the tuesday trivia question, summer solstice occurs at the same moment everywhere on earth only our clocks are different. the question is what time does the summer solstice occur in the eastern united states, midnight, 5:14. noon, 8:00 p.m.? i am out of time, it is 5:14 a.m. eastern time that would be as of this morning. neil, it is sewers. neil: thank you, stuart, we have a good rally going, 2 1/2% for the s&p 500. we've seen this about a dozen times since january in punctuating bear market. we'll follow this if there is any follow-through. we see it is punctured buying picks up but generally it does not last. it is a pretty widespread rally going on right now.

48 of 50 s&p 500 stocks are all up. i should point out the dow is on pace for the best day since march. s&p since may. this across pretty much all the key sectors, all 11 sectors thaw follow within the s&p 500 a part of that. not part of it within the duh. boeing, home depot, travelers and minor drops for them at the same time but again the overall trend is the friend here. they're pouncing on some issues that have gotten beaten back. we'll go into this more detail what is happening on the mortgage front. existing home sales on the lowest since june 2020. mortgage rates, record high prices are beginning to have impact here. not as much of an impact as you would have seen. that is not changing any of the gains we got today from what elon musk is saying all of this is a sign, say what you will of volatility of the stock market. the economy has its troubles. he still plans to lay off 3% of

his total workforce. kelly o'grady following all of that very closely in los angeles. kelly? reporter: good to see you, neil. he continues to make news across a number of fronts. in recent weeks the billionaire shares he had quote, a really bad feeling about the economy. he rerated that at bloomberg's qatar forum. listen what he said. >> a recession is inevitable at some point. whether there is a recession in the near term, i think is more likely than not. assuming, it is not a certainty but it appears more likely than not. reporter: that outlook is driving those layoffs at tesla you were mentioning. musk proclaiming 10% of the work needed to be cut. clarifying he meant 10% of salaried staff. translates roughly 3 1/2% of all tesla employees. massive layoffs triggering another lawsuit against the billionaire. the suit seeking class-action status and the company failed to

follow federal laws of mass layoffs requiring 60 day notice. they dismissed the suit, arguing that anything with the ev maker streets headlines. the billionaire asserting three key hurdles remain on. fake accounts on the platform. he re-emphasized he is still awaiting a resolution. i highlighted securing debt finances shareholder approval key for the deal. musk shared with the sec he could get the financing. twitter's board already gave it is unanimous recommendation to shareholders to approve the deal in sec filing last month. they re-upped that in an amended filing. shareholders will be under pressure toe approve with how much the stock is struggling of course. neil: thank you, kelly o'grady following all of that. bob doll, what he makes of

markets, after a three-daybreak. after the bludgeoning last week. looks like the buyers are in. as you point out in the past sometimes buying days in the middle of a bear market, early january we had a dozen of these. they don't last long. what do you make of this one? >> bear market rallies are vicious as you hinted neil and i think this one will last a little longer. remember from late february to late march we had a 13% in the s&p 500 to the upside from middle of may to middle of june. we had another 8% rally. i think we could get that kind of a run, taking the s&p toward 4,000. we got way oversold, neil and the pessimism was really thick. i am not saying we're out of the woods. i'm not saying we don't have problems but you get bounces. bull markets don't go straight up.

bear markets don't go straight down. this will be i think more than a one-day wonder. neil: say it is more than a one-day wonder, bob, is it sign that the bear market is losing its grip, this is the start albeit, a bumpy turn around but a turnaround nevertheless? >> i think we're in a bottoming process, neil. in other words two earlier issues i mentioned and last friday, i think they're bottoms but not necessarily the bottom. i think we have to sort out whether we recession or not. we can't see the end of fed rate increases of the we don't know if inflation has peaked. we don't know if the bond yield has peaked. we need signs fundamentally, get more of a technical washout in my view to actually get the bottom. this is a rally in a bear market but we'll probably probe lower before we're out of the woods. neil: i also wonder, a washout that could involve frustrated

investors who may see a day like today, bob, try to recoup whatever they can, get the heck out, it is roller coaster, they want nothing to do with it. some call that capitulation. others say is a sign of a market frustrated investors up to this point they bail out. others see a key turnaround. what do you think. >> i think we need more people to give up. we have too many bargain hunting buyers on down days. we need explosion of the vix of volatility over 40. put/call ratios, that i'm giving up. big volume -- neil: we're seeing none much that we're not seeing that, right? >> correct. not seeing that. why i think we've not seen the bottom. remember, bull market tops are rolling rounded. you don't know until after the fact. bear market bottoms tend to be vs. i think we'll still get that sadly from lower level than

where we were on friday. neil: bob, more of a political question but it has economic impact here. if the president were to us spend the federal gas tax, 18.3 cents, a little more if he does the same with diesel? what do you think that will do? it could have inverse reaction hiking demand for gas hiking prices all the more. but your thoughts? >> i'm with you. we need more supply. we need more supply. allow a hole to be drilled somewhere. let some of the permits happen. i'm an environmentalist. i know a lot of you are. give me couple years to fix the economy. it would have psychological and haven'tly a real effect. demand is going up because the world economy isssrovingroroince the emic.emic. wedore more sploo mat m it, it,l neend.d. d. d.alal good tching with wit w w you. dolbob dnconiccoure

wat. he hhee h b heeag it whe.doesdon'k at it. bob doll, good to see you my friend. jackie deangelis following another development. in case you notice vladmir putin smiling a lot these days. his currency hit a seven-year high against the dollar. he found owl that oil being taken away by europe being scooped up right now. can you scoop up oil? i guess you can. china is scooping it up replacing saudi arabia as biggest provider of that oil to russia. get the read on all of this and significance from jackie deangelis. reporter: good afternoon to you, neil. that's right, china's oil imports from russia are up whopping 55% year-over-year according to customs data. what this tells us other suspicion china is selling oil elsewhere since western sanctions has been imposed was indeed correct. it's a win for russia. it's a win for china, who is

probably getting a discounted price. russia needs buyers to keep the war against ukraine going to finance the war. it is not just china. india is buying their oil too. when you dig deeper into this, you find russia is displacing saudi arabia as china's top supplier. that is really significant. keep in mind that demand in china is a little slower right now because of all the recent covid lockdowns. that will not last forever. likely they're actually soaring oil while things are slow. here is another situation where the united states become as big loser in this war on energy. the administration penalizing our industry while the bad guys, if you will, will profit. biden strategy of imposing sanctions after the fact has been largely ineffective. the way to cripple russia, make sure it cannot finance its war, take out its oil facilities so it can't produce anything. obviously that is not coming. china, russia, rather, has found other buyers.

