world. come on in, ash, what do you think? ashley: a whale isn't a fish. i will go with the whale shark. stuart: you're right. whale shark is the answer. on average measure between 18 and 33 feet long. the largest whale shark on record, 66 feet. you're right, a blue whale is not a fish. send it to us. "varney & company." i'm run over into neal's time. very sorry, neil, it is yours. neil: thank you very much. corner of wall and broad, pretty much digesting the news out of target right now that it sees some weakness ahead. that they have the wrong kind of inventory that would not be the first retailer with that dilemma. we'll explore that a little more. this is big primary ray day.

away, mississippi, montana, new jersey, new mexico, california having big races today to decide set the table for november. claudia cowan in california with the latest what is at stake there. claudia. reporter: neil, good afternoon to you. that's right it is primary day in california. it is judgment day for chesa boudin, san francisco embattled district attorney faces a recall. he cast his ballot at city hall yesterday. he says he is confident he will hang on to his job. >> i'm feeling energized, optimistic. we're seeing a massive surge of support as we go into election day. reporter: since being elected 2 1/2 years ago boudin advanced a progressive agenda reducing mass incarceration ending cash bail, and mental health treatment over locking people up. critics argue many of those he helped release committed more

crimes. the city has seen a surge in open-air drug dealing, overdose deaths and brazen theft. boudin, a former public defender says the recall is an effort by wealthy republicans opposed to his criminal justice reforms but polls show san francisco voters overwhelmingly democrats, want him out. homelessness, public safety are the defining issues in the mayor's race in los angeles. congresswoman karen bass is the more progressive candidate with endorsements from "the l.a. times" and labor unions. polls show her in a virtual dead heat with billionaire developer rick caruso, a republican turned democrat who says he is the best hope for the country's second largest city. after soundly defeating a recall last year, governor gavin newsom is facing two dozen mostly unknown challengers running for the chance to stop him from winning a second term. voters will choose the runoff candidates for u.s. senate and state attorney general. with no big names or

controversial propositions to get people really fired up, voter turn out is expected to be low even though every registered voter in california got a mail-in ballot a final note, neil, about the recall here, if chesa boudin is recalled, the mayor will appoint a new district attorney to serve out the remainder of his term. a lot of eyes on this one. back to you. neil: thank you very, very much, claudia cowan following developments in san francisco. again california among seven states today holding crucial primaries that will come the closest yet to setting the stage for where we are in november in the actual midterm election day voting. a key theme across all of these states, one thing they have in common what is on voters minds, rising prices, certainly chief among them, including what is happening at the gas pump right now. for the 11th straight day hitting another record. jeff flock has more from philadelphia. hey, jeff? reporter: getting pretty ugly out here, neil. 5.35 behind me here in

philadelphia, but as you report 4.91 is the national average headed towards five dollars. up five cents overnight. 25 cents plus in the last week. 60 cents in the last month. remember this time a year ago, we were at $3 a gallon roughly. what we would take for that right now. 13 states now have exceeded five dollars on average for a gallon of regular. in addition to the district of columbia, maine, massachusetts, new jersey, joined the club overnight. not pretty. all of it underpinned by the price of oil which remains high up around $119, up a little bit, down a little bit today, but still high. while it is that high, very little to do perhaps the administration says to bring prices down, we talked to andy lipow though who says he has some ideas. listen. >> the first they could have a tax holiday and suspend the 18 cents a gallon federal excise

tax on gasoline. second thing ease environmental regulations on type of gasoline that's sold. that would also enable an increase in supply if we sold a spring type formulation rather than the more expensive summer type gasoline formulation. reporter: if you think gasoline prices are high, well you haven't seen natural gas which yesterday hit a 14-year high. it was up almost 10% yesterday, neil. in the face of predictions of perhaps a hotter summer, more demand for electricity. and i leave you with this interesting statistic, at least it is interesting to me. you know here in the u.s., the futures for natural gas around $9, 9.30 or so at the moment n europe they are paying $26 a million british thermal units. yeah, $26. so a big chunk of our natural gas is now going over to europe to help them out as they try to

get off russian gas. tell you, whatever you're using to travel or heat yourself, cool yourself right now is going to cost you. neil: the more i look at what we're dealing with. i look what they're dealing with abroad could be heck of a lot worse. reporter: gas prices real high, $8 a gallon in europe, neil. not just us. neil: crazy stuff. thank you very much, my friend. meantime this is something you notice in restaurant service charge a lot of it was a post-covid thing, even during covid but it lingers on. it stays on actually expanding right now. bryan llenas has more in new york city. what is going on here? reporter: neil, good afternoon, menu items across the country are up 7%. on top of that more and more restaurants are now adding these service surcharges on top of everything to try to offset rising inflation costs and gas

prices. in fact if you look at numbers, about 36%. that is the increase of number of restaurants that have added fees since april of 2021 according to light speed a restaurant software company which also reports that fee revenue has nearly doubled over the last year. now the wholesale food costs for restaurants is up about 17 1/2% since last year, according to the npd group because of this record inflation. some of the extra service fees are now being passed down to customers. they're listed on checks in this way. non-cash adjustment, fuel surcharge, kitchen appreciation, wellness fee, inflation fee, covid-19 surcharge fee. romano's mack rohnry grill a national chain in 15 states. it doesn't mince words about their fee. bottom of menu, temporary 2-dollar fee will be added to offset macroeconomic pressures. restaurant fees are going to

offset increasing food differently costs from the gas prices, increased merchant fees from credit card companies. restaurants are paying employees more in this job market to incentivize good people to work. >> with the need to keep well-trained staff. one of the things that restaurant operators have talked about is if they're taking menu price increases they hate to do, they know it affects their guests, they know they have to have a food experience for the customer coming in the door. a good experience starts with a great stuff. reporter: good rule of thumb, when you go out to restaurant, plan on paying double of the menu price. there are rules against restaurants adding charge fees. you should look into your community, your city if you can complain about these charge fees. you know what? talk to the manager. sometimes they will get the fees, waive them for you. neil, especially if you're

