easyaspie.com maria: thanks, everybody for being here. hey, it's dinnertime now, "varney" & company is up next, stu take it away. stuart: dinnertime? maria: we got pizza, cannolis, salad. stuart: i've got a three-hour show to do, you know how it is, good morning, maria and good morning, everyone. can it be? is it possible? in deep blue california, i call it "woke central" the political times are a changing. look at this , the radical d. a. in san francisco chesa boudine is out, soundly defeated in a recall election 60-40 out because of his soft on crime policies, in los angeles a former republican running as a democrat won the

most votes in a democrat primary for mayor. the defeat of wokism is rippling across the country. primaries elsewhere suggest that democrats are in deep trouble this november. and this is the left's biggest problem. energy price inflation, yes, gas has hit yet another new high, regular average is 4.95 a gallon and they are now 16 states plus d.c. where the average price for regular is $5 or more , oh, dear, california. they are coming into an average for regular this is regular 6.39 diesel keeps going up. the national average there is now 5.71. janet yellen answered questions on inflation before congress tuesday. she continues to believe that inflation can be brought under control with more green energy and more spending. hillary vaughn caught up with her and pressed the inflation question. roll tape. reporter: warned the white house that increased government spending could have contributed to the inflation that we're see

ing today? stuart: not much of an answer there, more on that later. to the markets please. red on the screen, dow is down about 180, s&p down 20, nasdaq down 63. oil, the headline there is $120 per barrel. interest rates, the headline there is the yield on the 10 year treasury moving up to 3.02% bitcoin, the headline is, well, kind of struggling to hold on to $30,000 a coin. that's the financial markets. in other news, a member of the walton family founders of walmart wants to buy the denver broncos huge price tag $4.65 billion. dustin johnson has resigned from the pga, deflected to the new saudi golf league, he and phil mickelson will play in a tournament this weekend, the pg a is mad as hell. wednesday, june 8, 2022 "varney"

& company is about to begin. ♪ stuart: it is a game of the most compelling and yes the most troubling story, another high for gas. $4.95 that is the average per gallon of regular. well, treasury secretary yellen, she testified on this issue yesterday, inflation, lauren. did she offer any solution? lauren: no, none, none at all. in fact, i think her assessment of high gas prices underlines how unprepared and unwilling the white house is to actually bring them down. listen here. >> given the global nature of these markets that's virtually impossible for us to insulate ourselves from shocks like the ones that are occurring in

russia that move global oil prices during the pandemic, i think that oil producers didn't anticipate the strength of the recovery and the fact that oil prices would recover and they certainly do have incentive s now to increase oil production. lauren: it keeps going. producers didn't anticipate the recovery. she doesn't talk about the white house at all pushing owners regulations on them and then accusing them of gouging. bottom line, there is no real energy policy coming from the white house, and it is something joe biden complained about while senator back in 2006 >> it is well-over $3 a gallon in most of our constituencies, and we're paying that money in my view, because we lack an energy policy. lauren: fast forward to now. stuart: haven't got one. lauren: they have one it just

doesn't work. it's all green. that's the energy policy, which is admirable but you can't force it on people when we can't afford it. stuart: well-said. lauren: or have access to it. stuart: i have to get to the political stories of the day. in san francisco, you're going to love this you've heard it already. the city's ultra liberal district attorney chesa boudine faced a recall tuesday, a majority of voters chose to remove him from office. nearly 50,000 people voted against him. he's out. david bahnsen is here. usually watches the market for us but today, politics. is this the start of a real shift in california politics? >> no, it is not, and i say that not to be negative. stuart: you're killing me. >> well listen, when you see a shift in california politics, the power that the unions have there, we saw how much newsom beat that recall last year. what it's a shift in is the voters say there's one issue will put aside politics, that's crime so they throughout the school district people in san francisco last year, for that radical, now they have

thrown out this da in san francisco. i wouldn't say it's a whole shift in politics. i would say it's the one area they have been willing to pushback. stuart: i just want to insist, we are seeing a crack in that blue wall, aren't we? >> well, in san francisco, last night, they threw out a radical district attorney, so i don't want to rain on your parade but what i'm saying is gavin newsom going to get re-elected governor in california by over 20 points in november, yes he is. stuart: really? >> oh, most certainly. stuart: 20 points when? >> 20 point, it could be 30. it's bad, it's bad. stuart: not just such a crack. >> but what you see is a better mayor coming in la, a district attorney thrown out in san francisco so there's cracks but not the whole political side. it's select to these issues because the left pushed these issues way too far. stuart: i just in cyst that there's going to be ripples from this cascading throughout the rest of the country, but i'm going to move on before you disagree again. let's talk markets. we're on solid ground there, i think. i've asked every market watcher

whose been on this program, have we hit bottom yet? most of them are saying no. maybe the worst is still to come what say you on this? >> well you asked me before i'll give you the same answer which is anyone who answers is lying. they don't know. they don't know. they don't know that we haven't, and they don't know that we have stuart: but it's market watcher 's duty and their job to say hey are we at the bottom yet >> here's my duty is to tell people that no one knows the answer to that so when i say i don't know if we've hit a bottom or not, it isn't my duty to know. it's my duty to remind people that no one else knows. stuart: do you have an opinion? >> i have an opinion that the nasdaq tech stocks that's high-priced could go lower. i have an opinion that good quality companies, whether they go lower or not from here, ultimately should still be bought, so my opinion is focus on quality, and not worry about where the actual market will bottom out. it's an unknowable fact, stuart. stuart: you're going to be on the show for the next hour so you got plenty of time to get back -- >> to develop an opinion on that question? i'll pull out that crystal ball. stuart: and stop knocking my

answer. all right, let's get to actor and uvalde texas native that is matthew mcconaughey. now, he made an emotional plea at the white house for what's called real change on guns. just watch this , please. >> we need to restrain, sensationalize media coverage, we need to restore our family values, we need to restore our american values and we need responsible gun ownership. responsible gun ownership. we need background checks. we need to raise the minimum age to purchase an ar-15 rifle to 21. we need a waiting period for those rifles. we need red flag laws and consequences for those who abuse them. responsible gun owners are fed up with the second amendment being abused and hijacked by some deranged individuals. stuart: very powerful speech right there. will cain is joining us this

morning. raising the age of purchase, adding waiting periods, and red flag laws. is this the new middle ground on guns, will? >> will: we'll have to wait and see if the republicans in congress believe it is the middle ground. you know, stuart, that was a very as you pointed out emotional and i think authentic speech from matthew mcconaughey. he is a native, not just of texas but of uvalde, texas. his proposals though, in my estimation, while they may form some semblance of a middle ground, i don't think they form a solution, and that really should be the focus. not on the middle ground but a solution. whatever democrats say we need to do something, they inevitably mean do something about guns and we have to ask ourselves then does your proposed solution solve the problem? and i'll do this quickly, stuart but matthew mcconaughey says four things. remember those four potential solutions, balance them against the fact that gun ownership is a constitutional right.

first, the age limit. a fraction of "mass shootings" is done by people between 18-21. therefore you have to ask yourself does this make a market improvement balanced against the restriction of an adult with constitutional rights? i don't know. i am unconvinced but i'm not close-minded to raising that. red flag laws. the problem with red flag laws, stuart, is that it allows psychiatrists or friends or family members to report someone who hasn't yet broken a law as someone who should have their right restricted. that's pretty problematic. that's pre-crime-type stuff. we all want guns to stay out of the hands of evil doers. how do you decide ahead of time who is a true evil doer? and i'll say there is no, we have background checks. i don't know that anybody can name a background check that would have stopped salvadore ramos from this , and a waiting period, i'm not close-minded but ask yourself, what works balanced

against constitutionality. waiting periods are usually about crimes of passionment when we see something like uvalde, texas, stuart, we're talking of crimes of evil intent. you would have to assume salvadore ramos would have waited a week to commit this crime. i think he waited a year. he may have waited longer as he, you know, they say he tried to buy his first ar-15 when he was 17. he waited until he turned 18. would waiting of one more week have stopped the evil intent? stuart: good question. >> we all want to do something. do something that works without restricting constitutional rights unnecessarily. stuart: i'm going to change the subject for a second because i need you on this , will. president biden is joining late night comedian jimmy kimmel for his first sit-down interview in 118 days. will, i hesitate to call it an interview. it's not, is it? >> no, it's not. it's not. look, if you're taking this issue on from the side of the administration, this is a perfect selection. it's going to be very soft. it's going to be comedic. it comes from a friendly host or

interviewer who had his back for the better part of two years , not just in support of president biden, but you know, actively attack any opponent of president biden and jimmy kimmel jimmy kimmel is a late night host, rather he's a political activist masquerading as a late night host so this will be a very very friendly interview that the biden administration has probably selected carefully and accurately as a good one for the president but the american people deserve the president answering questions directly to not a hostile interviewer but an interviewer whose interested in answers and accountability. stuart: right, will cain, thanks for joining us hope to see you real soon. >> always glad to be here, beautiful new set, can't wait to sit in new york there. stuart: thank, will. the white house press secretary is pushing the administration tosses narrative that the economy is strong. what did she say, lauren? lauren: she says it's historical ly strong. stuart: oh. >> what we're trying to say, what i'm trying to say to you is that the economy is in a better place than it has been

historically, and so we feel here at this administration and other experts as well, is that we feel that we are in a good position to take on inflation. we are in a good position to really start really working on lowering prices. lauren: this is like a layout, as they now start really working to lower prices. what have they been doing this whole time? look, this isn't a moment when they need to reset. they need to pivot and maybe they do that on friday when we get the latest inflation data. you're rolling your eyes because we say they can't. we say the left won't let the administration. well look at bill clinton did, right? when people were complaining too much big government, what did he do? he changed that and eventually cut taxes and put work requirements on the welfare system. stuart: but the democrats in those days weren't run by the far left, can they pivot on inflation? >> see this is the problem we were talking about energy earlier. most of this is supply-oriented and it's exactly what they want. they don't want more u.s.

