there when you need help. dagen: i can explain in five seconds i can explain what he is talking about all inflated assets whether tech stocks even crypto, how much debt is behind those seats? how much money was loaned by banks and other services financial services companies behind all of those assets that are collapsing? . >> there is the numbers down almost 500 on dow thanks, everybody have a good weekend i will see you tonight on wall street "varney & company" begins stuart: yeah, but you've got to do it. good morning, maria, and good morning, everyone. yeah, we have some warning that the inflation numbers be bad, and they are bad. price hikes are not moderating. we are in an inflationary spiral it's not over. in the last year, consumer prices have gone up 8.6% that's the biggest jump since 1981 and that is a pick-up in the pace of inflation, a clear threat to the economy and this is the

inflation you see everyday. gas prices up again. the national average just shy of $5. $4.98 is the national average. odds are that wherever you are in this country you'll be paying $5 a gallon this weekend. another high for diesel 5.75, and some western states diesel is $7 a gallon. oil holding above what, $121 a barrel that's the west texas crude this morning. all right, that's energy prices. now, look at the stock market's reaction. stocks sold off yesterday on inflation fears and what the fed might do about it. there's a huge sell-off in progress again this morning. the dow up this time is down about 450 points, and the nasdaq is down about 211. that's a sharp sell-off and it began right after that bad strong inflation report was released. here's another headline for you. look at the 10 year treasury yield. straight up, 3.06% this morning.

this inflation news dominates the financial news of the day. high inflation, and inflationary spiral, a market sell-off and the increased likelihood of a recession. there is other news. one-sided political theatre to be precise. the january 6 hearings kicked off last night. the clear intention was to slime president trump. speaker pelosi selected the committee members, seven democrats and two republicans who oppose trump, so there was no opposing point of view. my opinion? our country faces an inflation crisis far more important to the daily lives of voters than a riot 18 months ago. it's friday, june 10, 2022. "varney" & company is about to begin. >> hi, i'm dave. i live in the villages, florida

and i always watch "varney". ♪ stuart: dave, in the villages, in florida, glad you're watching sorry you have to see bad inflation news, but that's what we start with this morning. yeah, the consumer price index. it showed an 8.6% jump from may of last year. in one year, consumer prices up 8.6% that's the biggest jump since 1981. now if you exclude food and energy, you go to the so-called core rate of inflation. it's still 6%, and that is extremely high for the core rate joe duran joins me now. he's an important guy, folks, he runs personal investing at goldman sachs. this man knows what he's talking about. 40-year high for the inflation rate, it's not cooling off. stocks are selling off. is this a stock market that i want to get into right now? >> well, it's certainly one you don't want to be out of, and

it's like a hedge but it kind of is. the reality is we've had about 15 rate hike cycles since the world war ii, not about exactly 15, and only 40% of the time, does it lead to a, 60% it leads to a recession, 40% of the time it does not. you have a likelihood of a recession but the important thing to remember is they typically start 30 months after the first rate hike and the market peaks 24 months, two years after the first rate hike. stuart: okay. >> and it's very unlikely that if you have an expansionary market economy which we have right now you have a down market, so -- stuart: let me ask you this. with an inflation number like this , joe, do you expect a paul volcker-style jump in interest rates as we saw in the early 1980s which set off a really traumatic recession, with inflation like this , can't you expect the fed to do something like that? >> i think you could get to

certainly we're going to add about 2.5% to the money-market rate in the next, this year, which is not small. that's a big jump, but the 10 year bond kind of tells you whether you need to worry about long term inflation, we're still at 3%. now, that's up a lot, it certainly increased the cost of a mortgage but the reality is the 10 year note and the 30 year , they flowed freely and we're sitting at a rate not that bad. 3% is still historically low. stuart: all right, joe. >> it was long term inflation concern. that number be significantly higher, so i don't, yes, the fed has reduced the amount of liquidity. yes the fed is going to increase rates 50 basis points now, and next month and we expect 25 basis points every month until the end of the year. stuart: okay, you are doing your best to calm me down. nobody is panicking, doing a good job. joe, thanks for joining us on a very important day. >> you bet. have a great day. stuart: yes, sir. got to get to politics. the january 6 house select

committee held its first primetime hearing last night. it was televised for all to see and produced by a former abc news president. tammy bruce joins us this friday morning. from what you saw last night, do you think that those hearings, last night's hearings, will they change any minds, change any votes? >> i think even some democrats may decide they've had enough. americans are tired of what's happening. they are certainly sick and tired of what they experience every single day. they've noticed first of all there was not a lot of interest in this. we've been pummeled with this for a year. they knew what the argument was as they watched the country burn down, and the same group of people in the house do nothing except obsess about donald trump , try to score political points, and in this case, as you've been reporting, gasoline. the baby food crisis continues. the rate of inflation. everything around them, coffee table issues. stuart: that's more important than the rye at 18 months ago, is it?

>> yes, every single poll says so you just need to be waking up in the morning to understand this , and the democrats see those same polls, that it is inflation. it's the price of gas. it's the economy that matters, and they don't care, and that's why the country, you know, part of what they say is oh, well we haven't done enough. they've done everything to set this country on fire. their agenda has worked, and the american people don't want it. stuart: okay, hold on for a second for me, tammy. pete hegseth with us this morning. i call it political theatre. vindictive political theatre at that and you? pete: you're exactly right. i agree with tammy as well. it was a one-sided show trial, putting donald trump on trial, with no possibility for cross-examination or defense. every video was selectively edited. if you missed it last night it was two hours and guess what you learned? nothing new. absolutely nothing new, and you heard one side of the story. you heard nothing about the security of the capitol

beforehand, and the request the trump adminitration made for national guard troops to be there denied by nancy pelosi. you heard nothing about that. you simply heard an attempt to try to discredit president trump and his ability to run again. it was like a third impeachment hearing except without cross-examination. >> classic propaganda, exactly what you'd see from the chinese state, if you were living in china and you were needing to hear what the state wanted you to hear, that's what you'd have. the only thing missing were "the rock"ettes, and i would have watched for them but they didn't have them. this was because due to envy of donald trump, and embarrassment because of their own failures, desperate to make sure you would look over there at a shiny object, they think the american people are crows and that we're going to be distracted by shiny objects, because as they set the country on fire and their policies continue to destroy our lives, we've had it, and now they are going to, this is a mistake and it's going to back fire even more, their number s continue to go down. trumps numbers continue to go up

his numbers amongst hispanics are extraordinary. with the democrats with hispanic s, it's collapsing, a remarkable thing to watch. stuart: tammy i hope i never cross you. i really do, you know? >> never do. pete: good life rule, stuart. stuart: listen to this one, senator sanders blasting two of his democrat colleagues for what he expects to be a democrat shall cabbiesing in november. here's the quote. two corporate democrats, manchin and sinema, sabotaged build back better and its been downhill ever since for the democratic party. pete hegseth? looks like the split in the party is getting really serious. pete: so the fact that manchin and sinema blocked trillions additional spending is the reason why the democrat party is in a hole, as tammy talked about joe biden's approval rating at 33% overall, 22% amongst young people, 24% amongst hispanics. it's a dilution all world view. it's an ideological socialist world view that if only for more

trillions in government green new deal spending then the people would love us. the people have seen what you're delivering. they know we can't afford it. the inflation numbers you report on better than anybody else are a reflection of it and their lives are worse off and they would run to the ballot box if they needed to because that might be cheaper than driving in their car to vote for someone else other than the guys in charge right now. stuart: we should really point out if bernie sanders got his way and spent another few trillion dollars it would make inflation even worse than it is now, and he doesn't care. so long as he can take money off the rich, he doesn't care that they will produce inflation. he simply does not care. that's an indictment to bernie sanders. all right, everybody, let's move on. pete you stay there we're not done with you. pete: okay. stuart: you have to stick around let's look at futures where are we now? the inflation numbers came out at 8:30, 40 minutes later the dow industrials are going to be down over 400 points and the nasdaq is down over 200.

please remember, yesterday, the dow was down 600, so combined with this morning loss you're looking at a thousand points down in the last what, 24 hours. speaker pelosi in no rush to protect supreme court justices, oh, no. she set a vote to boost their security for next week. roll tape. >> you said that justices are protected but there was an attempt on justice kavanaugh 's life. >> it's about staff and the rest. stuart: tell that to justice kavanaugh, please. remember when energy secretary granholm laughed off rising oil prices? you got to watch this. >> what is the granholm plan to increase oil production in america? >> [laughter] that is hilarious. if i had the magic wand on this. stuart: she's changing her tune now. we'll tell you what she's saying these days. we'll be back.

