not anymore. maria: whoops. >> you can tell by her shot there, there's a high correlation between her basketball kills and her vp skills. not very good at all. maria: doug, real quick. >> perfect, perfect picture of the biden administration right there. always falling short. maria: there you go. missing the shot. doug collins, mark tepper, great to be with you. "varney & company" begins right now. stu, take it away. stuart: good morning, maria, good morning, everyone. the president wants a federal gas tax hall i do. -- holiday. he's not likely to get the votes he needs. today the energy secretary will go after the oil companies. jennifer granholm will meet with seven topics tyes. president -- top executives. the president who told gas station owners bring prices down now will not be there. granholm will demand they produce more oil and refine more gas. a few months ago she thought

producing more oil was hilarious. ped chair powell is contradicting the president on inflation. biden says it's putin's fault. wrong, says powell. prices were rising way before putin invaded. regular down all of one cent to an average 4.94, diesel down one cent to an average 5.80. let's get to the markets. modest gains for stocks even though powell told congress that higher interest rates could lead to recession. dow industrials will open with a very modest gain, 76 points maybe, the s&p 18, nasdaq about 80 points. as for the yield on the 10-year treasury, till at a relatively low level compared to last week, 3.09 now. it was nearly 3.5% last week. bitcoin, i'm going to say it's struggling to hold on to $0,000. test been up -- 20,000, it's been up and down all day. that's the markets. now, here is your elon musk headline of the day.

in an interview late last month, he said tesla's factories were losing billions of dollars i because of the supply chain problem. he said the new factory in texas is, quote, a money-burning blast furnace. we've got another jam-packed show coming up for you. the desantis-trump rivalry. the florida governor leads in the 2024 new hampshire poll. brooks koepka has officially signed on with the liv tour. i'm going to ask bret baier if he's saddenedded by the split from the pga, or is he cheering it on. and pete hegseth, well, he's got a thing or two to say about the latest obsession with personal pronouns. of course, pete's an army guy. thursday, june 23rd, 2022, "varney & company" is about to begin. ♪ ♪ love me, love me, say that you

love me. ♪ fool me, fool me, go on and fool me ♪♪ stuart: the cardigans, that that's a new one on me. lauren: i know the song. the cardigans. stuart: the cardigans. i haven't seen anyone wear a cardigan in about 50 years. lauren: they're back in style with the big, fancy buttons. stuart: got it. [laughter] i've got to get straight to this, president biden and his administration have relentlessly tried to brand inflation as a, quote, putin price hike. fed chair jay powell contradicts that. lauren: yeah, he certainly did. day one of congressional testimony yesterday, and jay powell was asked the by senator bill hagerty. >> given how inflation has escalated over past 18 months, would you say that the war in ukraine is the primary drivers of inflation in america? >> no. inflation was high before, certainly before the war in

ukraine broke out. lauren: and it's true, even if it doesn't fit the white house narrative. i'm going to show you just some numbers to prove this, and this is just for gas prices. gas averaged $2.39 on inaugurations day. it jumped 48% the day before the war, 3.53. that's an increase of 48%. go to the second line. it's risen another 40 # %, 354 to 4.94 today. 48% pre-putin, another 48% since the war. stuart: okay. as for inflation, however, bulk of that came before the invasion. lauren: oh, yes. stuart: not gas prices, but all inflation was ramping up -- lauren: on an -- [inaudible] stuart: -- and 7.5% in january. lauren: and 8.6% now. stuart: exactly. all right. that's a good one. president biden is suggests that republicans who criticized gas prices would have let putin roll over ukraine. watch this. >> we could have turned a blind

eye to putin's murderous ways, and the price of gas wouldn't have spiked the way it has. i believe that would have been wrong. so for all those republicans in congress criticizing me today for high gas prices in america, are you now saying we were wrong to support ukraine? are you saying we were wrong to stand up to putin? are you saying that we would rather have lower gas prices in america and putin's iron fist in europe? stuart: i'm just, i'm sorry, arguments are just plain weak. governor mike huckabee joins me now. how can the president keep blaming putin when it's just not true? >> stuart, he is ron burgundy from anchorman. he reads whatever is put in front of him. he didn't write that. he has no idea what he's saying because it doesn't make sense. you can't say that it's all about the republicans won't stand up to putin. heck, he didn't stand up to putin. he was one that went kicking and

screaming to even give some modest assistance to ukraine in the early days of russian invasion. and this is nonsensical, for him to say that he's doing everything he can. no, he isn't. what he could do is reverse the policies that he started on his inauguration day which was to declare war on fossil fuels in america. now he's going hat in hand to the saudis, all over the world begging them to bring some supply. he ought to fire up air force one instead of going to saudi arabia, just go to midland, texas, and tell 'em that he's sorry for how he has trashed them. and he's done it again even this week. it's disgraceful, stu. it's disgraceful, and he needs to stop it, quit blaming everybody but himself. even jerome powell, his own guy, recognizes it's a farce. stuart: now, the president has proposed this federal gas tax the holiday, but there's no way it's going to get through congress. votes simply are not there.

so now what, governor? >> well, he could just simply reverse course, but he's not going to do that. he's too stubborn. and i don't think he has a clue what his policies have done. and now he wants to blame the oil companies? and even the guy that runs the local gas station. the reason that a lot of people who run gas stations had to create convenience stores and sell coffee and potato chips is because there's not enough margin on what they sell gasoline for for them to keep the doors open. so they basically use gasoline, they make a couple of cents. they don't make money much on the gasoline. they make more money selling you a soft drink, a cup of coffee or a doughnut. and if it wasn't for that, i'm not sure where we would get our gas. stuart: i think you're right, governor, i think you are. governor huckabee, always a pleasure. >> you bent. stuart: we are facing 40-year-high inflation. i want to know how the left thinks we should respond to that. lauren, what is msnbc saying?

lauren: just deal with it? just deal with it. it comes from an msnbc guest, and the washington post personal finance columnist, michelle singletary. are you ready for this? >> i'm going to say this, and if i get dinged for it, i don't care. there is a great deal of americans where it is uncomfortable that they're spending more, but they are not going to go under. you've got to stop complaining. and, yeah, it's costing you more for gas, but guess what? you're still going to take that holiday, you can still eat out. so i'm going to need you to calm down and back off. lauren: how about that for a slogan for november, come down and back off. [laughter] just deal with. are you kidding me in and she's a personal finance expert. she told americans to stop checking their retirement accounts. if you don't want to feel poor, don't look at how much your television -- investments have

come down. stuart: deal with it and be quiet, please. [laughter] all right, lauren. check futures, please, we're going up a little bit at the opening bell. gary kaltbaum is with us. gary, i've got a suspicion because i've been reading your notes, that you are a little less bearish these days. is that true? >> yee. -- yes. but keep in mind, still bearish, not bullish. but in the october-november period when i turned very bearish, everything we pay for started skyrocketing and asset prices started tank thing while yields -- tanking while yields skyrocketed also. the worst of all worlds. we're seeing the opposite right now. if it continues, i think the markets can do better. interest rates have backed down to under 3.1 from 3.5. oil prices are down about 1% from the highs -- 12%, and about every commodity has topped out and are pulling back. so inflation is still high but

less so. i think it could help the market. i'm not there yet, but it's a start. and the other part of the equation, we're already eight months into this bear market and in some cases a brutal bear market, and i'm a growth stock guy. i can tell you i'm still stunned about how many stocks are down 70% from the high. so i would hope a lot of them have gone through the motions of a big bear, and we're getting closer to the end. but i am not there yet. stuart: do we have to get into the recession and get through the recession before -- >> [inaudible] stuart: go ahead. >> not necessarily. we're in recession right now. i don't -- people trying to predict we're going into one, months ago i was saying we were going into one, and now you're seeing the numbers. so we're already there. i suspect in the next couple of months if it worsens, we'll be hearing from our great central bank about no more tightening. maybe that a helps also. just remember, very often markets will bottom in the

depths of recession. we'll still take it day by day, still play it day by day, and really les nothing to do now. we're still 100% in cash, but i'm just standing ready for the turn to come. and when it comes, i'm going to be ready, and the fact of the matter is the best money is made coming out of bear markets. so, you know, ears wide open, eyes wide open and hopefully sooner rather than later. stuart: when you take the -- the make the call that the turn is coming, i want to hear it first. >> i'll be all over it, my friend. stuart: excellent. see you again soon. check those futures again, please. nasdaq up about 100 at the opening bell. a top white house adviser insists no one there is vilifying the oil companies. what in roll it. >> nobody is blaming the industry. what the president is doing -- >> [inaudible] i mean, i hear it every day. the administration keeps going after of oil guys, right?

stuart: we've got more on that exchange coming up for you. florida, the land of sunny weather, palm trees and dell boca vis a that. remember that? roll it. >> you think you can keep us out of florida? we're moving in lock, stock and barrel. [laughter] the pool, the clubhouse, gonna be all over that shuffleboard court, and i dare you to keep me out! [laughter] stuart: that was funny. but joking aside, tampa,, florida, is home to the highest inflation rate in the country. florida congressman byron donalds takes it on next. ♪ i'm gonna soak up the sun, i'm gonna tell everyone to lighten up ♪♪

