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

second. meantime the president is ready to host latin american leaders even though a good many will not attend in los angeles for the americas summit but absence of mexico's president namely, mexico's president that has a lot of folks saying what could be done when you know the biggest preyer player south of us is not participating. jacqui heinrich in los angeles ahead of that. reporter: good afternoon to you, neil. right now there is a caravan of migrants making their way to the southern border. the white house is using the summit to reach a joint agreement on immigration, something mexico needs to be heavily involved in. their president is not here. because the u.s. blocked cuba, anything rowing waa, venezuela from attending, citing houma rights issues. critics of president biden say that makes his team look pretty bad. >> this is the americas. we should be lockstep with our neighbors to the north and south. when our neighbor to the south

doesn't go to the meeting because they're so disenchanted with our leader that says something. that is really troubling. reporter: not only mex can president is not attending. guatamala is not sending its president. neither is honduras. all three leaders vice president harris met with addressing her duties as border crisis. all that lacklousing embarrassing work the summit u.s. is hosting first time in nearly 30 years. he writes, something needs to fundamentally change how this white house deals with diplomacy. biden need to reset the whole national security team. critics say administration is not smoothing out this drama but weighing a biden meeting with the saudi crown prince despite their human rights record. the white house is defensive over that. >> we see that apples and oranges comparison. reality the united states is going to engage with all sorts of leeders, inconcluding

autocratic leaders on matters of national interest. the president spoke with vladmir putin before invasion of ukraine. that is very different than invitings them to a gathering of democratically elected leaders. reporter: after president biden arrives in los angeles, first stop is interview with jimmy kimmel before the summit begins. neil. neil: thank you, jacqui heinrich for all of that. daniel garza, libra initiative is in washington, d.c., joining us from the russell office building. daniel, do we know why exactly the mechanic can president isn't going? it occurs with the backdrop of this caravan, now we're told 12,000 strong, apparently doing little to stall it or even stop it. in fact getting out of the way so it can continue to move north. >> there is distancing with this administration obviously, neil, but at the same time, the narrative is that america is ignoring the dictators in cuba and venezuela and these other countries who are not invited.

so lopez obrador is looking to prop up these regimes. says he is not going to play if the other folks are not invited to the party. neil: so for mexico, what it is doing about this caravan, it is getting a lot of folks attention right now because it appears to be doing little if anything to thwart it or at least check the people out who are on it. what are we to make of that? >> again. this is sort of the indifference this administration has shown to our security at the border. they have lost control at the border, neil. i think americans are sort of fed up. we've said it time and time again. americans get to decide who comes in, when they come in and under what conditions and how many, right? but that has been lost. in fact, we have a lot of the border agents are very low in troop morale. i know a lot of folks, family, even who work at border, i'm from mcallen texas, are given up. all they do is process.

they're not out in the field like they were hired to do. it is catching up to this administration. neil: about does this all go, daniel? assuming the caravan makes its way to the border here. apparently many in the caravan, they're from everywhere, not just mexico of course. guatamala, nicaragua, all these other countries. that is the largest gathering, multicountry gathering of migrants we've ever seen. what is going on? >> yeah. look, these are the economic hardships that folks are facing in central america. just like i think americans and latinos are facing here in america, the truth is, neil, latinos were doing very well in a up to recently booming economy. and of course, we were building homes. we were creating wealth and you know, good salaries. all of a sudden we've been kneecapped because obviously the unfettered spending, unsustainable spending, unfettered printing of money

devaluing our dollar, these have turned out to be weapons of economic destruction and the biden administration seems content in being a superspreader of inflation. believe me, this is going to have election consequences to the down ballot. neil: i think, daniel, you told me this before, if i'm misquoting you please correct me my friend, there was an assumption on part of the democrats the latino vote is sort of a monolithic block. it would stay with democrats no matter what was going on at the border. quite the opposite now, huh? >> quite the opposite. look, neil, i think it is important for the gop, if they want to of course appeal to the latino vote, to make the case that it is the failed policies of this administration that are inducing the pain and the hurt and real price of washington that folks are feeling. they need to connect the dots. they need to of course make their case. let them know what are the policies that will reverse this situation? we need to of course stop the

reckless spending. we need to stop unfettered printing, also this war on energy, this war on productivity. we need to get back to a pro-growth, pro-job economy that rises all boats. neil: daniel, always good seeing you, my friend. good luck in washington with your talks and events. dan garza. seven battles across the country, seven primary battles within those states. california got the most attention here because someone fingered for being soft on crime has just been tossed out on his heiny. claudia cowan with more from san francisco. claudia. reporter: you're right this one wasn't even close. san francisco voters fed up with crime recalled district attorney chesa boudin in one of the most closely watched elections in recent history by vote of 60% to 40%. despite his overwhelming defeat,

boudin remained defiant to supporters last night. saying reform movement would continue. >> we already won. we have part of a movement that recognizes we cannot incarcerate our way out of poverty. reporter: it was a heated campaign that divided democrats over crime, policing, public safety reform here in liberal san francisco. recall supporters cheered the result as proof that residents want tougher prosecutions. while boudin consistently blamed wealthy republicans for funding the recall, voters blamed him for the city's lawlessness, drug use, rampant theft. saying his reforms that favored rehabilitation over locking people up were too lenient and made the city less safe. the outcome is a blow to the progressive prosecutor movement and sends a message to los angeles where critics are gathering signatures to mount a recall against their progressive d.a., george gascon. his second recall attempt in two years. other primary results set the

stage for elections this fall. democrats karen bass and rick caruso are headed to a run-off for los angeles mayor. as he seek as second term, governor gavin newsom will face republican brian dolly. here in san francisco, the mayor a more moderate democrat, will choose a new d.a. to serve out the remainder of boudin's term. the next election is in november. neil, boudin has not ruled out running again for the office he just lost. back to you. neil: wow. all right. claudia, thank you very, very much for that. i want to go to randy sutton, former las vegas police officer. good having you. unequivocal message, overwhelmingly unequivocal message, san francisco residents, many tip to the left had enough with crime. i wonder if the same signal applies to george gascon in los angeles. maybe we see it in manhattan they can't necessarily recall but the governor can fire you,

talking about the d.a. in manhattan, alvin bragg. what do you think is going on? >> this is a watershed moment for the, what we call, i call them trojan horse prosecutors. those who have been voted into office and then you know, made their cities less safe because of their radical agendas and listening to chesa boudin talk, he is delusional. blaming everyone but himself. neil: right, right. >> for being recalled. and i really do hope this is a signal and that george gascon is next on the list to be thrown out of office. what we're seeing is is the people rising up and saying you know what? you're responsible for our public safety. we want you to do your job and i, this is, this is a very interesting time in our public safety history, neil. neil: you hit on it, when i was