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♪ stuart: that was pretty good, doesn't it? myrtle beach, south carolina, a hey of 82 degrees, nice place. check futures, please. on the downside, pretty much across-the-board, dow is down 448, nasdaq down 200, if you just are joining us that sell-off is the result of very strong and sharp inflation numbers, 8.6%. bitcoin, down below 30,000, again, 29, 500 to be precise. it's another day for new high gas prices.

right now, we have the national average at $4.98 a gallon, just a little shy of $5 it'll get there on the weekend. jeff flock in pennsylvania, we're two weeks into the driving season. prices are up $0.61 in a month. you're talking to drivers. what are they telling you? reporter: i'm in collegeville, pennsylvania, stuart, you know, they say they still have money in their pockets. they still have jobs, but they're beginning to change their behaviors. people saying you know what? i used to fill up every time i went into the station. not so much anymore. take a look at this quote from the ceo of murphy's which is a convenience store chain. he says he told the wall street journal, they want to fill up a certain amount in dollars, and it just doesn't go as far. back in the days when we said hey, just give me $5 worth, will you? only get a gallon that way. people also looking more at other alternatives like electric

cars. searches online for electric cars up 73% since all of this started. hybrids, searches up 25%. why? well because 20 states now, $5 or more, right here in pennsylvania as well, although i found a station for you this morning under $5 in college ville. you know, i would leave you with a reasonable positive and that is that if you look at inflation -adjusted prices back in 2008 it was only $4.01 for a gallon of gas, and you know, adjusted for inflation that's more than we're paying now. i would point out then that that was a real spike in 2008 and a precipitous decline after. this year, 17 consecutive days of increases followed by another 14 consecutive days of increases it's more like chinese water torture. the occasional waterboarding, i don't know about you but i'm ready to say "uncle." stuart: i hear you, jeff flock thank you very much indeed. energy secretary jennifer

grannies has done an about-face on high gas prices. watch this. >> what is the granholm plan to increase oil production in america? >> [laughter] that is hilarious. if i had the magic wand on this. >> yeah, this summer is going to be rough i'll just be honest with you. there will be some relief on the horizon but during the summer driving season it is going to be rough no doubt about it because we have such a demand and supply mismatch on the global market for oil. stuart: well apparently, this rough summer is no laughing matter, at least not now. the gentleman on the right hand side of the screen is kevin stit h, the governor of the great state of oklahoma joining us now. your state is doing better than most on gas. your average is 4.59 a gallon but i do know that it's up $0.40 in just the last week in oklahoma. what do you make of energy secretary granholm? >> you know, super-

disappointing for us here in oklahoma. if you think about this , stuart , since 1973, every president of the united states, whether republican or democrat they had an energy independence policy. in other words, let's meet the needs of americans with our own resources, until this administration, and they choke off supply, and then they wonder why the price at the pump goes up, so again, they need to immediately allow states like oklahoma to drill, they need immediately open up federal permitting, they need to immediately stop this nonsense on pipeline development, and we're doing it fantastic in oklahoma. there's resources here. we should meet our own needs instead of buying oil from russia. stuart: but will they ever do it will they ever say yeah, let's drill. let's frac. let's get out there and go for the energy which is ours under our own. you know, you don't believe they will ever actually do it, do you >> i really don't and that's what's so disappointing for us

and what i like people to know about oklahoma, everybody thinks we're just oil & gas. we're actually number two in wind energy production. we have some of the cleanest water, cleanest air in the country, yet we're the pipeline capitol of the world. we're number six in oil, number four in natural gas, and we're one of only four states that 40% of our energy comes from renewables, so we can do it. we can have an all-of the-above approach in america but to close your eyes and to say that we're not driving to school or driving to work or we need to fill up our cars and heat our homes and our businesses and we want to buy from our enemies? it just makes no sense to the average american and this party is out of touch with the reality and they're making everything cost more money which is hurting oklahoma families, and american families across the country. stuart: i've got one minute for the big announcement. oklahoma has secured america's first rare earth metal and manufacturing facility. can oklahoma supply what china

now supplies us? >> yeah, well we're very excited about this. it's a huge deal for oklahoma. manufactures are realizing that oklahoma's the spot to be in right now, so it's $100 million investment, high-paying jobs, but you touched on it. the biggest point for this is it's pulling supply out of china they control 90% of the mineral- to-magnet manufacturing and that's a national security issue so oklahoma is solving that. these go into f-35s, into our submarines and right now, we're reliant on china. oklahoma took the lead and we have the first manufacturing facility in the united states located instillwater, oklahoma. stuart: that's good news of the day, kevin stitt, oklahoma governor, thanks for joining us. >> absolutely, thank you. stuart: pete hegseth still with me. i have a question about gas prices and children. [laughter] you have seven youngsters, i know you do. pete: uh-huh. stuart: you're not driving a

small car. pete: definitely not. just a big gas guzzler. couple of them actually. stuart: really? pete: yeah, because you can't fit them all in one so then you have a convoy so if you are convoying with two, my wife driving one and me driving the other, you do think twice about where you're going. stuart: so if you were set out for a weekend drive, in a convoy , two suv's you're spending 250 bucks to fill them both up. pete: precisely. stuart: or more. pete: which used to cost about a hundred bucks a year ago overall to do. we drive two cars because we try not to drive illegally by illegally seat belt buckling them. stuart: i have that problem too. slighter fewer children than you pete: but you know what's fascinating jeff flock in that report showing the increase in looking at electric vehicles that's what the left wants. the left wants to drive you away from it. stuart: let's quickly check futures now we're down 500 points from the dow industrials. that's how we're going to open up in a few minutes time, sharply lower across-the-board.

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stuart: mark mahaney is with us to check out this market, with the dow down about 500 points. mark is looking at two companies

in particular. first of all, spotify. i think you're very bullish on spotify. you think it's going to go straight up, right? >> [laughter] i'm not sure anything, unfortunately, is going straight up in this market environment, so look, the backdrop here is inflation risks rise, that means interest rates rise, that means long duration assets or high multiple future profit stocks like a lot of growth in tech stocks they underperform in that market. that said, i like spotify as a long term play. the stock is materially dislocated. i think this is the global leader in streaming. i think the shares can go up materially, but not in this environment, and we need a path to more stable rate rises, news like we got this morning means we're not going to get there. stuart: i thought you were going to say that spotify would go to over $200 a share, but you're pulling back on that, given the inflation news and the fed likely moves, right? >> it's hard to change price target just on one morning cpi

data but yeah. i still like this as a long term call. i'm trying to be as defensive and cautious as possible. not too many places in tech to do that. this is the first time i've seen in years microsoft, apple, google, all underperformed the market. the market is staying away from growth and news like we got this morning gives them less of a reason to buy growth. you have to decide if you're a trader or investor. if you're an investor you want to buy the best tech assets out there when on sale. they're on sale now the risk is there maybe more on cell. stuart: would you buy amazon today or in the near future? it's 113 now. >> is it still the leader in online retail globally? is it still the leader in cloud computing globally and one of the three largest advertising platforms globally? yes, so in that case you want to be an owner if you're going to be owning any equities, growth equities over the next, one, two , three, five years, i think amazon has to be in that portfolio. the risk you have now is we increased our recession risk.

i've spent the last week talking with investors, individual investors in chicago, new york, and la, and the investor concern over recession is rising materially, and that situation it's very hard to buy stocks near term but long term investments like amazon i think can make very good returns. >> [opening bell ringing] stuart: mark mahaney, thank you very much indeed. they're smiling as they open this market. i don't know whether that's appropriate or not because we'll see a lot of selling come the opening bell. we're off, we're running, the market is open and i'm expecting to see quite a lot of red ink from the start. the dow 30, all in the red and not a single winner amongst the dow 30. the best performer amongst the dow is ibm as a matter of fact which is only down just $0.55. the s&p 500 also opening sharply lower, a loss there of 1.6%. nasdaq composite down 1.7%. big tech took it on the chin yesterday, i believe it's taking on the chin again today.

apple's back to just 140. amazon 114, meta 181, microsoft 260. big selling right there, in big tech. mark tepper joins us this friday morning. big tech has taken an enormous beating, very very recently. the wall street journal says techs decade of stock market dominance has ended. what say you, mark? >> yeah, i mean, look. a lot of the tech sector you've got kind of this high multiple stocks, you've got a lot of companies that aren't making any money. big tech on the other hand, big tech you know, every single one of those companies is making money but when you kind of look at apple, microsoft, google, amazon, what all of these companies are doing is they're starting to kind of shift guys and they're going in a direction that isn't all that great. i mean, you take a look at amazon, kind of going less discretionary, more grocery- based. more necessities. you've got apple getting into the buy now pay later business, which that scared me, stu.

that seems to be just a slight notch above payday loans and that might be fine when the economy is accelerating, but it's definitely not as fruitful when the economy is slowing, so look, big tech will be okay because every single one of those companies make money, but look, multiples are going to come down across-the-board. stuart: okay, we hear you. show me netflix, please. i know that goldman sachs downgraded that stock and goldman slashed its price target it was supposed to go to 265. their new price target is 186. it's practically there right now is netflix low enough at 185 to make you buy it, mark? >> not quite yet, stu. i mean, look i think it's going to be in the penalty box for the next few quarters, maybe a year. will the price go lower? maybe not. maybe right now is a great time to kind of dip your toes in the water. i'm going to stay on the side lines though. you've got subscriber growth which is slowing, so what's their answer to that. rolling out these new revenue

strategies like ads, which is a complete unknown for netflix, so , the markets kind of going to take that wait-and-see approach for the next several quarters during that time multiples come down because you really don't know what to expect out of these new revenue streams. stuart: all right, how about tesla? safety regulators looking into crashes involving the autopilot feature. they've not had a good year, mark. they're at 600 and change, time to buy that? >> um, oof, i've been wrong on tesla my entire life, stu, so i don't think you want to take my advice on this one, but look, when it comes to tesla, the stocks getting beaten up a little bit on autopilot crashes. autopilots and imperfect technology, it should not be used as a perfect technology from a self-driving standpoint. my bigger concern with tesla is the mounting evidence and data that suggests that new tesla orders are coming down, they're struggling to meet current order s, they're reducing

headcount so i'd be more concerned about those items than some autopilot crashes where drivers probably weren't paying attention. stuart: i'm going to come down- market in terms of the size of the companies we're talking about. stich fix, personal online shopping people. they're laying of 15% of salaried workers that's 330 people, on top of that, they offered weak guidance. a year ago, they were at $64 a share. now, they're $6 a share. i take it you don't touch that kind of performance. >> no, no, and for any of the viewers who have no clue what this is, this is your ai- driven algorithm-based essentially fashion consultant that auto ships your new outfits on a new regular basis and as we've heard across-the-board, consumers are tightening their belt buckle so discretionary purchases are going to go down, just look at target's inventory numbers. they're completely bloated. as you mentioned this was 64 bucks. i think it actually, i think it was getting close to 100 bucks