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muck. stuart: that is -- oh, yeah, i like this. beatles song. good day, sunshine. that is hudson, and that is in florida. 80 degrees, stunning this thursday morning. that's just act perfect. but gas prices remain near record highs. the president says putin's to blame, and he's vilifying the oil companies. today energy secretary jennifer granholm going to meet with oil executives. i don't think the president's going to be there, is he? lauren: it doesn't seem like. it's at the department of energy, and the energy secretary will meet with the major refiners in the country. they were told come with ideas how are you going to boost your refining capacity and bring down prices. the optics of the president of the united states not attending this meeting is very telling. remember with the supply chain crisis over the holidays? he met with the retailers, make sure, do everything you can to

get gifts under the christmas tree on time. he met with the baby formula makers. this is a crisis, but he will not be seen in a photo op talking with big oil, maybe working with them because my opinion is that gives the left something to have on him. just like he won't to go to the border, he doesn't want that photo op. stuart: that's interesting. the president wants to suspend the gas tax, and he's demanded gas station own ors -- owners cut prices. he did one of those whit per -- his whisper things. lauren: right? listen here. >> to the companies running gas stations and setting those prices at pump, this is a time of war, global peril, ukraine. bring down the price you are charging at pump to reflect the cost you are paying for the product. do it now. do it today. your customers, the american people, they need relief of now.

lauren: so he's imploring the companies he often blames and mocks to pass savings on to consumers, and that is the exact theme that neil cavuto hammered home with jared bernstein with the white house council of economic advisers last night. neil: to blame the industry, go after industry for making money now when it wasn't making this kind of money -- >> yeah, i -- neil: i'm just wondering when you think that's a fair criticism in the scheme of things knowing that you are the very administration that's taking away -- >> well, nobody -- . neil: -- the been that they want to tap. >> nobody is blaming the industry. the president is not blaming the oil companies. in fact, he consistently says, good for you, you're making money. [laughter] lauren: you're making money, now share it. that's the message. he called it -- i'm quoting jared bernstein there, it's your duty to keep prices low. and he also admitted, yeah,

american drillers, they're producing more now. and they're able to do this. everything the white house is asking them to do with no help from the white house. so imagine what the gas price would be for american drivers if the producers had help and a commitment from the white house. stuart: just imagine. great interview with neil cavuto. lauren: it was awesome. stuart: congressman byron donalds, republican from the state of florida, joins us now. i know you call the plan to suspend the gas tax a gimmick, got it. but if you could, would you cut florida's state gas tax? >> no. and the reason why is because that money actually goes to its intended purpose of road maintenance and road construction in florida. that's the purpose of the gas tax. it's something that everybody pays because everybody is using the ooh roads. -- the roads. you have to keep up road maintenance. you have to do those things. the problem isn't the gas tax, the problem is joe biden's terrible environmental and energy policies which is the number one reason why oil

refinery capacity is down in the united states, and it's going to continue to go down if his environmental policies not change. stuart: congressman, i want you to take a look at this headline: tampa leads u.s. cities with the highest inflation in may, topping 11 percent. that's just north of your district in florida. wouldn't a gas tax cut, even though you oppose it, wouldn't it help the people of tampa with their inflation problem? >> somewhat, a little. it's a sugar high. it doesn't do the necessary job. the issue we're having right now is about refining capacity and the ability to transport fuels. we have an issue with diesel primarily because one of the elements you immediate to make diesel actually comes from russia, and that product is coming in more scarcely because we don't mine it in the united states. unfortunately, where we are right now in america is terrible energy if policy and terrible environmental policy that has gone way too far. cutting the gas tax might provide temporary relief, but

it's not going to create the new systemic conditions we need for a stabilized energy apparatus in the united states. stuart: how are your constituents reacting to this? i live in new jersey, and i the can tell you a lot of people are angry when they get to the gas station and it costs more than $100. anger in florida too? >> oh, absolutely, they're pissed. everybody wants a resolution, but the resolutions aren't that simple. this is why we've been telling the democrats really for decades now that you cannot play with the energy framework of the united states. you have to have consistent, cheap and reliable energy because you can't just flick it on and off like a light switch. it takes time to build refining capacity, to actually drill new wells. so the administration might say they have all these 9,000 leases, but what they won't tell people is they're slow-walking permits, and if they issue a permit, they don't defend the permit in court when their environmentalist buddies go to to i sue in federal court.

stuart tooth congressman, always a pleasure. byron donalds, got it. back to the futures, dow's up 120 #, nasdaq up 115 at the opening bell. we'll take you to wall street next. ♪ ♪

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stuart: all right, check futures, please, i'm still seeing green on the board. dow's up about 100, nasdaq also. greg smith with us this thursday morning. tell me, big picture for a second, how's the retail investor? the little guy? how are they doing in this mess? >> i think the retail investor's been severely wounded in this market. in the last decade, you've seen free commissions on platforms like robinhood and probably because all of us are walking around with a supercomputer in our pockets. either stuart true. but as you look at explosion of retail trading, i would say sitting here today confetti-i throwing investor which, as you

know, i've called a casino, has really been decimated. they've been mortally wounded. the crowd has disappeared and gone home, and you've seen a massive decline in risky assets like nfts and cryptos. stuart: well, meme stocks, crypto way down, depressed. tell me about nfts. what about jack dorsey's first tweet, didn't it sell for $2.9 million? >> it did. you had a speculator buy it last year, they tried to run an auction of it recently, and i think the top bid was 14,000 before they pulled the auction. so, you know, people call it investing in nfts. i would say it's speculating. but honestly, i'd rather buy a beanie baby because at least i'd have something to cuddle at night when crying at the losses in my -- stuart: what's the fallout if the retail investor has been really smashed, and they have, what's the pallout from that for the -- fallout from the rest of

the market? >> we're all waiting for signs of it to peak anded moderate, and i think that right now it might be best to be sitting on sidelines and waiting for better days ahead. stuart: are you in. >> look, i'm nursing losses in my portfolio, i'm sitting on things i rah really don't want to sell and, you know, holding on for dear life. stuart: whoa, that's an interesting admission, greg. >> and if you want, i can get a little biblical on you. stuart: feel free. >> i'm going to take a quote from the torah. every seven years god says farmers in israel would snot -- should not plant the land, and they will be rewarded in their time. this year it sends e -- it sends september 26th, maybe it's time to sit and do nothing and wait for better times. stuart: you come back and tells us -- tell us when you think the

bottom has been reached -- >> well, we've bull -- all been wrong, and no one has a good outlook on the markets. i'm holding, i'm not aggressively buying. stuart: wow. greg smith, times change, don't they? thanks for being with us. the opening bell is about to ring. we're expecting some green when the market does, indeed, open. maybe about 100 up for the dow, 100 for the nasdaq, we'll see. 2, 1, boom, here we go. the market has opened this thursday, june the 23rd. right from the start we're up on the dow. lots of confetti there, you see that, greg? [laughter] half the dow 30 are up, well, two-thirds are up and about a third are down. 100 points higher for the dow industrials, that's a third of 1%. the s&p 500 also on the upside to the tune of -- what's it, what have we got? half a percentage point. okay, thank you. complete my sentences for me, will you? the nasdaq is up also to the tune of lee-quarters of 1% --

three-quarters. i presume that big tech's doing okay if the nasdaq's up like that. yes, it is. i've got one loser, and that's meta platforms. now, please, show me tesla. we had a statement from musk. he made it hate last month, but he's saying his factories are money-burning dumpster fires. whoa, he knows how to make a headline, doesn't he? lauren: he does, and he's pretty honest. he said if you look at austin and berlin, they're losing billions of dollars. we're going to play part of an interview from the end of may, and it might explain why elon musk has signaled tesla layoffs. >> so both berlin and austin factories are gigantic money furnaces right now, okay? like a giant, roaring sound which is the sound of money on fire. berlin and austin are losing billions of collars right now. -- can dollars right now. this is a ton of expense and

hardly any output. so having, getting berlin and austin functional and getting shanghai back, back in the saddle fully are overwhelmingly our concerns. everything else is a very small thing. basically. [laughter] stuart: that's brutally honest. lauren: he even said it's more expensive to get the factories up to their full potential. if you can let that sink in. they can't get enough parts for the batteries, they can't turn off more cars. adam jonas at morgan taanly, he's a terrific tesla analyst, he cut the price target to 1200 from 1300, and he says these shortages are going to impact volumes for the quarter and the year. he lowered his estimate. stuart: okay. how about morgan stanley? i know they've released a list -- lauren: yeah, there's 10 of them n. retail it's the owner of tj

maxx, burlington. they added costco, and in food, mcdonnell's, dominoes and yum brands which is the kfc owner. the big questionen on wall street is -- we didn't flip the screen -- is, if there's a recession, everyone thinks there's going to be one, we might already be in one. the big question is when and how bad does it get, right? does it get so bad that the rich people start pulling back on their spending? because morgan stanley looks historically at recessions going back to the '90s, and they said there's only one time when the rich pulled back, and that was in the 2008 financial crisis because their housing, their real estate portfolio took a hit. that might not happen this time around or so we hope. stuart: there -- lauren: there we go. stuart: mcdonald's, cost eau, yum brands, dominoes. okay, i got that. netflix, bank of america has concerns about their subscribe subscriber numbers.

