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tv   Cavuto Coast to Coast  FOX Business  June 22, 2022 12:00pm-2:00pm EDT

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what a experiment. >> yeah. stuart: 13 years of prohibition. we're out of it. the markets are mixed. the dow is down 40. nasdaq is down a little bit. mostly lower but not that much price movement. my time is up. it has been a great show. mark, thanks very much for being with me at time. neil. it is yours. neil: stuart, thank you very, very much. as we hit the noon hour on the east coast of the united states, we're watching reverberation of fed chairman jerome powell on capitol hill. he is giving everyone a different piece of something here. he is cone vinceed right now he will avoid a recession here. says that it is certainly a possibility that interest rates could rise to levels that cause a recession but he is very confident that that can be avoided. he says that the u.s. economy is well-positioned to handle more rate hikes. he did not telegraph how many rate hikes there might be coming. again the overwhelming
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anticipation next month we see another 3/4 point hike. battle for stocks whether you see inflation still getting out of control which would lead to a big backup in interest rates and all of that. we're seeing less of that today on the interest rate front. investors seeming more convince ad slowdown, worse a recession is coming. so that put a lid on that activity. it is a confusing mess. now reports that the administration wants to do what it can, at least on the gas price front by offering up a federal tax holiday that could go up three months. jacqui heinrich at the white house with more. jacqui. reporter: neil, the president is expected to call on congress to extend a three-month federal gas tax holiday. something he will ask congress to pass. so far there hasn't been outreach on capitol hill to lawmakers to build support for it. right now doesn't look good for republican support.
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senator tom cotton tweeted the dems tax gas holiday a gimmick, worth 18% a gallon, 6% of increase in gas since biden took office. it is meant to cover up the fact that dem policies restricted supply and raised costs. even senator obama called it a gimmick to allow people in washington to pat themselves on the back. even biden's own treasury secretary is unclear how americans will benefit because gas taxes are lower than state taxes. there is worry from some economists that would increase demand thereby increasing inflation. president is desperate to get prices down. he is making a fight with oil companies accusing refiners. your administration largely sought to vilify our industry. these are not helpful for the challenges we face and not what the american people deserve.
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biden's answer, stop whining. president biden: this is sensitive. i didn't know they get their feelings hurt that quickly. we need more refining capacity. this idea that they don't have oil to drill and to bring up is simply not true. reporter: but industry heads have been clear, they need a green light on policies over drilling, leasing building infrastructure, and regulation from the president who once vowed to end fossil fuels. even fed chair jerome powell said that is part of the problem. >> if you pick up the annual report of any of the big oil companies you will see that is something that is happening. it's a rational economic response to expectations about where future policy is headed. reporter: so tomorrow energy secretary jennifer granholm will be meeting with these ceos from oil and gas companies for a meeting that the president himself called and convened but he does not plan to attend
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himself, neil. neil: jackie line risch, they very much. at the white house. the administration is supposed to detail all of this later today. again the expectations are it would be a three-month reprieve in the federal gasoline tax of 18.3 cents a gallon. 24 cents when you include diesel which will be also included in this. of course there is that notion that the president's going to make a strong pitch for states to do the same thing. on the federal side this is something that cannot be done by sort of presidential edict here. he will need congress to make that happen. this is uphill battle to put it mildly. dan eberhardt canary ceo what he sees happening. in the face of higher prices people are saving their driving patterns some curtailing their travel, still expect ad record for the july 4th weekend. where do you see this going the gas tax thing not withstanding? >> we've seen demand destruction but i see where prices are going
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higher. we have a diesel shortage higher. refiners have to move to producing 90% gasoline and 10% diesel to 80/20. we're looking at a policies out of biden administration is not producing more supply. if anything a gas tax holiday will produce more demand. five refineries closed during the biden administration. they put lipstick on it saying they want lower gasoline prices. the policies are not working. policies are producing less supply and leaving demand same or great ir. biden needs to do something. he might as well subsidize bicycles instead after gas tax holiday. i think it would have the same result. neil: it is odd dan, for me to hear of all people jerome powell kind of zing the administration in policies he felt it was understandable for oil companies reluctance to work with him in
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this environment or dealing with the environment itself. what did you make of that? >> well, yeah, look it is clear to all the administration keeps throwing wet blankets on oil and gas industry trying to solve the problem around it. spr release, national gas tax holiday, meeting with the saudis nothing is striking at heart of what we need is more supply. they raised royalty rates on drilling on federal lands. they canceled the offshore lease program. they canceled all these pipelines. these are all steps that push gas prices higher and administration's words don't match their deeds. neil: we're going hat in hand to the saudis to produce more. we were dealing with venezuela for a while. that is temporarily shelved. we're looking for it in the most unusual places. this is a mug's gamed, dan, if the administration would do big 180 on this, just completely change their attack line, say all right, now we're going back
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to drill, baby drill, wherever you can find it get it, we'll support you trying to pursue, what do you think the market was do? after all oil trades on global markets. it's a commodity, just like a stock. what would the market the make of a move just like that? >> i think they would be surprising. i think you see oil dip a little bit. you see rig count increase. you would see more investment in the u.s. which would up lift the overall economy. we have the oil here. the reason we're not getting it out out of the ground, we have higher oil price, better economy under trump but yet we're producing 2 million barrels a day less. why? because the policy has chilling effect on drilling and biden is not making it safe for medium, long-term investment and investors are willing to make short-term incremental investment. that will not make medium investments to push production up. five refineries closed since biden took office that take as
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about 5% of refining capacity off-line. we're going in the wrong direction if what he wants is lower gas prices. i think that you know, people are smart enough to see his kind of lipstick and rhetoric on wanting lower gas price. the deeds which are creating really an uplifting price for oil and gas, look what will lead gasoline prices lower unfortunately a recession or thoughts or the possibility of a recession, now biden's policies. his policies keep pushing oil higher and higher. that is subliminally at least what he and progressives want. neil: we'll watch it closely, dan. great catching up with you on this. the focus on the hour as much of the day moving markets jerome powell speaking in the congress today, weighing in on inflation versus recession argument. the central bank chief saying rates will rise until there is evidence of slowing inflation. when that's clear, then all bets are off. i'm paraphrasing there at the end. hillary vaughn following what he
