in the week in a day unless something spectacular truly happens. maria: yeah. liz? >> well, i think we're getting to the point where there's some interesting values around. as someone mentioned earlier on your show, blackstone yielding 6%, that seems interesting to me. you know -- maria: yeah. all right. dagen and liz, great to be with you both this morning. have a great weekend, everybody. we'll see you tonight on "wall street." "varney & company" begins right now. stuart: all right, good morning, everyone. where's the bottom? are we there yet? another after dreadful week for stocks, you are entitled to ask when does the pain stop. here's latest market action in the friday morning. the dow, remember it was down another 800 points yesterday, thursday. it's up just, what, 93 points as of right now premarket. i don't call that much of a bounce. the s&p, same story, up mere 17 points after a huge loss yesterday. and look at the nasdaq.

it was down four full percentage points yesterday. it's up, what, 78 points this morning? .70%. again, that's not a bounce. gives you a sense of the anxiety in the market. you are looking right now at the flight to safety. investors piling into treasuries, pulling the yield down. look at that, 3.21%. 36 hours ago that yield was close to 3.5%. that is an enormous move. cryptos, bitcoin made another run just above $20,000 earlier, now t at $20,600. again, no bounce for cryptos. politics. the president is hosting a green energy summit at the white house this morning. it's the climate guys talking about, and i'm quoting now, cutting agricultural emissions while bolstering food security. that's what they're talking about. i wonder if the climate folks will deal with russia blocking millions of tons of ukrainian wheat not to mention the price of diesel. separately, the president gave

an interview to the associated press. he said a recession is, quote, not inevitable, and he begin falsely claimed that america had a lower inflation rate than other major economies. at 11 this morning the president calls a lid and leaves for a long weekend at the beach. elon musk met twitter employees at a virtual town hall. no violence, no wild statements. he's not keen on remote work, but he will allow the most talented employees to work from home, and he says success at twitter means a billion users. there are just 200 million now. for musk i thought that was rather a tame performance. friday, june 17th, 2022. "varney & company" is about to begin. ♪ >> hey, y'all. we're the silva is family from louisiana, and we're watching "varney & company."

[cheers and applause] ♪ we are family, i've got all my sisters with me ♪♪ stuart: videos, love 'em. keep on sending them. it is a beautiful morning. that is new york. yeah, that is -- that's new orleans. it said new york on the prompter. [laughter] lauren: they're keeping you on your toes this friday morning. [laughter] stuart: friday morning, okay. lauren: geography test. [laughter] stuart: geography test in don't do that. look at this, i'm calling the that a very small rally on the markets this morning, this friday morning. it's been quite a week. dow, s&p, nasdaq all down more than 4.6% this week. that's an extraordinary drop, and that ain't much of a bounce right there. good morning to you, lauren. lauren: good morning. stuart: president biden talked about the economy in that interview with the ap. tell me again what he said about recession. lauren: not inevitable, even

though the data, analysts and some democrats are starting to disagree. this is what he told the ap, quote: first of all, it's not inevitable on recession. secondly, we're in a stronger position than any nation in the world to overcome this inflation. be confident because i'm confident. we're better positioned than any country in the world to own the second quarter of the 21st century. that's not hyperbole, that's a fact. i think he's working overtime to instill confidence in the american people as they feel this inflation, and his poll numbers drop. not to mention inflation is dramatically lower in china, in japan where it's, like, 2%, and in some other countries too. stuart: if you want to restore confidence, you better get your facts right, and his facts are wrong on inflation. lauren: and who who's giving him the facts? stuart: that's what i want to know. look who's here, kenny polcari joining us for the hour, i might add. you take the other side for a

second. do you think a recession is inevitable? >> absolutely not. it's already here. if you talk to some people, it's already here. the fact that he can stand up there and say it's not inevitable, it's not happening, he's not experiencing what we're all experiencing in terms of at gas station, at the grocery store, anywhere we go. everything is just sky high. stuart: well, if he acknowledges it, he's got an even worse political problem -- >> agreed. tell everybody we're all crazy, that this is not happening. stuart: look at the market for a second. i don't call that much of a bounce, and i don't think we're at the bottom yet. i don't think you do either. >> no, no, not at all. earlier this morning the dow was up more than 200 points, but what this tells you, that rally is not holding. the market's coming down. i suspect -- look, it's a long weekend too. monday's a holiday. if this rally doesn't hold through the morning, if it starts to get weaker, i suspect toward the end of the day you're

going the see them hit the market again -- stuart: and it'sal triple witching day. >> correct. stuart: it coincides with a three-day weekend. >> right. that says nothing about inflation, nothing about the economy, that's just an option expiration. stuart: the one thing that we should look for that would tell us, yep, that is a bottom for this market, one signal. >> yeah. when you see the kitchen sinks coming out the window, that's when you're going to know it's the bottom. stuart: the throw in the towel story. >> yeah. we're close. my gut tells me that we're close, but you have to have one of those days where it becomes complete pandemonium. stuart: kenny, stay there, you're with me for the hour. good man. let's get to the elon musk headline of the day. we've got several, actually. musk spoke to twitter employees in a virtual town hall. the takeaway, lauren. lauren: i think it's what he didn't say. does he still want to buy twitter? either way, he gave us his business plan, if you will, to

get twitter to a billion users, and that might include potential layoffs saying only exceptional employees may be able to work from home. by the way, twitter employees have been working for home for two years, and they thought they could forever. so, honestly, i'd be mad. i do think working in the office is better, but that's not how it's been for two years there, and they changed their lives. >> i was going to say if you don't want to go back to the office, then maybe he's right, maybe you need to go somewhere else. ultimately, people have to get up and get back to the office. i think there's a whole generation of people that are missing out where you develop networks, you develop relationships -- >> agree. enter so if you want to stay home, maybe he's right, look for another -- lauren: glee. but i've been home for two years, and i've reconfiguredded my life. >> i hear you, you have to reconfigure it back. lauren: can i bring up -- go ahead. he said people should be allowed to say outrageous things on

twitter if -- within the law. that's not content moderation, i don't think. all in, i don't think that's the way he answered the question to woo a potential future staff. stuart: what he's doing is he's expanding what you can say on twitter. >> he said he doesn't necessarily have to promote it, but it doesn't mean that you shouldn't be able to say it if we live in a -- lauren: freedom of speech. >> that's correct. you want to say it -- stuart: one more for you, another musk headline. some of his employees at spacex criticized him for his past behavior. they wrote a letter, it was an open letter, critical. they're lauren yep. stuart: what happened to those employees? lauren: they were canned immediately, and pretty fast. an uncbs 2 unspecified urge -- unspecifieded number of employees said, look, musk's conduct, particularly his tweets, they're embarrassing. and they call on management to separate spacex the company from

elon musk's personal brand. instead, management said that letter made the other employees feel bullied, that they didn't want to sign on, and they left it at this. there's too much critical work at spacex to be distracted by, and i'm quoting, overreaching activism. so they shut that down really fast. stuart: sure did. that's very interesting. a new fox poll shows 57% of voters have an unfavorable opinion of president biden. meanwhile, in the liberal publication "the atlantic," mark leibovich writes: why biden should not run in 2024, saying the president is, quote, too old for the next election. jason chaffetz with us. why are democrats lining up against the president so early, just five months before the elections? if. >> because he's a loser, and he's an albatross to anybody who's trying to run for office, stu. i mean, look, it's not so much his age as it is incompetence coupled with cognitive decline.

you can't go out there and say inflation is such a big problem, i'm working on it night and day and then at 11 a.m. on friday head out to the beach again. i mean, that's literally what's happening here in the next few hours. stuart: well, it still seem like it's -- i mean, it's only 18 months into his presidency. and members of his own -- >> west virginia got a long ways to go. [laughter] stuart: yeah, okay. only 18 months in, and members of his party are already saying, hey, you're too old, stand aside. that's remarkable. >> well, that's -- it is are remarkable. we haven't really seen that. it's a bit of a misdirection though, stuart, because it's the policies that he implemented that are causing this inflationary problem. they're causing the immigration problem. these are not problems when he took office, they became problems because he implemented his policy. and he's surrounded by people who are obviously incompetent. i mean, you've already brought

up the idea he keeps repeating this fallacy about inflation around the globe. somebody's giving him that information or he's making it up. either way it's really, really bad, and it does nothing to make his case. and so nobody can recite the three-point plan that joe biden or kamala harris has. i mean, that's the other thing, kamala harris, the vice president, is supposed to help fill in some of these blanks. she makes the situation worse not better. so they don't have a plan. the energy secretary has no plan, the commerce secretary says i don't know what to do, and the secretary of the treasury says, whoops, i guess it's not transitory. like, three of their cabinet secretaries say whoops, is and we're supposed to have confidence in this white house? stuart: i think you made your point, jason. [laughter] that's pretty good. >> i feel strongly about it. stuart: i can tell. right from the get go you're out of the box. jason chaffetz, thank you so much, see you again soon.