lauren: doing nothing. they say recession could cause more people to look around at all of their expenses and maybe cancel their netflix, which is why, one of the reasons why their leadership is talking about this cheaper, ad-supported tier. we spoke about this yesterday. it is confirmed. they're talking with potential partners to launch an ad-supported platform, and eventually we want to build one on our own. and think of all the cool ways they can integrate into your netflix experience. so it wouldn't be like tv ads. newt newt -- stuart: that's how they see getting some revenue, put some ad as out there to get the revenue out. lauren: look at it now. heavy got to do something. stuart: ouch. show me nike, please. are they actually leaving russia completely? lauren: just like mcdonald's and google, but nike has this tradition, right in a history of

taking moral stances, political and social stances, so this makes accident. -- sense. even if they do stay in moscow, potential new laws there could mean assets are seized, so it's safer for a lot of brands, especially socially conscious ones, to leave. stuart: makes more sense. darden restaurants, they are the olive garden people, as we always tell you. up morning? lauren: yes. for people are ooh eating out. same-store sales up 35%, so they went ahead and management boosted the full-year sales forecast. they also increased their dividend and announced a share buyback program. stuart: capital grill, is that within the -- lauren: yes. longhorn steakhouse, olive garden, and i believe there's a few others. stuart: i believe there are. [laughter] right aide, they're up -- rite aid, they're up 5%. lauren: they raised their

full-year outlook. that's what the street wanted to hear. more people are coming in, and they're buying more expense i drugs. so they're moving beyond covid vaccines. stuart: oh, i've got to see peloton. i just remember when it was a super high some time ago -- lauren: 129. superstuart okay, that's a modest bounce. what was the high? lauren: $129. stuart: it's now $100 less than it was at the high. lauren: what do you do with that? if. stuart: wait for a buyout. lauren: if you're a manager, if you're an investor, the price on the street, this is hopeful, 23.50, more than double where they are now. but do you remember when, what was it? it was back in february, there was a lot of speculation that a big tech player, maybe google, would buy -- stuart: yes -- lauren: would buy peloton, doesn't look like anyone wants to touch it. we saw a little boost, but this stock is down -- you talked about cryptos losing 90% of their value, that's peloton.

stuart: how about that? check out the big board. we're up nearly a half percentage point. the dow winners, that list is headed by, show me, please, what have we got? lauren: wall betweens. stuart: walmart, merck, home depot, united health. no really big names up there. 500 winners, the pulte group, lennar, service now. some real estate companies there. nasdaq, autodesk, wall greens, costco up nearly 2 the %. very sign, align technology. show me the 10-year treasury yield, please. a week ago this thing was nearly 3.5%. now that yield is all the way down to 3.07%. that's either a flight to safety, or it's a warning sign that the economy's going into recession. it's one of the two, maybe both. check the price of gold, 1839 this morning. bitcoin just above $20,000. price of oil down -- i'm sorry, up, $106 per barrel.

nat gas priced in the $6 range. a one cent decline for the price of regular gas, 4.94 nationwide. california, you'll pay $6.35. now this: senate leader schumer insists they're giving $50,000 in student debt per person is all about racial justice. roll tape. >> this is not a problem that concerns the think or the ivy league -- the wealthy or the ivy league. i feel this is such a moral issue, it's a racial justice issue. stuart: okay. we're going to take that on later in the show. pete hegseth says, hey, so long, harvard. watch this. >> return to sender. right here and then i'll just sign it for good -- [laughter] stuart: the irrepressible pete hegseth will be here later to

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♪ and i ran, i ran so far away ♪♪ stuart: osage beach. that is in missouri. it's sunny. beautiful weather, 88 degrees today. the markets, well, 13 minutes' worth of business under our belt, and we've got plenty of green. dow's up 200 points, nasdaq up

42. earlier this week the senate took a very first accept towards passing the country's first major gun legislation in decades. senator march a shah black burn voted no. senator blackburn joins me now. madam senator, why did you vote no? >> because i'm not going to vote for anything that would infringe on somebody's second amendment rights. it is not a negotiable item. it is not something that is a suggestion, it is a right. so the way this bill is constructed what you have are some provisions with red flag laws that do have the potential of intrig -- infringing on law-abiding citizens' second amendment rights. there's some good things in the bill, things that i've supported with hardening schools and school safety. and and, of course, nobody wants someone who is a criminal or someone who is seriously mentally ill to get a gun.

stuart: okay. will you vote -- how will you vote on the gas tax holiday if it comes in front of you? >> it's interesting, you've got joe manchin, you've got pelosi, obama and marsha blackburn that all agree, the gas tax holiday is a gimmick e. and that is -- you could, you know, stuart, if you were to put all of the tennessee tax, 27.4 cents, and the federal tax you still can't get gas at under $4 a gallon. you've got to deal with the root causes in this. so i'm not going to support that it's a gimmick. stuart: your senate colleague, senator joe manchin, he says build back better is gone. that was his -- >> thanked goodness. stuart: but is it gone for good? i mean, all the tax increase, all the extra spending, do you think it's gone for good? >> i think what you're going to see is there is more resistance

to the build back broke. there's $145 billion of energy taxes in this bill. people do not want this. what they're wanting to see is reducing government spending not spending more. what they want to see is keeping the trump tax cuts from 2017. they had more money in their pocket ever month because of those tax cuts. what they want to see is removing regulation. joe biden has done 69 regulations since he took office. 42 of those are directed at energy. they have an adverse impact on energy. so let's get our energy economy back in shape, let's become energy independent once again, let's become a net exporter once again. let's go back to drilling in anwr, drilling offshore, go back to fracking and put energy into our supply chain so that we can

get inflation down -- stuart: yes. >> -- so that we can get the cost at the pump done down. stuart: yes, yes and yes. i think, senator, you know it ain't gonna happen in the administration, but we live in hope. >> if we don't keep push, it won't happen. stuart: that is true. senator, thanks for being with us. >> good to be with you, thank you. store stuart a new poll shows just how worried we are about rising prices. take me through it. lauren: it's a quinnipiac poll. 59% say rising prices are a crisis, and 38% say they're a problem. so virtually no one is saying this is no big deal, right in and then they ask people, well, are you changing your behavior. more than half said, yep, we've cut back on our spending. i don't know one person who hasn't change changed their behavior because they're getting socked when whenever they go to a store. stuart: that's true. senator schumer is revamping his push for student loan

forgiveness. is he -- can i've got this right, is he saying it's a racial issue? lauren: and that is why he wants $50,000 in student debt canceled. he says it is a completely false narrative to say canceling student debt only helps the rich. here you go. >> this is not a problem that concerns wealthy or the ivy league. you know, all of these people who never want to see help for working people and poor people come up with these myths. i feel this is such a moral issue, it's a racial justice issue. stuart: fat cats. lauren: that's how they're framing the argument. will he have sway, and senator elizabeth warren, for instance, and the other lawmakers who are pushing this with the president, because reports say the president is more inclined to do something like $10,000 forgiven if your salary is under $150,000 a year. we're probably not going to hear a solution on this until july, maybe august, closer to the midterms.

i think the administration's going to do something, i'm not sure it's going to be $50,000 no matter what schumer said. stuart: senator schumer should get used to the idea that fat cats vote for democrats. i wouldn't insult my own voters. coming up, the navy is releasing this video, there you go, teaching sailors how to use the proper pronouns. talk about going woke. cashing in on the meta verse, mark zuckerberg revealings his vision for a massive metaverse economy and how much he hopes we will spend in it. ♪ why you have to go and make things so complicated? ♪ i see the way you're acting like you're somebody else gets me frustrated ♪♪ than just an investor you're an owner. that means that your goals are ours too. and vanguard retirement tools and advice can help you get there. that's the value of ownership.

