here are the area codes. i thought that was a cell phone area code. don't forget to send in your friday feedback comments. hate mail, we want it all. send us your fan friday videos. time's up. neil is here. neil: you are open to hate mail? stuart: yes, send it in. neil: i'm old enough to remember there was just one in new york. it was 212. people went pass particular when they took away the 212. stuart: i didn't know you were that old, neil.

neil: congratulations on the jubilee. that's a good run. when people say she bravely held up. that's a pretty good gig, being the queen? stuart: itch never heard it described as a pretty good gig. but if you want to break away and be american, you can. neil: the nice homes, the real estate. i thought maybe now you are an america you look at that and say what was i so absorbed about. but that's not the case. stuart: do you have a show to do? neil: i'm fascinated about the jubilee and 75 years. i thought let me talk to stuart about this if and people saying all she had to put up with. but in a very nice van.

nice environment. stuart: you can't do what you want to do. you are stuck. you are a member of the royal family and your life is prescribed for you. neil: it's one of the onuses of being a tv anchor. enjoy your jubilee the next few days. i'm sure it will be a big day. the royalty. when you think of where it was and where it is now. it was on the brink after diana. but something about the queen. it came back. for those of you offended about my remarks about the queen, my producers told me to say that. the dow holding on to gains of 63 points. it's helping some of the news we getting out of companies. also mortgage rates coming down.

third week in a row we have seen that down from 5.35. it's up substantially from the 2.99. 2.99% about a year ago. the biden administration's plan to forgive $5.8 billion in student loan debts from caribbean colleges. it went bankrupt. it was essentially an online college. but a lot of borrowers who before the bankruptcy were stuck with these loans. the administration in one fell swoop forgiving them. people are going back and forth on whether they can do that.

let's go to hillary vaughn on capitol hill. reporter: this is the biggest loan forgiveness by the federal government ever. but some democrats want way more. it went to the caribbean colleges and the white house said they essentially got scammed. so they are forgiving their student loan date. 560,000 borrowers are benefiting $5.8 billion in total. the biden administration is not ruling out for loan forgiveness. more could be on the way. progressives are pushing to make this happen before the mid-term elections and some worry this could make high inflation worse. but some in the administration where not too worried about that.

>> the impact on inflation in the near term is likely to be quite small. because the president hasn't made a decision and we are not talking about a specific plan, i think the analysts suggest the impact will be pretty small. reporter: the president wants to forgive $10,000 in loan debt but those make understood $150,000 a year are eligible for this benefit. but the "wall street journal" it will not stop the policy from becoming another taxpayer funded subsidy. the means test would be useless because some 97% of borrowers would qualify for forgiveness.

and some say biden's dream of student loan forgiveness will come as a hefty cost, it will worsen inflation and increase the cost of higher education. a lot of people thinking about and planning to go to college doing so, forgiving this debt, they could make it more expensive for everyone else who wants to go to college down the road. neil: hillary vaughn, thank you very much. i was reading the editorial page 3-7b and i thought for -- for a second i thought it was the "wall street journal" it was a one-two punch especially the president himself acknowledging he was wrong on inflation. i want to share this quote with you. it's clearly unwise of president

biden to brush off rising inflation for so long then try to blame greedy corporations for the problem. mountains don't have nearly as much control over the economy as people think, but biden should have stepped up and addressed inflation sooner than he and his team did. peter zeusy is with us right now. -- peter doocy is with us at the white house. peter: yesterday in the briefing room, katherine jean-pierre had as sufficient a day as i had seen in the briefing room for her or jen psaki. we found pout private payroll be only added 120,000 jobs.

but the white house is spinning is with this quote from the president. today we received more data that despite the global challenges, america is on the move. americans relying on unemployment is down 93%. no mention of rapidly rising prices. when are you going to admit you were wrong about inflation? >> no easy questions today. >> the treasury secretary said she was wrong. >> jamie dimon warning of a major recession. >> the president's economic plan as we see it is working. peter: . if we have jamie dimon he has a

warn being a major recession. >> it's a hurricane. right now it's kind of sunny, things are doing fine. people think the fed can handle this. the hurricane is down the road coming our way. we just don't know if it's a minor one or superstorm sandy. you need to brace yourself. peter: he said there is no flip he can switch to bring down the prices except maybe with prescription drugs. neil: when we were getting evidence much this early on would have been the time to flip a switch. let me me as young as piecer ducey. i find it so incredible when

they talk about editorials berating the president coming out of the left-wing newspapers. doug, it's always great having you on. in this "washington post" edtowardial, it made this final damning comment. in hindsight the president's rescue package in 2021 was too large. he can't correct that now, but he needs to make good choices. in the short term that means reducing or eliminating some of the tariffs president trump put in place and speeding up legal immigration to get workers into the economy. going back to that rescue package. easy to play monday morning quarterback. but saying that started the inflation ball rolling. what do you think of that? >> i think that's exactly right. and there are good reasons to