hearing boudin talk about you can't incarcerate your way out of this. well at least try because, man, oh, man, this is out of control, right? you have nothing to lose but going back to the type of policies in the past preventing things that we've seen rampant in american cities across the country. so i didn't understand where he was coming from. that was the very thing that san francisco voters were saying. your approach isn't working. we're scared to death. we don't feel safe. do something. >> exactly. and you know, his agenda has been, i mean he didn't hide it when he got elected. so the people put hem in office. then they saw the results. the real world results of that radical agenda, the body count rising being too scared to walk out, venture out in your own city. we're seeing that in new york as well. i mean there was just a poll that came out, neil, and it seems like new yorkers are now

having a siege mentality because they, the majority of new yorkers now believe that they are potential victims for the criminal element. and so what we're seeing is a complete abject failure of the, of the you know, previous governor cuomo and de blasio, their anti-public safety measures. no bail, low bail, failure to prosecute. failure to for judges to put people in prisons. you know, it is time to go back to the basics. you nail them and you jail them. neil: i am just wondering a couple years back when we were starting the defund the police movement, all of these other strategies here, you know, the case of seattle, it backfired of course. seattle newspaper today sort of detailing how much it backfired. i'm just wondering whether we're going back to a sort of a normal rational approach dealing with

crime? obviously recognize those officers and those policemen and women who go too far but realizing that they're but a fraction of the overall force. do you think that we're getting back to something that's normal ask a crazy word but normal? >> well, we're seeing some beginnings of the pushback, of the pendulum beginning. listen, neil there has been so much damage to the law enforcement community from all of this insanity and irrational response to, to the events of george floyd's death. it has taken a massive toll on the law enforcement community. i mean we're still seeing no one showing up for law enforcement jobs. we're seeing cops still leaving at unprecedented rates and, then the mental health of law enforcement officers is also at risk here. i mean, my organization, wounded blue, what we deal with is,

posttraumatic stress injury of officers literally. i've seen it, every single day. i'm watching it take place, unfold before me with the suicide rate of law enforcement rising and mental health diminishing. so we've got a long way to go. but this recall of chesa boudin and the effort to unseat gascon is a, is a boom for law enforcement. it is saying the people are finally stepping up and uniting in order to protect themselves. there is a, there is an add damage in law enforcement that the police are the sheepdogs and the sheepdogs need to protect the flock from the wolves, the wolves being the predators. it's a difficult concept for a lot of americans to believe that there are literally predators at the door that will do everything they can to damage your life and you're seeing it in new york

with the incredible crime rate there and now it is time for alvin bragg to step up. unfortunately the mayor is limited to what he can do but still, what i really don't understand, neil, is this lack of public safety has been increasing in new york and i still can't get my head around the fact that the voters put a guy like alvin bragg in office and -- neil: they did. certainly did. >> and they did. you're right. you know -- neil: finish that thought, i'm sorry. >> oh, no, i was just saying that there has to be a homogenous kind of a strategy here between the mayor and the district attorney because without that, the american put the cops out on the streets and they can make arrests but with no bail, low bail, you're still putting the predators back out there. they are preying over and over again. there has to be true strategy of

law enforcement which cleaned up. this isn't rocket science. we saw it happen in the '90s. neil: it is possible. maybe to your point what we're returning to. thank you very, very much, randy sutton, former las vegas police. in new york they don't have recall elections on figures in the state including the d.a., but the governor, not the mayor, but the governor can always fire them with cause. no word whether new york's governor is about to do that. we'll have more after this. ♪

you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >> tech: cracked windshield? make it easy and schedule with safelite, matching your job description. because you can track us and see exactly when we'll be there. >> woman: i have a few more minutes. let's go! >> tech vo: that's service that fits your schedule. go to safelite.com. >> singers: ♪ safelite repair, safelite replace. ♪

another crazy day? of course—you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with comcast business. powering possibilities.™

♪. neil: all right, remember those tariffs that president trump had put on china? the argument back then the chinese were going to pay, never mind the fact you you and i pay tariffs. implications we would be buying fewer goods because it would hurt china. it is apparently a moot point. a good many are a moot point to

the biden administration, some stand to be removed maybe sooner rather than later. we're getting this from the treasury secretary of united states. edward lawrence following that at white house. what is going on here? reporter: treasury secretary yellen testified that in the coming weeks they could look to change tariffs on chinese goods, saying the trump administration was not fair how they imposed tariffs who it would affect. she called reconfiguring americans so they don't harm americans. democrats say they do harm americans when they try to buy things. intense questioning this time on the hill by the house. treasury secretary janet yellen says inflation was not the fault of the policies of this administration. she did say she got it wrong again. she said americans need to be prepared for higher inflation through the end of the year at least. >> there is no, no question that inflation is unacceptably high,

that we need to get it down and it is partly a matter of demand and supply. reporter: now house republicans not buying it. frustrated there is no acknowledgement by president joe biden and many of his cabinet members about their responsibility. >> this is a freakin' disaster. i know you're with the administration you have to follow certain talking points. i get that. i don't understand how the smartest people in the world sitting in this administration can tell us everything's okay? just hold your breath and we'll keep you under water for a while but you hold your breath long enough, when you finally surface maybe there will be a reason for you. reporter: secretary blamed inflation not just on gas but inflation on food, on the invasion of ukraine by russia. senator steve daines who questioned secretary yellen yesterday saying inflation can be blamed on the president's policies. >> last year when the democrats were jamming through this

massive, multitrillion dollar spending package we warned them saying this would cause inflation. we warned the treasury secretary. we warned the american people. at the same time the president shuts downpipe lines. he stops made in america energy. reporter: we will get another inflation reading on friday, neil. it is not expected to be good. back to you. neil: all right. edward lawrence, thank you very much. edward referring to retail inflation number, consumer price index for the latest month here. that is due out on friday. so we'll keep an eye on that, no doubt art laffer, former reagan economist, economic advisor to president trump et al. art, always great having you. just dropping this on you because we're just getting word from the white house they're considering easing back some of those tariffs that president trump imposed on the chinese. what do you think of that? >> i think it would be okay to be honest with you. i think tariffs in general are a bad thing. i think trump used it to negotiate. in general long term tariffs

don't make sense for the u.s. economy. i hate to see it used in a political context like this month, this month. you know, but we should have lower tariffs just the way kennedy did, reagan did it, the way trump was going to do it, he was moving in the right direction. just less tariffs are, there are better off economy will be. neil: art, i get the impression the administration is kind of exasperated with this situation, nothing we can do. opened strategic oil reserve a million barrels a day. gas prices are higher. oil prices are higher. we'll remove tariffs more if we want to buy certain chinese goods, no impact on that even psychologically on the markets before we would go into effect which would normally be the case. they're kind of running out of arrows in the quiver here. so what do you suggest they do? >> well, whenever politicians make decisions, when they're

panicked or drunk, neil, the consequences are rarely attractive and this administration is in a panic mode. they're trying to grasp at straws, they're trying to do all of it. there will be nothing but mischief as a result of their actions. i feel very sorry for janet yellen, cea chairman deece, sitting there employed by the people, required to say party lines. yellen was wrong. she was right to say she was wrong. with new facts, with new information they should change the policies. thinking people when the facts change, you change what you do. they are not doing that. obviously with oil prices high. you know what they should do, open up the keystone xl pipeline. allow drilling going on. reinstate energy production in the united states. they will not do that. the poll numbers are coming worse, and worse. thank god we'll get a change soon. i do feel story for yellen. the numbers are not going to get better anytime soon. these three months, last month,