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stuart: the average price for a gallon of gas nationwide, $4.94. average price for a gallon of regular in california, $6.a 35. and democrat lawmakers in california joining the president in attacking oil companies. kelly o'grady is with us. what's this about a new committee to investigate price gouging? >> reporter: yeah, stuart. so you have dems in california launching an investigative inquiry to see if oil companies

are ripping off california drivers here. i do want to dig into though what's really driving that a price that you see behind me, okay? a gallon of gas, roughly 56% of out does come from oil. that is not on a global market based on supply and demand, not by oil companies themselves. in california specifically, taxes make up over 25% of what you see. the national average is a 15%. and distribution costs are far higher. we don't produce here, we have to import from foreign countries. green policies have significantly reduced production here, and oil companies are pushing back on this investigation. in a statement to fox business saying, quote: these policies are too fast, too soon. the legislature and the governor should be urgent wily addressing these policy matters rather than holding press conferences calling for more investigations that time after time have found our industry is acting responsibly. stuart, the blame is not just being put on oil companies or president putin, now gas stations. yesterday president biden accusing owners of price

gouging. of the roughly 150,000 gas retailers in the u.s., over 95% are mom and pops. we talked with one owner who owns a number of them, and he does little to set that price, sharing he makes 2-3 cents per gallon. >> when you have 20,000 gas stations or something, there are always going to be 2%, 3%, 4%, 5% of the people that are crooks. but that's in any industry. >> reporter: so i think it's easy to think that these gas stations are price gouging, your local one might say shell or exson, but those are franchised. most are owned by small business owners that make more on a cup of coffee than a gallon of gas. stuart? stuart: yeah, they do. low margins. kelly, thanks very much, indeed. back to the markets real fast. we're seeing some green but not for the nasdaq, that's turned south, down a point -- down four points as we speak. just ahead, ohio congressman jim george danger caylee mcelaineny and jon scott. the 10:00 hour of "varney" is

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neil: not sure like. sounds like a cascade of noise coming at be. feel this moment, pit bull christina. what a way to to start the 10:00 hour. lauren: no comment. stuart: straight to the money. i see green, the dow is up 200, nasdaq is up 76 points. how about the 10 year treasury. i've been seeing yields come all the way, look at that, 3.03%. is that a flight to safety, money coming out of stockton going to the safety of treasuries, up goes the price, down goes the yield, is that happening? or is a bit of recession upon us in which case interest rates might go down but we are all the way down, price of oil one hundred $5 a barrel, add

bitcoin. is it still holding onto $20,000 a coin? show me please. you got it? it is not working. a technical problem. but we did just get the latest read on mortgage rates. lauren: 520 one% up from the week prior what was 5.78%. a year ago at this time 3. 02 so you have been stopped by an increase of two percentage points since the start of the year so after two years of red-hot housing activity we are seeing demand. i'm going to use the word cool. stuart: i want to bring in someone who closely follows housing in the real estate industry, i'm going to ask a question which may sound a little off. is a housing crash coming? that's too strong a word but is a housing recession coming? what do you say? >> yes.

you had upbeat music on the intro but i have downbeat music, mortgage rates have been doubled in the last year from 3, we will see 6% before long because the fed is not done raising rates and that's a triple whammy, you tack on soaring mortgage rates, lack of affordability in places like where i live in nashville, people are priced out of the market and the imminent recession and that is going to -- it would be deep-freeze demand and housing market. stuart: does that mean home prices come down? we have had big losses in cryptos, nfts and stocks, will we see big losses in housing? prices down? >> prices will and it would only come down. this is the thing about the housing market. everyone learned this in the financial crisis. there is discovery. when buyers start drying up those prices start to cascade, you get price reduction and you got to find the bottom quickly,

can't happen in real estate so we are definitely in a situation, real estate experts will tell you it is about location location location, it is regional, geographic and we are seeing it now, cooling and the national markets, things are starting to slow down, next thing that comes is price stabilization and then price decline. it is edible this year. stuart: what about the overall state of the economy? is that in a recession or go into recession soon? >> we are in a recession now. the head of the fed was late to raise interest rates, only conceding recession is certainly possibility based on testimony this week, last quarter gdp was negative one. 5%. get the next reading next week, economists are expecting 2.3% annual growth rate down from 2.4% expectations. don't be surprised if it is slightly negative or almost near 0 internet case we are in

a recession. consumers, company seeing that happening. they are not only freezing hiring, but job offers cutting back, these are signs of a recession, leading indicators, not a matter of if but how long it will last. stuart: you gave us clarity. thank you very much, mr. basenortheast -- rents have been skyrocketing. now in new york city rent stabilized apartments are in for a price increase but they are not skyrocketing rents. >> the rent increases for half of the apartments in the city that are rent stabilized have only gone up a little bit here and there, now they are going up more, 3.25% if you have a 1-year lease, 5% if you have a 2-year lease.

goals this year, talking about the state of the market. is a cooling? is it in for a deep chill? maybe not, they increased the

price target to $50 and they say strong quarter price growth will help their margins in the end so it still is a good time to be a homebuilder, not everybody would agree. stuart: interesting time in the real estate market. united airlines, don't like the sound of this, cutting flights out of newark. >> 12% of domestic flights per day, that start in july, 50 flights, they have to address congestion and they are doing this ahead of the fourth of july. stuart: they are of 4 july. stuart: they are saying i'm not going to sell you a ticket for -- lauren: fight can't guarantee this the best i can we will cut back. it is up 7%. lauren: lauren: benefits from hybrid

work schedules, people are not in the office every day of the weekend i pay attention to traffic monday and friday. everyone working at home for the long weekend and they initiated something to outperform. stuart: who else have we got on the movers list? lauren: that is it, short and sweet. you've got another story here. we have a pundit on ms nbc with some advice to consumers about searching prices. we did the story in the 9:00 hour. lauren: just deal with it, calm down. everything is going to be okay, you have a lot of money. her name is michelle singletary. >> i'm just going to say this. if i get banged for i don't care. there's a great deal of americans where it is uncomfortable that they are spending more but they are not

going to go under. you got to stop complaining. it is costing more for gas but you will still take that fourth of july vacation, you can still eat out so i need you to calm down and back off. lauren: will you still spend for labor day, christmas, hanukkah, keep dealing with it, calm down, it is fine? companies costs go up they lay off their workers so those workers might be losing their jobs soon, just deal with it. stuart: congressman jim jordan is with us this morning, star guest if i may say so. should americans just deal with rising prices and back off and calm down? >> that is the problem. the arrogance of the policymakers who created this

mess and the disdain they have for people across the heartland, flyover country as we say, people who go to work, in western ohio where we make things, grow things and move things, you can't remote work, you can't have this attitude that we are better than you just deal with it, you have to go to work and that is frustrating so many americans, that folks in dc or on the coast have about people who work for a living i find so frustrating and the american people in the folks i represent feel the same way. stuart: i will change the subject, you questioned roger goodale about why dave portnoy is debt banned from nfl games. role it please. >> why do you and dave portnoy? he is a journalist, a sports

journalist, why did you ban him? >> i'm not familiar with that issue. >> i think we are all aware of that. interviewed the president of the united states and the white house, should be able to get into her football game as a member of the press. you don't know anything about that? >> i don't, sir. stuart: why don't you tell us why he his band at nfl games? >> some goofy things i think about because he criticizes roger goodale and things the nfl has done but he is a journalist and i preference my question with the first amendment. i understand the nfl is a private entity but that you chill speech as a journalist, someone in the press when you think about what this government, this administration has done to fill first amendment speech, government

disinformation governance board, that was my point and when we see it from big institutions like the nfl chilling speech, they did the same to jack del rio, you can't say certain things so he gets fined 100,000 so that was my point. i thought we were point out mr. portnoy is not allowed to go 20 games which like i said in the hearing you can go to the white house, interview the most important person on the planet but they won't let you into an nfl game? stuart: i think you made the nfl commissioner rather uncomfortable and you are happy about it. >> my goal is to underscore how important the first amendment is, you're right to practice your faith, assemble, petition the government, freedom of press, freedom of speech and we've seen the biden administration for the lasting months attack that liberty and they are coming after our second amendment rights as well so that's my concern that so many americans have.

stuart: it is a big concern. good stuff. thanks very much and see you again real soon. liberal media hosts say republicans cannot be covered in the same way as democrats, watch this. >> the media does not want to be at war with republicans, they want to treat both sides the same but both sides are not the same. >> we can have a false sense of equivalency about what is happening when it comes to politics in our country. stuart: a false sense of equivalency. kayleigh mcenany will deal with that in the next hour. the navy's training our service men and women how to create a safe space by using proper gender pronouns, details on the woke education in the military. pete hegseth says good riddance to harvard.

>> return to sender. right here and i will sign it for good note. stuart: he says harvard's leftist causes are poisoning our children's minds. he will join me after this. ♪♪ return to sender ♪♪ return to sender ♪♪ i gave a letter to the post man ♪♪ he put in its sack ♪♪ by early next morning ♪♪ so you don't lose sight of the big picture, even when you're focused on what's happening right now. and thinkorswim® is right there with you. to help you become a smarter investor. with an innovative trading platform full of customizable tools. dedicated trade desk pros and a passionate trader community sharing strategies right on the platform. because we take trading as seriously as you do. thinkorswim® by td ameritrade your record label is taking off.