next month joe biden goes to saudi arabia. he will try to encourage opec to put more oil on the market to put prices down. i don't think they will do it. i think gas prices will stay high, neil, because it is in the saudi interest to keep oil over 100 dollars a barrel. they have no. motiva in this country, the refinery, they are making money on many sides of this. neil. neil: i see what you say, jackie. students of history, got too greedy in the 70's. drove the whole world into recession. you could make the argument they're getting all money they can and not bringing the world to such a slowdown, if at all stop, they lose money that will be a battle roy. reporter: i think you're right. they an still make money at $85 a barrel. not like they're suffering that

much. neil: it's a delicate dance. jackie, thank you very much. daniel turner, power the future founder, ceo. akin to what we're talk about with jackie we're seeing a lot of countries heretofore somewhere off coal opting for it now. germany, austria, netherlands, because of what is happening with russia, oil and gas supplies from them. i think in their darkest days would they have envisioned going to this energy source. they have in abundance as we do here, but it's a sign of the times. what do you make of it? >> no, it is really remarkable to see. we have to thank western europe setting wonderful example of forgoing these lunatic dreams of this renewable mandate. for some reason only the lord himself will tell us one day, neil, the wind is not blowing in europe. it hasn't blown consistently for a year-and-a-half. i don't know why.

no one knows why but it is a fact. if you are germany, which has invested tremendously in wind power, you need to go to what works and coal works. right? we've beat up the coal industry for electricity production. we allowed other countries to advance coal, india, china. china is building a coal plant basically a month, a new one per month. we allowed other countries in this global climate world to build coal because it works. it is successful but we have foregone it. in america has hundreds of years of coal preserves. west virginia alone, let alone wyoming and alaska on top of it. we have to look at western europe, say, learn from their example of saying 20 years of these silly green dreams have collapsed in front of them, geopolitically, economically they collapsed. let's return to what works. fossil fuels work. neil: what is intriguing in case of countries like germany, italy, they haven't given up on

clean energy. they're just all in on all energy including as you point out coal. you look at all the options but don't rule out one or the other, traditional coal, fossil fuels that will give you a backstop as these others presumably get up to speed. i'm not smart enough to know when that will be but explore all your options everything, what do you think? >> no one knows that is going to be. that is not a fault of you, me, or just humanity. it is a fault of technology. when we can't force what the market, we can't force by politics what the market have not brought online naturally. we don't know whether wind and solar will work. currently they are not working. to claim otherwise is false. meantime germany wasted how many hundreds of billions of dollars in this effort. germany pays more than five times what we do for their

electric bills. my farm here the electric bill is $150 a month. emergency paying five times that if you're a german family. what are they losing in terms of capital investment, other sectors, because people are just trying to keep their lights on in their house? i don't know when wind and coal will succeed. the markets don't know that either. only ones that know that are politicians forcing that upon us by executive order, by mandate, but not the markets, not the people. they're not ushering these into fruition and into being. neil: well-said, very well-said. good catching up with you, daniel turner, power of the future founder, ceo. by the way all those energy sources of course go back and forth as who gets the the most attention. oil, nat-gas running up today nothing like it had been. you saw a slide in some interest rates, particularly mortgage rates on the notion we'll have a slow down. a lot of that is being reversed.

it is confusing. one day not a direction make here. we're following some unusual anomalies. following promising undercurrents, if you look what companies are doing in the middle of this slowdown, whatever you want to call it. kellogg is looking to split itself in three. that would be something that would be hopefully they say done by late summer that might be a little bit ambitious but the stock up almost 4%. incase something ringing in your ears we heard this before. ernst & young agreed to split its company, audit and consults businesses. in other area, indicative of times we live, jetblue is offering more sweeteners for spirit airlines. a big accounting firm splitting itself up, big buys, maybe the shrinking of the airline industry that has been the wind at the back for stocks today. stay with us.

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♪. >> like i was saying it is ftx, a safe and easy way to get into crypto. >> i can't tell you everything, but if you want to make history, you have to call your own shot ♪ we going to the league ♪ neil: all right. that was then. it is not happening now. hard-pressed to find any such commercial cryptocurrencies of any point. they were tank off, fell to earth since trying to come back after getting shellacked over the weekend a lot of crypto plays trade 24/7, they don't take days off including weekends and juneteenth when stocks were closed. what is the future. as a lot of these guys hold back on marketing, advertising budgets and we mare out of some key players it is getting very difficult to conduct trades? celsius run into that, a lot of

users are angry they can't sell stuff they want to sell. get the take from john wu, avalanche a key player in the arena. john, how do you see it? is this a temporary hit or something more substantial going on or what happened on saturday when bitcoin got down to 17,000 something a coin that was the flushing out. what do you think? >> hi, neil, there is the asset class and then there is the technology. the asset class is just like any other risk asset class. it is being hit. there are great tech companies, internet companies down 80, 90%. unfortunately a lot of these companies got over their skis with heavy advertising. the worst part about this is retail investors will lose money. that is the bad thing. it happened in 99 with the internet bubble and over the long run companies like ourself we continue to innovate, i can tell you we had more

conversation with basically enterprises, financial services trying to create utility on the blockchain. so that part continues and let's hope that like 2003, 4, google comes out the other end of the pipeline, that will happen here because there is real utility being created today. neil: you know there might very well be, i liken it to, you're the expert here what was going on with the internet technology stocks, late 99, 2000, when the public broke after just zooming. and it's not as if technology went away and we had stronger players that remained like today, amazon, apple, microsoft that sort of thing but a lot died on the vine. do you think the same sort of a cleansing process, if you want to call it that is going on now? that all these players, to say nothing, a lot of these investors are getting shoved

aside? >> yes, there is definitely a cleansing process happening just like in 1999. the internet became more useful afterwards but a lot of the companies participate of that first generation pets.com is the famous one everyone quotes, they're no longer around. they did show the way, and the potential and captured peoples imagination, not to make light of any retail person that loses money that is the worst part of it, but i believe in the long run it is better for everyone because a lot of these advertising that you see is customer acquisition costs on super bowl and other things, ultimately they get education out there and the potential what crypto can do. neil: all right. we'll watch it closely, john, thank you very much, john wu, again as he was speaking there a lot of crypto plays all in the green right now. after quite a shellacking over the weekend. remember, this technology does trade 24/7, virtually all the key players. john, thank you very much for

that. we were telling you the backdrop for today's stock market rally and a lot of it you can stay on cryptocurrency if you want but i passed that. what we're looking at is what is happening on the home building front, certainly existing home sales front. sometimes they're sort of connected even though they're very different areas, on the existing home sales front, no sooner we got word that prices hit a record for homes, we started seeing sales for those homes were sliding yet again, after this. ♪