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has been saying as well as some criticism from elizabeth warren who is saying you know, don't take the economy off a cliff here when you go after inflation but hillary, how is it looking there? reporter: hi, neil. fed chair jerome powell remember the president said is the man solely responsible and in charge of addressing record high levels of inflation. he told lawmakers today though that sky-high prices were a surprise. >> inflation has obviously surprised to the upside over the past year and further surprises could be in store. reporter: so that's not necessarily a tone of confidence coming from the man in control of getting control of inflation. we tried to ask powell moments ago what he meant by more surprises could be coming but he ignored our questions. powell today though did break with the president and democrats a few times in his testimony. he said inflation was high well before the war in ukraine
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despite the president's claim putin is sole slowly to blame. he didn't play ball when democrats wanted him to blame corporate greed of high gas prices. >> do you have concerns that the oil companies are manipulating, controlling prices we have right now? >> honestly those are not judgments for us to make. reporter: powell also wasn't up to the task telling congress what they could do to help ease inflation earlier. >> what if the united states congress said look, we've got a budget. we're going to freeze spending, we're going to stop injecting more money into the economy, would that help? >> you know i feel like giving you advice on what to do -- >> i'm asking for it. i am -- >> we're not getting our own job done. maybe better thing for us to do get our house in order. reporter: powell was asked if raising rates too high could
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trigger recession. he said that is quite certainly a possibility but later he also added it is really hard to forecast in the long term or predict whether or not recession lies ahead but he said at this moment today he does not see a recession as likely. neil? neil: hillary vaughn, thank you for that, very, very much. therein lies the rub for the markets, for the economy, for all of us, battle between getting inflation under control and preventing recession when you're trying to control it. the markets move based on that, that if inflation looks like out of control, they sell i don't have, if it looks ought of control they buy. prospect of a slowdown looks good they buy that more because it is better than inflation sticking around for a long, long time. market memories are such that can't be good. let's go to kenny polcari on this, larry glazer on this, two market pros. kenny, to you first what
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investors are hoping for more? they don't like fast at this yawn choice, they don't like inflation or like recession if the fed goes too far tackling inflation. what wins out in the end? >> you know i'm actually not so sure that they're not hoping for recession just not a deep one, right? if it is mild, takes some fluff out, brings inflation down that might be the best choice out of them all. the problem is going to be, i don't think, i think the market is starting to tell you they don't believe the fed is in a position where they can navigate that soft landing. i think it will be a hard landing. i think it will be every day it grow as little bit harder. i think that is why you continue to see this volatility. yesterday's 602% rally was mind-boggling, flog changed, rates going higher inflation is out of control. there is certainly a lot of confusion. i don't think powell's comments they con tin to confusing. one hand we're good, we're but
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other hand rates go up we'll watch news, there may be surprises. i think they are putting out in the narrative of one more time, possible 100 basis point increase in july. i think they started laying that groundwork yesterday. harkin started saving this day. barkin started saying this today. they put it out there so the market becomes comfortable with the potential of 100 basis-point move in july. neil: wow. you know, larry, there was even talk of that at the last meeting we might see a full percentage hike which was routine under paul volcker. that woe then, argument would be hard to pull something big like that. what do you make of the possibility they could be setting the stage for that. >> markets really don't like surprises. i would almost use the word they hate surprises. that is one of the reasons we've seen so much volatility. worst start to the year since 1970. last week was one of the worst things we've seen in year.
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all this is pricing the bar is coming way down in the economy. people are getting concern. recession word is everywhere. the fed has a credibility problem as kenny mentioned here. they're trying to restore credibility recognizing they hit the inflation issue hard, finally took them a long time. by doing so they may catch up on the problem. they're not ahead of it. they're still behind, they're not catching up. all the fed officials are out there laying the groundwork we don't have future surprises fed laying rates to address the issue. the real concern, as ken kenny mentioned slow down in housing market definitely getting priced in. if it is worst thank a mild recession it is probably not priced in. that is the question we have to ask ourselves is the fed making progress on this issue or are they completely out to lunch? neil: kenny on that point, maybe we're seeing the fear that you know, this takes hold of the
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economy, all these rate hikes, mol is forceful saying underlying economy is strong, job growth is strong not like it was in the '70s, he didn't add that, i did, that avoids this talk or threat of a recession but the backdrop is not necessarily positive, right? pulte group today, big homebuilder, downgraded by rbc on early indications and early innings of a housing downturn. it is affecting all builders as a result. what do you make of that? >> look what jpmorgan did today? they laid off a bunch of mortgage brokers what they expect will be slowdown in the mortgage market that makes sense as cost of money goes up. when rates are go from 3% to 6%, there is now, there is now 18 million households that no longer qualify for a 400,000-dollar mortgage because the money is too expensive and they can't afford it. there is 36% reduction in demand. rates have not started to move
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yet, right? we're at still 1.75%. after june's rise, if they rise by 75, full percentage point, think what happens to mortgage rates again. think what's happening to the housing market. i don't want to paint a light your hair on fire, people have to understand, we've been in this 12 years. they have been overstimulating for years and get out us this by three getting out of this will not -- neil: hank on to that my friend, i hate to be rude but i'm cutting you off. you will have a little time later to expound on what ken nip just said. kenny was referring to the move on the part of morgan stanley where it is now kind of easing up in its mortgage business, laying off reassigning about 1000 individuals in that mortgage unit. we don't know the net reduction in jobs but all because of this housing slow down. it spills over even into the crypto world. that isn't surprising.
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symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist neil: all right, i think i had misspoken before that i said morgan stanley was cutting back on its mortgage unit. it was actually jpmorgan chase. i apologize for that. its laying off, reassigning 1000 employees in the mortgage unit. this as the housing market cools. on the same day rbc, the big brokerage firm had downgraded pulte group, saying we're in the early innings of a housing downturn. pulte a major homebuilder and all the other homebuilders selling off in concert with that. although they had been selling off a lot worse earlier. get the read on all of this with jeff taylor, the mortgage bankers association board member. jeff, one of the things we already noticed in the housing arena that people are trying to pivot in this environment.
