up with a looming recession but he should do what he needs to do he's in a second and final term. pull a paul volcker, raise rates and contract the money supply to get inflation under control and then the next president can do supply side tax cuts. dagen: he is biden's fed chief, biden reappointed him they own all of this , biden incorporated thank you, mike and christian, "varney" & company starts right now. stuart it's yours. stuart: good morning, dagen, and good morning, everyone. we are in a financial crisis. inflation is getting worse, interest rates are rising, economists predict recession, the stock market again selling off, and i know this is a strong word, but cryptos are crashing. start with this. over the weekend the national average for a gallon of regular gas hit $5 this monday morning, it is at $5.01 on average, and there are 21 states in this country, plus d.c., that are already at the $5 level. consumer inflation hit 8.6% last month. tomorrow, we get the producer

price index, and there's talk we could hit 9% inflation. interest rates are rising. look at the yield on the 10 year treasury. it's all the way up to 3.27% this morning. not to be too technical, but for a time this morning the two- year yielded more than the 10-year, that's considered a recession signal. the federal reserve has to deal with this. they meet tomorrow, and again, there is talk of an immediate rate hike maybe 75 basis points, three-quarters of 1%. nothing worries the stock market like a big rate jump, so stocks are selling off. look at this. the dow was down 800 on friday, it's down another 600 this morning. at the opening bell that is, i don't know how they are going to close. the s&p 500 on the mark this morning down 96 points virtually down 100 points and look at the nasdaq down 3.5% friday, down 352 points as of this morning. again, that's at the open. i have no idea where it closes, but look at cryptos.

i'm calling this a crash. bitcoin at $23,000. there's dramatic news here. binance, that is a huge crypto exchange, says bitcoin withdraws were paused earlier this month so you can't get your money. the ceo says it's temporary, but the damage has been done. all right, crypto now, bitcoin, 23,000. what's the politics of all of this. workers are worse off than with this inflation, and if you check your 401 (k) you'll probably see your retirement money taking a big hit. the president is playing the blame game. he has no inflation plan. democrats are desserting him, aoc would not endorse him for president in 2024. yes it is a financial crisis this monday morning and a political mess. yes, it's monday, june 13, 2022. "varney" & company is about to begin.

anywhere you go, i'll follow you stuart: all right we're going to get back to the stock market sell-off in just a moment. on the crypto crash as well but first look at gas, above $5 a gallon nationwide for the first time ever. lauren? how many states repeat it for me , how widespread is $5 gas lauren: 21 and then washington d.c. six others have it above 4.90 so talking about half the country. the worry is gas goes to $6 nationally by august. even the president acknowledged that a democratic fundraiser this weekend and i'm quoting, we're going to live with this inflation for a while longer. it's going to come down gradual ly but we're going to live with it for a while. so, inflation has not peaked. this is stagflation, and you know, so what if cpi goes to 9% it'll go to 10% because the policies are juicing inflation. white house policies are doing nothing to bring it down. stuart: that's true but you just

made quite a forecast, nine 10%. lauren: i think 9% definitely. although i'm not a forecaster. stuart: you're on tape saying that. let's get to the cryptos. i'm using the word "crash" i believe they are crashing look on your screens. how much of the crypto market, how much was lost over the weekend? because this is they are down today, they've been down over the weekend, how much was lost over the weekend? lauren: $200 billion over the weekend and the value of the cryptocurrency the entire market fell below a trillion dollars, it was basically 3 trillion back in november. the price of bitcoin since its high is down 63%. you have the crypto lender nexo saying it can go to the mid-teens to single-digit thousands. gives a little bit of fear, right? some lenders celsius being one of them halting withdrawals and you have the fed hiking. you mentioned this in the open. there's a 24% chance right now of an aggressive 75 basis point hike on wednesday. stuart: it didn't help when

binance, the huge bitcoin exchange, announced a pause on withdrawals. the ceo said he was only going to be for half an hour and then they extended it. they haven't fixed it yet. that's a real negative for cryptos this morning. okay there is the sell-off from the crypto plays, all of them down very significantly, and the sell-off in the stock market , that continues, left-hand side of your screen down 600 for the dow, 350 for the nasdaq. david nicholas with us this morning. david, is this capitulation day? >> stuart, not even close. all right i'm going to see a vix at 37.30 for me to think some of the selling is done look coming into last week before friday, the market had thought inflation had peaked. the federal reserve thought it flynn had peaked with jay powell statement saying 75 basis points is not something they are actively considering. you got cpi at 8.6%. the fed's hiking a half a percent does absolutely nothing. i think we see 75 basis points. i think we have to see it.

i think we need 100 basis points , so i wouldn't be shocked if we see a 75 basis point or 100 obama administration hike, that to me be capitulation but this inflation story isn't going to get any better but when you look at your portfolio you're up 15-16% the s&p is from the pre- pandemic highs. why is that? well, in some ways i don't think we should be, because the rally for 2021 in a lot of ways wasn't real so we're giving back some of that right now, stuart. it's not going to be pretty. stuart: what should the average investor do right now? >> stuart this is where it's tough. you talked to me last week about cash and i'll say, last week before the inflation numbers, i said this is a good time to buy but given where we're at, i think cash is king right now so if you're someone that's approaching retirement you need to have money on the sidelines. we tell our clients any money you need for the next 10 years don't have it in the stock market. it's a bold statement but i think there's going to becoming a better opportunity here over

the coming months. stuart: any money that you might have over the next 10 years should not go into the stock market. so says david nicholas. good lord. all right, david, you made your point. we alleys en to you, david we'll see you again soon, thanks a lot former treasury secretary to president obama, larry somers, he thinks a recession is on the way. when's it going to happen? lauren: in his words more than likely within two years. >> i think there's certainly a risk of recession in the next year, and i think given where we've gotten to, it's more likely than not that we'll have a recession within the next two years. lauren: so he also, in that bit, cited consumer sentiment. we got the data from the university of michigan on friday. all-time low. stuart: yup. lauren: but what a lot of the banks and brokerages and analysts are picking up on now is when you like five-to-10 years out consumers see inflation in that time horizon at 3.3%.

so it's high inflation, that lasts for a while, and that's why some of these estimates are coming down and you know the fed is looking at that, inflation is hurting the consumer. we might still spend money, but do so differently, and we might not spend as much. stuart: and the fed meets tomorrow. lauren: they meet tomorrow. stuart: let's turn to politics. congresswoman alexandria ocasio-cortez will not commit to supporting president biden if he runs in 2024. >> if the president chooses to run again in 2024, first of all i'm focused on winning this majority right now and preserving a majority this year in 2022 so we'll cross that bridge when we get to it. >> that's not a yes. >> yeah, i think we should endorse, when we get there -- stuart: that was definitely not a yes. charlie hurt joins me this morning. the new york times says other democrats are looking to ditch biden as well. he's got a political problem right here. >> he sure does, and you know,

that tape is just extraordinary to me. you talk about biting the hand that feeds you. joe biden has given aoc and her crowd everything they have ever wanted, whether it's open borders, whether it is basically the unpassed green new deal attack on fossil fuels, he has given them everything that they want and aoc is looking around and she sees the environment and even show is running away from the guy after he's done everything. he is a perfect prescription of everything she's ever called for but of course in the rest of democrat land where there's still people who are on planet earth and want to get re-elected , you know, they look around and they see a future where joe biden is not the best candidate and they are worried about their own skins in this november election, and so you better believe they're keeping their distance from the guy. stuart: i said at the top of the show that this is a financial crisis. seems the democrats are in true

disarray over inflation. do you think that now he's faced with this crisis head-on? could biden actually change course? >> you know, we've talked about this before, stuart. i don't know that he can. i think that his brain is so, you know, so tied to these crazy policies and he's talking about, you know, forgiving student loan debt for certain college student s, paid for by other people who didn't go to college? it's insane and i really do believe that he sort of latched himself to the mast and he's not going to budge on these things and by the way, larry summers may predict that we will be in a recession in two years. most americans feel like we're already in a recession every time they go to the gas pump. stuart: last one real fast. last friday, president biden, went to the docks in los angeles , stood up making a speech about inflation and he said, he feels viscerally angry and if he could get some of these people who are raising prices in front of him, i've

never heard an american president say anything like that before and if donald trump would have said the same thing, he would have been prosecuted, threatened violence or something. >> yeah, you've never heard a president speak like that about industry leaders and also never heard a president speak the way joe biden does about actual voters, maybe voters that didn't vote for him but calling them racist, calling them all these things he's called voter that don't support him, this is a strange new political era, and you know, i realize that american system allows for sort of populism, this is not populism we're seeing from joe biden. this is something else and it's crazy, it's scary and it's not good for the republic. stuart: charlie hurt on a monday morning all good stuff. thanks, charlie, we'll see you again real soon. >> great to see you. stuart: president biden announced support for bipartisan deal on gun safety. let's have a look at that deal. what's included? lauren: so it's 10 republican senators that have signed on to it. it's a framework on gun curb,

expanding background checks for buyers under the age of 21, that includes a pause to conduct those checks. more funding for school safety, more money for mental health. grants for states to implement red flag laws, notably absent, no assault weapons ban and no increasing of the age to purchase from 18-to-21 still senator chris murphy calls the agreement a breakthrough. now lawmakers have to put it into legislative language and get that approved. they are going to try to do so before they leave for july 4. stuart: got it, thanks lauren. here is what we have for you, futures first of all a major league sell-off on wall street dow down 600 points, 18 minutes before we go to the opening bell and look at the nasdaq down another 350 points. coming up, democrats are shift ing their message on the economy. is it too late to do that though the mainstream media seems to think so. watch this. >> in the beginning a lot of democrats are saying hey, look, the economy it's doing great. you are starting to see democrat s shift the

messaging a little bit, but it could be a little too late for a lot of the people saying we need help now. stuart: got nor on that for you now guarantee. beijing warns of an explosive covid outbreak, that's millions of people in shanghai. guess that zero-covid policy isn't working out so well. no china fix for the supply side problem. you can go your own way ♪