gotta check on futures, please. we're looking for a bounce after the selloff. not happening. at least up at this moment. president biden is doing a great job, that's according to the far-left progressives. roll tape. >> i think president biden has done a very good job so far. >> joe biden is doing a very good job under very difficult circumstances. stuart: well, maybe the far left thinks they can still get some far-left policies on the table. we'll figure it out for you. the white house insists the answer to the fuel crisis is not to drill for more oil. he's backing the climate crowd again and we'll be back. ♪ tell me lies, tell me sweet little lies, tell me lies. ♪ oh, no, no you can't disguise, you can't disguise, no, you can't disguise ♪♪

♪ ♪ and i got a peaceful, easy feeling ♪♪ stuart: i remember that. who's that? oh, the eagles, of course. of course, of course. i've got a memory. that's juneau beach, 84 degrees on this friday morning. the white house blames big oil for rising fuel prices. the president says, ah, those oil companies, they just don't want to drill. grady trimble is with us. i'm confused. when he came to the white house, didn't the president want to cut oil production? >> reporter: stu, the exact words then-candidate biden said on the campaign trail were that he wanted to kill fossil fuel. but now administration is facing a dilemma p. on one hand, president biden is using his time today at the major economies forum on energy and climate to push his green agenda. the energy secretary, jennifer granholm, is doing the same on a rip to texas this morning --

trip to texas this morning. but at the same time, they're asking the oil companies for help in the near 'em, calling for them to refine more oil. granholm's meeting with oil executives is scheduled for next week. for their part, the oil companies have said they'd like to see consistent energy if policy from the biden administration, but what they're getting so far from the white house is more mixed messaging. >> -- more here in the u.s.? >> because we don't need them to do that. what we need them to do with the oil is out there is to refine more oil so that capacity can go up and prices go down. >> reporter: take a look at this fox news poll. it found 50% of voters say biden and his policies are to blame for prices at the pump. just 32% say putin and the war in ukraine are contributing more to the problem. so at least according to this poll, stuart, voters are just not buying this idea that the

administration is pushing, blaming the high gas prices on, quote, putin's price hike. stuart: i saw that poll. grady, thanks very much, indeed. tom pyle is the president of the american energy alliance, and tom joins me now. if we did drill more, would the price of oil and gas come down quickly? >> well, it doesn't happen overnight. i think that the -- yeah, i don't understand this administration. either they don't understand the fundamentals of energy markets, or they're lying to the public. and in neither scenario are we going to lower gas prices. first they blame putin, then they blame the oil drillers, and is now they're blaming the refiners. they need to look in the mere your -- mirror, stuart. the reason we're in this mess is because for years and years and year years they have said no more drilling on federal lands, to no more drilling period. those were bind's words. stuart: well, let's just suppose, just for a second,

suppose the president went out today and got on the podium and said we're going to drill like craze i. -- crazy. we're going to produce as much oil as we possibly can as quickly as we can and nat gas too. we're going to open those pipelines. if he said that -- i know he's not going to say it, but if he did say that, would the price of oil and gas especially on the futures market start to come down? >> if he said that and the industry and the markets believed it and and he packed it up with real policy changes, absolutely, stuart -- stuart: so that is the answer, that is the answer. >> absolutely. without a doubt. you saw it under the previous administration. you saw him reverse all of the damage that president obama did. you saw the production levels go gangbusters. we became energy independent, practically, in a short period of time. the industry responds to these politicians. when they try to lock up these resources, when they say if you try to do this here in this

country, we're going to put you out of business, of course they're going to respond. of course they're not going to make those millions and billions of dollars in investments that will be thrown out the window two, three, five, six years down the road. stuart: one last one. i'm hear talk of a ban on america's energy exports, liquified natural gas or whatever. a ban on those exports. i'm hearing talk about it so that we'd have more for the domestic supply. what do you make of that? >> this is yet another attempt to try to obfuscate and to blame or to -- every time the government intervenes in metals -- and meddles in the market, they do more damage, not less. what is europe going to do? they're now reliant on our natural gas, right, to get out of putin's, you know, dependence on russia. so if we do that, we're harming the markets, we're harming other people around the country -- around the world, i should say.

stuart: all right. tom pyle, thanks for joining us this morning. difficult situation in the energy markets right now. tom, thanks very much, indeed. kenny's with us this morning. look, i want to take a big picture view for a second. i think the president has lost control of the inflation situation. what say you? >> i think he and the fed have lost control. for them to sit here and say that, again, it's not happening, that we're all living this lie is mind mind-boggling to me. to the point we just talked about, the oil and energy issue, he's exactly right when he talks about will the market respond, they will, but it's not going to happen overnight. you just don't change policy and start pumping oil the next day. it's a process. and if we start to pull natural gas away from europe, imagine what's going to happen in the european economy. so that's not happening either. but one way or another, yes, i think they've lost control of inflation, and that goes back to may of 2021 when the cpi blasted right through the 2% that thed the fed said this is our trigger

point, this is the target. they completely avoided it. stuart: did you know that in some markets in europe the cost of natural gas which is used to produce electricity has gone up 50% since last week? >> last week. stuart: since last week. that's nat gas in europe. if we cut off exports of american nat gas, think about what happens over there. think about that. kenny, thanks so much, indeed. quick check of futures. we're just, what, 7 minutes away from the opening bell. we've got a very modest bounce for you. we'll take you to wall street after this. ♪ ♪

♪ stuart: show me twitter's stock, please. right now it's at $37 a share. mark mahaney with us. all right, mark. was there anything in what musk said to his employees yesterday that makes you think the deal will go through? >> i think the simple fact that elon musk did a meeting with twitter employees for 45 minutes to 60 minutes, i think that was kind after -- of an indication. if you look at all of the back and forth, he has, this is a

person who's passionate about twitter and has been for many years. i find it very hard to believe he's going to walk away. i try to be very careful about trading stocks, but this looks like an opportunity to me. there's a $54 bid out there by musk. i don't think there's another bidder, but i think he is, i think he will go through with it. i find it surprising that the stock is still staying where it is. stuart: you think he'll pay $54.20 per share? he'll pay that? >> well, that's what he's obligated to pay. now, whether he can negotiate a lower price given the dramatic selloff in the shares, in the market, maybe he'll be able to negotiate something of a discount. but, you know, right now twitter's board, twitter's management team is beholden to their shareholders to go through with that deal. i mean, they have to maximize returns for all shareholders, and they have a deal in hand for $54.20, so they're going to try to enforce it. i hope it doesn't end up in the courts. anyway, i think musk has got

some very interesting ideas for what to do with twitter. he's talking about the goals being getting it to a billion users and the goal being raising consciousness and advancing situation. i think that's a different type of bcf that i've been used to on wall street, but none theless, i add hire the huts9 pa. chutzpah. stuart: i follow uber quite closely. i i like to see the stock. it's all the way down at $20 a share. lyft is all the way down at 14. what's wrong with these ride-sharing companies? what's wrong? >> well, what's wrong is that they are what are called long duration assets, so high multiple future profit companies. we haven't had a positive cash flow year out of either of hem yet. i think that will come. uber has the ability to generate $5 billion in free cash flow by 2025, but growth investors aren't willing to accept in and buy long duration, high-beta assets. that's one of the issues. near term, inflation risks have

been rising. what the market has done in the last 48 hours is to say the probability of a recession is dramatically higher than we thought a week ago. so then you have to ask yourself with, is this an asset that's recession-resistant? probably not. you'll probably see a falloff in demand. those are two of the biggest concerns today. >> all right, mark, thanks very much. >> thanks, stu. stuart: the market is about to open. here we go. if you're looking for a bounce, selloff yesterday and earlier in the week, doesn't look like you're going to get it at the opening bell. in fact, here we go. we're off, we're running, and most of the dow 30 are in the if red. that means they are down, and the dow industrials itself, themselves, i should say, down 80 points right from the start, and we were down 800 yesterday. so let's have a look at the dow. it is up -- sorry, the s&p. up just a tiny fraction, hardly any bounce there at all. the nasdaq up about a half percentage point. it was down more than 4%

yesterday. let's have a look at big tech. they took it on the country yesterday. not much of a bounce back, in fact, amazon is down a bit more. it's back to $103 a share. all right or just popped up to 104, i think it was. all right. the cryptos, gotta take a look there. still no recovery by the looks of that board. there is, though, some news on the crypto. what have you got, susan? susan: i would say, look, you don't see much recovery, same thing with stock markets as well. and this morning "the wall street journal" confirming and they're reporting that one of the largest crypto firms around, three arrows, is looking for bailouts. they have hired outside investors and lenders in order to try to do something. blockfy didn't name three arrow specifically, but it's widely believed that blockfy liquidated some of three arrows' position because they could not meet their margin calls with the proof of currency. three arrows part of a wider

crypto contagion concern. going under, add to that the luna wipeout and jay powell, fed chair, this morning also talked about a quickening of introducing a digital dollar. so i think concern is who's next to fall, how big is the contagion risk and who's being affected. stuart: that is a very negative backdrop as we speak. susan: just to get back to the stock market, retreating off 2020 levels because of a pretty ugly week that we've seen -- stuart: awful. susan: and also those big tech companies and you talk about cryptos, they account for 20% of the s&p 500. so when they fall, and they have fallen dramatically from 25 to 50% this year, that makes the broader markets along with them. stuart: all right. let's get to the chinese tech stocks which, i believe, are rallying again there. susan: signals that beijing is easing up on its big tech clampdown, especially on

alibaba. the paypal of china called ant group has been reinstated, and they have accepted their application by beijing. remember that ant group had that $100 billion ipo killed by the government. politically sensitive year for chinese president vi jinping where he is expected to get another term, it makes sense to give more leash to the country's tech giants. we know they went pretty hard after them to clampdown on the businesses, antitrust equivalent in china because he was concerned they had too much power over population. i think there's been a rethink. you check out the babas, all rallying today. stuart: okay. and you said, hopefully, president for life, xi jinping. he hopes that -- susan: i think that was kind of implied, no? it's all about him and his second term. stuart: i was just looking for something to pick up on.

how about tesla? we know some spacex employees criticize musk in a letter. they were fired for it. is that affecting other -- susan: we just got a headline in the past hour that layoffs have begun at tesla, and it not only affected salaried staff, but hourly ones as well. remember that musk had said he wants to cut 10% of salaried employees but then hire more hourly workers. apparently not the case according to electric reporting, there's a company-wide 10% cut according to them so far, indications are. but spacex, as you mentioned, firing those employees who started that petition for criticizing musk, and i also want to check in on twitter, why not? employees got their first chance to ask musk those questions. layoff ares being imminent -- air -- i would have loved to have heard what mark mahaney thinks the deal will go through at.