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some to adjustable rate mortgages, not nearly the type and the risky types that we had back right before the melt down but adjustables just the same. can you give me an update on that? >> absolutely, neil. thanks for having me. great to see you again. in times like this when rates have risen so quickly 3% fixed to over 6% now the thing with an adjustable rate mortgage you can generally get a point, point 1/2 below where a 30-year fixed but for smaller duration of time. they could do a three, five, seven or a town. so people going into those loans have one of two theories. either they believe they can pay off everything that they are taking the loan amount in that period of time or they're taking a bet when the loan comes up for refinance, whenever that period of time are over rates will be lower than they are today. i hope that people looking ad adjustable rate mortgages are
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doing it now hope they believe can take pay that house off in that period of time. nothing tells me in the economy that rates are going lower anytime soon. neil: they might also be looking what's available to them. even though that is sort of weighing the risk for holding out for a mortgage that might stay low for three, five, seven, even 10 years, it's not like the devil-may-care adjustable rate mortgages, no-doc loans that popularized the housing boom of the late '90s and early 2000s. i don't see a lot of that craziness going on, do you? >> no, i do not neil. this is actually what we do as a business as general risk. we're the largest fulfillment company for mortgages on behalf of big banks, independent lenders. here is the thing, an adjustable rate mortgage you will have a lot more scrutiny. you will want to see more deposits and more assets before the banks make that loan. the underwriting guidelines and
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framework will be much tougher. to your point this is nowhere 2008. the housing market market fundas are strong. will we see 3, 4% increase this year? no. but fundamentally we have a strong housing market. neil: having covered that meltdown, the giddiness, devil-may-care back then, people flipping properties sight unseen, they were making money hand over fist until suddenly they weren't. even buying other selling these mortgage-backed securities nicely bundling all that risky stuff, there is always a new wrinkle we should be afraid of. any potential wrinkles here that has you up at night? >> you know the wrinkles that i'm starting to see, you can imagine this, right? basically refinance market all but shutting down with rates at 6% right now. you're going to see that term of
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non-perfect mortgage, but that credit box will definitely start to be stretched in the coming months as people are trying to create products that those who are trying to purchase a house can get into. for example, if rates were 3% a year ago right now, they're at six that mortgage payment has doubled. gas, food, everything's higher. so when you're trying to create a product that a person can get into first-time house or a house somewhere in the median home price of $450,000 they will come up with other creative ways to go ahead to put those mortgages. a lot of mortgages don't conform with fannie, freddy, sit on bank balance sheets or become securitized. scrutiny around those will be extremely strong. not keeping me up at night but not vanilla, 100% everything in tight credit box we've seen for a while that will loosen the next 12 months. neil: very interesting, jeff, you're the bible on this. jeff taylor following all of
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this. again this comparison we often make of the '70s, that might pan out. there is nothing to give evidence of that for the time-being. sometimes the naysayers can get a little ahead of the curve here. so far we're seeing very little of that. so far, so far. we'll keep an eye on that. progress in washington. this concerns that gun legislation, the getting bipartisan support for have at least 10 republicans keenly supporting it and now, some compromises has both sides complaining a little bit which is probably sign of a good deal. after this. ♪ (vo) while you may not be closing on a business deal while taking your mother and daughter on a once-in-a-lifetime adventure — your life is just as unique. your raymond james financial advisor gets to know you,
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♪. neil: all right. they're very close to something on capitol hill. there is talk of a bipartisan gun reform package. they're dotting the is, crossing the proverbial ts, say it is not a done deal yet. aishah hasnie with more from
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capitol hill. where does this thing stand? reporter: neil, if you or your own viewers own a gun at home you've been watching the whole process very closely because this huge package is well own its way to becoming the first gun legislation that congress will pass in nearly three decades. it is a big deal. last night they took a huge step in advancing the bipartisan safer communities act as it is called with not only 10, neil, but 14 republicans voting yes for it that was quite a surprise. that includes minority leader mitch mcconnell and a few senators retiring. we knew they would have 10. in fact they had 14 republicans signing on. lawmakers say that this 15 billion-dollar fully paid for package will send money to states to build up school safety, to build up mental health services. it will also enhance background checks for gun buyers 18 to 21
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to include juvenile records in the background checks. the bill will sends millions of dollars of states to red flag laws, but they must offer due process to gun owners to have their firearms moved. on the so-called boyfriend loophole, the current federal ban on abusers, those will include abusing a dating partner, but the ban will only last five-year. the package does not go as far as democrats hoped. does not include radical changes president bite asked for on assault weapons or high capacity magazines. still though, neil, the nra fiercely opposing the deal, writing this in part this bill leaves too much discretion in the hands of government officials and also contains undefined and-off broad provisions inviting interference with our constitutional freedoms. but lead negotiator, senator cornyn earlier today told
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reporters does think the nra will sway any 14 republicans, any 10 that are needed to get this across the finish line. >> they have a, they have a membership and a business model that will not allow them to, to support any legislation and so i understand where they're coming from, but i think most people will not allow any outside group to veto good public policy. reporter: so, neil, now that they have the numbers, it is just a matter of time and when this legislation sees approval. you know july recess is around the corner. leader schumer wants to get this done at least on the senate side by end of this week. it has to sync up with the house and we would have to wait for them to get back to take care of that. neil? neil: yeah, easier said than done to your point. ashiah, thank you very much. ashiah's point about the house, big hurdle might be house gop
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with steve scalise is formally against this bipartisan senate gun bill if it ever does get to the house. that is still for the time-being under democrat control but not by much. so you know obviously both sides would need a little bit more support here. on percentage term, a little more certainly in the house than we're seeing in the senate. phil wegmann, "realclearpolitics" following all of this. phil, what are the chances this goes through? you have a little bit more insurance i guess, the fact that it could be up to 14 republican senators. you don't have that wiggle room certainly among republicans though in the house. where do you see this going? >> well ashiah laid it out really well there, certainly on the senate side seems that lawmakers are within the margin of error to get something done here. almost as if the script has been flipped a little bit. so often we talk about the senate needing one or two republicans to cross the aisle. the margins are close in the house this time, so we're going to see how this all shakes up.