production. stuart: they don't. >> i disagree with the rhetoric they don't have an energy policy they have one and it's doing what they want. it's pushing people out of oil & gas in the u.s.. stuart: even though it's political suicide. >> oh, it is. stuart: i'm sorry i'm out of time. lauren: that's what i was going to say. they also get the low approval ratings with this. stuart: we look good sitting around the desk on that new shot i really like this. all right, check futures get me out of this shot. we're looking at a little bit of red ink, not that bad down about 170 on the dow. gas prices, another new high overnight and listen to this , democrat senator debbie stabenow is just so glad she got her new electric vehicle in time. roll tape. >> after waiting for a long time to have enough chips in this country to finally get my electric vehicle and went by every single gas station didn't matter how high it was. stuart: oh, my what fun. twitter roasting the senator as "out of touch" and unheard of result from a cancer trial. every single patient saw their

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approves the other vaccines on the market within days, and then you wait for the cdc to weigh in , so they might consider that late next week. why is this so important? well, 27 million adults in the u.s. are unvaccinated. some are never going to get vaccinated but there are others that say well we're not really comfortable with the mrn a shots on the market, so that, that population is a window of opportunity for novavax. it says it expects to have its product in warehouses at the end of the month. stuart: that's not an mrna vaccine? lauren: it's a two-dose of more traditional vaccine so that be the market. i have to say, novavax is on the market in europe and they have hardly vaccinated anybody. stuart: really? lauren: yeah. stuart: the cdc says wait for it , this is how monkeypox begins. it starts with flu-like symptoms , later your lymph nodes may swell. a rash develops on your body and face and finally, painful lesions form on the rash areas. dr. marty makary joins us. doctor, that sounds awful, and

the cdc has raised the alert level and recommending travelers wear masks. it sounds serious to me. what do you say? >> it doesn't sound fun, stu, that's for sure. now the cdc's reacting by sending a travel advisory out to the general public but it's not the actual travel. it's the activity at the destination. this was likely endemic in africa and we saw it spread through what was likely some dance clubs in belgium. it is an infection that requires direct contact, sexual activity and there have been cases of those in the same household of those who have it without the sexual activity. i don't think it was appropriate for the cdc to sound the alarm but at the same time we want to increase awareness so people don't engage in direct contact. stuart: got it. the drugmaker glaxo-smith kline had a trial for its new rectal cancer drug, and every single one of the 18 trial participants was cancer-free by the end of it sounds like a breakthrough to me , doctor. yeah, this was good news, this

was a good week for a drug by gsk, that essentially unmasks the cancer cells and allows the immune system to attack those cancer cells and we saw in about five to 10% of patients who qualified with rectal cancer , we saw what we call a complete pathologic response, or cpr. we're not talking about chest compressions we're talking about the cancer goes away microscopic ally, and i spoke with the lead investigator he was at hopkins and he says they are planning to move on to other cancers a sub-type of pancreatic cancer is also a candidate. people that are excited about this , i see it as a long time coming, 10 years ago we were talking about this. this is a category of drugs we call checkpoint inhibitors which by the way i love that name. there's a band called checkpoint inhibitors of doctors that plays at one of the cancer meetings. stuart: glad to hear that. all right,c i'm afraid we're out of time. i wanted to get to the weight loss section but we haven't got time. i'm afraid you have to come back soon and deal with that . we'll

see you again soon, dr. marty makary. check futures left-hand side of the screen dow is down about 180 , modest small loss for the s&p and for the nasdaq. opening bell, next. ♪ lemons. lemons, lemons, lemons. look how nice they are. the moment you become an expedia member, you can instantly start saving on your travels. so you can go and see all those, lovely,

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stuart: a little red ink as far as futures are concerned down about 17 oh, for the dow. shah gilani is back with us this wednesday morning. when are you going back to dip buying you used to be the king of dip buying and now you're not when are you getting back? >> i can't wait to feel comfortable enough to commit a lot of capital. i don't see that in the near future, stuart. for me, the horizon is cloudy, as far as over the horizon. the near term we know that inflation is a problem, i believe it's more embedded than analyst, economists and certainly the fed believe it is, so i think they are going to have to raise rates a little higher probably hold them higher for longer, and that's going to impact earnings, and over that horizon, past that headwind, what will that do to earnings? what will that do to corporate profit margins and profits and that's what makes this a very difficult file for investors. until we get some clarity beyond

that, near term horizon and the narratives change investors will do well to stay on the side lines and be very cautious, careful about what they do buy. stuart: you know, i've often said in recent months, that what worries me is the market goes down, and stays down, for a long period of time. like a couple of years or even longer. do you think there's a possibility of that happening? >> no, i don't. actually, i think again, i'm not in the camp that we're going to see some of these rallies extend and then we enter a new leg of a bull market or another bull market. i think we have further to go on the downside. i would like to see as a lot of analysts, a lot of market participants, would like to see some kind of flushing out at some point, some capitulation or anything that changes the narrative or changes the events or viewpoint of where we can go. i think when we get there we will at some point, i think we'll get there probably in the next couple of quarters, no more than maybe three quarters. then we'll have tremendous

buying opportunity. the markets aren't going to stay down forever. corporate earnings are going to continue to do better once they bottom out and i'm always an optimist and the world is always going to continue to grow there's always going to be a place to make money and the u.s. equity markets are the best place, will always be the best place. it's just a matter of timing here and timing is always difficult. stuart: have you bought anything in the last week? >> yes, we buy selectively on stuff that is, i think, oversold , but we buy as a trade, so we're not buying with long term commitments in mind. we're buying as if, well, we can expect a 10, 15, maybe 20, 25% pop in some of these stocks, if we are correct, and we have an extended rally we can see a lot more. if that rally turns into maybe the first leg of the new bull market then great it becomes an investment but we're very cautious in terms of where our stops are. we're looking to make trades not investments at this time. stuart: times change, don't they , for 12 years you were the king of dip buying and now

you're not. okay hey shah gilani we will see you again soon, thanks for being here today. appreciate it. >> [opening bell ringing] stuart: about 20 seconds to go before we open this market, it's a nice shot we have in our big new studio, the whole wall is lit up with them clapping and cheering, there is the bell ring ing that means you have 10 seconds to go before trading actually begins. you'll see red on the left-hand side of the screen where we're up and running but we are now up and running. it's 9:30 precisely eastern time the market is open. i'm not sure what all that confetti is for but there's the most, not the most active, but that's the dow 30 right from the very start. the dow is, let's see , what do we got here? chevron, -- lauren: salesforce. stuart: they are in the green. yeah, a lot of the stocks are all in red. i've got four winners, i'm not reading this very well. lauren: chevron, verizon, apple and salesforce are up. stuart: and the rest are down so you have pretty much widespread selling on this wednesday morning. the s&p 500 is down about a half

percentage point. the nasdaq composite also down and it is down one-third of 1%. show us big tech we always like to show them to you right after the market opens. all of them on the dowside today can you show me a selection of energy stocks, please? some of them have hit record highs today. is that right? lauren: diamondback, eog, valero and conoco phillips yesterday touch ed record highs and you can see some of that is continuing today as well. oil prices are stronger and we get the latest inventory data in a bit. stuart: $120 a barrel oil, nearly $5 gasoline, energy stock s go up 120 on crude oil as we speak, and then there's ro ku, show me that, please. there is talk about netflix buying them. that's why they're up 4.8%. lauren: so business insider is reporting that the employees at roku are discussing the possibility of netflix coming in buying them and the question is why? well, roku has been heavily discounted. the stock price is down 60% this year so they are cheaper,

and netflix is already discussing a cheaper ad- supported service so if this happens, netflix be able to offer its ad-supported tier on the roku platform. stuart: david bahnsen's head is about to explain. lauren: so is yours. stuart: i don't think it's up to much. >> well i don't know if the deal happens but it's more i think the deal is a terrible idea and here is why. netflix has about $6 billion of cash on the balance sheet. roku weighed down in valuation is about a $13 billion company, so netflix can't buy it without giving stock. well it doesn't matter that roku stock is down a lot, netflix's stock is down 70%, their currency is worth a lot less so this is a very expensive acquisition. remember in 2020 netflix lost about 2 billion of free cash flow so for them to go spending this kind of cash is a sign of desperation. i don't think this deal make sense but this is what happens when companies run into hard times. they get desperate and start doing m & a. that's why we like another thing

to measure a company's health. stuart: we've got more news on a company called affirm which is a buy now pay later company i think that's what they are. they are down 4%. who is warning that that stock could lose 40%? lauren: it's wedbush and they say this buy now pay later is going to $15. they've initiated coverage on a firm holdings with an under perform. there's too much competition. apple just entered this market and they also warned that post- pandemic consumer spending will continue to dip, but we were just talking about m & a for two struggling companies, netflix and roku. what about m & a here, would a big bank come in and buy a firm? >> that's a good question. i think you saw paypal hurt yesterday with apple's news this kind of pay later deal. i think that there's going to be weak companies that come out of it and strong ones, and so a firm may get in the middle of m & a around that. stuart: well they are cheap now down to $20 a share. campbell's soup, they reported

before the bell. they are up nearly 3%, highlights please? lauren: sales rose 7% but not because they sold more soup and other items. volume actually fell 3%. it's because they charged more for it, and as a result they raised their full year expectations. they said look, demand is holding up. we can continue to raise prices. shoppers are trading down in the brands a little bit but overall, the ceo on the call, the idea that there is no room for anymore pricing, i don't think that's accurate or realistic, so you go food shopping you're going to continue to pay more money that's what campbell just told us. stuart: okay, now, incremental move in this battle for the merger of spirit airlines. just an increment? lauren: well the news today is spirit airlines moved their shareholder vote on who they should merge with to the end of the month. it's now on june 30. stuart: makes all the difference lauren: well who are they going to pick? right now they picked frontier but jetblue is very aggressive and they keep sweetening the offer and obviously spirit

