two. stuart: so will i. i go with john adams. no. it is thomas jefferson. celebration held in 1801, just in case you need to know. a couple of brits didn't get it right but you know, so what? >> go figure. >> my time is almost up. i will leave you with the dow down nearly 200 points. that is what i give to you, neil. it's yours. neil: stuart, thank you very, very much. it is noon on the east coast of america. we got a selloff right now as the dow is in and out of session lows, down better than 201 points. we have a slight backup in yields. that hurts disproportionately technology stocks. that is what is happening. the story is what might be happening with housing. we might see the last spurt of activity before some say we see a housing correction. price increases are still happening for homes but here's the deal, those increases are slowing and for example, some hot markets in southern florida

they're really slowing. that doesn't mean we're in for a housing recession here. i don't want to take the leap. 10-year note that you have year-over-year advances seeing home prices moving double-digit increases, that is beginning to sort of take some of the bite out of this. it is walloping homebuilders as well. that is something seen as reflection of the overall economy. homebuilders are well deep into a bear market, if you include toll, pulte, lennar. the trend is not the friend for the industry. kelly o'grady taking a look at that from an overpriced neck of the woods called los angeles. kelly. reporter: hi, neil. overpriced is right. if you're a first-time home buyer the market is so tough, demand, prices sky-high. we hear people are bidding for two years on a place like this with no luck. today as you alluded to that might be slowing. today's case-shiller index may

have a bit of good news. to be cheap, prices are rising. growth slowed ever so slightly. nationally home prices saw a gain of 20.4%, down from 20.6% last month but the 20 city composite did not show good news for buyers. prices rose record 20.2% versus last year. first-time buyers are in the middle of a perfect storm. the average on a 30-year fixed mortgage rose to 5.1%. baby boom saw higher in but millenials 41% of existing homebuyers are used to far less. with price so high that translates borrowers paying $800 more each month. add increase on groceries gas, everything else, that is extremely difficult to manage. snapping a home, is a get tiff sport. you have to deal with all cash offers, experienced buyers with far more savings. >> still a hot sellers market because there is very little

supply. but what i have seen like i said a three or four or six-month lease back for free or very little. waving inspection periods which is always risky, right? but sometimes either get the house or you don't get the house. reporter: now the good news is that the competition is slowing a bit. a house like this would normally have 15 offers. that has gone down to five to six. you still have to be the best offer out of all those folks. experts tell me with the supply the way it is, supply chain crisis impacting new home building we could be in for a year or two more of this. neil? neil: lovely. kelly o'grady following all of that from la-la land. tim ruud joins us housing industry iconic player. tim, numbers out of case-shiller, final spurt of activity, or at least heightened activity year-over-year that will now start declining, not necessarily into recession or even a crash or any stuff like

that but you know, we've been used to these strong double-digit advances year-over-year. that will start slowing. i don't know if that is a good thing or a bad thing. how do you look at it? >> hi, neil, thanks. kelly nailed quite frankly. taking my per diem and going home. to your question it has to moderate. it is totally unhealthy to have 40% appreciation rate over a two year period. you compound that with interest rates that are doubled, it is a recipe obviously for slowing, moderating market which is what we've all been looking for. the irony of some of this the fact jerome powell, wrote the play, called the play. now is is straight up close lining the housing market and mortgage market as they are getting down field like he didn't anticipated. this has been arresting development over may, june, there is so much latency in mortgage data. you're looking at a lot of april data. march, april, may at the latest.

it really paint as much rosier picture. you forget interest rates went up point, point 1/2 in may, june, that had a terrible impact on affordability. and now you're seeing the last surge of desperate buyers to your reporter's point fighting their way two years to get into the market making one last go of it in the end you have sellers opportunistic taking a last-ditch opportunity to sell near the top or the top of the market. those are hardly desperate sellers. neil: those sellers, one out of four, that is the latest data that i have, you might have those that are cutting their asking price, that the what you look for to see if there is correction or subsiding in the red hot housing arena? >> sure, that is a good one. if you're looking at existing home market, first and foremost you look at supply. supply is still, although a little bit higher, still half of