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♪. neil: when that song was out, home prices were about a third the average value that they are today. median price of existing home around $407,600. that is chump change to jeff flock who follows this right now but could probably understand why. prices go up and of course activity goes down. then all, home improvement delay push, you would think takes on added steam. jeff, what is going on? reporter: neil, you buy an old house you got to do a lot of home improvement. that is a business to some guys, won't be cheap to hire somebody to do it. i would do it myself. this is actually my house. i bought an old house outside of philadelphia, i'm now renovating it. that has been a big business here lately. maybe if you back off, you can see, i need to do third shingles up on the third floor, all rotten. if you look look at the price ot

you have to buy to do this sort of thing it is getting crazy. inflation hit that real hard too. 36% up year-over-year in terms of building supplies. i think i've got some pictures of two of, you talk about rotten stuff, you have to buy things, i've done a lot of renovation here. the old moldings need to be replaced. that is expensive stuff. you tear the old stuff out, you have to put new stuff in. what that is leading to, a lot of people putting things off because of the costs, too expensive. materials as well as labor in many cases. so a lot of people are delaying projects. supply chain issues also gotten in the way. they do tell us, big projects like kitchen renovation, people are still going ahead with that. people that have money to do it. i will show you a picture of my kitchen renovation here at the house. we went from a 1970s kitchen too

something more pope rat. i did most of that myself. i did not dot countertops. there we go. we're working live. you saw rotten shingles. i got new shingles. you have to cut them to get in place. oh, my finger. i was just kidding. anyway, do it yourself, you can save some money. i already cut my finger off once. i don't need to do it again, mr. cavuto. neil: you're amazing. heart an art at artichoke. more and more revealed. reporter: like an artichoke. like an artichoke. got to think about that. neil: it is a compliment. you're really good at this stuff. reporter: i do try. it is my recreation. i enjoy doing it so. i'm in my head for this job. then, my hands for this one. so there you go. neil: yeah.

i'm the same way with buffet lines. to each its own. jeff, always good seeing you. pretty good at this stuff. jeff flock. tim root, i don't know if he is good at this stuff. i do know he is a housing encyclopedia. hindsight amc. look at whole picture. when you coming on with the median price hitting record levels, obviously affecting activity. i have a flip view of it, i don't know what you think. i expected the numbers to be a heck of a lot worse. i expected everything to ground to a halt and that has not happened. what do you make of that? >> hey, neil, i can't wait to figure out what vegetable you think i am. neil: [laughter] >> hey, look, make no mistake i was thinking about this morning to be a housing analyst, for lack of a better term for the last 10 years kind of like being a weatherman in orange county, it is not that complicated. it will be sunny. things are looking bright, you have a little bit after cold front coming on.

what i would say i notice march to april numbers were softening. obviously interest rates increased. 75 basis points increase. may to june seems like an arresting development. it definitely shed down. you're coming from a base that was such a frantic pace even taking a little bit of a froth off doesn't mean it's a soft market. instead of five to 10 offers for a house, clutch your pearls, three to five overs for a house. there are still positive things. two more rate hikes, if they carry out the will of jerome powell, get this thing of fed funds 1 1/2, 1.75 that will be ugly for the housing market. neil: how ugly? we're averaging 5.4 million rate on existing home sales. normally at recession, at this stage you would see something

historically four million, likely well under that. we're nowhere near that. just because the rate hikes, severity of them just really got going or what? >> it's a little bit, obviously supply and demand imbalance. supply has been underbuilt for at least 10 years. the biggest cohort in history, 28 to 34-year-old millenials, coming of age, starting households. as we talked before 330 million people in the country, they have a bias living indoors. the rental market is no picnic. there is no inventory, rates are going up. they're just as impacted by rates as residential home market. there are still a lot of good things to go in the housing market. the thing that challenges me i get concerned about, historically, buy a house 30 years ago rule of thumb shouldn't buy more than three times your earning. making 50,000 a year shouldn't

buy more than 150,000. because of interest rates laddering down for 30 years, makes housing more affordable. that 50,000-dollar earner has to buy a 300,000-dollar house which is six times their income. that works from affordability standpoint as rates go down, as rates go up, that is tense becomes unaffordable. neil: in the past you hope depreciation of value in your home, make the numbers fall in line. looking at regional break down much these existing homes sales, they were particularly pronounced, that is the price movement in the south. florida is a big reason for that, up 20%. northeast by comparison about 5.8%. so in the hot market some say frothy, i don't know if that applies here, they're due for a comeuppance more than other parts of the country. so the red hot, maybe florida market or some of these others that have seen booms, what do

you think look at? >> yeah. i think you're right, neil. obviously the south, miami, orlando, has gotten pretty well jacked up over -- austin is another good one. las vegas is another good one. the biggest markets i saw last year in terms of home price appreciation are like tampa, vegas, knoxville, tennessee, orlando. they have had 30% appreciation rates. some of those are starting to see are showing biggest increase in terms of price reductions. like las vegas, blistering hot last year but you're seeing 5% of their properties right now are listed having price discounts. so i mean they're reeling it back as hard as they were pushing it going forward. markets most vulnerable with higher interest rates, then the prospect of a recession, then you start getting into the manufacturing, the industrial hubs. you're looking at west virginia, pennsylvania, ohio, michigan, wisconsin, those are areas that didn't really get the same sort of 300, 400% appreciation rates.

they're most vulnerable from the lower end of the market. neil: wild stuff. we'll see how it sorts out. tim rood. >> you too, neil thanks. neil: we're up 553 points today. a couple of big developments we're following today. the january 6 committee is reconvening on capitol hill. that starts half an hour. we're watching primaries in key states, including virginia particularly, georgia, where the so-called trump bump is being tested again. not for candidates who are running but the candidates who they are backing. i will explain after this. ♪ ♪ ♪ wow, we're crunching tons of polygons here!

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♪. neil: all right. if it's a tuesday it's a primary day. there are a while bunch across the country today. we're focused on two big ones, georgia and virginia. let's go to georgia first. that's where you find our jonathan serrie in atlanta. jonathan. reporter: hey there, neil. former president trump's ongoing influence will be put to the test in georgia's 10th congressional district. that district encompasses 18 counties, many of them rural east to the city of atlanta. president trump is endorsing vernon jones. a former democrat who previously served in the georgia statehouse and served as ceo of dekalb county which was a portion of atlanta. his opponent, trucking company mike collins carries the endorsement of governor brian kemp, who remains hugely popular among georgians despite

mr. trump's unsuccessful efforts for mr. trump to beat him in last meant's primary. >> governor runs on georgia first. that is state platform. i run on america first platform and i think they could hand in hand. >> i never been an establishment candidate. that shows you my opponent is establishment candidate. he is anti-donald trump. he doesn't want the america first agenda to get through. reporter: the winner of gop runoff will have clear advantage going into the november general election against a democrat opponent which is to be determined. the democrats also have a runoff today pitting jessica four against tabitha green. neil. neil: jonathan serrie, thank you, my friend. in virginia, that is where you find our mark meredith in