think that. even at the time, i, for example, testified in the senate on that bill and urged them not to pass it because we knew the economy was growing at 6.5%. there was no need for the stimulus. so it was going to generate a problem of one sort or another. larry summers was saying this is going to cause a problem. they knew, they were warned, and they did it and they denied its could be industry biewtion to inflation and said it would go away and it didn't. they have a real inflation problem and this white house has nothing it can really do. certainly the tariffs will provide one-time relief. adding more workers is a

double-edged sword. but those workers tend to eat and drive cars so they will go to the grocery store and the gas station. they add demand to the economy and the excessive demand is the problem. neil: when you look at what they were juggling when they first came to the white house on the notion that someone, but that could have said we are going to spark the economy with the stimulus package. we might get an upward tick in prices, but smog like we finally saw. but they said better to err on the side of goosing the economy and higher prices. >> there had to be a point where

the number was too big. when you get to $2 trillion that's a big number and you are erring on the side of being too big. i think that was fair at the time. there have been a lot of excuses where people concentrated their purchase on goods because they couldn't have services. that happened in may 2020. anybody look at the data could have seen it was going to put pressure on supply chains. they could have said people aren't going to spend the money, there won't be much stimulus. the reason they were going to spend the money is it would be effective against the covid-19 pandemic and it meant the vaccines were work. they can't have it both ways. the issue for them now is they

have put the federal reserve in a terrible position. because they have no good choices. they can move slowly, not too much and americans have to live with this inflation, an inflation tax that hits everyone, or they can move aggressively and slow down the housing market and slow down the maybe market and slow count factories of america. neither is a great choice. the white house is trying to pretend they can have the rapid housing market and labor market and can't have inflation. neil: it's not a dual proposition here. to his point, the vice chair of the federal reserve echoed the idea it's up to the fed and it will do whatever it can do to

deal with inflation. that's how she put it. we'll do what it takes to bring down inflation. it's hard to see a case for a pause in september. district presidents talked about maybe after half-point highs and again in august they would cool it for a little while and pass on hike in september. she is saying as the number 2 in the fed, that does not look likely. one development on the inflation front is what saudi arabia is committed to doing. the saudis indicated they will make up that difference and that will be a substantial difference. oil prices had been sliding until we got word that oil inventories are wide and being sped up and grabbed down by demand. but all of this on the heels

with the saudi so-called concession or willingness to beef up supplies to make up for russian oil. that comes with the talk that president biden is going to visit saudi arabia. remember when they said they weren't taking his calls when he was running for president and apparently hard times changes all that.

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neil: the saudis are helping us out -- helping themselves out in a pinch. they are led by russia on how they are address these supplies. kelly? reporter: this news is pushing the price of crude down a little bit. it's offering a glimmer of hope to people dealing with high prices day after day. opec will increase their supply

50% in march. this comes as the news the eu will cut off russian oil by 90% by the end of this year. while the markets are breathing a sigh of relief, given the total supply it doesn't increase with the ban on russian oil. the prices are continuing to rise at a nightmarish level just in time for summer. gas buddy is predict we could pass $5 by mid-june. leading the way. california is suffering most. but many stations in the state are higher. there is one in los angeles that's accused of price gouge.

imagine filling up a 14-gal tank. i did yesterday, it was $96. >> rather than investing for a business or putting it towards school or education is wasted on gas. >> with the prices of gates' hard to get around and a lot of people can't afford it. >> the white house says don't expect relief anytime soon. president biden telling reporters there is little he can do to decrease the price of gas or food in the near term. neil: is that diesel the 7.17 a gallon? reporter: it is diesel. neil: this is wild.

how high do you think we go with all of this, daniel, now that the saudis promised, we'll boost production and make up for russian oil. the devil is in the details. but could that all be too late? >> i think it's way too late at this point. it's interesting, your previous segment you talked about how increasing prices are coming. why are we turn together saudis and the opec plus. it's like we are living in the 70s again, not must rampant crime and inflation and a general sort of sadness across the country. but we are looking to opec to come to our aid. if we want to increase the supply of oil, why are we not doing everything possible as a country to produce more here. you have people like deb holland

take land offline. you have the energy regulatory commission penalizing pipelines. it's marveling to see this white house look externally for relief when we have the tools necessary within our own borders to fix this problem. neil: that's a good point, the white house was commending what the saudis are doing. we were eclipsing the saudis as oil producers worldwide, now we are begging them to help us out. it is weird. >> it is. and it's devastating. to have all the necessary tools here at how many. and we have an industry that wants to produce more.