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pace of this particular song , because, we're in sell-off mode and that sounds rather leisurely, does it not? lauren: noted. stuart: market sell-off, it's graphic, down 600 for the dow, down 330 for the nasdaq. bringing you up to speed with the sell-off this monday morning then there's beijing. warning of an explosive covid outbreak. tell me more. lauren: wow so honestly in beijing it's all being traced to a 24 hour bar called "heaven's supermarket barette think about it, you live in china, been locked down, you're allowed out, you go see friends at a bar. authorities called this latest outbreak explosive and ferocious 10,000 of the bars close contacts have now been identified. their residence is under lockdown. some beijing schools that were slated to reopen, those have been postponed. that's just beijing. do you want me to tell you about shanghai? stuart: please do. lauren: officials there forced 15 of the 16 districts to under go mass testing. some imposing lockdown again, if

you live there you'll need through july, one pcr test per week. stuart: my goodness me. let's bring in dr. marc siegel here. if china has an explosive outbreak and goes back into any lockdown isn't that going to have ripple effects all across the globe? >> huge, stuart, huge. it's already, you're already se. cargo shipping from china to the united states is down 30% over a year ago. i was on here last week talking about contrast dye for cat scans but it's effecting all products and stuart, the word explosive is ridiculous. we're talking about 45 cases in beijing, and 37 cases in shanghai, and as lauren just said schools are not opening in beijing. i don't know what they're teaching but the schools for sure have to be open in china, and in shanghai, everything is shutting down, businesses, all of this , by the way, does not prevent the spread of the virus, because the virus is widely contagious,

wildly contagious now with these omicron sub-variants so the policies going to be in effective, and not only in effective tremendously damaging to the public health and of course the economy around the world. really bad mistake. covid-zero policies are way out of date with these omicron sub variants that are so wildly ineffect ever. stuart: it's really extraordinary. this is another one. there's a debate over whether monkeypox can be spread through the air. can you sort it out, doctor, and answer the following question, should we now be masking up? >> no, of course not. not for monkeypox. i'll straighten this out for you by saying that the world health organization tends to be a bunch of fear mongers so they say it could spread by airborne. in this case the cdc is being very conservative in saying very very unlikely. you need extremely close contact or sexual transmission or saliva and that speaks to the idea that we only have 45 cases in the united states, even though we've probably been track

ing this for months now, stuart, so it's something for us to keep our eye on. something for people to be isolated if they are in contact with, but there's no way that there's regular airborne transmission here. that be very very rare and again , the fear word comes in. it creates a panic, really bad idea that w. h. o. is famous for this. you're underreacting or overreacting. stuart: let's get the big covid picture for america. everyday i look at the front page of the new york times where they list the number of new cases that have come along in the last two weeks, whether those new cases are up or down. for the last week the number of new cases has been mostly down. seems to me, a complete lay person this wave of covid is in retreat and we've gone through it. would that be a legitimate thing to say? >> certainly that's true in the northeast and you are no lay person by the way. you're extremely astute analyst of this for years now, but listen, here's the bigger picture, that millions of people are doing home tests that we're

not even tracking, so the vast majority of cases are mild, or they certainly aren't leading to hospitalization so we're dealing with a virus still around but most of the time it's controlled and it's either controlled by no treatments or paxlovid or early diagnosis, so again, it's becoming a milder virus. it's still around but it's not something we should be panicking over, absolutely, and you're right. it's in retreat in a large part of the country. stuart: all right, mark, that is the covid and monkeypox block. we shall move on after this commercial break. thanks for being here always appreciate it. >> great to see you, stuart. stuart: the story of the day is the huge sell-off that is expected on wall street today. futures point to a # hundred- point loss at the opening bell, nasdaq down 350 we'll take you to wall street right after this. you maybe right, i maybe crazy ♪

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stuart: the graphic says market sell-off. that is perhaps an under estimation of what's really going on here.

we're holding at a loss of 600 points at the opening bell and 360 points down for the nasdaq. again, that's the opening bell. no clue how it closes. keith fitz-gerald with us this big monday morning sell-off is this the big sell-off? is this the capitulation selling , keith? >> i tell you, stuart, i wish i could tell you it was but unfortunately, i think it's another just another sell-off. it's not the sell-off yet. stuart: okay, that's putting it kind of plainly, i must say. what should investors buy right now, i presume oil stocks be not a bad idea? >> exactly. here is the thing, right? we're at one of those moments, stuart, where either you believe we'll have a future tomorrow or you don't believe we're going to have a future tomorrow. i can't fault somebody either way but if you believe, like i do, there's a future, oil is key chevron is at the very top of my list, with the president's policies oil is going to go to 150 a barrel or possibly even more, and you and i could do the math. we know what that means for diesel, for gas prices, it's

going to be ugly but the company is going to profit. stuart: okay so you can buy oil companies and do well. are you selling big tech? >> you know, there's some big tech i'm selling and i'm selling what i call the pigs with lipstick. that's going to be netflix, for example, and excuse me, but that's also going to be the last adult in the building has left, i think they have a $10 billion problem because of apple changes to privacy, so between those two companies, i think they are both sub-1,200. i don't want to be anywhere near them. stuart: all right, how low do you think this market could go? i ask the question, because we're facing significant rate increases from the federal reserve, probably not much of a decline in inflation, and the federal reserve raising interest rates significantly, so how low could we go? i'm looking at the yield on the 10 year treasury, now, keith , look at that 3.29%. >> i know it. stuart: so how low could this market go? >> unbelievable. you know that's a question i've spent a lot of time usually in the middle of the night trying to figure out and unfortunately,

there is no historical precedence to this , but, again, if you believe in tomorrow's future, you believe in the sun coming up like i do it's almost irrelevant because the history shows you buy when people are selling. there's a lot of people selling. i wouldn't be surprised if we take another 5-10% off quickly if the fed doesn't get mojo. stuart: last one i'm calling it a crypto crash. i know you're not necessarily in cryptos, but how far down could they go in your estimation? you are at 23,000 now for the bitcoin. >> you know that's also a tough one. in fact i do own a little bit of crypto and i'm getting shellac ked just like everybody else but i own it because i think eventually there's digital currency. it's one of those things where its failed as an inflation hedge , failed as a transaction medium so the question is theoretically all the way to zero. i don't think it's a buying opportunity right now. the dust hasn't settled right now, stuart. stuart: it's a financial crisis in the stock market and cryptos. >> it is. stuart: keith thanks for joining us good stuff and we'll see you again soon.

the opening bell is about to ring. we'll start trading in about 20 minutes. >> [opening bell ringing] stuart: as you've heard all morning long this is going to be a sell-off, at least at the opening bell in the sense that maybe some investors are looking for a bottom, you could see a minor league bounce today. i simply don't know and i will not predict how we're going to close but i'll tell you we are opening right now, thoroughly, on the downside. we're off, we're running it's monday morning, it is 9:30 eastern time, and here we go. right from the start, we are down all across-the-board. you're looking at the dow 30, all those 30 stocks makeup the dow industrials every single one of them is on the downside and the dow itself is down 651 points. that's another two-plus percent percentage points on top of last weeks big sell-off. the s&p 500 also opening sharply lower 2.5% down at 3,800 that is the s&p. the nasdaq is down 3%, that is a

3% loss, 337 points, big tech all of them sliding big time. fortunately, we have susan li with us this monday morning. >> good morning. stuart: can you sort out big tech what's happening? >> well i think it's lower in line with the yield move that we're seeing. have you looked at the interest rate expectations this morning? everyone is ratcheting up their predictions, right? and last night you had the inversion of the yield curve which is the two-year yield and this was, was this baffling to you that spike up in the two- year highest since 2007. have you seen this kind of move in a two-year treasury bond? stuart: it is huge. >> so that actually briefly topped what you were getting on a 10 year treasury note. stuart: that's a signal of a recession. >> you heard that also from stanley miller saying he believes a hard landing is probably more probable than a soft landing and talking to a lot of these big dollar investors over the past week or so, they are saying the reason is because once you get above 5 % in inflation it's very hard

to bring down without moving interest rates really quickly, really high, and speaking very early on. stuart: okay, got that. now let's move on to what i'm calling crypto crash, maybe that's the wrong word to use, susan. i don't know how you feel about that but look $200 billion wiped out of the crypto industry over the weekend. >> i'd call that a near term crash but you have to -- stuart: i wasn't expecting that. i thought you'd give me a hard time. >> back in december 2019 bitcoin was trading at 6,000 dollars so you're still up 500%-plus if you bought in then, however if you're one of the fear traders and of the fomo traders trying to buy in after that level, well if you bought a 30,000-plus , you were under water today so we're looking at the lowest levels for bit coin since december 2020, ethererum is at 1,200 lowest in the year and there's sector-wide concerns about companies buckling under the sell-off and you saw that last night. stuart: celsius. >> one of the largest crypto lenders and this is a bank run

in cryptocurrency, they are pausing all withdrawals, swap and transfers between accounts. now, celsius was one of the big lenders managing around $12 billion in loans over 1.7 million accounts, according to the they never themselves revealed the numbers but it's a lot of money don't you think? stuart: it's huge but what about binance? the largest exchanges around? >> yes, but they are saying they are pausing bitcoin withdrawals temporarily, they said it was 30 minutes this morning now taking a little bit longer but that has something, well they say, at least, according to them has to deal with one transaction stuck in the pipeline right now, they are working to resolve, but still, this sell-off that we're seeing, that means that bitcoin and crypto is worthless than $1 trillion for the first time since january 2021. stuart: it's a huge sell-off, whether you call it a crash. >> i don't know if we have the crypto stocks that micro strategy is down 27% this morning. micro strategy is one of those companies like, well, i would say it's probably on its own because it's used a lot,

half of their actual value to buy bitcoin, and as you know, with bitcoin sliding sub-25,000 that stock is getting hammered today. stuart: it sure is, now we have travel stocks, i think, hotels and airlines for example,, all the way down. i guess they be hit very hard by a recession. >> yeah, okay yes so they are lower in line with the rest of the broader market sell-off so if you think about it over an 18 month basis they are actually outperforming, especially technology, in a higher-yield environment, right? this is what we call value stock s, and the return of the traveler, you've heard from these airline ceo's that they can't seem to get enough seats out there, and as i mentioned to you, i guess when you get hammer ed by inflation those can actually pass on the costs, like jet fuel, which i guess for 80% of jet line costs if i can pass that on to the passengers and you see that in the inflation numbers where airfare has gone up 20% month- over-month rising at a record pace you'd still get rewarded in this environment stuart: when do we see some demand destruction. people don't want to fly because

the price is too much. don't go to a hotel because the price is too much. >> i think there's a debate out there. again, i say told you most money managers expected to be a really tough balancing act for the federal reserve to get this right, especially when dealing with inflation at 8%, 40 year highs, but it's buffered if you think about it. the stimulus and the money print ing taking place over the last two and a half years $2 trillion still in excess household savings. so is that enough to buffer us from say a hard recessionary? stuart: so that question is a fair question. while we've got time i want to move on to tesla, we always have to mention tesla. it's down significantly today. >> by the way tesla, do you remember they bought $1.5 billion in bitcoin? stuart: yes. >> in 2021 so you wonder how that's going to impact the bottom line for them and do they break down those capital losses in the next earnings. i think it'll be interesting. stuart: i didn't realize that. musk had warned of job cuts but now they are hiring? >> yes. so we know that they recently

opened the berlin gigafactory behind schedule by a year, 12 months, to half a year, and now they are hiring 500 to 600 staff according to the german government. now, they are actually firing conversely because they fired their singapore country head and you've also heard elon musk say that right now, he thinks there's a super-bad times in the economy he wants to cut 10% of the headcount around the world for tesla, but i would say look, if you look at tesla, you look at technology i actually wanted to look at amazon in particular and some of the big tech leading -- stuart: way down. >> but amazon is down 12% since that stock split, and you heard tesla on friday saying they are splitting three-for-one, proposing splitting three-for- one for their stock. did you see that? stuart: i saw that but amazon is down 12% since the split. >> that's right so but you rally into the split and then, of course you -- stuart: take it out. >> you have a bit of profit- taking process which is what we're seeing for amazon. stuart: but tesla is doing three