neil cavuto. neil: absolutely right. or bryan llenas. a lot of them they're not on there, they're not detailed, just sort of added in there. you're right, you should look at it pretty closely you know? reporter: yeah, you should. it should be at the bottom of the menu. if it is not that gives most people basis to go to the menu, at least put it there so i know what is going on. neil: i say send the check to bryan llenas that generally works. we'll see what happens. thank you, my friend, great job as always, bryan llenas following that. a lot of restaurants are dealing with higher costs trying to pass them along. sometimes that is easier said than done. adam kovacs sonoma ceo. these are everyday realities to you, aren't they? >> exactly. everyday reality. we went from the pandemic which was devastating especially for the fitness industry. as we're trying to recover from it, business still being 30%

down as of today, now we're dealing with this inflation and, you know, cancellations. so it is just getting worse for small business owners. neil: are there any covid restrictions still in place, adam, at your facilities? in other words, that you have to honor either distancing or other or is it back to normal? >> as far as like back to normal, i don't know how long it will take to get back to normal. we still see, many, quite a fee, still being impacted, worried about driven by fear and individual worry. as far as we came back out of restrictions when they were all lifted just about like three months ago. until three months ago we were very restricted. as of today there are no more restrictions but, you know, locally, regionally here in the state there is still you know, a lot of news.

you can read a lot about it. there is still a lot of fear. there is one county in the bay area they actually brought back masking. so yeah, it is still around us. neil: what about mask requirements? you mentioned that one facility i guess but i'm wondering do patrons coming in, after covid a lot of them gained weight, got soft, want to get back in shape, all of that, what offsets the other? in other words, it might be more of a pain for a lot of people to get back out there but they want to get in good shape. i would think the latter would benefit you? >> yeah, you know the quarantine 15, whatever they called it, that is a real thing. you know, we definitely see people coming to the gym, some even masked. and but they have to. just like overall there, is it still, you know, quite a bit of worry out there about you know, this virus, any virus.

and the issue is now, more than ever, you know, we, as a country have become even unhealthier. so now it is even more important but, here we are, there business is 30% down. inflation, gas prices everything going on right now is not helping. when we start to save money, a gym cancellation of a gym membership is usually the first thing that people do. neil: yeah. it is not only your patrons who have to pay the higher prices, gas comes to mind but your workers. how do they deal with that? >> yeah. it is really, just like an impossible situation because you know, everyone individually is greatly impacted by this large inflation that we're dealing with but, what is often

forgotten is that the business owners, small business owners, are also dealing with the same. it is very difficult for many small business owners to pass on an offset certain costs. employees want to get more money. everyone tries to save money. so they're asking for discounts. and as i said, it is, we're kind of stuck, especially as a gym. it is very difficult to increase prices and, you know, then not everyone is willing to pay more. and then operating costs are just going through the roof. neil: hang in there, my friend. hang in there, my friend. that is one thing you can pitch for people that are health. better fitness. hopefully it will trump all other issues you're dealing with. adam kovachs sonoma fit founder.

a lot of focus on technology stocks particularly what is going on with twitter right now. some have the sense maybe elon musk is coming up with all sorts of ways to back away from this deal. now the twitter folks saying that is not the case. they think the deal is still on but is it? after this. ♪. (vo) while you may not be closing on a business deal while taking your mother and daughter on a once-in-a-lifetime adventure — your life is just as unique.

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neil: all right. twitter is convinced right now that elon musk is asking a lot of questions but he is still going to go through with the deal to take over the company. it is still open conjecture as to what the final price will be but they're still confident that despite his concerns whether twitter has been on the up and up releasing figures on size of its audience, users, all of that, that it goes through. tack to elon musk you don't get quite the same vibes. kelly o'grady in los angeles with more. kelly, where does this stand? reporter: i know you never know with elon musk, right. well in the most direct threat yet he is accusing twitter of covering update at that and reserving the right to terminate the agreement but as you said the company execs are pushing

back. they are indicating zero chance they will accept that, stating quote, twitter has and will continue to cooperatively share information. we believe this agreement is in the best interest of all shareholders. we intend to close the transaction and enforce the merger agreement at the agreed price and terms. musk waived the right to look under the hood before closing, so he is in a tight spot but most think he is seeking a discount? >> i think he would like to buy it at a lower price. by the way you can't disagree with that view because the reality is, all technology stocks have come down, most analysts are telling you that the valuation of twitter is much lower than the price that he offered at $54.20. reporter: in addition to twitter tesla stock is worth much less than when this began. he is overpaying but his assets are less than he professed fears of a recession. if musk walks he face as messy court battle. with transaction lawyers, elon

has the way to avoid the fee if he can prove that he twitter misrepresented its user base to the sec. they are separate investigation into the bot company, likely a political move. this is headwinds that twitter is faces. 5% question, that is eroding twitter's credibility. the platform can't likely stand more pressure on the stock price right now. neil: it is nowhere near that original offer was, never was. thank you very, very much for all of that, kelly o'grady in los angeles. ray wang right now, constellation research ceo what he makes of this. ray, let me blunt here. do you think this deal goes through? >> i don't think the deal is going through at this price point. if you read the letter that was sent on behalf of elon musk to the twitter board it really looks like they're maneuvering to use this as a critical point either go, no-go. you have the bots, show us data. if won't show us data we have

cause we'll adjudicate that he will walk away from the deal. stock will continue to drop and pick it up for less. those are out comes he is gaming right now. neil: i'm wondering if a lot of this, these might be legitimate issues about how many users, the bots i get all of that, but the currency he was using for the deal to borrow against it or use it directly his tesla stock and that's fallen close top $80 billion in his own paper worth from those highs. i'm beginning to wonder if that's what's at play here? any way to get get out of this e can? >> i don't know if it is just pure buyer's remorse but you're right, twitter shares are down 35% since they made the offer. i think, agree with you. i think he is wondering if he is paying too much for it. is the financing against his stock in play as well. i think people will try to figure out if that is happening. so i think those are two factors happening there. is it better walk away, not pay