fredricksburg. mark. reporter: neil, good afternoon. the polls are open. all day long a few people trickle in and out elementary school. they got done voting in the 7th congressional district we're seeing a large range of candidates trying to unseat democratic congresswoman abigail spanberger. the candidates running in the race have different experiences and endorsements. we're watching to see what the final results will look like, with notable republicans i can picking side, whom cotton, ted cruz, marco rubio endorsing candidates. cruise came to the district south of d.c. to campaign for leslie vague today. she is running heavily on law enforcement headlines, giving headlines of crime nationwide, she believes voters will embrace her experience. >> crime, we talk about the crisis at southern border, this is not something i read, not something somebody told me about, it is something i have had to live through. reporter: vega is touting her persons helping governor glenn

youngkin win over hispanic voters last november. youngkin who took office are this year energized republicans statewide taking over the governor's mansion. other candidates are hoping to use his playbook. we heard from derek anderson, we was on fox earlier today. he will what he can to win over voters. >> we have to teach our bad and good history. at the end of the day we're rich with a lot of good history. we need to make sure that children are being taught what to think, not how to think. reporter: this primariry happening down south in the second district much the commonwealth, which is the norfolk area. state senator ken keegan is front-runner. the winner takes on democratic congressman laura. this is a primary. hard to tell what turnout will be like. this place have only 50 turnout.

possibly more for the primary. we'll find out for sure. neil: mark meredith following all of that in virginia. we're keeping track what is happening on the administration front to deal with inflation. we told you already about how the president might be considering a federal gas tax holiday but it is not apparently getting in the way of something else progressive told him to consider, maybe ahead even of that, forgetting student loans or at least a good chunk of them, after this. ♪ your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do.

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♪. neil: all right, we're still waiting to hear from the administration on this so-called federal gas tax holiday. that might or might not be coming maybe by the end of the week but certainly administration is hearing from progressives in the party something they deem to think is much more important for the time-being, forgiving student debt, at least $10,000 in student debt. let's get the latest from peter doocy at the white house. hey, peter. reporter: good afternoon, neil. president is looking for a policy announcement making him happy with midterm voters.

he has already done something on a temporary basis, another pause on student loan repayments port making a decision on student debt? president biden: yes. reporter: a pause toward the end of 9 month or is that on the table. president biden: it is all on the table. reporter: it is all on the table. progressives want president to go big on issue. alexandria ocasio-cortez has tweeted $10,000 means-tested forgiveness is just enough to anger the people against it around people who need forgiveness the most. $10,000 relief most of people who owe the least. what is the relief for most desperate? interest can undo the 10 k fast. we can do better. that is a suggestion that the president should cancel student loan debt. forgiving the debt mite be popular among progressives,

constituents carrying a lot of debt like alexandria ocasio-cortez said, but the expert advising president biden about this issue, seems very doubtful inflation would come down if the loans were paused or forgiven at least not for a while. >> economic impact any proposal would be across the course of years or couple of decades. so the impact on inflation in the near term likely to be, it is likely to be quite small. reporter: so, this white house is looking for something to give the american people confidence that they have a handle on the economy, despite all the gloomy forecasts. they want a lot of credit for the way they handled covid from day one. when we see the president, he will talk about the covid vaccines now available for children under five, neil. neil: peter, i'm interested in the more immediate issue of the gas tax holiday on how likely that is out of this

administration, maybe as soon as the end of the week. what are you hearing? reporter: we don't know exactly how likely but we know that one of the other ideas, cash rebates or sending a rebate card to help people pay for gas is running into a hurdle because of the supply chain. they can't get enough chips to go into the cards that they would send people to plug into the pump. so they are looking at other options like the gas tax holiday they need to announce, we're getting a sense they feel like they need to announce some kind kind of relief. the president hinted if there is announcement it will come the next two or three days. remember saturday he goes abroad for a g-7 conference and a nato conference. we would expect anything about this to come out before then. neil: all right. peter, thank you very much for that. to austan goolsbee, the former white house economic advisor under barack obama, chicago

economic advisor now. austan, what do you think of this gas tax holiday? when he was running for president barack obama said it was a gimmick. 2 was a different world back then but what do you think now? >> i'm not that convinced, a that will do very much. if the price of gas which here in chicago is over $6 a gallon, if it was $5.83, would people be less upset? i'm not, i'm not sure and if you cut off the funds going to the highway trust fund, i could see that coming back to bite you on the back end. so i think they got to, i think they got to be careful with doing stuff around the margins. neil: you know, there is political pressure on the president doing just that though. i spoke to house majority whip jim clyburn on fox news yesterday, austan on this, he

seemed pretty keen for it. this is jim clyburn. neil: do you think we need a federal gas tax holiday? >> yes, i have for some time talking about the gas tax holiday for all consumers. the president has i think rightfully so addressed this issue part of the way with his tapping into the strategic reserve. that's fine but i don't think that goes far enough. we need to equip, especially rural americans with relief from the gas tax. we done that, when we tried to get this economy back on track after covid-19. neil: all right. that of course is jim clyburn, austan. one of the things i also raised with him wouldn't this have the perverse effect increasing

demand of very gas getting out of whack on those prices and sending prices so higher what do you think? >> yeah. i think that is a serious concern that people got to think about. do you want to increase demand at a time of shortage? i mean my view is as difficult as it is to take this, $128 it cost me to fill my tank this weekend, as long as there is war in ukraine, one of the biggest oil producers of the world, russia, is being prevented from selling on the open market, prices are going to be high. so we're trying to reduce demand in this short period. i don't, i mean, do you think that the federal gas tax is more than a, something like the strategic petroleum reserve release?

2 it feels like it is the same space, that is feels like a temporary, modest thing own the margin. we have to think through geopolitics and the war if we want to get at something that's lasting. neil: all right, austan, thank you very much. to austan's point we have tapped the reserve and prices are higher from when we started. we're up 600 points from the dow. we'll have more after this. ...

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♪ neil: all right, it is official ly the start of summer, today also this is the longest day of the year but for a lot of americans traveling each day seems like the longest day of the year either getting stuck and shocked at the pump or while they get to the airport just stuck period. lauren simonetti gauging it all right now see what i did there, gauging? lauren: gauging it all? neil: she joins us, lauren? lauren: we're still going places , despite the headaches and the high prices so i can tell you, neil, a record 42 million of us are expected to drive at least 50 miles for the july 4 weekend, despite the price of gas, according to triple a, gas is now 4.96 a gallon, that's $1.89 more than it was last year, so yes, we're traveling but we're going to stay closer to home, not a stayc ation, a nearcation, and we're certainly flying less.