-for-one. >> they are looking to get that approved at the agm this summer and hopefully by the end of this year but i think elon musk is saying stock splits are positive for stock, since we're in a recessionary environment, why not get some sort of financial engineering. stuart: he's taking a hit from bitcoin. susan, great stuff. >> thank you. stuart: take a look at the big board, we're down 570 points, after seven minutes worth of business. the 10 year treasury yield very important, look at that. 3.28%. the price of gold, 1,836 per ounce down today, oil down a little i believe at $118 a barrel almost 119 but down a little bit. nat gas up close to $9. the average price for a gallon of gas moving up again, $5.01 that's the national average and oh, dear look at california all over again, 6.43 is the average for a gallon of regular. coming up, moms across the country sounding the alarm on the rising costs of raising

children. roll tape. >> everything from just groceries at the store to basic things for kids like clothes, summer camp, and gas is hitting us hard, and we're going into our savings and not able to save , like we used to be able to stuart: yeah, working mom, mother of nine, rachel campos-duffy has a thing or two to say about that. she's going to be here in the next hour. a rare lebron james trading card could go for over $6 million at auction, and we have it in the studio, along with the auctioneer, and a whole lot of security too. it's not just you, take a look at this. even gas station owners are fed up with the high prices. ♪

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♪ stuart: you are looking at the north carolina coast, heading to a high of 94 degrees there today, well, it is mid- june and that means it's summer, it's going to get hot. the national average for a gallon of gas $5.01 per gallon, diesel prices a record there, 5.77 a gallon, that's got truckers sounding the alarm big time. grady trimble joins us. what are the truckers telling you, grady? >> [sirens sounding] reporter: stu, the owners of smaller trucking companies especially are saying these high prices are unsustainable and you can see why when you look at the price of diesel here 5.99 just under $6 a gallon. one trucking company owner is going viral after posting on facebook that it costs him $20,000 to fuel just three trucks for a week. he added in that post that if

something drastic doesn't change in the next few weeks or months , i promise you, you'll see empty shelfs everywhere you look and chaos as people fight for the basic necessities of everyday life and for everyday drivers gas prices also continue to climb, the national average has gone up 34 of the last 35 days we're now on a 17-day streak, staying above $5 a gallon for the past three days. >> it's painful to go to the gas station and i think we're all just feeling that. >> i think it's going to get worse before it gets better. >> to get to school and home every single day, it's costing me $115 a week. reporter: for perspective, if you drive an f-150, the most popular truck in the country, a year ago, you were paying around $85 to fill your tank. today, the same tank is going to cost you $130, and stu, there's no sign that these prices are going to stop increasing. here in chicago we're at 6.09 at

this gas station. some experts say we could hit $6 a gallon by the end of summer for a national average and by the way, stu, we made that f-150 graphic just for you. stuart: yeah, i had noticed a sharp increase in how much it cost to fill up my f-150 tank, thanks for pointing it out. that was a good report though $6 in chicago. stephen moore joins us now. stephen, produce, the producer price index comes out tomorrow. will it show 9% inflation? i'm hearing talk of 10 or even 11%. what do you say? >> well when you have these energy prices as high as they are now, stuart, that obviously ricochets throughout the economy and throughout the production process so we could easily say see somewhere between eight and 10% with producer prices and what really worries me as we move forward, because you just, a few minutes ago on this show asked susan li about this issue of demand destruction and i think you're going to start to see that in the weeks and months

ahead. as these price increases are so outpacing people's pay that they just don't have the money to pay for the cost of rising rents, rising travel costs, rise in gasoline, food prices. it's throughout the economy and people are falling so far behind in terms of their incomes that you are going to see demand destruction and that suggests that unfortunately, it now looks like a recession is right around the corner. stuart: would you comment on what i'm calling crypto crash? today, ethererum, bitcoin, and they're all down very very significantly. i'm calling it a crypto crash. does that have implications for the overall economy because it's a lot of wealth destruction >> you better believe it and by the way the total wealth destruction right now over the last three-to-four months because of the decline in the stock market is somewhere in the neighborhood of eight to $10 trillion, so i don't understand how joe biden keeps

saying peoples savings are up. when you have a liquidation in the stock market, american savings and pair 401 (k) plans go down, they don't go up and now on the cryptos i think what's going on there, stuart, and i'm not an expert on crypto s but i think you're just seeing a panic among investors, and so there's a flight to safety and a lot of investors are losing confidence that cryptocurrencies have a place to go to if you want to shelter your money. stuart: well what's the impact on the overall economy of the crypto crash? >> you know, it's reverberates throughout the economy. i think you could see , look, there's been so much money that's poured into the crypto market, you just had susan li talking about a lot of companies own cryptocurrencies, not just individuals. that reduces the balance sheet. look it's a precarious situation if i sound frustrated i am because so many of these policy, i'm testifying tomorrow before the house budget committee. you're not going to believe this , stuart.

the democrats are having a hear ing tomorrow on the success of the biden economic program. i'm not kidding. stuart: i take it you'll be speaking against that. >> [laughter] absolutely. i mean, come on. what's going right in the economy right now, high gas prices, inflation, all of these problems in the economy and they are going to take a victory lap? stuart: stephen you've got 30 seconds i'm calling this a financial crisis. are you with me? >> it's turning into one, and you know, if biden would simply say look, we're going to stop the war on american energy, we're going to get if he would call for an across-the-board cut and government spending and regulations, then i'd think you'd see confidence reeledger but right now, what biden is doing is beating it down, stuart because he's doubling down on his failed policies. stuart: stephen moore we'll be watching your testimony tomorrow before congress. love to hear that. thank you very much indeed. back to the markets in business now for 28 minutes down 600 on

the dow, just a few minutes ago we were approaching a 700 point loss, look at the trend, how far down any kind of bounce, follow it all through the day. have a look at amazon, they are going to begin drone deliveries, lockford, california will be among the first towns where the testing will take place having no impact on the stock. amazon dragged down in the general big-time sell-off of big tech. coming up, the massive migrant caravan, you're looking at it on your screen there, it just broke up in mexico, but they're all still coming here. we've got a live report from the border for you. there is good news if you're a traveler. the covid testing requirement is officially gone. madison alworth at newark airport talking to travelers right after this. ♪

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stuart: it is indeed a sell-off, after what 23 minutes worth of business, the dow is down 600, a bigger loss for the nasdaq, another 3.5%, well over 3% down 357 points down; however, there

is some i'll call it positive news this morning coming travelers who are coming back into america from overseas. no longer need to show a negative covid test upon entry. i call that good news. madison alworth at newark airport. travelers have got to be happy about this. i want to see some smiles this morning in the middle of the sell-off. reporter: there's definitely smiles here, stuart. i was so happy to celebrate that i've lost my voice totally screaming in celebration of this news. travelers obviously so excited about this change, not just domestic travel but international travelers and in fact there's a real hope this policy change will bring more people back to the u.s.. the u.s. travel association in their research found that 54% of international travelers were actually avoiding coming to the u.s. because of our testing requirements. now that those are gone, hoping for the change. you know, this is a change that both major travel ceo's as well as major mayors of u.s.

tourism hubs were really lobbying and pushing heavily for , for these requirements to be dropped. >> this decision took far too long. when you see other countries, uk , ireland, eu, thailand, canada, all eliminate this , we were probably weeks late to the dance but we're now in the dance and we're going to see international come back much stronger. reporter: so the cdc has made the decision after a slowing of cases, but they have left the door open to reevaluate in 90 days to see if that changes. you know, this wasn't the only hurdle though that travelers are now going to have to clear. what they still have to deal with is record costs. hotel price up over 22% in the u.s. , airfare costs are soaring, up 37% year-over-year and stuart, not all covid restrictions are gone. we no longer have to test but all international travelers to the u.s. , non-citizens, have to show proof of vaccination before

they can come into the country but all in all for domestic travelers returning home and international travelers waiting to come back very welcome news. stuart: yes indeed, madison, thank you, we'll see you again soon. still ahead, steve forbes, matt schlapp, ambassador kurt volker and joe concha, the 10:00 hour of "varney" & company is next. ♪ ♪♪ when safe drivers save up to 30% on their auto insurance for not answering their phone while driving, . . . . did you get the ice?

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♪. stuart: who sings this? can't remember. tom petty. the great and late tom petty. it is monday, june the 13th. here we all are in our new digs. case for money. it is a selloff. the market is down 600 points on the dow, 346 on the nasdaq. look at 10-year treasury yield moving straight up to 2.%. that hurts big tech. look at big tech go down all across the board. you're talking in percentage terms right now. even bigger loss in bitcoin. look at it go down.

23,500 on bitcoin. that is down 18%. selloff across the board. crisis in crypto. now this. inflation is a personal economic experience. every time you pay for something you take notice because the price of just about everything is going trade up. it can come as quite a shock. on sunday morning in new jersey i bought four small items. eight small tomatoes, 6.99. blueberries, 6.99. a small loaf of bread. 6.29. a pint of milk, 1.89. total out the door cost, 22.16. a year ago the same items in the same store would have cost 15 bucks. we're getting worse off. rapid price hikes erode your standard of living. the president is clueless. on friday at the docks in los angeles he blamed shipping companies. he tried to turn anger at inflation into anger at

corporations. roll tape. president biden: every once in a while something you learn makes you viscerally angry, like if you had the person in front of you would want to pop them. now i really mean it. stuart: i really mean it. you want to pop them. in the absence of effective policy the president turns nasty. shock to the grocery store, shock to the gas station, open the 401(k). another shock the market selloff probably cut your pension money by 30%. i expect the president to blame the fed practical reserve. but who will voters blame? 147 days to the november 8th elections. who are they going to blame? second hour of "varney" just getting started. ♪ stuart: all right. the lady on the right-hand side of the screen is rachel campos duffy who has nine children.