during covid. pre-covid it was 30 bucks, now it's $6 so that's a big fall. its got the pandemic hangover. i would not be touching this right now. stuart: another one that was a pandemic winner. big time and that's docusign. now, today, docusign is down 24% , all the way back to 66. what's the big problem there? >> well, i mean, this is what happens when companies stop beating, stop raising the , the multiple come down. docusign, they really don't have any substantial barriers to entry. we all know adobe has a very similar product, and while docusign may have the first- mover advantage, there could be more companies coming on this , stu. you might like to hear this. as docusign continues to drop i think it might be like a $15 billion company right now. it could be a takeout target. i think it could fit nicely with microsoft. it could position them to compete with adobe on some of those features. stuart: well they got the money,

even after they acquire activision blizzard. they do. mark, you're not a crypto fan, i know you're not, but sitting next to me is pete hegseth. he is a crypto fan. so i want to see if pete can answer this question. pete: oh, boy. stuart: what is there, if i buy bitcoin. what's there? if i buy a stock, i get some cash flow. i get a piece of the company. i've got a piece of future profits, there's something there , but if i buy crypto, there's nothing there. the only thing that keeps the price up is demand for it. pete: correct. stuart: you've got to keep on getting more and more demand. pete: so what's behind the dollar other than the full faith and credit of the united states government and a government that isn't very good at maintaining that faith, so it is ultimately though demand in faith and belief in a system and in a revolutionary technology or system in the blockchain, that others are investing in that allows peer-to-peer transactions , cutting out the third party. i've always been for it because

of the sort of geopolitical revolution aspect. stuart: you like the politics. pete: but so far it has been, i'm on the upside of the investment overall, although its been a bad year, stuart. stuart: mark i wanted to get you into this discussion because i know you're on my side but unfortunately, we're out of time so mr. tepper, thank you very much indeed. i help you out there. don't worry about it. now we're down 600 points on the dow, that's 1.8% you're back to the 31,000 level. gold? not sure that's doing, well look at that. the yield, okay let's do gold, 1,837 per ounce, oil last time we checked it was $121 per barrel now it's down to 120, nat gas at 874, gallon of gasoline 4.98 just a tiny bit shy of $5 nationwide. california you'll pay 6.42 for a gallon of regular. now can we go back please to the 10 year treasury? that's important. the rate there, the yield has

spiked at 3.099%, almost 3.10 that's why you've got a sell-off in the big tech stocks. let's move aside. biden's climate czar making very bold claims about green energy. john kerry says the coming green revolution will make the industrial revolution seem small in comparison. we're on it. it's not just san francisco. left-leaning new york magazine admits the backlash has begun. voters are fed up with soft-on- crime policies all across the country. a massive caravan threatening to overwhelm our southern border, yet thousands of border agents could be fired for not getting the jab. texas congressman dan crenshaw has something to say about that, can't wait. he's next. ♪

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♪ stuart: that's beautiful beautiful in manitoba, canada it's only 60 degrees right there but it is canada. it is the middle of june. this is just coming at us right now, the administration is expected to announced to that the cdc is lifting the requirement for travelers to test negative before entering the united states. good news for all of us who have overseas relatives coming to visit us this summer. this afternoon, president biden addressed the supply chain problems at the port of los angeles. kelly o'grady is there. is he going to blame shipping companies for inflation, kelly? reporter: he most certainly is, stuart. a stunning inflation numbers, the president is now accusing the few companies that control the shipping market of hiking

their prices a thousand percent in some cases and now he's pushing for legislation. but while treasury secretary janet yellen rebuffs biden's push, the corporate greed is wondering why some inflation needed to hit a 40 year high before the shipping prices came into focus. rising shipping costs were a problem throughout the pandemic and the september of last year saw 1500% price hikes versus march 2020 for the asia to west coast, and months on end saw spikes from 1800-1500 percent but we have all felt the pain at the pump. with california seeing average diesel prices just pennies from $7 a gallon, that's a perfect storm at the west coast port. >> these ports account for 31% of the container traffic that's coming into and out of the united states. both high diesel prices are going to result in higher prices for the consumer goods that are

unloaded and have been distributed throughout the country on trucks and rails. reporter: that's why diesel is known as the canary for inflation, before transporting goods, trucks leaving the port will fill up a 300-gallon tank, look at the prices the costs to do so rising 66% in california this last year alone, on top of sky-high shipping and diesel costs more pain on the horizon, as china reopens, you know, congestion is expected to rise and with that higher prices as well so we're awaiting those remarks, stuart, should be interesting. stuart: interesting indeed, you got it. kelly, thank you very much, see you later. speaker pelosi says the house will vote next week to boost security for families of supreme court justices. she insists the justices are already protected. roll tape. >> you said that justices are protected but there was an attempt on justice kavanaugh 's life. >> he's protected. the justices are protected. it's not about the justices, it's about staff and the rest.

>> but this is about security for the justices and -- >> we're working together on the bill that the senate will be able to approve of. nobody is in danger over the weekend because of our not having a bill. stuart: all right dan crenshaw joins us now. the speaker says "nobody is in danger." your response to that, please? >> that's just such a tone deaf comment to make from speaker pelosi. she says nobody is in danger? we had an armed gunman show up to justice kavanaugh's house, with the intent to kill him. he's admitted as such. he has protesters at his home. imagine living like this. the entire point of being a supreme court justice as a career path by the way is so that you don't deal with the politics. that you can actually just do the judicial reasoning, and that's not what they are being allowed to do and speaker pelosi doesn't seem to care because she actually likes this , the fact they are being pressured because she doesn't want the outcome that she's fearing.

stuart: that, in my opinion, that is a threat to democracy. challenging supreme court justices in their homes that's a threat to democracy, and we've just gone through the first day of the january 6 committee hear ings, airing last night. what is more important, to your constituents in texas? inflation and gas prices, or january 6? >> well, inflation, obviously, ranks way, way, way up there. border security is probably a pretty close second, and no, those hearings don't really rank at all and look i think my constituents are certainly concerned about their supreme court justices as well and the idea that she says that she's waiting on the senate is nonsense. they passed this bill unanimous ly. this isn't a complicated bill. you just need more funding for security, for families. you don't have to figure out how to do security. we know how to do it. we just need to fund it. the fact we didn't vote on that this week is atrocious. stuart: look, i'm being rather forceful here, that the demonstrations outside justices homes and the attacks

on them, that constitutes a threat to democracy. >> i would agree. stuart: and january 6 in my opinion. >> i would agree. it's a threat to our institutions and the threat to the entire purpose of the supreme court. again the supreme court is supposed to be isolated from politics, isolated from this public pressure that's why they serve lifetime terms, for instance. the court system is very different from the political system. you want to publicly pressure me to vote a certain way, i'm used to that. i get it. i expect it when i run for office. that's not what's expected for supreme court justices. they are supposed to follow the law, interpret the law. stuart: i'm sure you've seen this but i'd love your comment on it. more than 4,000 border agents could be fired for not being vaccinated. that's about 20% of all agents. you're a border state, you're from texas. what would that mean for the border crisis? >> that be enormous for the border crisis and yet another reason that somebody like secretary mayorkas needs to be impeached.

this guy refuses to do this job, enforce the law, lies to congress about what's happening on the border and this is the first i've heard of it but if this is also true that would also be grounds for impeachment. there seems to be attempt after attempt to deliberately open up our border, and create a lawless state. this is why this ranks so high on issues for voters, because they see it as an in justice on your sovereignty and by the way, for legal immigrants who want to come here the right way and this is easy to fix. we have to, and this is what i would say to republicans when we get the majority we need to focus on reforming our asylum laws and reforming the abuses that happen. that's the fundamental reason this is happening. stuart: congressman dan crenshaw republican from the great state of texas thanks for being here, sir hope to see you again soon. thank you very much. >> good to be with you. stuart: coming up the white house's climate advisor, that's that lady right there, she says misinformation is absolutely a public health threat. we'll discuss that for you. it seems like everything is going up with inflation,

including the salary of snoop dog's blunt roller. we'll have somebody here who will explain that. not me necessarily but somebody will. we cover everything on this show , don't we? ♪ we got the house! you did! pods handles the driving.

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stuart: white house climate advisor, that's gina mccarthy says the spread of climate misinformation is absolutely a public health threat. pete, she went on to say that fossil fuels create significant health challenges. you know, you want to have at that one? pete: well it's always safety and it's always health, and at that behess, they decided there is no other side of the argument or discussion. on fox & friends, on your show, you have people that are more adimate about the idea of climate change, more dismissive of it but it's on a spectrum of thinking based on what do you balance and what do you value, right? they just want to shutdown the discussion. that's all they want to do. they want to use public levers at their disposal to further their what really is a religion at this point, the religion of climate change which is what the left worships at this point and no descent will be tolerated

stuart: you're right it is a religion. i've got to get this in. you have got a book "the battle for the american mind, uprooting a century of miss education, that book comes out tuesday." wait a minute, you've got seven children, you co-host fox & friends weekend, you've got your own series on fox nation, and yet you've got time to write a book? pete: [laughter] well thankfully, this book is based on one of our series the misseducation of america on fox nation called, i also have a co-author on this one, stuart david goodwin, an expert on classical christian education so in short this is the hidden history of the progressive take over of k-12 classrooms, how do we get to critical race theory and genderrism and not by accident, but the progressives have been long at-work. we tell the story and then what parents and grandparents can do about it. five chapters of solutions about how we fight back. stuart: that's good stuff. pete: appreciate it sir. stuart: we'll see you tomorrow on "fox & friends" weekend.