triple a says 3.5 million folks will fly over july 4 just 7% of all travelers. it's the lowest percentage since 2011. makes sense, right? the headache to fly, delays, cancellations and price, the average cheapest airfare is 14% more now than last year. it's $201 a ticket. average cheapest seats. meanwhile, you have this american airlines they are ending service to toledo, ohio, its a canew york, and islip new york, starting september 7, after labor day and they blame the pilot shortage, regional carriers operate those routes for american and hit hardest by the shortage, and try, try, try again. jetblue has sweetened its take over offer to spirit for 33.50 a share fending of rival frontier 's proposal 19.99 a share but spirit is not convinc ed the higher offer by jetblue is going to pass regulatory scrutiny, so jetblue says okay we're going to divest assets for this merger to potentially clear, and spirit

shareholders are going to vote on it june 30. so why all the interest? jetblue wants to bulk up in florida, particularly, orlando and fort lauderdale so they are diversifying beyond to the northeast and they also want to compete with the four larger carriers, so they be the number five carrier in the country. neil: all right, lauren thank you very much a lot of ground covered there lauren simonetti following these developments. i get to my next guest and want to update you we are at session highs of the dow up about 600 points and we've seen this about a dozen times since january otherwise brutal bear market, so you have these days where the dow, s&p can rise 2-2.5% but there's oftentimes a little follow through characteristic of many a bear market so this isn't necessarily indictment that we're in for more selling, but history would indicate that there's a pattern to this sort of stuff. what breaks the pattern is when you can keep the buying going or keep the gains going, for more than one day, two, three days

sometimes you'll see in the case of the dow a couple weeks ago we had four days in a row going, or other times you could just look at the weeks and you realize we have more down weeks than up weeks. be that as it may back over 30,000 comfortably so, 30, 485. another development we're looking at is a big surge in tesla trading in the stock itself up better than 11.5%. i was trying to find some catalyst for all of this. i don't want to jump and say it's the fact it's going to trim the workforce by 3.5% on fears earlier it be 10%. i still think it works out to 10 % among executive staff, 3.5% in total but i suspect that isn't the single catalyst for this. we are hearing separately that toyota is announcing it expects to sell 8 million electric battery powered vehicles by 2030 , that is more than double its previous forecast and if you argue that tesla is the king of the heat and it's justifying hiking up prices on all of its models to keep up with surging

demand globally, this would seem to echo that, that toyota sees sales dramatically going double what it had earlier thought in the next few years. actually more than a few years, it's another eight years so anything can happen, but this seems to be the one-two punch lifting a lot of ev player s, certainly tesla included, and all the battery makers and all the adjuncts to this. we'll keep an eye on it for you don't know exactly how broad based this will be, beyond today but we'll keep an eye on it. also keeping an eye on that much -touted rumor that by the end of the week the president of the united states is going to sign off on gas tax holiday, a federal gas tax holiday, about 18.3 cents a gallon. it's on the table we're told. we don't know how he'll grab that or whether he'll grab that or maybe push it back. let's get the latest from jacqui heinrich at the white house. reporter: neil, we are waiting for an answer on that gas tax holiday, but as far as the economy goes, the

president claimed against yesterday that a recession is not inevitable. he says he had that outlook after having a phone conversation with larry summers, former president obama's treasury secretary, just hours prior and of course that's a little bit different than what larry summers said himself on the sunday talk show saying a recession is more likely than not. probably by the end of next year nevertheless, the white house is trying to find some creative ways to ease pain at the pump while maintaining all this optimism. they are considering sending americans gas rebate cards an idea they initially tabled reportedly because of chip shortages and also weighing this gas tax holiday which biden 's former administration never warned to. >> this isn't an idea designed to get you through the summer. it's an idea designed to get them through an election. we're arguing over a gimmick to save you half a tank of gas. over the course of the entire summer so that everyone in washington can pat themselves on the back and say that they did

something. reporter: industry ceo also says the gas tax holiday is a short-term solution and one that runs counter to the administration's overall strategy of reducing demand to cool inflation. even biden's treasury secretary says it's unclear whether the impacts be worthwhile. >> the research suggests that there's reasonably high pass through when a state does it to prices at the pump. not full, but reasonably high. at the federal level, we have lowered, much lower gas taxes than at the state level, and the evidence is more mixed. reporter: so the white house says bring down costs, it is the president's number one economic priority, but what they've done so far really has not made gas prices budge at all they are continuing to release barrels from the strategic petroleum reserve, even though the price for a gallon of regular is hovering around five bucks a gallon, next month the president is going to bring his push for more production to

opec with his visit to the saudi s. neil? neil: all right, thank you very much for that jacqui heinrich, i guess we'll have to wait, and wait we shall. steve forbes is with us now and what he makes of this sort of gas tax holiday. steve always good seeing you. i caught art laffer on fox news earlier this morning saying if he were advising joe biden, of course he would advice him to drill but this would help the american people and he'd recommend it giving a gas tax holiday when they need it right now. what do you think? >> anything would help. the american people need some kind of relief, though unfortunately, the administration and art's right on this , has more than raised the price of a gallon of gasoline, probably a buck and a half, two bucks just by really harming production in the united states. it's astonishing that he's now going to go to saudi arabia and he's going to learn that opec does not have that much spare capacity, so by killing that pipeline, the keystone pipeline

early in his administration first day, 800,000-barrels of oil from canada, a friendly country to the united states, they've done everything possible and continuing to do everything possible to get in the way of improving refinery capacity, building new refineries, permitting a leasing on federal lands. everything that would help the situation, they're doing the opposite. rhetoric one thing, actions quite another. neil: you know, democrats always counter, well the keystone, it wasn't off the ground but as you and i know, oil trades on the markets are like stocks and the thought that supply was going to be hindered amid strong demand, the markets read quite correctly that that was going to lift up the price and it did, and that was long before the first russian soldiers set foot anywhere near ukraine. having said that, back to this gas tax holiday, wouldn't that actually make the situation potentially worse? wouldn't it drive up demand for

gasoline and then raise the price as a result? >> i love that pun, drive it up no, i think a lot of people are now giving very serious consideration to not doing a lot of driving this summer, precisely because of the high price, so the idea is if you want a low price, then you have to accept the consequences. if you want a high price and have people have their budgets stretched, then you are going to face the consequences of a more- likely recession. millions of households are already in a recession, as they are going through their savings, prices are going up faster than their wages, and now you're starting to see some companies now engage inlay off so the clouds are darkening. any relief you can provide. this administration will reduce a tax. i would grab it. it's historic. every tax they see they want to raise, so tax cut even a little one like the gas tax, grab it, because you don't get much from this administration on tax

relief. neil: i wonder, you mentioned recession and it's all over the map as to when one will be coming and some say we're in one now. where are you on this? >> we're in a mild recession right now. mild. there's no such thing, but you have the down first quarter we're going to have barely up second quarter, sluggish third and fourth quarters but the thing is the fed raises interest rates arbitrarily. you're already starting to see an impact on the housing market. people are going to be cutting back their budgets as they have to readjust to these higher mortgage rates, most have floating mortgage rates so there's going to be a downturn and then the question becomes, will the federal reserve buckle under the pressure of a downward economy and upcoming crisis overseas. the japanese yen is about to buckle. that's going to have international ramifications that this administration i don't think is even paying attention to so when you have a sluggish u.s. economy, rising interest

rates, there's going to be damage to companies and to foreign currencies and those are going to play out in an adverse way, and i am afraid the federal reserve is going to say uh-oh, we're going to retreat. neil: real quickly, the argument is the markets can't turnaround until the federal reserve starts cutting rates, that's what tends to be the history, not all the time but most of the time. that could be quite a while. >> yes, it could, and unfortunately, neil, the federal reserve believes the way you fight inflation is by making people poor, suppressing the economy, instead of stabilizing the dollar, which they sort of did in the late 80s and early 1990s, with great moderation, was very effective. they should go back to what works, instead of thinking, making people poor is the way to bring prices down. yes it'll bring prices down as businesses going out of business sales, you have prices get cut but that's not the way to really fight inflation. stable dollars the way to go. neil: got it. steve thank you very much, sorry to jump on you, steve forbes,