this reading friday, next month, are the last three chances they have for any abatement of inflation. once these three months are gone, all the numbers knocked off the list will be very, very small. going into the election there is huge biased increased measured inflation which will not work to their advantage either. neil: ray dalio, you know him well, hedge fund billionaire, very good read of markets, where we are going, he thinks stagflation will gain traction. that it will prompt the federal reserve forget hiking rates by 2024 cutting them. what do you think? >> he is probably right on the stagflation thing. when you have inflation rates running at eight plus percent, 11% on producers price index, gdp minus 1.5% in the first quarter, now they taper down the forecast for the second quarter, .9%, that terrible, terrible growth numbers. that is stagflation. but now the fed is going to respond by lowering interest

rates? hello? that is the exact wrong thing to do, neil. paul volcker got us out of inflation. reagan got us out of inflation raising inrates above the inflation rate. that is tightening monetary policy, expanding supplied goods total production, this is exactly the opposite direction they're going. this is, this is catastrophic what they're doing and, jimmy carter all over again. they're even worse than jimmy carter. i thought i would never say that. they are literally worse than jimmy carter. neil: we'll have to see what happens. art, i was thinking you were mentioning paul volcker. i was watching a documentary on him. lo and behold talks about the whole reagan relationship. there it you were. you look the exact same. you're like dorian gray of economics. you haven't aged. what the heck. >> hobbits don't change. we just don't age. neil: not at all. not at all.

>> thank you. thank you, neil. so much fun being with you. thanks for having me. neil: always good having you, art laffer. always interesting. weigh as key player in the whole '80s boom saw ronald reagan cutting taxes, paul volcker cutting back on inflation raising interest rates a full point at a time. look at him. he looks the same now. oh, he is the one on the left. we'll have more after this. ♪ (vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned.

(fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments

that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different. ♪. neil: what do you think happens when interest rates go up and housing prices just go up, up and up? what do you think is going to happen in the mortgage arena? in other words, how much do you think mortgage demand will stay, well, demanding. not much. not very long. that exactly seems to be unraveling right now. mortgage demand just reading its lowest level in better than two decades, 22 years i believe.

kelly o'grady on that in los angeles. kelly? reporter: this is for you, neil. the housing market is seeing rapid changes here. mortgage demand follow falling to the lowest level in 22 years amid rising rates, slowing home sales. mortgage applications are down 7% from last week and 21% versus the same week in 2021. refinance demand now 75% lower than last year. part of that drop in demand is mortgage rates are on the up swing after a brief decline in may. the 30-year fixed rate reaching 5.09%. additionally persistently low housing inventory is fueling prices and hitting first-time buyers particularly hard. don't expect demand to rebound quickly. bank of america economist says affordability fallen to lows last seen during the housing crisis that spurred the great recession. other news, roku shares soaring 11% on rumors, 10% actually, rumors netflix may be looking to

buy it. insider says fueling management of roughly closing trading window for employees. so why would netflix want to buy it? could be an advertising play. roku could allow access to ad sales platform. netflix transitioning away from subscription only model. financing a transaction could be difficult. roku shares lost 70% in value over the last year. netflix is similarly under pressure. it lost the all stock acquisition firepower. with the cutback in content, revealing a stressed balance sheet, purchasing roku would require at least 15, 20 billion with the market cap trading 14 billion right now. i'm also interested, neil, this would be complete reversal ceo reed hastings to get primarily hardware focused company. i would be curious other streamers on netflix or roku, would be reticent if netflix owned it. right now this is all just employee speculation. neil: people are betting money on it to your point.

kelly o'grady, appreciate that. i'm so glad my next guest is here to talk about this, talking about rob luna, surevest ceo, very good on the technology sector thanks for joining us. this whole netflix, roku thing i can't figure it out. 180 for reed hastings to think about it but i guess different times call for different measures but what do you make of it? >> i don't think it makes a lot of sense but i think to the point about reed hastings, the idea about reed hastings what he articulated for netflix a long time, hasn't been the jeff bezos amazon effect. meaning he wanted to be priced differently than a traditional media company like disney. there is not any additional levers that he pulled. there has not gone books to the cloud, all the different things bezos has done, when you look at valuations of the company, it is trading, 21, 22 times earnings. if we look at disany, making original content is very, very expensive.

so i think after this huge decline, a lot of people want to come in here and rush to the stock but i think right where it is sitting at right now is pretty fairly valued. i think if it goes out to make an acquisition of roku, i wouldn't be surprised to see 10 to 15% additional downside in the stock. neil: wow. rob, stepping back, looking at technology stocks in general, in "wall street journal" today, there is bull and bear argument how much further the selloff would have to go, if it goes any further at all. where are you on that? there is some metric that says you know, typically when technology stocks sell off as they did after 2,000, the drop can be very, very precipitous. we're about half that right now. where are you on that? >> it's a really different market than it was in 2,000. look at some underlying stocks. everyone has talked about cathie wood and her ark portfolio, innovation essentially of the next five to 10 years, kind of like the technology stocks we

saw in '99, 2000. if you look at those stocks, a lot of those have beaten up 50, 60, 70%. compare that index to the nasdaq and dow, it is significantly outperforming. i think it will be a stock selective. a lot of analysts are talking about that. some names bead end up, docusign, talking about microsoft sales force being a good acquirer of those, some of those names are so cheap right now, i think the kind of canary in the coal mine when you do see these companies coming in, and making some acquisitions at these levels, 20, 30, 40% above current valuations that will be all clear to investor to step in. already seeing insiders buying their own stock. let's remember, neil, we're in a down market, we're in a bear market. we still can't push above the 50-day moving average. until that ends, i think there is more continued pressure on the downside. neil: that would continue to the big names, amazons, apples, you touched on microsoft.

you don't want to catch potentially a falling knife? >> right. those names actually held up pretty well, neil. part of larger index. neil: of late you're right. >> that is the big challenge is those big names in technology, blue chip names in the dow still haven't got hit. s&p is not cheap. right now be a little bit patient, be on sidelines. nibble at names you like longer term down 50, 60%. don't try to be a hero in a bear market. it is a very, very dangerous thing to do. neil: well worth noting. rob luna, thanks very much. worth catching up with you on this. meantime the good news for restaurants is, that business is booming. the bad news they can't hire enough help to deal with it, unless they go outside of the human race. after this. ♪.

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, lemony, lemons. ♪ and never wonder if you got a good deal. because you did. ♪ for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset... the path is gilded with the potential for rich returns.

[ kimberly ] before clearchoice, my dental health was so bad i would be in a lot of pain. i was unable to eat.

it was very hard. kimberly came to clearchoice with a bunch of missing teeth, struggling with pain, with dental disease. clearchoice dental implants solved her dental issues. [ kimberly ] i feel so much better. i feel energized to go outside and play with my daughter. i can ate anything. like, i don't have to worry. clearchoice changed my life.

