep down, jackie, to find something positive to say, but that is the area and so basically consumers, they're going to be spending on those necessities and they aren't going to have the money for the discretionary

purchases. >> yeah, well, oil prices, they're slightly lower today, amid these tight fuel supplies. this is former economic council chairman jason furman slams democrats and their anti price gouging bills. >> i think it's pretty gimmicky these price gouging bills, because he's got a lot of extra demand. what happens when demand goes up , prices go up. there's an old saying, the cure for high prices is high prices. that's a little bit of a painful thing to deal with, but it's what elicits the additional supply, it brings more producers into the market and it's what brings prices down and we need to let that process work. you try to interfere with it, you're going to make things worse. >> jonathan, quick reaction. >> right, i mean, who wants to go into the oil & gas business now when these people are being tried in front of congress because of price gouging. biden is going exactly the

opposite direction instead of deregulating like actually jimmy carter had did, he's more regulating that's not going to do anything to keep prices down whether it's an oil, gas, or any other part of the economy. >> jonathan, carol, thank you so much. i want to bring in now american petroleum institute president and ceo mike sommers. always great to see you as well, mike. i want to get your take, because i find it so interesting when the administration makes this argument that essentially the problem we have right now is price gouging. actually u.s. production is up and i was astounded when i saw the numbers that the producers are stepping up to the plate the way they are, given the fact that this administration is attacking them the way it is. this isn't a matter of price gouging. it's just a matter of not invest ing for the future, reacting to the policies that biden puts out there. >> in fact, american producers are going to be up about a million barrels a day in terms of our production, because we respond to prices. >> exactly. >> we want to make sure that the american fuel market is welg

to see production continue to go up, but of real concern we have right now also is that refinery capacity in this country has actually gone down by a million barrels a day, over the course of the last few years, so we need more refining capacity in this country to make sure that truckers in the northeast and throughout the united states can get the fuel that they need to provide the goods and services that the american people are going to require to get this economy back moving again. >> all right and that's part of the reason you're seeing average price for a gallon of regular at 4.59 for diesel at 5.55 but having said that, whose going to invest in refineries, mike, when this administration is saying you need to go out and buy an electric vehicle. >> well, that's a real concern because usually, as jason furman said in your previous segment the solution to high prices is high prices, but what if you have a government that is restraining production both the supply of oil & gas in the united states and restraining the refining capacity in the united states. that's when the market isn't

responding to those consumer concerns, so we need a complete rethink of our energy policy here in the united states. one that of course incentivizes production here, in federal lands and federal waters and on private lands which is where most of the production is happening, but also, a rethink of how we're ensuring that we have the infrastructure and that means more refineries, that means more pipelines, to ensure that the american people have access to oil & gas for their future. >> let me ask you this. even if the administration made an about-face right now and just said do you know what? we're going to start building pipelines and green light those projects and incentivize energy companies to pump oil in this country and invest and build refineries even if they did that it would take a while before that supply would come on line, and alleviate essentially the crisis that we're in. if jpmorgan is correct, and the average price for a gallon of regular is going to be $6.20,

by the end of the summer, talk to me a little bit about how you feel that will impact the economy, the consumer. i mean, we keep talking about are we in a recession now, are we going into a recession all of these worries on the horizon. >> yeah, what we need is more investment in the oil & gas sector in the united states. let's think about it this way. we expect that about 3.5 million crude are going to be coming off the market as a consequence of what's going on in the terrible situation with ukraine. whose going to replace those barrels of crude? is it going to be the united states who produces oil & gas in the most environmentally responsible way possible? or is it going to be other countries that don't necessarily have the united states interest at heart? what i would argue is that we need to incentivize as much production as possible, because that's the way we're going to get prices down for american consumers as fast as possible, but we also need to be incentiv izing other parts of this supply chain. the development of pipelines in particular is going to be the way that we get america

moving again. >> well you bring up a great point and that's the supply chain in general and so many people i talk to in the industry say look we are facing the same problems everybody else is facing. it's hard to get labor, right? we have to pay more for our costs rising and we have supply chain problems as well for the parts and things that we need to make our wells run too. i mean it's one thing to just kind of blanket blame the energy industry for everything that's happening right now. it's another thing for the administration to understand how fragmented its entire system is. >> we're dealing with the exact same supply shortages that rest of the american economy is dealing with. one thing you didn't mention is steel. steel prices have gone up significantly, and we need to make sure that we have the proper supply chains in place so that we can get rigs running again. we also are dealing with a worker shortage, as you mentioned. so these aren't just issues of having a lack of access so that is a big deal. you think about the fact that this amount hasn't put forward a new five-year plan for the gulf

of mexico, so that we can continue to produce and lease in that prolific oil & gas region, but we also have to make sure that the supply chains are fixed , so that we can get rigs moving again in the prolific permian basin. >> mike always great to see you thanks so much for your time today. coming up a federal judge blocking the biden administration's plan to end title 42 but the fight about this may not be over. how congress is responding to the border policy ruling, coming up.