is taking them seriously. stuart: i think his head is about to explode. >> nothing more fascinating than an airline company about to go out of business trying to pick which future airline company going out of business they want to merge with. lauren: they are all doing great right now. >> terribly. they're doing far better that in they were when the whole world was shutdown, this is true. they picked backup. stuart: their margins are squeezed. >> they have no hedges against oil prices, no pricing power, their union costs are high it's a terrible business. stuart: i will negotiating invest in an airline again. >> you or warren buffett. stuart: that's right. he says that's the fastest way to lose $1 billion. >> he said he was going to start a support group for people who wanted to buy airlines. stuart: i'll join. how about docusign? they were huge winners during the pandemic. lauren: they were. stuart: then they came way down, they are up today because expanding some kind of partnership with microsoft. lauren: so customers can sign and manage their contract agreements in the cloud from

wherever, and then employees can get realtime information. oh, did stuart sign his contract oh, let me check, yeah, he did it's in the cloud so it's just more realtime information as they expand and deepen that partnership. stuart: all right, folks, we've been open for five and a half minutes, really six minutes, here are the dow, here is the dow, we are down 226 in a very very early going. now, a list of the dow winners, put them up on that big screen so i can read them at long-last. yes, chevron is the top performer. it's up just a quarter percent. apple is up a quarter percent on the big winner's list and apple is just now 149 a share. s&p winners, etsy, moderna, the vaccine people, and we've got campbell's soup they just reported kind of well. nasdaq composite headed by tesla , which is up today 2%, 731 is your quote okta, they get you to work and zoom also on that list. where is the 10 year treasury yield, 3.01%. where's the price of gold?

not doing much, 1,856 per ounce, gold i'm sorry bitcoin, i think it's kind of struggling to stay at $30,000 a coin. all right, but then again i'm prejudice aren't i? the price of oil, there's a headline, $120 a barrel. that means gas prices ain't going to go down much if at all. nat gas 9.52 per million british thermal units and the average price for a gallon of regular in america is now 4.95. in california it is 6.39. you're from california when you going back? >> yeah, well -- stuart: got an electric car? >> it's nearly $5 gas all around the country is brutal, record highs, people in california are like gosh we would do anything for gas. stuart: next case. do you remember vhs tapes? i certainly do. one could sell for 15,000 bucks, at auction. the auctioneer is here to tell

us what it is and why it's valuable. here is a headline for you. the washington post admits democrats will get blown away this november but one writer says it's a good thing for democrats. kim strassel, wall street journal, is here to take it on. how much higher could gas prices go this summer? gasbuddy's patrick duhaan doesn't expect much for any relief until the fall. he is here with his analyst right after this. ♪ welcome to allstate. where everyone saves when they bundle their home and auto insurance. isn't that right, frank?

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♪ stuart: that is redding, pennsylvania as we listen to that and that was a fine song from about 45 years ago. it will go for a high of 81 degrees this wednesday. now, look at this. the average price per gallon of

regular gas is above $5 in 16 states. it's almost nationwide. jeff flock joins us from philadelphia. how much higher could prices go, jeff? reporter: well, i can not see into the future, but goldman sachs says they can see into the future, and they don't like what they see. take a look. $140 for oil, they think, sometime between july and september. they had previously said 125, so upping that, and in addition, they say a large spike in gasoline prices remains quite possible this summer. yeah, ouch. we know there are many factors, everything from ukraine to biden administration policy on energy, to inflation, to more travel, but we haven't focused on refining capacity. take a look at these numbers on refineries. i'm at a refinery today being torn down in philadelphia. in 1982 we had 300 refineries in this country. we now have 124 and they

continue to shutter and we're finding capacity more importantly in the last two years since the pandemic we've lost a million barrels a day of refining capacity. that is really putting the squeeze at the refineries and also driving up prices as well, to the record that you cited 4.95 right now up $0.04 overnight, up $0.28 in the last week, $0.64 in the last month, and those 16 states you mentioned well i'm standing in one of them that just topped $5 overnight, in the $5 club here in pennsylvania, as well as idaho and ohio added to the list overnight and more perhaps to come. yeah, behind me, stuart maybe you see there's a refinery back there, used to be a refinery. they tore it down, and we're not building any new ones. stuart: i don't think that you could build a new refinery in america today. you simply couldn't get the permit. jeff thanks a lot moving on to patrick de haan. patrick, congratulations, you were right.

you said we're going to a national average of $5 by mid- june we're almost there 4.95 we've got $5 gas. where to from here? by mid-summer going into the fall, can we get to $6 national average? >> boy, stuart, the way things are going with your refining graphic there talking about potentially shuttinger its houston refinery that be another 268,000-barrels off line we're going in the wrong direction. $6 isn't impossible, it was looking like a ridiculous call a few months ago but we're trend ing in the wrong direction i'm afraid we're one refinery issue or one major hurricane away from being able to see that maybe in august as a potential but i still don't necessarily think it's a guarantee. what seems like more of a guarantee is that $5 mark. we're just $0.03 away from that this morning as you mentioned 16 states, oil prices going up, we're waiting for key government data here in another hour to see if gasoline inventory declined again. that's been the story, just not enough gasoline to meet the

demand. stuart: i've got diesel at a national average this morning of 5.71 and its been going up constantly. where does diesel end up? can it be above $6 a gallon, as a national average? >> i think that is certainly a very strong possibility. again going back to any refinery disruption or hurricane, obviously, diesel has been one step above and of course there's a lot of fall out from russia's invasion of ukraine when it comes to diesel. keep in mind it's not just u.s. refineries that shutdown over the last few years it's european refiners and keep in mind europe consumes a lot of diesel fuel. that's part of the problem which is pushing diesel prices up and i think $6 a gallon, that's probably better than a 50/50 shot at this point. stuart: how about nat gas i see it going up constantly. i've got it closing in on $10 per million british thermal unit s. where does that go over the summer? >> all the signs there for continued bull run, stuart. we're well-behind injections for

this time of year and with the situation in russia again, likely boosting the exports over to europe, i continue to see upward movement in natural gas especially again, if there's a hurricane shutdown, if injections are running behind , i think it's just a matter of time before we get to 10. stuart: have you ever seen an inflationary, an energy inflationary spiral like this one? >> oh, without a doubt. i've never seen anything like this , stuart, and you know, back in 2008 it was a quick punch and then prices receded. this time around, i'm afraid we're going to be swimming in high prices for a while. stuart: no relief until the fall at least? >> i don't see much relief, stuart, unless americans start cutting back or see an economic slowdown, or if russia wakes up if putin decides to exit ukraine but still a lot of questions even if that would happen. stuart: okay we hear you. don't necessarily like to hear what you've got to say, but you're on the show and we appreciate you.

patrick de haan. see you again soon. democrat senator debbie stabenow gained heat for bragging about her electric car. >> i have to say just on the issue of gas prices, after waiting for a long time, to finally get my electric vehicle, i got it and drove it from michigan to here this last weekend, and went by every single gas station didn't matter how high it was. lauren: well the average electric vehicle costs $56,000, okay that's number one but i think that's her let them eat cake moment, right? just let them buy teslas. you can't afford gas, no problem stuart: what do you got to say, david? >> yeah, she did two things. she first of all is talking about a car above the price range for many of our constituents but then she said i just drive by gas stations and it doesn't matter. like i think it does matter to people that have to vote. lauren: yes, tone deaf. stuart: out of touch. all right, thank you, moving on coming up, liz peek says it's

not all president biden's fat that our nations in trouble. she blames biden's cabinet too. she's here to shall we say stick it to him at the top of the next hour. a clear message in california, san francisco's voters recalling district attorney chesa boudine over its soft on crime policies. they are fed up. if it can happen there it can happen anywhere, can't it? ♪

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stuart: david bahnsen, our guest today, specializes in dividend picks. not just any old dividend pick, but companies which pay a growing dividend, as he never ceases to point out to me. so what are you picking today? >> usually i have to remind you and now you're just saying it right off the top. look, i want to talk about kohl's real quickly. this stock has been hammered along with target, walmart with some of these retail problems. it's trading less than seven times earnings, has a nearly 5% dividend yield but more importantly, it's up about 15% in the last two days, because there's huge takeout rumors so we love these stories. if things go badly, we're still

getting our 5% dividend in cheap stock. if all of a sudden there's a big takeout, there's a private equity company looking at a $60 takeout, it's at 45 right now. you get paid, move on to the next one so we like kohl's right here. stuart: and you're also back to ibm you've mentioned this many many times, all tech you like it growing dividend. >> the reason i bought ibm up again today stuart is because it's up 7% on the year. how many technology stocks are up at all. even my other old tech stocks are down, cisco and intel, ibm is up 7% of the year with its best days ahead. stuart: why do you say that? >> because i think that red hat acquisition was a game changer and the cloud, i think they are doing small acquisitions in cybersecurity, ai, i think ibm is one of the few people that can make money and blockchain. it's not rank speculation with this crypto nonsense. it's actual aspect of company strategy in their i.t. work so we like ibm as a growth story going forward with a value

valuation. stuart: tell me when what's the dividend payment? >> over 5%. stuart: and you would expect that to go up? >> i would expect to continue growing the dividend until kingdom come. stuart: that's what ibm does? >> yes, sir. stuart: been great having you on the show today. thank you for your comments about politics you were totally wrong about california but that's okay. >> if there's any bet i want to lose it's that one but i'm not going to lose that bet unfortunately. stuart: probably not actually. david a pleasure thanks for being with us. check those markets please not much price movement for the dow, down just 42 points but the nasdaq turned around nicely up 47 points there, so we've got some movement up in stock prices especially the nasdaq. all right, still ahead, utah senator mike lee, florida congressman mike waltz, the lt. governor of virginia winston sears and kim strassel, wall street journal. the 10:00 hour of "varney" & company is next. ♪