pete: absolutely. you get the weekend off. we'll see you on a weekend soon. stuart: i've got to check the market real fast down 600 points on the dow industrials and down nearly 300 on the nasdaq. i do want to get back to the 10 year treasury yield which has risen to i'm going to very 3.106 %. when it goes up like that now it's 3.11% that really hurts big tech. still ahead, on this program, immediately bret baier, steve hilton, jason chaffetz and the attorney general of virginia , jason meyers. the 10:00 hour of "varney" is next. ♪

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stuart: good morning. it is 10:00 eastern. we are going to go to the grounds that there is a major league selloff in progress, the dow is down 706 he points. later it dropped 600 points, down another 600, 1200, 1300 points down in a few hours and the nasdaq composite down 305

now, the yield on the 10 year treasury as a catalyst for the selling on the nasdaq at 311, 3.106%, the yield is up today, prices down, $121 a barrel. bitcoin, 21,200 on the downside. very important read on the economy, consumer sentiment. what is the number? ashley: this isn't going to help ludo markets, 50. 2. from that, could be a record loan. expecting a read of around 58. 0, fifty. 2 is .2 is a massive mess on the downside and may's final reading of 58.4, the lowest mark in 11 years, inflation

killing the mood of consumers as well, a reading of 50.2, more information on the record books on this one but it very well could be a record low, none in a good mood, it will hurt the markets even more. neil: investors don't like that as well. the dow is off 700 points, nasdaq down 338, 2% a bit more than that on the nasdaq and 2.5% on the s&p. that is a selloff. the first of the january 6th hearings kicked off last night, a heavily produced primetime tv event. bret baer was with us, he was on air the data riot happened in 2,020 one. what is your take away from last night? >> reporter: it was very methodical. it was very pointed to target

donald trump basically, tying everything to him. it was compelling, the video, the 11 minute video had some new audio and images we haven't seen before and transports you back to that day and the heinous nature of what happened, the dark day in the us capital. but it was notable that there was not any opposition, any other side, any minority and it was notable that this was a scripted event they were going to do over twee 8 times to try to, it seems, paint this directly to donald trump. stuart: does that work? do people talk about last night this morning or do they talk about the inflation news that came out this morning? >> i think that trumps everything. i don't think anything breaks through besides what people are dealing with at their kitchen

table and this is astronomical. stuart: you don't mind if i change the subject completely because you are a golfer. you have a two handicap and on your screen you see the pga tour has suspended 17 of its players who are competing in the saudi backed series, you are a golfer, seems like a total split in the golfing world, i think it is getting nasty. >> it is getting nasty. it is sad actually. there is one side of it that you can't fault these guys for the money on the table, dustin johnson, in one appearance to go they are made more than tiger woods did in his career and actual earnings. in one, just showing up, all the prize money along the way. it is money drawing them in. what happens long-term?

i don't know if it is good for this split for golf but we will see. stuart: let me make sure i have this right, 17 players suspended from the pga, i'm not going to be seeing them saturday and sunday afternoons as we go through the summer, they are out. >> you cannot play in a pga tour sanctioned event. they can play in the majors, the british open. not clear how to imitate the masters. it is all on youtube. there is not a tv sponsor. you have to hunt it down and see if it takes off. stuart: one more change of subject. hope you don't mind. you are moderating the senate project debate between bernie sanders and lindsey graham. it will be streaming live on fox nation monday at 12:00 pm eastern. the you think you can get bernie sanders to smile? >> we've done a lot of town halls and had a couple smirks

along the way but these guys know each other very well. they could not be more ideologically different, they are very articulate about where they stand and the hope is you will have substantive debate about big issues and may be common ground along the way. stuart: it is a terrific matchup. one more thing. we will be watching you on special report at 6 p.m. pm eastern on fox news. thanks for being with us. always appreciate it. back to the market. selling continues. the dow is down 730, nasdaq down 347, the s&p is down one hundred. this is because inflation is hot as reported this morning. 8.6% up for consumer prices compared to one year ago, biggest jump since 1981. kenny polcari has the good fortune to be watching the

market. is this selling, yesterday dow down 600 this morning down 700. is this a capitulation selling that has been talked about? >> reporter: we can only hope it is finally the capitulation selling. i don't think we are there yet. i don't feel complete anxiety and nervousness for capitulation but it could come later today is the day wears on and people got more frustrated especially if there is no bounce at all and it doesn't feel like anyone will defend the position. it could happen. it is still a bit early because we have to wait until next week. they want to hear what the fed has to say before they go all out. what is real now is the fact that 75 and even 1% increases are absolutely on the table. stuart: did you say a one% increase just like that? that is on the table? that reminds me of paul volcker in the 1980s who jacked up the

discount rate one full point and we have a huge recession. >> you and i both lived it and the fear is they lost control of inflation. the comments on the ecb suggest their rates are so negative, she hasn't gone to 0 yet. the feeling over there in europe is they are way behind the 8 ball and something drastic has to happen. 75 basis points is on a table. is on the table. they artie floated the 1% idea a month ago or three or four weeks ago, they floated the possibility of one% but then pooh-poohed it right away. after today's report not so much. it will be back on the table. stuart: dangerous times and the dow is down 750 points. kenny polcari, thank you for being with us on a difficult day. we told you about the chip shortage hurting the car

industry. smart phones could be in trouble. you have the story, ashley. ashley: we are talking the most advanced chips needed for next generation smart phones and the data centers the power apps. we know how the semiconductor shortage has crippled the auto industry but the chips, the tiniest transistors and highest performance have been available so far but we are told that could change. problems from production hitches to shortage of manufacturing equipment could create problems in the supply chain as early as next year. part of the problem is two companies, taiwan semiconductor manufacturing and samsung can build the industry's most cutting edge chips because of the high cost and technical barriers but when you only have two companies handling this, there is the potential for supply disruption. stuart: there is more to it too. dozens of top artificial

intelligence scientists quitting their big tech jobs. where are they going? ashley: these ai yodas joining startups, they promise to take artificial intelligence to the next level. not sure what that means but new ai ventures including the companies you see on the screen, adept, they are lowering the best talent in the business to quit their jobs and get on board and they have some impressive war chests to get their businesses off the ground as pay some impressive salaries, they' ve raised hundreds of millions of dollars from venture capital firms and billionaires who see the potential. what is the potential? one company is aiming to develop ai software products that make it easier for humans to communicate with computers enabling anyone to speak to a computer in plain language. i always have a few choice

words for my computer. stuart: exactly what i was going to say. i've spent my life shouting at computers and televisions. back to you later. there have been more than 50,000 migrant encounters in the past ten days on the southern border. secretary of state anthony blinkenen says they are salvaging the nuclear deal with iran. we will tell you what the latest actions were. ukraine says they are losing up to 200 fighters a day after a russian attack killed 14 civilians waiting in line for bread. mike tobin on the ground in ukraine with the latest next. ♪♪ i got into debt in college and, no matter how much i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates,

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stuart: the stock market selloff is accelerated, down just euros down 750 points, 2. 3%, the nasdaq down 358, down even more, 3% lower, this is all about the inflation news, 8. 6% % at the consumer level in may. big tech, all of them on the downside big time. we have apple, amazon, meta, alphabet, microsoft, all of them sharply lower, all in the red. let me give you a sense of the market, the dow 30, left-hand side of the screen all of them in the red and the dow is up 2.3%, 757 points. to ukraine mike tobin visited. the border with belarus and russia. a russian attack killed 14 civilians just waiting in line for bread. mike is with us now.

tell us what you saw. >> reporter: i saw a lot of civilian casualties but as the war grinds on ukrainian leaders are worried the attention of the west and resources will ultimately go elsewhere as president zelenskyy continues his videoconference world tour. this time he hit the copenhagen democracy summit and made his case for ukrainian membership in the european union. 's argument is that if ukraine became part of the year but he did but would not be vulnerable, stuck between publisher you buddy to border and the creditor nation. >> we most move this graze on the distant into the russian state, from actions to words and make ukraine part of the european family. in the coming weeks the european union can make a historic step which will prove the worth of the ukrainian people is not empty. >> the blood he artillery more in the east and south of

ukraine continues. most significant is the battle for donetsk, the last of ukrainian control in the problems. in the province. regional governor says they are fighting for control of each building, each street. and advisor to zelenskyy told the bbc that ukraine is losing 100 to 200 soldiers every day in the fight had much the way the battle for control of mariupol left nothing behind but scorched-earth, president zelenskyy says it is now a dead city but if ukraine were to leave it and abandon it that would give russia control of an entire province for the first time in this war. stuart: thank you very much, the secretary of state anthony blinkenen warning of a deepening nuclear crisis as iran into moving 27 cameras from the nuclear site so you can't see what is going on. tell me about internal dissent

in iran. are there some iranians who do not want the nuclear deal and making their views felt? >> absolutely and it is not about nuclear, it is about the entire regime, hearing their voices heard finally. citizen journalism, they are on twitter, instagram, telegram, we can't say we don't know what is going on with iran, uranian people are -- this is not a protest over the economy or bread prices are gas prices, those are all problems, they understand their government is putting money into terrorism instead of feeding the economy instead of supporting the people of iran, they are pointing their guns at the protesters and shooting at them, peaceful protesters. stuart: how strong is this dissent? couldn't make an impact on the economy, uranian politics and iran's leadership, does it have

impact? >> the best question you can ask. here are things that are going on. 1979, that how the shah of iran was taught. it could happen again. they are looking for international support. people coming onto the streets which i will tell you where the impact is visible and has evolved, there are protests throughout the country, not just in tehran or cool kids coming up, we are seeing protests in all walks of life, all ages, all economic backgrounds and for that reason there is this disenchantment across the board in iran and they are asking international support. what is on the street is very indicative of where people are. they are asking for the united states and the european countries not to go ahead with this deal and not to normalize relations with the uranian government. stuart: thank you for being with us this morning, appreciate it.