the industry would rather make its profits on -- on volume, rather than price point. they were producing the at $92 a barrel. they don't want to be in this situation. the energy companies just keep getting hauled before congress and yelled at for mythological things like price gouge and corporate greed. if government won't work with us, how are we always the bad guy. for years we have been talking about this and see see this iceberg ahead of us. rather than steer the ship in a different direction, we are heading towards it. neil: if this keeps going on, they are hurt, too, and they are

getting concerned. this isn't all about being friendly to us and western nations. it's their own hide they are looking at. >> absolutely. for countries like saudi where oil is 70, 80, 90 percent of their economic portfolio, it's critical that they take these steps. they don't have a diversified economy like we do. your comment about diesel prices. look what runs on diesel. trucks and trains shipping our goods across country. all our farm equipment. we are planting and i are getting wehat and we'll soon be harvesting. food prices will be catastrophic because of fertilizer and nitrate and phosphates. our agriculture runs on fossil fuels.

there is joe biden saying i can't flip a switch. devastating. neil: we are getting word that the president will be delivering remarks to the nation tonight, a primetime address. a look at mass shootings and the need for congress to pass laws on what the white house is calling the epidemic of gun violence. and what they are dealing with and debating legislation in the house. another crazy day? of course—you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both.

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some members of congress are trying to come up with gun reform packages of their own. reporter: a mark-up hearing on a massive gun reform package. some sparring going on between democrats and republicans on whether this package infringes on second amendment right. things got heated when representative jones said this. >> if the filibuster obstructs us, we'll abolish it. if the supreme court objects, we'll expands it, and we'll not rest until we have taken weapons of war out of circulation in our communities. we'll do whatever it takes to end gun violence. >> now we know where they want to go, they just said it. end the filibuster, expand the court, forget the constitution.

they criticize the nra, they call republicans names. let's be honest, they told us whatter? going to do, their beef is with the second amendment. reporter: sit could clue raising the age to buy acceptee automatic weapons to 21. end the sale of bump stocks. ends access to ghost guns, and beef up the safe storage laws across the country. jim jordan claims democrats did not seek any input from republicans on this. because the legislation has no chance in the senate, this is really democrats appeal together primary voters ahead of the mid terms. but we have bipartisan negotiations happening on the

senate side centering our red flag laws and school safety. democrat senator chris murphy who is pushing for expanded background checks is trying to cenvceonseivrvesatatr ri lawitiz cits. clill tfeal dncludencdencncnc st w w ouratsococ wan demraportupuphaveharo tt pushe pshess f.rd not no get ghety gnene methinmethassed.d. yo haveavo foind cod ononround. congressman pat hanlon joins me now. first off you are getting word that the president is going to

address the nation tonight on gun issues. what do you want to hear out of him? >> i would like to hear some bipartisan ideas. him say together american people, we are going to work with republicans. we'll do not a democrat or republican thing, it will be an american thing. that would be refreshing but i doubt we'll see that because we have seen president biden taking left turn after left turn. neil: he could surprise us. republicans offered surprising compromises of their own. i don't know if you agree with some of your colleagues who are talking about tighter background checks and limiting the age to 21. >> let's talk about a few things. the last 50 years the amount of guns in civilian hands in the

united states has doubled. but the violent crime and crime rates have gone down. so there is not a direct correlation. what i would like to see, we are talking about this because of uvalde. i would like to see the two parties come together to make our children safer and there are common sense things we can do to achieve that goal. neil: making sure someone like the texas school shooter doesn't get his hands on a gun in the future. maybe extend that to anyone under 21. >> two points there. it's hard when i have somebody who is mentally ill and they haven't committed any crime, it's hard to expose them. neil: we don't know to your fine

point that some youthful indiscretions, we tend to let them pass to pop up on a permanent report because it will drag them for the rest of their lives. should we reconsider that and have areas of violence that occur. being the point where a gun seller could have access to when you are applying to get a gun? >> convicted felons aren't allowed to own firearms because they violated their social contract to an egregious degree. about 18-21-year-olds being allowed to own a firearm. the democrats said the age of consent is 18, but not for tobacco and firearms but they will still allow them to vote.

let's make the age of consent 21 and you can't vote until age 21 as well. there would be an exemption. anybody who is active duty military would have an exemption. neil: it looks like there is room for progress here. meanwhile the president now on this whole baby formula crisis. he said he was informed of this quite late in the game. is that true?

