elizabeth: art sheriff thank you for joining us think of your service to our country but you will come back on the show again soon for it's good to see it. you are elizabeth watching evening edit. we hope you have a good weekend and evening and join us again on monday night. ♪ ♪ >> from the fox studio in new york city this is maria bartiromo's wall street. maria: and happy we can to you all paid welcome to the program that analyzes the week it was an helps position you for the week ahead. i am maria bartiromo for the numbers confirming what every american already knows. inflation is singing it's at the highest flight since december 1981 paired polls showing it is by far the most urgent issue facing our country right now. but the white house is looking to change the narrative and the

president does not understand his negative media coverage. our fabulous panel this weekend steve forbes and andy are back with their take, coming up. plus markets moving dramatically in the reaction to the new inflation data where he is allocating his money right now. and rapper and actor ice cube reimagine professional basketball with this big three league pre-notice taking on another industry hear what he has to say about elon musk and threats against free speech on twitter. ice cube, my guest coming up. but first inflation coming and hopped right up 1% from last month up a whopping 8.6% for may of last year. hotter than expected for this as a national average for gasoline hits a new record high inching closer to $5 a gallon per jon meet right now is forbes immediate chairman steve forbes ck eat restaurant ceo andy. gentlemen, thanks very much for being with us as we can. be so appreciated. steve forbes kicking it off for

you. your reaction to the cpi number ahead of the federal reserve which is going to raise interest rates next week. >> i think it goes to show government on the federal reserve side nor on the white house side, it gets what is really going on and knows what to do about it. this administration on that energy side for example yes gas prices are going up. but what's not fully appreciated as there is a shortage of energy around the world. opec has no slack left. very little slack left. they are shutting down production here in the united states. that got a global crisis an energy crisis. unlike the 1970s, maria, when prices went up because the weak dollar bread this is because of a shortage. you don't hear the storages overnight this demonstration is make it worth the numbers are going to get worse. it's oil over all up to 106.7% year-over-year gasoline up almost 50%. your thoughts on what is driving

this number? this is clearly cutting into people's ability to bite what they want. wages are up 4% but inflation is up 8.6%. >> it is a disaster but you look at what drove inflation this month it was food, shelter and gas. these are things that people really feel. steve is right for the energy crisis we are experiencing is an energy crisis that the biden administration brought on us when he was running for office pretty said is going to shut down drilling, well the energy of the fossil fuel companies hurt him for they have cut production they've cut back investment throughout invest in the business the government tells you is it is going to destroy? now american consumers and people around the world of these terrible, terrible policies which are not designed to fix our economy. i think this is driving up oil prices, driving up really the price of everything. it is not a prom for the biden administration it's actually

their policy where they want to change the american economy. they want to change the way we live our life or they want to restrict our economic freedom. this is all an effort to do that. the result is we are suffering and they are suffering at the pump and the grocery store and just about everywhere else. maria: scooby write an entire book on it which is inflation for it's a fantastic read. is this president unaware of what inflation is an the sting event? he did to op-ed in the last two weeks he went on jimmy kimmel said the economy is the fastest recovery growth recovery in modern history. we are not growing. we just had a contraction. i don't know where he gets this or who wrote his script. but clearly be could be on the doorstep of a recession, are we? >> yes we are. people are already feeling a recession but whether economist called officially downturn or not it does not matter. the standard of living is going

down for it with the administration is doing not only short-term but long-term, every major advance in standard of living whether it was the railroad massive uses of more energy. this administration is not only raising the price of energy, but reducing the supply of energy which means a miserable standard of living in the future. it is not just the pain now it's the pain we will be getting unnecessarily. these people do not reverse course. they are oblivious to it. never the greatest recovery have the greatest downturn and history you shut the global economy down, you expect a big bounce back part we are not getting that bounce back anymore, hello joe. buttocks you make this really important point here because the climate agenda is a permeating every single agency in this administration, andy. and clearly the climate agenda killing fossil fuels works against this country paid members of the administration are trying to change the narrative though ahead of the midterm elections.