breakup fee, see what happens, adjudicate in court. be less billion dollars legal fees. they're running through the numbers. this is not a bad deal. we'll wait for the stock to drop some more, probably get it at a better price. definitely on the negotiation front makes sense. neil: he is world's richest man. he didn't get there being an idiot. between his comments about the awful feeling he has for the economy. reportedly putting off any idea of a spacex ipo for at least another three or four years, what's going on in on elon musk land? >> i don't know if i can forecast what is going on in his mind but the market conditions are pretty bad for an ipo. we see a couple ipos coming up. polestar is coming up in a few vehicles. weeks. spacex funding is going well as they're raising funds along the way towards the ipo. the secondary markets are pretty

hot for spacex still. you don't see that much after cut but they're waiting to get more missions under the belt and more contracts from the government as well. i think that is holding up on spacex side. what is interesting the overall markets. are we at the bottom? we're getting close. i do feel people think we're at the bottom so. neil: technology stocks would be your first hint ever that i guess. apple didn't fall as much as tesla or amazon but it obviously is very robust on its future plans, between the offerings in this latest, software incarnation to say nothing of hardware plans. those fancy, ramped up laptops won't come cheap but they're look at that something well-received i assume by consumers. is there optimism properly placed? what do you think? >> definitely so. if you see what apple is doing. the price points make sense.

you saw the mac book air, m-2 chip, brand new chip coming out. coming in 1099 for education and close to $1200, $1300 for folks starting out in the business world. so the pricing is actually really good. i think you see a lot of improvements with collaboration, helping people use their devices more effectively. that is io s.1 6 operating announcements. -- io s.1 6. if you don't like what you said you can reedit that. or do a lot of things that you couldn't do before. there is lot of collaboration capabilities move between different devices. broadcast, use iphone as a camera and use another monitor you can do that as well. there is a lot of interesting advancements. the m-2 chip was a big announcement. mac book, and new operating system for mack ios, is good as

well. neil: ray wang following all the developments for us. we're keeping an eye on what is going on at corner of wall and broad with the dow selling off. some technology stocks are well off their lows. a lot has to do with the 10-year note in and out of that 3%, now slightly under, last i looked. and what is happening on the oil front and the gas front. those three in particular, they're crucial. they will decide this market's fate, after this. ♪.

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the outrage. i'm old enough to remember the first time gasoline went to a dollar a gallon t was a big outrage across america because a lot of the pumps couldn't go over a dollar. they stopped at 99.99. how far we've come. now i think they can go to $10 a gallon or even higher. neil: you know i love it like myself, my extension my good friend phil flynn can recommend miss about the time gas was under a dollar a gallon. that was then. phil flynn, superstar now. you know, what i got a kick out of old hair stories. all you left out was the leisure suit, but one thing i do remember distinctly how a lot of gassizations were not prepared for that dollar a gallon thing. we got through that but it wreaked havoc on the economy and opec wasn't budging, at least in the first energy crisis. they later budged but it was too little too late and now i'm wondering if the difference is

that opec is getting worried too? because this is going to slow down the global economy. that means slow down opec too, right? >> i think it will but i am worried about the pumps now. i don't know if they can go over $10 a gallon. back then, they used to write a one there and reset it at 1.02. might have to do that at $10. i do think opec if they're smart, should be worried, neil. obviously a slowdown in the global economy or recession is going to kill opec. right now they're loving life, right? we're seeing the best profits saudi arabia has made in years. even russia, believe it or not, their income has gone through the roof with these high energy prices. you know, and in the u.s. has taken the brunt of it, i am seeing signs of good news, neil. we might not have to test that $10 a gallon just yet. we're seeing signs on the wholesale market it might be leveling off a little bit.

it might not hit that five dollar a gallon as quickly as people think. neil: what haas you say that? what are you noticing maybe others are missing? >> i think what we're seeing here the rbob futures are ahead of the wholesale price. there is no doubt that these prices can continue to go up but last couple days they have seen resistance to go higher. that could be because the futures market, it is starting to see the demand is moderating. that is very possible after the memorial day holiday. maybe people are now starting to pull back a little bit on gasoline purchases. the other thing is, that refiners have a lot of incentive to produce as much gasoline as they can. and for the last couple weeks they have been producing gas to the best of their ability, maxing out their capacity. so that might be a sign that the worst is over. i don't want to get americans hopes up. there is no room for error. one little thing goes wrong, five dollars a gallon. we might just miss it but we'll

come close. neil: when we're talking about rbob, reformulated stock for oxygenated blending, incredibly onerous to describe, reason we look at that closely, it can give you a good gauge generally where energy is going, right? >> it is. that is the wholesale price, that price hit a record high last week just like gasoline prices that is a forerunner what you will pay. if you look at the price, it be looks cheaper where the price is. it's a lot cheaper because they don't add on the taxes. they don't add on the transportation costs, all that good stuff. but it's a good forerunner if wholesale prices come down, then retail prices normally follow. they were down as much as nine cents a gallon. that is good sign. that is two days in a row they have been down. that is probably a sign maybe increases at the pump are going to slow. but we do get an inventory report today from the api, neil.