a different angle on the iran nuclear deal. california seeing extremely low voter turnout for its primaries even though all voters were mailed a ballot. steve hilton takes that on in the 11:00 hour. what does that mean? a low turnout in a democrat state? checking back on the markets, all over the selloff. on your screens now all the dow 30, all in the red. ♪♪ 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: 82 degrees right there. like the music we play on the show, follow us on spotif a mac, search varney and company, the qr code in the middle of your screen right now. this just coming at us. the admin a straight announcing it is ending the requirement for travelers to test negative before entering the us, that is a big deal for international travel. for the airlines too. check the markets, the selloff is accelerating, now we are down 800 points, the s&p is

down 100 points and the nasdaq is down nearly 400 points. consumer prices up 8. 6%. that's the problem for the market this morning, the highest and biggest jump up 8.6% since 1980 one. edward lawrence is with us. what is the administration saying about this really bad news report? >> reporter: it is our plan report and's fall, that is what you will hear from the president later this afternoon, shipping prices are up, containers up one thousand% trying to ship goods into the us and gas prices seeped into all of this. interestingly enough you talk about a 40 year high, last time cpi was this high or higher olivia newton john was the hit song in the united states, let's get physical and anyone under 40 is going who is that? it is just ugly, meat is up 12.3%, eggs up 32.2% year-over-year, fish and

seafood up, milk up 16%, fruits and vegetables up, coffee way up, look at energy, paying almost 50% more for all types of gas, fuel oil is up one hundred% the past 12 month, electricity is up, utilities up. this is not peeking according to her former white house economic advisor. >> it is accelerating. this is the worst news the biden administration could have. combined that, the gdp declined by 1.5% in the forecast for the second quarter, only 0.9% growth. that is atrocious. >> reporter: white house official telling me they see inflation finishing this year below the 2021 levels. the white house blaming inflation on the rise in gas prices and that rise on the invasion of ukraine. a lot of blame going around. janet yellen in dc said she

can't understand why people don't like this economy. >> when you look at opinion polls and you see what households have to say it is amazing how pessimistic they are given that we have the strongest labor market we have had in the entire postwar period, people can easily find jobs. >> reporter: secretary yellen was asked if it is corporate greed driving the inflation, she said no, it is supply and demand, new record highs for the past 40 years. stuart: can't wait to hear from the president later. let's get back to wall street. it is a significant selloff. inflation is hot, consumer sentiment plunged to a record low on inflation worries and the dow is down close to 800 and the nasdaq 372, michael lee joins us this morning, he is on the phone. is this the capitulation selling that so many have forecast?

>> i don't know about that. we've had some snapback, this is part of the volatility and this long, slow grind to a multiple contraction across all markets. the two year treasury number is only predicting one extra so we went from trading 270 to 280, now two years in the 290 to 3% range, only one extra hike priced in. this is all gasoline and fuel oil driven inflation at this point. stuart: when you have inflation running at this rate, 8.6%, highest in 40, 41 years, how can you not assume that the fed is going to answer with sharp interest rate hikes? doesn't it have to answer like that and if they do that isn't that going to push us into a

serious recession? >> we are definitely headed for a recession. the question is how deep and how long? the fed is going to answer, the bond market -- expectations for an additional 25 basis point hiking in the cycle as resulted today's number. could it be more? absolutely if inflation continues like that. stuart: do you think next week the federal reserve will only announce a 25 basis point, 1/4 point jumping rates, that is it? >> no. the market was protecting that the fed repeat rate hikes around 275 so we are at 75 basis points now, twee 8 more hikes in this cycle, that is what the to the year treasury say so the bond market has shifted, 9 more hikes from 8 hikes. i'm not sure if we will get 50 or 75 but we are definitely headed to recession and if inflation continues at this rate i think the 2 year treasury is going much higher,

we will need more than 9 hikes but that remains to be seen and the key driver of this is energy. stuart: with record gas prices, record diesel prices, record energy prices, record food prices, a huge jump in consumer price inflation i can't see putting money into the stock market right now. should i? >> in the energy stocks, that one way is not going to stop. people think the price of oil is going to 150, some people say 175 or 200, i would imagine we will overshoot that. this is the green new deal liberal policies playing out in front of us. it is not the supply chain, it is the war on fossil fuels waged by this administration from day one that is driving the cost of all this, vladimir putin invaded ukraine has done little or nothing to the price of oil.

more people driving, more people driving, and so all that came back online while the administration is doing what they could to shut down domestic supply. we went from being energy independent to reliant on the worst actors in the world, this is not going to stop. they will continue squeezing us because we are in a position of weakness. until the biden administration changes the policy to drill baby drill or have a collapse in demand this is not going to stop. if you put money to work in equities, oih, it hasn't improved, hasn't traded as high as the performance of the overall energy sectors so that's another place you can look otherwise if you haven't sold tech, now would be the time to reduce the position to a point where you can do it for a long time. stuart: out of time and i'm not selling my microsoft but i'm going into cash as much as i can.

all right, see you later. senator rick scott has been under fire for his 11 point planta, quote, rescue america. i think he is backing away from parts of that proposal. ashley: he is. senator scott's original plan set all americans should pay some income tax to, quote, have skin in the game even if it is a small amount. it would have been a radical change from the current system in which more than 40% of americans don't pay income tax or get net income tax benefits. democrats jumped on that tax hike proposal ahead of the midterms. biden uses it a lot and even some fellow republicans who promote tax cuts are not tax hikes, have criticized the plan so he is backing off - a revised version which states able-bodied americans under 60 should work if they don't have

young children or incapacitated dependents. scott admits that the original plan was perhaps confusing but he says his message is clear that every american needs to pool their ways, every able-bodied american who can work should work and that is the message. stuart: seo next time senator scott appears on this program. the fentanyl crisis is worsening. overdoses rising in america. david lee miller will give us the full report coming up. pro abortion activists swarm justice amy county barrett's house. it happened days after an assassination attempt on brett kavanaugh. speaker pelosi is dropping off safety concerns. role it. >> the justices are protected but there was an attempt on justice brett kavanaugh's life. stuart: we will have her answer to that question and you will hear it next. ♪♪

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stuart: we are definitely in selloff mode, down 700 on the dow, 350 on the nasdaq and this is all about inflation up 8. 6% in the year to may of this year, worst in 40 one years, now have a look at netflix, way down, 4. 5% down, one hundred 83 is the price, goldman sachs cut it to itself citing grim economic picture. they are down, well down, that's netflix, fentanyl overdoses rising in america, david lee miller has the story. what is law enforcement doing about this? dave: of father and son ran a massive drug ring the to cover

street corners and charged dealers as much as $3000 a week for the right to sell fentanyl, heroin and other illegal drugs of those locations involving a series of rates involving 10 law enforcement agencies, curtis cota city rear and curtis because january arrested with attempt to distribute and other crimes. 21 others were also taken into custody. mental venue's attorney general who is prosecuting the case says he has never seen anything like it. >> like a landlord who might rent an apartment this father/son team made their money by leasing our community's corners to criminals over the course of this 6-month investigation. that means 12 kensington corners pictured here were sold and operated to the highest bidder giving criminals the ability to sell drugs on them. >> reporter: in total for so-called rents brought in about $30,000 a week, a million dollars a year, in addition to

the money they made selling the drugs including fentanyl. according to the dea, fentanyl is killing americans at an unprecedented rate. it is highly addictive and often mixed with other illegal substances, the agency says cut of the drugs often contain fentanyl and 4 out of 5 counterfeit cells contain a lethal dose, the cdc says fentanyl is 50 times stronger than heroin, one hundred times more powerful than morphine, last year more people in the us died from fentanyl related overdose than gun and auto related deaths combined. despite the arrest this week in philadelphia, fentanyl remains a danger to the country in all 50 states, last year the dea seized 15,000 pounds of the drug and that is enough to kill every american. stuart: extraordinary statistics, david lee miller, thank you very much, the fbi

raided the california home of nicholas roski, the man charged with attempted murder of supreme court justice brett kavanaugh. what is nancy pelosi saying about all of this? ashley: better security measures is certainly a good start. the suspect was arrested outside brett kavanaugh's home carrying a gun, ammunition, knife, pepper spray, screwdriver, zip ties and other gear, he reportedly said the plan was to break into the judge's on, kill the justice and then himself, what does nancy pelosi say, she told reporters the house will vote next week on legislation to expand security for the families and staff of the supreme court justices. listen to this. >> staff and the rest. >> security for the justices, and armed man showed up. >> they are working together on a bill the senate could approve of. no one is in danger by our not having a bill.