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neil: all right, america is literally what's going on with a good deal, for example, making its way through our border, but it's also being heavily marketed through social media. let's get the latest on that and the worries on capitol hill about how to deal with it with hillary vaughn. hey, hillary. reporter: drug dealers have a new marketplace. it is social media. they're using emojis to target kid customers, offering same day delivery, oftentimes with deadly

results. >> it was super bowl sunday, a little over a year ago, and our son sam was up in his room. reporter: sam chapman was 16 years old in high school when a drug dealer offered him a menu of prescription drugs on snapchat and delivered it to his doorstep. our son got what he thought was a pharmaceutical delivered to him at night after we were asleep, as easily as ordering a pizza. we went up to our son's room and found him in what they call the fentanyl death pose. reporter: the drug enforcement agency says prescription drugs like xanax and aderall are being marketed to kids all over social media but what they get is fentanyl and one pill can kill. alexander capaluto was in college and home for the holiday s when she bought oxy from a drug dealer off social media.

>> it turned out she was sold a counterfeit pill made of fentanyl. reporter: zach was the star of his high school football team, he thought he bought perkoset, but it wasn't. he was found dead two hours later. >> when we got the toxicology report it was five times the amount to kill a person. so that's why they couldn't bring him back. reporter: the dea says drug dealers are using emojis to pedal pills to kids in code. social media companies have caught on, and say they are taking action, but for some, it's not enough. >> tik tok, snapchat, instagram messaging service, all don't allow for parent monitoring software. reporter: some parents want to be able to sue social media companies. >> everybody should be responsible for the actions and that goes for big tech or anybody else. reporter: neil, tik tok, meta and snap have all beefed up their teams and technology that is catching this content.

they are also banning search terms and emojis that are associated with these drugs. snap itself is also working on a tool that would give parents more insight into who exactly their kids are talking to. neil? neil: yeah, that's long overdue. hillary vaughn, thank you very very much a read on this from joe cardanelli, the former nypd lieutenant. this is now officially out of control but to be fair to you you were talking about it when no one was, now we learned the role that social media plays in kind of pushing this. what do you make of it? >> social media, you know, they could say what they want, but they are just opening the door a little bit. it's just the door is just a jar it's not wide open for the parents to do what they have to do to monitor their children, but let's go a step beyond that. what about law enforcement? why aren't they allowing law enforcement to see who these drug dealers are and how the drugs are getting across? why don't they have the access that they need, so the fact that this has taken a turn the way it

has with the fentanyl, i mean, you're talking about pills that are two milligrams is a lethal dose, so it's a scary drug. neil, i went through the angel dust years and that was pretty scary. this is 10 times worse because of the way they are masquerading it and it has to stop, and nobody sees the bodies but the parents, all right, but if congress wants to see how many were actually there, then they might take a little more action to do what they have to do to take the handcuffs off the police and let social media go and do what they have to do to give the parents a shot here to monitor their children. neil: but how do you know, trying to give the benefit of the doubt here, joe, to someone that just wants a perkoset or doctors prescribe to deal with pain when in fact you've got something entirely different. >> well, neil, that's the scary part, they are posing as other,

you know, saying well you're going to get an oxy, and you're not. you're getting a lethal dose of fentanyl, and that's the scary part and nobody is monitoring that because, i mean, imagine what that parent just went through, that he summed it up. he can order it like he can order a pizza and have somebody deliver it to his door. that's scary and the fact that the legal aspect of it, you know , fentanyl has a use for the medical law field for a bona fide use, but you know, you get the wizards that take it a step further and they go into the labs and they recreate it to a nasal spray or whatever it maybe, and the ones that pay the price are the kids out on the street that have no idea what's going on so better education too for them saying listen don't even attempt to take something like this. i mean, we had a scare with the heroin at one-time when it was just straight hair o in and it was killing people on the streets. this is 10 times worse. neil: yeah, i'm just wondering too if it does manage to pierce through our normally very

heavily-regulated pharmacy industry and bad products get through them, all bets are off at that point, right? >> yeah, neil, this is a lot of this is coming up through mexico that's the big thing is mexico and until they get a handle and let the dea do what they have to do in conjunction with our border patrol, until they let them do the job that they are trained to do, this is going to continue to happen and the amounts that are coming in. i mean, one kilo at a lowest it matt can kill 500,000 people, that's scary. neil: beyond scary. joe, thank you for that update, we'll keep following this story, that's the side of the border story that people do not appreciate the magnitude of that nightmare. joe cardinale. in the meantime taking a look at what is happening to yellowstone , of course a vacation favorite for so many, now given this flooding we're getting indications it won't be that way this year. the governor of montana on what he is seeing for himself, after

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today she's a teammate at truist, the bank that starts with care when you start with care, you get a different kind of bank. neil: all right, it's a big open question for yellowstone, after all the flooding, when will it be back to normal. sometimes a lot of folks are wondering when will it be fully open that could be quite a ways off let's get the latest from governor greg jim forte, the montana republican governor who just had a chance to see a lot of the damage for himself. governor what could you tell us? >> well, neil, thanks for having me on. i was in gardner which is the northern gateway to yellow stone park just last friday. we had a town hall and as devastating as the flooding has been, and we've all seen the

pictures, we don't want to create economic disaster on top of the flooding disaster we had, so yellowstone park is going to open later this week. we still have some work to do. the main highway to gardiner should be open for traffic in another day or two. we've been working 13 hour shift s to get that repair, so i just want people to know that montana is open for business, the trout will be rising this summer, our mountains are still here. if you have a trip planned don't cancel, come and see us. neil: you know, governor, all of this occurred at a time and it just grew out of control and you were vacationing in italy in tuscany, italy so people were confused where you were in the state. were you hiding that from people or was there just confusion in general. >> you know when this happened no one could have predicted it. we immediately, i work with the

lt. governor to get the disaster proclaimed the same day, was in close contact and immediately made plans to get back here. we cut the trip short, got back home. i've been on the ground, did this town hall in gardiner last friday, was in the flathead valley yesterday. later today i'll be in red lodge , columbus, fromberg, meeting with local businesses. i think the thing that really struck me when i was in gardiner though, a hotel owner held up a one inch thick stack of hotel cancellations that had come in in the last 48 hours, so as i said, at the top, we've got a lot to offer here in montana. come and see us. if you have a trip planned don't cancel. neil: do you, i know you were vacationing when this happened and it did get out of control after you left but you did issue this emergency through your lt. governor while you were there. were you trying to get back?