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five years clear. real people with psoriasis look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist stuart: we told you about kroger and another grocery store chain pooling their pro-american items from their store shelves, customers are

pushing back, grady trimble has the story. how are consumers pushing back and how are retailers responding? >> some customers are calling for boycott and we reached out to both the grocery stores. we haven't heard back from either of them so we assume the items that were pooled from grocery store shelves are still off of those shelves. here's a look at the one that started this controversy, one shows an eagle, the famous patrick henry quote give me liberty or give me death. the other depicts pro second amendment version of thomas jefferson with the word arms change, rights don't. a progressive state lawmaker in north carolina who is running for reelection didn't like these so here's what she tweeted. i am disappointed they are being sold in a north carolina store, 110 americans die every day from gun violence, most recently children, educators, healthcare providers and family

members were killed in mass shootings, please remove them. harris teeter responded saying they would remove them from all store locations. interestingly the grocery chain's parent company kroger didn't commit to removing the item is but that it would tell it leadership team about them. in the comments on twitter some users are calling for boycott, others they would shop another bursae store chains like publix and food lion. one user says stop giving into these people, this is ridiculous. another joked man assault, we reached out to program harris teeter multiple times and they have not replied. stuart: thanks very much and there is this. the navy is training sailors on how to create a safe space by

using proper gender pronouns, roll tape. >> my name is johnny and i use he for pronoun. >> pronoun is how we identify ourselves apart from our names, and how people refer to us in conversation. >> using the right pronouns is a simple way to affirm someone's identity, a signal of acceptance and respect. stuart: we need pete hegseth and we got him. you are obviously critical of this. is that because you are an army guy and that was the navy? >> usually yes though i'm waiting for the army to put on a similar video. is that a real video? did the u.s. navy create that -- it is shocking. this is something out of the babylon be or parody from the commonest chinese, what do we do when they invade taiwan. what are we going to do when they yell the wrong gender pronouns at our sailors? are they going to be triggered

and run for a safe space? this is absolute, a parody of the navy but it is reality that this type of thinking is pervasive across the department of defense, that this is how you build a better fighting force that closes with and destroys the enemy which is the mission of our military to keep us safe, it is insane. if it is in the navy in this kind of form it is everywhere and it is dangerous. stuart: i have a tendency to laugh at this because it is so extreme but you stop laughing when you realize if i navy sailor used the wrong pronoun that person could be punished in some way or other and that to me is ridiculous. >> of course which how about we spent a little more time training in those guns, navigation of the seas, stuff like that, maintaining equipment, focus on that, that makes people better sailors are better soldiers so they are better at their jobs and can work together as a unit as

opposed to dividing them. stuart: trained them to fight wars and win wars, that is all i want, back to what i saw you do on fox and friends over the weekend, you made that big decision, you sent your degree back to harvard. of you heard from them? >> i've not heard from them. i wrote return to sender on it. that was my diploma, not a reprint. i folded it up, put it in the mail, put a copy of my book in their too. maybe they will put it in the library and we will see if we hear back, it is wednesday, went in the mail on saturday. maybe the secretary got it and handed it to somebody but it was a larger statement we should stop holding up the so-called elite institutions as gatekeepers of our culture, creating generations of mines that have the validation of a degree, a piece of paper that tells the rest of the world we should listen to them and i'm done giving into that, harvard, i propped up harvard and wrote

critical theory, that theory is pervasive across all department of the university which is focused on the destruction of the west, stop holding these places up and let's build our own and send our kids there. stuart: you are a great man. one last one, bitcoin does really trying to hold on to 20,000. there are some commentators who think it will go all the way to 10,000, maybe lower. getting nervous yet? >> i am. i had the first conversation with my wife about do we sell now while we still can basically break even? 20 is an important number, it dipped down to 18-5, down to 13. 175. that is a scary number, 20 to me was the previous all-time high, pretty important threshold it has already cost. i don't know. i'm done, can't give your

viewers who give good financial advice anymore bitcoin advice. i'm just on the sidelines cheering hoping it recovers. i think the fundamentals are still sound of what it represent. stuart: you are an honest man. you took that question and answered honestly. i would love to know what you said to your wife. we will see you -- what she said to him. we will move on, next case. this is not funny. i shouldn't be laughing, new york city schools are facing a disturbing trend and that is weapons. >> 5931 weapons were seized so far this year. stuart: in schools? >> again, 24 guns were seized. this number is low because the schools don't have scanners, these random scans, they are finding weapons on the days they show up to get them. someone sent me video that we

can share. kids in staten island high school get a piggyback ride from another kid and what falls out of his waistband, a gun, just like that, no big deal. this is certainly scary. at the same time the number of school safety staff because of the pandemic and high cost down by 2,000 officials. do you think they will hire more for september? they will try but it takes 17 weeks to train a school safety officer so i don't think they are going to do well in the next couple months. stuart: a tough situation, thank you. a community college is going virtual on fridays because gas prices are too high for its employees. we will tell you where that is happening, the governor of florida beat out donald trump in a new poll of likely voters in new hampshire to new report claims governor desantis will not ask trump to endorse him in his reelection campaign. is the tide turning against trump?

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neil: one hours worth of business and we have the dow in the green to the tune of 96 points and the nasdaq is up 88 points. a little green today. we are starting with revlon, 18%. they declared bankruptcy, they are down 18%, they declared bankruptcy in florida. lauren: the stock went up 300%. mark tepper said they are acting like the mean stock, the stock shot up but wall street is saying enough is enough so they are giving back some of that 300% gain today. stuart: what else do we have? cisco? lauren: they are down 1.2%, very heavy volume here, reuters is reporting this telecom equipmentmaker pulling out of russia and belarus, seeing the pace of western companies, 3 plus months in departing

russia. stuart: i remember robert, a staffing firm, they are moving down 7%. lauren: always said half. i thought you were doing the british thing. i will call him up after this. to underperform. don't know why they are down. i think the number one or number 2 biggest decline on the s&p. stuart: that is quite a drop. this is for you. don't call just yet. one high profile democrats signaling the potential white house run if president biden doesn't run for election. was a? i lauren: i thought you were going to get it right. it is none other than the new jersey governor, phil murphy, he barely won his reelection. he and his wife launched the super pac and nonprofit and talk outta 2 million-dollar ad

blitz in new jersey, the governor explaining what he is doing to fight inflation, talks about his humble beginnings, making ends beat, trying to build a national -- lauren: will he talk about the one hundred million dollars he made as a partner in goldman sachs and now has governor of new jersey tries to stop other people rising up from poverty, doesn't like strivers, his going to tax us out of existence. i have to live in new jersey. lauren: that is how he reminds people how he got to that. stuart: why does he let other people rise up like that? doesn't want that but i'm getting carried away. lauren: would you prefer gavin newsom or bernie sanders? there are other governors names being talked about. stuart: give me desantis, that is what i want, this is where desantis comes in, governor of florida leads donald trump and a new paul of likely voters in new hampshire by two points.

carol markowitz with me now, the lady who went down to florida because she likes the weather and the politics. this is a real rivalry between desantis and trump. who's going to win? >> reporter: i have the feeling when you see two kids fighting on a playground and all the other kids who aren't getting punched in the face are screaming fight fight fight fight because this is what it feels like to me. i don't know that there is a rivalry quite yet. we are over two years out from 2,024. there's a lot of time, a lot of things could happen. you could look at past elections and see who was leading and who was in the palace intrigued at that point and things change quite quickly. who thought in 2014 for example, the donald trump is going to win the election or be the republican nominee? we need to pamper down the excitement and focus on the now.

stuart: but it makes -- it makes good television, got a rivalry between two guys, that's good tv and there is a rivalry, don't care what you say. do you remember -- >> you. stuart: do you remember andrew gillam? florida democrat who narrowly lost the governor's race to desantis, he was just indicted on 20 one counts of fraud. florida would have looked very different had he won. i don't think you would've gone down there had he won. >> absolutely not but it is not just florida, the whole country would have looked very different if gillam had won. we need to keep in mind the way covid played out we open to because ron desantis set the tone for the rest of the country saying we are open, show you how it works, schools open, took the masks of kids, did all these things, we would be in stages of lockdown had gillam won and this is a big selling point for governor desantis.

he led the way on sanity and that is really hard to beat. stuart: i liked your op-ed encouraging elon musk. you like him saying no to whitey millennials, that was your expression was are they whiny? >> they are whiny. for so long this young cohort has gotten their way, set the tone, shut down speech for other people, limited what we can all say and made everybody afraid to speak and elon musk firing five people who circulated a petition against their boss, against elon musk is a return to sanity and i love sanity. elon musk is setting the bar for what corporations should be doing. criticizing your boss is an easy one, don't criticize your boss, don't take a public, don't take later petition against him. these are easy challenges for

millennials to meet and we need to stop listening to this speech shutting down cohort. stuart: thanks for being with us, you look you like you are very happy in florida i trust you will stay there but we will see you on the air again soon. rolls-royce looking to help out there uk staff as inflation surges. come en in. come on in. what is rolls-royce doing? ashley: how about a payment of 2000 pounds or $2450. the company is hoping the bonus will ease pressure from union officials and workers and it turned out rolls-royce is not alone. lloyd's bank offered at start for $1200 bonus and oxford university, one time payment of $1200 to its staff earlier this month. surging.

remember those from the 70s? rail strikes have been hobbling the country this week with unions demanding cost of living increases. the governor of the bank of england has controversially asked workers stop demanding big pay hikes morning it will only make inflation worse. they are in turmoil over there. stuart: a worse situation than us. the president wants a gas tax holiday, doesn't look like he has the votes to get it through. bret baer coming up. fed chair powell testifying on capitol hill, stuart: against recession again? edward lawrence has the latest from capitol hill. the latest next.