what it was in 2020. it is ramping up over the last month or so there was a great study said, look if you sold every house at inventory pace of sales today, you would have a month worth's of supply. so it is still pretty frantic in that sense, neil. neil: where are going here? even bidding war on rents. not quite the same comparison on bidding wars with properties, one out of 10 are flipping them fast. i don't know where that compares to the boom before we had in the meltdown of housing decade ago, but nothing overly whacky going on here. is this something we should keep an eye on? >> yeah. no, i think you're going to be moderating. looking what it should be doing. 20% appreciation rates year-over-year. looking like 18, 17, we're 16% aappreciation rates. there will be more eninventory as summer goes on, into the fall. as consequence you will see

pressure on the top end to see continuing moderation. 2023 you will see zero to 5% appreciation rates in terms of median sales prices. look at inflation, probably north of five, somewhere less than 10. that means you have negative real rates which is difficult but i think the point you guys already pointed out is, as we said before the rental market is no picnic. all the people making a last push to get into the house. until they give up the ghost, dang we gave our last shot, when they go to the rental market they have a rude awakening there as well. i see inventory coming up. prices moderating. there is $29 trillion of equity in residential markets. there is huge kirk. economy is still strong. employment markets are still strong. we're not setting up for anything we saw in 2008 and 2009. neil: homebuyers looking around, hopefully i think i will wait a little while because i think

prices come down. offsetting that is interest rates and borrowing costs continue to go up which wins out in your eye? >> i look at some of these markets. seeing inventory jump 50, 100% over the last couple months. those are all the hot markets. if you're looking for, i'm a buyer, looking for where is the best buyer's market go back to these markets that were red hot that are cooling based on inventory levels. you have austin. you have las vegas. you have got phoenix. you've got nashville. things like that will be softening sort of markets. what you see play out, neil, much more activity on the high-end. when you see median home prices going through the roof, it reflect as different composition, much more activity on the high-end. much less activity on the 300,000-dollar and below sort of properties. i think that will continue. those are the markets that people in the urban manufacturing centers, up in the midwest, they haven't seen the same level of appreciation.

those markets are going to suffer in the long term. neil: tim, thank you, very much i think. on all of that following the housing industry as good as anyone out there. probably one of the best seeing these trends. right now the trend might not be necessarily a homebuyer's friend for time being. of course nothing like we had with the big housing meltdown. that was what, 15 years ago. that was then of the different circumstance so we're told. keep you up to date the now concluded g7 meeting. the president is moving on to the nato powwow in spain. a lot of people are saying the g7 is backpedaling on the commitment to the environment. this was brought up in serious differences between boris johnson of great britain of course and our own president joe biden. let's get the latest from peter doocy following all of these fast-moving developments. peter, what is going on here? reporter: neil, while the president has been here in europe he has been loudly trying to endorse a transition to green

energy while quietly trying to figure out where in the world he can get some oil in the meantime to bring prices back home down. he got a surprising message from the president of france that we picked up on a hot mic who came with word from the u.a.e. leader that they're all tapped out. >> according to the saudis, [inaudible] they don't have huge capacity. and because six months time. reporter: well that is potentially problematic for a president that plans to go to the middle east to talk to gulf partners about refining more and pumping more in less than two weeks. >> he spoke with all could of other leaders about the trip as well. not not focused on the energy piece, but the broader strategic dynamic at play. reporter: the leaders here are

aiming for net zero emissions by 2050. the meeting showed a split between the u.s. and uk. he came to ask the put world hunger over climate change. he argued land for biofuels should be used to grow grain for people to eat. so much is stuck in grain. so much using grain for biofuel is using reduced availability and cost for human consumption. u.s. president blocked boris. the full g7 statement doesn't have anything about world hunger in there. instead had lines like this one. we call on all countries to avoid excessive stockpiling of food which can lead to further price increases. the g7 leaders were trying to figure out how to stop putin in ukraine, that is the aggravating factor in some of these issues. so far nothing they have done has stopped putin. now they're off to try from a different angle at nato in

spain. neil? neil: this is a dumb question, peter, but you indulge these from me time and again, when macron was picked up on the open mic warning about the production, oil production situation among opec players, was he oblivious to the fact anytime you're talking in a group setting like that it's fair game, it is going to be picked up, right? reporter: i don't think that he was oblivious to the fact that cameras were there. appears that the french press picked that up. the u.s. press had already been taken off the, off the grounds but in that clip, if you play it out a little bit longer jake sullivan realizes what is happening, national security advisor. he hears them talking to close to microphones and lenses. he says, why don't we go talk about this inside. that's what they did. there was apparently more to the story but jake sullivan, they might have to give him a deputy press secretary title for doing that. neil: doing that.