5420 is what they're trying to enforce, what will musk be able to negotiate? social media stocks are recovering today, and snap is testing a paid subscription model that would give users access to exclusive and pre-release futures. meta's trading at two-year lows. stuart: general motors -- susan: old school. stuart: $31 a share. susan: yeah. remember, they're trading below their ipo price as well. they're offering an old school, new hand-built electricity luxury car. now, i know stu can afford it, it's $200,000 or so, pretty high end. but you wonder if it's really for the mass market. probably not. stuart: i just wonder that stock, below its ipo -- susan: right? this is 2010 -- stuart: now it's 31. terrible. all right, i know there's a story on the wwe, the wrestling people. the boss, vince mcmahon, he's stepped down. what's the story?

susan: yeah, the stock was down 4% at the market, temporarily stepping down as the board investigates chaos related to a former employee who was in relationships with not only mcmahon, but one other executive at the company. they're looking at a $3 million payout that mcmahon had a consensual affair with that wasn't disclosed. they're looking for affairs. daughter stephanie is stepping in as interim ceo. stuart: all right. i think i got that. there's one more though. susan: i love this story. you ask me, and i'll explain why it's interesting. stuart: tell me about this deal that roku made with walmart. >> i think it's innovative. this new advertising partnership between roku and walmart allows userses of roku devices -- which we know is the dominant over the top settop box usage, and you're going to be able if you have a

roku, you'll be able to purchase items with your remote while streaming tv programs. so as i'm watching stranger things which is my current favorite thing, and i love that top from the '80s,i can possibly -- this doesn't apply to all products, but i can click on my remote and see how much that shirt costs and where i can buy it, maybe even put it in my cart. and then payment. it's a whole ecosystem, i'm really excite if by it. stuart: i wonder if i could turn the damn machine op. [laughter] susan: or the qr code. exactly. stuart: we're seven minutes into the session, and we're up 78 points. oh, look at that, we've retained the 30,000 level. how about that? the dow winners headed by, and i can read them now, walgreens, microsoft, coca-cola, apple, cisco systems, i love this new studio. etsy back on top. regeneron, biomeds -- thanks very much, indeed. the nasdaq composite headed by

regeneron, intuit, biogen -- susan: [inaudible] that's an australian resources company. stuart: thank you very much. i'm glad you with stuck around an extra 30 seconds. [laughter] bailed me out. thank you, susan, good stuff. the governor of florida, he has some choice advice for president biden. watch this. >> he needs to take responsibility. he's always trying to blame other people. he's always trying to create a scapegoat. i guess his position is that it wasn't until he became president that oil companies are trying to make profits. it's insulting to the average citizen, to listen to some of this drivel. [laughter] stuart: tell us how you really feel, gov. we told you about the crypto company cracking down on wokeness in its own ranks. the ceo of cracken says if employees want to waste time debating pro nouns, they can -- pronouns, they can leave. the ceo is here.

the inflation disaster is the latest proof that we've learned nothing from our mistakes. jerry baker not holding back. he's here after this. ♪ -- i'm over you, 'cuz i'm the king of wishful thinking ♪♪

♪ i'll stop the world and melt with you ♪♪ stuart: you are looking at new mexico, and it's 63 degrees there right now. that's all. middle of june, 63 degrees in new mexico. i'm sure it's going to warm up. all right, recession fears on everybody's mind. except the white house, that is. edward lawrence is there. all right. what's the administration saying now about inflation, about recession? what are they saying? >> reporter: right. finally, in a one-on-one interview with the associated press, the the president says that a recession is not inevitable. i have been trying to figure out

and get the white house to tell me exactly what stable growth means. that's been the talking point over the past two weeks, and no one so far has been able to outline what kind of economic growth, if any, americans can expect. so the federal reserve is predicting that growth, gdp growth, for the next two years will be 1.7%, under 2%. under 2% for the next three years. is this what the president considers stable, steady growth? >> what i can tell you is that we believe that we are in a transition right now coming out of a economic recovery, a historic economic recovery because of the work that the president has done this past year and a half. and so we believe it will be in that transition, we're going into that transition of stable and steady growth. >> reporter: yeah, that's all we get, stable and steady growth. wells fargo is now saying at least a mild recession over the next 12 months, jpmorgan chase ceo -- or morgan stanley's ceo,

i should say, says there's a 50-50 chance of recession. you can see that the atlanta fed gdp now, a snapshot of the economy, is estimating second quarter growth at zero right now. you remember first quarter was already negative. so the white house, the president calling a meeting today of the major economies forum on energy and climate. instead of talking about increasing oil production, the 23 countries listed there, they talked about how the president's efforts to advance his transition of the economy in the name of climate could go forward. now, republican representative kevin brady says this blind ambition to go for climate change without a balanced approach with oil is how we got this inflation mess in the first place. stuart: edward, most of the people on this program believe we are already in a recession, not going to one, but in it already. edward, we'll be back to you later. thanks very much. look who's here now, yearly baker making his first

appearance on "varney & company." welcome to the program. >> i am privileged and honored to be here, thank you very much. stuart: oh, with a british accent. okay. [laughter] you wrote a piece in the wall street journal, cost of wishful thinking on inflation is going up too. all right. who is guilty of wishful thinking? >> well, our so-called economic leaders, our economic policymakers. obviously, the biden administration which kept telling us, you know, what i said in that column there are sort of like three phases to a policy making disaster. the first is denial when everybody says, no, nothing's going wrong. the second is complacency when they say, okay, it's a problem, but we can deal with it. and the third is wishful thinking, oh, we've got the right measures, we can take care of this. we're in the wishful thinking stage, and it's the most serious inflation crisis as you well know since the 1980s. you and i are both old enough to remember. so the biden administration, by refusing to acknowledge this was a problem a year ago, by

pressing ahead with their huge additional stimulus at the beginning of the administration and then, by the way, trying to add to that by giving even more stimulus at the end of the reserve, and, of course -- of the year, and, of course, the federal reserve who have been adding to it. i will say, stuart, there is still an element to wishful thinking which is that everybody thinks, well, a few sort of sharp interest rates by the fed, 75 basis points this week, maybe another 75 next month, and, you know, that'll take care of it. that also is extraordinary thely wishful thinking because the depth of the crisis we're in and, you know, ed e ward lawrence, you heard him talking about recession, the are risk that we're facing recession makes that tasking that much harder. the idea that we can deal with this is a couple of rate increases is bologna. stuart: listening very carefully, reading between the lines, you don't think we're going to escape a nasty recession. can't escape at it -- it at this point. >> exactly. stagflation. what you have is a very, very

high inflation rate. at the same time, you have an economy which, again, we've seen the economy in the first half of this year is essentially at a stand still. may, as you said, may already be in resession right now. but the fed has got to get on top of inflation. that means more interest rate increases, more harms to the economy, higher unemployment, a deeper recession. yes, i'm sorry to say because nobody wants to be here, but we're in a bad place. stuart: and it can't be turn around soon. >> inflation is an intractable problem. you had paul volcker, chairman of the fed in the 1980s, it took two years of incredibly punishing, high levels of interest rates to get that inflation down. of course, it produced recession back then. this is not something that can just be dealt with overnight. it takes a long, protracted period of squeeze for the economy. stuart: the one good thing about the inflation in the '70s and the recession at the early '80s is that it ended up with ronald reagan in the white house. that's the one good thing that came out of it.