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fear a surge of illegal immigration. >> hopefully not sending a message that the united states border isn't open and hopefully reducing numbers, but it is definitely a glimmer of hope at least for the short-term. reporter: but this is laced with politics. the ruling gives moderate democrats who wanted to keep title 42 the chance to embrace the ruling. they can use it as a foil and oppose the administration. progressives push for a new look at immigration policy. >> from a very young age i was eight years old when i decided to be a immigration attorney. >> [applause] >> and that was because i looked around and saw that we needed more people like immigration attorneys that help ed them out pro bono and believed in them and invested in them. reporter: republicans held up votes on another round of covid aid unless they scored a vote on title 42. it's possible the ruling could unlock money for covid. still expect gop remembers to

champion the ruling. jackie? >> chad pergram, thank you so much for that. fox & friends weekend co-host rachel campos-duffy just visited the southern border and got a tour of eagle pass, texas, from our next guest, lt. christopher olivarez, with the texas department of public safety. >> this is an area here that we've seen increased activity. we see all of the different clothing discarded, shoes, personal items. rachel: this is someone's private property here. >> all this is private property >> and you're seeing barbed wire, put up by the state to stop the crossings taking place but what they are doing now is some of the wet clothing they use it to push down on a barbed wire that allows them to crossover. this is the federal government's job to secure the border but right now the state of texas has to bear this burden. rachel: who controls this area, honestly, is it the cartel? >> the cartels. >> wow, lt., wanted to show those pictures there because it really gives people a sense of what it looks like and feels like but add to that what you're

seeing on the ground. >> jackie, good afternoon. right now i'm in eagle pass, texas and governor greg abbott just arrive and will tour the area, from the ground and in the eras well to see what's taking place, and also to see the relationship we've been able to develop with the mexican authorities in mexico. we've been working with them conducting national operations where they are able to serve resources on the arresting side to help us where we see these that are taking place in what you just saw in that video with rachel is when i took her out to those areas and saw the areas that have increased activity where migrants are surging the border and you see the runners trying to avoid apprehension and also criminal activity takes place along those areas so we're trying to shutdown those areas, control those areas so we don't see continuous activity taking place along those areas of the border. >> and the cartels you said really control the areas. you were just being honest and frank about it. you know, we've been having so many conversations about people in america dying as a result of

fentanyl that comes across southern border, that those cartels are profiting off of. oftentimes, people are using fentanyl or replacing it within the drug production with respect to what people think they're buying. they think they're buying something x which is harmless and all of a sudden they take fentanyl and they die. >> right, and that's the whole focus of why they have to step in and the type of action the federal government has failed to safeguard americans, failed to safeguard the country and to go after these organizations and cartels that are manufacturing fentanyl. we saw record numbers last month in april. cbp reported nearly 1,400 pounds of fentanyl along the board and that's the highest in four years. we've not seen inflation like we see right now all because of the fact that we have this open border policy taking place and it's organizations are continuing to exploit that. >> and we look at title 42 and the ruling today, so it's sort of a band aid if you will and it stays in place but it's, you

know, well understood that there probably will be a challenge to it to try to move the courts towards lifting it. that's what this administration, the democrats that's what they want. it's part of the agenda to allow these illegal border crossings and so from your standpoint, from your position, trying to protect the country, you've got the band aid for now, but then what? >> right, jackie. i've always said, i continue to say it that yes, title 42 does help. it is a tool, obviously to try to get some of these immigrants back to their countries but one thing to keep in mind too for the viewers to understand, like last year, even when the court ordered the federal government to reinstate the remain in mexico policy, that's in place right now even with title 42 and we're still seeing record number after record number every month. last month for the month of april, was a record high for dh s, over 234,000 encounter s, that's remain in mexico and title 42 in place so even with these policies in place we're still seeing record

numbers not only with immigrants but also with drug activity and drugs coming across our borders. >> and part of the issue is if you lift title 42 and the number s per-day for example, start to double which is what the estimates suggest that will happen, is that border patrol, customs, everybody down there, even local law enforcement, all of the resources will be funnel ed towards processing people, because we've given them this green light essentially to come across, and then we really won't be able to protect the border from all the nefarious activity that continues as well. >> right. so you're right on point. that's going to continue to deplete viable resources, federal resources, the processing and what that's going to do is continue to have this along the border where you'll see transnational organizations continue to smuggle their drugs across, and high profile immigrants from other countries, and gang members, you'll see that continued activity, so that's why it's vital to have a policy