it was a good move. thank you, my friend, peter doocy. on the impact of acknowledgement on part of emannuel macron we could see opec, at least principle players, talking about the united arab emirates, by extension saudi arabia they might not be willing to boost production. the irony the president will be next month in saudi arabia trying to wheel and deal to get the saudis to open up the spigot a little more. nick loris, c 3 solution, vice president of public policy. nick, if we accept that at face value, saudis, united arab emirates, key opec players are not inclined to produce production as we hope then what? >> then americans will suffer even more. if they're at production limits, if united states is at its refining capacity limit, there will be continued supply and demand imbalance. with the july 4th holiday coming up, aaa reports that

42 million americans are set to hit the road to drive at least 50 miles or more for the holiday weekend so demand is still strong. many economists are predicting that oil prices will rise even further and consequencely gas prices will rise even more. neil: have we seen any evidence, nick, people are now reassessing their summer travel plans, driving plans. i see it with the frustration overweighting at long lines at airports. are we seeing it when it comes to especially the upcoming july 4th weekend. people are saying i will not go that far. i will not just go anywhere period? >> not that much. 42 million number that i mentioned is a record. and so there are fewer people traveling via air over the july 4th weekend. i think given the high cost and pent-up frustrations but even so i think there is a lot of post-pandemic pent-up frustration about not being able

to travel for the past two years as much as families would have wanted to. i think that is what is ultimately going to keep demand strong. that is why several economists projected that gas prices could peak six dollars per gallon by labor day weekend. i think you might ultimately see demand curtail. you see prices fall when fed hikes interest rates. the demand remains relatively strong. neil: demand for electric vehicles, even with the average price point around $55,000. i know with the supply change disruptions, conventional gas-powered cars are also going up in price but i'm just wondering how this all factors out let's say by the fall? >> yeah. i think by the fall you will start to see some demand curtailment, prices fall a little bit. if we do start to see a soft recessionary environment, that is when you could see oil prices fall. to your point about electric vehicles. i think this speaks to the need

for policy-makers to liberate our energy supplies for rare earth minerals, reduce tariffs for steel and aluminum that contribute to higher prices, contribute to higher prices for green energy. the more the administration can do in the near term to fix some of these broken policies like tariffs, like the jones act that artificially increases the price of oil, that can provide near term relief for consumers. at the same time provide some long-term stability for increased energy supplies that will ultimately benefit american energy consumers and businesses. neil: we'll watch it very, very closely. thank you very much, nick, for giving us sort of the lay of the land going into the holiday weekend here. we told you of course about the impact of so many states after the court shut down roe v. wade that had the snapback sort of trigger anti-abortion laws in effect almost immediately. the aclu is trying to stomp them out in at least three states that are doing that the arkansas

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neil: all right. we're learning right now that a

texas judge has blocked enforcement of that so-called trigger anti-abortion law that went into effect in texas soon after the supreme court shot down roe v. wade. you might recall that utah and louisiana had similarly moved. we were hearing upwards about two dozen states were poised to move to enact laws that would ban abortions outright in those states. now the aclu has gone ahead and targeted texas, utah, and louisiana. so far hasn't gone farther than beyond those states. we'll hear from the arkansas attorney general, leslie rutledge, where things stand there. arkansas has so-called trigger abortion bans going into effect. at least they hope to have them into effect. meantime it is primary day across the country. at least seven states having crucial primaries. the first time we can gauge what impact the people court decision of roe v. wade might have in

colorado, michigan, utah, nebraska, illinois where it is a big topic of discussion. to aurora, illinois where we find our grady trimble. hey, grady. reporter: neil that supreme court decision last week certainly catapulted of abortion into top issues of today's primary bring. we're gauging whether it will rally voters on either side to show up to the polls today. on the republican side, in the governor's race all the top candidates have made it a point to say that they are pro-life and they have slammed democratic governor jb pritzker as too aggressive on abortion prit iititning i as governor he removed a bn some late-term abortions. he he c ihe a s iossssss state lawmaawrsaw to expand access to abort aion evee rther rtin the state i asked the two leading republican candidates this morning how they think that