we'll be looking at gasoline demand f it weakens a it about, maybe those prices have hit a short-term top. neil: when they coming out with how much stuff they're using. watching it closely, my friend, phil flynn. thank you very much. like going down memory lane even though a difficult period. let's go to edward lawrence now. the administration is looking at clean, renewable energy, than existing fossil fuel energy, you know, if we're getting a good read on this from phil flynn might turn in their direction anyway. that is the hope at least. edward, what is the administration talking about on this issue? reporter: on this issue, on the specific issue they're trying to expand the move to solar energy. one of ways to do it the president is removing tariffs to pave the way and instituting the defense production act for the solar industry. in the memorandum to the energy secretary about that defense production act, he says the

solar industry, he says is necessary to divert industrial resource or critical technology items shortfall that would severely impair national defense capability. still i wanted the white house to explain. so i asked. what is the emergency in the solar industry? >> this is just a step to get to a place where we do have a clean energy arsenal. so this is a very important part of the president's, this is very important part of the president's agenda. reporter: very important part of the president's agenda for the defense production act but in a statement the american companies solar, first solar, says the proclamation directly undermines american solar manufacturing by giving unfettered access to china's state subsidized solar companies for the next two years. that is from the largest solar manufacturer in the u.s. now the president also considering removing tariffs on chinese goods, other goods as a way to lower inflation. republican mike lee can't figure

out who all of this will actually help. >> this isn't a plan. this is a pipe-dream. the idea that this is going to help the economy is absurd and this is an idea that i think is going to do more to help china than it is america. it is going to help china at america's expense. reporter: now the chinese have been trying to get the u.s. to drop those tariffs, first lobbying former president donald trump and now president biden. most of those tariffs have been in place since 2018 from former president trump. back to you. neil: edward lawrence thank you very much for that. one area of the economy that remains very strong although often tie as little bit housing. home appreciation across the country still running double-digit clip. and particularly in very hot markets. for example in florida, off the charts. after this. ♪

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♪. neil: all right. "top gun" tops at the box office two weeks in a row. it already has made, what i think in excess of half a billion dollars and it's on a clip here and abroad to duplicate that. the fact of the matter is, it's a hit. it is an unqualified hit. then the issue becomes the focus on what makes it a hit. well it's a remake of an original. that was also a hit. but in that time between the original decades ago and now a certain family has claimed, wait a minute, ideas that were ours have now been taken to this new movie. there is an expiration of those rights that we thought we enjoyed and now we're suing. something like that.

william la jeunesse what is at stake. william, explain this to me. reporter: all right, neil. "top gun: maverick," they're going to court. if judge agrees with filing suit, family of author paramount could be forced to pull it from theaters. here is the deal. i have don't see that happening. lawsuit seeks an injunction. what you see is here is the original "top gun." this is based on a california magazine article from 1983. paramount did acquire the movie rights from that author about a squad of elite pilots at the navy fighter weapons school san diego. paramount gave the author credit, undisclosed payment. according to the family of that now deceased writer, those rights expired in january 2020 or 35 years later. and in their lawsuit filed yesterday, the family says it told paramount in 2018, and again last month, to cease and desist, promoting the new movie which it ignored. now in paramounts defense they argue two things. one, sequel was sufficiently completed by that copyright

expiration date. secondly, that the new movie is substantially different than the original magazine story. if you recall, neil, "top gun" went into production in 2008 but, it was delayed several times because of covid. the family claims the movie wasn't actually done until a year after that copyright expired. yet paramount went ahead filming without the new license. the family wants damages and an injunction, pulling it from theaters. paramount says those claims, neil, are without merit and we'll defend ourselves vigorously. we'll see. neil: thank you for that. william la jeunesse in los angeles. meantime a lot of attention paid to golf, some of the biggest names attracted to a saudi arabia rival league to the pga, if you can call it that. already as the "new york post" was reporting today, the great white shark has caught his biggest fish, greg norman, who landed phil mickelson who helped get the series off and running

right now. doug eldridge follows all of this very closely. there are a lot of controversies to this, the saudi ties, doug, kingdom, the prince, all of that, but it's a real rival to the pga, is it not? reporter: yes, sir, it certainly is. for all the missteps in terms of phil mickelson sound bites perhaps the most coherent thing he said this is opportunity to change the game and the business of golf, how it is played and how it is executed. the money that saudi arabia is putting behind this tournament is stupendous. greg mormon is getting 100 million to run it. dustin johnson, former number one is getting 125. phil mickelson is receiving $200 million which will put him over one billion in career earnings. this is not just walking aarp money we're talking about. neil: they were also trying to woo tiger woods with upwards of a billion dollars but he turned them down, right? >> yes, sir. he did. that was the report, it was high

nine figures, leads you assume close to a billion dollars. tiger already eclipsed the billion dollar mark. there are certain brand considerations. pga sent out a statement last month in may, players cannot simultaneously play on pga tour, or saudi backed tour. that led to questions, will be direct suspension, what happens with sponsor implications. mickelson saw a lot of sponsors jump ship. kpmg, work day, a variety of others. not because of his current willingness to work with the saudis because of the direct conflict it had with the pga tour. tiger is in somewhat of a class of his own. at the end of the day cliche as it may seem, honey talks. the saudis are prepared to put money where their mouth is. neil: these players, mickelson and others are they obligated only to play with the saudi venture? if the pga told them you're not

welcome here as long as you do? >> it is interesting. dustin johnson resigned membership from the pga. won't play on the tour. johnson and mickelson intend to play the majors in addition to the seven stops on this saudi backed tour. i think what a lot of fans, neil, are having trouble with is people taking the moral high ground with this the pga has a long-standing relationship with china, has no qualms about its purported human rights misgivings. because saudi arabia, i say this objectively, calling balls and strikes because saudi is put together a front-runner financially speaking there issue with the obvious and well-documented human rights issues behind saudi arabia. a lot of fans are sitting back saying why don't you let the player go where they stand to make the most money, let the them do better for the family and et cetera. why do you bar them competing beat? i draw parallel with the nfl, it is collectively bargained they

are prohibited playing simultaneously in any other league. golfers are independent contractors. unclear whether that restriction will apply. what is not in dispute the money out there, the opportunity for these golfers. neil: if all of these major tournaments heretofore have been pga events it would be like me anchoring on this network and cnn simultaneously. i can kind of see where the pga is coming from but are you saying that in the golf world it is different? >> no, sir. i'm arguing both sides of the coin because i can see both. if i were the pga i would have an issue. i would want exclusivity of my players. that is also a relationship -- neil: saudis demand the same exclusivity, doug? >> no, sir, not to my knowledge. i don't believe that same restriction goes bilaterally. at this point laterally from the pga the worm on the hook for

saudis, money. seven stops, 25 million-dollar purse. the last place finisher walks away with $125,000. 100-k appearancefy for guy pulls up in last place. in terms of working simultaneously at fox and cnn i agree what you're saying f i were the pga i would want exclusivity not just because of my star attraction and players but obligation to my sponsors. work with me in association with the league. putting sponsors arguably in the worst position of all. i can understand where the pga is coming from. if i make the argument for players you want freedom to contract in absence of agreement that prohibits you from doing so. it is murky. dustin johnson proactively simply resigns membership from the pga. working for a year with the saudi tour. i have don't know where this will lead. this is interesting chapter in the multibillion-dollar business of golf. neil: money does talk to your point, doug. thank you very, very much.