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again the of july recess is so significant. lawmakers want something done before then. lawmakers know when they go back to their home states, chances are good they're going to get an earful from their constituents. taking a step back though, assuming this does actually pass congress and it makes it to the president's desk, this would be president biden's marquee legislative achievement going into the midterms. second perhaps only to the american rescue plan. it certainly historic. neil: you know, that history not withstanding, phil, i'm just reminded how controversial for republican senators that want to push this. i remember john cornyn getting booed at a public event simply for his support to this. i don't know if that spills over to other republicans considering. a third of them are not seeking re-election themselves or not up this year. wondering what the risk is on the republican side? >> right. because there are a lot of
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voters out there who don't get caught up in the fact this is the first time congress has done something for three decades on the issue. a lot of voters are just saying no, we don't want d.c. to do anything but i think that there are, you know, perhaps, you know, more voters or loud enough ones that have essentially forced the mcconaughey moment. we saw that actor on "special report." basically what he laid out a demand for some type after compromise, no, the left will not get the whole loaf of reforms that they want but what is being proposed is not so extreme the right is just reactionary and says absolutely not. i think what is coming out of the senate right now is lawmakers best effort at that. we're going to see whether or not you know, the 14 republicans who backed advancing the legislative text we're going to see if they can with stand what is going to be some withering
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grassroots campaigning against this thing. neil: yeah. it is going to be interesting. again to your point, not a slam dunk, phil wegmann, thank you very much. "real clear politics." by the way we're following a lot of companies suddenly realizing you know what? we got to do something about this slowdown. we've got to do something about inflation and for good many of them, whether it is reassigning or outright laying off workers, biggest trend on worrisome side, tech companies are doing, some yanking job offers to college grads, which has the grads scrambling. the labor market in disarray after this. ♪.
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neil: boy, oh, boy, times change big tech stocks, last two days at least. not all of them, good many of them. this happens as a lot of companies that were looking for workers the world over are tightening up a little bit. we're hearing that some are actually yanking job offers already guaranteed to a number of college grads who are now to put it mildly scrambling. twitter is apparently doing this right now, more than some of the more prominent names, maybe understandably, given what could be a big change there, if elon musk succeeds taking over the company. it is upside down moment for american workers who had all the edges and all the benefit. now, not so much, kelly o'grady following all of this in los angeles. kelly? reporter: good to see you, neil. add netflix is bracing for another round of layoffs with stocks troubles.
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they had no comment, according to variety report impacted staff are told cuts are at the end of the week. 150 employees were laid off in may, and dozens contractors, that there would be rounds of pink slipping. the stock is trading at 179. the company losing 70% of its value where it revealed this spring it lost 200,000 subs. they are spending a ton of money on content, 18 billion annually. a lot of investors want them to cut costs where they can with staff of 11,000. keeping on employee trouble front, nearly 1300 southwest airline pilots, love field airport yesterday to protest ongoing staff shortages, what they're calling the largest display of unity in the airline history. seeks to raise awareness of fatigue where the union asserts due toker rattic schedules and delays, cancellations. the company shares with fox business, quote it respects the right of our employees to
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express their opinions. we do not anticipate any disruption of service due to this single demonstration. as they renegotiate the contract it deals directly with the frustrations of passengers. >> all of our guests are seeing pilots are not in position to operated a plate. they're taking delays. there is kang selllations at times. we're tired of saying i'm sorry on every flight. reporter: this comes after 14,000 flights were canceled acrossair lines this weekend, 200 yesterday. most anyone travel something experiencing some form of these frustrations protest shows chaos is across the industry. neil: not ending anytime soon. thank you very much, kelly o'grady following all of that. you know times are stuff, a lot of workers looking for side hustles, sideways to make do to pay the bills. it is rampant, after this.
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♪. neil: well, just call it a sign of the times. workers who were for a while quitting the workforce are now eager not only to stay in it, but get some side hustles to make money to deal with inflation. gerri willis here to spell it out. what is going on here? reporter: neil, the side hustle is now a fixture, it was a way to save money, pay off debt, to position yourself for a dream job. not anymore, listen. >> fewer people are side hustling now versus 2019 but significant already more of those who are sued hustling because they need to. they need this extra money to make ends meet. for most people one job is not cutting it right now. reporter: cordings to pang rate.com, 40% of side hustles need to cover expenses. 30% of u.s. workers with a second job said the same thing in 2019. who are they?
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side hustlers are likely younger male millenials, typically 26 to 32. the most common job is landscaping or lawn mowing as opposed to delivery or uber driving. now the gas prices are so high. boomers of course the least likely to pursue that second job. inflation, the big reason why side hustlers of all ages are working a second job. what is curious about the new trend, it is occurring amid what has been a strong job market. but as you point out that strength may be easing as some companies rescind job offers and others dial back hiring plans. average income for the side hustles? 996 bucks a month. but men are earning almost triple the levels of women, 1492 bucks, versus 572. why is that, neil? women are more likely to work in lower paying jobs like child care. neil? neil: wow. all right, thank thank you for . gerri willis. go back to contend dell curry
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and we also have larry glazer. glad to have him back. larry what do you make of this, where people are contemplating side hustles just to make ends meet? >> you know, neil, i'm in boston and we have a enormous college population with tens of thousands of students graduating every year looking for high-tech, biotech jobs, those jobs are getting hiring freezes. they're rescinding job offers. high paid skilled jock of the future are not what they used to be. the salad days are over. what is apparent, service jobs, low end jobs, they don't want because they can't pay back student loans with those jobs. it's a transition and my concern is it is suggesting that economy is weaker than the data is recognizing. the data looks at unemployment rate. if you're losing high-end, nonbased future jobs, skilled jobs because of financial market volatility the fed is causing, instead you're creating low end service jobs that is not an
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economy that supports the middle class going forward. as much as the fed talks a big game fighting inflation, i think the consequences here will be felt for years and college students graduating are the ones that will feel it first. neil: you know, if this takes hold, kenny, you could start to see whether companies are overreacting. in other words they have yet to feel the immediate pinch themselves, maybe they sense it will happen, they will be under great duress in a few months, another year from now, as higher rates, slowing economy, you know, grips them, they have to just start jettisoning workers or slowing hiring of those workers now. what do you think? >> so, listen i think that is true. i think larry makes a lot of good points. i also think the side hustle thing. people are also aware that potentially could happen now as we move through what the slowing economy. look, places like fiber or up work, if you ever heard about them, they are places where people can go to get side hustles.