>> yeah, we cut the trip short. i came right home. this is where i needed to be, and we got back here. we did have the fema administrator here on friday, had a chance to meet with her, i was very pleased we got the disaster declaration filed the same day the flooding occurred and it was then signed by the president within a couple of days so i can't remember a time where we've gotten a federal agency to act this quickly, but we're pleased with the response and i'll be back on the ground again today, with the people in red lodge and that highway through cook city should be open here very shortly , so again, we'd love to have you come see us. neil: all right, it's a beautiful neck of the woods governor, without being a pest about this i just want to get something clarified and i appreciate your trying to clarify that for me, but knowing what you know now, and having left last saturday when this was going on, did you not know the magnitude of what was coming or were the threats real but

they weren't going to be so real that you'd have to push off the vacation? >> neil this was a long-planned vacation with my wife. there was no flooding when i left. when we realized the magnitude of it, we got the disaster declared, i cut the vacation short, i came home, because this is where i needed to be. neil: got it. governor, very good seeing you keep us posted on how things are going there. it looked better than they were so hope springs eternal. governor gianforte, the montana governor. piers morgan and you caught that interview he just had not too long ago, with donald trump. it was a little tense. the former president not a huge fan of piers. now today a column that shows, well, when it comes to leading the party, and maybe leading the country, piers isn't a huge fan of donald trump either. he'll explain, next.

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neil: all right, well the headline easy it all. move over, don, ron can take it from here. piers morgan, of piers morgan uncensored spelling out that for the former president, another guy's name ron is doing just fine. not ronald regan, of course but in the spirit of ronald regan we're talking about florida governor ron desantis. piers morgan is saying the time has come. he joins us right now. piers very good to have you. >> thank you, glad to be on the show. neil: you know, we have a bit of a delay here, i understand that, but you really are very quick and to the point writer, but you

say the gop straddling american world is now see seeing a strangle holdover the party, everway faster than the infam us gorilla tumble to its demise than the empire state building. is it that bad? >> i think it might be and the link is the u.s. navy because of course it was u.s. navy pilots who shot down king kong. neil: [laughter] >> and ron desantis is himself still, i think he's still in the u.s. navy reserve now, he certainly served the u.s. navy with great valor. he was in fallujah, in iraq in 2007 advising the top commander of the navy seal team two i think it was, and he has if you look into his background, desantis, the more impressive it becomes. he graduated from yale and harvard law school, with honors from both. he then went on to have this

glittering career in the military. he then became an attorney general's assistant and was very effective in that role as well and his political career is incredibly popular in florida , where i think he's heading for a massive re-election, and what's more interesting to me is that people are beginning to see him now, as perhaps the future face of the republicans and making a calculation do we really want to have donald trump who will be 78 by the time next election comes around, probably still moaning about having the election stolen when it's quite clear for me how few of his own circle even agree with him or that or do you want somebody fresh and dynamic whose not said that election was stolen who can actually move the party forward and more and more people, i always think, neil, i'm sure you would agree, you follow the money in politics more and more money is pouring in now, to desantis. he's already raised twice as much money for his next gubernatorial race in november

than he had to have last time and he won so this is a guy with money pouring in now including from billionaires who previously backed donald trump, so i'm putting it altogether and i've written this column in the new york post concluding that i think it's time to dump the donald and run with the ronald. neil: you know, but donald trump remains a very popular figure within his party. i don't know the full as you said from these january 6 hear ings. i think the trump lovers will still love him, trump laters will still hate him. could change around the edges here, but you say by almost any political metric you choose, this guy, referring to desantis, is a far-better option for leading the republicans into 2024. you go on to say he's just younger, fresher, and more exciting than the aging, raging gorilla whose become a wine it, democracy-defined bore. you guys once got along didn't you or what happened? >> well, you know, i still get

along fine with donald trump he's got a problem with me at the moment because i interviewed him and he just doesn't like people looking him in the eye saying that i don't believe that election was stolen. i think democracy happened and i think that when people lose elections, especially an american president, they have to respect the vote of the people and they have to honor democracy, because without that, if you don't have democracy, what do you have left so to me, i found that his refusal to accept the result of that election without reducing any hard evidence that it was stolen, as he claimed or rigged , i think it does him a disservice and the longer he's gone on complaining about it and the longer desantis doesn't actually say the election was stolen, the more of a gap is create between them, and desantis has always been very supportive of donald trump and trump has of desantis. i think a lot of trump supporters like desantis, but like the cutoff hisjib, as we would say in the uk and i think a lot of them i've spoken to people in florida at the daytona

500 recently and a lot was a huge fans of desantis, but people voted for trump previously who said i wouldn't vote for him next time but i could vote for ron desantis if he ran for office. i think he's in his 40s, got a kind of obama-feel but for the republicans, not the democrats. he seems fresh and exciting. he's a good talker. he's eloquent and articulate and got guts the way he's taken on disney over this issue of lgbtq teaching schools. i think he's somebody who speaks his mind. he's gone off on the woke cancel culture and i'll be watching him for a while just getting more and more impressed by his style and sort of thinking i wonder what reporter republicans are really thinking because joe biden is a wounded animal right now. it should be a walk in the park whoever wins the republican nomination frankly in 2024. neil: would that include donald trump, piers? >> well i think it's interesting isn't it? he will clearly want to run.