♪. reporter: welcome back to "cavuto: coast to coast." i'm lydia hu. grocery stores tell us the price hikes on food that they're seeing are unprecedented. supermarkets are pushing back on food suppliers. >> certainly unprecedented increases and starting to get to the point where they're so frequent and so large in some cases that you know, you have to wonder how much of this is starting to even become a little bit egregious. reporter: now with food prices up 10.8% over the last year, grocers are feeling pain passing along increased prices to their customers. morton williams here in new york city says one category seen second and third price hikes this year, beverages. now the grocery store chains is forcing beverage companies to demonstrate how their costs have gone up to justify their hiked up prices.

if the beverage companies can't do that, maybe they get relegated to lower chefs or maybe not featured in weekly circulars. experts say retailers have growing power and leverage here because consumers are watching how every cent is being spent and also they're not quite as brand loyal as they once were. >> they're very concerned that they don't want to give sticker shock to their shoppers. you're going to see less products on the shelves because of efficiency of operation both from a brand standpoint and retailer standpoint. reporter: neil, will this jeopardize your favorite boxes of cookies or brand of yogurt? maybe in the extreme example. most cases retailers, grocery stores are hoping this will delay or even discourage price hikes for their customers. neil. neil: lydia, thank you for that. lydia hu. for a lot of restaurants, good news is business is booming.

sergios chain in florida. their dining rooms are packed. the problem is finding help to deal with all the customers coming in. carlos joins us the president and ceo of sergios. carlos, very good to have you. >> thank you, neil. thank you for having me. neil: so demand is there. customers love your stuff. i was going through a couple of your menu items here, i was getting hungry. i still have another hour plus of the show to go. enough about me, carlos. tell me how you're dealing with just finding help. how do you handle that? >> well, for many restaurateurs we still feel like we're in the avengers movie where thanos snapped his finger. we're still 1.5 million shy of workforce since 2020. so you couple that with the new trend of virtual working, which by the way virtual working saves approximately an individual 70 hours a week. that is 12 days you're getting in the year free, if you're working virtual.

we can't compete against that new trend. unfortunately if you're in the retail restaurant industry. therefore is forces us to look at automation and robotics as a tool to offset these pressures that we just can't get the workforce back into our industry. neil: so using robots, how is that working? i think we have some video of this but, how does that work? >> well, when you don't have labor, you got to think of now we can make robotics assistants or really alleviate some hard work. for example we have food runners robots bring out food to the table, instead of taking three or four tables, they take five or six. compensate a little more. added robotics into the bar. we can't find bartenders. robotics can pour the drink or individual for the workforce. they can garnish it, inner act with the guest. we're looking in the future, right? a lot of restaurateurs can't

find diswashers or buzzers to clean bathrooms. that is another part we're investigating on, how do we make it easier to clean bathrooms. robotics i think will be that tool. already seen hotels and casinos, cruise lines looking at robots taking food from the elevator to your rooms because they can't find staff. neil: how do you deal with that? you're offering top dollar to get help. i have seen this play out across the country, across all industries, not only restaurant industry, no matter how much you offer tough to get people to take you up on it. how long do you see that going on? >> i don't think this will change for the foreseeable future. right now dishwashers are getting paid 18, $20 an hour. can't find anyone wanting to do that. we are looking at this, as a long-term problem. unless recession hits or we're seeing people across the borders that, are they going to get short term visas to help fill this gap? i think virtual working is here

to stay. most people will want to offer some kind of two or three days a week to work. again, that is saving that income is a big deal. now let's couple this with inflation. people are seeing money not going into their cars to drive to work for us. now we have time, convenience, money. that is very difficult for the -- neil: that is amazing. i'm just wondering, cooks are the bread and butter. i think we lost him. >> margin. neil: i did have a quick question to ask you about men you items how you deal with it. you have a lot of delicious food, cuban influence. i'm wondering for cooks, we hear the stories, some chefs are demanding top dollar now, getting it. i don't know what the scene is like in florida but what can you tell us about that? >> we have restaurateurs not putting prices on men use, because i changed five times already the menu this year. i can't tell the difference

between a commodity market and crypto market, right? it is volatility is about the same. if you can't keep your margin, right, then you're basically working for free or losing money. that is something that is not sustainable, increasing pay to your workforce. so it is really tough for restaurants. 40% of independent restaurants, neil, are now behind in rent. inflation is a huge factor. neil: that is incredible considering the booming business. the fact people want to get out, eat, have fun. i wish you well, carlos. thank you very much. you offer very interesting insight on this. you have successful restaurateur yourself. you're facing same kind of issues. the president and ceo of sergios, very big in florida. all over the place. good food, but you can't find people to get it to you. that is the dilemma. no such dilemma if you're a walmart heir. billionaire many times over. there are quite a few walmart heirs by the way. not all of them fork over $4.6 billion to well, buy the

denver broncos. we're seeing just that. ♪. 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. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

psst. girl. you can do better. whose resumes on indeed match yok. wow.criteria. i'm right here. and you can do better, too. at least with your big name wireless carrier. with xfinity mobile, you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill, over t-mobile, at&t and verizon. wow. i can do better. yes, you can. i can do better, too. break free from the big three and switch to xfinity mobile.

♪.

neil: attention walmart shoppers, one of our heirs, made so much money off you shopping at walmart, don't you think for a minute we don't appreciate it, that he will buy the denver broncos for a cool $4.65 billion. matt napolitano on significance of this. fox news headlines 24 headlines sports anchor. if you got to the dough to do it, these numbers get eye-popping, don't they? >> yeah. it is really incredible this think about, neil. back in 2018 david tepper approaches carolina panthers $2.3 billion. two years ago we saw steve cohen drop 2 billion for the new york mets. double that amount coming from rob walton, his daughter carrie, son-in-law greg taking over denver broncos. sale is not official yet. basically going through final formalities. they need 24 out of 32 votes.