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i've done business with both. there are young people out there, both men and women. which is interesting jerry's article about women getting paid less, if you go to up work, you see some women managing websites or designing websites, doing accounting whatever, the rates are the same. the men and women are not getting that much significantly different rates. so they do offer the opportunity for people to do a side hustle on the side. they got a full-time job, a guy i did some business with on my website had a full-time job with a tech company was doing this on the hide. he has three kids, family to support. lives in california. taxes are high, cost of living is high and he was using it as an opportunity to bank some extra cash. it makes perfect sense. people are doing a side hustle banking that their current job may not be around next year. neil: they could be responding to headlines, right? when we look at this, larry, people are shell-shocked with
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the markets what they're doing, these stories of companies curtailing or rescinding job offers, i'm just wondering if it, if it become as self-fulfilling prophecy? more companies maybe we ought to do the same thing or other workers maybe i ought to be worried about the same thing. do you see this feeding on itself? >> one of the reasons the consumer held up so well because the job market has been so strong. because the housing market has been so strong. as we see cracks in both of those, real concern heating oil season is just around the corner in fall. when that comes, people get nervous, they start to contract. they get bills from summer revenge travel, revenge spending. they may start to think differently. the story was people would no-go back to the office. unless there is recession? they may get a recession and they may go back to work. so far high-tech layoffs is
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quiet. people are not replacing people. it will not be so quiet in the fall because companies can't raise money in environment at valuations that they had. the consequence is going to be in those high paid jobs. we'll start to see it play out. we hope it is short-lived. we have to prepare for the worst, just hope for the best. neil: kenny, a lot of people different views on market, selloff it was overdone, between yesterday, today, way too soon to put a fine point on this, that this is overdone, that we're through the worst of it. another camp says quite the opposite, if you look at history, shows we have a long way to go, mentioning last hour, things don't turn around until the federal reserve starts cutting rates. we're a long way from that. where are you on this, what do you tell investors? >> i don't think it is overdone at all in the sense that the market needs to correct, it needs to correct fairly substantially considering they
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overestimate overstimulated three or four years when they should been pulling back. i'm not in the camp that morgan has 3400 price target on the s&p, goldman has 3100 price target on the s&p. i think goldman is way out there almost on the verge of hysteria. i think we're closer to the bottom. that doesn't necessarily mean we're running back to 4800. i think it will churn a lot at the bottom because there is a lot of work to do to repair the internal damage that has been done to a lot of names on this ride down. neil: super quick, larry, are you telling investors just hold off? >> you know, neil, depends on time frame. i hate to say that because it always like a copout. if you need money next year for college, take the money out, have it someplace liquid if it is available. if it is multiyear money, get a massive correction like every asset class, investors are frozen, the kid is going to college. have to fund the education. put money away.
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take advantage of market declines for the long term. neil: long term for me, guys is lunch tomorrow. be that as it may. the boying is on 40 points north for the dow. i'm so glad we did this. i'm so glad we did this. i'm so... .. i'm so glad we did this. edward jones i have moderate to severe ulcerative colitis. so i'm taking zeposia, a once-daily pill. because i won't let uc stop me from being me. zeposia can help people with uc achieve and maintain remission. and it's the first and only s1p receptor modulator approved for uc. don't take zeposia if you've had a heart attack, chest pain, stroke or mini-stroke, heart failure in the last 6 months,
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hi, my name's steve. i lost 138 pounds on golo (sung) liberty. liberty. liberty. liberty. and i kept it off. so with other diets, you just feel like you're muscling your way through it. the reason why i like golo is plain and simple, it was easy. i didn't have to grit my teeth and do a diet. golo's a lifestyle change and you make the change and it stays off. golo's changed my life in so many ways. i sleep better, i eat better. took my shirt off for the first time in 25 years. it's golo. it's all golo. it's smarter, it's better, it will change your life forever. neil: mixed results for the
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federal reserve's trying to pace -- paint a rosy picture of where we are going. the president of the united states pursued things, taking off a federal gas tax, we've got you covered on all of this. grady trimble on the president's plan to deliver remarks. can't adjust order that on his own. he needs congress. hillary vaughan on the senate panel, and up to the job. the possibility the government will consider more spending, the guy, and caused a lot of it. grady trimble, when impact it might have.
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>> how musket saves driver, $0.18 a gallon. from $0.24 a gallon $0.24 a gallon, how much you save depends on the size of your tank but assuming all of the savings from holiday passed on to the end consumer and some evidence that wouldn't be the case but for simplicity sake, if you fill up the toyota camry you would say of just under 3 bucks for the entire tank. if you drive a pickup truck it is $4.75. the drivers we talked to say saving a few bucks does not cut it. >> any little bit helps, $0.18 is $0.18 a gallon, when filling up the car for $100 but is not enough for me, they need to
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figure out a better way to get gas prices down because gas is a deal now. higher than my ideal. >> reporter: the president is calling on states to suspend gas taxes which would lead to greater savings, biden is facing criticism within his own party and industry groups like aaa and other experts, patrick the thehan is worried it might drive up demand when supply is low and push prices, should there be any disruption to supply and the president needs congress to act to change the federal gas tax, in an hours time. lawmakers on board, there's been pushback.