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♪ ♪. stuart: elvis i'm all shook up. of you in your dancing. it might take more than $10. good morning, everyone 10:00 o'clock eastern i'm going straight to the money the dow is down seven, it is up 46 points, the ten year treasury yield. the nasdaq is up even though the ten year treasury is above 3%, 301 to be precise. the price of oil it just dropped to $119.88 per barrel. it had been nearly 121. that means gas prices not probably going to go down in the near future. bitcoin i keep saying this but is struggling to maintain $30000. 3700 as we speak, that the financial markets.

now this. for years this program has asked of california whatever reverse course, learn from its mistakes and reject far left policies. this morning there is a ray of hope. the soft on crime d.a. in san francisco is out. this man is a far left guy and he was soundly beaten in a recall vote 60 - 40. that in the most liberal city in america, for can happen there it can happen anywhere. in los angeles a former republican running as a democrat got the most votes and the democrat primary, caruso promise to do something about the homeless, not all the votes are being counted but he's ahead of karen bass and eight turn democrat congresswoman. he's ahead of her. if you are woke you are not happy this morning, wherever you work your watching the party you have dominated turn against you. chester bodine was beat by

democrat. in los angeles, voters preferred a former republican, the conservative ideas, rick caruso represents serious change within the democrat party. he won. in california voters turned away from the left because of crime, homelessness, gas prices and inflation. precisely the same problem doubling the rest of its previous california votes will ripple across the whole country, second hour of "varney" just getting started. i have a headline for you. read it and weep. democrats, biden's inept cabinet shares blame biden many failures. you know who wrote that, liz peek. fierce cryptic of this administration. i know you have a list of people that you really taking for task treasury secretary pete buttigieg on down the line.

do you want him to resign, should they resign. >> i think some of them should resign, i think biden should fire some of them. what we saw in california the top that ripple turns into a wave. people need to be held accountable. this cabinet is a most hatless cabinet we've ever had, they are not managers are on the wrong side of every issue. let's take them one by one, janet yellen who blew it on inflation and has issued an apology but refuses to acknowledge still what most economists are now saying he simply spent too much money. janet yellen became a chauffeur democrat spending. bill beck better, she still pushing it, how dare she with the cost of gasoline going to the roof. talking about alejandro mayorkas the department of homeland security allowing 1.2 million people to cross enter country illegally last year and that

does not include the so-called getaways which are probably over 300,000 with no plan, like to congress about how the border is secure, he has to go in my view and right now the white house is under tremendous pressure because the 15000 people coming up from central america to basically cross our border. we don't even know where these people are going, mayorkas refuses to tell us, he needs to go in my view. let's talk about pete pugh to judge our secretary of transportation who disappear because of parental leave taking during the time when our ports were clogged and inflation really took root because the shortage of goods. pete buttigieg as napa given a reward of that performance is $660 billion over infrastructure bill to dispense as he will, what is he going to do, he is running for president for absolutely for sure, he has just concluded a huge traffic safety initiative particular attention being paid to disadvantage

communities so is going to go around to disadvantage communities across the country, giving them some of the hundreds of billions of dollars building his own connection to those communities for a future run for office but also attacking, i don't know a shortage of traffic lights in these communities. it gets worse and worse, honestly. stuart: it does, day and night compared to the trump administration. he fired everybody. >> that is true. it may be a problem because we know biden's northstar is not doing whatever trumpeted, whether it was success or not. his northstar, don't fire anybody. he should fire people after afghanistan, let's talk about boyd austin, the defense secretary who oversaw probably the most embarrassing military failure in our country history with a withdraw from afghanistan. 13 service people killed et cetera. honestly i know we do not have time, i could go through the entire cabinet.

it's an appalling list of failure at this point and it's not helping joe biden. stuart: i going to steal your ideas and use them in an editorial at the top o'clock hour. >> thank you. stuart: you are all right. san francisco progressive district attorney chesa boudin was ousted by voters. i believe he is blaming billionaires and the wealthy, not crime. lauren: i really am, he was overwhelmingly voted out in less than san francisco. they did that even in san francisco, this is who he blamed for him losing during his concession speech. >> people are angry, they are frustrated. i want to be very clear about what happened tonight. the right wing billionaires outspent just 3 - 1, they exploited an environment in which people are appropriately upset. and they created an electoral or we were literally shadowboxing.

lauren: he was sworn in in january of 2020 and he received hundreds of thousands of dollars from donors associated with left-wing billionaire george soros. i just wanted to put that out there and i wanted to show you this. in san francisco in the past year, theft up 20%, homicide up 11% while it's jail population fell 37%. san francisco just voted that chesa boudin social justice policies are anti-safety. they don't feel safe, he is out. stuart: let's move onto congresswoman sheila jackson lee, she's been pushing for a bill that targets law enforcement but isn't she the congresswoman who spent a great deal of money on her own personal security. lauren: the first few months of this year $40000, 100% legit taxpayer money if you doing something official you can use that for your personal security but the objects are so bad.

she has supported measures that are considered anti-police on multiple occasions. she doesn't want to protect their police officers from lawsuits in some cases. police officers are supposed to protect citizens, yet she wants protection for herself when she's talking about coping or whatever she's doing as a congresswoman. stuart: that's one of the worst ideas for police reform making officer subject to litigation. .lauren: she supported the geore floyd policing act. she supported it. stuart: thank you so much. let's get back to money, eddie gabor, a man who's made quite a reputation for himself over the past four or five months because he said get out of the market, don't stay in the market. it's going down, here we are on june the eighth. are you still saying get out of the market? because it's going to go down somewhere?

>> i feel like right now this is the calm before the storm because i think it's going to get worse in the summer months. this is why i feel this way. it supported by the data that we followed. number one we have a strong dollar and people are not talking enough about how that's going to negatively impact them multinationals when they, with the second quarter earnings. secondly as fuel cost consumer is getting hammered right now. most people have never lived there inflation like this. inflation is the number one killer of your prosperity in regards to your wealth and you are seen that happen right now with the consumer and the demand destruction is going to get worse because of this inflation is not going away. next is earnings, you've seen companies already start to revive down. we warned investors that was going to happen and we think more and more companies are going to revise down because profit margins are getting shrunk and lastly does anyone really believe in this tough economic environment the federal reserve is going to be able to be hawkish as they are and have a soft landing, i'm not betting on that. if you think they could navigate

it don't bend, i am not i think you will have amazing opportunities if your patient over the next few months that the summer will get extremely volatile. stuart: this summer will be a tough summer for investors. i hear what you are saying and not a lot of people have come around to your way of thinking. i asked most of the market analyst have we hit the bottom yet, the answer is usually were searching for the bottom, were not quite sure whether were there get, you're absolutely certain but would not arrived at the bottom, there is further down to go, you are a brave guy, you came right out right from the get-go, you got it right. eddie ghabour i took up the last 30 seconds with my speech but it was nice. come and see us again soon. eddie ghabour. >> absolutely. stuart: a lot of stocks are moving today. more than others, but do not is up 3%. >> they say their omicron specific booster generates a strong immune response in

trials. that is raising the companies hope that the vaccine will be used this fall because right now i went to the doctor yesterday and he said it is a tough sell for people who are not vaccinated in due for a booster, you need protection and that new booster offers durable protection, maybe officials have a stronger sell. stuart: do remember or scotts mariopol grow to make your garden look terrific. they did so well during the pandemic when people were at home doing their garden now it's down 7%, what is the problem. >> people aren't as home as much anymore they're fixing up their homes and their lawns so they lowered their profit and sales, they say the consumer side of the business is going to drop about 5% this year with higher commodity cost. >> you don't hear much about all three of these, a tobacco stock it's down 6% today. >> downgraded morgan stanley, they see a growing competitive

threat from philip morris' acquisition to buy swedish mass for independent tobacco. that's a threat. there down six and half. stuart: coming up matthew mcconaughey, not on the show, but he did deliver a passionate plea to lawmakers in the wake of the school shooting. rotate. >> responsive gun owners are fed up with the second amendment being abused and hijacked by some to arrange individuals but people in power have failed to act. would you please ask yourselves, can both sides rise abuzz. stuart: the question is can lawmakers agree on matthew mcconaughey's proposed plan? florida congressman mike wallace will take it on. he's on the show. a massive migrant caravan heading to the southern border and kamala harris things green jobs will help tackle the root causes.

we are on it. ukraine's president zelenskyy says this coming winter will be the most difficult for ukraine since it broke away from the soviet union many years ago. mike tobin on the ground in ukraine with the full story. ♪ what happens when performance... meets power? you try crazy things...

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>> i saw a lot of devastation. now that the russians have retreated from this part of the country, i can show you firsthand the devastation. >> the people had the misfortune of living towards a belarus board and brushes ambition to topple the government in kyiv. caught in the path of a ruthless force then fire that did not avoid civilians. he lost ten friends to indiscriminate russian fire. through tears she said they called us brothers but they are not brothers to us. after all they are refusing us so much. what do they need, we did not claim their territory, it is all a lie. >> the shrapnel scars that you see on the walmart the tragic incidents of this work, march 16 there was a van here handing out bread to the people in this town who so badly needed food, there was a line of people extended this way when the round struck. official count say ten civilians were killed, he says he saw 14

dead. [speaking in native tongue] >> i turned my head in the direction and i saw a large people on the ground. i continue to see houses on fire as well as two people lying dead on the ground. >> locals cleared land at a cemetery for 1000 new graves only a small section marks ukrainian soldiers who died. he paid respect to his brother, a civilian. [speaking in native tongue] young boys, children and women died. there is nothing to talk about. the russians must be destroyed. >> the fighting is currently most severe in the town, a town that waterman zelenskyy has called a dead town due to the scorched earth style of combat. if russians were to surrender, that would give the ukrainians and russia complete control over the blue hands province.

stuart: that would not be good. brushes were on ukraine is actually highlighting the states of a chinese attack on taiwan. mike waltz republican from florida joins is not. congressman you just got back from the pacific command in hawaii where there was a top-level briefing that you were attending. what are you allowed to tell us about the defense of taiwan? >> the chairman of china is delaying his plans for taiwan by watching what's happening with russia and ukraine, he's adjusting them and in many ways he is accelerating and has told his military to accelerate their modernization that they can compete with us and they can militarily take taiwan by 2027 if he chooses to do so lashes five years away.