in place because if you'll remove title 42 have a policy in place that takes an aggressive stance formation but also one thing, jackie, not so much immigration, but the focus on border security. >> yeah, no, absolutely. final question to you. people, residents, people who live in texas and the other border states, you know, what do people tell you, how do they feel about this? i know there's increased crime. they are worried they feel like they have to protect themselves to a certain degree. >> right, so it's frustrating. they aren't protecting them like they are supposed to be doing so what we are doing to what governor greg abbott has been doing for operation lone star, there's a surge on the border crisis, and we are seeing how these immigrants are processing.

[inaudible] we're very grateful and backing that it's their responsibility for the border. >> and that really is the central point that we have to keep making over and over again. lt. christopher olivarez, it's wonderful to see you, thank you so much for the public verse that you do everyday, thank you. >> thank you so much. >> coming up, china's covid lockdowns hitting big tech what apple is doing to makeup for the losses and how other companies could follow suit. work, work, work ♪ ♪ ♪

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stuart: apple looking to boost production outside of china due to the country's strict covid policies. fox business correspondent madison all worth has the latest on the lockdowns, hi, madison. reporter: hi, jackie. you know, china no longer the

apple of apple's eye. prolonged covid lockdowns and potential strains with china's communist government are steer ing the tech giant to look elsewhere for production. india and vietnam are among the countries being considered. they already produce a small portion of apple products. this be quite a shift according to analysts more than 90% of apple products are manufactured in china. any move by the tech company to look elsewhere could have ripple effects as well, influencing other western companies that want to reduce dependence on china, as covid uncertainty lingers. you know, covid restrictions do seem to be easing up slightly in shanghai, but a closed loop system is still required for businesses. that means workers are required to sleep on or near premesis. tesla is betting this will last for a while and now reportedly wants its shanghai factory workers to be in a closed work loop system until mid-june. thousands of workers have been sleeping on the factory floor, doing 12 hour shifts, six days a

week. this all while shanghai is slowly loosening those covid restrictions but let's be clear because restrictions they are very different than here. many restrictions still in place i already mentioned businesses have to operate in that closed loop system. people have to get special passes to leave their apartment blocks. meanwhile, in beijing, covid restrictions are being increased as cases climb. so overall, the country is see ing a reduction in cases, but when we will see that overall reduction in restrictions, jackie, it's yet to be seen. >> wow, madison alworth thank you so much for that. meanwhile, elon musk's stalled twitter acquisition has put this renewed focus on shareholder power, and corporate governance as well which is something that our next guest is looking to do to shine a light on that but also to change some board members and seats of an agriculture company that he has invested in, cruiser capital advisor managing partner keith rosenbloom joins me now.

good to see you. so you're an activist investor in this agriculture company and you've highlighted the fact that three of the board members essentially need to go that's your position and how antiquated some of the rules are, sourer made some advances in this that you say will shine a light on the rest of the industry and how shareholders will have a much more of a say in the boards and how companies are run, moving forward so tell us about it. >> yeah that's a great summary. look, we believe and i think a lot of investors believe that proper governance drives better returns. it drives better profits. it drives better employee morale , it drives better products for your customers, but it all starts at the top. you have great leadership that is really concerned about proper governance. usually, it follows suit. we are very excited about a particular company, this american vanguard, and we approach them after doing a lot of research there are pesticide, herbicide company with a large biologicals portfolio that

focuses on basically helping, you know, crops grow better and feeding the world. very nobel end markets. the problem is that the company really over the last 10 years has never generated any shareholder value. we identify thee ways to do that , brought them three really talented executives to try and help them, one is a guy pat got chalk, the former ceo of american carbid. mark bassett, and a focus on myself on trying to make shareholders the primary focus. >> i'm guessing they are saying no, no, we want to keep our current members in place which is this old boys club thing we see on wall street in these companies all the time. >> yes, so as an example, this particular company, their average direct or has been tenured for over 11 years, the three directors we're trying to replace a guy named john kilm