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neil: following the whole baby formula crisis. lydia hu joins with us the latest on where this back and forth stands. reporter: there is apparently a discrepancy about what the president understood and what the white house at large understood with respect to a formula short average. some data we are getting in the past hour. we are understanding the formula outages have reached 74% across the country. 74% is out of stock. georgia more than 94% of formula out of stock there. at this meeting yesterday the white house was saying it has been working on the formula crisis since february. but the president is saying he didn't know there was a shortage until april.

that's two months after the abbott plants closed. and shortages in april were already at 30 to 40 percent for the month. >> i don't think anybody anticipated the shutdown of one facility in the abbott facility. once we learned of the extent of it and how broad it was we kicked everything into gear. reporter: formula manufacturers said yesterday they warned retailers back in february of shortages after the facility of abbott's was closed and the recall was announced. >> from the moment the recall was announced. we reached out to retail partners like target and walt mart. we knew from the beginning this

would be a serious event. the admission that the agency acted to slowly. and america waits for a return of the supply of baby formula. the white house launched a website explaining the actions it has take. abbott said it plans to reopen its michigan plant this week but the president says it will stake two months before formula supply -- it will take two months before formula supplies are back to normal. normal. neil: there could be bad news on the job front here. and the notion that factory orders, about 3/10 percent gain.

and the fact that oil prices are relatively stable until we got news that the energy stock piles were being drained faster than we thought. but it means the federal reserve isn't as aggressively inclined to hike rates. september is dicey. you just don't know. but it's done little to change the equation. and we are on the queens jubilee. think of where the markets were when she took over. they were around 100. right now it's around 33,000. it's a big day. a big moment. it will be a big weekend.

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neil: we have a rally going on on wall and broad.

susan li has been all over this, updating us. >> i think it was surprising for always wall street when a $2 trillion tech giant said it will make less money than expected under conservative guidance. they say they will make 2 to 5 percent less sales in the spring because of the dollar. on ukraine the stock market sell-off with investors running to the safety of the u.s. dollar and higher interest rates an is paid the. that means we have a a strong dollar and the euro and yen will look less when translated back

to u.s. currency. you heard microsoft warning about the effect on their bottom line. they overshadowed the departure of meta's number two, cheryl sandsberg. she said when i took this job in 2008, she said she hoped to be in the job five years. she built one of the most successful advertising giants is indisputable. today the number is $100 billion in sales. that's something that smashing zuckerberg acknowledged

that-cheryl. so the ad business has been a huge money maker. but it also created controversy when it comes to misinformation, privacy, and data scraping. the new york times reported that sandsberg only called zuck this last weekend to resign. these are usually planned months in advance. neil: that is a little weird. jarrod, did sandberg quit or was she pushed. >> the abruptness of her departure seems to me there were other forces going on. on paper she looks pretty good. and i think now before as the

heat builts on facebook or meta. obviously it's if things go left she'll be brought in. maybe it was a bit of a push. neil: microsoft notwithstanding the indianapolis back came well off its low into bear market territory. the gain today in technology, maybe people are reassessing it. or are we getting sucked into something that's still bad? >> i think it's dangerous to say the sell-off is overkill. the index doesn't tell the whole story. you have to look at individual stories. no longer are we -- given the analogy, it's got a dot com

attached to it. you look at mechanics, the story, the valuation, what the insiders are doing. i think investors are starting to look back at some of these companies that have come off 40%, 50%. the question is, does this consumer -- the consumer is still doing okay. the labor market is still tight. as the labor market ease up and consumers don't have the free money to throw around, is that growth there? there are two forces. the key here, the companies that automate, and cloud companies, i think those as a whole generally will continue to thrive. those are the companies replacing those folks who don't want to go to work. there is more to the story, neil.

i would be careful bottom fishing. neil: what they are saying at jpmorgan chase is a good example. you have jamie dimon talking about a pending storm coming and their chief quantity guy talking about the opportunity to look at the markets turning around by the end of the year. all these losses we have seen will be made up for and end the year in positive territory. that's the chief quantitative analyst there. two different reads from the same firm. confusing. (vo) while you may not be closing on a business deal while taking your mother and daughter on a once-in-a-lifetime adventure —

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neil: i don't know if the beatles were talking about rising gas prices but someone needs help right now and some of it is coming in the face of news out of the saudis that they are going to beef up production to make up for lost oil, it is the fear that prices go higher. >> the president admitted he does not have an immediate fix to bring gas prices down, gas

prices have been at or setting a record every day since may 10th and if the administration releasing oil from the strategic petroleum reserve continuing now, has not offset rising gas prices and asking opec to increase production until saudi arabia resisted for that until today, 200 barrels a day. and welcomed the decision adding this announcement accelerates the end of the current quarter arrangement, july of last year with the monthly production increased. and leaning toward a visit, who he shunned as a killer. many experts have made comparisons the carter administration trying to appease saudi arabia. republicans say this makes president biden look weak. >> look how sad it is we are

looking to saudi arabia to bail us out of high energy prices. during the previous administration. >> the long-term fix to spend more money according to the administration. the argument is bringing cost down in some areas in childcare and bringing cost down in some areas we can all handle it. neil: grady trimble in chicago on the backdrop, gas is high and getting higher. >> you would think more oil supply on the market would bring down oil prices today and that is what happened when the announcement came from opec plus but they turned around and higher once again. part of the reason could be