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stuart: we've still got some green on the left-hand side of her swing, the dow is up 950 and the nasdaq up one hundred 34 points. fed chair powell back in front of congress testifying on the house side. hillary vaughan is on capitol hill. you caught up with him on his way to the hearing. what did he say to you? >> when he was testifying in front of the senate lawmakers and flat out said the idea that inflation began after the war ukraine started is not true. >> would you say the word ukraine is the primary driver of inflation in america? >> inflation was high before the war in ukraine broke out. >> the database cup, the full-screen graphic showcasing

prices started to rise well before putin decided to invade ukraine. >> chairman power, should the president stop calling it putin's price hike? he told lawmakers yesterday that inflation started well before the war ukraine, should he stop saying it is putin's price hike? has the president done everything he can to bring prices down for the american people? is there more that you could be doing? so far we've heard a lot of the same comments from powell, that he said yesterday, but one thing that stood out to us is he said the idea that inflation was transitory, a temporary thing, they did believe until october when he says inflation really started to take a turn and it became clear that this

was a problem that was going to be sticking around a lot longer. stuart: that is why we like you, you really try hard even if you don't get much response you try. next case, house majority leader steny hoyer says democrats do not have the votes for a federal gas tax holiday and senator joe manchin says he cannot vote yes on a gas tax holiday. it really doesn't look like the president is going to get this tax holiday. >> reporter: i think the numbers are just not there on the democratic side let alone the republican side which will rally against this and there's reasons why, talk to experts, this is a drop in the bucket for three months that may in some ways fuel inflation going forward. listening to fed chair jerome powell saying they are trying for a soft landing but it is getting more challenging, talking to bankers and

different people in the business community there's a fear this will last a long time. stuart: if he doesn't get the tax holiday he is stuck with browbeating the oil companies and demanding they lower prices. that will be equally unsuccessful. >> if you have an administration that is not willing to look at and analyze what they did at the beginning of the at ministry into put environment or surgeons on permitting, he talks about the 9000 leases, there's a difference between leases and permits to do what they are doing and if they are not going to look at that you will be a gerbil in a wheel going around and around. stuart: that is where we are. if you don't mind i'm going to change the subject to gold. you've got the two handicap and you drive 300 yards.

you are getting old. are you saddened annoyed or are you cheering on the guys in the tournament. where you stand? >> i think it is sad because this battle in golf doesn't feel good but i do understand where they are leaving the tour for that kind -- he made $4.7 million, more than he made all last year and if it wasn't the saudis, it was some company doing it, would we be as concerned? than the hypocrisy about the nba and china, there is a set element to it. stuart: he plays in oregon. do we have a flat out split?

>> the pga tour is doing a lot, increasing purses, got special events with the top 50 golfers. who really gets hurt are the guys on the bottom, who are getting all the accolades. they are struggling on the pga tour. the guy who finished last, 120 grand. that's not a bad deal if you can get it. stuart: if i was low down on the food chain i would go straight to lift just like that. offered life-changing money, $100 million, that is life-changing, golden opportunity. >> can't blame those guys, the

sense of tradition the pga tour is -- give you this opportunity and the tradition of golf and that is what they are hanging on. they have to do more to keep these guys in. stuart: i never saw this coming. never saw it coming. i guarantee we are glued to you on special report on fox news channel. tesla car spontaneously burst into claims, and we've got it for you. 20 million bottles of baby formula flown here to help with the shortage but parents don't have enough to feed their babies. why families are still far from relief next. back then we could barely afford a hostel. i'm glad we invested for the long term with vanguard.

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stuart: dow industrials up 106, nasdaq 130, modest rally on wall street this morning. it is possibly tied to abbott's baby formula. >> reporter: this occurred in january.

the investigation, very little information about this right now. this previously by the fda cannot establish a definitive link and four earlier cases. the planter means close after severe weather last week and that could add weeks to getting formula back on the shelves. it is 23.5%, and is completed. it is secure commitments for an a formula to make 30 million baby bottles, that is a drop in the bucket. us consumers typically purchased powdered formula, 50 million baby bottles, in a single week.

it wouldn't even last three weeks. >> we had such a shortage, the amount that can be imported isn't crafted. the real problem is having gotten the supply down so low in the first place. >> reporter: nowhere near the formula commitments, 130 million bottles worth, just this week, we will only get 23 million bottles worth of formula brought in. they expected this crisis to last another month, maybe another two months. stuart: that hurts. thank you very much. staying on shortages, an opinion piece on nbc suggested the pilot shortage was the result of agesm.

ashley: i'm not laughing. according to megan gerhart of the former school of business in miami university more than 5700 pilots a year are forced to retire at 65, the age the faa mandates retirement for commercial airline pilots, the op-ed says by 2029 not a single baby boomer will be able to legally fly commercial aircraft leaving essentially decades of expertise and experience in the air. it goes on to ask why is there a pilot shortage? it starts with agesm. people are living and working longer. retirement mandates are outdated. gerhart says there is no need to force retirement on pilots arguing performance evaluations are a constant part of the industry and argues if pilots are not safe to work past age 65, why aren't neurosurgeons? if doctors are not mandating

retirement age why is anyone else? these pilots have plenty more flying time in their careers after the age of 65. we won fox does want fox does not have a maximum age limit. i can keep working. i don't want that. if i want to stay -- i know it is. the market is up, dow is up 180, nasdaq 150. john scott, vivek ramashwami, dan heninger. congress nngotssikely to giv,iv that i"my " next...elivtyni wow, we're crunching tons of polygons here!

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>> this is nonsensical, he's doing everything he can, no he isn't. it is disgraceful and he needs to stop it. i don't think he has a clue what his policies have done. >> more reason to the build back broke, what they are wanting to see, reducing government spending, not spending more.

>> if it worsens, very often markets will bottom in the depths of recession, the best money is made coming out of their markets. this is wide open. sooner rather than later. >> best to sit and do nothing and wait for better times and not force a trade. ♪♪ stuart: no comment on the music. i don't recognize it. 11:00 eastern, thursday, june 23rd, markets are rallying, pretty good game, dow is up 168 and the s&p up 27. show me big tech. there is some movement there. i've got amazon up 2%, microsoft up 2%, apple struggled back to $137 share. meta up 1%, apple is up 0.4%.

$20,000, struggling to stay there. 20,000553. the yield on the 10 year treasury intriguing, down to 3.2%, flight to safety or a recession signal. that a low interest rate. last week, 3%, just a tad over 3% even. now this. the president wants a gas tax holiday, congress doesn't seem likely to grant it. within hours of the president's announcement opposition rolling from both sides with razor thin majorities in the house and senate, the democrats have to deliver unity and they don't have it. where does that leave the president? he is falling back on the stand by, beat up the oil companies. energy secretary jennifer granholm is meeting with leaders of 7 oil companies, she will demand they produce more

oil and refine more gas. i think there is a threat in there as well. we will hit you with profit taxes. secretary granholm has come a long way. in november she thought producing more oil was hilarious, she is laughing through the interview. she demands more oil now with a straight face. what a turnaround, like biden going from inflation was transitory last year to can't do much about it this year. policy failure and then the putin price hike excuse, false. jay powell told congress inflation was high before putin invaded. it was 1.4% when biden took office. 7.5% now. it is biden's border, biden's a recession, this is a failed presidency and 18 months and, we will talk about it. third hour of varney just

getting started. stuart: kayleigh mcenany joins me now. was i too strong talking about a failed presidency? >> that was too mild in my view. last night, president biden let america on fire, strong words are merited. stuart: i want to talk about president biden's press secretary, karine jean-pierre. what is your take on her job performance? i think she has been thrown in the deep end? >> "my take" is it is a hard job for any person but there's one moment i keep going back to that went viral about baby formula, the crisis of the spring should be on the top of anyone's list. when i was at the podium covid was at the top of my list, i knew i would be asked about that and expected to give an

update. i have the number of ppe we had, the timeline of the vaccine, standard questions. baby formula she should have been prepared for. she got to what happens that i have nothing new for you but one of two things is happening, either she's not picking up the phone and calling the hhs and cdc and saying what are you doing or they don't have answers the second of which would not be her fault. one of those things is happening. either way it is not working. stuart: it would be very hard to take her out of that position. she is gay, black, female, that is an identity which is valuable in washington. removing that identity from that position is not likely. >> there has been a noticeable trend at least two times john kirby has been brought to the podium. stuart: defense department. >> it was a big news story when he did. he took a communications role

though not in the press office, he sat at the podium twice, did a pretty good job. there has to be an inevitable comparison to how the two are performing. blue and could not push karine jean-pierre out and bring in the white male john kirby. >> very supple, who is giving answers to the american people. at the end of the day no matter your race or gender or preference the american people deserve answers. it is so much bigger than identity politics. inflation, baby formula, gas prices. people want answers and whoever can provide those. stuart: one more, the liberal media personalities at cnn, nbc, msnbc are claiming republicans can't be covered in the same way as democrats are covered. watch this. >> the media does not want to be at war with the republicans, they want to treat both sides the same but both sides are not the same. >> we can't have a false sense of equivalency about what is happening when it comes to

politics in our country. >> we are treating them equally and ignoring gop radicalism? was that the heart of the problem? stuart: what is going on? >> a phrase that is overused a lot, say the quiet part out loud. not in this case. it would be one thing of the media had their liberal bias, it is all evident but they are saying that they have it, saying it is okay and justifying it, no matter the trust barometer comes out, 80% of people believe the media actively makes up stories to confirm their own biases. stuart: it happened right there. fortunately you don't see people watching cn and msnbc. we will be watching you on outnumbered, the show which i often call ambushed, 12:00 noon eastern on fox, thank you very much. back to the markets. a rally, dow is up 129, nasdaq