here's white house chief of staff listen to this i've got to get your reaction. >> other updates and progress that has been made to baby formula and other things have been the news that you want to share? >> will sure. obviously when the president got here first challenge was to try to make progress on covid. but america feels more like itself again since that. maria: there is that. politicos reporting there's a growing frustration by the president and his family that he is not receiving the kind of generally more positive coverage. they believe he deserves. they say too often attention is focused on staff turnover and poor poll numbers and not a robust a jobs market at america's relatively strong economic recovery. and he let me point out in this whole idea of a robust a jobs market the tech sectors cutting jobs right out the pace they did in early 2020 because of the pandemic, right now. >> and we are still a 10,000 jobs short of a reward in the

pandemic started under president biden we are probably 5 million jobs short of where we should be if the trendlines had continued in the right direction. but this president inherited a surging economy. he inherited ace economy that was emerging from the economic lockdowns during the pandemic. all he has done is destroy that surge. think he assumes no matter what he did, no matter what the democrats did this economic growth was going to continue its we emerge from the pandemic so they might as do things they could get karin to go credit for the cap checks and being generous with the taxpayer dollars. and of course as larry summers and steve forbes and many other economists said this is really going to pour gasoline on the fire of inflation are going to end up having to read it got a corner we 1.5% for gdp will be under 1% for this next quarter. this is a disaster. we are heading towards an economic disaster.

maria: all you have to look at is the last year of policy, steve. you look at our inflation timeline payment joe biden walked into the white house inflation is a 1.4%. here we are today at 8.6%, why question ricky had a covid relief package in march. they're pushing a spending package in july that was $5 trillion. they incite into an infrastructure package that was $1 trillion. right now as we speak they're still trying to push through "build back better" to get another reconciliation package to get joe manchin and kristen sinema on board to get 50 book votes. >> that is right they want to raise taxes and create more money or paper money inflation at a time when you should be doing the opposite. this is like what they didn't days of old as we pointed out with medicine, doctors used to bleed the patient that cover the pain and suffering it got rid of the patient. biden wants to do in terms of spending and raising taxes is doing the same thing to the patient of the economy today.

bleeding it instead of curing it and letting it heal. they had a right will leave it there paid steve forbes and a great to get your insights on the spill cable watching it certainly is expensive out there, gentlemen thank you very much. >> thanks maria. 's 40 are high inflation slamming markets this week. dan niles is here he will tell us how he is making money in this environment and where he is putting that money right now, that is next.

maria: welcome back one of the worst weeks of the year for stocks searching inflation take a look at how stocks closed out the week. and how we have been seeing the market relate tank halfway through the year. as you can seat markets are down in the double digits year today by joy to meet right now to talk about investing in this the fund founder dan niles who has been beating the markets for dan great to see a thanks for much for being here this weekend.

>> my pleasure maria. the. maria: i want to talk about the fundamentals inflation as we numbers we saw on friday what has happened in the last couple of weeks, dan? how often do see a company like target come out a month ago and tell us their guidance is going to be lower than expected reporting weaker than expected earnings in a couple weeks later come out and cut guidance again. we saw that. do you think this is telling us something about the broader s&p 500? x absolutely. it's very rare to see a company of targets size give it guidance than three weeks later be forced to cut back guidance. you look at microsoft they gave guidance. six weeks later they came out on a foreign exchange, cut the guidance again. which quite honestly i think there's a lot more problems going on there than just foreign-exchange which is why they pre-announce a pretty do not cut your numbers three weeks

after you guided if you are microsoft. i've been following that company for 30 years i cannot remember outside of covid when they have done something like this. effectively preannounced negatively i'm sorry earlier this week that they were also going to beat missing the forecast they gave just six weeks earlier. these are three massive companies that have done this. something is changing very, very fast. i think this is the tip of the iceberg and i think you are going to see a lot of companies come out and be forced to cut numbers on the fact that demand is slowing a lot faster than they expected. maria: so connect the dots for us we got the inflation report which was much hotter than expected 8.6% versus an estimate of 8.3%. you've got everything costing more right now for the price of a dozen eggs commenting on up 33% year-over-year. is it because we are seeing demand destruction as a result

of inflation and that is hitting earnings? >> yes. you are seeing that you also something else going on which is don't forget that during covid we handed out about 10 trillion in stimulus. you had five and half trillion in stimulus from the government. the new had the fed expand their balance sheet that's over 10 trillion since covid began. remember the u.s. economy the u.s. gdp is only 20 trillion in size. you handed out 50% of gdp now you are going on my god we've got the worst inflation in 40 years you are having to cut that back. and so now spending is going back to normal part of the second that is happening which people forget is the stock market is more companies that sell goods. the company sells your smart phones like an apple or dell for your pc et cetera they are listed. but your nail salon, your local pizzeria, your favorite surf

spot that is not on the stock market. so even though only the economy is about 70% services, what is on the stock market that number is closer to 50. if you want to skew towards goods and that is what's rolling over his people go from spending on things they spent during the pandemic to now they want to go out to movies, go on vacation et cetera. that is not listed. the danube and so spot on in this market making money even in the face of this wild volatility. you tweeted out what you were going to do a couple of weeks ago. tell us what you are expecting in terms of the rest of the year in stocks and how you are allocating capitol? >> sure. a couple weeks ago we said we expected a rally we laid out the reasons why on my twitter account. an earlier this week we said we have added back shorts we sold long for this rally. we are next short again right