we need to learn a couple of lessons, number one deterrence fails when it came to deterring putin from taking action. how are we then going to apply that we the united states international community from deterring from taking taiwan. number two armenia allies after the fact, after they have been invaded after their cities are leveled which is biden's current strategy and ukraine is not effective. we need to arm taiwan right now. the third thing is our defense budget. you talk a lot about inflation, our defense budget is actually going backwards with inflation. the navy can't afford the fuel that it needs, the army can't afford the supplies that they need, the pentagon only incorporated a 4% figure in his defense budget, it's 8% or when it comes to construction 20% were going backwards in terms of our ability to compete with china or stop them from taking taiwan.

stuart: let's talk guns, matthew mcconaughey made a plea for gun reform during his white house visit. roll that tape. >> this time is different that there is some more momentum. on the right there are some things that we will not say no to consider. then on the left are willing to say we may want the whole loaf but will take a slice of bread. the novel and special time happening right now were actually something may change instead of just talking about it in nothing changes again for another seven years. stuart: matthew mcconaughey is calling to raise the age to 21 and require background checks, red flag laws and a national waiting. for rifles. is that the middle ground? as i become the middle ground and the gun debate? is that the middle? >> the other things that he talked about also which i appreciated where he also talked about mental health issues and family values and hardening of schools and the fact that 99.9% of responsible gun owners aren't

abusing their constitutional rights. he talked about a variety of solutions. unfortunately what were seen on the hill to your point is just this kind of magic, we detect this button on guns, this problem goes away and that's my issue with what city before us in congress. stuart: would you support vicki twitty when the minimum age to buy an assault rifle for example? >> a lot of people are comparing it you can buy beer or this or that, not until 21. those are not constitutional rights, this is a constitutional right. you can be drafted at 18, i think you should be able to own a firearm at 18. stuart: the debate will continue. always a pleasure. homeland security is warning of heightened threat environment over the next several months. they say individuals could use high-profile events to justify

violence against ideological opponents, public gatherings, schools and more pre-the department will monitor risks of domestic terrorism and from foreign adversaries as well. they came out with a warning. as a migrant caravan marches toward our southern border. vice president kamala harris unveiled a central american youth program. how much. >> near $2 billion. they also allotted one point to billion back in december. it's an investment to tackle the root causes of mass economic migration to this country. it's a long-term investment, it does not affect the 3-mile long caravan headed to our southern border. what is $1.9 billion include? stuart: trillion. >> billion. it's billion. stuart: i thought it was trillion it took my breath away. >> is still a lot of money. green job the expansion of cellular networks and countries like watermelon on top of one

point to billion that was invested last year. they're trying to do something. it's long-term it doesn't affect the problems pre-the people are still coming. stuart: i'm sorry i confused trillion with billion. the stars of the reality show crisply knows best are known for their fun family drama. watch this. >> your little too competitive. the fun and games are over for todd and julie chrisley. they are facing up to 30 years in prison under prison for tax evasion. we have the story. the next time you go food shopping you might not be able to get everything you want grocery stores. carrying certain products and food companies cannot lower their prices. lydia hu has the story after this. ♪

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stuart: breaking as of right now a man with a weapon arrested near the home of supreme court justice brett kavanaugh

according to the washington post he told police he wanted to kill the justice for the suspect was reportedly angry about the leaked roving way draft in the recent mass shootings. as for the markets were down about 20 odd point in the dow industrials but were up 17 on the nasdaq, not that much price movement so far today. but we do have price movement as the moving stocks. one of them is tesla. they are up 3.6%. >> reports that china will supply batteries soon to tesla. but they're working to supply batteries to others. the second piece is kathy woods are investment going on a tesla buying spree buying the dip if you will, she bought 55000 shares since the end of may. stuart: stocking up for more. vera bradley. >> the accessories, stock is down 4%, prophet warnings for the year, here's why, lower income customers are pulling back on their spending.

>> the wynn resorts. >> las vegas has been strong all week they continue that today as beijing continues to open using the covered restrictions. you can now eat inside of a restaurant in beijing. stuart: is all about account. lauren: you can go out and you could gamble. completely dim under different from vegas. stuart: the casinos are quiet is not slot machines in macau it's all table games. you're laying down the money but you don't hear the ding, ding, ding from the slot machines. thank you for that. in the face of inflation shoppers are changing their spending habits. that is forcing supermarkets and distributors to be rather picky on which products to actually carry. lydia hu in a supermarket in new york. how are groceries easing inflation on consumers? >> grocers are pushing back on

suppliers when the suppliers try to push their second or third price hike on some of their products when the suppliers say our costs have gone up. we have to hike our prices. grocers are now saying prove it. >> i think the loss are taken advantage, they will say with the increase in prices 10%, prove it and they have to come back and prove that out for us to say that make sense. will pass this through. >> an example morton williams is the pasta sauce, this grocery store won't tell us exactly which brand but they're currently negotiating a second price hike with one of these pasta sauce companies and they say if the sauce company can demonstrate how exactly their costs have gone up to justify the second price hike, the pasta sauce may not get favored real estate space on a great shelf or might not get a promo in the weekly circular. experts say now is a great time for retailers to do this, they have growing power and consumers

are watching however, last penny is being spent and consumers are not quite as brand loyal as they once were. >> retailers are very concerned that they don't want to give sticker shock to their shoppers. they're good to see less products on the shelves because of efficiency of operation both from a brand standpoint and a retailer standpoint. >> is not just pasta sauce were talking about, the grocers tell us negotiations are happening across the board for nearly every product are seen in the store right now. they say is this going to jeopardize whether they carry your favorite box of cookies or brand of yogurt, maybe not, maybe just an extreme example but they are hoping this sends a loud message to suppliers that there price hikes are being scrutinized and they better only approach when it's actually justified. stuart: very interesting, thank you very much indeed. john lonski is with me right now. for a long time we've been looking at wages and inflation.

a big picture question. are weakening worse off? >> of course were getting worse off. for the month of may you have the average wage up over 5% but in may inflation is running faster than 8%. this is gone on for 14 consecutive months. let's not forget look at consumer wealth, 401k plans, take the s&p 500 the last time we looked is down by 13% by year-to-date but after we take into account inflation the tire by 4% in real terms that decline is 17%. that's really deep. are we on the brink of recession? >> were moving toward the recession. i don't think the recession will start in the second or third quarter but i'm worried about later this year and next year very much so. you can just not indefinitely have inflation outrun wages at

the same time the equity market is falling. stuart: is there any sign that people are beginning to restrict their spending? >> we definitely see in the housing front, did you see today's number on homebuyer mortgage applications. down nearly 21% from a year ago. revise down 75%. were probably at the beginning of a housing recession and that should move on to other sectors. the housing recession, so is spending on big-ticket items like furniture and appliances. >> everyone stressing inflation, first it was transitory now peek inflation. i don't know some of that necessarily matters inflation is inflation you could be at 7% for a long time and that's entirely too much. we got the target warning and they're gonna have to cut prices to get rid of some. that's deflationary but what about services inflation that's

gone nowhere but up. i think this inflation conversation is getting twisted and worked read inflation is here and it's pretty no matter where it is. stuart: consumer price index released on friday morning are weakening 8% year on year. >> eight-point to percent, maybe 8.3 and for the month he got from pretense of 8% in april to eight tenths of 8% in may, this isn't getting any better gasoline prices are going through the roof, food prices keep climbing higher in the cpi continually understates rent place inflation, that's much higher than the 45% they report. stuart: thank you very much, see you soon. let's get to the reality tv stars, todd and julie chrisley have been convicted of fraud take me through. >> found guilty of conspiracy to defraud banks of more than $30 million in personal loans by submitting fraudulent bank

statements that according to the department of justice. also found guilty tax crimes including the attempted to fraud the irs, added wire fraud and obstruction of justice charges based underlay phase after 30 years behind bars in their sentencing is in october. stuart: this op-ed in the washington post it says democrats are in for a major loss in the upcoming midterms but the right says it's a good thing for democrats. will explain and are next our. treasury secretary yellen says the u.s. is facing unacceptable levels of inflation but listen to what she said when her own henry vaughn asked if she were the white house about where government spending. >> you ever warned the white house the increased government spending could've contributed to the inflation that were seen today? >> arbiter called another non- answer from the most senior financial for the cabinet. what is the white house going to do about it. edward lawrence has a report

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stuart: not that much price movement this wednesday morning. the dow is down 100 but the nasdaq is up 39. not that much price movement. we have treasury secretary janet yellen who says we should brace for higher prices to the end of the year. she's not the only one warning of more pain at the pump. come and edward lawrence at the white house. what other warnings are you hearing. >> the treasury secretary seen that again in front of house member she's testifying saying we have an unacceptable level of inflation. the world bank has slashed the expectation for the globe dropping gdp around the globe to 2.9% from somewhere in the five range before saying that some countries will be unavoidable to avoid a recession.