doug eldridge following these developments here. also following the kind of homes that guys like these could afford now that they are gazillionaires, some of them already were. they might want to look in florida right now where one particular house is going for better than $100 million. the guy listing it after this. ♪ ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

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or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist ♪. neil: all right. i think realtor extraordinaire has gone from mill dollar listing new york, "million dollar listing new york," to potentially 100 million-dollar listing in florida. he expands the hot market in the south to a lot of eyeballs and attention. he joins us. ryan, first incredible listing. >> thank you. neil: miami beach front home has been on the market in 40 years, right? >> in over 40 years. it was put together by the current owners and it is a one of a kind trophy home. 250 feet on the ocean, one of the largest oceanfrontages ever in miami.

priced correctly and very, very exciting. i'm excited to be representing it. we've done very, very large property sales throughout the country, especially in florida just in the last year alone. neil: many in the industry, legacy industry, they don't take kindly to your style i guess, theetar,r,r,lendnd i kn st- friednma inhoindug ry estrynt est e guys lik y you t t swsho andndnd the likee m mt it lk, ihink > say'melco welel tswh doatot ititt i thinkhink ihitnkhi is ij hours aura day. dayeek, w 2ee00 ari d r aeal ratst a a a in0-000-ar0-onthonta eatown, bronx, brooklyn, day lehman brothers filed for bankruptcy and built my career

from the ground up. media is the future. i think the best real estate firms, the way real estate will be sold in the future will come down to media, advances in marketing. i think legacy brands, traditional models are great until they aren't and, i am building a company for the future, for agents of tomorrow who are part of the gig economy, greater economy, giving them a tech platform they need to be the most successful sales entrepreneur they can possibly be. help them find their best, while also selling pretty incredible real estate at the same time like this one in golden beach in miami. neil: when you came into that market, obviously it brought out the sharks to so speak who aren't too keen on this new fish swimming in their waters. are you worried about that, that they're gunning for you? >> i mean, i think people have been gunning for me for a long time. that is what makes it so exciting, right? there would be no competition otherwise. i like watching other people try

to imitate and do what we do. that shows me we're doing the right thing. neil: whole reality tv thing is what soils it for them. what do you tell them? >> i don't think hgtv shows about general contractors and flipping houses have done anything poor for the general contracting business. if anything i think they have done the exact opposite. shows like million dollar listing, other reality tv shows about real estate have done the same thing for their real estate business. 156,000 people got into the business of selling real estate in the last year because they now know it is possible. neil: is it possible with the economy and market, rise in rates? or are you in a separate little universe here? >> no. it is completely possible. it is possible in every single market. when you sell real estate your own boss, entrepreneur. it is very exciting. neil: thank you very much ryan serhant.

100 million-dollar listing. percentage on that alone could keep a firm going for a while. ..

neil: i don't know if this is written about janet yellen but when you bump in hell are you on in the capitol hill hallway

that is what you do, you run and hide and with hillary vaughan that is easier said than done. don't know if anything came of their encounter but hillary vaughan would know. what are you doing to abuse the treasury secretary of the united states? >> we always try to talk to her when she comes to capitol hill and have not been successful in getting her to answer our questions but that doesn't mean we are going to stop asking questions and try to get more information. she so far has been one of the only biden administration officials to admit that they were wrong about inflation. she's not willing to admit government spending had anything to do with the inflation we are seeing today. >> do you think it is at all attributable to the overheated economy accelerated by last year's $1.9 trillion spending

bill? >> when president biden took office the united states faced a really horrendous problem, in that it was projected that unemployment would stay extremely high for years. >> reporter: new reporting suggests yellen may have seen in inflation storm brewing in the forecast. quinney quinn into an exit from a biography published in september she agreed with larry summers that the american rescue plan stuffed with stimulus could cause problems. privately yellen agreed with summers the too much government money was flowing into the economy too quickly. some republicans on capitol hill are questioning yellen's credibility. we heard from senator john barat so that the fact she was so wrong on inflation makes him

and americans second-guess whether they can have any confidence in her financial advice but yellen is disputing saying i never urged adoption of a american rescue plan package and i believe arp played a central role in strong growth through 2021 but we did try to get some answers from yellen on her way out. do you warn the white house that increased government spending could contribute to the inflation we are seeing today? not in the mood to provide more context on whether or not she did advise the white house or warned that the american rescue plan might have been too big or whether the white house went ahead with it anyway. neil: i live for these moments with you because i would be

running away from you but good stuff all the time. hillary vaughan from capitol hill. the chief market strategist, kenny polcari would answer them. janet yellen is the only administration official who has admitted publicly she botched it, that inflation wasn't transitory, a lot more traction to it than she thought and whether she agrees with larry summers, former clinton treasury secretary said it began with all that spending but it is all water under the bridge now but would it benefit the administration to say i got this one wrong? >> it only benefits the administration by recognizing

that a lot of people got it wrong, you can't blame one or 2 people. a lot of people got it wrong. getting up there every day and telling the story how great every thing is at nothing to worry about and prices are going to come down is baloney. admitting that we got it wrong but here is what we are going to do about it might help them save face but to completely ignore it as if nobody got it wrong other than janet yellen is the only one who came out and said maybe i missed that one. i'm ready for jay powell to say i missed it because in may 2021 when cpi went from sub 2, to 3% in one month and they continue to go higher but he turned his head and said not worried about assault transitory but every day it goes up and up and at some point it is not transitory. he needs to come out and say we completely missed the boat here. neil: he said we could have