>> no, exactly. and, by the way, he got on top of the supply-side changes that were needed to generate more growth for the economy. we don't have an administration or a congress that's willing to do that. stuart: a fine performance. that british accent is better than mine. [laughter] thank you. and, by the way, catch gerry tonight at 7:30 hosting "wall street journal" at large, that's on fox business. last month we talk to the owner of a pizzeria it ises charging $34 for a plate of 15 chicken wings. this was before the inflation hit record highs. did he raise the price some more in i'll can him because he's on the show. the governor of the formerly golden state california joins trump's truth social. gavin newsom says he wants to call out republican lies, so he's joined the trump social media with operation. i wonder what devin nuñes thinks about that. he runs truth social, and he's here. ♪ ♪

♪ stuart: i'm not sure i'd put much stock in this, but listen

anyway. 36% of those who make $1 is 00,000 a year or more say they're living paycheck to paycheck. that's according to a report from willis towers watson. okay. first of all, i don't believe that. i don't put any stock in that kind of statistic. if you get called up on the phone, of course you're going to say, oh, i'm scrimping and saving. oh, it's terrible, this awful economy. i'm living paycheck to paycheck. dueck they're getting a valid -- do you think they're getting a valid response? >> yes and no. i think some people will take advantage of it and try to sell the negative story, but on the other hand to, look, with inflation, rising interest rates, it affects everything. revolving credit cards go up, auto loans go up in addition to rising prices in general. so there is more pressure on people, but i agree with you, i think that's a little bit, you know, like light your hair on fire saying i'm living paycheck to paycheck. stuart: and if you are making $100,000 a year or more and living paycheck to paycheck, whose fault is that?

>> right. lauren: well, the numbers doubled -- stuart: -- on people to take care of yourself. lauren: consider this, because housing was cited as most pressing concern. at lot of people during the pandemic kept, let's just say, their new york city apartment and rent someplace elsewhere. and now they're saying the double rent is killing them. so, yeah, it's their fault. i guess they have to return back and go to work in the office. stuart: am i harsh and unfeeling? lauren: i won't go that far. of. [laughter] stuart: can we close out here? what are you cooking this week, and are the ingredients more expensive? >> well, the ingredients -- stuart: are you living paycheck to paycheck? [laughter] lauren: it's your fault that you are. >> yeah, yeah. ty john mustard -- dijon mustard marinade. i was making lin linguine clam cause in that video. stuart: that stone-cutting board, i've got -- >> i'm making lin guinea.

i would have given you that recipe. and, yes, clams are much more expensive. [laughter] stuart: kenny, thank you very much for being with us for the hour. we always appreciate it. >> thank you for having me. stuart: still ahead, nicole malliotakis, devin nuñes, charles payne, tommy lauren -- tommy lauren. just look at that market now. i'd call that a modest bounce. we'll be back. ♪ out here in the field, i've fought for my meals. ♪ i get my back into my living ♪♪

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>> good morning. 10:00 eastern, it is friday june 17th. does this amount to a serious bounce after all the selling on wall street? not a big bounce. modest at best, the dow is up 150, the nasdaq up 164 points. big tech, where are they now? we will fix that board. i will tell you the 10 year treasury yield, 3.25%, 36 hours

ago it was 325. a ton of money has come out of the stock market and flowed into treasury bonds, prices up, yield down to 322. bitcoin is at $20,750 a coin. as the president's approval rating slumps it is the progressive riding to his rescue, the most left-wing members of congress offering the strongest support. roll tape. >> the president has been dealt a lot of difficult pieces. i think president biden has done a very good job so far. >> on the economy and all the issues confronting the american people president biden is doing a very good job under very difficult circumstances. stuart: progressives offering

their support because they want to maintain their influence on the president and since they won they have a lot of influence, they want $1 trillion on social spending and they want it now which is why they are backing him so strongly. moderates must be cringing. they know their house seats are in jeopardy because of biden's progressive policies, talk about a party at war with itself. listen to aoc supporting the president and pushing him further left on energy policy. >> one of the things the president did positively this week was start to take on the big oil and gas companies, and -- >> and bernie sanders, demand for gas price control. price control still on the table. nothing has changed.

the left will still be running the show even after a democrat wipe out in november. the progressives will be the only ones left. second hour of varney just getting started. ♪♪ stuart: ben dominic is the gentleman on the left-hand side of the screen and he joins me now. after november the progressives will the only part left of the democratic party? >> i think you are right. a couple things going on. one thing people underestimate is as much as the made media narrative is out there about the way the republican party they described as a cult of personality around donald trump the truth is there's a wide range of ideological disagreement among the coalition of the right that is only going to increase after november. a lot of different moderates, conservatives, pro trump people

and people like nancy mase who won her primary in south carolina who have been critical of the president. it will be very ideologically diverse, not so on the left, democrats are going to have a situation where progressives are going to get reelected and there seats while it is the moderates who will suffer the penalties for the administration's decisions that led us to this point and that -- jeffrey to you just saw on screen is very likely to be considered for leadership in his party once nancy pelosi goes the way of the buffalo. you are going to end up with a democratic leadership much further left than people calculate. stuart: that will be interesting to say the least. a new fox news poll shows a majority of voters think it is inappropriate to protest outside the homes of supreme court justices but among democrat voters are majority

say that kind of demonstration is okay. 27 democrats voted against providing security to supreme court justices. what do you make of that? >> those 27 democrats should hang their head in same. this is awful. i don't care what message they are trying to send the message is very bad. it is always been a point of bipartisanship that whatever our disagreements we look to the protection of individuals like our supreme court justices as being of the utmost importance but the left has come around to this idea that public confrontation even at homes a listing the schools of children of justices, confronting people in restaurants and when they are out on the street walking their dog or the like that that is fair game now and that is something the left has not just learned but it has been reinforced to them by everything the progressives made go viral, moments they

have applauded and that is something that is her_american politics. we wonder why the parties can't work together and get things done, that is one reason why. stuart: thanks for being with us, hope to see you soon. back to the markets. where are we now? the dow is up 50. that is your lot, the nasdaq down 4% yesterday, up today, backup one%, not much of a bounce. jonathan honecker with us this friday morning. wait a minute. wait a minute. i read your stuff. you are betting against the dollar. you hope it declines and you will make money. are you a communist? >> looking at history. we have one of the worst bond markets and stock markets in history. that is last has last 10% just this year. massive amounts of wealth have

been destroyed, 30% this week so i am anticipating the dollar could be the next shoe to drop. look at history in 1970s. the dollar dropped 30% over a 9 year period. you should always consult your own financial advisor but this is where to put your money of the value of the dollar will decline and considering the stock market, the bond market and the politics so terrible in this country that is my best idea. stuart: when i suggested might be a communist that flew over your head. >> you're full of malarkey. i am a capitalist. i want to make money and these are big term moves that can make money over time. there's the diversification element. everything in stocks isn't working. everything in bonds isn't working, betting against the dollar could be the best place to make money.

stuart: step back for a second. i've never seen, i say never, first time i can remember such a sharp decline in such a short time. the march of 2,020 when the pandemic was upon us, that was a sharp decline but this is different and has gone on four or five months and taken us down an enormous amount. ever seen anything like this before? >> not when it comes to stocks and not when it comes to bonds. everyone who put their money in safe us treasuries has lost money and it is not coming back anytime soon. same thing with cryptos. there has been a to medicine amount of wealth, a lot of it isn't coming back but that is what inflation is, wholesale stealing of people's money. to diversify, currency is the area where most investors don't have diversification.

stuart: the idea of investing, shorting on the dollar. if you can walk into you the in that makes it simple. >> you always want to do your due diligence whenever want to bet any asset but the dollar is 20% higher from a few years ago. it is a safe haven trade during the pandemic, that's the trade that could be unwinding. that's the option for diversified portfolio to bet against the dollar. stuart: always interesting. thank you very much. let's get back to the cryptos. where is bitcoin? 27,600, making a run at 20,000. what is the ceo of binance saying? lauren: the crypto winter blast

another four years. this is a disaster. i see opportunity in it because it we doubt the week. he is hiring 2,000 workers. other companies are freezing hiring or cutting job so i get a better talent pool. he's making financial investments and helping elon musk finance the deal. stuart: you are looking at the movers on the stock market. let's go to revlon. >> they just filed for bankruptcy and there's a potential acquisition out of bankruptcy by reliant industry so it is up 80%. %. stuart: some vaccine makers in the news with moderna and pfizer up. lauren: the fda approved covid shots for kids as young as 6 months, that opens the door for millions of the youngest to get vaccinated. the shots could be rolled out as soon as next week. florida is the one state that

has not put in order. governor desantis says i'm not interested in this for any child under the age of five. stuart: i wonder what the pickup rate will be like, what proportion of mothers and fathers with 6-month-old babies will say vaccinate? lauren: for 5 and up i think it is 1/3 are vaccinated. stuart: and lower still. utc brands. it is up. lauren: i was right the first time. upgraded them to buy, really strong position in the salty snack category growing fast. that will be chips and pretzels. stuart: salty snacks? lauren: i am more of a sweet person. a when i'm a member 20 or 30 years ago there was a jihad against salt. it was bad for you. lauren: always a jihad against something that is bad for you,

makes people want more. stuart: you don't have a long memory. inflation is so bad that millionaires are cutting back on some of their purchases so we are told. the governor of florida, ron desantis says president biden needs to take response ability for soaring gas prices. >> he needs to take responsibility. it is insulting to the average citizen to listen to some of this drivel coming out of the white house. blue when it didn't end there. we have the full take for you. diesel hit another record high, one farmer says this will be, quote, the most expensive crop he has ever grown. he is is a farmer. uses diesel. he is here next. ♪♪

neil: stuart: market check, the dow is down below 30,000, 29,827 to be precise, the nasdaq is up almost one hundred points. big tech a modest rebound after the big selling spree earlier in the week, most of the big tech stocks are slightly higher this friday morning. we told you about the abbott labs plant stopping baby formula production again. do we know how much longer this new shutdown will keep product off the shelves? >> a few weeks more. they just reopen two weeks ago and at that time as they said with 6 to 8 weeks to get production back online and product back on shelves. it is another setback for abbott. yesterday the white house press secretary was pressed on when

this formula shortage will end. >> grambling the entire summer. >> i don't have a timeline on this, but we are doing everything we can from here. >> reporter: fda commissioner doctor robert kayla said that boosted domestic production and increased imports. he expects the country will nevertheless have adequate formula supply but even with the administration's efforts supply is down. store shelves are 76% stocked last week and families tell me they are struggling. one mom from new jersey started a facebook for formula, it has amassed 5000 numbers. >> getting a little better but it is not easy. extremely stressful and aggravating that myself and 5000 members have to deal with of this. you have no option. if you need to feed your baby what are you going to do?