is up 121, s&p is on the upside and look who is here, this man will stay with me for the entire hour, his name is adam johnson, he's very popular. >> don't know if i'm popular or just rare but i am a bull. stuart: you are telling me in the commercial break that you have never seen a period like this where so many people are so negative on the stock market. >> i like to go against the crowd. it is amazing. as long as i have been on the street, we are seeing the fewest number of bulls in 30 years, consumer confidence the lowest in 50 years, first time since 1928 we've got to go back 94 years, 90% of stocks in the s&p 500 have been down on the

day five of the last two 7 days. we haven't seen that since 1928. that negativity is mind-boggling and it is why i am bullish. we have completely lost the plot. employment is the best it has ever been, earnings within a tenth of one%, earnings are the highest they have ever been but we can focus on is inflation. we completely lost the plot. stuart: when is the bounce coming? >> we are seeing it. we have been talking about it for four to six weeks. first all the growth stocks, than the bank stocks, the industrials, then the banks, then the retailers. it was bitcoin down 18,000. what i call a rolling bottom where it goes through different sectors and because we are getting so many sectors bottoming over a longer time and sentiment is so negative we are seeing the formation of a bottom. stuart: what indicator are you looking at that would tell you

now here comes the balance? >> there are two i keep waiting for that we haven't gotten, the volatility index going above 40. it has gotten very close. the other thing, and insurance policy, bedding more on the market going down than the market going up. it is gotten to 136, pretty close. my adam johnson checklist of 9 things you need 7 have been checked off. really ones that haven't been are the vicks and the costs. we are pretty close. stuart: stay there please. back to the market putting some movers, the tobacco company. lauren: they halted sales of jewel e cigarettes. why is the stock up? cell the rumor, by the news. stock tank on anticipation of this yesterday.

the fda ruling after two year review of this data is that they are taking them off the market. we don't talk about it as much. we talk about opioids and fentanyl. we won because one because teens are getting hold of tobacco laced vapeing machines they take off the market. that is the rule. lauren: it came out in the past hour. stuart: tell me about snowflake, a name i come to you with, they are a cloud software company up 9%. lauren: they have excellent standing among their customers, most of their customers are blue chip companies, it spending or main strong. stuart: walmart. lauren: spending money on home furnishings, they just unveiled this ar feature in their apps that lets you see what an item you want to buy will actually look like in your home so this is how it would work, do i want that table? may be. let me put it next to the so far shall we drop it there?

you see what it looks like. stuart: that is computing power. lauren: they are a tech company more so. stuart: all i have to do is figure out how to use the technology which does not come naturally to me. one college bringing back virtual classes not because of covid but gas which is too expensive for students to drive to campus. a headline in the wall street journal reason for the revenge of the lockdown voters, the covid pandemic revealed how, located the private economy is and how easy it is to wreck it. strong stuff. dan heninger wrote it. he's on the show. some of the nation's most prized historical treasures will be auctioned off live on fox nation tonight. john scott joins me in the studio with a preview of that. we will be back. ♪♪

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stuart: what happened? we were supposed to be looking at fox square, it is 70 ° in new york city. tonight there will be a live auction of all the historical items featured in the fox nation series selling history. look at this. >> bobby livingston octant off rare and remarkable treasures from american history, this is the story of how he gets them. how he but them and how he preps them. >> two grande. stuart: look who is here, john scott, host of the series.

he's with me on the set in new york city. what is on the auction block tonight? start with ronald reagan's peder. >> the putter ronald reagan used. he is photographed on air force one, the 707 version of air force one, the putting contest as he is on his way to meet mikhail gorbachev for the first time, soviet leaders kept dying and reagan wanted to meet a soviet leader but he had to wait for one to survive long enough to get over there. they met in geneva. it was the trust but verify meeting and the world was sort of saved from nuclear annihilation because of that meeting. stuart: eclectic mix of items. you have the original apple one computer. >> you said you are not a tech guy, i'm not a tech guy either but they sold for $666 originally, expected to go for hundreds of thousands of dollars, only 250 of them are

made and 60 still known to exist and this is one of the premier items. stuart: another historical item for you. the controller from apollo 17, the significance of that? >> it was the last mission to the moon, jean --gene cernan this is what he used, not what you get in private hands, the last lunar mission and there were not many of them. stuart: the rows carried by jackie kennedy on the day of the assassination. >> she was given yellow roses in texas but in dallas when she arrived in dallas gave her a bouquet of red roses and the verification process to verify that this actually was in the car the day her husband was

killed is fascinating, part of our story which is available on fox nation. stuart: one last one, wings during the invasion of pearl harbor. >> a pilot who was killed on board the uss arizona but the arizona, i didn't notice, the arizona had a flight contingent and this pilot was assigned to the arizona. his wings and his airmen's license were both recovered but his body never was. they sent divers down to the arizona and recovered some artifacts but didn't find his body. just a terrific mix. blue one a terrific mix of things. >> other stuff, presidential signatures, einstein letters. stuart: am i using the word right? it is streamed on fox nation tonight and you will be the host and you will take the bids from all over the place. >> i'm not the auctioneer.

but host of the special. give us a call, call in. stuart: back to the markets. i like the rally. there was up 150, nasdaq is up one hundred 60. show me amazon. interesting story. they just unveiled a fully autonomous warehouse robot designed to haul carts around and it knows how to avoid hitting human workers. not sure which one that is. let's check meta. mark zuckerberg thinks the meta-verse could bring billions of dollars to his company. take me through the story please. ashley: a meta verse could be a big part of the social network's business in the second half of the decade. he sees a billion dollars in the meta verse buying digital goods and digital content clothing for their avatar,

items for the digital homes or perhaps their conference rooms, experiences in the meta-verse can be more immersive than text photos or videos and it is a big thing for meta-over the next decade. over next year expect several years where meta-will release a stack of hardware, software and experiences, sherman's of the oculus vr headsets have failed to outnumber shipments of pcs or smart phones, catching on via those headlight sets. stuart: i want to bring in adam. i like the looks of this meta verse. i don't fully understand it but it seems like it might be really interesting, stock is really low. >> the stock is trading $160, trading 12 times earnings. the s&p trades 16 times, facebook trades 12 times earnings, where else can you reach 2. 2 billion people every day but

here's how i think about the meta-verse and give me a little leeway here. remember star wars, r2-d2 comes up and they press the button and the image of princess leia comes down and says you are my only hope, remember the blue image? that was my first clue that maybe there would be this thing called meta first. imagine if you and john were just talking about these amazing things that will be auctioned tonight. imagine if john couldn't have joined our sunset and instead preparing the auction, that image like princess leia would be sitting in front of us in 3d and we would be in the same room even though we wouldn't all be in the same room. that's the way i think about the meta verse. that is why is cool. stuart: you never know. you might be a 3 dimensional image. well done. instagram, another story, making it harder for children

to lie about their age. how do they do that? ashley: i am still here, not my hologram self, my real self. starting today in the us instagram says if a user tries to edit their birthday from under 18 to over 18 they will have to prove their age and one of three ways, upload their ids which are deleted within 30 days, 2, record a video selfy that will be reviewed by a company that uses facial analysis to estimate age and then delete the video or 3, you can ask three mutual followers who are at least 18 to confirm the user's age, an option that instagram calls social vouching. the company says the new age verification system is only for users attempting to edit their birthday for now but could be expanded in the future. stuart: got it. thanks. take a look at this. a tesla spontaneously burst into flames and the bill of a

junkyard, took thousands of gallons of water to put the fire out. look at it blaze. a new house bill wants to add racial equity to the federal reserve mandate. reportedly endorsed by the president. vivek ramashwami all over the story next. ♪♪ ♪♪ (fisher investments) in this market, you'll find fisher investments is different than other money managers. (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.