because analysts don't seem to believe the opec plus producers, as much as they agreed to in july and august. before they react, some sort of selloff in the oil prices in the oil markets. saudi arabia could offset those opec plus producers including russia who might not be able to meet those targets but nothing definitive. you mentioned a backdrop, those record high gas prices, i want to show you this map, there are a total of twee 8 states seeing an average of $5 a gallon or more, california is the highest, a lot of west coast states have high prices. arizona joined the list and illinois earlier in the week. the average across the country is $4.71, it is going to keep

climbing by all accounts as we head into the busy summer travel season. we were paying $1.65 less a year ago. $0.57 a month ago and in chicago over the last couple days, we've seen the price behind me climb $0.30 in just two days. the pain at the pump continues. lauren: it is not easing up to your point. gerri willis on everyone feeling the pinch even folks you would think would not be. j mac >> reporter: here's a shocker. fully a third of americans earning $250,000 a year are living paycheck to paycheck. the top 5%. only a fraction of these earners reported difficulties covering their monthly expenses. the sad reality is everybody in this group is devoting all their salaries to expenses with little to nothing left over.

>> all the things that are affecting everybody, it is everyday cost of gas and housing. all of these things build up, everybody having to make choices no matter how much you are earning. >> reporter: that inflation may throw it into recession. jpmorgan chase ceo jamie nyman morning the economy facing major headwinds. a hurricane advising investors to brace themselves. already families endured major -- the loss of wealth, the nasdaq into a bear market. they delay their requirement, so as an investor you have to

be patient. >> a lot of volatility left in the market this year. over the last tightening cycle the fed did, every time the fed raised rates the market reacted negatively. there is no such thing as stable markets. >> reporter: market pro-plaps recommend a lot of strategy. the bull market, use a balance strategy, stocks and bonds. dividend payers, we heard it all before and now is the time. neil: perspective from a bull and a bear, consolation research ceo luke lloyd and investment strategists, when you were warning about the markets, you were among a select few who didn't want to join the party.

now the majority, you don't stand out anymore. simply a contrarian. >> it doesn't yet. and jamie nyman said it perfectly, the weather is changing, no longer 80 ° and sunny, clouds are coming in and it is getting dark out there. the economic hurricane is coming, no doubt about that but it is all about how long the hurricane stays and how destructive the hurricane is. consumer confidence and savings rates are back to 2008-i levels because of inflation. business confidence because margins are getting compressed. if you want to gauge how bad this hurricane will get you need to pay attention to jobs, job openings just dropped by 450,000 in april. the next few months you will see more job openings close up quickly along with layoffs. the thunder is rolling in. the good news is the market is discounted quickly session --

recession and click hurricane. we have some cushions but not fully discounted, long and deep recession we are heading into. neil: what do you think of that? >> look is right on the fundamentals but i look at it differently. we are at the bottom in terms of these markets. when you think in terms of job numbers, 11 million jobs open, looking for jobs, the jobs at that point, everyone coming back from davo's who psyched themselves into a recession. almost ridiculous to watch. everyone psyched themselves into a recession and all thinking it will go back but the numbers are good. we will see a number of companies using the forecast, that will cause some to start drop and the fundamentals for so many tech companies are really good. it has never been lower, they bring 20% to 30%, an amazing

quarter, able to show what they are able to do. microsoft with guidance today, just setting expectations in the market and when you understand that. neil: you don't think microsoft -- >> they are playing the game in terms of expectations so i really think what they are doing is they will exceed them in the next quarter. cloud markets doing well. they are in the meta-verse gaining markets, software side of the house, annual subscription doesn't end. you won't cut off your subscription to office. that not going to happen. business-to-business enterprise stocks doing well. cycle doing inflation side. >> pretty much your fault.

if you are right on the market heading south and a lot more to go, what are you seeing? >> a lot of people taking cues from market pros and hedge funds. we are taking cues from small business owners that are the backbone of the economy and what they have been telling us is productivity is falling in the cost of hiring employees is increasing. this is going to take a couple years to play out. don't think it is going to crash -- is going to take a couple years for this to play out. we pump trillions of dollars into the economy, supply chain issues, these things don't get figured out in a 3 month or 6 month period. takes a couple years to figure out. 3700 on the s&p is where we find the bottom. we topped our bottomed out 3900. we will retest the lows and go lower but i don't think we will drop more than 3500 to 3700.