moved sooner but we are in the pickle we are in and the administration is talking about relieving tariffs from solar panels, relying on the saudi's to increase production, help isn't going to come from domestic oil production. that seems to be the strategy not to go that route. >> we are hearing more people talk about us energy independence and pushing oil companies to consider pumping more oil because we need to be independent. where was the thought about independence back when they took control of the white house? the first thing they did was say we are out, we will convert the cleaner and you were just great, i support clean energy one hundred% but we are two decades from clean energy supporting the country nevermind the world. neil: we can be all in on all the stuff, the wind, the solar,

be that as it may your view of the markets right now and how they die just particularly the news of target indicating more head winds, hardly representative of all retailers but what do you make of where we stand? >> i am not surprised target and other retailers are coming up with that narrative. they indicated that even a couple weeks ago, inventory build up and all that, the target customer is not the high end customer but the lowest legal customer, the middle income worker that is going to target and the high inflationary pressures on the economy are hitting those demographics harder than they are hitting high end use, when they came out and said sales are booming because at the high end they are not getting crushed as much as middle income or lower income so

target, great stores and reaction for those names is a little bit overdone but i think that speaks to the nervousness among investors, the minute they hear something negative they sell everything, shoot first, ask questions later, which always tends to be an overreaction. stuart: we will get the pendulum swung in every direction, went to pick your brain and other market developed later on, i want to go to lydia following the education secretary talking about student loans but not dipping his hand into whether they will be forgiven outright or anything is going to happen but presumably something soon. >> reporter: education secretary mcgill cardona taking a lot of questions from

lawmakers about student loan forgiveness. he was discussing this topic as there is a report from the wall street journal hook president that president biden can be expected to deliver a decision on whether to forgive student debt as soon as later this summer. this is all coming at a time we are in the middle of repayments that will end on august 31st and some democratic lawmakers were asking about an extension. >> clear that this administration should extend the current repayment until 2023 so you can get this work done. >> when the current moratorium will end. >> i don't have any information about when it would end or whether or not what the conversations are about when it is going to be lifted.

it could be extended. >> reporter: president biden previously rejected call to cancer $60,000 of debt per borrower but reports suggest he is considering forgiveness in the range of $10,000 per borrower with an income, republican lawmakers pushed back. >> student loan forgiveness does nothing to drive down college cost and will likely lead to increased cost and quicker student loan debt accumulation then before. >> reporter: some asking what to do part but is doing to address escalating costs of higher education. >> what are we going to do to address how expensive post secondary education has gotten and what do we do to disrupt the system to make it more within reach for those who choose to go that direction? >> we are meeting with higher education and saying this has to change.

>> reporter: the budget request for next year calls for $88.3 billion for the part with education, and increase over the current year, includes one billion dollars to double the number of school counselors and school nurses over the next decade, learning loss and social and emotional setbacks during the pandemic. neil: a student writer at the darkness, i believe it is the oldest college newspaper out there, and wrote something interesting about this saying student loan cancellation are regressive policies because they provide greatest benefits to highest earners, kind enough to join us now. >> you have reservations about

this. >> you are right, i do have reservations about this and i think this is a policy that on the surface, progressive relief proposed in the name of helping those with that need but economists have looked at policy and when i say this policy i am referring to the most comprehensive student loan forgiveness proposal, chief among those is that proposed by senator elizabeth warren. time and again this assigns disproportionate relief to the most well off. the highest quintile earners receives 1/4 of the relief in senator warren's plan so that to me unambiguously and from an economic point of view is regressive. i don't think that helps that need. neil: the president is contemplating limiting this to

those with family income under one hundred $50,000 or one hundred thousand dollars, that doesn't make it more palatable to you? >> not at all. my understanding is president biden has accepted the proposal of $10,000 in student loan forgiveness but talking into hundreds of thousands of dollars that becomes very regressive and then it is a punishment to the families that have worked hard, saved and sacrificed to afford college degree themselves in regressive and that those who choose to attend college are overwhelmingly better off. one of the facts i came across in my research, and above the age of 25, the bachelors degree, facts like that are ignored in what we are having

now, how to respond from a policy perspective to the student debt crisis. neil: do you have any student loans yourself? >> i myself do not but both of my parents and several family members did have to go through the student loan process. both of my parents were born and raised outside the country and worked very hard and that i wouldn't have to be in a situation where i have student loans but that being said i want to make my position clear not the we should this incentivize americans from pursuing higher education. i don't believe that at all but i think we should encourage americans to consider more economical alternatives which include trades gland apprenticeships which are already choices that culturally are highly stigmatized in this country.

neil: from one of the greatest colleges and elite colleges in the world so you are in a rarefied air and someone going to a school a lot less elite and less expensive might be hearing you saying it is one thing for her to say we shouldn't get these loans or loan relief but it is not a fair comparison. >> absolutely right. that criticism is fair but what i am suggesting is we can lift up those folks who can't afford a four year institution. as it is, a policy like this would hurt those americans more than help them. several of those americans are saving and sacrifice your simply making a decision that getting straight to work is more important to them. among those americans. search has done several studies on this. among those americans who are

deciding not to attend a 4-year institution, needing to get straight to work, that is why i think more economical alternatives like trade school for example might be better off for individuals who make the choice not to attend a four year institution. neil: the liberal breeding grounds, i'm not interested nor what i intrude on your politics but these views you have on loans, separate you from fellow students. >> one of the things i have been fortunate of, the darkness, the oldest college newspaper, i was fortunate i was able to voice this view of mine which you are correct, is less of a consensus among college students my age but i

was fortunate to have that platform to express that. neil: that is an outstanding newspaper that i'm familiar with. what is your major? >> i'm studying economics at dartmouth. neil: good for you. keep you posted understand the reaction you're getting from fellow students and outside, sending a point of view we don't often hear from college campuses. would love to have you back again. >> thanks so much. neil: the dow about 118, 16 points. what the government can or can't do when it comes to loans, the administration is considering this move for loan forgiveness not across the board but if it comes, there would not be a separate tax but headed to debt, we have $31 trillion debt.

presumably around $350 billion. some say much more generous than that, would be added to the money we all owe whether we are going to dartmouth or not. more after this. only at vanguard, you're more than just an investor you're an owner. that means that your goals are ours too.