the u.s. has a negative growth in the first quarter in the second quarter estimate gdp tracker keeps falling two quarters in a row of negative growth that the definition of a recession. i asked the white house press secretary about this, listen. >> they look at a snapshot, .9% is gone down 1.9 to 1.3 for the second quarter two quarters in a row of negative growth. are we there. >> the way that we see it, we have the right tools and we are in a strong place to continue to be in this transition where we have stable growth and that is what is important, that will be our focus. >> she would not define what stable growth is. some feeling within the white house of oman economic advisors, you cannot look at one month of data and show a trend over the quarter to see a slowing economy the republicans are saying that

this white house has no answer for inflation, they have no plan going forward. they're not unleashing the energy independence of the united states as well as during government money on top of all of this. >> for janet yellen the treasury secretary to say last week this inflation problem surprises, are you kidding me when you spend like crazy and you pay people not to work and you drive up the cost of energy, you have to know that you can have inflation. >> we get another inflation rate on friday, it's not expected to be good. stuart: is supposed to be 8% year on year at the consumer level. thank you very much indeed. a new government watchdog says america's unemployment system was plagued by multiple failures during the pandemic. actually you have to come into this, i hope you can tell us what kind of failures we are talking about. ashley: i can indeed. very expensive, fraud alone totaled an estimated $70 billion

in fiscal year 2021. that is ten times more than the year before the government accountability office report shows an unemployment system basically was overwhelmed as workers filed a record number of benefit claims as we remember leading to those failures including delayed payments, customer service delays, low staffing levels and outdated computer systems, analyst say fraud balloons because criminals were enticed by the rich benefits in the system that struggled to cope with the daily usage of those claims, maybe not a huge surprise, the report knows the system was already strained to the point of breaking before the pandemic hit. >> what's this about it may be difficult or more difficult to fly to smaller cities this summer. i heard the report, what's the problem. >> is about piloted it could leave smaller cities in this country without any flight options at all. a growing number of small airports have fewer flights because of regional airlines

that serve them cannot hold on to the pilots because they are getting snatched up by bigger carriers because we know the pilot shortage. according to airline data early airports in the continental u.s. have lost at least half of their departures that they had only back in 2019. regional airlines play a major role in u.s. air travel operating more than 40% of u.s. passenger flights. they help to see traffic into the big hubs like chicago, atlanta and dallas but airlines are phasing out apparently the 50 seat that serve small cities and that could lead passengers having to drive hundreds of miles just to try to catch a flight. stuart: 30 airports have lost half of their flights, my goodness that is quite something. there are concerns that crypto mining could strain an already shaky power grid in texas, bitcoin minors say they have a solution that could fix the

states power problems, susan li will have that report a bit later in our show democrat senator brags about her electric car this is people are paying record high prices for gas, watch this. >> after waiting for a long time to have enough chips in this country to finally get my electric vehicle i got it and went by every single gas station and it did not matter how high it was. >> it didn't matter to you but it matters to a lot of people mike brown the senator from indiana takes it on next. ♪

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stuart: by the rest of the country gives a record high gas prices, debbie is facing backlash for bragging about her electric car, watch this. >> on the issue of gas prices after waiting for a long time to have enough chips in this country definably get my electric vehicle i got it and drove it from michigan to hear this last weekend and went by

every single gas station it did not matter how high it was. it senator mike brown is with us today, republican from indiana. senator can you say out of touch? >> is interesting debbie and i serve on the agriculture committee together and were to be a little careful here but i think there are a few details missing. i think the average income of most michigan folks is probably less then if it was a tesla might cost, did you need to recharge all the way to d.c. if everybody tried to do it you would have enough grid space. i think when you highlight stuff like that when many people are struggling to buy used vehicles you gotta be a little careful. i tell you my means of transport at least to get to the airport back is a used 2008 vehicle that

hit 180,000 miles that might be a more common story. stuart: if you and senator savonarola are on the agriculture committee, you know the affected the impact of high diesel prices. because i am a farmer, i had a tractor and i'm paying double for diesel what i paid a year ago. i think the diesel price increase is as important as the gas pricing increase when it comes to overall inflation on our economy, do you agree with that. >> diesel fuel is what moves the transport around the country. iran a logistics and distribution country for 37 years and our diesel bill i checked with my kids each week when i go back that now run the company with a good young executive team. unbelievable how much that is going up. also news when you're looking at what's happening on the street we are running into and many businesses were the whole sugar high of the economy is about to

end. a lot of businesses are seen months now that are as good as what we had a year ago and that's just the beginning of it. when you look at the report card that i put together providing when it comes to inflation, gas prices, immigration, f, f, f, down the line, this is going to be part of what were dealing with and most of it is still not hit the street it's all ahead of us we've unleashed a monster with inflation of shutting down our energy in independence and were paying the price for it now. it's a huge problem and it gets worse, thank you for being with us we always appreciate it. the ceo at starling about his individual bank back by goldman sachs gave a stark warning about crypto's, what is she saying?

it's not you, it's ashley. sorry about that. actually she gave a stark warning about crypto's, what did she say. ashley: good morning ceo of the uk digital bank as you say is calling digital currency a threat for the safety of payment for structure. take a listen to this. >> if you say dangerous and what we have is a wallet connected directly to payment schemes and this is a threat to the safety of our payment schemes around the world. >> speaking at a conference in amsterdam. despite both concerns on the financial giants and credit card giants mastercard and visa open their networks to digital assets and paypal to trade bitcoin together crypto currencies but regulators are worried about the financial systems as they say

the company more entwined with a very volatile world of crypto read back to you. lauren: thank you very much i'll take it from here. stuart: thank you everybody. here is what we have for you still ahead on varney. winsome sears, utah senator mike lee, texas congressman tony gonzales, and kim strassel, wall street journal. i'm hearing the word reside a lot these days, not surprising given the poor performance of bidens cabinet members, this is the least talented recent history and represents identity politics, not executive confidence. that is my opinion and my take. that is next. ♪ you'll always remember buying your first car. and buying your starter home. or whatever this is.

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>> is my duty to remind people that no one else knows. i believe it's more embedded than analyst and economists that and the fed believe it is. they are going to have to raise rates a little higher, hold them higher for longer and that's going to impact earnings. i think you have amazing opportunities in summer getting extremely volatile. >> jenna gala became a chill for democrat spending.

how dare when cost of gasoline is going to the roof. >> six dollars is not possible were traded in the wrong direction one refinery issue or one major hurricane away from being able to see that's not enough gasoline to meet the demand. ♪. stuart: 11:00 o'clock. it is wednesday june the eighth pre-let's look at the market, the dow is down 150, the nasdaq is up 2.3 to mixed market today, shall be oil earlier this morning $120 a barrel, that's where we are now, 12065. the yield on the ten year treasury earlier was above the 3% level. it is still above 3% but right at 3.001%. now this. i am hearing the word reside a lot these days.

not surprising given the poor performance of some cabinet members. here is tucker carlson on treasury secretary janet yellen. >> away peasant, your inflation i'm worried about climate change in gun violence and abortion, leave me alone the treasury secretary. she should be gone, this is crazy. in a functioning country janet yellen will be in a retirement home. stuart: tucker is not known for holding back, is he. now watch this. our own hillary vaughn question janet yellen after her non- answers of inflation. roll it. >> did you ever warning the white house the increased government spending could've contributed to the inflation that were seen today? stuart: obviously, another non- answer from the most senior financial official in the

cabinet. my colleague liz peek has her own list of cabinet poor performance. alejandro mayorkas, homeland security chief is in charge of the border. he says it secure, it is not. it is open, drugs and illegals are flooded in. pete buttigieg transportation secretary in charge of smoothing out the supply chain, not going well. jennifer granholm, energy secretary, we have an energy crisis and she's doing nothing about it. you should not be surprised, she is a climate warrior, she had no problem indeed america's energy independence. she appears to welcome 5-dollar gas so they can all be pushed into electric vehicles. interior secretary deb haaland blocked new oil and gas drilling right in the middle of an energy crisis. attorney general merrick garland who thinks protesting parents are domestic terror threat. i would add to liz's list, it should include health and human

services secretary a california lawyer trade what does he know about covid or the border and he's in charge of both. also you never see him. this cabinet is the least talented in recent history and it represents identity politics not executive confidence. this is why we have crisis after crisis and nothing gets done. elections have consequences but i never thought it would be this bad. we are just warming up in the third hour of "varney". ♪ kim strassel back with us from the wall street journal. what do you think, the least talented cabinet in recent history, the most conscious of identity politics, what say you. >> when you put forward the list of all the failures, it really put it into perspective. can you actually look back at a prior administration and see

anything like this, the accumulation, some of these things the administration wants to say it was not our fault, things headed but the number of things that are actually self-made is quite stunning. stuart: they won't be fired, will they, this president never fires anybody you cannot fire some of these cabinet members because they represent various identities. >> right, if you're completely and talk to the progressive base, and that's what you care about you being driven by identity politics, not by the question of confidence in more interested not by the questionable political survival, this should happen to year ago, the president should've fired a whole bunch if not cabinet secretaries, at least the people advising that within the white house with these numbers started to look so bad. it's remarkable that that has not happened. stuart: the washington post admits that democrats are in for a monumental loss in the upcoming midterms. they claim it is actually a good thing. i'm going to quote pete. the good news getting blown out

in 2022 may well be the only path to have to hold the white house in 2024. isn't that wishful thinking? >> if you read that piece, it's kind of stunning, the argument if they lose them biden will be read to pursue the kind of agenda he wants to and they point out, bill clinton triangulated in getting reelected and barack obama shifting focus and getting reelected. does anyone really think that this particular present biden has the ability or willingness to do that as we were the same. the same people are going to be around him arguing him that all that matters is that you please your progressive base. i don't see any change of agenda even if they are blown out in november. >> you are one of the people, the journalist to have been following hillary clinton most closely for many, many years.

after the sussman not guilty verdict, can we conclude that hillary clinton is home free? scot-free, nothing would happen. >> that's a tough call, here's what frustrates me. here's a great thing about the trial, she was exposed thanks to this trial we actually know the extent to which her campaign of the fbi to undermine and investigate a rival candidate. we know they concocted all of this information and fed it to the press and she personally signed off on this even though the campaign did not know if it was true and is not been vetted. we had a great piece in the journal the other day by former colleagues who suggested she had to have known much more. we now finally know all of that. here's the problem the very first level steps to accountability to be public disapproval, public condemnation and that begins with the press and the press does not want to talk about this.