of 37% decrease. neil: from the top, almost cut in half. >> wouldn't be cut in half, it is 30%. neil: you said 30% from here? >> 3700 on the s&p's where we are working. neil: what were you saying? >> probably 3900 but small businesses are facing this because we have a self-inflicted crisis. inflation, drive down energy prices, interest rates cut spending, inventory, we will get china to open up. people are anticipating picking up demand and the infection is down and it will resolve by the end of the year but these are self-inflicted things we can get out of with real leadership. lauren: the a lot depends on

the federal reserve. we are hearing from the federal reserve bank of cleveland, saying the risk of recession has risen but a good pace can be made that a sharp slowdown can be avoided. >> they have been so wrong this past year, they are looking for somebody else, that somebody is the stock market, the stock market front run the federal reserve, that is why rates are up and stocks are down. the fed has barely done anything. 75 basis points and started offloading their balance sheets. if you haven't done anything, dropped 20% on the s&p and the nasdaq, is the federal reserve going to follow through what they are saying with hiking interest rates.

or the past decade and try to prop the stock market. the soft landing is turbulent. neil: we are seeing it in the crypto arena. a number of lawsuits building because people last a lot of money. is that a preview of coming attractions and does that worry you? the hot money during the hot crowd, up today but not as hot as it was. >> a number of areas where regulations come into place, where you regulate or what you regulates, interesting lawsuit, 401(k) provider, to choose winners and losers by saying even if you guardrail 5% with

digital assets you can't invest in an asset class but rules and regulations set up that way. in the crypto market, the highflying assets have fallen pretty fast, people trying to find the way but directions of lawsuits on both ends. neil: you are talking about the income security act, for the government to police what happens in 401(k)s and that too risky. if that takes hold can we have people filing lawsuits, with what they lasting crypto or their stock funds. >> it is pretty ugly.

when it comes to crypto. they are showing a lot of signs similar to the dot.com bubble, history priest itself in different ways, you have a bunch of froth. high-growth stocks in general, that is an example of froth in the market. that is come out from the equity side but crypto has a lot more to go. crypto came to light with quantitative easing to throw money at the wall, with the cycle the crypto has never been throw, crypto has a lot farther to go. i've been around bitcoin. neil: you can take your pics on that.

we should also let you know we are looking at oil where these markets go. kind of all over the map, down originally on the saudi looking to make up for oil loss. it drew down stockpiles of oil in the latest week, more than we thought. demand globally falling or not. more after this. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates

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neil: don't know if this announced to a business war going on, out of china next year with a lot of the oversight they get. it is better to leave china or business behind. what do you make of this? >> this is interesting. a 65% share on the reader market. the readers have a declining

share of the e-book market as they come in but you think amazon would have saved because of its dominant position but this is part of what you are saying good, what is really stunning is apple is moving ipad production from china to vietnam. apple is thought to have a supply chain hardest to move. neil: i wondered about the boomerang, that is an important market that make stuff and sells stuff, we go to vietnam. >> part of it is the issue of supply chain resilience. it is not a secure place to

manufacture for a number of reasons and not only the tensions we see in washington but pushing out foreign companies. that's the general story, push and pull and that means the us is disengaging from china. neil: it is weird how similar, they don't do their bidding, china the latest to say the us better stop trade talks with taiwan, these weapons sales the west is making to ukraine are going to be regrettable events but almost like they are dealing with the threat policy. is it working? >> it did work with regard to ukraine, it did intimidate biden and the west and the result is deterrence.

biden took military off the table and putin invaded and china sees this so china is making threats of its own and they are both making threats to use their nuclear arsenals with offense of capability, not as deterrence and north korea jumped on that as well so bad guys thinking the west is incapable and can do what they want so this is a dangerous time. neil: is dangerous, sanctioning russia is one thing. a larger economic power, the chinese are more beholden to the west, getting business relationships going so maybe they might not be as provocative when it comes to taiwan. maybe there bark is worse than the bite. what do you think? >> we have got to remember xi

jinping doesn't care about economics, they are manifestly disastrous when it comes to the economy. the chinese view it differently, it is very different. neil: i want to get your thoughts on this, we indicated to president biden that an attack on taiwan, styled back, it is more to this and let on, sending mixed signals to the chinese on this. they invade taiwan, do they think we would respond? forget whether it would happen, what they think we would respond? >> i think they believe the we will but they are not sure

because their propaganda was consistent from the fall of afghanistan the us is incapable of confronting china and that propaganda line is incorrect, nonetheless the china -- misperceived intentions. we don't know our own intentions. we said we wouldn't defend kuwait, we defended both of them. i'm not sure we would know what we would do. neil: there is that. thank you very much, good seeing you. we told you how the administration is finalizing loan forgiveness for students and graduates, went bankrupt in 2015, 560,000 of them, the administration saying you took out a loan to go to this institution and everything is forgiven, $5.8 billion.