>> reporter: short-term fda is returning to the abbott facility to support the work to help get this plant back online to have production a few weeks from now. stuart: slowly coming back. thanks very much. i want to bring in the owner of barnhill auctions. he is joining us now. he farms fruit and vegetables in arkansas. you are the guy who says this is the most expensive crop you have her grown. is that accurate is what makes it so extensive? >> it certainly is. a beautiful day in arkansas. the costs causing the -- my most extensive crop. it has been fun doing that but i would like to give you a little background of what i

have been doing. my family has been here 42 years, started in 1980 when my dad retired from the air force. we are veteran owned farm. between my dad and brothers and sisters we have 146 years of service, federal service. stuart: let me jump in for a second. are you really hard-pressed at this moment by more expensive diesel, fertilizer, wages? to the point that you can see not being in business? >> that is not an option, not being in business. it negatively affected everything we have done. fuel prices have doubled, causing the increase of every input, fertilizer, seed, farm

supplies, transportation, double plus. stuart: are you making any profit? >> yes i am, but it is small potatoes at the end of the year. stuart: you have to pass all of these cost increases to the consumer. >> that's not really possible. i have increased a little bit in pricing but it only goes so high. stuart: this moment with high cost of diesel, transportation and freight charges, going local, buying local from local farms would seem to be much more important. >> yes, sir, that is where i make my living. i wouldn't try to order a box of clamshells we put raspberries in. purchase price $46, delivery price $50.

there you go. just doubled your cost, something they used to ship for free, 30 pounds. stuart: i've got to leave you but thanks for being on the show and we wish you the best of luck, hope you can stay in business and make some money. thank you. see you again soon. let's go to florida, not actually go there but talk about it. the governor of florida, ron desantis calling out president biden for his handling of the economy. lauren: he says passing the blame is insulting. listen. >> he needs to take responsibility, always trying to blame other people, create a scapegoat. i guess his position is it wasn't until he became president that oil companies

are trying to make profits, they are gouging now, they weren't doing that for the last 25 years. all of a sudden now they are doing that. it is insulting to the average citizen to listen to some of this drivel coming out of the white house. lauren: that is why poll numbers are so low. another part of that speech he said biden, he used the word, in attacking big oil when he campaigned on shutting them down and on day wanted that when he canceled keystone. stuart: you know the definition of chutzpah? someone shoots his mother and dad and pleads for leniency on the grounds that he is an orphan. old joke, perhaps i shouldn't have told it. lauren: wasn't expecting is that. stuart: neither was the audience. the cost of a new car hit a record high, might go higher still. we will tell you the big number. charles payne says president

biden wanted gas prices to go higher, that is strong stuff. charles is here. ♪♪

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directly urging them to oppose an antitrust bill that would significantly rain them in and others. it would bar big tech companies from favoring their own products on their website. they don't want that. stuart: limiting regulation. snap down 1%, testing us inscription service. lauren: you throw that after your brand and charge for it. is that the new thing to do? i wanted to give you all the features, this is right up your alley. the ability to see where your friends are and who watched your story and you can pin your friends. i can't explain any of that but young people know what we are talking about. $480 a month for that, a year. stuart: put a plus at the end of your name, doesn't always

work right. gas prices, the nationwide average for regular is $5 a gallon. it was just $3.07 a year ago. charles payne, we brought him in because he says president biden deliberately wanted gas prices to go higher. lauren: ashley: charles: this is been part of the game plan, president obama wanted them to go higher. he gave a speech, some sort of speech to the san francisco chronicle and said certain costs necessarily go higher. the word was necessarily. they must go higher to change the way we think, to change consumer behavior. they want to fundamentally change america. what is interesting, we frame it around economics. we are a capitalist society, you've got to frame everything. what they try to do is put the veneer of economics in and it doesn't work.

they don't care what is happening with the middle class except they are getting hurt and maybe you will reconsider. how many speeches, maybe time for in ev. i heard i didn't care about the gas, i drove past it in my ev. are you kidding be? stuart: they must realize the political problems. charles: i think they underestimate it. they probably thought when i am elected president i'm giving the mandate. i told you i am going to get rid of fossil fuels. i'm doing that for you. the political -- now they are grappling with it. what do we do? blame game. this is that this fat. to hear some of the things they are talking about, price controls, export controls, windfall profits tax and ration cards.

like we are in the type of things, defeated country out of a war, it is nuts. stuart: i take it from what you are saying you don't expect the market to hit bottom very soon. charles: i believe we are oversold but the momentum is to the downside. certain things need to be checked off. but be careful with these wall street folks to keep bridger dictating - regurgitating the same thing. the same talking points, 75 basis point. up until the meeting, it is pretty clear the writing was on the wall in the michigan system numbers. earnings estimates have to come down. stock prices are coming down, almost irrelevant where them estimates are. stocks are coming down they go where they go.

maybe they needed to be adjusted so they feel comfortable buying but we will be oversold at some point. this is contingent on things that are out of control. stuart: not a great time to be an investor. charles: depends on your time horizon. when i buy a stock as an investor i am not going to sell it tomorrow. say $25, i am an investor investing for my grandkids or whatever. i'm not selling, might drag it to the water cooler. if it goes down $5 i don't need to be despondent if it is a great company. you invest on where the earnings will be over a period of time, people lost the essence of investing, it's too much of a game and i'm right and you are wrong. wall street plays it worst, truest downgraded robox, they had the strongest buying on it last june, the stock was one

hundred $3. things have changed but from one hundred dollar stock to saying your target is 29 wall street is doing worse than anyone else and everyone is taking their cue from wall street. stuart: find a company that is a good future profit flow and stick with it. charles: watch those earnings. they go up and down. warren buffett put $50 billion to work when the market was melting down. after acquiring it from 0 to $140 billion, put 50 to work and next time we hear from warren buffett he put more to work as wall street is saying stay away warren buffett the master is probably accumulating stocks like crazy. stuart: i better watch you at 2:00 pm eastern, making money with charles on fox business, 2:00 this afternoon. charles: the market went up. stuart: you are right. we are down 200 points just like that.

the cost of finance, new car hit a new record. watch the big number. lauren: it is almost 6 years. ready? $656. stuart: that is the average. the average monthly payment. to finance a new car, total average, all different kinds of cars. lauren: new car prices up 15% for a used car, $546. stuart: you are kidding me. average nationwide, for used cars. lauren: i went to a car dealership two times, they were not giving the anything, no prices, i walked out, couldn't believe they let me. other people are saying the same thing. you expect me to pay that price? charles: the last two vehicles

i wanted to buy over list. it is really embarrassing. it is embarrassing. it is, it has been what it has been but it will change quickly. lauren: anyone letting you walk out of a dealership. charles: they are so arrogant it is amazing, not wanting to buy this pickup truck last year and the guy is like it was right on the floor, saving it for one of the guys on the yankees. a week later, what is up? i went to a different dealership but i found one, i got one already. i paid over. but i got it. to your point they are so arrogant, how can anyone in the automobile industry be that arrogant? it goes up and down they will be begging people to buy in a year. stuart: i've got to move on. elon musk hit with a big

lawsuit over dogecoin. remember we told you about the crypto but he crack and offering buyouts to employees who are too woke. i want to know how employees are responding. i will ask the ceo who is on the show next.

stuart: we are down 200 points for the dow industrial, down 20 points for the s&p, up 20 points toward the nasdaq, the dow is down to 29,700 and bitcoin is all the way down to $20,400, real close to testing

the $20,000 level. the census bureau requests a $10 million study on the best ways to ask people about their sexual orientation. phil keating has the story. what will the information be used for? >> since the creation of the us census bureau the bureau always wanted to obtain the most exact and accurate population data it can that way it can better define exactly the makeup of america and that includes sexual orientation and gender identity, they want that money to find the best way to ask the question which for some can be very delicate. previous head count didn't ask whether -- that made many americans feel uncounted and made others suspicious of that how that data was going to be used. the bureau wants to find out how to ask the question to get

the most honest and accurate numbers. the president of miami beach's gay lesbian numbers approved what the census bureau is doing with cautious hesitation. >> it is a question how to use the information. if it is to create policy within government, to help us distribute goods and services more appropriately among all the population bases in the country, great. if it is going to sit in the shelf, what is the point? >> it comes at a time of political culture wars with republican dominated legislature's restricting or banning discussions about sexual orientation and gender identity in schools like in florida, governor desantis versus disney battle over the so-called don't say gay bill. the census bureau gave the statement the census bureau is committed to accurate data on

the nation's people and families. the research can help us measure the growing and diverse lgbt q population in the united states. this year president biden declared june pride month officially from the white house. it is pride month, there are gay pride parades and parties in cities all over the country and this weekend there is one in broward county. stuart: see you again later. we told you yesterday about the crypto giant crack in taking on its own woke employees, the ceo said triggered employees should leave the company. is offering 4 months pay for employees who want to leave because they don't agree with his policies. the ceo is jesse powell who joined me now. did you feel your company was under attack from the inside? >> absolutely.