hurdles are anticipated. remarksable and big payday for the bowlen trust. neil: to put it mildly. what is the more attractive financial lure, by a baseball team or football team? >> when you look at valuations definitely has got to be a football team. the nfl attract as larger audience. we heard mlb commissioner rob manfred there is issues holding a franchise right now. that is off-putting. nfl commissioner roger goodell embraces big bucks rolling in. frankly fans want to see owners that spend big money to buy the team. they feel it will translate into the product on the field. new york mets fans have been seeing luxury of that with steve cohen. i'm sure denver bronco fans may see same thing out of walton family. neil: wonder if the walton family, spreads to those key family members? not just one guy? they're all in this together? >> for the walton family, it is going to be rob walton

overseeing this operation for now. it is going to be handed off to his daughter carrie, then to son-in-law greg will be part. as well as mellody hobson a prominent black businesswoman. for nfl getting diverse hire they wanted to get in the ownership suite. it's a huge move. big name. chair of starbucks. part of board of directors at jpmorgan chase. that will help out with the day to day. rob ellis will have hands on role. he was appointed by family of late pat bowlen unfortunately onset of alzheimer's for pat bowlen in 2014. we'll see how things develop going on. it will be 60 to 90 days before this finally becomes official. then it will be the largest sale of a north american sports franchise. neil: just incredible. up away we go. matt, thank you very much. we'll have more. dow down 230 points. in one easy appointment... ♪ pop rock music ♪ >> tech: ...we can replace your windshield

and recalibrate your advanced safety system. >> dad: looks great. thanks. >> tech: stay safe with safelite. schedule now. >> singers: ♪ safelite repair, safelite replace. ♪ .. —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with comcast business. powering possibilities.™

i had been giving koli kibble. it never looked like real food. with the farmer's dog you can see the pieces of turkey. it smells like actual food. as he's aged, he's still quite energetic and youthful. i really attribute that to diet. get started at longlivedogs.com

neil: a lot of records for gas prices up for the 12th straight day. day after day, don't know what the record is for records what we are near a record or at a record for those records. oil prices up as well, one hundred points a barrel as we speak.

mike: love you when you play country music. i come to you from philadelphia and from the state, one of the three states to have joined the $5 club overnight. three states joining the others that are selling gas for $5 or more on average. look at the numbers. the new states, pennsylvania, ohio and idaho join 15 others, 16, and the district of columbia, and exclusive club. $0.04 more than it was yesterday comes $0.28 more than it was last week, pretty crazy. i look for something positive to tell you. i would like to give you something positive. if we adjust for inflation. $4.11, that was the record

before all this, $22, $5.40, we are not there yet, that is a positive. negative is we are headed there. goldman sachs saying oil is going to 140 sometime between july and september of this year. they previously said 125 and they say a large spike in gasoline prices is possible this summer. we can debate whether it is administration energy policy, opec, more travel. one of the things we haven't mentioned is refineries. i met a shuttered refinery in philadelphia. look at the numbers on refineries, less capacity than we've had in a long time, 300 refineries in 1982, down 124. we haven't built a new one of any size since the 70s and more importantly if you look at the

capacity, how much gasoline can be refined from a barrel of oil. we lost a million barrels a day since the start of the pandemic, some refineries shut down didn't come back, other ones blue up and they decided we are going to shut this thing down. it was a pretty big refinery. a perfect storm out there and a car needs gasoline. neil: you mentioned storms. if we have a busy hurricane season as they envision, at the very least refineries especially those in the gulf are shut down out of abundance of caution. that could affect the few left operating. >> and there is one down there now that is sort of hurricane proof and they are thinking of shutting it down this year. nobody wants to live by a refinery. i get that, but we've got to have gas from somewhere. neil: we need it, appreciate it.

on a refinery side of the story, we don't get a lot of press coverage but that is a big impediment as well, senator bill cassidy, republican louisiana, he was raking the treasury secretary over the coals, kind enough to join us today. she was more or less saying very good to have you today. on the transitory nature of all this, she's the only one saying that at least in the administration. don't know what good would do for the president to acknowledge the obvious but i don't see anything being put out to ease this. what do you think? >> it was clear yesterday they don't have a plan, to hope the storm passes over, the do nothing proactive. i say that because fuel prices

which you just highlighted our major driver of overall inflation. if you ask what they will do about the high price of fuel at the pump they talk about decreasing tariffs on solar panels made in china. that is absurd. one is not connected to the other. when we have electric vehicles 30 years from now everyone has one in their garage it makes a difference, what about now? they need a plan for now. it is clear they do not have one. neil: between that and hoping things subside on the energy front and the administration is looking to remove some tariffs on chinese goods to ease the price, pain for those who want to buy those guns, is that enough? >> i think it is obviously not enough. instead of helping us producers produce more north american oil and gas, creating better jobs for americans, more money in your pocket because of higher prices we help the chinese economy. this is not a plan.

this is the illusion of a plan. what we need is something which addresses head on the fact we need greater supply of oil and gas for folks overseas with better jobs that come with it and that will begin to ease the pressure on inflation, not some kind of band-aid you might call reducing the tariff on the chinese economy. neil: the president will be going to los angeles, the summit of the americas, the mexicans won't be there. don't know if it will be productive given what is going on at the border without the mexicans. what do you think? >> you have to ask about that. if we stop people coming across the border we need to stop them at the mexican guatemalan border. to your point, how are we going to make that progress unless the president of mexico is there to corroborate? if they make it to the border of us and mexico that border is so long, very difficult to defend.

let's talk further south. we can do that, they can do that, they need that help. not being in los angeles make it difficult to achieve. neil: i know i am ping-ponging but i wanted to get your thoughts on this, there's chocolate progress is being made in gun talks between republicans and democrats, chuck schumer extending negotiations. are you optimistic we could have a deal? >> i'm optimistic. there's a sense in the room that we wish to accomplish. not a sense in the room that we are going to our corners and not talking. it will be something which respects law-abiding citizens second amendment rights but also something which addresses the issue of people who are mentally troubled, people who are hotheads, people who somehow are getting weapons and causing terrible crimes. let's take care of the law-abiding but also let's address the issue of the non-law-abiding, we will get there. . 20 when it comes to those under

the age of 21 having such weapons what do you think? >> the court case out of the third or fourth circuit suggests it is unconstitutional to deny them access. without going into that, that represents complexity. we are trying to get something, 60 votes or hopefully more on the floor of the u.s. senate and passed the house of representatives that is our goal. if something gets us there under consideration how much of that would be there. neil: good catching up, appreciate it, be well. susan we with us, utilities like get strained when it comes to the ancillary activity, susan, what are you hearing? >> the state grid operator is turning took to currency

minors, like a block chain, here we are in the largest bitcoin mining facility, the texas state grid operator dealing with record heat waves across the state, make sure the air-conditioners stay running, it was on. the 2,020 one winter with the blackouts and homes losing access to heat but as a result, a perfect balance of supply and demand, texas turning to crypto currency, greg abbott, the texas governor, the crypto currency mining capital nationwide and senator ted cruz says bitcoin minors will help the energy infrastructure. >> i want texas to be the oasis of planet earth for crypto. you come to texas, you come to austin and we are seeing

massive numbers of people fleeing places like california. >> reporter: how do people help the energy grid? listen to the block chain ceo. >> texas is leading and wind generation and is going to be leading solar generation, and what are these generation sources, someone who will buy power. wind blows at night when no one is doing it. >> how it works in these crypto currency minors, when there is too much capacity meeting excess electricity they will power up but conversely, record heat waves this afternoon expecting a power down, they don't drain on the electricity supply, texas can't keep their home school. neil: there are people in this plan you are in?