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neil: it was leica tree falling in the woods. of $5.8 billion in student loan debt for 560,000 borrowers for corinthian colleges, they went bankrupt in 2015 or thereabouts. a lot of people say we are on the hook for school that is no longer in business so all forgiven but is this a preview to college forgiveness? making college pay. good to have you.

what do you think for corinthian college loan forgiveness and whether it portends a much wider forgiveness program? >> what we know is the administration is taking smaller steps to chip away at that $1.6 trillion outstanding debt so this is on the heels of making adjustments to existing safety nets that should have gone as previously did and now this program, making them come to corinthian where they may have misrepresented what was they are paying for. this is a case of students feeling they were fraud by the institution. most people agree they should not be on the hook when that occurs at the question is what comes next. the white house is putting out rumors we may have a universal

$10,000 cancellation event which is a different scale than what we are talking about today. neil: if you for gave $10,000 student loan debt, it is a different case, how much would that be and it is -- is a true the administration is saying we will pile this? >> estimates are this will cost $230 billion, the scary thing is we don't know how much it is going to cost, because the department information has not been transparent, what they expect people to repay on their student loans but that is the number, a huge number and very concerning if we have a precedent, wiping away huge swaths of student debt, we end up having hugely regressive programs and what i am worried

about is for future borrowers, after seeing a cancellation like this i would be encouraging them more than they would have otherwise. neil: thank you, the administration said no such plans are in the works for loan forgiveness but a lot of people say what happened is a steppingstone to that, we will have to see. charlie gasparino is looking at their options, every one but the president seems to be saying something they mr. . charles: he is saying it too. it is a matter of importance and we understand they are putting together a new message

team that ironically or interestingly deemphasizes janet yellen and brings other players to the forefront telling them how to deal with inflation, raging at 8%, eating away at wages, that means the same tax increase on middle-class and working-class americans and why the approval ratings are so poor. here's what we hear inside the white house, this message central on inflation how to deal with it and plan to deal with it and how to sort of souvenir of his about why it is going to take so long. the head of the national economic council, very important policy post, economic policy post in the administration is a key player here. sources told the fox business network, had a very heavy hand. the op-ed in the journal but biden penned with his byline on

it. people say he was the main wordsmith on it. we should point out the white house had no comment on that. we had calls early in the morning but they haven't responded. the other key economic player is jean raimondo, someone who has been in the background but you see more of her going forward. she is apparently on top of the list as someone who might replace janet yellen if she should step down and yellen recently apologized for missing the inflation boat so that may be assigned that after the midterm she will step down and one of the people we hear could fill that role is jean raimondo who is part of that team as well from what we hear inside the biden white house. this is, they are a little late in the game, better late than

never. a lot of this is messaging, not a lot of policy changes. the policies that forced big oil to cutback, reduce its carbon footprint, that made us largely subservient on foreign oil, and the regulatory issues that led to supply chain issues and lack of supply in the face of growing demand for goods, this was led by brian dietz, former blackrock executive with the esg push. it is interesting. we will see the coverage it gets but that is where we are. neil: we talked about the president is reluctant to say i botched it, that is why she could be on her way out if that is the case but you talk about

his column in the wall street journal but even when it came to this infant formula thing he said i became aware of this late in the game because my people got it to me very late. there is a pattern to this, whether you accept that or not, that he is not going to take the blame, not that he should take the blame for all of this but for any of this. charles: presidents are reluctant to take blame. this is a very haphazard administration. you talk about what went on in the trump years all you want, the president's twitter feed and some of the things he articulated was one thing, the place ran pretty sharply. you had smart people that took charge, they had a game plan, everybody from steve mnuchin to robert kudlow to william barr, the president might have been

freelancing but policy got done verbally, policy got done seamlessly, that is not the case here. we have a president that doesn't know how to manage very well in the people around him are apparently not good managers either. this is not like -- way out on a limb. neil: to your point the administrative matters, different chiefs and indians, we watch it closely, charlie gasparino. none of this a concern across the ocean in britain, celebrating the queen's platinum jubilee, 70 years as queen of england, four days of celebrations, we are on it next. for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset...

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neil: looking live at buckingham palace, 70 years ago this week queen elizabeth became the queen, 70 years. no monarch has served longer. i think i said when the dow was when she took over, i was off, it was 206, the dow is north of 33,000, she is met, visited 14 presidents, 14 or 15 prime ministers, celebrating her 70th celebration of her time in power, the platinum jubilee. it is a four day party kicking off today.