er, paid $2.6 million was paid over this period of time and yet no value has been created and what excites us and gives us the opportunity we're going to be able to i think create change. the way the structure currently works is there are two big advisory governance firms called iss and glass lewis. in a very rare event they both voted for our slate full-on. it rarely happens over the course of the last 10 years. it's just a very rare occurrence that they both said that the activist slate should be fully voted for. >> right. >> and importantly, i'll get to your question too, the very large index funds, which manage a lot of our 401 (k) money as example have really talented governance teams that focus on this issue. can governments create better value and when they see the opportunities they typically vote to make that happen. >> right. >> and what we were talking about which gets me excited is that the sec has recognized this importance, and starting

september 1, all contested elections will go to what they call a universal ballot, which means that all directors will be on the same ballot, enabling you and i and everyone else to actually choose from a chinese menu of qualified people to represent you, because right now , the system, for the last 50 years, has been this ridiculous choice. >> that's unbelievable to think that this is just happening now in 2022. >> yeah. >> that's like it's ludacris but also, we look at the bigger picture and talked about elon musk and twitter and he's, you know, shined so much light on the fact that shareholders need to have more of a voice, that companies cannot be run necessarily by the internal powers that be if you will that are controlling everything. there should be more transparency and so that's essentially what this would do for all companies is give those shareholders more of a voice. >> and it's going to happen. the sec did a terrific thing in terms of democratizing capital markets. they just did a terrific thing so everyone will be able to

choose who they want, and in the case of musk, this is a really wild situation where he obviously has the ability to call out management for making false statements. that's his contention. obviously, we don't know if it's true, but that underlying comment which is something we also saw at american vanguard, you know, management teams and boards have to appreciate that when you send something to the sec, for jackie and keith to read, it has to be sacrosinct. you can not make false statements but you'd be surprised how often it happens and it's really disappointing. >> i'm sure it happens all the time and these are the things that fall through the cracks when you don't have more eyes watching and involved and participating in the decision-making. keith always great to see you. >> thank you. >> okay, a quick alert for you. starbucks exiting russia, the coffee giant will close 130 stores in the country wiping out its brand presence. the licensed cafes in russia account for less than 1% of the

company's total revenue. starbucks though, joins other western companies, that have left russia including mcdonald's we'll be right back. ♪ i have moderate to severe ulcerative colitis. so i'm taking zeposia, a once-daily pill. because i won't let uc stop me from being me. zeposia can help people with uc achieve

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opened fire, without saying a word, wounding him. police describe the suspect who you see here, as a dark-skinned heavy set man with a beard whose still on the loose. a new york city mayor eric adams notes that murders and robberies in new york city are down compared to last year. the mayor says public safety is his number one issue. >> i have to make sure the cities safe and i want that obligation. i thank god i'm the mayor right now. >> yes! >> and not those that don't understand the urgency of this moment. >> he worked at the investment bank goldman sachs for nine years, and the company says he was part of the macro research team. the firm says it is "devastated by the senseless tragedy." his sister told the new york post, "the worst part is even if they catch this person, it's going to be out again. " go back to mayor adams and tell him that the city is not

safe. my brother just became a statistic. on the way to the city he was shot at close range. police did recover a .9 mm shell casing and they have recovered the gun, though an intense manhunt ongoing right now for the suspect. that shooting suspect sadly is at large, and they got off the train when arriving in lower manhattan and that's when he escaped. back to you. >> this is tragic, eric, thank you for breaking it down. it keeps happening in the subway system. lawmakers have to do something about this. thank you so much. coming up, one of the east coast most popular destinations is gearing up for the busy travel season. what you can expect if you're hitting the road, or heading to the airport for an unofficial start to summer. ♪

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for retail traders? charlie: just to make one point on the tragic killing of the goldman sachs executive. wall street backed up eric adams tremendously, i know this because i know a lot of people who gave him money and with the fundraisers, he was all , he was a lot of talk about bringing people back to the office, about making the city safe, and he's not holding his end of the bargain up, and you hear it on wall street and you hear it other places. i just went up the street. we'll go after him and say listen, jamie dimon should tell eric adams, james gorman should tell eric adams we can't bring our people back, david solemon should, the head of goldman, we can't bring our people back if they can't take the subway at 11:00 in the morning. >> and not fear for their lives charlie: and get shot at. it's so out of control but anyway that's one thing i think -- >> something to think about. i'd say it was his number one platform issue. charlie: it was and it's why they all supported him

theoretically. i would say to wall street don't bring people back if this is it. let's go to retail trading. retail traders have been getting crushed lately, particularly the traders. i'm not talking about you as an average investor, planning long term, you know, putting your money in the index funds or buying apple for the long term, or tesla because you like tesla for the long term. the people that were swinging in and out of the markets who thought they were the next steve cohen because they could make some money when markets, when the fed is pumping money into the system. they're getting crushed. they are also still in it, and it is remarkable that they're still in it, and the fear is on the street once they do capitulate all these stocks get crushed even more. so it's something to look forward to and again if you're a long term investor you shouldn't care but there's this whole phenomenon of retail trading that is all invested in some of the most risky stocks, including a company called amc. now this is fascinating we