>> reporter: it is us. there are five, jim and spencer, thousands of them are trying to mind those bitcoins. neil: thank you very much. talk about crypto mining, all part of a very big cracking down the crypto currency market. the argument has been it is largely unregulated, rogue investment, republican and democratic senator, coming up with a bipartisan way to police the crypto arena and they say this is that way. the argument has been most vocal, a lot of critics among democrats that crypto is a little dangerous and unregulated and out of control. it has fallen out of bed as

stocks have fallen out of bed but unlike some stocks it is yet to come back. is this addressing that? so many have lost so much money that order has to be restored. >> this is a growing industry we want to flourish and thrive and to do that you need safety and soundness. >> many figure prints? it will take months but we will have a product that we believe will come out of this bill because this is the base draft, formally begins the official discussion on capitol hill. neil: many make the argument including two senators, republican and democrat that this will provide some order to a market that needed and some stability to those who want to continue to invest in it. wonder what adam bell thinks of this. adam, what do you think of what they are cooking up including

putting the commodity futures essentially in charge of the oversight? >> thanks for having me, a step in the right direction from a regulatory standpoint, there needs to be clear lines of delineation between which regulatory entities are responsible for ensuring these assets are delivered to them in a safe and responsible way, there's a $200 and below exemption for transactions of smaller sizes to encourage digital payments. this is a good bipartisan first effort. neil: do you wonder about the future of bitcoin, the whole crypto currency arena, a lot of people have gotten burned, all the markets may be saved some commodities that have been badly battered through the

whole experience but particularly crypto currency, somewhat so. we got to the deck of the a lot of people are wondering of coin base itself, the market with these facilities, where are you on them? >> i'm reminded of the internet bust in 2000, whether the internet would generate meaningful businesses and if we look back, google, amazon, paypal, they are born out of that period. neil: the big names survived and thrived but a good number of those dot.coms exploded. >> that is how the economy works. we overinvest in a particular innovation area. thousands of entrants viper viability, a very few number rise to prominence and dominate and that is how our economy works. if you look at the history of

innovation when you go back to the car or the television, the computer business. every one of those innovation cycles had hundreds of entrants but only a few rose to prominence. this innovation cycle will be no different. neil: bitcoin itself i assume you are saying it is not part of that group the would fizzle by the road. >> bitcoin for a large percentage of the investor community is proxy for the broader adoption blocking technologies so bitcoin will be just fine. if you pay close attention to what is happening in this market it is really the engineers and core technologies that are things to pay attention to. the meme coins, the hype, the

sort of momentum driven investors out there looking to make a quick buck in an asset like crypto really is not what we pay attention to, we focus much more on fundamental engineering efforts of the block chain community and building out the technology stack to enable the banking system. neil: a lot of people have been burnt on this and still made money and quite a few bitcoin, i assume your among them. others are saying the easy money has already come and gone and whatever the upside potential is. >> i would say the current financial system is mired in a set of legacy technologies that are slow, the promise of block

chains are essentially the opposite of that, accessible, open-source, efficient, low-cost and fast and so information wants to be free, technologies march forward is inevitable so if you pay attention to where the engineers are, they are weak block chains. i challenge you to find me a meaningful engineering effort around financial systems or financial services that are not deeply embracing block chains and that ought to tell you something it if you look at the incumbents of the industry, jpmorgan, mastercard, visa, all of them have meaningful block chain developed efforts and are spending it on his amount of internal resources ensuring their systems and technologies are embracing these core technologies because it is the future of how money will move around the planet. neil: i wonder about your take

on the prevailing view for bitcoin, specifically to thrive, the dollar has 2 blow up. is that true? >> i don't buy that notion. if you look at the global economy, the us dollar is the grand heavyweight champion in terms of attracting investment capital from around the world. one of the things that is important about stable coin, particularly the digital dollar initiative being studied at the federal level, there are many many people, many markets around the world that cannot get access to us dollars in meaningful ways, inaccessible ways, the digital dollar is the opportunity to enable that so it is intelligent for the us government to explore and ultimately deliver digital dollar and that's a huge boon for the us economy.

neil: great catching up with you again. renewed attention that crypto is getting certainly from capitol hill, that could be a good or bad thing. depending on your point of view, whether you are a bull or bear, the bears are ruling the day, 227 points, technology stock-taking on tyndale not disproportionately so. we will keep an eye on it for you after this. ♪♪

your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire say goodbye to daily insulin injections. and simplify life with diabetes with omnipod. it's a tubeless, waterproof pod that provides insulin without multiple daily injections. now is the time to try it with a free, no commitment, 30-day omnipod dash trial. go to omnipod.com/free for risk information, instructions for use and free trial terms and conditions. consult your health care provider before starting on omnipod. simplify diabetes. simplify life. omnipod.

dad! a dinosaur! beforit's just a movie.pod. no dad, a real dinosaur!

show doorbell camera. the new xfinity video doorbell works with your xfinity home system for real-time alerts no matter what's at the door. get off the car... it's a lease! jurassic world dominion, in theaters june 10th. rule your home security with xfinity home.

neil: i wouldn't say there are universal rules of thumb for the markets, but oil goes up and stocks go down, stocks go down, doesn't always hold the case but most times that is the case and it is that way again today. a couple hours of trading to go. very good read of the markets. that is in play again.

what is bad for interest rates, oil backing up, not good for stocks. it is interesting, keeps playing out that way. >> oil drives the economy. it and everything we buy, not just the gas at the gasoline station. it is everything, plastics, the whole cycle of producing steel, whatever it is we do from a production standpoint, oil and gas related. when it goes up and affects costs, brings attention to inflation and the consumer is tapped out. i will stick to my view a couple weeks on the show, we are going lower because we are at our 4% personal savings rate in this country down from this time last year of 9% so it has been cut in half, we are at 2008 levels. well worth spending come from when we have higher prices and less savings. neil: what about market multiples themselves? historically they are still a little rich, don't know how rich.

>> they are rich, s&p trading at 18 times expected earnings. the problem is those earnings could be coming down. it is back end loaded. we are looking at third and fourth quarter expectations of 10% earnings growth off of the front end, back end loaded. if that doesn't come along earnings will come in disappointing, you are seeing price targets cut from companies out there, the wall street firms are cutting price targets two times the rate of raising price targets on stock so that is happening at the multiple that is probably two x what it should be. if you go to a 16 multiple you are looking at a 500 point decline on the s&p 500, looking at 3500 or so on the s&p to get to what is probably a more realistic evaluation. stuart: neil: you have been right on a lot of stuff. i want to go back with you later on the show to sort of

punch out a lot of this stuff. we are learning a little bit more about a guy who wanted to take out supreme court justice brett kavanaugh, they arrested him outside the supreme court justice's home. we don't know much more than that, it follows a string of worrisome crime issues that have oiled the country. in a moment. ♪♪ 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. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence.

t. rowe price. living with metastatic breast cancer means being relentless. because every day matters. and having more of them is possible with verzenio. the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopause status. verzenio + fulvestrant is for hr+, her2- metastatic breast cancer that has progressed after hormone therapy. diarrhea is common, may be severe, or cause dehydration or infection. at the first sign, call your doctor start an anti-diarrheal and drink fluids. before taking verzenio, tell your doctor about any fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. life-threatening lung inflammation can occur. tell your doctor about any new or worsening trouble breathing, cough, or chest pain. serious liver problems can happen. symptoms include fatigue, appetite loss, stomach pain and bleeding or bruising. blood clots that can lead to death have occurred.