they don't want to say how wrong this was just from a basic level rated this was a republican who would've engaged in that we would've been hearing words about coups and everything for you but nobody wants to do this because the press was complicit. stuart: they have been for years and years and years, you are not. you are all right, see you again soon. thank you very much. we have to g to the markets, we don't have that much price movement. the dow is down 150, a slight gain for the nasdaq, s&p done 16. mark tepper is with us today. you say what were seen right now is just a balance in an overall downtrend market. that means you're not gonna buy into it. >> that is correct. i think the big question that investors are asking themselves with the market being up maybe 9% off the bottom two weeks ago

is have we bottomed out and is double market coming back or is this just a headshaking a bear market. i think it's the latter all the market internals are suggesting that this is just a bear market and the strategy during these times who use these rallies and use strength to lighten up on those positions that are going to be leaders on the other side of the recession, i tell you i'm not quite ready to pull the trigger and by companies that i do think are going to emerge from a position of strength on the other side. but i am putting a list together. can you give me i know you like automation and robotics, can you give me names of companies which you think will do well when we come out on the other side of any nasty recession that we've got coming at us? >> hub spot sales for service now i think those are all great companies from a workflow automation standpoint. when it comes to robotics really everything is fueled by chips

which obviously we have a pretty serious chip shortage. nvidia is best-of-breed in the area. if you think about it bad fiscal policy, people pouting and sitting on the couch, the artificial increase in the wage war, all of that is going to amount to job description throughout the recession and after the recession, businesses are not what you continue to pay $25 an hour for work that is only worth $15 an hour. one last one, i think you bought in iraq, the generator people. i think you bought them last week. were you anticipating rolling blackouts? >> generac is a mission-critical copy for individuals and businesses. we all need power their name is pretty much synonymous with generators and whatever people are calling for high temperatures in the summer you have an unstable power grid rolling blackouts and ud generators, this is a stock that

over 40% from its peak it got hit too hard yet there's a ton of demand, these are the kinds of companies were received an opportunity right now, the opportunities are few and far between but there's one with generac right now. thank you very much indeed i know will see you again very soon. looking at the movers, dr horton down 3%, what is the problem. let's take it other homebuilders. we are down because applications for mortgages fell 21% versus last year. revise down 75%, we heard john don ski last hour he said this could be the tip of the housing recession that was strong language. >> that was done 21% mortgages that was a big deal. state street corporation is down. >> this is interesting, earlier today credit suisse was down a big wave issued a warning because of volatility in the

investment bank, the stock is up 3% in the news is that state street is looking to take them over. we are hearing that we will get a statement on what is going on on these media reports momentarily. >> credit suisse has been hit by scandal after scandal. it never seems to get out of it unless 70 buys them. they are out. caterpillar i'm sure they are up one point to percent. >> 8% to a dollar 20 a share. david bahnsen. phil nicholson being harshly criticized for joining the saudi backed gold plea. watch this. >> you can see the saudi's and that is your legacy? are you comfortable with that? >> as saudi students. we will play you his response and a moment. mexico could start start of work visas to thousands of migrants as earlier today. that would make it much easier

to travel to the u.s. with a report on that from the border. new concerns that bitcoin mining could strain the already shaky power grid in texas. we'll tell you what the bitcoin minors are doing to keep the lights on. that is next. ♪

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♪ ♪. stuart: let's take you on a trip down memory lane. a cowboy guy what you are looking at is austin, texas where it's 81 degrees today. the state of texas is facing the threat of rolling blackouts, and

concerns mount over how crypto mining could strain the already shaky grid. susan li is there live at block chains new bitcoin mining site in austin. how can they help stabilize the state algorithm. >> this texas power system is pretty tricky because it requires a perfect balance of supply and demand. you solid play out in the 2021 winter rolling blackouts when homes could not get heat. this time around the record-breaking heat wave texas wants to make sure that the air-conditioners seem to cool. turning to a new source, that is crypto currency mining and bitcoin minors, this is the largest bitcoin mining facility in north america run by block chain. let's talk to jason and how exactly are you helping at the texas power grid. >> significant investment in significant commitment in the power good here, that is driven

more generation to help stabilize the grid but with the energy we secured we have the unique property of being flexible enough to provide that power back to the grid when it's in high demand. >> you power up when there's excess capacity and you power down when there's a lot of usage in the state needs more electricity to cool the home across the state. >> exactly that's very unique. most large energy cannot just shut on and off throughout the day. we have a flexibility because bitcoin is in the park and that's as much work as were doing. >> also they purchased their electricity in the power usage on a ten year basis already. if you come closer, i want to show you how bitcoin and crypto is done. this is called mineral oil cool it that cools down the hard drives with algorithms and calculations to mind the one bitcoin because apparently requires nine years of household

energy used to get one bitcoin these days. back to you. stuart: very interesting stuff, susan li in the middle of it. we'll see you again soon. let's bring in senator mike lee with republican state of utah. senator you're on the senate energy committee, what is being done about this threat of rolling blackouts? >> wave administration that is unfortunately doing everything that it can to assault america's energy sector and with the america's middle class, hard-working families are unable to keep up, they cannot afford their energy needs and in some cases there left without power. we ought to be exploring every option available to us right now and not pursuing further the pipe train and all of a sudden we can abandon all fossil fuels, we cannot. if they want to abandon they have to go to something like nuclear that would provide a source of baseload carbon free power. but until that happens, they cannot act as if we can do

without these things. >> you cannot do all of this, this administration is not prepared to do what it takes so we are going to have rolling blackouts and really it is guaranteed. >> it is essentially guaranteed and for reasons i don't entirely understand, this is the future not applied to them, this is the outcome that they want. they somehow believe that this will build support for this drive toward this unicorn lake future which we cannot operate with wind and solar and it ignores the fact that we do not have the technology for that to work not for baseload power or to fuel our automobiles or trucks either. stuart: the average price for regular gas is now $4.95. really close to $5 at the national average. i get the impression that the greens, the environmental people the climate crowd want 5-dollar gas even those political suicide. >> to the extent they want to

even higher than that they want to double or triple that. we know that because from time to time they lift the mask and they tell us, they acknowledge that this is part of their plan to wean us off of fossil fuels. they want to make it prohibitively expensive. stuart: i know you have a new book out and i hope you'll send me a copy. i would like to read it it is called saving nine, the fight against the audacious plan to pack the supreme court and destroy american's liberty. i have not read it yet obviously but i just want to you to assure me and the audience that you can stop the left from packing the court, were relying on you you can do it. >> yes we can but we need your help that's why i need your viewers to get a copy of saving nine and read saving nine. you will win every argument not just with regard to court packing but every argument with

regard to the relationship between the three branches of government for the purpose of the court system and the relationship between the federal government and the states if you read this book. we need the american people to be educated and informed. i tell the story the last time court packing was attempted and explain why we are still paying a heavy price for the consequence of that. it change the course of american history and not a good way. we can't let that happen again. that's why i encourage everyone to go to amazon and pick up a copy of saving nine today. >> senator mike lee, great stuff, thank you for joining us. we appreciate it. changing the subject completely. phil mickelson just gave his first press conference cents joining the saudi backed golf tour. how did it go? >> awkward, testy, tense, pretty much describes it, the british reporters go for the jugular in the golf media over in the uk held phil nicholson's feet to the fire for the first time since the guard golfer signed with the 54 golf tour for a

reported $20 million. he responded to questions on whether he is being used to try to improve what the reporters call the image of a human rights abusing regime. watch this. >> it could be same for the saudi and that is your legacy? are you comfortable with that? >> i said earlier i don't condone human rights violations. >> you apologized again just now, can you clarify what you are apologizing for, are you sorry for speaking the truth about the saudi's or are you sorry for taking the money anyway. >> i understand that many people have a very strong opinion and may disagree with my decision. i can empathize with that. >> those questions didn't pull any punches, nicholson went on to say he thinks the new tour will do a lot of good for the

game. we shall see with the pga and turmoil first or pre-his biggest to commit to golf and other names have including dustin johnson and sergio garcia. according to a telegraph claims bryson and patrick reed are also just about to follow suit. this is an incredible story probably one of the biggest story in golf for a long, long time. >> an enormous amount of money involved. you sign in with $100 million, a lot of people do that. thank you ashley, another big sports headline of the day. a member of the walton family the members of walmart want to buy the denver broncos 4.6 billion if it's confirmed by the nfl it would be the largest set of a professional sports team in american history. next the lieutenant governor of virginia defending gun rights in the wake of two mass shootings. winsome sears says guns aren't the problem.

i'll ask her what is a problem preaching on the show later. san francisco voters are fed up with crime looting their city they recall the progressive attorney chesa boudin. what now, were on it next. ♪ you'll always remember buying your first car. and buying your starter home. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those.

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♪ ♪. stuart: chicago windy city as you can see, 69 degrees right there. if you like the music that we play on the show follow us on spotify, scan the qr code right there on your screen. scan it right there. check the market, we have the dow on the downside but not that much were down 70, the s&p is down five, the nasdaq at 45. not that much price change so far today but we do have voters in san francisco boating to recall progressive district attorney chesa boudin.

he is not blaming crime for his loss which is rampant in san francisco. he is blaming the wealthy. tell me more. ashley: of course he did, chesa boudin in his reporters blamed rich conservatives for the recall efforts to raise more than $7 million to kick them out. listen to chesa boudin right here. >> people are angry, they are frustrated and i want to be very clear about what happened tonight. the right wing billionaires outspent us 3 - 1, - 3,y h perero aprpproteprpptely set a tndyherehe aecelral delynu teteyte sdooxwb donowou wnot hhaeailed taiod to ut a tbout s tpi crin c ime ecrcrer procrgresd, tsed, the lhetatgraralra

tofof pof softistictist s iml iml n tim cim o c % t 8his wshh a 2 rgs w aell as spikespihomihoate. initial returns by the way show 60% of voters wanted him out. guess what leaders of california hotel in retailers industry celebrated chesa boudin removal as a sign of workers will once again be prioritized in the city that rely heavily on tourism. stuart: at the nra gathering in texas, lieutenant governor of virginia winsome sears says guns are not the problem when it comes to mass shooting. lieutenant governor winsome sears joins me now. your honor, if it is not guns what is the problem. >> when you look at the newspaper and it tells you four days ago in florida, a 10-year-old said he wanted to shoot up his school we have to

ask ourselves, what is a 10-year-old really saying he is saying he wants to murder people. we have to ask ourselves why is a 10-year-old wanting to murder people, the guns are the memes that he wants to use. understand this a 10-year-old will find other ways to do what he wants to do. there's something going on in his head and we've got it figured out and we gotta figure it out fast. today i read my newspaper and it said yesterday a 10-year-old, i believe it was california shot her mother's friend because they were an argument. these are problems that are happening in our families and if we don't figure this out quick, we are going to be in deep trouble. you know that a man, woman, child can use a car to drive over the curb, driving to a crowd, do whatever it is that they want to do, to get whatever

it is and the fact that they're trying to do they want to kill people they will find a way, they can put a molotov cocktail together and throw it in a crowd, same thing you could have the same problem. stuart: would you consider some of the suggestions from matthew mcconaughey that he gave at the white house. raising the minimum age to buy a weapon to 21. and waiting periods to get that weapon? that seem to me too be a middle-of-the-road idea, would you support those two things? >> i want to hear more about how that's going to work. here's the thing if we can put an ar in the hands of an 18-year-old and tell them no fight for your country then we have to figure that out as well, what are we saying? when i was 18 or 19 years old i was given a rifle when i was in the marine corps and i was told it was my best friend. i had to pull that thing apart within two minutes and know how to use it.