stuart: the justices have federal protection but the issue is to expand the program. the senate approved unanimously last month, but house republicans have fumed that house democrats have been delaying the vote but according to nancy pelosi they will jump on it next week. we will see. stuart: jump on it next week. thanks. attorney general, republican from the state of virginia joins me now. why aren't these protesters outside the justice's homes not being prosecuted? >> this is a case where attorney general garland is choosing not to do his job. there's federal law that you can't intimidated judge or any officer of the court and he's deciding to ignore that section of the law and what happened to brett kavanaugh's home in maryland was horrific, something we have been warning, governor youngken and governor hogan of maryland have been

begging attorney general garland to step up to the plate to provide proper protection, that hasn't happened. we have virginia state police monitor ring on site as well monitoring the situation but the law that has the power right now is the federal law and attorney general garland is deciding not to enforce the law and that is why we are having the situation it is getting more dangerous i was a it is gravely concerning. stuart: may i express the concern the demonstrations and threats are a form of intimidation and it is a threat to democracy, that is where i am coming from. how about you? >> it is clear, 15 oh 7 of the united states cota closely says that you can't shop at a judge's home or even a witness's home and try to intimidate them to change their position, that is what is happening right now. that about of justice in dc is choosing not to enforce the law and it is tragic. stuart: san francisco voters recalled chesser boating

commute joined the protecting americans project action fund, trying to remove soft on crime deas, do you have your sights on anybody in particular? >> we started the protect americans action fund because you had a lot of local deas doing what the department of justice is doing, they would decide not to enforce entire categories of law. in california this week you saw californians got mugged by reality, got tired of living high crime areas, got tired of the rampant larceny cases, the fact that you couldn't go to a local drugstore and buy a bar of soap without being behind lock and key and what happened in a lot of communities around the country, these social justice prosecutors is the people living in fear are the law abiding but people who should be living in fear are the lawbreaking. we've had this moment in our country where people keep talking about, justice reform and forget criminal justice reform without criminal justice

is not reform. it is distorted justice because the one where you never hear social justice warriors talk about our victims. what we want to focus getting district attorneys elected who care about victims, care about targeting violent repeat offenders and get them off our streets but that's going to be the most effective way to lower violent crime, get repeat offenders off the streets, california adopted a lot of pie in the sky reforms that ended up being disasters like cashless bail, early release of violent offenders, not prosecuting entire categories of crime, not surprisingly saw crime explosion. we want to get district attorneys in place the believing rule of law and prosecuting violent criminals. stuart: i'm sorry we are out of time. would love to keep talking, we will see you again. democrat congresswoman jackie spear being called out for comments she made while pushing for more gun control. what exactly did she say? ashley: the california lawmaker made a pitch for more gun

control claiming she's the only member of the u.s. house who is an actual victim of gun violence. listen to this. >> i believe i'm the only member of this house that is a victim of gun violence. my body is riddled with bullets. i have a dividend my leg the size of a football. i have skin grafts on all parts of my body. i live with that every single day. ashley: spear survive 5 gunshot wounds after being ambushed during the 1978 jonestown massacre but she apparently forgot republican colleague as you see on the screen congressman steve scalise of louisiana who was shot during a 2017 congressional baseball game by a left-wing domestic terrorist who was targeting republicans. the house passed legislation to set the minimum age to buy

semiautomatic weapons at 20 one and prohibit the sale of ammunition magazines with more than 15 rounds but has little chance of clearing the senate. ashley: got to get back to the selloff which is in progress. all the dow 30 stocks are down. larry kudlow next. ♪♪ ♪♪ for not answering their phone while driving, they feel like a pretty big deal. ♪♪ steve... steve. did you get the ice? even if they forgot the ice. uh... huh. save up to 30% on auto insurance with usaa safepilot.

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significant rate increases in the immediate future. what do you say? >> i think you are right. monetary policy is behind the curve which you can look at this, you've got 8. 6% top line cpi, 6% core cpi and less than one% target rate and the fed is not really started to knock down their portfolio, they are not taking cash out of the economy yet or maybe they just started. one reason for your stock selloff is the expectation the fed must be tougher. people say 50 in june, 50 in july. originally they thought no 50 in september so baked in the cake here is 50/50/50 in september and probably have to do more in november/december but they ought to try to knock down inflation expectations and raise it by one full percentage

point and probably do that a second time in july because look at -- stuart: you were in those days, he put it up 1% and we had a huge recession. >> it is going to be hard to get out of this. i don't think you can avoid recession as this monetary tightening occurs but take a look at these numbers, the arithmetic is very bad. what i mean by that. the 3-month increases in many cases are higher than the 12 month increases. take your top line, your 12 month increase in the cpi is 8.6, the 3-month change is 10.7. that is very bad. when you look at core inflation, the 12 month change is 6 but the 3-month change is slightly higher, 6. 3. in other words it is going in

the wrong direction. services, not only goods but services, services inflation, 5. 7% for% for the last 12 months but the last three months services are 9%. what does that tell you? it suggests the story is getting worse, not better. stuart: sorry to interrupt but it is a spiral upward, not plateauing or decline but spiraling up on inflation, that is where it is. >> i think you are right. the idea that you have peak inflation, i don't buy it. i never bought it. these numbers, i am just looking at the numbers, not talking politics, these are numbers. the empiric suggests not only is it not peak inflation, we are probably peak inflation is ahead of us and that is why the fed has to embark on a real volcker like shock and.

i was there on wall street in the reagan administration when volcker did that. all this talk, joe manchin will agree to a new spending deal which i don't think he will. you have to freeze domestic spending and then of course scratch your head, you've got to open the spigot, you've got to open the oil and gas, did you see these utility numbers in here, this is incredible, natural gas. blue one very sorry. i have a hard commercial break coming. 4:00 this afternoon you are on fox business, thanks for being with us, great stuff. still ahead, steve hilton, jonathan honed egg and much more on this big selloff. we will be back.

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the money market rate this year. which is not small. that is a big jump, we are sitting at a rate that is not that bad. the fed is reducing the amount of liquidity. we expect 25 basis points at the end of the year. stuart: it is 11:00 eastern time, friday, june 10th. jason che fits is with me for the next hour. let's get to the selloff. the dow is down 736, nasdaq down $3.90. this is because of a 40 year high for inflation. in may the consumer price index was 8. 6% higher than it was in may of the previous year, that's a 41 year high. look at the result, the 10 year treasury yield has moved all the way up to 3. 13%.

if you know anything about bonds, that is a huge move in the price, 3. 13%. %. that really hurts big tech as you can see from this. all the big tech stocks are way down is the yield on the 10 year treasury moves up. look at it go down, apple is down 137 and the selling has accelerated. jonathan honed egg is with me, he runs a hedge fund, obvious question, how do you deal with inflation like this if you are a hedge fund manager? >> makes it more difficult. what is insidious about inflation is it makes it difficult to plan long-term, to invest for the long-term. and evil hedge fund manager, investors, we are trying to think long-term but i'm having to diversify, we talked about platinum last week, having a more active and shorter-term time horizon. i'm considering shorting the dollar looking at an etf call you vn but i'm imploring

government to stop spending. inflation is hollowing out the economy and that's the only thing that can stop it. it is not wall street, it is washington. they are the ones who started the inflation and the only ones they can fix it. stuart: do you have real concerns about real estate? >> absolutely. most people's biggest investment isn't their stock portfolio but their home. we started talking weakness in technology stocks. back in january my fear the weakness in tech is not just other areas of the market but the economy but large, looking at the 52-week low list, it tends to be a good idea where the trend is heading now, the trend is not now, just down for check but real estate as well whether it is boston property, see dre, the big real estate stocks at 52-week lows. this tells me it is not just tech now, it is real estate, other areas of the market and would never say contagion but stocks, bonds, crypto, they are all week, we are looking to

historical anagram right now, bring me back to 1973, 73-74 the early days of that inflation the dow fell 45%. stuart: that is a huge drop, last one for you. the dow is down 740, yesterday it was down 600 and change, 13, 1400 point drop in the matter of 12 or 18 hours, is that capitulation selling? >> capitulation comes, i don't want to say people are jumping out the windows, the only real. sign we have is the consumer confidence number. we 've never seen a print this low, people are very bearish about their finances and the economy, the one. indicator i can get right now doesn't mean the low is in but closer than it was three or four weeks ago. stuart: thanks for being with us and we appreciate it.

now this. what is on your mind this weekend? mulling over the findings of the january 6th committee? fretting over the future of our democracy? that's what the democrats are hoping. i think it is a stretch. at the bar, at the dinner table, at the beach, the cocktail party, the golf course, is january 6th the hot topic? surely not. it is gas, you just paid one hundred dollars for a philip. are one hundred dollar grocery bill that used to be 60, your rent the just went up 30% or more. money is important and when you feel yourself going financially backwards you take notice. i lived through the last inflation spiral and i can tell you nothing concentrates the mind like a financial shock and the inflation we are seeing has come as a real shock but there's more, there will be another crisis hitting this weekend, the arrival of a caravan of migrants. it it is 30 miles long, tens

of thousands strong and arrives in the next 2 or 3 days. it may not be a hot topic of conversation but you are going to see the chaos of open borders unfold on your screens. the political reality is this. thursday the democrats staged political theater about a riot, that was yesterday. today biden's crises take center stage and they are not going away. steve hilton with me now. what do you make of the hearings last night? >> if they really wanted to get to the bottom of what was going on they would be asking americans are asking, they look at what happened that day, they look at the capital right and they say that was a disgrace, a stain on america, it should never have been allowed to happen. is the committee asking why it was allowed to happen? no. there was no indication in any of their lengthy presentations or laying out of their plans

over the weeks and weeks ahead of any interest in that question, how was this allowed to happen? that suggests you the real objective was not actually finding out how this happened at what we can do to prevent it from happening again but partisanship lose that is why people i think are going to be focusing on the real problems that affect their daily lives exactly as you said. stuart: let's switch to california. as of wednesday night, just 18% of the ballots had been returned in california. that despite all registered voters getting a mail ballot. what does that tell you? california is a democratic state. does it tell you democrats are not enthusiastic about voting this time around? >> it certainly tells me that but there is a deeper problem going on. it is all mail ballots. everyone, every registered voter was sent a ballot in the mail. they said we have to do this to get more people voting, remove

the barriers and to make it easier for people to vote. in the elections will be fine and everyone will vote. exactly the opposite happened. not just people aren't motivated to vote because they look at these races, nothing is going to change, i think the all mail ballot has undermined and destroyed people's faith in the system. look what happened, i went to vote in the elections this week in the primaries, my first election as a us citizen in a regularly scheduled election. i was able to vote in the recall last year, this is the first normal election. i went to the votes into the vote in person, there was nobody else there, totally empty. they have destroyed an incredibly important and much loved civic ritual, participating in our democracy where we are go along and vote together, they have destroyed that and for what? 16% turnout? a total fiasco, totally disgrace will. we shouldn't let it go and say one of these changes that makes the world worse place but

nothing we can do, we need to fight back against this. always messing around with our elections undermines faith in our democracy. we need to have what they do in so many places around the world, vote on one day, count on one day, results on one day. when will be get the result of the california election? a month from now. a month. it is completely ridiculous. stuart: well said. i hadn't thought of that angle. if you mail out everybody a ballot you destroy the whole principal of getting out there and voting. that was very good stuff. i'm going to watch you on sunday night. 9:00 pm eastern, the next revolution sunday night. thank you very much. we still got that selloff going on, got to get back to that. look where we are now, the dow down, the market check 30 one thousand 500, that's where the dow is, down 740 points, nasdaq

is down 400 points, s&p down 100 a. after the selling is beginning to accelerate again. i wonder if this is a spike in selling as we head towards the afternoon. we will see, show me general motors and lockheed martin teaming up to make moon rovers for commercial space missions, they want a vehicle on the moon by 2,025, thought we would slip that one in during the selloff. nasa announced they are launching a scientific study about ufos. thought we would slip this one in too. what's the details on this one? ashley: the government has gone from refusing to acknowledge ufos to having a wave of federal agencies publicly discuss the mysterious craft. nasa says the goal of the new 9-month studies to improve aircraft safety while gaining a better overall understanding of the unidentified aircraft which the government refers to as the unmanned aerial phenomena.