greg powellcaught is saving us a dime. >> reporter: lovely weather. behind those trees is buckingham palace. we saw the queen twice on the balcony of that place. the pubs are open two hours later so there might be extra time for something to happen. let's get to things at hand. we saw a military parade, a belated birthday parade for the queen, she turned 96 and april but most importantly is in the glorious kickoff to the long weekend, 7 decades on the phone, the longest of any british monarch. carriage rides for royal family members young adult, the high point, the queen appearing on that balcony including core members of the royal family and kids like the cute little

prince louis taking a flyover by the royal air force, the queen had health issues in the past 6 or 8 months or so but she looked awesome, walked out with an elegant royal walking stick and some folks waiting in the wings in the royal family. their son prince charles and grandson prince william. tens of thousands were here, walking around as of now, she has a poll rating most politicians would sell their soul far for and did not seem to mind a few no-shows as technically they are not now working royals. prince harry and megan will be involved in the next four days but are still part of the family. as we know somewhat disgraced prince andrew but buckingham palace had a good excuse today,

he apparently has covid 19. we could get one more view of the queen tonight. she will be symbolically helping to light the royal beacon and there will be beacons and torches and bonfires all over the country tonight and this is day one. we have a big church service at st. paul, we have a concert at buckingham palace, rod stewart will be running a pool on what song he will sing and sunday there will be a big pageant, a lot of stuff, well loved majesty the queen elizabeth the second. neil: don't frequent those clubs too much. we need you to keep delivering stellar reports. thank you very much. the celebration is on. that is a remarkable, several years in power, look at all the history she has seen and don't get me started on the nasdaq

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>> wait a minute. wait a minute, doc doc, are you telling me that you built a time machine out of a delorean? >> the way i see it, if you are going to build a time machine into a car, why not do it with

some style? neil: what a classic. delorean itself, the company that manufactured the car featured in the iconic movie will be coming up with an electric vehicle at a new car show in august. i think it still has the flip up doors. i think that is beyond cool. they all have that, the tesla vehicles and suvs have those, what are those called when they flip up like that? what are they? >> gullwing this. neil: gullwing doors. that came from my floor director. it is so cool. here we are, where we are going. electric vehicles are the rage but the idea we could go from 4% to 5% electric vehicles and have the whole world might be a leap at least in my eyes looking at the math but want to get the read on this from the former top uber executive,

senior vp. looking at the draw of these vehicles and knowing uber features a line of electric vehicles in response to higher gas prices. it is changing a lot of our behavior, isn't it? >> it certainly is. anything that has gas or diesel as an input is going to go up in price or has gone up in price and therefore makes alternatives more attractive. electric vehicles are an example of that. neil: there are surcharges drivers could pass along higher gas costs and passengers pick up that. do you know before you were going that they were going to say if we go all electric this will be less of a hassle? >> the problem is electric cars are still more expensive pound for pound than vehicles that

use a combustible engine and so you can do that but the cost of the vehicle and the wear and tear is higher so there is a balance there. i do know that years ago the most common car on the platform was a toyota previous, it had a hybrid, that was economical and live in both time frames. neil: i am ignorant of the technology, thought that was the way to go because that got over 55 miles a gallon. leaving that aside, we have this push for all electric all the time, it would have to come down, the vehicles themselves, a lot more, no matter how you crunch the numbers and i don't see that happening anytime soon nor do i see this pell-mell push to get all-americans into these vehicles. so when i hear the car companies talk about being fully electric in the years to come do you think that is doable in this environment?

>> not unless it is over 10 or 20 year timeframe. the components that are expensive about an electric car are the battery and those are rare metals that are in them. as more companies build cars with batteries the price of those commodities will go up too so it is not clear where the cost curve is. less governments want to subsidize and purchase electric vehicles it will take a decade or two for more than half the cars on the road to be electric in my view. neil: i am wondering about the charging time nevermind that now a lot of these vehicles can go quite far on a single charge, 300 miles, increasingly getting to be the minimum. tesla, 500 miles, that will be the game changer when they get to these levels routinely on the charging time doesn't take so long. with you see that going? >> the supercharging time,

technology being innovated now so i think you will get faster charging times. there is also the notion of us laughable battery. of the auto maker ariz this is a standard battery, instead of rolling into a gas station you go to a battery swap place, just like it was of gas today. neil: they come up with that and make it easier you are off to the races. looking back at over, your experience, a lot of companies underwrite workers, uber cost to get to and from work, where subway riding is a dicey thing, i am wondering if uber executives are fearing the end of that, that things will return to normal at all of a sudden what was at the wind at the back of uber are no longer

that way? >> public transportation coming back is good because i don't think it will affect uber that much. the reason most public transportation hasn't been used lately is safety reasons but people are working from home. of people go back to work, it means we will normalize the work patterns that have been abnormal the last two years. we 20 we will watch it closely. good read of these technology trends and shifts in society. at bit of a shift where we were selling out 200 points, technology looking strong today so we started a new month on a bad note yesterday and see if we can keep it going today, stay with us.

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neil: got an email, i'm going to get off and go to charles. charles: i was wondering if you are getting my emails. good afternoon. i'm charles payne and this is making the money. we are climbing off of lows, quietly improving. they are not going to ring a bell when we get to the bottom. long-term portfolio, when experts say it sells but history says you should be buying low and america's small businesses, 250,000 jobs this