we have to think about what were doing. should there be a waiting period? i think so. should there be some other things, let's talk about that. but in the meantime let us ask ourselves why is this happening, we have fatherless homes, we have young men who were joining gangs to get that feeling of belonging, the feeling of somebody does. we have our society and our families are falling apart. in the family is where society grows, it's where the child learns how to behave. how to be civilized, how to be a responsible citizen. if families are disintegrating you see what we have we have suicides that are up, we have drug overdoses that are up for example enrichment up 150%, things are happening, let's get to the bottom of this, the gun is just one issue.

stuart: may i ask a question on gas prices, surging in virginia of course, $4.77 is your average in that state. governor youngkin hinting that may be cutting the state gas tax to get the price down. lieutenant governor are you in favor of cutting the gas tax? >> you better believe i am the people are hurting and he has tried and he has put in the budget the democrats have stopped him every which way and they have now sent him another budget that doesn't have any cuts for gas tax and he's going to have to do a line item to put it back in and i don't have a vote unfortunately. on the amendment i do. we could get some relief for the people, i was just down there and they are suffering down in those places. we need gas tax relief and we need that now.

>> what else would you do to get the gas price down, is there anything that we can do in the immediate future to get that price down? >> if somebody can talk with the president and tell him we need to open the pipeline mr. president. we need to take care of the things here at home that we have control over and stop telling opec country that they need to reopen. >> he will not do it. >> there is something called election and we have them in turn coming up and maybe that will give people a clue that the citizens of america are suffering so we have to get some things done. >> virginia certainly turn things around last november. i suspect i'll turn it around again this november. lieutenant governor. >> one thing politicians can do, they can count they know how to count votes. when we take back the house then we'll get some things going in

some minds changed. people want relief at the gas pump, it's common sense. gas prices are affecting everything. food, clothing, the supply side, everything. stuart: i can hear the exasperation in your voice and we hear all the time from our viewers. lieutenant governor, thank you very much for being with us, we always appreciate it. vice president harris thinks the way to solve the migrant crisis is going green. we will explain. luke skywalker from 1978, very rare considered to be the holy grail for star wars collectors. how much will it sell for at auction. we will tell you next. ♪

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stuart: rare pop-culture memorabilia is up for auction, i'm getting begin mark montero from lcd auction who is running this thing. i want to start with the 1978 luke skywalker figuring, why is it the holy grail for star wars collectors. it's a special piece we considered the most exciting action figure ever to hit the auction block within afa 90, non- graded higher, a total of two of these, the first time that it's ever hit the market. it is a very early release and what makes it special is a double telescoping light saber. early on tennessee's production of the double telescoping feature and equipped it with the simple light saber. very few of these double telescoping lightsabers were preserved. again the first time it's ever hit the auction block in the '90s.

we have conservatively estimated it at $100,000. >> let's make time for this in 1985 g.i. joe, i think we have a picture of it it's in perfect condition, what is so special. it is called snake eyes with timber the first release, it's in afa 95, it's the only one in existence of this caliber, there is none equivalent in non- graded higher. a very exciting piece. it's the first time it's ever hit the market. it's gotta be in perfect condition into the original container. >> this is the best of the best non- graded higher. >> i gotta move onto this the movie on vhs, a taxi driver, 1985 on vhs.

stuart: this is factory sealed, perfect condition, none created higher this is a theme that were going over all of these items are pristine. vhs is something that is a new collectible. it is going way up in price and people are very excited about it. stuart: who would've thought that pop-culture memorabilia if you just hang onto it in its original form that would be worth so much. mark, thank you for joining us you have opened our eyes to pop-culture memorabilia will see you again. more than 12000 migrates are walking towards our southern border, rick jenkins will have a report on it coming up next. ♪ so you know all you need for recovery. and you are? i'm an investor...in invesco qqq,

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visibly diminish wrinkled skin in just two days. new crepe corrector lotion only from gold bond. champion your skin. stuart: the caravan that we've been telling you about has grown to 12000 people, griff jenkins is at the border following it all. do you know where they are right now? >> they made it about 24 miles the first two days, now there about 10 miles north of that, they've grown, telling us is not

between 14 and 15000 and have joined and they began to get the humanitarian visas which allows migrants to move freely throughout mexico which means the head to the u.s. border. meanwhile let me show you what vice president harris is missing by an in the rbg, look at the smuggler video we were in a high-speed chase earlier today with texas dps they stopped the smuggler in the vehicle you can see migrants were apprehended, four migrants were apprehended, two more that got away and ran throughout a private elementary school, that school going on lockdown while authorities look for them. there's another video we can show you we have on another group of runners 14 and all that they pulled out of the woods. we went into wildlife refuge. very difficult but typical of every single day. i also want to show you the

individual that you saw apprehended was a runner on while giving the authorities a foot chase i want to show you one last video this is drone video not the live one but this is earlier this morning la joya west of i am, this is 60 - 70 migrants mostly from honduras, guatemala, el salvador and many from el salvador. it is 80% venezuelan. there absolutely being humbled with migrants coming across the border already. if the caravan shows up, law enforcement says that is going to absolutely drain their resources even more. it is a final note because they have been keeping track, every day since i've been here now ten straight days they've had 13466 apprehensions, 1123 known got a ways, they saw them on camera they do never getting custody

and that's just in this sector the rbg sector alone the snapshot of the border crisis. vice president harris has yet to come see in person. >> griff jenkins, thank you very much. a new 50 million-dollar initiative for green jobs in central america as part of the administration plan to tackle the root causes of migration. tony gonzales is a republican from texas enjoins me no do you think this is going to help $50 million for green jobs in central america. >> this is $50 million down the drain, this does not tackle the root issue or the immediate issue. you see every day thousands of people come over in this caravan is on its way. that is over part of it, many times those caravans are doing that so they can get visas for mexico to stay in mexico. essentially every single day a

caravan is coming over the united states and this is initiative that the white house is rolled out and have nothing to tackle the problem. if they wanted to tackle it they would start with immigration judges and get cases heard in two days, not two years. stuart: your district includes 800 miles at the border the longest stretch of border for many constituents in the united states. what are you going to do when this another caravans arrive. are they just going to walk in? >> we are completely overwhelmed our law enforcement officers are no longer out in the field during the processing centers day and night and the only way this stops is if you have immigration judges on the border that people do not qualify for asylum about 95% of the people that come into the united states do not qualify for asylum they need to be returned back to the country of ordinance using repatriation, that's how you stop immediately as not what this administration is working on the looking at this package that really does nothing to

address the problem today, tomorrow, next year or anytime soon. stuart: this is my personal opinion, they don't want to do anything about it, they want an open border. even though i think it's political suicide i think that's what they want, the open border is deliberate. are you with me on this, am i right? >> you are not off-base, this administration has been deliberate in its actions from day one, the part that they don't realize i'm mexican-american i represent a community that's over 70% hispanic, the hispanic community does not want open borders, we want law-abiding citizens to have an opportunity. we believe in the american dream and we want people to come over legally and we want work visas and we want all of the things, that's not what this administration is talking about at all. the doubling down on field policy and they won't talk to anybody they won't reach out to my office or henry cuellar, they won't talk to people on the border this yet know this issue every day.

you're going alone and is a failed policy, their only doubling they're down on the field policy. stuart: we hear this day after day after day and nothing ever changes, just extraordinary stuff. representative gonzalez is a pleasure to have you on the show, telling us how it really is. we appreciated the help he can come back soon. time for the wednesday tribute. a little strange, which year was the doughnut invented. can you invent a donut? i'm not sure, 1744, 1801 or 1847. there is an answer and there is a right answer. will have it for you right after this. . .

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because you did. ♪ stuart: i thought this was a pretty good question that our producers dug up for us. here it is. i hear you, ashley. which year was the doughnut invented? now i don't know whether you invent a doughnut. certainly don't discover it. you create one first. so what's your guess? >> i feel like homer simpson, hmmm, doughnuts. i can't imagine. i go with 1801. i think it happened by accident. that is my theory. stuart: go with 1847. i didn't get a sneak-peek at the answer. american see captain gregory hanson came up with the idea. he was only 16 years old at the time. 1847 the first doughnut appeared, whether a boston cream doughnut or jelly doughnut i

really don't know. i have to tell everybody, send in the fan friday videos. here is how you do it. you record yourself, tell us your name, where you are from, and you must say you're watching "varney & company." do that, if you're not real careful you could end up on tv. all right. that is fan friday. we hope you will get some stuff into us. neil cavuto. it is yours. neil: stuart, thank you very much. we have the dow down 62 points. it is a tussle with 10-year note in and around 3 percentage points t jumps over that and jumps under that. you have some selling. we have 3.009%, 007. you know the drill here, we accelerate every time it tips up over that. we are watching that. a couple of developments on capitol hill that could get that moving a little bit more to the upside. i will explain that in just a