nasa plans to recruit some of the nation's leading scientists and aeronautics experts to join the study. the project separate from the pentagon's effort which is gathering information from a host of central intelligence agencies, nasa says it will share its findings publicly once the study is complete and who better to study the skies and beyond than nasa. stuart: well said, i'm interested. thanks, that was an excellent piece of light relief i think, why not? now this. not even celebrity's are immune from inflation, rapper snoop dogg is getting blunt about rising prices. we will ask plane it all in a moment. going green isn't just good for the environment, climate czar john kerry says it is a great opportunity to make money. i want to hear more about that and we will. thousands of border agents could lose their jobs because they are not vaccinated. that comes just as the massive

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bottom has been placed but right now i think people are concerned with the data we are getting, not helping anybody, consumers are giving up, i would say they are giving up on washington. they don't like the fact the cost of goods they have to buy continue to go higher so they are not going to keep spending and companies, large corporations that are reporting earnings can't keep up with this inflation so it is a tough spot for investors and i am not going to face the bottom just yet. stuart: the federal reserve's job is to fix this. i'm hearing off a lot of talk about very sharp and immediate rise in interest rates. i heard people talking about one full percentage point up just like that. that would be like paul volcker in the early 1980s. is that unlikely? you discount that entirely? >> i'm not going to say no but what does that do would be my question. if that fixes everything great, hi, point and move on but that

doesn't fix everything. the fed is tightening right now into an economy where the consumer is losing all confidence. to keep raising interest rates isn't going to be the silver bullet the fed things it may be. that is why you have janet yellen talking about how things are better, people should be more confident. no one believed her. not talking about people who graduated harvard business school but the contractor, the plumber, they realize the dollar they have although they have a job and they are working it is not doing the good it was, not buying them what they need to buy so people are concerned because they don't believe there is an easy fix and we, the easiest prices to get the price of oil lower immediately. of the one to sum it up when you are looking at the stock market you would not be putting money into this market at this time for ordinary people, not talking traders or hedge fund managers but the people in our audience, regular folks who have some investment money,

don't put in stocks right now. >> it is not. i want to take that back a little bit. things are looking bleak but the market, we have had a selloff of almost 20% in the market, right now is a great time to put money to work and i said the same thing when the market was a lot higher 6 months ago. the people at home, what they should be doing is not be over indexed to one part of a market, they should be looking at the broad market and one thing for sure, the market is cheaper today than where was three months ago or 6 months ago so people watching your program, it is a great time to put money to work and we may go lower, this is in the bottom. stuart: takes a strong stomach to do that in this day. you are all right, see you again soon. here's a stat for you. there have been 15,000 migrant encounters in the rio grande valley in the last ten days.

you have news of another major drug bust. what have you got? >> reporter: we will get to have that in a moment but those staggering numbers, in the last 24 hours in in the rio grande valley sectra dhs source tells us there have been one thousand 600 illegal crossings in those numbers continue to overwhelm agents. look at these photos. border patrol reporting they encounter three separate groups totaling 547 illegal immigrants in total. break it down, 300 family members, listen to this, 153 unaccompanied children, october 1st, the sector has seen 350,000 illegal crossings and then look at these photos out of the del rio sector, you are looking at a human smuggling bust, 60 illegal immigrants hidden in the belly of a dump trailer. the second photo here, graphic

and tragic, one migrant man and up dying as a result of that human smuggling incident, border patrol finding his body, reminder that human smugglers have no care for human life whatsoever and it is incredible dangerous with of these hot temperatures. if we can pool these photos up, back to back major fentanyl gusts by cvp. what you are looking at, 208,000 fentanyl pills found in the transmission block in the bed of the vehicle and the same day if we can pull up the second photo, 184,000 fentanyl tablets found inside the ring of the vehicle. about 400,000 fentanyl pills and back out here live, cvp reports through april they have seized 1300 pounds of fentanyl, those numbers are up 30% over the same time last year. you do the math, that is enough

lethal doses to kill everybody in the united states and still have some left over. stuart: we are going to leave it right there. i will stay on the border here, nearly 4,000 border patrol agents could soon be out of a job thanks to the vaccine mandate. one border agent warns, quote, it is a mass exodus which i know dozens and dozens of people firsthand the retired the second they became eligible because of this, some of them at a very high level. that makes no sense to me, we are stretched at the border and they want to get rid of people because they are not vaccinated. >> there's a case to be made the biden harris administration wants the open borders, 27,000 border patrol agents out there. if you're going to have this mass exodus we are dealing with millions of people cumulatively coming across the border, when

you come across the border you don't have to prove you have had a vaccine. you get detained, you get a lot of got aways but even if you do you get let go, the catch and release policies. if we are going to do by the tens of thousands, releasing people without vaccines you're going to pick on border patrol agents? let them make the decisions, most of them work outside. stuart: you were right where you started, they want an open border, they will keep it open no matter what. stay there. switching gears the president's climate czar john kerry says the clean energy market is creating huge opportunity. opportunity to do what. ashley: good question. he says the transition to clean energy, one of the largest opportunities to make money and generations. maybe for him, he has a nice job and here is what the climate czar had to say, this is a quote, he says this is the

largest market the world has ever been staring at, the energy transitional market. we have to embrace this transition which i will in the end guarantee you be larger ultimately than the industrial revolution was. he goes on to praise the white house saying president biden is dedicated to climate and blamed politics for slowing the whole thing down and i just know china and india cannot wait to jump on this. one of those stories you do that you can't stop rolling your eyes, exasperation. stuart: looking for that word. jason wants to chime in on that. >> hard to take this person seriously. all these private jets and living this lifestyle that he is at his portfolio i am sure would be improved by having other people jump on. there's an incredible market out there but to suggest it is

bigger than the industrial revolution, i like what mike said earlier in this program, the number one thing the president can do to tackle inflation at the heart people are having use to reduce the price of energy in this country and with the stroke of a pen he could put out an executive order and we could get back to turning on the spigots and reducing the prices for every american but he won't do it. stuart: thank you. this is a tease telling you what is coming up. prince harry reportedly furious at the royal family. he is apparently demanding an apology after being, quote, ignored at the queen's jubilee. bernie sanders has a message for democrats, change course now or you lose the midterms, we will tell you who he blames specifically for his party's failures, that is next.

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stuart: all right. if you're just joining us after

2 hours worth of business and inflation report saying inflation is at 40 are high the selloff continues, the dow industrials are down 700, nasdaq down $4.18, s&p down 112 points. that the selloff. eddie ghabour joined me now, you said we were in the calm before the storm earlier this week. it is friday. is this the storm? >> it is. this confirms the fed will have to force of recession to get inflation down. this is what we've been warning about. this is why we've not been fully invested all year, investors need to take this seriously. trying to pick a bottom in this type of environment is dangerous and i don't think we are close to a bottom. they need to take these opportunities to protect their hard-earned capital before it gets worse. >> why do you think we are nowhere near the bottom? >> if you think about all this

money that went in the system in the last 2 years, created in my opinion one of the largest bubbles of our lifetime and now they have to unwind the balance sheet meaning these bubbles will be popping one by one and it is already happening, it happened in crypto first, down 50%, nasdaq is down 30 from its high and you will start seeing the larger plays do that, this market has to reset to where it was prior before we can move forward. we need to be down at a minimum of 30% in the s&p in my opinion before we can think about being close to a bottom and lastly, the vic's has been so tame, you don't have a market bottom when you have so much complacency, the vic's is going to 40, 30% in my opinion and investors need to protect their capital. stuart: what is the timeframe, if we are going down 30% on the s&p, we are down 20% now, where

is this over? when are we looking at the other side of this? >> the summer is going to be the worst part of this market. we told clients, it's hard to predict about our best estimate right now fourth quarter or late third quarter is we will start getting back into the market because i think the fed is going to prove everyone wrong and continue to tighten and to slow down, it is a big mistake but they are going to do it and it is going to cause markets to tumble. stuart: you have been right in this cycle and appreciate you being here, thanks for jumping on the show at such short notice today, we are down 784. senator bernie sanders warning democrats to change course before the midterms, his blaming democrat colleagues for stalling the party's agenda,

quote, two corporate democrats, manchin and christensen was sabotaged to build back better and it has been downhill ever since for the democrat party. that split in the democrat party seems to be getting bigger and bigger and more nasty too. >> bernie sanders has a math problem, not just two senators but 50 to senators because he can't just dismiss the other 50 senators, the republicans out there, democrats without kristin sinema and manchin are in the minority. if you went the direction of bernie sanders, spending is not nearly enough. he wants to throw more money at the market, more government spending, more reliance on government, we are spending 25% of gdp spent by the federal government and bernie sanders wants that much higher. stuart: if he did get what you wants spending a lot of money down the road, you get worse inflation. >> they fundamentally don't get that. they should slow down the spending, not accelerate the spending. stuart: don't you wish you were back in congress? >> i like it right here.