ruling from the supreme court will impact voter turnout today. >> new decision just came down, i can't say for sure how that will affect turnout. >> i will be an adamant, ardent voice to get rid of taxpayer-funded abortions. i don't think taxpayers have any business to pay for that. governor pritzker is trying to make illinois an abortion mecca. i think people have a problem with that. reporter: illinois's governor race is shaping up to be one of, if not the most expensive governor's race in u.s. history. governor jb pritzker, he is a billionaire in his own right. he spent $90 million of his own money so far to support his campaign. ken griffin, ceo, founder of citadel, has spent $50 million to support aurora mayor, richard irvin. richard you line has spent nine million dollars to back trump endorsed darren bailey. pritzker, the democratic

governors association they have gotten involved in the republican primary, spending tens of millions of dollars to attack a more moderate candidate, richard irvin i thinking he would be a harder candidate to take on come november because he is not as conservative as some of the other candidates. one other race i want to mention today, that we are following is an interesting incumbent on incumbent primary in in downstate southern illinois. rodney davis against mary miller. both are already in congress. because, neil, redistricting they are going against each other. neil? neil: we've seen that a few states where that is going on including the new york metropolitan area. grady in aurora, illinois. let's go to nancy rutledge, arkansas attorney general i promised to stop by. arkansas one of the dozen states considering triggering abortion laws following the supreme court

nixing roe v. wade which had been the law of the land for the past half century. attorney general, good to have you. where do things stand now for triggering this law? >> well, thank you, neil, and arkansas already put the law in place on friday within hours of the supreme court decision in dobbs coming out as the attorney general i certified act 180 of 2019, which says upon my review, the attorney that the supreme court has in fact overruled roe v. wade that upon my certification signature that act 108 of 2019 would go into effect which essentially bans all abortions except to save the life of a mother. we acted within hours. it was my great honor to do so to save the innocent lives. neil: so what about these plan b pills which are not abortion pills, they're not the plan c pill that require prescription and involve the destruction of a

fetus, again in the eyes of the beholder here? how does your state plan to regulate those drugs? >> if those drugs are prescribed as an abortion pill, that would be illegal i. what i commonly refer to as plan b pill is contraceptive. contraceptives are still legal in arkansas. however telemedicine for the purposes of providing an abortion, providing pills to conduct a medical abortion is not allowed under the law. we will not allow women to have a telemedicine with a doctor in another state to receive prescriptions again, take medicine in order to carry out an abortion. however, the plan b, my understanding is a contraceptive and contraceptives are allowed under arkansas law. neil: so these medication abortion pills which have been approved by the fda for up to 10

weeks of the pregnancy, that you would not allow but how would you police them? how would you catch them? >> well, again, neil, this is going to be through our health department. if they are considered, doctors are prescribing these medicines, we do have a medical board, we do have a state head department which our governor sent a memo out to on friday immediately upon my signature of that certification outlawing abortion in arkansas, immediately our governor took action. i acted within hours of the supreme court decision and he acted immediately within my certification to say to health departments that we will investigate and shut down any individual doctors or otherwise who are attempting to carry out abortions in arkansas. neil: let me ask you a little bit what the aclu is doing, targeting right now, texas, utah and louisiana. i believe just those three states for the time-being, general. it looks like just a matter of

time before aclu starts going after all the states that have these so-called trigger provisions, for all i know including yours. how would you respond to that? >> well, we're prepared for these legal battles. we have been in leal battles with aclu, planned parenthood and the like for years. aclu is somewhat after four-letter word in my office because it seems it is frivolous lawsuit upon frivolous lawsuit we fought during my eight years as attorney general of arkansas. we have the best attorneys in the state working at the arkansas attorney general's office. we'll whole-heartedly defend this law, defend arkansas's ban on abortion whether aclu or someone else. we've done so we have been taking our legal strategy to the next level, asking the courts to move the cases off the docket. we have a number of abortion, pro-life cases aclu already sued us over. we're already been trying to

move those off the federal court's docket. neil: got it, leslie rutledge, keep us posted how things are going. appreciate you taking the time. arkansas attorney general leslie rudd ledge on developments here. it is one thing when arc invest cathie wood's says we're in a session. it is another when most americans think we're there or heading there in low consumer confidence numbers. read from jason furman, former economic council chair under obama. after this. ♪ who's on it with jardiance? we're managing type 2 diabetes and heart risk. we're hittin' the trails between meetings.