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neil: crime takes a break particularly in the big apple where they are worried about a guy trying to shut up a subway platform, david lee miller has more from new york. >> a 52-year-old woman pushed onto the subway tracks is lucky to be alive, suffered injuries to her neck, those injuries would have been worse, possibly

fatal. there was no one coming trainman the 52-year-old woman was pushed onto the track. others in the station helped get her back to the platform, she was treated at a local hospital, the attacker got away, the attacker released a video of the assault hoping someone recognizes the man responsible. she's also wearing a red backpack. it happened shortly sunday afternoon in the bronx, the video not even 10 seconds on the minds of many new yorkers for whom the subway is the only way to travel, to address gun violence, mayor eric adams says catching and releasing the same criminals over and over has turned crime-fighting efforts into a joke. >> no one takes criminal justice seriously anymore. these bad guys no longer take them seriously, they believe it is a laughingstock of the entire country. >> reporter: the crackdown on gun violence, the number of

shootings, subway crime is up 28% compared to the same period one year ago, still down compared to pre-pandemic levels, the number of people riding the subway, ridership is close to where it was before covid. neil: thank you very much. someone trying to do something about this not in new york but sacramento where they have gun issues came up with a novel idea to offer gas money for unwanted guns and apparently resonated, sacramento police department, good to have you. thank you for taking the time. a big response to this. how did it start? >> this is the brainchild of outreach and engagement unit. we have watched all major cities across the united states watch the surge of violence in

our community and employed a number of strategies to try to reduce that in any way we can. that is our maiden voyage, first pilot of doing this and not sure what the response was going to be but it was overwhelmingly positive. this was driven from the line level looking at a number of community partners and when we them, the gun buyback program we had community members as well but resonated with members turning against the department. neil: how much was the gas money for each turned in gun? >> a $50 gas card for each gun turned in, no questions asked, no identification needed. neil: you give a gas card, and the priority was the gun.

>> and the number, lost or stolen from community members. and turning these guns in, one of 3 reasons, not comfortable handling the gun or stored the gun safely. and a good service to provide to the community if you believe that. neil: you want to expand this? where does it stand? >> so overwhelmingly, attention nationally, a number of other agencies are interested in implementing something similar and i believe we will do it again.

gun crime is committed with legal firearms and stolen firearms as well. if we prevent from being stolen or received by the wrong people used in a crime we think it is worth it, a very small price to pay. neil: overwhelmingly positive response. new york's mayor comes from your world, the legal protection world, saying the problem seems to be leniency of prosecutors who oversee a turnstile of those picked up or arrested only to be let out again and again and again. is that part of this repetitive crime we are having? i'm not familiar with your area

or where i am, part of that issue, the gun issue, the repeat offender issue. >> we have a significant issue with repeat offenders but we are not unique in sacramento. these are challenges every large urban city is facing and what you are seeing is pendulum shift in how they are feeling about violence. all aspects of the criminal justice system from law enforcement to prosecution, defense to the judicial system are looking for answers for sure so being the major city police chief you need to be a centrist and need to look at solutions at all levels, prosecution and holding people accountable are part of that, i also believe addressing the

root causes of violence is just as important and is incumbent on all three aspects of that system to address those challenges as well. i don't believe it is strictly an enforcement and accountability issue, that is part of a challenge, there's a lot more we need to do. neil: you sound like a remarkable police chief, center to any and all ideas. appreciate it. the dow up 113 points, selling off a little bit here but there is concern we could be looking at trials and tribulations for the crypto arena. charlie gasparino will explore that after this. ♪♪

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neil: remember when the grid in texas collapsed in the middle of a heat wave and thunderstorms? now concerns it could happen all over in the face of record heat that could get a lot worse this summer. connell mcshane has a lot more on what is happening and what they are worried about in austin. connell: they have had problems in the heat and cold. people remember february 2021 when they had the big grid failure and that is raising concern about the summer of 2022, hasn't officially begun yet, you wouldn't know what on a day like this when temperatures set to top 100 degrees.

>> we set our ac warmer than we would like to and we definitely keep more water and things like that on hand than we would have in previous years. >> reporter: people we spoke to are pretty much doing what they can but it is not easy. it is a unique set up power wise, the state has its own independent power grid. the only state that operates that way but tough in many states, the midwest, the regional grid is said to be short, the same amount of energy needed to boost 3.7 million homes. >> we are in a transition and changes are hard. they are hard for us as individuals, they are hard for us for systems that we live in and that is what we are in. is that a 6-month change? we are in a multiyear process evolution.

>> reporter: the transition beth was talking about is the move over time away from fossil fuels and bringing in more renewables. in the meantime for fear, some of the grids will fall short and in texas the question is will this be one that falls short? they say they are ready. listen to comments from the energy regulator. >> operating with a focus on reliability, not corporate interests that were in charge in the past. i have full confidence we can do that. absolutely. absolutely. >> reporter: quite a statement when you consider the fact that today, the seventh of june this might be a record center. productions are right they might use more power in texas today than they ever used innocent will day in the past. we will see how the system holds up.

ashley: neil: you probably heard boris johnson survived and overthrow by members of his own party but a strong number of them said he shouldn't stay in office. in case you think that can't happen here because we don't have a parliamentary system of government it happened in 1968, in 1980, on and on. when your party turns on you. ♪♪ call your doctor

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>> i think it is an extreme the good positive conclusive decisive result. she met with us to move on, to focus on delivery. that is what we are going to do. neil: boris johnson breathing a sigh of relief surviving a no-confidence vote for members of his own party, the tory party or conservative party.