who knows first-hand of the pain of inflation. do you see my example there, tomatoes, blueberries, milk, bread, 22 bucks out the door. i'm sure you see the same thing for your family. >> i stopped buying berries because they're so expensive. i have to buy so many to feed all those kids. no berries except frozen ones that seem to be a little bit cheaper. listen, stuart, you're 100% right. who are people blaming? they're blaming joe biden. this weekend on "fox & friends," every week i've been interviewing moms across the country on all the problems. this week i did an interview with working moms to see what they think about inflation. take a look. >> it is impacting our every day life. i would be shocked if not non-belief to any working family that has children who says it is not. >> it is definitely disheartening. rent is high. the cost of mortgages because of interest rates are high. it just really crises a lot

of -- prices a lot of moms out especially single mothers. >> inflation, cost of doing business. just simple supplies and services are going up. with the rising costs come tighter margins. stuart: you see, rachel, when you do a business news show it's all charts and graphs and numbers, but what you kid just makes it personal. inflation hits you personally. why we notice it so much. that is why it is such a big political issue. >> it's huge and they are not saying i asked them, what is your message to joe biden? they said urgency, urgency. none of them said tell joe biden to speak to putin. tell joe biden to get more oil from iran and from venezuela. they did not say that. in fact one of the moms, carolina, the last one you saw there, the president should open up american energy. at least our gas prices would be

lower. that could actually directly help us. they are not going to be fooled, this midterms. they know who is to blame. they know that these green energy policies, this new religion that the left has taken on, it is purposely impoverishing them, making their lives more difficult, making it more difficult for gas in the car, food on the table. i do not think any of this is going to get past them. by the way, showed he is blaming shipping. butter is up. what will we do, take up big butter or big dairy? it's so ridiculous. everyone knows what's happening. these women aren't fooled. stuart: one last point in all the people you spoke to did anybody mention january the 6th? >> not once. not once. they said inflation at the top of their agenda. stuart: sure is. on wall street as well today. rachel, thank you very much for joining us. hope you can join us real soon. >> anytime. we love you on "fox & friends,"

stuart. stuart: flattery, it's a wonderful thing. thank you, rachel. we want to hear how inflation is affecting your bills, what you pay. send information pictures to varneyviewers@fox.com. we could put them on tv. take a better photograph than i did. lauren: i as amused by your shopping list. after you will the things to buy, blueberries and tomatoes. stuart: blueberries, tomatoes milk and bread. what more do you want? lauren: butter, cereal. stuart: it's a selloff, ladies and gentlemen. that is a fact. down 600 on the dow. down 330 on the nasdaq. jeff sica is with us. your comment on the overall market. is this capitulation day? >> no. i don't think it is close to capitulation day. at this point we have so much to digest here that is going to affect the markets. we have the fed meeting tomorrow and wednesday which is crucial. so i would not by any means call bottom now. stuart: okay. what do you think the fed is

going to do? >> we used to refer to this meeting as the meeting of the minds? i would refer to it as the meeting of mindless because the fed, they are responsible for getting, they have a big responsibility for getting us in this position to begin with. so what i see is they don't have a heck of a lot of leeway here. if they raise rates too much which a lot of people now are talking about 75 basis points, 100 basis points, they could be accused of slowing the economy too much. if they don't raise rates enough they could be accused ever creating more inflation. so ultimately, they have nothing but messed up bad choices. from my perspective nothing that they're going to say, the fact that they even have credibility amazes me, because keep in mind,

stuart, they came out and assured the american people that this inflation was transient and this inflation is anything but transient. stuart: i want to take a look at the big tech stocks, in particular amazon's stock. you were on the program the day that amazon's stock split. advised against buying it. when it split it was $120 a share. now it is $105 a share. you've been proven right at least in the short term. what is wrong with amazon? >> i still think they have problems. with amazon, their two biggest setbacks are going to be fuel costs, labor costs. those are what they have to contend with. if it wasn't for amazon web service, aws, we would see this stock much, much lower. amazon web service contributed to 75% of their revenue. they basically rescued them. so any talk about amazon web

service at some point spinning off or anything like that is going to be very, very detrimental to amazon. so i would stay away from it. let it fall a little bit more and see if this inflation bottoms at some point and that's when i would buy it. stuart: not much chance of inflation bottoming anytime soon. i don't know when, it will eventually, but not soon, you agree with that? >> yeah. i think if you really consider where we are now, and you consider the trajectory of inflation, to think that it is going to stop, what i see is the fed has to take desperate measures to slow down economy. the only, the only thing we could look back on the only history is volcker and look what volcker had to do 40 years ago. i think people are afraid to even look at that because they're afraid if that's what it is going to take, we're in for a lot of pain. stuart: yes, we are. jeff sica, thank you very much, sir. i know we'll see you soon.

thanks a lot. looking at movers, we have pro-logics moving down. duke realty is up. what is the story? lauren: show you a winner. it's a small gain. duke realty is a winner today. i say that with a smile. this is the news. prologis is warehouse company home to amazon and home depot and others. they're buying smaller rival of duke realty $26 billion. all stock deal. save money in synergies 400 million a year. that is what is expected. stuart: i'm looking at banks, a huge decline in signature bank. lauren: it is one of the biggest decliners. banks are down on recession fears. banks benefit from higher rates but not in a recession. that is one of the biggest losers today among the banks. stuart: are we back looking at cruise lines, yes we are. norwegian, 8% down, 12 bucks a share. they need to fill summer cruises, we're hearing stories,

some customers booking, eating deposit, the cruise they booked price went down so substantially they're rebooking. eating the deposit and rebooking. cruise lines can't get customers to sail. sharp decline. stuart: very sharp decline. next one, lauren, as inflation rises to a 40-year record, president biden calling out oil companies, exxon in particular. go back to the speech, tell us what he said about exxon. lauren: this is the best way to get the oil companies to drill more, not. the president said. listen here. president biden: exxon made more money than god this year. why aren't they drilling? because they make more money not producing more oil. exxon start investing, start paying your taxes. lauren: so exxon paid $40.6 billion in taxes, is that enough money, 40.6 billion in one year in they hiked their spending 50% in west texas alone. there is the talk, talk about the windfall profits tax for a

second? it made headway in the uk. dems like ro khanna want to do that here. could raise $45 billion a year. give them back to help consumers to fill the gas tank. what message that says to the driller producer if you tax them, why would they drill more? why policies are keeping inflation where it is. stuart: what does it say of understanding of economics of our leadership? zero understanding. they don't understand markets. they don't like them. thank you, lauren. congresswoman alexandria ocasio-cortez refuses to endorse president biden's bid for the presidency in 2024. we'll follow that one for you. an msnbc host pushed backs on the administration's putin price hikes blame game. roll it. >> the landscape two days ago i talked to at the gas pump be was not going damn you putin? what do you say to him. >> that is impact of war. it is not fun. nobody likes it. stuart: still playing that

theme. joe concha takes it on later. 25 million-tons of grain stuck in ports across ukraine's port. we have a report from only section of ukraine's black sea coast not held by russia. that is next. ♪ living with metastatic breast cancer means being relentless. because every day matters. and having more of them is possible with verzenio.

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with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217 stuart: we've taken another trip down south. the nasdaq is down 400. the dow industrials are down 750 points. that is continue ages of last week's selloff. gathering a little steam at this time. back to cryptos real fast. we got crypto, a real crypto crash here. bitcoin's back to 23,240. all right.

let's change the subject. russia's naval blockade disrupting ukraine exports that is threaten the world's food supply. steve harrigan is in oy dessa how much worse could it get, steve? reporter: it could get a lot worse. people in odesa have a deep-seeded fear, if russia takes control in the east they could be next here. the last main city still under ukrainian under control along the coast. the situation with the grain, with the wheat is very bad indeed. 25 million-tons of that grain pretty much stuck here along the coast unable to be exported because of a russian naval blockade. when you talked to farmers, they say it is painful, to simply watch the results of their labor rot away. >> translator: there are about 70 or 80 tons of wheat in our village alone. the neighboring villages have the same problem. everyone calls me. did you find somewhere to sell it? no, i didn't.

it is cheaper to throw it away. the effect of this crisis goes far beyond ukraine. africa gets almost half of the wheat from ukraine. prices there have risen considerably. ukraine is asking for help from the west. they want safe passages for their ships of grain. here is the mayor of odesa. the blockade by the russian navy has created a global crisis we cannot solve by ourselves. and nato is closing its eyes to the problem. turkey has been leading negotiations but no progress yet. ukraine has mined its harbors. they're afraid of a potential russian naval invasion. russia wants those mines taken out. they want economic sanctions taken away as well before they will lift this blockade. the situation could get even worse. next harvest due in late july. there might be no place to put it. stuart? stuart: steve harrigan, thanks very much, steve.

former u.s. ambassador to nato is kurt volcker and he joins me now. mr. ambassador, should we use our navy or other nato navies to escort grain carriers out of ukraine? >> yeah. i think there are two things we should do. the first one what we and other nato countries should do, insist of freedom of navigation in the black sea. russia is unilaterally blocking freedom of navigation. this is a principle the u.s. has stood for for 240 years. we should be insisting on that. the second thing is, that last stretch of ukrainian waters which was just pointed out just now. ukrainian mined because they're afraid of russian attacks. this could be a international group of countries who all have a shared global interest in getting ukraine food supplies out. could include egypt, countries in the middle east, could include countries not members of nato where where there is shared interest but we should be

facilitating that. the third thing on the table is rail shipments. they can't handle volume needed. the seaport needs to be opened. stuart: mr. ambassador, seems to me, taking a big picture look at this thing. seems dropped out of the news headlines. seems russia is winning. do you see it that way? >> i don't see them winning but at the end of the day ukraine survives as independent ukraine democracy no matter what. no one is taking over all of ukraine, no one is taking kyiv, no one is toppling the government. where the dividing line is, what russia takes, ukraine is able to take back, that is what is on the table right now. russia is making incremental gains in eastern ukraine. ukrainians are fighting back dramatically, forcefully. they need all the help the u.s. can give them right now. the lend lease package that president biden signed a month ago. there is still a lot yet to be delivered, particularly longer range artillery. that is what is necessary for ukrainians to hold the russians

off. stuart: what do you make of vladmir putin comparing himself to peter the great? >> yes. it is stunning, it is stunning honesty. many of us who have been following russia a long time thought this is exactly what he intends to do, to reassemble the russian empire on the ashes of the soviet empire. for him to come out so brazenly, to say, yes, indeed that is what i'm doing it is revealing and it is for anyone who had any doubts that this is about nato or this is about the west, that should all be removed. it is clearly about putin's own personal ambitions to go down in history as the next builder of russia's empire. stuart: extraordinary situation, isn't it. >> it is. stuart: it's dropped out of the the news headlines. like it is no part of the news cycle. we've forgotten about it. that is terrible thing. >> reflection on us. not much has changed over there the stakes are still high.

stuart: mr. ambassador, always a pleasure. thank you very much for being with us sear. see you soon. >> thank you. stuart: how about, the dow has taken another trip south, down 750 points right now. mcdonald's is on the screen. it is down just a little this morning. ashley come in, please. has russia unveiled a rebranded mcdonald's restaurants in russia? i know mcdonald's has come out. ashley: yes indeed they have. no more golden arches. rebranded, new logo represents a m formed by a red dot and two yellow slanting lines. the new name which translates to taste at this. that's it. mcdonald's pulled out of russia when moscow invaded ukraine, it sold hundreds of restaurants to a siberian businessman who used a marketing blitz aimed at convincing russians the new version is just as good as the american version. the new owner plans to reopen

all former mcdonald's stores in russia, and hit 1000 restaurants over next five or six years. by the way mcdonald's retains the rights to buy back its russian restaurants within 15 years. it's a quirk of russian regulations but no word whether mcdonald's would ever consider something like that. stu. stuart: got it. thanks, ashley. look at all the dow 30 stocks. you will get a sense just how deep the selling is this morning. we're down 771 points. every single one of the dow 30 are down. we are at session lows for the dow industrials. question, is the governor of florida ron desantis running in 2024? karol markowitz who escape new york wants him to run. his wife wants him to run. karol markowitz here soon.