stuart: thanks for being with us. got to do this. prince harry, reportedly wants and economy from his grandmother, queen elizabeth, come back in again. an apology for what? ashley: i think, this is speculation for being really snubbed by queen elizabeth and the family at last week's platinum jubilee. that is according to angela live in who says harry would have been very upset because he was largely ignored, live in says it was clear that he was furious, he wears his emotions on his sleeve, especially at the thanksgiving service at st. paul's cathedral last friday. she was out in left field, not with the family and he and megan markel were booed as they went into the cathedral. there are reports that megan markel and harry were denied a request to have pictures taken when they introduce their

one-year-old daughter to the queen. reports say concerns where the couple would leak the photos to us television networks and make a netflix special out of it. things did not go well. they are trying to cover over the cracks that harry was definitely snubbed. blue when i'm going to leave time for jason to time in on this one. what do you think? >> i feel really really bad about this, for harry, he's got a tough life. really sorry about that. just awful. what a dreadful story. stuart: big deep breath but the queen is wonderful. >> i love the queen, god bless the queen. what she has done in this world and what she has seen i have the greatest respect for the queen. harry -- stuart: not so much. >> megan markel, not so much.

stuart: you are with me for the hour and i appreciate it. we will watch you on outnumbered at the top of the hour on fox news. rapper jay-z teaming up with twitter founder jack dorsey to make bitcoin more accessible to low income communities. very interesting. we will tell you about their new crypto academy in the heads of major crypto companies gathering in austin, texas. susan lee will join me after this. ♪♪ ♪ ♪ wow, we're crunching tons of polygons here!

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♪♪ stuart: venice, california, 66 °. we will tell you why we are

playing this music in a moment but to get serious look at the selloff. it continues. i'm looking at the dow which is down 800 points and the nasdaq down for done it -- 425, the selling has accelerated after 2 hours and 10 mins of business we have an awful lot of red ink this morning. look at the restaurant stocks dropping on the hot inflation report. consumer price inflation 8. 6%, restaurants stocks are way way down and it is the same with the airlines. inflation and energy creates much more expensive jet fuel. the airlines have to pay it and they are all down. rapper snoop dogg getting hit by rising inflation. he says he had to raise the salary of one of his most important employees. who is that important employee and what does this person do? ashley: you cannot understate how important this employee is and you know inflation is bad when snoop dogg is having to

raise the salary for his full-time blunt roller. i am not sure what the going rate is for personal had assistance but when they did this, $40-$50,000, the rapper responded inflation, their salary went up, yes it did. snoop revealed the salaried maker's job is to have a joint at the ready whenever he feels money and the joint worker's resume, i wonder what kind of resume you need for this job. his resume contains the letters pdr which stands for professional blunt roller anti-got the job. stuart: could be one of the most interesting stories of the day but another one for you, jay-z launched a new project with jack dorsey, tell me what they are doing. ashley: they are teaming up to create a bitcoin academy, the financial education program

will be free for residents living at a public housing complex in brooklyn and the rapper's childhood home. the program will be offered in person and online from june to september in the aim is to provide education and empower the community with knowledge about how to manage their finances with a focus on bitcoin which the website described as future of money. dorsey, an avid bitcoin supporter says the crypto currency will replace banks and bring economic opportunity to the developing world, jay-z has a history in the industry as well. he's invested in a startup called alchemy. stuart: let's move on. i am going to show you more about cryptos. we've got bitcoin at 29,300 points. the heads of the crypto companies are in austin, texas for what is called the consensus conference. susan, hold on a second. i know you have been talking to all the hotshots.

is there a sense of anxiety in the crypto world and stop laughing. susan: there is an overhang i feel compared to the previous crypto conferences we have attended. 18,000 strong at consensus, 2022 and regulation, there's a bit of an overhang with the stable coin collapse, someone who knows a lot of stable coins, the second-largest stable coin on the planet, talking about circle, usec, $50 billion worth. what about people that think because of the luna blow up virtually overnight that has discredited crypto? >> i don't agree with that. what we have seen at least with usec as it has only strengthened and people are really starting to understand crypto has to be held to a higher standard, something like usec which has been regulated from day one is in the us banking system, you see that.

susan: why don't they come up with a digital dollar? why do we need companies like circle to provide stable coins to transfer money? >> in the united states, free-market and private-sector innovation have driven almost every dimension of technology and financial technology and payments whether it is the messaging behind wires, debit cards, paypal, atm, apple pay, everything is growing fast, the government does need to have regulations so that there is fundamental safety and soundness but letting the competitive market flourish is how the united states will when the currency space race in the dollars the expert product of the internet. susan: is this about bullishness and crypto? will crypto recover from here given that we are down 50% from those records in november? >> absolutely. we are still in the early stages of a very fundamental

shift in the infrastructure, crypto is the foundation of the new infrastructure, this is a massive -- thank you so much. the founder of circle, second-largest stable coin atlantis, back to you. i can tell you there's a lot of enthusiasm here he only you have to be a believer to attend. stuart: i will not tell you about the texts i just received which says cryptos are a giant global ponzi scheme. we will ignore that one. stick around please. stuart: everyone is about an opinion. back to the market. show me the dow 30, slight improvement, 28 of the 30 are down. we have a couple of winners in the top left-hand corner. don't go anywhere. friday feedback is next and you will hear from one of our youngest viewers. ♪♪ i'm so excited

♪♪ and i just can't hide it ♪♪ i'm about to lose control and i think i like it ♪♪ berty mutual. they customize your car insurance, so you only pay for what you need. woah! look out! [submarine rising out of water] [minions making noise] minions are bitin' today. (sung) liberty. liberty. liberty. liberty. minions: the rise of gru, in theaters july 1st. 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

another crazy day? matchi of course—you'reiption. 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.™ stuart: verse selloff continues and we are spiraling down, one hundred 33 points, nasdaq down

423, that is a selloff. let's take light relief. friday feedback. angie is my daughter. first off, from greg. what is your favorite song on spotify? start me up with the rolling stones. we play it frequently and it is a great way of starting a segment. what have you got? >> anything by adele i could listen over and over because she is so talented. stuart: ash? ashley: anything by the beach boys gets me in a good mood. stuart: i know what you mean. producers place more beach boys please. scan the qr code on your screen.

this comes from one of our youngest viewers. >> hi, mister varney. mining is alicia. i'm 5 years old and when i was in new mexico with my grandma i was watching your stuff and got a picture of you. stuart: you have a close-up. what does that say? ashley: that is you. stuart: thank you very much. ashley: are lot of makeup. stuart: thank you for sending that. you took some trouble with that. this is for mandy. when you were in america. what food do you find so yummy? peanut butter. when i was growing up in england we didn't have peanut

butter, i kind of liked it. when you were a newcomer what did you pick up? ashley: i discovered mexican food. none of the exit existed in the uk, going through the drive through, it was always i loved it. stuart: do you have a favorite food you like in america? susan: i would say pizza, new york is unbelievable. new york is cheesy pizza. stuart: cheesy pizza, i must remember that. from steve, during the queen's jubilee i heard the term blimey used many times. i have never heard stuart or ashley use the word blimey. am i correct? you are correct. i have not used that word on air not that i can remember.

it is a kind of old-fashioned expression. ashley: it is -- you know what it used to be? don't blind me was the original phrase but it got changed to blimey and that is typical english slang. don't use it very often. stuart: i try to avoid blasphemy if i can avoid it. this comes -- susan: it reminds me of my favorite seinfeld episode when elaine was dating a british gentleman, she said what? we say pardon in england. that is what i say. pardon. blue when i have grown out of that. i go with the americanism what? this is from collin. american built. love these programs, just shows you what can be done without osha and the epa. you are quite right. this is a program about the great things that can be done,

were done in america. no episodes of american built tuesday night at 8 p.m. eastern on fox business. we are out of time. thanks very much for being with us. are you going to answer the friday trivia question? stay there. here is the trivia question. who owns the most private land in america? jeff bezos, john mullen, tina turner, stan karaoke q i don't know the last guy. the answer after this. ...

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stuart: i thought this was a really good question. here it is. who owns the most private land in america. susan and ashley are with us. susan why don't i go to you first? >> john malone. stuart: okay can you tell me who is this bottom right there? who is that? >> i believe he owns the la rams and the avalanche in the n hl. stuart: fascinating. okay my guess is that i'm with you, susan, john malone owns the most private land. what about you, ash? ashley: well, bezos could buy countries i'll go with ted turn er just to be different all the property he owns in montana. stuart: no, it is john malone, i believe, he's a media tycoon, you know that he owns what about 2.2 million-acres of land across several states, combined, that's about half the size of lake

ontario. 2.2 million-acres. now that's land. that really is. susan, ashley, thanks for being with us. as we close out i just want to show you this the national average for a gallon of regular gas is 4.98. i guarantee by monday morning when we go back on the air it'll be a $5 national average for a gallon of regular. times up for me, neil it's yours neil: everyday another record, 13 days in a row thank you, stuart varney a great weekend. right now we're in the middle of a major sell-off because inflation is back haunting us, so prior to the release of the cpi report, the consumer price index report for the latest month, we were seeing a trend where the rate of increase was slowing down. that has all gone right now. we are running at a retail inflation clip of better than 8.6% year-over-year. that's the highest its been in about 40 years. you've heard, there's a lot going on on the 40 year front, not only are we