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technology that ultimately will enable us to transfer large amounts of money very quickly to coordinate contracts, that is the block chain side of crypto but at this point we are too focused on what the price of bitcoin is but that is only the tip of the iceberg, the plumbing behind the bitcoin so we've gotten ahead of ourselves on crypto in general. stuart: i'm with you on the block chain, useful for the future. the actual coins themselves are just gambling chips. >> exactly, we are focused on price. here's how bitcoin could be relevant. if you are japanese bank and want to transfer $100 million of yen to the new york branch you have to have $100 million of yen in the tokyo branch and $100 million of dollars in your new york branch, tying up $200 million of capital. if you could attach it, attach it to a.for bitcoin. it is simultaneous and you

don't need the capital on hand. that is the promise of bitcoin. you, me, and everybody else. stuart: let's move and change subjects. a new house but wants to add racial equity to the dual mandate of price stability and full employment. what would a racial equity mandate look like? >> they didn't lay out any detail but i will give you examples of what you might do. there were major capital requirements you had to have on file at a bank. there is underwriting standards you apply to make sure one of

the lessons is messy underwriting standards giving loans to people unlikely to pay them back. the biden administration rarely comments on individual bills making their way through congress chose this particular bill but is dangerous for the minorities intended to protect. stuart: a system of racial preference. we have racial preference debates. and to government. i have my views on that. even if you believe in this equity driven agenda. economics 101 says there are two objectives for the federal reserve, they had a tough enough time to get the balance right.

stuart: racial equity the way you describe it could run counter to getting full employment. >> absolutely does. loose standards, minority communities, over the medium term and longer run like inflation that set those communities and all communities back. stuart: it is not set in concrete, just to house bill that has to be debated and voted on. >> it has majority support in the biden administration throwing its weight behind it so i hope this policy dies on the vine. stuart: a tiny majority in the senate, don't think it gets through, you have to have absolute unity for the democrats in the past. >> a handful of sensible democrats in the senate have the good sense to say let's have this elsewhere rather than the federal reserve, messing with the integrity of the

financial system. stuart: one more thing that is up your street, a judge in florida could rule on the stop woke act. the ruling would bar educators from teaching critical race theory and schools. how does the act work so that you are not dictating how to cover race in schools? >> that is a big part of the question the judge has to tackle. i personally, we've talked about this before, i'm not a fan of drawing hardlines about what can or can't be discussed but moving towards a policy agenda about talking about what we do want to discuss, reviving civic education and to the extent there is illegal activity playing out compels government compelled speech like first amendment violation, forcing people to confess their sin because of their race be it whiteness or something else or racial discrimination, we already have existing legal

doctrines and constitutional doctrines that prevent public schools from engaging in that illicit behavior. not sure we need new laws but existing laws and affirmation of positive civic agenda that drives us forward in the education system. stuart: when will you run for office? >> i'm working on fixing the private sector. the private sector can drive as much change as the public sector. stuart: that was a duck and you know it. it was. and a good one too. you are all right. don't care what they said, you are all right. the average price of a gallon of gas nationwide, $4.94. the high price of gas is causing one college to go remote one day a week. where is this happening? ashley: southwestern community college in north carolina shifting operations online for one day a week because of the soaring cost of gas for its employees, community college

says it will operate virtually on fridays, the announcement that the college will remain open and fully operational but staff members will be working virtually through at least august 5th. it is not the only one. southwest tennessee community college also shifting to virtual fridays through august 7th because of the rising cost of gas. stuart: could be that will spread. come back to work day, here's the story. come back to work or face disciplinary action. that is the morning one big newspaper gave its employees, we will tell you all about it. a new report shows us oil refining capacity has fallen to its lowest level in a decade. so what? energy secretary grant him wants oil companies to refine a lot more. how are you going to do that? we have the story next.

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>> president biden: for those criticizing me for high gas prices in america are you saying we were wrong to support ukraine? we were wrong to stand up to putin? are you saying we would rather have lower gas prices in america than iron fist in europe? stuart: there is the president doubling down once again blaming putin for gas price hikes as the energy secretary meets with oil executives. edward lawrence is there. >> not as of yet.

the white house at an event at the white house with federal, state, offshore wind partnership, the president will drop by that meeting. the oil executive meeting of the president will not stop by, the energy secretary jennifer granholm delivering the message to oil executives, she again is in front of this yesterday by attacking the oil companies. >> our message is simple, this is the time to reinvest those profits that will enable them to better meet the needs of our citizens. instead of using, shareholders or stock buybacks. >> reporter: president biden playing loose with the facts. why we need a federal gas tax holiday but blamed russian president vladimir putin saying

a $2 increase since the invasion. the increase has been $1.40 but you see all the increases before the russian invasion. the industry delivered its own message, a simple one saying stop vilifying oil companies and work with them with newer the regulations and instructions. >> broadly this administration focusing on changing the policy they put in place in this administration which hindered american developed onshore and offshore waters. >> the american petroleum institution sent a letter to the president inviting him with 21 associations, to come to energy site in the united states before the president next month in a couple weeks goes to saudi arabia to not ask for but ask for more oil. stuart: good stuff, well done.

i want to talk oil with our market guest, adam johnson. oil is starting to feel long in the tooth. >> it makes you think there's a seaside problem and prices above $100, every barrel is brought to the surface, even in the us where president biden is doing his best to limit drilling on federal land because of that, producers are pulling all the barrels they can, that is happening around the world, we are coming to a point we are making up for the loss of the 5 million barrels coming out of russia being exported. they were exporting 5 million, we are making up for it.

if we get any kind of easing of what is happening in ukraine oil goes from $105-$70 because there is so much supply. i think the war in ukraine is holding oil. stuart: what if china is holding a strong? >> they are starting to buy oil from the uranian's. the embargoed oil, getting creative. we have the us using backdoor conversations with venezuela. we would rather deal with hugo chavez than our own oil producers so it is disingenuous, for the secretary of energy to say the things she is saying. that oil is finding its way, it takes time, can just flip a switch and bring the oil on. there is a lot of supply coming on. stuart: we should bear that in mind. >> you also see the oil stocks trade back down, they are down

10%, 15%. stuart: good stuff, thank you very much. change the subject again. a tesla model-s sitting in a junkyard in california spontaneously caught fire. this seems like a bad pr for tesla. ashley: it is not great. this electric car has sustained major damage in a crash three weeks before and was scheduled to be dismantled when it caught fire at a junkyard. fire crews tried to knock down the flames but the vehicle kept reigniting. we heard this before, responders had to make a small pick, place the car inside and fill it with 4,500 gallons of water to put the flames out, tesla, and other electric vehicles have been known to have issues the fires, it can be difficult to put them out because the lithium-ion

batteries keep burning until all the energy is released and it can take as long as 24 hours to put out that fire. the pr is not great. stuart: i didn't know anything about these fires. thank you very much. i need a sense of law market, show the dow 30, pretty even split, winners and losers as the dow just turned south a few moments ago down 5 points on the dow as we speak. wall street journal guy dan heninger has advice for republicans heading into 2024, run on just 5 words. we will do the opposite. dan heninger makes his case after this. ♪♪ don't let me down ♪♪

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stuart: warning for employees who have not returned to the office. what is the warning? ashley: complied now, spend at least 3 days a week in the office or face disciplinary

action, the washington post cracking down on employees not abiding by the company's office rules, the policy strikes the right balance, allows for in office collaboration and greater levels of flexibility before the pandemic but it is only fair the policy is enforced consistently. the memo said spending time in the office with colleagues makes it better to build relationships, build products and collaborate, in a zoom only setting cannot entirely replicate but there are still grumblings. stuart: i see the hand of jeff baeza's. he wants him in. i have a headline in the wall street journal, it reads verse.

the revenge of lockdown voters, the covid pandemic revealed how complicated the economy is and how easy it is to wreck it. dan heninger wrote it, you say the republicans should run on 5 words, we will do the opposite. explain that. >> i certainly will. other governments have been doing the past two years during the pandemic was i called it the revenge of the lockdown voter and if you look around the world, what you see is voters pushing out of power the governments that have been in power the last two years. the percentage of people who think the country is going the wrong direction 70%. an astonishing number. in france emmanuel macron,

colombia and central america is like a former m 19 member. all of this is about economic discontent and economic discontent i argue is directly related to the lockdowns of the last two years, the completely fractured private economy, how the private economy works, we have discovered that in the last two years. it is about things like supply chains. when people were told to go home including at the washington post they did just that but unlike the washington post reported a lot of people got laid out for jobs in the airline industry, in the energy industry and now the story is how to bring them back and what we are discovering is it is difficult. one of the things the biden administration did was to pour

$2 trillion in to an economy that had no way of absorbing it, high inflation right now. all this adds up, republicans running against the government in power, biden and the democrats say will do the opposite of what these people have done. stuart: you make a lot of sense. do the opposite, that would do us all a power of good. we will see you soon. it is the thursday trivia question 11:55 eastern. what was the first number ever retired in the major league baseball, 3, 4, 20, number 42? the answer after this.

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say goodbye to daily insulin injections. omnipod is a tubeless, waterproof pod built to simplify life with diabetes. try it today. go to omnipod.com for risk information, instruction for use, and free trial terms and conditions. consult your healthcare provider before starting on omnipod. ♪. stuart: all right, what was the first number ever retired in the mlb? there is your choices, ladies and gentlemen. adam, guess please. >> i should have googled this commercial break. i didn't want to cheat. i will go with 42. i think that was jackie robinson's number. stuart: your input. >> i think he is absolutely right. adam. 42. stuart: i will guess number three on lower numbers. it is four. lou gehrig's number was retired, in 1939. that is the day he made his

famous luckiest man on the earth speech. i was seeing that in england as a boy. i remember that very well. thanks, adam. >> always good to be here, stuart. stuart: don't forget to send in "friday feedback" questions, comments, critiques. we want it all. record the fan friday video. record your name and you're on tv. neil, i thought your interview with jared bernstein was groundbreaking, absolutely excellent. we used some of it on our show. neil: i don't know about that. you can't arrange numbers. you can go right, left, i probably got a little hot under my collar. but i am italian. stuart: you should see me every now and again. neil: i see it. but it is rare, it is rare but i wouldn't mess with you. stuart, thank you