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s&p 500. we got an inflation problem, we got a fed meeting tomorrow. could raise interest rates. there is all kinds of problems and we're down, down, down. looking at the movers, start with amazon. that is down today. down to 102! lauren: that is because the yields are up. the two-year is at 2008 high but in news today amazon is going to launch primeair service, that is drone delivery. will start in california. thousands of items become eligible to come straight to your backyard. stuart: 6% down for a stock like amazon, extraordinary. close to 100 bucks a share. revlon is down. is that 38%? lauren: that is now $1.42 a share. down friday about 50%. there are reports revlon is preparing to file for bankruptcy as soon as this week. obviously they have been struggling with debt and stiff competition for years. that has been exacerbated by inflation now. stuart: yeah. ouch. then there is a company called redbox i think it is.

lauren: dvb people. did you see the redbox when you go into a store. look at that on a day when the market is selling off, got a nice 26% pop. up 39% on friday. they doubled this month. why? highest trending name on stock twist in terms of message volume over the past 24 hours. could be a short squeeze. getting a lot of chatter on social. stuart: stock twits, that is what it is called? lauren: yes. stuart: that produced a 26% gain on stock like that? >> retail traders. stuart: we're heading south big time. down 750 on the dow industrials. down 450 almost on nasdaq. dennis gartman is with us this morning. this is pretty strong selling. is this capitulation day? >> not yet. i'm afraid not capitulation day. i think capitulation days lies several months in the future. we have to go down several hundred points in the nasdaq,

several hundred points in the s&p, several hundred points in the dow before we get capitulation. it will come when it comes. it is not here yet. the public is getting uncomfortable for the first time. here is very sophisticated economic perspective. they are not puking yet but they shall in the future. stuart: is inflation, the fed's response to it the big problem for stocks? >> i think the fed's response, first of all the fed did the right thing back in 2007, 7, 9 force feeding reserves in the system. overstayed their welcome far too long a period of time. inflation is always a monetary phenomenon. staying as long as they did, forcing reserves into the system. now they have to take reserves out of the system. those reserves gave us stronger economy and stock market. they will take $95 billion a way, they have to do it for 8 years to get back to the balance sheet a mere decade ago. they will not take it that far. two or three four years, taking

$95 billion a month out of the market. it will be deleterious to share prices. you have that going on. inflation a fed becoming far more restrictive. probably overstayed the welcome. it is long overdue. you shouldn't be surprised by this. stuart: we have what i'm calling a crypto crash on our hands today. >> yes. stuart: my question is, will that ripple out, affect rest of the economy? basically wealth destruction? >> right now you have a problem no matter what you're selling you have to sell something. you sell what you have to, you sell what you can. they're selling bitcoin. i thought bitcoin was extremely, i always thought bitcoin was a ridiculous idea to begin with. i always seen it as a bit of a scam to be blunt. the fact that you had a couple of places over the weekend deny the ability for investors to pull their money out put as frightening, makes people frightening. they should be scared. the fact they're selling bitcoin today should not be surprising to anybody at all. we've taken by the coin from

what, 18 times price of gold, now 12 times the price of gold. will go down to five or six times the price of gold. bitcoin has a long way to go on the downside. nobody should be surprised by this fact. >> dennis, thank you very much for joining us on an important day. crypto crash. we haven't seen the bottom yet in stocks. so says dennis gartman. see you soon, dennis. thanks a lot, man. >> stuart, good to see you. stuart: here we go with politics. the governor of florida ron desantis was asked on fox earlier today, what he makes of people bringing up his name for 2024? >> because they see florida's done well and they appreciate what we've done and then they see biden's not doing well. that is not a party they want to be a part of. stuart: karol markowitz is back with us. carol, you're now a florida resident. you attended a speech this weekend given by the governor. do you think he's running? is the front-runner among republicans? >> so i can't say if he is

running but it sure seems to me that he would be the favorite if he got into the race. of course we still have my other florida resident, president trump, who potentially would get into the race as well. we have these two huge figures in the republican party who can absolutely make a run of it in 2024. if i'm donald trump and, i had the opportunity to see both of these men up close in my home state, if i'm donald trump i look around mar-a-lago, i see how beautiful it is, i decide i want to be the king-maker instead of go through this whole thing again. that maybe where he ends up, maybe he runs, maybe he doesn't. i think florida is absolutely doing great. ron desantis is responsible for it. stuart: what do you make of former vice president pence visiting arizona, the border, i believe just coming up this week? >> yeah. pence is not alone in thinking about 2024. i think there is a lot of candidates on the republican side thinking that joe biden's doing a terrible job and they want to jump into this race.

i saw mike pompeo at the same event i saw my governor. i believe he is probably running as well. i think a lot of people are thinking i can do a better job than this guy. that is kind of a low bar. stuart: you described ron desantis as my governor. you like him, don't you? you back him thoroughly, don't you? >> i really do. i absolutely back him as my governor. i think he is fantastic. i absolutely moved my family to florida because of ron desantis' policies. i think that will translate on a national scale. i think he has got something going on. i think a lot of people relate to what he says. he seems very sane and capable, two things i think americans are longing for. sanity, and you know, just having some effectiveness, some good policies, those things really go a long way. stuart: are your children in public schools, may i ask, and are they doing well? >> yes. they are. all three are doing in public schools. they are doing fantastic. the schools are amazing. florida has a bad reputation for schools for some reason because

they don't have state income tax. we found that not true at all. the schools arer terrific. we're impressed. stuart: always good to have you on the show. hope to see you again soon. >> thank you, stu. stuart: we got new data from freddie mac. it identifies four main drivers of the rise in home prices. what are the four main drivers, ashley? ashley: stu, low mortgage rates, limited supply, record number of first-time home buyers and increased migration to the south and west. that phenomenon goes on. now research shows home prices have gone up across the country by 33% over the past two years. remarkable. there is also a race going on among first-time home buyers trying to beat future rate increases. they know they're coming. the research actually claims that the national shift to remote work, accounted for over half of the near 24% increase in housing prices between 2019 and

2021. they want more room. they want home offices, so on. also as of february of this year, people have been leaving the country's 25 largest cities at three times higher rate than they did prepandemic, with the greatest number of people moving to small, mid-sized cities in the south and mountain west. there you have it. stu. stuart: that's a real population shift with enormous -- ashley: really is. stuart: impact on the economy. ash, back to you later. do you feel like you're paying more and getting less? odds are you probably are. we'll show you which products "shrink-flation" is hitting the most. the federal reserve begins it two-day meeting tomorrow. with record high inflation will we see them hike rates more aggressively? edward lawrence will have our report shortly. ♪.

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stuart: we're still in selloff mode. the dow is down 700 points. that is 2.2%. nasdaq down 351 points. that is down more than 3%. 10-year treasury yield actually touched 3.3%. that is the highest touch point since april of 2011. that really hurts big tech. all of them are down. the fed kicks off the two-day meeting tomorrow many inflation raging. we could see the fed be more aggressive. edward lawrence at the white house. what options are on the fed's table? reporter: they do have a number of blunt instruments they can use. the president is trying to blast the plame for inflation, dealing with inflation for the federal reserve. they can use interest rates to

slow down the economy to deal with inflation. the federal reserve can speed off the run-up of balance sheet started beginning of this month. estimates say the current size and scope of runoff at 95 billion per month would act like a 50, 75 point rate hike meant to slow doesn't economy. representative michael burgess who is on the energy and commerce committee. he blames not just president biden but also the federal reserve for the situation we're in right now. >> in coupled with that of course the federal reserve not blandless, a year ago they were insensitive to the fact they had a problem. so now the catch-up that they are going to be required to do makes it even, even more painful. reporter: still you may remember the president waited until the after the december fed meeting to reappoint the fed chairman. fed chairman jay powell may have waited on rate hikes until that happened immediately after the

announcement, the fed changed to restrictive policy announcement. tomorrow the president speaks to the afl-cio convention. he will address what the white house says is on a economy that rewards work, not just wealth. we know that consumer sentiment set record lows for how long they are keeping the data, message of rewarding work, not wealth might not help in poll numbers. won't help with unions who will fill up the pickup trucks to go to work. that is more expensive for them too. stuart: addressing the union guys right after we get the producer price index which may show 10% inflation for heaven's sake. edward, thank you, sir. we're paying the same or even more for our favorite products. ashley, come into this i believe we're getting less in return. ashley: what it is called, called "shrink-flation," stu. frankly feels like you're getting had. businesses have three choices how to handle rises prices for as we know labor and materials.

you can pass increase on to consumers, reduce their own profits reduce the size of what they're offering that is "shrink-flation." here is some examples. what we're talking about. cottonelle toilet paper, getting 312 sheets instead of 340, a 8% cut. i'm not sure many people count. charmin also reducing the sheet count by 8%. folgers coffee down 15% to 43 1/2 ounces. gatorade cutting four ounces, 13%. crest toothpaste, cutting its size. gain, breakfast cereals cutting 5% from its products. what is interesting, some researchers say because of increases costs, at the same time shrinkage of products, real cost of current inflation for american consumers is closer to 20%. stuart: fascinating. i didn't realize "shrink-flation" was so widespread to so many different

factors. ashley: apparently so, i have another one for you, ash, venting to his aides. he is becoming frustrated with soaring prices. do you know what he is saying to his aides. ashley: probably a bunch of things we can't say on tv. sources telling "the washington post," biden is venting anger. at port of los angeles biden renewed attack on large corporations accused them of increasing prices. made him want to pop someone. that is pretty strong for a president. the administration is trying to change the messaging touting positive indicators in the economy, like near record low unemployment rate. guess what? americans don't care. they're focused on high cost of living, food, shelter, medical care, clothing, have all increased. as administration struggles to deal with record inflation, the polls show a growing majority of people believe joe biden just not capable of addressing these

economic problems. stu. stuart: ouch. that is a political problem. thanks, ash. back to the market selloff. we're down 700, what is it? no, 800 points as of now. we're down nearly 500 on the nasdaq. that is a major leagues sell-off this morning. the sunday shows completely ignored the assassination attempt on justice brett kavanaugh. joe concha is not happy with that. we will cover it. ♪ ♪♪ 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, and borrow up to $100k. sofi. get your money right.