41% of that party voted against him, didn't want him to be in office. some other tory party member would emerge and become the next prime minister since that is the party in power. the problem is finding who that person would be and among a number of reasons why in the spiegel boris johnson dodged the bullet because no one was presumably ready to take the helm as head of the party if he were out of the party. i was thinking, we don't think that kind of stuff happens here but in actuality it does, there are impropriety squabbles that reach the national stage in 1968, linden johnson in the vietnam war, being challenged

by bobby kennedy and of course in 1976, ronald reagan taking on incumbent president gerald ford nearly won that one. ted kennedy came close to doing the same with incumbent president jimmy carter. what i notice in all those cases is the incumbent party control of the white house lost. what do you think of that? >> this is a problem. this vote really weakened johnson. hypocrisy is the kryptonite for all politicians whether in america or england or australia and it hurt him but they didn't know exactly who was going to replace johnson at this is something we've seen in american politics, the number of presidential races, we've seen it with the coup against newt gingrich which he initially survived. didn't make, that hurt him and this vote, it hurt him, the month of controversy.

neil: looking at the biden administration, toppled internally in the party, but we are hearing a lot of democratic critics, larry summers, former clinton treasury secretary not keen on the biden spending he things precipitate a lot of the inflation we are seeing and a number of democrats speaking out loudly about policy that will hurt the party in the midterms but also hinting how it could hurt it two years later. where is this going? >> there is so much unrest on the democratic side, what is going on with the economy and inflation and some democrats are looking at the next presidential race saying of biden does run, is that a good thing or looking for a fresh face, the other question is if biden does run, anybody on the left challenge?

that would be real trouble but it is a free country and anybody can do it and we have seen people do it before. neil: normally the president has all the key apparatus in his corner to protect him and to nominate him. jimmy carter however unpopular he was at the time had that, so did gerald ford in 1976 over ronald reagan. it can dissipate quickly. the party gets desperate. do you see that happening? we are years from that happening. if we continue to stumble along, the party will almost force the issue. >> it could get to that point. i don't think we are there yet but it comes down to winning on multiple sides. john mccain was not loved by the right but republicans elected him to be the nominee in 2008. if more and more democrats

think president biden can't win in 2024 then you will see the possibility of other people who have run for president before and those who haven't run for president before talk about it. biden has some time, a lot of it depends on how badly november goes for the democrats. it will not be pretty but we don't know how bad it will be. we 20 we know from past experience the party at the white house can lose the midterms, a sealed fate that they go on to lose in the next residential election. barack obama easily survived drumming on the republicans to come back and get reelected himself. with the threat that looks like ronald reagan, in 1984, with the economy in recession a lot of people -- things can change. a landslide win for republicans

in the midterms you will hear more talk like this to avoid that. >> you will hear more talk of it and the biden white house has a choice to make. are they going to do a bill clinton after 1994, triangulated work with republicans or fight and have divided government at each other's throats. just because you lose in the midterm, doesn't mean you will lose the next election, elections are two years apart and anything can change in that time. neil: thank you very much. the editor in chief here. a number of developments, this arrival going on between big news and bad news. looking at takeover, jetblue with spirit airlines, selling itself to a franchise group,

and eye-popping names like that going back, to hire 3,000 staff with institutional business in asia. you get a sense that not everyone is cutting back and we are not all going to have the handbasket. is the market seizing on the good news, it could be good news. it seems to be dominating the theme for the moment my stress for the moment, how often do we say it is like a snapshot? it is 200 points northward on the dow after this. ♪♪ ♪♪ they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq,

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neil: charles: everything i do is a big deal. neil: i don't get out of bed without knowing what you are reporting. charles: they are saying the company to build out its platform using digital coins, the sale of its native crypto known as x rp was legal. thus when they did that they need to pay zillions of dollars as part of a possible fine. ripples challenging this but if this case, the sec wins this case, an interesting procedure role, the sec has complete control over crypto. that is what legal experts say. it could go after any existing cryptos as unregistered security and most of them are. unregistered. if the sec loses all bets are

off. a highly unregulated business. a judge, manhattan federal court, is going to rule on document releases, the sec hates releasing documents, secret documents about the sec's internal dealings over whether it was security or not. it is really interesting, they could expose the sec thinking in terms of crypto, what is or isn't security and disagreement internally. ripple could win the case of these documents get released. it could show the sec has no idea how to regulate this thing. keep an eye on how the judge rules today. maybe she waits but arguments are today in manhattan federal court. neil: it is a separate

bipartisan legislation backed by republican senator of wyoming and kristin jell-o brand of new york. i don't know how it goes but they are looking to rein in the whole crypto world with legislation that will not only oversee how much you can invest but who the players are, stable coin oversupply, that is a big deal. charles: a lot of republicans, i would like to see the support republicans get for legislation of that type. a lot of republicans in the house and senate don't believe crypto should be regulated like the sec does, it should be along the lines of what went on with the internet which was essentially no one regulated the internet, you couldn't do illegal stuff via the internet. i wonder if republican

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neil: told you the at beginning of the show all the downs and

questions elon musk put forward whether twitter is on the up and up, number of subscribers users. apparently put ice on whole financing operation here and whether he would walk away from it. and so as a result trying to get a clear from those helping him finance this deal they're just sitting tight. no moves just yet. interesting. now to charles payne. hey, charles. charles: neil, thank you very much. good afternoon, everyone, i'm charles payne this is "making money." breaking right now major indices climbed off the campus so far two twist amid worries recession, runaway inflation and constant drumbeats of collapse. why is the market singing a different tune than wall street chorus? we'll get into that. old news is bad news. target slammed over inventory news. dark clouds, they don't seem to go away. plus janet yellen grilled by congress on the white house response to raising inflation. loss of credibility,