productivity was under attack substantially. a lot of people losing a lot of time arguing with these people and getting into therapy sessions with them, to console them when their feelings are hurt over people saying the wrong thing. we felt it was such a drain that people might be better off somewhere else so we are offering them four months of salary to sail off into the sunset and find a better workplace for themselves. stuart: how many have taken up your offer so far? >> 30 so far that have cited culture or mission related reasons as the reason for taking the deal. stuart: what do you do if they don't leave and they stay within the company passing around what you might call poison and poisoning the atmosphere of the workplace? >> great question and there will be people who stay behind that want to push their agenda but i want everyone to know

this is not going to be a workplace where we tolerate that kind of behavior and people will be managed out the hard way if that is what it takes. we when you are taking a hard line on this. of you got any criticism? >> absolutely. i've got a lot of criticism. 99% of the company just wants to do great work. when you go woke you go broke because you are not going to get anything done and people to do want to work are going to leave and go work at a place like crack and where they can do stuff. the woke activist movement inside of companies completely ignores the fact that we have a business to run and we have a bigger mission than somebody's individual personal preferences being met. we are trying to deliver financial services to the world, there are billions of people left in the cold right now without access to financial services, that's not the mission.

not listed check marks on her diversity census form or something like that. this is real stuff to real people around the world and a lot of people in the united states especially haven't been out there in the world and don't understand what is going on, it is first world problems people are arguing about. stuart: would you describe yourself as a libertarian? >> i would. i don't online with any particular political party, but philosophically i'm aligned with libertarian values. stuart: i think you are a brave guy. anytime you want to come on this show and tell us what you are up to you can come on his show and tell us what you are up to. thank you, appreciate it. hope you do well. musk, headlines again, greetings, this time he's being hit with a lawsuit.

lauren: dogcoin, and investor is suing musk for promoting doge as a ponzi scheme and he wants $258 billion to cover his damages and lost investments, he added he doesn't want musk or any of his companies to promote it either. i loved his comments on dogecoin. it's not a currency, stock, security, not backed by gold or anything, you can't wear is, eat it, grow it, doesn't pay interest or dividend, it is unclear fraud. the plaintiff said that in the lawsuit but some of those comments have been echoed on the show by some of our guests. very anti-dogecoin. stuart: all he wants is $256 billion. the host cities for the 2,026 at ifa have been announced. we will tell you where you can see the match is because it is going to be in north america. the owner of a pizzeria and

mississippi told me last month that because of inflation he was charging $34 for a plate of 15 chicken wings. inflation has had a new record high so are his prices going up again? i will ask him. his next.

stuart: the dow jones industrial average is up 29,600 level. down 240 points. that's another 0. 8%, the nasdaq barely positive, up 20 points. big drop on the dow though. restaurants feel the heat from inflation, no secret there. i want to bring back the co-owner of south and moki's pizza. jeff, everywhere i go i see restaurants packed quite frankly. is it like that with you? is demand very strong despite rising menu prices? >> it is and thanks for having me back on. appreciate you checking with me. it means a lot. we've seen an interesting economic situation here. the last - the concept when

supply and demand changes, when costs go up demand should go down but we have realized in our our restaurants, i have an upscale italian restaurant and retail deli café, all three are unlimited demand, we still see customers and we've had to take a couple price increases over the last year, we still see demand very high. we've been very thankful. however we are concerned as you showed with the stock market ticker as we get into summer and the reality of the new prices and new costs hit our pocketbooks, credit card bills come home to roost and summer vacations and those costs come home to roost and time for the fall, school, tuition, all those changes there may be a time when dining out which is discretionary may fall to the

wayside. stuart: how about last time we talked to you a month or 2 ago you were selling a plate of 15 chicken wings worth $34. how are they selling and have you had to raise prices again? >> $34 with our discussion of what it should cost if we price it as we should with the markup. we were charging $28.99. that's the price we were charging, no way reasonably we could do more than that. is a premium project to understand a presentation but our customers have been generous. people understand the pressure restaurants are under. i am thankful for that. stuart: well said indeed. people are great out there. stuart: check in with me again and hopefully i won't be

crying. stuart: i will do that. still ahead on the program, immediately ahead, rachel campos duffy, congresswoman nicole malliotakis. president biden will be heading to his home in deller. he is the president at if you wants to take a long weekend from dc he can do it but it is starting to look like our president needs frequent breaks and that is not good. that is "my take" next. ♪♪

>> either they don't understand the fundamentals of energy markets or they are lying to the public. >> not so much as ages it is cognitive decline. keeps repeating this fallacy about inflation around the globe. somebody is giving him that information as we are supposed to have confidence in this white house? >> democrats are going to have a situation where those who have been the furthest left are

going to get reelected and he will end up with a democratic leadership much further left than people calculate. >> we've had one of the worst bond markets, one of the worst stock markets in history, the dollar could be the next shoe to drop. stuart: what is that song? lauren: slow rider. of the when did i say that last time, i mispronounced florida, i called florida? lauren: the name of the band, the wrapper is florida. he is wonderful. might have been another one of the songs. stuart: well said. i tell you what. it is 11:00 eastern time and we've got a market selloff at least for the dow again. back to 29,600, 29-7 again.

the nasdaq up a mere 13 points. bitcoin challenging the $20,000 level back to 20,500 as we speak, the 10 year treasury, this is telling you about the flight to safety. look at that yield, 3. 25%. %. 36 hours ago it was 3.5% was when the yield comes down like that it means the price has gone straight up and the price goes up because it is a flight to safety. out of dangerous stocks into safe treasuries and now this. it is indeed 11:00 eastern and right about now president biden is starting his we can. it is like this most fridays. around lunch time he leaves the white house and travels to his home in delaware, doesn't usually come back until monday. he is the president and if he wants to take long weekends away from dc he can do it but how does it look? optics are very important in

politics. how does it look to voters when the president leaves the white house during a crisis, no one be gorgeous potential breaks and heaven knows it is a very tough job but it is starting to look like our president needs frequent breaks, as if the job is tiring him out, overtaxing a man that is not good. the media is full of reports about the president being in looking too old. there have been long worries about his ability to focus, to keep his train of thought without a teleprompter, he often looks physically frail. i am not suggesting he abandon his weekend getaways. if you need to break take a break and come back strong but remember the country is in trouble and we need to know our president is on the job, robust, and dealing with the crazies the trouble us all. the third hour of varney starts right now.

rachel campos duffy joins us. good morning, thanks for being on the show. how does it look to you when the president takes a long weekend again at the beach? >> there's two kinds of politicians and presidents, those who the job energizes them and those who look really tired and president biden needs a nap almost every day the way my kids do. stuart: so do i, i do. sometimes i do too but sometimes i don't have time and also, before he leaves for his senior naptime in delaware, we saw kamala harris had a misinformation board about online harassment for political figures, we are worried about mean tweets towards pete.

edge, that is what they are concerned about angela climate summit with the world's greatest economies as well. where's the urgency on inflation? what is the message being sent to the american people in the world and the messages this government doesn't care about the pain they are going through, the war on families especially on big families because it is become increasingly harder for people to have one and then also the message to china who was part of the summit, the message is we don't care about our people, being the greatest economic powerhouse to challenge you, we are worried about climate change and whether our battleships are energy efficient, it sends the wrong message and is an insult to the american people. stuart: i want to talk about -- no, that is all right, bring some fire to the program. i want to talk about inflation

and i think you will be fiery on this subject, grocery store prices are soaring all over the country. you've got 9 kids. how much does one trip to the grocery store cost you these days? >> i can't get out of the grocery store for under $500 because the prices we keep coming on television saying, they say groceries are up 12% or food prices up 5 to 12%. i feel like it is much more. i gave a few numbers, i filled up my f 150 truck, one hundred $58. . i have a lot of kids, i need big cars, $115, milk, $4.22 a gallon. i need 4 to 5 gallons of milk, my kids love know delma. i wish they liked something cheaper, it is so extensive, that 33 ounce bottle, when i

see them leave cereal in their ball they give lectures, no more leaving cereal, only as much, as you are going to eat, i hate seeing from, left over cereal and milk in the balls in the sink. all of us are feeling it and i am complaining but i can make it. there are people out there who are making painful decisions about what they have to do, people saying i am not going to be able to have a vacations this summer will go camping or send my kids to camp people wondering can i afford my private school next year, can i afford to see grandma, can i afford to fill up my tank, to go to the grocery store? these are painful decisions. shone had a woman on fox business who said we just cut out meat, we can't afford meat anymore and i feel guilty as a mom because i know i'm not

feeding my kids the healthy way i want to, that is what a 70 in america and they are worried about climate change and whether pete buttigieg gets a mean tweet. stuart: you feel it this morning, you can feel the passion coming out of the tv set right at me. >> don't ask latina women how they feel about inflation if you don't want fire. stuart: okay. i do hope we see you again next week. can we do that? >> we will. stuart: thanks. i am afraid we have to get back to the markets. we got a selloff going on. we are down, not that bad now. we are down 31 on the dow below 30,000 but the nasdaq is up one hundred all of a sudden. look who is here now.