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stuart: sliding south. the dow is down 850 points. the nasdaq is down 500 points. folks, this is a major leagues selloff on the stock market and on the crypto market as well. right now we're going to cover politics. sunday political shows, abc, cbs, nbc, cnn, they all ignored the news of assassination attempt against supreme court justice kavanaugh. media guy joe concha is here. joe, i don't get that, because

they didn't even mention it at all. >> are you telling me, stu, this was assassination attempt against justice sotomayor, justice kagan, right, ketanji brown jackson, this would be the top story? of course it would be. doesn't matter liberal or conservative. this could have torn the country apart if this were somehow successful. then joe biden nominating a liberal justice to replace a conservative justice who was murdered? don't tell me this is out of the realm of possibility that this guy couldn't carry this out. there were 11 mass shootings in this country past weekend alone. we're in environment very tense. the fact media won't cover this, ultimate sin of omission. stuart: it is. it is a disgrace. >> disgrace. stuart: absolute disgrace. an msnbc host, willie geist. stuart: is not buying the white house putin price hike spin. roll tape, please. >> russia's war on ukraine is impacting oil prices yes, but i

promise you landscaper two days ago i talked to at gas pump filling up two cans, blowers was not going damn you putin. what do you say to him? what do you say to families can't afford their groceries? >> that is impact of war. it is not fun. nobody likes it. but we have to stand at the aggression. stuart: not working excuses against inflation. >> it is not working. it is not truthful. it is a lie. i will look at the camera show you how a graph works. in january of 2021 inflation was well below 2%. now it is at 8.6%. meanwhile the putin invasion happened here on that graph, right? don't tell me it is about that, i can look at a graph see that inflation has increased six times over under this president because of the spending that has happened. devalued the dollar. i'm not an economist. i took econ 101. i'm pretty sure how it works. more money into the system devalues the dollar. we have the president that

american public sees is incompetent 10 on this issue. stuart: down 800 points. one more for you. listen to what "washington post" reporter had to say about economy as inflation hit a new record high. roll it again. >> you are starting to see democrats shift the messaging a little bit but whether that is a little too late we're still a couple months away, but it could be too little, too late, for a people saying we need help now. stuart: i have to believe there are serious trouble for democrat this is november. >> absolutely. you look at history, right? president obama in his first term was polling much higher than joe biden. let's face it every president in the polling era has polled higher than joe biden. literally the lowest of any president in first term. stuart: including trump. >> truman to trump. obama lost 63 seats. he wasn't seen as too old, too slow, too incompetent. you could disagree what he was saying. 63 he lost. trump lost 43 seats. republicans only need five seats in november in order to take

back the house. one seat in the senate. you're telling me that is not going to happen given inflation, crime, border, education. you name it, democrats are losing on every issue. stuart: i didn't realize obama lost 63 seats in the first midterm. that is landslide. >> passed obama care. not like he didn't have big success at least to democrats. stuart: didn't have eight, nine, 10% inflation. didn't have rising interest rates, slowing economy, financial crisis on his hand. >> and crime. stuart: forgot crime. war. >> that too. stuart: joe, great stuff, thank you, sir. hope to see you soon. >> you're all right, stu nice studio. stuart: i will patent that expression. or register it. >> you should. lauren: put it on a mug. stuart: put it on a mug. still ahead, people on your screen, matt schlapp, brandon judd, steve forbes coming up for you. we are seeing a crypto meltdown and that is wealth destruction. you have to wonder if it drives

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>> i don't even think it's close to capitulation. >> we used to refer to this meeting as the meeting of the minds. now i would refer to it as the meeting of the mindless. >> the fed's hiking a half a percent does absolutely nothing. i think we see 75 basis points. i think we need 100 basis points this inflation story is not going to get any better. >> larry summers may predict we'll be in a recession. most americans feel like we're already in a recession. >> they are not going to be this mid-term, they know whose to blame. they know that these green energy policies, this new religion that the left has taken on is purposely impoverishing them. its been a hard day's night ♪ stuart: how do we take that? its been a hard day's night.

it's a very hard day in the financial market and that's a fact. folks it is 11:00 eastern time, monday, june 13 and we've got i'm going to call it a financial crisis major league sell-off. first, stocks. the dow is now down over 800 points, the nasdaq is down more than 4%. it's close to a 500-point loss right there. if the nasdaq is down that much, big tech must be selling off, and it is. read this and weep. we've got all of them down significantly in percentage terms, every last one of them. sharply lower, and here's why. the yield on the 10 year treasury has gone to 3.30%. when that yield goes up, big tech takes it on the chin and goes down. that's what you're seeing right now. lauren has got news from the new york fed. what are they saying about inflation? lauren: wow well in their survey of consumer expectations they say people think inflation one year from now will hit an all-time high of 6.6% at the same time household spending

growth, well you're spending a lot of money because of inflation, that increases to another all-time high of 9%, and wage expectations, one year out, stays consistent at 3%, so the bottom line is your households bottom line continues to get pinched by inflation. morgan stanley has been talking about this for a while. they say our purchasing intentions are plummeting alongside the fall in household confidence, the consumer is hunkering down, bad for the economy. stuart: standard of living is falling. lauren: big time. stuart: all right, everyone. now this. it's a crypto meltdown, and that is wealth destruction. you have to wonder if it drives the economy down too. what happens to those younger retail investors, many of whom bought cryptos with their stimulus checks. if they bought in the last year, they're way down and if they bought less well-known coins they're close to being wiped out they've lost money just as the

inflation erodes the buying power of the money they have left. this sharp sell-off coinsides with a rash of harsh criticism of the entire crypto business. financials from warren buffett to paul krugman to bill gates have all come out against crypto s, i'm waiting to hear from elon musk. look at this bitcoin is down to the $22,000 level as of right now. that, folks, is a crypto crash. jason katz with us this morning. now, you're a stock guy, i know it, but i want you to address the crypto crash. what impact, what effect of this crash, on the rest of the markets? >> you know, you and i talked about this for several months. it is an asset class, at-best. it's not a hedge against inflation. it certainly doesn't have utility as the currency and i think what it ultimately will be is a valuable lesson, not unlike the valuable lessons my generation learned during the tech boom then subsequent bust, so i think that it's symptomatic of a lot of the

speculation we saw in the market and with hindsight being 2020 it was the canary in the coal mine in terms of the setup for what we're going through today. stuart: it's a crash. that's my word, it's a crash. now, let's go to the stock market. the dow is down 854 points as we speak. is this , is that capitulation selling? >> you know i've been coming on air with you and talking about we need this swoosh. we need this capitulation and i actually think this is death by a thousand razors and i'm not so sure we're going to necessarily need that moment where everyone gives up because the average stock in the nasdaq is now down well over 60%. the average stock. stuart: did you say 60%? >> yes. stuart: the average nasdaq stock is down 60%? >> from its high and in the s&p yes we're in bear market territory today but the average stock in the s&p is down north of 30%, so again, i don't necessarily think we're going to have that moment of a

capitulation. i think we're going to have a moment of truth when the fed steps up and raises rates. let's just take our medicine and analyst community, let's revise earnings and mark them down because a multiple from 23 down to 16 sounds cheap, but with consumer sentiment so poor, with inflation so high, those are not realistic estimate s so let us value stocks based on reality then we can find the bottom. stuart: so the worst is not yet over? >> probably not. stuart: fair enough. it's a tough call to make but jason you're going to make it thanks for being here always appreciate it, sir. i mean it. back to another big story of course that's inflation. that is the story. on sunday, in new jersey, i bought four items on your screen right now. i took a picture, not a very good one but that's what i bought. eight small tomatoes 6.99. blueberries 6.99, a small loaf of bread 6.29, pint of milk $ 1.89. those four items cost me $22.16,

a year ago same items, same-store, would have cost maybe $15. matt schlapp with me this morning. matt, i think my grocery bills prove we're getting worse off. you, i believe, have five daughters. you've got to be feeling the pain big time. >> i can't recall the last time we bought a pint of milk, stuart we buy like five gallons of milk and they're all different kinds of milk and all through the roof in terms of expense. look, i remember being a kid when jimmy carter was president and i remember my dad sitting down in his easy chair talking about how high the interest was on our mortgage, how they were having trouble filling the car. remember we had to fill up our gas tanks even and odd days you couldn't even get gas some days and that realigned politics in america and i'm making a prediction on your show. joe biden's failed presidency is not just the politics of it. a lot of young kids are seeing trauma of what their families are going through and it's going

to change politics and america for a generation. stuart: inflation is a personal economic experience, which many people have not experienced over the last generation, now they've got it. matt would you just say there for a second? i want to deal with some of the business here. earlier we asked you at home about how inflation is effecting your lives, we've got an immediate response. in indiana picking up a few basic groceries on your screen, cost her almost 60 bucks. scott rented a car at dallas airport and had to pay $130 for 30-gallons of gas. another viewer sent this photo a container of splash juice, cost him $0.50 more than april and also near 20 ounces smaller. that is shrink-flation. keep sending us your methodology os e-mail us at "varney"viewers@ fox.com. back to matt schlapp. congresswoman alexandria ocasio-cortez will not say if

she will support president biden 's re-election bid in 2024. watch this , please. roll it. >> if the president chooses to run again in 2024, i mean, first of all, i'm focused on winning this majority right now and preserving a majority this year in 2022 so we'll cross that bridge when we get to it. >> that's not a yes. s. yeah, you know, i think we should endorse when we get to it stuart: [laughter] that's a classic hedge if ever i saw one. matt schlapp the democrat party is in my opinion absolutely fractured over this president. >> yeah, look, give aoc some credit. at least she honestly talks about what she thinks even though i disagree with her on almost everything except maybe this answer. they've got two problems. nobody is asking joe biden or kamala harris, next to nobody, to come in and campaign for them because they are so toxic but aoc is honestly saying what democrats are saying in this town all over the place was joe biden is not up to being

president today, and he has no business being a candidate tomorrow. jill biden agrees with that. stuart: okay, [laughter] yeah, i can't get into that, but they are obviously in deep, deep trouble, matt schlapp and i just want to thank you very much for coming on the show and detailing your personal grocery bills and four gallons of milk. i live alone that's why i bought a pint. you've got that. matt, we'll see you again soon. >> fair enough. stuart: look at that the dow is now down nearly 900 points, and peloton's down to $9 a share. they're moving big time down 7%. ongoing problem here? lauren: it's astonishing that citigroup gave them a $28 price target today. they say their new cfo, is well- positioned to manage peloton in the next phase of subscriber growth so it moved the stock in the right direction stuart: how about tesla, show me

, please. they are down significantly. lauren: yeah, they too got an upgrade of all days today to outperform at rbc. second quarter earnings could surprise to the upside because the industry is in the early innings of electric and tesla has a nice foothold. stuart: show me fort ford motor company please. lauren: reuters is reporting that ford and gm is urging congress to lift the cap on the $7,500 electric vehicle tax credit. why? because their ev's cost them more money to build so helping consumers buy them but then do we have the picture it's the ford, there's a ford 150 lightning. stuart: electric. lauren: yes, with damage on the runningboard. it sold for $110, 400 at auction with damage. that's $40,000 over the msrp. the reason is, they're hard to get , and pick-up trucks cost more money to fill up so people want to go electric.

stuart: they still got $40,000 over asking price for an f-150 electric vehicle. lauren: with damage. stuart: with damage. it tells you a lot about the market. lauren: uh-huh. stuart: the dow is now down almost 900 points, 890 to be precise just want to keep you in touch with big time financial sell-off. the president's about to leave delaware. he's heading back to the white house after a weekend at home. so the markets are selling off big time. cryptos are crashing, inflation is raging but the president won't be back at the white house until this afternoon. another look at the markets, please, now we're down 882 is it right there? there it is close to 900 points, and as we said the cryptos are crashing, nasdaq is down over 500 points. all right, now this. the national average for a gallon of regular gas over $5 a gallon and that's about $2 more than what we were paying last year. drivers in california hurting the most. we've got a report on that. they have a big number to crack.

former treasury secretary larry summers thinks the capitol riots , january 6, are playing a role in rising inflation. i personally don't get that. we'll try to explain it. the rio grande valley in texas, inundated with migrants. more than 19,000 have illegally crossed the border in the last two weeks. bill melugin is there. he joins me, next. ♪ ♪ ♪ we all need a rock we can rely on. to be strong. to overcome anything. ♪ ♪ to be... unstoppable. that's why the world's largest companies and over 30 million people rely on prudential's retirement and workplace benefits. who's your rock?