i think he's desperate to get back in the white house. i think he made that pretty clear to me in my interview for fox nation but i think the problem donald trump is going to find i think is that more and more people are now writing big pieces about desantis and the more that happens you know what it's like, neil. when the media heat starts to gravitate away from you to somebody whose 35 years younger, and whose getting more and more airtime not just locally but nationally, it becomes an almost unstoppable force, so is trump going to run? well he won't want to run and lose the nomination, so he'll be trying to calculate whether he still has the power of the force to actually win the republican nomination and i'm not sure that as the weeks and months go by now with desantis' momentum growing, i'm not sure he's going to have that so whether he runs or not maybe determined by whether he thinks he can win. neil: you know, i've heard what you say about the former president not liking to be

criticized. i've seen that now and then, but one thing i'm curious about, whether the florida governor runs regardless of what trump's intentions are. it sounds to me like he is and that's going to be quite a fight could it actually divide republicans? >> it could, but i would hope that at some stage donald trump would put and it's not going to come naturally to him but would put the party interest above his own. what the republicans don't want to do is have a split vote, or have any chance of the democrat s squeeking some kind of victory from the jaws of what now seems to be a crushing mid-term defeat and i strongly anticipate a big defeat in the national election, this biden administration has been a complete disaster and everyone can see that. i can't see with the economic conditions things changing very much for the favor, but what the republicans need to do is make a decision reasonably quickly i think about are they going to be following the ghost of christmas past, donald trump, with all the baggage that comes

with that, and we know that it's a good and bad, i see lots of good qualities of donald trump, and i've always gotta along until recently very well with him, but desantis in the way is trump policies without all the nonsense and inflammatory rhetoric and the mad tweeting and all the rest of it which is the stuff which put up a lot of independence, and i think that if desantis can be a more acceptable version of trump, pursuing similar policies many of which were very popular, that could become an extremely potent cocktail for republicans to consider when it comes to who they want as their nominee. it's a big choice, because as you say, if they split the party in two between desantis and trump that could cause more problems down the line so they have to make a decision. if i was donald trump, i would actually start to pivot to being king maker. i would start to say actually, i was with desantis from the start i think he is the future, and i'm right behind him. has donald trump got that in him to do that?

to play a king-maker and not just be king? that's a huge question mark over that question. neil: yeah, i wonder about that. by the way have you guys thought that of former president trump yourself since that interview? it was an incredible interview? >> no, he's issued four statements, sort of shelf condemning me. i think the last one called me dead instead i was catching flies and i'm still alive, neil, i've known donald trump since the celebrity apprentice back in 2008. i consider him a friend, albeit one at the moment we're having a different time, he doesn't like people criticizing him and he doesn't like people saying the election wasn't stolen, but i'm afraid i think a real friend is somebody who looks somebody in the eye and says when they think they are wrong. i think donald trump is completely wrong about continuing to protest about the election being stolen. i think it's damaging to him, damaging to the republican party , damaging to american democracy. he needs to stop it. i don't think he is going to

stop it and i think the fall out from the january 6 hearings are damaging in a drip, drip, drip way and at some stage republican s have to make a call. do they want to keep going with somebody whose so divisive, so polarizing when they have an option now in ron desantis, of somebody who can give them all the best of trump without all the worst, and i think that's certainly the point of the column and then for the post was to say, i think this is the way you should go. now republicans may disagree with me but they should certainly be having the debate. neil: well-put. piers morgan, "uncensored" he does know how to get a reaction i'm sure the former president read that column, see if he reacts to it. we'll have more after this. mana. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments

that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different. before discovering nexium 24hr to treat her frequent heartburn... claire could only imagine enjoying chocolate cake. now, she can have her cake and eat it too. nexium 24hr stops acid before it starts for all-day, all-night protection. can you imagine 24 hours without heartburn?

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neil: all right, good day for trading stocks but that has not eased the pain that a lot of folks are feeling in their 401 (k) and elsewhere, gerri willis has more on where we stand right now. gerri: neil, that is right. cold comfort we have today for people worried about their retirement savings, surviving the bear market, well, at least you're not alone. the market sell-off has erased $3 trillion from u.s. retirement accounts, not counting of course counting today's gain in the

markets. this includes both 401 (k) and irs. so far this year the dow down 16 %, the s&p down 21%, the nasdaq off by 29%. the good news is that at least according to a new bank rate survey, americans aren't overreacting. fully 56% of small investors did nothing in response, but a survey from bmo harris shows higher consumer cost due to inflation has caused 21% of investors to reduce their retirement savings. listen. >> the thing to do is to bail out, or stop making the contributions. one of the beautiful things about a workplace retirement plan is that you're making regular contributions every pay period and so when periods like this where the market is down, you're getting more for your money, more for your contribution. gerri: but for those approaching retirement or in retirement, well, the stakes are far-higher, after all those portfolios have little time to recover.

the impact can be high. according to vanguard, of the six sustained bear markets experienced by investors since 1946, declines have ranged from 23% in 1962 to 50% in 2008, and they've lasted anywhere from six months to two and a half years, as i send it back to you, neil i'll just say vanguard recommends changing how much money you're taking out of those retirement savings instead of the four to 5% in tough market years take just 2% and then change back when the market recovers. neil? neil: good luck with that. gerri thank you very very much, gerri willis. in the meantime here we are focusing right now on elon musk and what he's doing, not only is tesla stock rising but a great deal of interest again in twitter, charlie gasparino following all of that. hey, charlie. charlie: yeah, and twitter stock is rising, neil and rising on a tweet i just put out that musk, according to bankers close to the matter, continues to spoke

to them about figuring out some way to buy twitter that satisfies all parties. he wants essentially a lower price or to pay less money. twitter wants the 54.20 be put on the table recently, as you know the board of twitter just approved it. what we're hearing from bankers with direct knowledge of the matter, neil, is that they are exploring what they describe to me as creative financing options, to make this numbers work, and to satisfy both sides. now what those are, i don't have those details but you can just imagine. it's something where he pays less than what he wanted to pay at first, maybe you throw some debt in there, maybe some more equity partners, maybe a creative financing way to make this work, bankers are pretty smart they can figure this stuff out but that's what they're looking at right now and that's what kind of they're talking to him about from what i understand we should point out that representative musk had no comment, tesla has no comment, twitter has no comment, but that's what's going on right now so this deal, as of i would say

right now, and i always preface this when ideal with this story, neil, is on. they are trying to work something out. after i get off the air, it could be off as far as i know. knowing the parties involved, particularly mr. musk and what's interesting about this when i'm talking to people that know what he's doing is is that it was described like this to me. we all sit around thinking that elon musk for 24/7 is thinking about twitter. apparently he's not. it's occupying a portion of his day, but probably not the biggest portion. the biggest portion of his day is occupied bye-bye tesla, the second biggest from what i understand is spacex and twitter , his deal, potentially deal with twitter is somewhere, number three, whether it's 33% or 20% number three or 10% number three i can't tell you, back to you, neil. neil: got it charlie thank you very much charlie gasparino. right now the dow up about 579 points so the question is,

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♪. neil: you know it is not that stocks are combing back today,

but a lot of crypto plays, including a coinbase a large market for trading crypto, pretty much anything, surging right now. this is excess of 12%. had been up close to 16% on indications maybe, maybe this has been overdone, that there will be stability returning to the whole crypto arena. too soon to tell, but at least today that is the take. let's go to charles payne take you through the next hour. charles: we have michael saylor, talk about someone who put it all along the line for bitcoin. he is one of our guests today. neil: wow, absolutely. charles: thank you, neil. i'm charles payne. this is "making money." it's alive, it es alive. stocks are in one of the worst drubbings in history. is this a head fake? i agree with individual investors the playing field is unfair. i will share an example with you that will make your head explode. nobody has more bitcoin