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neil: thank you for that. the chairman of the federal reserve, steady as she goes, hillary vaughan on that side of the story. >> fed chair jerome powell is not in the mood to give lawmakers advice to help the fed get inflation down. and achieve a soft landing. >> and ensure a soft landing. >> i would be reluctant to give advice when we are trying to do the job you assigned us which is get inflation down. those are authorities those of you who run for elected office
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haven't don't have as we are appointees so that is up to you. >> reporter: powell told lawmakers sky high prices were a surprise and further surprises could be in store. we tried to ask powell what he meant by that. chairman powell, should the fed have acted faster to address inflation? more surprises could be on the way. what did you mean by more surprises? powell said it is hard to predict if a recession, when it comes to raising interest rates there's a lot at stake. >> do you agree with the perspective that interest rates go too high too fast it could send us into recession? >> a possibility. it is not our intended outcome but it is a possibility. >> reporter: some lawmakers are unsatisfied to hear from powell that raising interest rates
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will not have an immediate impact on bringing the price of things like gas and groceries down. neil: i do live for those moments, they see their aid, i live for these moments. it is great entertainment. y eat job as always, alwallaly vay van uginllllll th can i be anysee se edward lawrence gets that kind of reaction from lots of folks even his friends. he is here from the white house talking about what the administration wants to do when it comes to addressing bumping us in the economy and sounds like more spending. what is going on? >> reporter: i get alligator arms, people run from me. the government, the president wants to do more.
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has to plan for second pandemic after visiting a dc health clinic yesterday and asked if the government has enough money to pay for all vaccinations for all americans. >> president biden: we will get through at least this year. we do need more money but we don't just need more money for vaccines for children eventually. we need to plan for the second pandemic, there's going to be another pandemic, we have to think ahead. >> reporter: republican's want to know where the $2 trillion in covid relief already passed under the biden administration has specifically gone with the amount of fraud uncover from the cares asked the lawmakers want more accountability before we have more spending. the committee for responsible federal budget says more spending on programs would also make things worse. >> wouldn't call any of this being responsible. this administration and
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congress propose things that will make the deficit worse. a veterans bill, restaurant rescue, gas tax holiday. all these things in isolation, when you add them together, why we have this inflation we have right now. >> reporter: last week the cdc director is saying this is no longer a public health emergency we are under. neil: thank you for that. at the white house, let's go to art laughter, the former ronald reagan economist and iconic figure with historic moments for the economy. great to have you. you were talking about this gas tax holiday the president was thinking about and we are told he is going to act on it and if push came to shove and you were advising the president you would be okay with this. why was that?
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>> it is palliative, something that shows he is doing something, not very much but showing he's trying to bring down gas prices but also i would much rather have a tax rate reduction than a spending increase. the other thing it shows is it is a slap in the face of the green new agenda. what it will do is encourage more people to buy gas to use hydrocarbons which is the opposite of what the administration's policies were but it is more of a gimmick than real policy but it is something to show he cares. neil: i see where you are coming from but generally you cut the price of something you build up demand for something so could that increase the price in the long run? >> exactly especially when you prohibited them from producing oral health, if there's an increase in demand on oil in the us you have two ways of
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solving a, increase the quantity to satisfy the demand or if you can't introduce the quality you have to ration the amount of oil you have. what the administration has done is prohibited oil companies from producing more, so whenever there is an increase in demand it causes price to rise sharply and the capitalist pigs and all this stuff which is totally inappropriate, they push the oil companies into this position and that is true. i don't think this surge, the president's green agenda -- and in the long run controlling oil prices but it is a short-term policy and maybe it will help in the elections in november. neil: i want to get your thoughts into a good student history in the days you were with ronald reagan, his first two years kind of rocky, the recession and inflation and what is happening, he stayed
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confident throughout but i wonder how much attention he paid to the markets. they were still i wouldn't say a freefall but going nowhere fast and it would take until 1982 they gained traction and had a thousand on the dow, i raise that with you now because it is a pretty good bet this president doesn't follow the stock market closely or care, maybe he cares, by not mentioning it he is stating the obvious but how important is it for president to look at those? >> the stock market is a serious bellwether. and because he deferred the tax cuts, people this year the further spending and production
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and investment, and that caused the 81-82 recession, not the monetary policy of paul volcker. in 1982, it 777 on august 13, 1982, which was a long decline from february of 66, 16 years down, 76% in real terms. neil: you are right about that. we are having audio difficulties but you are right, i'm jumping on that. thank you for that. a couple things we are watching, the market had a 16 year period, and broaching intraday, teasing 1000, didn't convincingly close over that
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neil: you know about the back and forth senators had with jerome powell and whether he is staying out of inflation and the administration ready to cut the federal gasoline tax outlining that. but it is the intention of the world watching on sports and the nfl commissioner up hearing, our house probe, watching the commander's, chad program on that. >> the committee has probed the football team's toxic workplace, the committee invited dan snyder to appear, chairwoman carolyn maloney
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announced she would subpoena snyder for a deposition next week. >> mr. snyder's in france where he docked his luxury yacht near a resort town. that should tell you how much respect he has for women in the workplace. >> this as a new report obtained by the washington post details a settlement with a former employee, snyder sexually assault her in 2009. snyder denied the allegations, accused the women of extortion, the nfl allowed the team to investigate itself but that's not the case anymore. roger goodale said snyder hasn't been involved in more than a year. >> there's been substantial transformation of the team's culture, leadership and human resources practices. to be clear, the workplace today bears no resemblance to the workplace described to this committee.
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republicans question why the commit he held the hearing investigating a private matter. they place democratic priorities are misplaced, they should deal instead with the border crisis and inflation. >> what is the purpose of this hearing? >> this is not about a stated parliamentary inquiry. >> what is the purpose -- you can bang the gavel all you want but i don't really care. >> it has been 13 years since the commissioner from one of the 5 major american sports leagues testified on capitol hill. roger goodale last appeared in 2,009 to discuss football head injuries and is the son of late senator charles goodale. neil: thank you for that. the purdue university president
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is stepping down for the better part of 11 years, but frozen tuition, and over $1 billion. where is he going after this? ♪♪ u need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.