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when people come, they say they've tried lots of diets, nothing's worked 1-800-763-2763. or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working. i've done the diets, all the diets. before golo, i was barely eating but the weight wasn't going anywhere. the secret to losing weight and keeping it off is managing insulin and glucose. golo takes a systematic approach to eating that focuses on optimizing insulin levels. we tackle the cause of weight gain, not just the symptom. when you have good metabolic health, weight loss is easy. i always thought it would be so difficult to lose weight, but with golo, it wasn't. the weight just fell off. i have people come up to me all the time and ask me,

"does it really work?" and all i have to say is, "here i am. it works." my advice for everyone is to go with golo. it will release your fat and it will release you. stuart: are we down 900 points yet, no, down 781, nasdaq is down 465. let's move away from the markets for a moment because we have a

sell-off across-the-board but look at this , hundreds of illegal migrants caught on camera, left-hand side of your screen, just running across the border into yuma, arizona. that happens as thousands of migrants are arriving at a camp in mexico. that's right across the rio grande from texas. bill melugin is there. what are you seeing at the border today, bill? reporter: well, stuart, good morning to you. that video you just reference referenced is yet another reminder that at any given time there are thousands upon thousands of migrants in mexico just waiting to cross into the united states. case in point take a look at that video we shot this yesterday in reynosa, directly across from us one of the mexican border cities and you're looking at thousands of haitian migrants who have gather ed in reynosa. there was a line almost as far as the eye can see outside of a migrant shelter hoping to get inside. there are at least a thousand of them waiting out there. there are several hundred more already staying inside that shelter. many of these haitian migrants

left haiti years ago. they have been living in south america predominantly in chile or brazil, and for whatever reason they have decided now is the time to try to get to the united states. the director of the shelter tells us the numbers of people he is dealing with right now is just overwhelming. take a listen. >> this is the result of people thinking the border is open. we are not equipped to handle this capacity in tens to thousands and thousands of families. reporter: and this video you're looking at right now was sent by one of our contacts and out of mexico directly across from del rio, texas and what you're see ing are bus loads of migrants that started arriving there late yesterday afternoon. these were migrants in that large migrant caravan we've been talking about. they got visas and they started traveling yesterday, but they were stopped by mexican law enforcement immigration official s who did not let them go any further. they were rounded up and they were taken elsewhere away from

the border. they were not allowed to cross. we'll keep tabs on that and let you know what happens with that. last thing is if we can pull up this video from here in the rio grande valley we embedded with texas dps, as they were on the hunt for runners. it did not take long to find them. this group of young men you see arrested, was interesting. one of the guys spoke perfect english told us he was from el salvador and was a dreamer, brought to the u.s. when he was nine months old by his parents, grew up here, then got into trouble, committed a crime, didn't tell us what it was but went to jail, got deported. he apparently tried crossing again this weekend. he got caught. he will be removed from the united states once again and back out here live, stuart, the numbers are not slowing down just here in the rio grande valley sector where we are over the last two weeks alone there have been over 20,000 illegal crossings. again, that is one single sector along the southern border. we'll send it back to you. stuart: the chaos continues, bill melugin, thanks very much. now that massive migrant caravan

headed towards our southern border has now broken up. mexican officials handed out nearly 9,000 temporary visas to those migrants. brandon judd, national border patrol council president joins me now. okay they got these work permits what happens to all those people now? are they still headed to our border? >> yeah, they are ultimately going to come to our border this is typical. what we normally see is caravans form just south of mexico in guatemala, they cross the border into mexico. as they work their way up to mexico city, that's when the caravans generally start to breakup. we haven't seen a caravan come all the way up to our borders since 2018 intact. what they do is the cartels will break them up in mexico city around mexico city, and then they will break them up into smaller groups and just work their ways up, but stuart, let's be clear. we're apprehending a caravan, every single day. we're apprehending between seven to 8,000 people every single day in our southwest border.

the pictures that you're showing right now this is the clear chaos that exists and it's all based upon the policies of president biden. when people know that they can cross our borders illegally and be released into the united states, they're going to continue to come. that's why everybody thinks that right now is the best time to do it because basically everybody is being released after they cross our borders illegally. stuart: where are these people now? there are thousands of them, hundreds of thousands of them who have come into the country. where are they? i mean, are they working? we've got a labor shortage in the service sector, whereabouts in america are they? do we know? >> they spread throughout the entire united states. some are going to go as far as maine. some will go to florida. iowa, indiana, they are going throughout the entire united states. yes, once they get released into the united states, then if they show up to cis and immigration service they can petition for work permits and they are almost always granted so yes they can start working in united

states. they also start receiving benefits in the united states. they put their children in school. they receive social benefits. all of the different benefits and you know, during a worker shortage that might be fine. but right now, we're looking at some serious problems here in the united states, economic problems and if we go into a recession, then where are all the jobs going to be for the united states citizens? that's one of the issues that we have to look at and why it just doesn't make sense what we're seeing on the border today. we must protect our borders. we must stop illegal immigration and then once we go that then we can also go after the cartels and the criminals that exist on the border. stuart: brandon today former vice president mike pence travel s to the border in arizona he'll discuss border security with the governor, doug doocy. that is a political statement to me that he goes to the border, and it suggests he's running for the presidency. what say you? >> it is a political statement. unfortunately, it's very disappointing that what he's doing is the people that he's bringing with him. we're talking about somebody who implemented six months worth of

biden's policies on our border so it just doesn't make sense why he would do that but yes, it is a political statement. stuart: you're a trump guy aren't you? >> oh, i am a trump guy but i'm for border security. i'm for rewarding the right people. i mean, pence right now, it seem s like he's into the bureaucracy and we know the bureaucracy the federal government has failed the american public, so we have to look at what's right and if he doesn't have the right people with him, there's a problem. stuart: all right, brandon judd thanks for being here. i know we'll see you again soon, brandon, thank you. now this. electricity use in texas has soared to an all-time high. ashley, come in here. i guess she have a huge heat wave. ashley: yes, they do. a record heat in texas, and it's a demand on the power grid at one point this past weekend hit 74.9 gigawatts, surpassing a record set in august of 2019. one gigawatt by the way is enough to power about 200,000

texas homes, and it is particularly remarkable for the region to set a power use record on the weekend when demand is typically lower because many office buildings and factories are closed. the good news is the grid is operating normally and officials say there are ample supplies to meet demand. don't forget, 15 months ago the system collapsed after that winter storm that left the state without power for days. perhaps the most ominous sign now is not even summer yet and texas just experienced its second-hottest may on record. stu? stuart: ouch. all right, thank you, ashley. the shipping giant, dhl, they have announced they're raising prices for parcel deliveries starting july 1. labor and transit costs made the price increases unavoidable. the price of parcels bound for the u.s. will nearly double depending on the size july 1. now this. the saudi-backed golf league just wrapped up its first tournament. every player walked away with big money.

that's the attraction, and it's splitting the golf world. one of the nations top economists say most inflation could have been avoided. i'll ask steve forbes what he thinks about that theory, he's next. ♪

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♪ stuart: oh, the kinks, i'm sorry, i should know that, that's my generation of music. you're looking at, stop it, steve. you don't have to dance along with me. all right, ocean city, new jersey, is 77 degrees and it looks real nice to me, but the markets do not. still a ton of red ink the dow is down 730, nasdaq is down 440, coming off the lows of the day, but still very low indeed. let me show you the cryptos, because they are just falling out of bed. i'm calling it a crypto crash. 22.8 is the latest on bitcoin and thankfully, susan li is here to explain. >> right i call it a near term crash as well but again if you bought in the late 2019, early

2020 you're still up 500%-plus and it depends on when you bought in, but look we're looking at the lowest prices december 2020 ethererum 12 oh, 0 lowest in a year-plus and there's really a sector reckon ing taking place right now you have a blowup in one of the largest crypto lenders in the space, celsius, this is what we call a bank run, in the crypto world, celsius tweet ing they were pausing all withdrawals, swaps, and transfer s, between accounts, and celsius is one of the biggest around they manage around $12 billion in loans, to over 1.7 million accounts, according to the ft, and when there's a bank run, when they can't allow you to withdraw, and there's a panic taking place and that's why we're looking at this major sell-off taking place in cryptocurrencies, and that's why the market cap, and this is stunning to me, you know, in the peak of november, when bitcoin hit 65,000, guess how much the entire crypto space was worth? stuart: 3 trillion. >> now it's worth a third of that because of this run. not just celsius though, but

also we're getting word about binance, and i guess not allowing people to withdraw from the bitcoin network. they said it was a transaction, a software problem in the back end. they said it would take 30 minutes. right now it's a few hours and counting. but i don't want to take one step too far, and saying that's a bank run for now but right now there's a problem with the bitcoin withdrawal network on binance which is the largest crypto exchange out there but have you looked at the actual crypto stocks? some of these companies, and this is a reckoning, because i heard your my take at the top of this hour, remember what warren buffett said? he said when the tide goes out you will see whose actually wearing pants, right? because when good times are great, all boats are lifted by high tides and this is, i think, a great example of that, so micro strategy has been using, it's basically a bitcoin holding company now, because all they do is use their money, use their cash to buy bitcoin and they've lost money off of that how much did they own i think 134,000 bitcoins or 129,000-plus bitcoin. they pay an average price of

45,000, so micro strategy is below the water. tesla owns 1.5 billion, but i think they bought into level close to where we are so they haven't lost money on their bitcoin holdings. block, jack dorsey's company, has 140,000 bitcoin on their balance sheet, single-largest corporate holder of bitcoin. stuart: what troubles me is those younger investors who pil ed into cryptos with their stimulus checks. >> right. the fomo trade, fear of missing out. stuart: those are the ones who lost most i suspect, group of people. >> you have to remember and corey late it to remember the tech bubble bursting in 2000 how long did that scare away retail investors for , probably 18 years so this is going to be a tough lesson i think, but also , those in the crypto world say this is a great shakeout for those that don't understand the space, for those that aren't in it to actually build-out the actual development of the systems. stuart: as we close out right now we're at 22, 970 on the

bitcoin. not the bitcoin, on bitcoin. >> cryptocurrency. stuart: thank you very much indeed. susan that was great. thank you very much indeed i understand it now, thank you. one of the nations top economists, mohamed olarian says most of the inflation could have been avoided watch this. >> what makes it frustrating is what partially is avoidable. this is going to have enormous economic, social, it hits the poor particularly hard, institutional, and political consequences, and most of it could have been avoided had early actions been taken. stuart: most of it could have been avoided. steve forbes joins me here on "varney" & company. steve, could it have been avoid nd and how? >> two sources, one is the federal reserve, the federal reserve is undermining the dollar before the covid crisis starting in 2018 you saw that in commodity prices then covid hit and we all know what happened to spending and money printing and the non-monetary side, supply shocks this administration made it