good timing on a friday. adam johnson joins me. what defines the bottom? how will we know we are at the bottom when we get there? >> everyone else will have sold. i know you are too smart to sell at the bottom tempting as it is. it has been really hard but there are two things that quantify the bottom and we are not there yet. number one we need to see the volatility index go to 40. is at 36 and we need to see the ratio, people are buying insurance policies, you need to see that ratio go to one. 4. it is at one. 35. that is inside baseball and some of our viewers may not be familiar with these terms but we have been talking about this list for months now. i have tween 9 things i check off. i shared the two i have not been able to check off, all 7 others i have been able to

check off. 98% of stocks are below the one month moving average, 98% are below their 3 month moving averages. there are 3 times as many bears as there are boules. that an extreme you only see but here's the good news, market bottoms because markets turn. stuart: you think we are close to the bottom? not quite there but close. >> i've been saying that for several weeks. you could tell me a on your face because 8% ago you said we were close but bottoming is a process. it never happens on one day. you can never predict it in advance. first we saw those growth stocks get hit and then other stocks, the industrials and the banks. all these groups that have been making new 52-week lows but over the course of a 2-month period, bottoming is a process.

stuart: you favor dollar cost averaging, putting the same money and every month or every week regardless of the state of the market, put in a regular amount. >> it takes the stress out of it. if you call me in a couple hours and say thanks for coming on the show should i put more in? if i answer the question i am trying to say is today the low? i tell you why don't you think about putting x amount of dollars in every 2 weeks. or put another x amount of dollars or once a month and then you are not worried about trying to pick the bottom. company like charles schwab, fidelity, are very good at helping people take a small amount of the paycheck every 2 weeks, that is dollar cost averaging, you don't have to get the low, you can average in overtime. stuart: thank you very much, hope you have a great weekend. looking at the movers, dr

horton. lauren: look at the housing stocks, they all have their price targets cut at bank of america. competition among buyers is at a 15 month low in may because buyers are backing off. they can't afford a home. interest rates have moved up drastically in the last two weeks. stuart: six or tweet weeks ago the housing market was okay. now it is getting soft. lauren: the price of a home will come down but it is not coming home drastically because of all the money that went into the home when you look at the supply chain and cost of labor. otherwise builders will take big lawsuits. stuart: etsy, where is it? 225? lauren: which implies 78% upside. brand awareness, oppenheimer said the opposite yesterday, a lot of people are going to the site but not making purchases

so they lowered their price target. it is the opposite. stuart: what is carnival cruise lines doing kick you they will team up, bet on sports on cruise ships. lauren: the fourth bedding, mobile also on cruise ships, us ships in international waters. stuart: carnival at $9. lauren: cruise ships need help right now. that makes sense. stuart: here's the tees, 1500 new york city police officers have resigned or retired this year. the nypd is on track for its biggest yearly exodus in history. california governor newsom just joined donald trump's social media apps, truth social. he says he wants to call out republican lies, devon nunez runs truth social. i wonder what he thinks about this. he will shake hands with me any minute. devon nunez.

♪♪

stuart: president xi jinping deepening his ties with vladimir putin. hillary vaughan on capitol hill. what has xi said that has everybody worried? >> speaking at the international economic form in a prerecorded video address chinese president xi jinping said the relationship between china and russia is showing strong momentum, the two countries are getting cozier after putin's invasion of ukraine bringing xi and him closer, the largest buyer

russian oil since putin invaded ukraine and in many countries blacklisted the loyal. the biden administration says they are concerned. >> purported neutrality, it is a choice. >> china's efforts sit stalled in congress, several bills have yet to get a voted 100 ceos including amazon and microsoft calling on congress to have legislation that would make the us more competitive against china including investing in $52 billion in federal funds to increase chip manufacturing. a different measure would block the export of us oil to china while gas prices are so high, here in the us. that has not gone to vote and another bill would block big tech companies from letting senior official in china from being on the platform. >> chinese government officials

come into the united states using our social media platforms to espouse their propaganda. we are not going to let china spew their propaganda in the united states of america. through the government officials and then not allow the united states of america to have access to their speech markets. >> reporter: some lawmakers want to go further. congress and jim banks introducing a bill to provide defense weaponry to taiwan to preemptively deter xi from doing anything there saying they want to help president biden for making the mistakes he made in ukraine with taiwan. stuart: that would be a really big deal. thanks very much. take a look at this. governor gavin newsom announced he's joining donald trump's truth social platform. the governor says he is going

to call out republican lies. devon nunez joined me now. he runs truth social. what is your reaction to newsom coming into your shop. >> we are an open platform. the reason we were created is very simple, donald trump on down to anybody center-right who disagreed on other social media platforms were banned or kicked off and that is why donald trump started the company, why i left to run the company, to give the american people their voice back and that includes democrats so for us to have a prominent democrat like governor newsom, don't agree with him on anything, those are my politics but in terms of running this company we are happy to have him and welcome him on the platform. blue when you tell anybody have any people you've got on truth social? >> we are going through a process, this merger, we don't release metrics but i can tell you donald trump has

3.3 million followers on truth social and the best thing about the platform as we have no bots or spam, we do what we can to keep it clean. stuart: the governor of florida, ron desantis, says he welcomes support from elon musk. watch this for a second. >> i'm focused on 2,022, but with elon musk, i would say i welcome support from african-americans. what can i say? stuart: that came after musk said he was leaning toward supporting desantis for president. do you think support for donald trump is slipping a little? >> i don't think so. if you go around the country i travel all over the country, left politics, donald trump is one of the most popular figures in a century and also a lot of people don't like him but that is because he was very successful and the difference is he is one of the few politicians who said something and he did it and tried to follow through on issue after

issue. i dealt with him for four years when he was in the white house and treated very unfairly, not talking about the media which is ridiculous but by our own government, the investigations done by the doj and the fbi in the crap we had to deal with was wrong and we are talking russia and china we would not be in this position today had donald trump and his administration, mike pompeo and all the great people in his administration couldn't even deal with vladimir putin so they had to stand off anytime he got in the room, the media would go nuts and say the republicans are tied to russia and now look. stuart: thanks very much for joining us. >> pleasure to be here in studio. blue when i know you are big soccer fan. listen to this. fifa, the world governing authority for soccer, has announced which cities will host the world cup tournament.

what details do you have? ashley: all sorts of details, 16 north american cities host matches, 11 venues chosen in the united states, three mexico, two in canada. the 2026 world cup will be the first tournament hosted by three nations and the first the blix banta 4018 from the current 32, 60 games will be played in the us while mexico and canada get ten games. us city selected to host the world cup matches are new york, new jersey, la, dallas, san francisco, miami, atlanta, seattle, houston, philadelphia, kansas city, boston, spread across the country. interestingly the venue for the actual final has not been decided but there are whispers of new metlife stadium in new jersey considered a strong contender. the rose bowl the played venue to the 1994 world cup final

between brazil and italy is not even a part of the 2026 olympics, nor is there game in the washington dc capital but should be a lot of fun. we want will you be going to the games? ashley: i will definitely. i just have to decide which ones. miami probably. stuart: devon nunez, you going to go to the games kick you >> actually. stuart: we are in this together. see you again later. the battle against woke politics takes center stage in times square, this new billboard calling out disney saying no mouse in my house. democrats on edge about the hispanic vote after a republican flips a seat in deep blue texas. >> this massive american community can't be taken for granted for democrats any longer. stuart: a deep blue part of texas. congresswoman nicole malliotakis is a proud hispanic lawmaker, she's here to respond

after this.

stuart: i know that song and you know why we are playing it? tomorrow is paul mccartney's 80th birthday. i didn't know that until i saw that on the screen. we put on a 3-hour concert in new jersey, he sang with bruce springsteen and bon jovi and came on the stage. the crowd saying happy birthday but i did not know he was 80 years old. amazing he could handle a 3-hour concert at 80. i am struggling with a 3-hour -- lauren: are 74 next month. incredible. you look fantastic, not a year

over -- stuart: the producers are urging this, it is our 50, the nasdaq up 152. show me the cryptos. bitcoin at $20,600. what's the latest? lauren: guessing the next multibillion-dollar company, what the collapse might be with flooding crypto prices, one of the largest crypto hedge funds confirmed by the wall street journal this morning that three arrows is considering asset sales looking for a bailout. they hired outside investors. they didn't specifically name three arrows yesterday but is widely believed in the industry blocked by the largest crypto banks, they liquidate a lot of arrows because you couldn't meet margin calls because they lost a lot on their trade and can't cut the collateral to keep cash in the bank. the three arrows match $3

billion as of april and the wider crypto meltdown, celsius already going under this weekend overnight again more concerning news, and asian based crypto lender facing withdrawals as well, babble valued at $1 billion, celsius at $4 billion before its collapse, cascading trouble in the industry added to the $40 billion stable coin we saw a few weeks ago. stuart: the worst thing would be if bitcoin drops below 20,000 and stays below it. lauren: we could see a bigger slide. stuart: retail investors, crypto people look very carefully at the price and the price movement on a day-to-day basis and there are certain symbolic price levels, 30,000, 40,000, 50,000 that key levels.

susan: those who bought early before 20,000, they are still up. don't forget bitcoin is worth 600 at the end of 2019 but it plays into the hands of dc and washington lawmakers. seeing he is trying to quicken a digital dollar. stuart: thanks very much. journalists at cnn worrying about the results of the texas special election, a warning sign democrats are losing the hispanic vote. >> this massive american community can't -- >> we overreact to the cultural move, under react to the economic appeal and your same payoff. stuart: congresswoman nicole malliotakis joins me now, how about the hispanic vote? is trending republican?