tell your doctor if you have pain or swelling in your arms or legs, shortness of breath, chest pain, and rapid breathing or heart rate, or if you're nursing, pregnant or plan to be. every day matters. and i want more of them. ask your doctor about everyday verzenio. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. >> tech: cracked windshield? make it easy and schedule with safelite, because you can track us and see exactly when we'll be there. >> woman: i have a few more minutes. let's go! >> tech vo: that's service that fits your schedule. go to safelite.com. >> singers: ♪ safelite repair, safelite replace. ♪

neil: when it rains and pours, scary incidents, this one involving law enforcement officials, and armed man was arrested near the maryland home of supreme court justice brett kavanaugh. it was in the middle of the night. don't know much more than that. david spend joins us from the justice department. >> reporter: good to be with you.

this happened at 1:45 this morning near the maryland home of brett kavanaugh. we can confirm two law enforcement services, the suspect is being identified as nicholas john rossski from seamy valley, california. he is in fbi custody waiting to make a court appearance in the next few hours in maryland in a federal court. we are told around one:45 in the morning, specifically 1:42 the local montgomery county police department was called. we are now learning according to the sources that rossski told police he had threatened to kill brett kavanaugh. they arrived on scene, found him with pepper spray, a knife and a gun. the us marshals also assisted. he was taken into custody and then was handed over to the fbi. he was booked at a local police station. i'm told he will be facing charges, we don't know the specific charges.

attorney general merrick garland today was asked about this. here's what he said. >> we will not tolerate threats of violence, actual violence against justices strike at the heart of our democracy and we will do everything we can to prevent them and hold people who do them accountable. for that reason, last month i accelerated the protection of all the justices, residentss, 24/seven. >> reporter: shortly after this arrest become public senators on both sides of the aisle called for stronger protection of supreme court justices. >> this is exactly the kind of event that many worried the unhinged reckless apocalyptic rhetoric from prominent figures toward the court going back many months and especially in recent weeks could make more likely. >> the us marshals service helping, they are highly

equipped with dealing with the situation, these tense situations. the good news is rossski never got on the property of brett kavanaugh and never got near his home. the justice and his family are okay but clearly clearly a scary moment in the middle of the night. neil: no one is immune to any of this. don't say he didn't warn you. the more you hear incidents like this and this is scary involving a supreme court justice it could explain why 7/10 folks in the new york area, i am sure the numbers reverberate no matter where you are in the country were concerned about crime and that it is getting out of control, could explain the voting we saw in yesterday's primaries particularly in california where in san francisco they -- the guy with all the light sentences going on. what is happening? >> those recalls are really great and everything, should never have happened in the

beginning. right now justice garland could say whatever he wants but it is a day late and a dollar short in some of these cases. right now they should be not allowing protests by the justice's homes. that is ridiculous they even allow that. what it does is emboldens other people to see how far we can go and push a little further. until you get to an incident like this and thank god they got him and nothing happened but what would have happened is another story if they didn't get to him. people across america are starting to realize, because of the crimes, how far we have gone against fighting crime in this country and we need to get back to the basics, we have discussed this many times. it is like groundhog day, the same thing over and over except they start changing and when it gets more of the serious stuff that is when they take it serious.

neil: you know the subject better than i do but in new york, you can't recall the district attorney or politician in general. but the governor could always fire that person. when it comes to albert bragg who has been considered very lenient, that might be an option. i don't see that happening but what about you? >> i don't see that happening either because it is the same political party tagteaming back-and-forth. they want to address issues only as it goes along with party lines for that day. i said before and i say again, policeing in america today depends what the political climate is and that's a known fact. when you have bail reform, take away the immunity from the police officers and allow criminals to do what they want and time and time again they are in stores doing it and start with little crimes is work their way up progressively, the criminals are out there where they should be behind bars and you don't even have the new york state

what do you call, senate and judiciary committee over there saying let's give the judges the power to make the decisions, they won't even go that far so why think they would remove a sitting da in manhattan, don't see that happening. neil: 7 out of 10 new yorkers are worried something like that could happen to them and they will be victim of the crime. it is nuts. thank you, you are a voice of reason in the middle of the so appreciate it. neil: joe cardinaly. we are following up on these moves, merrick garland in new york will talk about ways to get help to prosecutors to make sure they don't have this continued turnstiles allows those repeat offenders to keep repeating offenses. stay with us. ♪♪

wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq another crazy day? yeah... oh. do of course—you'ret! a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with comcast business.

powering possibilities.™ meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, you get a different kind of bank. hi, i'm debra. i'm from colorado. when you start with care, i've been married to my high school sweetheart for 35 years. i'm a mother of four-- always busy. i was starting to feel a little foggy. just didn't feel like things were as sharp as i knew they once were. i heard about prevagen and then i started taking it about two years now. started noticing things a little sharper, a little clearer. i feel like it's kept me on my game. i'm able to remember things. i'd say give it a try.

prevagen. healthier brain. better life.

neil: alto was oil going, concerns about gasoline hear another record, 12 day running slows down the economy. the fear is it will add to the slowdown we've got going on. it hit cyclical stocks, the dow jones industrials, it is pretty much everybody when you own stocks or not and it escalated the selling at the corner of wall and abroad, the dow down 317 points. we are also following the drama going on for twitter and whether elon musk is really interested in it or if it is all subterfuge. charlie gasparino joins us.

what is going on? charles: couple caveats. these are two bankers close to a deal, involved in negotiations on the financing side. elon musk could change his mind tomorrow, no one really knows what is going on in his head. as of today, as of now this is what they are saying, musk is still interested in trying to buy twitter. he still seems value in the company, he can create value in the company by taking it private but he does not want to pay the 5420. here's the rub on this. twitter on the other hand knows that if he drops out the stock will go down to $20 a share. in the 20s. it is between a rock and a hard place, to max my shareholder value, initially $54.20, sell

out of it, superlow prices from a legal fiduciary standpoint. there is negotiation as to how much he will go up and how far is the bigger question, twitter is running to go down. a lot of this is negotiating, at some point this -- is not $54 stock and one of the reasons, musk is getting cold feet, he believes the economy is worse than it is. he think the market will selloff more dramatically. is baked into the system. he doesn't see much movement out of the biden administration from fiscal standpoint or energy policy standpoint to lessen the cost of oil. he has an ev company but thinks

the economy is in trouble with inflation and a big driver of inflation is oil and gas. he doesn't believe $54.20 is the number he should be paying, the market will correct and people close to him are telling me so that is where we are. he wants the company but not at that level. it is not a bargain-basement price. we have a gentle behind the scenes negotiation but the notion he wants to walk away, as of tweet 10 minutes ago just so you know is not accurate and people close to the deal say he is still interested. could come back in 5 minutes and say no, very possible. neil: charlie gasparino on all of that. we are looking at inflation. you are not imagining it, prices going up at the grocery store, that you know but sometimes you don't see the price going up and wonder they

must be absorbing it until you pick up that box of cereal and it seems a lot lighter. we will explain after this. ♪♪ and doug. ♪ harp plays ♪ only two things are forever: love and liberty mutual customizing your car insurance, so you only pay for what you need. (emu squawks) if anyone objects to this marriage, speak now or forever hold your peace. (emu squawks) (the crowd gasps) no, kevin, no! not today. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates

matching your job description. visit indeed.com/hire my patients, i often see them have teeth sensitivity as well as gum issues. does it worry me? absolutely. they are both very much hand in hand, so you should really be focusing on both, and definitely at the same time. sensodyne sensitivity & gum gives us a dual action effect that really takes care of both our teeth sensitivity as well as our gum issues. by brushing with sensodyne sensitivity & gum at home, it's giving you the relief that you need and the control that you need to take care of your oral health. and it creates a healthier environment. there's no question it's something that i would recommend.