should put up a one year chart of amc. last year at this time, amc was trading intraday high of around $77. now look at it now. we are talking about, that's an intraday, we should get one year chart. is that a one year chart i can't tell. >> no, intraday. charlie: we should get a one year chart because this tells the story. >> there you go. charlie: it is really remarkable this thing traded as high as nearly 77 and people, even some journalists, when it was at 77, were talking about this thing going to a thousand. >> oh, my god, i remember. charlie: it'll be great to see goat to a thousand, for short squeezes and it was really a remarkable stock pump that i've never seen and it turned out to be maybe the worst trade of the year has been the long stock pump thesis of amc going to between 100 and a thousand.

maybe the worst of the year. maybe of all-time, okay? it's something that the average investor has to worry about. there's a lot of promoters out there. people talk about short sellers all the time, jackie, however ill and bad they are. >> horrible humans. charlie: let's remember the real problem in the market has not been short selling. the real problem in the market has been people pumping stocks, whether it's penny stocks or any other garbage, including these meme stocks, which if you had half a brain when it traded at 77 and you saw that amc was still losing money and even though we had all these vaccines , yeah, might be a little time to take some off the table and not worry about whether it goes to a thousand. >> but you're even saying trading at 11 there's still people in the stock that could get crushed. charlie: they think it's going to 77 again. >> okay. charlie: you see it, and listen, it may. i mean, i guess it's a theoretical possibility, but you know, in a couple weeks the russel is going to rebalance when the russel rebalances where

is amc going to? how big of a position does it have in the russel now that there's no longer a $77 stock? >> yeah. charlie: if it's out of the russel in a meaningful way, well guess what then all those eft's that hold it, they won't be holding it any more so just remember, this russel re balancing on amc and other stocks could be pretty, could be another leg down. >> we will be watching for that good to see you in-person, thank you. well this holiday weekend expected travel numbers are expected to beat pre-pandemic numbers with triple a saying over 39 million americans will be on the move. here with us now is operator of caprice michael pistinos, great to see you, michael want to get a sense of how your bookings are looking we talk about inflation on this program all the time and how higher prices are impacting the consumer. are you expecting to see the same kind of traffic? >> jackie, yeah, i think this memorial day weekend will be the busiest in three years,

if not ever, and i think despite the high gas prices and the increase on hotel costs, people are more than willing to pay a premium and go out in record demand. >> wow that's incredible given that we are talking about the average price of gas at $ 4.59 for the average it is much higher in new york and new jersey and the surrounding areas where people may fill up to get to you. having said that, you know, all throughout the pandemic, going to long island and going out to the hamptons was, you know, a coveted destination and an escape, if you will, for some people and what you're telling me is it still is. >> yeah, despite the juxta position, about global affairs, volatile stock market, it continues, crypto market fluctuations, the hamptons are the safest place out there right now and people cannot wait to go and have fun. >> yeah, but you're talking

about a client that essentially isn't going to be phased by necessarily more for a gallon of gas or paying more at a restaurant, right? this is a crew out there, that is very wealthy and not as price -sensitive as the average consumer. >> you're right, but we do have the day people come for the day, or more an event or two or three, four hours and these people still want to have innovations and a mental escape because i think that the world had enough for the past few years and it will be the first summer the post-covid-19 restrictions. >> that is a great point and something people are willing to pay up for and been longing to be set free for real if you will great to see you wish you the best of the luck at your location in south hampton and we'll follow-up with you. coming up, wall street looking to recover from last week's sharp sell-off we're following all of the market moves, as

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jackie: taking a look at markets right now. the dow coming off an eight-week losing streak. the s&p, nasdaq coming off of seven weeks of losses. today's rally led by bank and energy stocks. obviously the market was clobbered last week. the dow is now up 638 points. we're seeing s&p with a gain of almost 2%. the nasdaq with a gain of 1.3%. for now, toss it over to charles payne. our time is up. charles: jackie, thank you very much the old finnergy trade is back. the markets starting week off in green after friday's inspirational reversal. was it the real deal? money betting on the dow side as hedge funds lost a bundle. they're betting retail investors will blink. at some point a bounce will stick but how do you avoid not being a sucker until then? as the world parading around davos, appears rest of us are tired of globalization.