now. and we have some cash. i think unfortunately if you can do it and you have the time it can trade the market daily you kind of have to go from shoring the market to covering when it's oversold and doing it again. if you don't have the time to manage the portfolio daily you need to stay in cash for your better off being hit by inflation than losing 38 —-dash 50% on the stock market. which is by the way why think the stock market will drop peak to trough until this is all over sometime next year. this fight with inflation is going to take a lot. basically central banks around the world is going to have to put the economy into recession much like paul had to do to get to kill this inflation given the tremendous amount of stimulus that mistakenly was put into the market. this a fight with inflation is going to be a lot more problematic than what people think. that is why i think the fed has no choice to put the economy in

the recession to put it down. >> a while really incredible. dan always a pleasure thank you so much for being here love your insights as always thank you sir. >> thank you very much maria. spate all right dan, we take a break rapper and actor ice cube reimagines professional basketball with his big three league. nice it is fights in another industry. i will be speaking to him when we come back

maria: welcome back. what rapper ice cube's big three basketball league going be on the court to engage her fans launching and limited edition and ft. comes with big perks at a big price tag, $4500 for the forever experience action token. i asked him about the reception

he has been getting for this especially after the recent crash in crypto currency. >> this is the first of its kind. you know, we won't be able to reimagine with the nft can be as we are trying to go from too, just three. the reason we are calling it which is a forever experience action token we want people to think in their minds that here is something that last forever with real utilities. we came up with a big three we always were intent on changing the game. and here we go again with something new and fresh for people that are into the technology. are people who want to be part of a sports league. you will never probably get enough money and influence to buy an nfl team, an nba team. but here we are with the big

three. and now is the time. >> i love how creative you are getting with this token. we spoke to you but you had the first nft token a couple of months ago. then after we spoke with you the market for crypto sort of fell out of bed. crypto currency down sharply. cube let me get your take on what impact that has head to the token and the overall block chain industry pretty see prices for crypto down so much as that had it impact? >> we had to push back we printed on mother's day we tried to do it that saturday. we pushed back mother state which was the worst day in crypto currency history. so we had to push it back which

is fine. some markets go up and down. this is something that lasts forever. you couldn't really see the vision of what this can be as the league grows the market at this time it really does not matter. you see this as something you can hold you can pass on from generation to generation. or something that could be valuable as the league grows. a group of people want to be a part of this league. an access and all the things we have and want to grow with us. also, we are connected to a lot of great communities. from d friends to d guys, snoop got a team. and so if you want to be a part of any of these communities,

here's a way into as well. we feel like we are in a great place right now. spate that's a great point sports is so successful and hits so many different populations that having access through a token to the things around sports, the excitement around the games is obviously incredibly creative and good. was it elon musk who created our start does coin? and i want to get your take what's going on there with twitter because twitter they say okay we are going to give you a fire hose of info on the fake accounts but he said i'm not going to do this deal unless i get more info on the fake accounts. what are your thoughts after he threatened to pull his 44 billion to cover deal? do you think he will go through with that is what is your take on all this? >> at the end of the day we want twitter to be a free space, free

of a box and the censorship and all of those things. i think he is smart to want to see up under the hood before he spends that kind of money. and yes he is a part they actually wanted his partners about a team called the aliens. we got a few big wigs around the league. and it is great. >> my thanks to ice cube or don't go anywhere more wall street right after this.

say welcome back we got another big show of the works for next week and remix you to do to wall street every friday night at 7:00 p.m. eastern right here on foxbusiness. i was see you over the fox news channel on sunday but "sunday morning futures" is live on the fox news channel sunday at 10:0. about exclusive interviews house judiciary committee ranking member jim jordan. nevada senate candidate adam and

the author of the new book tragic consequences lieutenant colonel oliver north. my special guest on sunday. join us now on fox news. plus on foxbusiness start smart every week different 6:00 a.m. until 9:00 a.m. eastern for mornings with maria pretty hope you'll start your day with us every morning on foxbusiness. that will do it for us for now. right here on wall street have a great rest of your weekend everybody i will see you again next time. ♪ ♪ ♪. gerry: hello this without wall street journal at large democrats have a prime time tv investigation the crimes gender the 62021. in california and elsewhere seem more alarmed by the crimes in their own cities under the misrule of democratic leaders. joe biden said the economy's in great shape but surging inflation, excluding interest rates and tumbling markets all