ion energy is ready to meet the demand of asia's booming there's no question it's something lithium market. ion's flagship lithium brine project in mineral rich mongolia, is strategically located next to the world's largest ev market. ion energy: mongolia's premier battery metals explorer millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them. get $250 off an eligible 5g phone with xfinity mobile. take the savings challenge at xfinitymobile.com/mysavings or visit your xfinity store and talk to our switch squad today.

neil: shrinking packages instead of shrinking the price, you might think they haven't marked this up until you start shaking the box and opening the bag of chips and realize weight a minute. madison allworth has that. >> reporter: americans not only have to worry about paying more with inflation but you have to look at the fine print or shake the bag to figure out if your everyday items, corporations look at that, take for that the freedom scoop down from 18 ounces to 15.5 ounces. the kleenex tissues, they had 65 and now only 65 less tissues

to wipe your tears after you see what you are spending at the grocery store. cottonelle ultraclean toilet paper, 312. you don't miss those sheets until you are in a desperate -- these are a couple examples of how companies make changes. when they do this they might update the packaging to draw your eye from the change or gatorade made some changes to the bottle so pepsi recently began fusing out the 28 ounce bottle. is tapered in the middle, easier to hold. it also comes with gatorade inside. pepsi said the changes been in the works for years and isn't related to the current environment but the interesting challenge is in most places not only does the bottle have less inside but it is more expensive.

it is important to deck out i reached out to the companies mentioned in this report if and when we get a response we will keep you updated. neil: if they start doing what they did with cheese, this will be war. thank you very much for all of that. i guess we weren't imagining what is going on. we will see a lot more of it but only so much you can do shrinking package sizes and all the rest. the inflationary threat. >> it is rampant, they know consumers tapped out. it doesn't surprise me you will see smaller candy bars and smaller everything when you buy produce or product off the shelf. you have less of it. neil: wondering whether consumers skip out on food, i

am just wondering where and how it goes on. we've seen a lot of consumers do that with pricing cuts. because they are becoming vegetarians that is crazy but i digress. what do you see in the months ahead. >> probably more, the bracket from walmart. the products inside, the target missed and walmart missed on earnings, consumers will try to switch where they can but you run out of choices, switching brands, you go to a generic brand or something but it becomes as expensive and you are running out of money so switching is going to be difficult to do going forward

for everyone. neil: what can the federal reserve do, continue to hike rates another half point next month or half a point after that. will that do much to put a dent in inflation? there is always a lag, sometimes significant. >> a 6-month lag on rate hikes but i don't think that is the issue. the issue is not that interest rates are too low though i think they are to some degree but oil and gas prices being very high and that translates across. when you ship a product to a store you are using diesel fuel, or fuel for an airplane, those things are happening and where price hikes are coming from so raising rates when you have $120 oil doesn't do anything about that inflation. you've got to have more production of oil and gas which

is why biden is trying to see saudi arabia. they canceled that meeting. i assume he is still trying to get there because they can drop those prices globally at least in the short-term. consumers in the meantime will probably have demand disruption which means a reduction in oil and gas demand, slowing economy, and then you have reduced production, people laid off and all that. neil: any paws on that forecast? to your credit you were saying this when almost nobody was saying it and now i think you are in the majority, the majority has comes your way of thinking. does the contrarian in you say all right, maybe i have to part from this? >> the contrarian in me does say i was asked, thought about

interest rates, my view on interest rate is i don't see a spike at the long end of the curve. right at the 3% above 3%, that is a very important level for technical reasons. that is important. there's two reasons i don't see it going higher. we can't afford it as a country. imagine going back to 3% money market yield and 6%, look what it would do to the deficit. we can't afford it there. secondly it would create such a drag on the economy i don't see it happening. neil: they might take it and we can't control it. it gets out of whack like it did in the 70s. i don't see that myself but who knows? >> the fed steps and advise, that is what they have done historically to control the yield curve. they weren't doing that in the 70s.

it is artificially being manipulated and so they could step back in and continue to do that. stuart: the even when you have these forecasts, following all of this. the hedge fund billionaire is saying by 2,024 stagflation will prompt the federal reserve to cut interest rates. that soon. maybe sooner. more after this. ♪♪ ♪♪ like answer to my prayer ♪♪ can anybody blame her ♪♪ i know she's got it ♪♪ for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money?

(fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different. . . and putting the brakes on fried foods. jardiance is a once-daily pill that...not only lowers a1c, it goes beyond to reduce the risk of cardiovascular death for adults with type 2 diabetes and known heart disease. and jardiance may help you lose some weight. jardiance may cause serious side effects including ketoacidosis that may be fatal, dehydration that can lead to sudden worsening of kidney function and genital yeast or urinary tract infections. a rare, life-threatening bacterial infection in the skin of the perineum could occur. stop taking jardiance and call your doctor right away if you have symptoms of this infection, ketoacidosis or an allergic reaction, and don't take it if you're on dialysis. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. a once-daily pill that goes beyond lowering a1c? we're on it.

we're on it with jardiance. ask your doctor about jardiance. ♪ ♪ we all need a rock we can rely on. to be strong. to overcome anything. ♪ ♪ to be... unstoppable. that's why the world's largest companies and over 30 million people rely on prudential's retirement and workplace benefits. who's your rock? i had been giving koli kibble. it never looked like real food. with the farmer's dog you can see the pieces of turkey. it smells like actual food. as he's aged, he's still quite energetic and youthful. i really attribute that to diet. get started at longlivedogs.com

neil: this is what happens when oil prices move up. we have multimonth highs. for a while, $123 a barrel oil. gas prices 12 consecutive record highs. you sell stocks. that is what they're doing. charles payne, whether they keep doing it. to you, my friend. charles: thanks a lot, neil. good afternoon, everyone, i'm charles payne. this is "making money." breaking now, there was early bottom-fishing. that went away quickly as tidal wave of anxiety hit investors. we're nervously awaiting the big inflation report. there are intriguing stocks out there. how to sift through the ashes with some of the most brilliant minds on the street. the oil gusher that will not stop at least anytime soon. i want to know is it too late to build more refineries? we have stephen schork on deck. congress, hasin