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neil: worker shortages are the rule of thumb these days particularly in our school. a lot are struggling for lack of teachers. more from new york. lydia. >> reporter: about 300,000 teachers and other staff members left the education field in february of 2020 and just before the pandemic, 3% of the workforce in that sector and signs indicate that
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departure could just get worse from here. four in ten k-12 workers in the united states say they always are very often feel burned out at work and that outpaces all other industries nationally. >> i think some of the easiest low hanging fruit to solving the teacher shortage is to try to get schools back to normal. teachers want to teach children, teach in person, they want to get back to normal, the faster we do that the more likely we are going to find teachers who are ready to go back to work. neil: many schools did not get back to normal quickly and researchers are finding a correlation to remote learning and declines in student enrollment, 1.2 million students have left public school since the start of the pandemic, schools that return to in person learning were able to rebound in their enrollment
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as they do this, that most students include new york, oregon, mississippi, all moving 5% of the student body, california coming and forth, losing almost 41/2% and these losses in students mean budget cuts for many school districts in new york city. the public school system in the city lost 80,000 students, they have enough to cut their budget by $215 million starting this year. the same difficult decisions across the country and the budget cuts. getting students back to public education, that it is going to be difficult moving forward. neil: thank you for that. i imagine if all schools did what was going on at purdue university for better than a decade it wouldn't be in some
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of the problems they are in for the better part of 11 years has frozen tuition and all from the moment mitch daniels stepped in as president. stunning news and disappointing news for folks and students there, he's leaving, stepping down as president and joins us right now, purdue university president mitch daniels. why are you doing this? >> timing as a matter of instinct but i did feel i was passing the last exam of any executive which was positive succession. i believe it is a fundamental duty to lead a place that is entrusted to you in strong shape and strong hands and we will be doing that. i would enjoy it to continue and have some ideas but never felt the time was right. neil: i want to talk about the timing of this. we are in an environment where
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inflation is a problem and maybe it just up for your successor to keep the frozen tuition going. what do you say? >> he's committed to it, our trustees are in the community is, something the perdue family, our alums, everyone on this canvas has come to embrace and thereby contribute to how we are able to do it with everybody pitching in. i solved the equation for 0, that is our priority to keep the place affordable. we pledged not just the upcoming year which is year 10 but the year after that which is year 11, absent some big setback i see no reason the policy has to change any time soon. neil: you have an impressive public career, governor of your state, george w.
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bush's budget director and a hankering to return not much for your own ego but may be to help out here, discipline again whether it is at the gubernatorial level or another office but things have gotten so crazy but friends saying you want to at great personal risk insert your self back into this. what is going on? >> i thought they were my friends. there were people thinking about it but i am not one of them. i have my mind on the next six months, some big things to do and transition to i hope a smooth one so that whatever comes next and i hope there will be a next, still feel like energy, some mild left in me but haven't thought about it. neil: i am wondering, your potential return if you thought
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about it, we are in extreme craziness the likes of which i don't remember. i'm a very younger person as you know but i remember certainly harkening back to your days as governor and the way you approached the budget through these for president bush, that is almost out of step with the world today. we have both sides at each other's throats, not much getting done. does that interest you knowing the way the world is right now? >> it troubles me as i think it troubles most americans but times change and they change faster these days than ever before. not long ago i can remember the easiest applause line in any talk i would give would be to say in three elections in 8 or 9 years we have never run a negative at about anybody, never impugn anyone's motives
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or background, that seems to be out of fashion right now. we can always hope the pendulum will swing. neil: it takes a wild to swing and doesn't move quickly. given the and him are saturday, that always happens but even within your own party, disparate forces trying to get a leg up in the next presidential contest, your party isn't what it was. is it? >> we have discussed, taken no partisan position of any kind for 10 years out of respect to the public institution i am serving. i will steer clear of that now too. i will say clinically i think we can see that you are correct, both parties very sharply divided. both parties sometimes
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dominated by their fringes or their more extreme elements, you see on the democratic side as well. some structural problems we are all aware of, homogenous congressional districts for instance, against a return to pragmatic compromised politics. optimism rains internal for some of us. neil: it is a great opening. return to the governor's mansion, did you look at that as a possibility 2,024 is an opportunity to foresee your old office? >> i promise you i didn't look at it. the only questions i've been looking at is what is best for
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purdue university and its students and i think we made the right choice and that choice imposes some significant duties on me for another 61/2 months, perhaps slightly beyond. they will have to wait. neil: i'm going to squeeze this lemon one more time. your successors, mike pence, a lot of talk about him and how he handled january 6th and the uprising on capitol hill. he has been bedeviled and praised for his handling of that but it did remind americans looking back on that day how crazy it was that day. i am wondering whether whatever comes of the committee's were, whether criminal charges are filed, something should come of
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this. what do you think? >> one thing will come of it and we've seen a little of this, some welcome comedy and respect from both sides for the actions of the vice president on that day. he has been praised by people from both sides for doing the right thing, doing it under pressure. neil: not everyone has been praising him. >> i understand not everyone but he has drawn praise from both sides of our highly polarized partisan environment. that to me is of some small encouragement. people might disagree with policy choices but they should concede he is a person of principal and he showed it on that day and it was a good
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example of a small step back toward recognizing there is good in most of us, even those with whom we disagree on substance. neil: i was reading student reaction to your eventual stepping down and i don't have students names but a few of them were saying very very liberal and they loved you and spoke of the respect they have for you because you are a man of your word, quiet but decent, forceful but always there and i was just thinking you don't hear left-leaning students ever say that about a republican and some were surprised you were. you find that unusual? >> nothing i will miss more
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than the students, i made a big point as i made a point, i tried to make one, of being all over the state in my previous job, available and accessible at all stations of life. i had a ball really, being out with students on so many occasions and contexts. we have some fabulous younger people coming up. i don't think there are fine or younger people anywhere, you want to feel better about the future spend time with him as i have been able to. if they had good things to say that feels consistent with the environment that i have enjoyed for ten years and hope to leave it on those terms of goodwill. neil: you created that environment. i studied closely and enjoyed our interviews over all these years at purdue and years before so i wish you well no matter what you do.