worse, recovering from those supply shocks. yes, they can't be blamed for china and ukraine war but they can be blamed for waging war against energy, putting on new regulations, hurting now the railroad industry going afme utma cices, youes, it metheyme tmm so s aren' at g stinmenssess pplysuly ily the fhenseaea pricy e feeld sfehe cyany in dow in i sisi thecomycono going buses sale. sal add prosp prort: no,ha pttm. you'vee juseust listedisis ais lisht ey coueyld cse it itvern oigveh. not unt u they get thrashthemberr ats sudds ensu realize the mayma have to to pure oetherer opportuns. i think sta s to t see ch an some of ohese piciess st bovem four away. >> o o i know. uaua iuat' igay away unfortunately but there you go. next one for you, steve, something i don't understand. former treasury secretary larry somers blames that republicans are feeding inflation by down

playing the january 6 riots. here is what he had to say, roll tape. >> i think the banana republicans who are saying that what happened on january 6 was nothing or okay. are undermining the basic credibility of our countri' institutions, and that in turn feeds through for inflation because if you can't trust the country's government, why should you trust its money? stuart: honestly, i think that linking january 6 to inflation is a stretch and a half, what say you? >> i'll take you to the sun and back. i think what's happening here is since he's going against the democrats pretty hard for a year and a half now, rightly so, he's tries to get in a little bit of good saying i'm with you on january 6 which is the big holy gospel on the democratic left and everyone was appalled by that so i think that's what you see there because the trust in governments undermine, when

you undermine your currency, trust in the government goes down. when you have a stable currency, we've had it in the past, britain has had it in the past, germany has had it in the past. you can have governments come and go but if they trust the money the economy can function. stuart: aoc, the left, and president biden, they still want to spend more money to set what they think is lower the cost to families. i think that produces more inflation. what say you? >> well where do they get the resources? it doesn't grow on trees. they have to get it from the people, producing things, and then they hurt investment by taking resources that could be used for productive purposes for political purposes, so they end up hurting those the least when the economy stagnates, who gets left hand and is really hurt? stuart: exactly it's the working poor, that's who gets left behind. you had a pretty grim outlook today, steve forbes. >> well it's monday, maybe by friday it'll all be good again. stuart: steve, thanks for being here. >> thank you. stuart: now this.

we've got one company which wants to pay you to release cockroaches inside your house. they need thousands of volunteers. if you really want to hear that story stay tuned. drivers in california paying an average of $6.43 for a gallon of regular gas and it's over $7 in some counties. kelly o'grady has the report from where else? california, next. ♪ if you invest in the s&p 500 your portfolio may be too concentrated in big companies. this can leave it imbalanced and exposed when performance varies. invesco's s&p 500 equal weight etf, rsp,

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stuart: i honestly believe that this is a financial crisis. huge sell-off on wall street. huge sell-off in crypto, and a rising inflation rate. dow is down 600, nasdaq is down 400. show me big tech all of themes gotta be down. i'm looking now at, can you bring that full screen so i can read it? can you do that for me? just so i can read it, por favor

yes, okay no that's big tech. carnival corporation is not big tech. royal caribbean is not big tech. okay, we will get you big tech when it's available, okay? don't worry about it. suffice it to say they're all down. the average price for a gallon of regular gas absolutely surging $5.01 as of right now, and one gas station owner in minnesota, so frustrated with regard prices, he wants customer s to know how he feels. chuck graf, the moaner of murphy 's service center posted this sign outside his store. it reads "we hate our gas prices too." to california, where the average for regular is 6.43 and that is a buck 42 above the national average. kelly o'grady at a gas station in la. what's the highest price you've seen there? reporter: oh, stuart, well i mean, you can already see this station we're well- above the state average. this weekend though, i was looking to fill up in la. i saw $7.85 a gallon, so just i

mean, absolutely stunning. on top of rising fuel prices drivers here are actually getting set to see a hike in that state gas tax come july 1 so even more pain is coming and seeing record highs 34 of the last 35 days across the country, the national average as you said is over $5 a gallon for first time ever, that's $0.15 higher than last week and a 63% increase from what you were paying a year ago and just to put that increase into context let's say you drive a toyota camry like me a year ago that cost $48.63. now, $79 and if you drive a jeep grand cherokee that went from $ 70 to 115 and by the way, stuart at this station, that would cost you $159. if summer travel heats up and people are expected to get back to the office that only gets worse. many analysts are predicting oil will top $150 a barrel and one i spoke to said a recession is inevitable if we reach that but while the president plays the blame game with russia,

others say it maybe too late. >> the fact that president biden is now thinking about going way too late, he promised in the campaign he wouldn't do it. he said we'd be willing to have pain at the pump, have the american people suffer. every action they have taken suggest they have intended that the american people suffer from these high prices so we can convert to solar panels and windmills. reporter: so that of course is a lot of suffering, where prices are. you did ask me though, stuart at the top what was the highest i've seen. i also wanted to leave you within northern california this weekend, there was a station that had 6.99 a gallon, there was a glitch and it actually had $0.69 for a couple hours so as you can imagine that was swarmed. stuart: i can see it, indeed. kelly, great thanks very much indeed see you again soon. i'm now going to bring you the oddest story of the morning. we need to have a little fun, obviously. there's a company in north carolina that wants to pay you thousands of dollars to release cockroaches into your house. ashley? perhaps you can get me to understand this.

ashley: well, it certainly will give you the willy wans if nothing else, stu, but also $ 2,000 if you have the stomach for it. it's a company called the pest informer and they will give you two grand to allow them to release 100 american cockroaches, i'm not sure whether they carry something but american cockroaches into your home, plus, they want to film the whole thing. the company says it is testing out a specific pest control technique and they want to see how effective it is. five to 7,000 household owners will be selected for this study, which will take about 30 days and according to the company, the cockroach treatments used are family and pet safe. isn't that lovely? my question is what happens if it doesn't work? well the company says if the cockroach infestation is not gone, it will use traditional cockroach treatment options at no cost. how lovely. would you take two grand, stuary

varney, to have 100 american cockroaches running around your home? stuart: i can't answer that question. i just can't answer that question. my family is watching the show. you understand where i'm coming from here? if i went for two grand and filled the home with cockroaches my family would go nuts. i moving on but thanks. all right, a moment ago had some trouble checking big tech i'm checking it now. apple is all the way down to 134 amazon testing the 100-share level. alphabet 2,100. microsoft is at 245 and meta platforms, some of them are down 3-4% a huge loss. next case, i really want you to take a look at this. lebron james basketball card, it could become the most valuable playing card in the world and we've got it in the studio. ken golden tells us how much it might sell for. ken and the card are next.

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of diet products before. i've tried detox, i've tried teas, i've tried all different types of pills, so i was skeptical about anything working because it never did. but look what golo has done. look what it has done. i'm in a size 4 pair of pants. go golo. (soft music) (heartbeats) introducing icy hot pro. ice works fast... to freeze your pain and your doubt. heat makes it last. so you'll never sit this one out. new icy hot pro with 2 max-strength pain relievers. stuart: sell-off continues, the dow is now down, let's see , 644 points. there's a bit of a comeback here

at one stage the dow was down almost 900 points now we're down 650. if you don't think that's progress, okay, not much. now this. the saudi-backed golf league has concluded its first tournament and the golf world is absolutely split. in fact, it's a war. every player in the liv tournament in london made big money that was the attraction. charles schwitzel won and took home $4 million. second place, henny duplacey got 2.2 million and twice as much as he's earned in his entire career. the player who finished last, andy ogletree took home signing bonuses for the big stars exceed ed $100 million each. the establishment, that is the pga, has suspended all those golfers who appeared in the liv tournament so you won't be seeing some of the big names on sunday afternoon this summer. how long does it last? well, the saudis could keep the money flowing forever. with oil at 120 bucks a barrel

and golf legend gary player says he understands the appeal of the saudi league. the not-so-famous players need the money. the bottom line here is the saudi attempt to upend the pga's near monopoly on an entire sport. big money taking over individual sports clubs and soccer basketball-football but now the really big bucks have invaded golf. the purse, at the saudi tournament this weekend, 20 million. at the canadian open this weekend, 8 million. there's a big difference. all right, now, you've gotta take a look at this. it's a one of a kind, lebron james, triple logo man trading card, expected to be the most valuable trading card ever at auction, and it's auctioned this week. it's here in the studio. in fact jay goldin, he brought it in and he's allowing me to, can i touch it? >> you can touch it. stuart: thank you very much. >> i can actually hold this

thing, and how much are you going to auction it off for what's the price? >> the bidding has started. the current bid is 1.6 million. that's the bid currently and the auction ends at goldin.com on june 25 so we have two full weeks to go into bidding and we hope it can set an all-time record for the most valuable trading card of all-time. stuart: why would it be the most valuable? this is a very unique card. it is the first time its ever been done, called a triple logo man. so what they did was they took an actual logo off a game-used uniform from the cleveland cavaliers that lebron wore, the miami heat and the la lakers put all three on the card, it's one of a kind and willie wonka's golden ticket they inserted it into thousands of boxes and nobody knew where it was and everyone was going crazy looking for this card. in fact, you know, pop star

drake and i were opening up boxes looking for this card. everyone, athletes, entertainers , was looking for this card. it was found by a breaking company in florida, backyard breaks, and three people owned it individually and they came to goldin and said hey , can you auction this card for us and we have it available. in fact it's so popular if you go to times square right now you'll see this card on a billboard at times square. stuart: you reckon it could go for 6 million? >> yes, i believe it can. stuart: and you got it. >> and i have it. stuart: and you get 10%? >> we get a percentage of sales , yes. stuart: well done, young man. >> thank you. stuart: before we close you've got a couple of our items here. first of all i see will chamberlin. >> we've got two really rare high-end jerseys i wanted to show. stuart: you have to put the gloves on. >> yes, this is a 1957 wilt

chamberlin kansas jersey, game-used, photo matched and it is also available as the only one that exists in the world, just like the lebron card, it is one of a kind, the only one that exists in the world. this could sell for over $1 million. the current bidding is only 250,000. we recently sold a bill russel jersey for about $1 million and this talking about the greatest of all-time. this is a last dance game-used michael jordan jersey. it was used in the playoffs versus the new jersey nets and also photo matched comes with a letter of authenticity from the nba and the chicago bulls, we expect that to exceed $1 million as well. stuart: so a million, a million, possibly six million and you have a babe ruth rookie card. >> exactly we expect this to go possibly $750,000, one of only 15 in the world, it is a 1916 sporting news rookie card

of the great babe ruth, as a pitcher, for the boston red sox. stuart: goldinauctions.com or golden.co. auction is live right now at goldin.co. stuart: the trivia question on monday, when was bluetooth invented? 91, 94, 97 or 2000 and ken may not bid on this question. see you later. for rich returns. . .

i'm amber, i've lost 128 pounds with golo, taking release. i have literally tried everything. i was on the verge of getting gastric bypass surgery, and i saw the golo commercial, and it was the last thing i tried 'cause it worked.

stuart: all right. when was bluetooth invented? your choices are '91, '94, '97, 2000. i'm guessing, 1994. yes, ways right. it was created by dr. hobson who worked for ericsson for sweden in 19994. oil turned positive. down to 121. time's up. jackie deangelis in for neil. jackie: i'm jackie deangelis in for neil cavuto on "cavuto: coast to coast." let's get started. the s&p 500 entering bear market territory, dropping more than 20% from the january 3rd highs. big tech is leading today's losses ahead of the federal reserve two-day meeting starting tomorrow. let's get the read from our l-ar