>> i am the daughter of a cuban refugee and we are seeing a lot of immigrant groups, not just hispanic voting republican. they follow the rules, respect our laws, not just at the southern border, the chaos in the month of may, on a terror watch list caught at the southern border, criminal previously deported coming through, child trafficking, fentanyl trafficking, people are concerned about that but also these pocketbook issues. they are going to supermarket every day, putting gas in their car, the middle class trying to make legals meet in our city and our nation and being hurt by the democrat policies and public safety is another issue. we are seeing minority communities most hurt by crime surges in cities like ours.

that district 85% hispanic district on the southern border has not been republican hands for 100 years and she flipped counties that biden won by 13%. you see more hispanic republicans in congress than ever. another hundred candidates running different races around the country, flipping those seats from democrat to republican and showing the country that what we have known all along, republican party is a diverse party and candidate stepping up willing to run and take a seat at the arena because they are sick and tired of what they are seeing. we want the democrats have a lot of the hispanic vote. keep the border open, lock on the vote, they don't. 1600 nypd officers have resigned or retired in the past year in new york city. it is on pace to be the largest exodus ever. what is your reaction to this?

>> new york city council has made it impossible for the nypd to do their job. they cut their budget or couple years ago. mayor adams is trying to do some good things but unless we change the governor, we need to change the governor and state legislature if you want to restore public safety. two thirds of new yorkers say public safety is a top issue for them. governor huchul should not be reelected, she should be primary by somebody who wants public safety, a republic and challengers on the other side want like safety. and, another democrat or go with republican candidates. stuart: i know him well, frequent guest on the program. thank you very much for joining

us, appreciate it always. now this. passengers are not the only ones frustrated with the airline worker shortage, delta pilots have flown more overtime this year than in 2018-19 combined and then we have disney pushing back plans to move thousands of jobs from california to florida, they claim this delay is not related to their feud with governor desantis. tomi lahren is live in studio coming up next walking towards me as we speak. i would get up. ♪♪

♪♪ stuart: you are looking at

dallas-fort worth international airport. more news, uncomfortable news on airlines. 1900 flights have been delayed around the country today, 1000 today have been canceled. yesterday over a third of all flights were canceled at laguardia airport in new york city, gone, canceled. what is pete buttigieg doing about it? ashley: improving customer service so passengers can rebook if a flight is canceled on look at their schedule. he held a call with airline executives and asked what is the industry doing to avoid the disruptions that happened, remember what memorial day weekend was like and we have the upcoming fourth of july weekend fast approaching? what are airlines doing? they begun scaling back schedules to handle disruptions. meantime this is an interesting develop an, open letter from

delta pilots to customers called the recent flight delays and cancellations simply unacceptable. and noted the pilots are working a record amount of overtime to disrupt the disruptions, taking a swipe at the airline saying as we welcome you aboard we will continue to go above and beyond to ensure the integrity of the operation. delta's management needs to do the same before you lose confidence in the delta brand. a sharp edged jab at the airline but flying these days is not a happy experience. stuart: you are being moderate in your statements. see you later. look at this. a new billboard in times square put up by job creators network slamming woke culture at disney. it says no mouse in my house. times square. this as disney delays their

plan to move thousands of park employees from california to orlando. tomi lahren is here, disney is in real trouble. >> i think so and you will see a number of people turning off disney and disney plus in their homes which is a shame because why do they need to enter this cultural and political debate, can't people just go to the park, enjoy the mouse, watch disney channel original movies and enjoy themselves without having this woke virtue signaling shoved down people's throats. i miss the good old days, nearly 90s when we watched the little mermaid and had some fun. stuart: do you think people will not go to disney because of these political things, that people will turn off disney plus because of the policy of political culture? will they do that? >> some already have, it is sad to be put in a position to choose between something we like to watch and our personal beliefs, that is why disney

never should 've gotten into this in the first place but disney has made it difficult in california for people to enjoy their parks having masking, if you don't wear a mask they will photoshop one on when you are on the rise, made it an experience folks don't love and we are going to move from california to florida because florida is a free place and now they are saying we will halt that, nothing to do with dissenters, our employees don't want to move from florida to california. i find that a lie because hemorrhaging out of california, we would love to get to flora. stuart: they would surely want to go to florida to escape california taxes. there is no state income tax in florida. there's a huge state income tax in california so who's being punished here, not being able to go to florida, they are getting hurt. >> i'm glad governor desantis stood his ground on this with a number of major corporations and organizations and companies, stood against the cruise lines, standing against

disney, not going to be pushed around, he will get a lot of respect for that. at the end of the day he will win the battle and disney will realize they don't need to be in the woke culture debate and go back to mickey mouse and having fun. we when i think he's going to run for president. >> if he does he will win but the hole in the wall could win at this point against this president. of the when you have a new podcast coming out. a place on out kick called tomi lahren is fearless. give us the 30-2nd pitch. >> we put woke sports and politics and entertainment to bed. we are the opposite of everything you are seeing in sports and media and virtue signaling, we call it out and that is what i am doing. a lot of people know me for my final thoughts, my commentaries attacking everything woke and having discussions about everything woke and that's what i'm going to do monday, wednesday and thursday. stuart: you should talk to the ceo of crack in, jesse powers.

>> i have to get him on my show. i would love to have you because you are a perfect fit could. stuart: anti-woke crusade. i need a sense of the law market, the dow 30 kind of a split, one third up 2 thirds down, the dow is down 60 points at 29,800. don't go anywhere, friday feedback is next. ♪♪ ..

stuart: let's move on. a lot to pack in. clearwater beach, florida, 80 °. friday feedback time. ashley, susan, lauren, and myself to get started. we see you on tv for three hours a day. how long is your actual workday at fox? your prepare for your showers off the cuff? what are you hearing in your ear?

lots of questions. i get in at 4:00 in the morning and work until one:00 in the afternoon. work through all the way. that is it. tween 9 hours, no breaks. how about you? lauren: i wake up at 3, get in at all different times and never know when i leave, i usually find out at 9 a.m. how long i'm going to stay. susan: i was here until 7:00 pm last night talking about the stock market selloff, usually a long day. ashley: about 5, start writing, going over the day's news, whatever they need me to do any afternoon when i am on the road, those are long days but i love doing them. stuart: in the golf course and the pool. i understand about florida. i've got that. roland did a story on american built about the uss nautilus underway under nuclear power, nuclear power the only possible option for the world's long-term energy needs, no matter how you slice it, fossil fuels are finite and will be consumed eventually.

in my opinion you are dead right. nuclear power is going to expand. it is safer but got a bad pr deal. catch new episodes of american built tuesday night starting at 8:00 pm eastern. robert right to this. i enjoy listening to "varney and company" on spotify while working out. how many of you listen to your channel on spotify? does he wear it on the tractor? no, i don't like anything when i am working. do you follow us? susan: i listen to spotify but i'm trying to build my next billion-dollar unicorn. stuart: good idea, watch out for cryptos. your music? ashley: i do. i'm a huge music fan, wide range. your favorite rapper is florida. i got that earlier. we play great music on this show, really do, good mix. susan: a slow rider?

stuart: if you follow us on spotify, scan the qr code in the middle of the screen. we post new playlist every week. raymond wants to know, when you were younger, where in connecticut did you used to be a waiter? i was a waiter in stratford, connecticut at a restaurant called fagan's. i was a waiter, forget the name of it, on the side of i-95. i made $8,000 and put 8,000 in the bank in 1972. did you have any jobs before tv? ashley: yes. i was a bartender in a boat on a marina in england, a bank teller for lloyd's manke worked for the bank of montréal, i was a driver in college all over la. a ton of jobs and enjoyed them all. blue one susan? susan: i did some research analysis, are used to sell clothes in my teenage years to

get extra money. stuart: lauren? lauren: babysitter, waitress in retail. before this i was a producer. stuart: you moved up the food chain. last one from alan. the closing bell of the stock exchange, the nasdaq, why is everybody clapping and smiling like trained seals awaiting a clipper snack especially when the stock exchange dropped the thousand points. the people are clapping and cheering because they are celebrating their own company being on that exchange, don't know which company they are celebrating. lauren: done that a few times. it is tough on a bad news day and you have to smile because it is a good reason you are there. stuart: it is a pretty good friday feedback. how about this for a friday trivia question? we told you tomorrow is paul mccartney's adf birthday. what is his real first name? james, john, peter or george?

i know this. the answer, the correct answer after this. >> i thought it was paul.

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