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neil: the war goes on in ukraine, vladimir putin enjoying the ruble at a 7 year high and other countries imposing restrictions saying enough is enough costing us dearly like italy, so more military to that country and now putin is planning to meet with leaders from a block of countries that have not condemned is invasion of ukraine. the rogue state project president, is it me or is it a vladimir putin kind of feeling?
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>> in the short to medium term platter but naps war in ukraine has turned the corner a little bit, we talked about him having cancer and coos, over the last few weeks putin's military has refocused, using their long-range artillery to more effect in ukraine, huge reserves of that type of weaponry, at least in the shorts to medium term a little bit better but here's the problem. over the long-term, the russia comedy is a massive dumpster fire. sanctions will aggravate problems we are already having, russians life expectancy is terrible. over the long-term russia is a declining power. the war in ukraine exasperates this, short and medium-term looks okay, long-term bad. neil: i was wondering where this goes, maybe because it
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started so horrifically for putin and with such a disaster that almost anything he does after that recalibrated, he is still grinding away. shouldn't be this way, superpower of this enormity shouldn't be having the trouble it is having but what happened was the clumsy start the drag on and lowered expectations. >> in the long-term this war ends with both sides don't agree it ends. a korean war ending, some sort of armistice may be but vladimir putin, conquering the donbas region, and take the whole country, could be the end of his regime, double down on donbas and take that part of the country over and declare the war over or his special military operation over and dear the ukrainians to keep
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fighting and force the ukrainians to accept the settlement and recognize what they are going to have to recognize and that means vladimir putin conquers the industrial heartland of ukraine. it will be a sad ending the matter the arms we give them. russia does have the power to do that. neil: they are exercising that every day hitting some key terminals in ukraine to illustrate your point. thank you very much. get an update on where you see this war going but the latest on where the market rally is going especially for meme stocks that were once the province of all these hot retail investors following the latest and coolest thing, not so much these days. ♪♪
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neil: a market coming back after yesterday, rarely do we see two back to back days like this. a couple days to go. hope springs eternal. as for meme stocks and whether
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they are enjoying a turnaround, not so much, charlie gasparino following that. charles: if you put up a 1-year chart of amc, this time last year this thing was headed towards above $70 a share trading at above 12. a rocky road downward for amc. some investors holding on, lots of chatter on message boards that amc blix. is the mother of all short squeezes and go to 1000 or 100, no evidence that will happen, stock is easily borrowed and short squeezes don't happen in a rising interest-rate environment but that doesn't mean stocks don't pop. from trading sources on friday it will be added to the russell 1000. it barely pierced the minimum market cap to get into the russell one thousand a few weeks ago when it was $7
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billion and above. made that threshold and since gone below, $6 billion plus market. amc is in the russell and usually when you get in that index the day it balances is friday you will see some pop in volume, some pop in price. what the traders are telling me, i'll pop in amc holdings, does that mean it is going to 1000 or 100. these are the head wents for amc, losing money. we have rising interest rate environment, it is rough in stocks that are in the russell, growth stocks and small-cap stocks. to put that stuff together, losing money, higher inflation, ticket prices are high, it is going to be more expensive, business long-term still has
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question marks. they brought up goldmine as a hedge. the ceo wants to do other diversifying investments because the theater business is not very good. he has essentially said that. long-term this is still questionable but friday we could still according to treasurers likely see this stock but if you think it is going to a thousand or hundred, that is where things look very very muddled and too many minuses according to investors and traders i talk i talked to to be helping on that but that is where we are, russell rebalance friday and look at amc when it happens and back to you. neil: charlie gasparino following that. the managing director on what he thinks of technology in general and this comeback environment, don't want to overstate that but what is going on?
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>> tech stocks, it is over practice and what you see begin here, the expectations for earnings, things like microsoft, apple, chip memes, and others, cybersecurity, it is a bifurcation and some of the high quality textiles are corrected and we are in the process of finding a bottom in tech stocks. neil: it reminds me of the internet boom that went bust and ancillary players that were not making money that fell off the vine and we were left with the very names you mentioned today. ebay i would add to that another players that survived that and came roaring back. among the bigger names, apple, microsoft, metas that we are showing right now whether this has staying power, oversold and now they are coming back or are we in for more bumps?
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>> there could be more bumps but ultimately most of the pain is in the rearview mirror. it is all the same, got to separate it, from the stalwart, google, amazon. look at software. that is iphone 14, 1/4 of the billion installed in 31/2 years, the best way to view it. those with risk profile, that is how we have been handholding investors. >> twitter is a different story of the confusion around elon musk if he ever openly acquires twitter but a lot of folks are looking at the potential brain
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drain wondering if he is worth his while or if he thinks it is worth his while. >> it has been twilight zone in terms of how it is played out. it was just another black eye moment. i still think 54/20 in terms of that is afterwords and does he renegotiate? or try to walk away? we think a 40% chance he walks away. this is been overhang on tesla and the soap opera that continues to have more twists and turns, it never made sense. neil: it has been gaining traction of late. i don't know if that's a reflection that the selling was
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overdone or hope among tesla shareholders it doesn't happen because it is such a distraction. what do you think? >> for tesla, the 0 covid issue is a gut punch, april and may in terms of china and apple as well but start to see demand strengthened into the month of june. that trajectory to the second half investors look at the other side of this, they've written out deliveries for 2 and that's why tesla, another oversold name. neil: we are glad to catch up with you. 20% from its lows, more than half, and quite a ways with $55 a share so we are a long way
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from that situation but things can change. that's what these markets are all about. stay with us. ♪♪ . .
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neil: all right. the selling renews with coinbase, the crypto trading
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exchange, falling after rival binance u.s. had apparently dropped the spot bitcoin trading fees, making it more prohibitive environment for coinbase. that stock down 16% right now on this news. we'll keep you posted on it. of course this has been a slippery day for almost anything crypto related. it cannot gain traction no matter where you look, coinbase especially. to charles payne right now. hah, charles. charles: thank you, neil, my friend. good afternoon, i'm charles payne this is "making money." some days he is lex luthor and other days is a superman. looks like he stopped a powerful locomotive. how your portfolio should jay powell prove to be more than a mild-mannered fed official. president's

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