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neil: all right, we don't technically know whether we're formally in a recession and we

won't find out if the quarter data is complete. if it's a negative quarter, reverse growth, contraction, if you will, it woe mark second quarter in a row. that is the technical definition of a recession. cathie wood of arc investment fame, famous for investing in is convinced we're already there. consumer confidence number comes out to close to a two-year low, some say on the expectation of record low. what does all this mean? jason furman, joins us again the former economic council chair for barack obama. jason, very good to have you, sometimes perception, how you feel becomes reality. people act accordingly. they start cutting back purchases. think twice of buying that mortgage or buying a home. what do you think is playing out at this moment right now? >> we're seeing a historic

disconnect people talk how they're feeling, confidence numbers today, the different survey, sentiment is basically the lowest ever. neil: right. >> people are really dour but they continue to be spending at a decent clip and you know, how to reconcile those two, you're nervous about the economy but not really pulling back that much yet is the big mystery right now. neil: yeah, you know this data better than i do, jason, i'm amazed how people assess things how they are. they're very dour. but when they talk about themselves, not nearly so dour. they're still committed to pricey travel plans, even if they get stuck at airports. they're still inclined, and energy analyst talking about what he expects will be a record-setting july 4th travel weekend. what do you make of that? i know in the obama years, coming out of the meltdown you were dealing with the same thing. there was a delayed impact between how people felt and about an economy which they had

doubts coming back but early on we were seeing signs they personally saw themselves coming back. what causes that? >> all right. so what's happening now incomes are not keeping up with inflation. so people are falling behind, but people also got checks in 2020, they got another round of checks in 2021. they didn't spend that much in 2020. they weren't going on those air travel trips then. and so they have an extra cushion now and people are working their way through that cushion. that has allowed a disconnect between sliding incomes, everyone is bummed out about and spending out of savings, spending out of credit card balances in better shape a couple months ago before they were before the pandemic. neil: i don't want to get too much into palace intrigue at the white house. you work there we know what it is like. good deal of reports, anecdotal, jason, the president is

frustrated how americans are not getting what he says the full story on this. he is very angry at fellow democrats who are not emphasizing that part of the story. to the point he really gets ticked off with those say he shouldn't run in 2024. is there a disconnect between the president and those in his party who he says are not helping him out or his cause? >> look, it is a tough job to be president in the best of times because you always have less power than everyone thinks you have we have inflation now in part because of policy mistakes, some of those made by the federal reserve but also in part because of things like president putin's unprovoked invasion of ukraine. so there has been a string of bad luck on top of, added to the inflation that we already have. so that's a frustrating place to be. i wish he had a wand he could wave to bring the price of gasoline down. i'm sure if he had the wand he

would wave it. he just doesn't have it. neil: i was told he did. he just hasn't waved it. i'm kidding. you and i can go back and forth whether this is all on the ukrainian war. the fact of the matter, 50% of that increase came prior to the first russian soldiers even coming near ukraine. having said all of that, do you think a mea culpa is in order? we heard it certainly from the federal reserve. they botched it on the transitory view of inflation. janet yellen, treasury chief, misgauged how bad this would get. at this stage would it do any good if the president said i thought this would be over and i thought it is wrong? >> that is a message question that i don't know the answer to. neil: could you just whisper it too me. just whisper it to me, just let me know. >> look, almost everyone's inflation forecasts were wrong last year. mine were a little less wrong than others. i was at the higher end. i was nervous about inflation, but i didn't see it getting to

8 1/2, 9%. there is both some underlying structure here and some bad luck on top of that. both of those happening at once. neil: so if the president were to try to get his way, try to get more spending to resolve this, or more checks out to americans, doing what they're thinking of doing in california to help people get inflation checks or whatever they're kicking around there, what do you think of those types of remedies? >> i think a gas tax holiday with be a mistake. there is no reason the oil companies would need to pass those savings on to people. they would pocket it in the form of extra profits t would contribute a bit to inflation. you know, it is an idea that both democratic and republican governors have done. when you're responsible for a state or a country you want to be seen doing something. unfortunately that wouldn't help. neil: take the gas tax out of it, idea of government spending to get us out of something that some argue in the beginning kind of spot this ball rolling, do you think on that level alone it

would be a mistake? >> look i think you need deficit reduction now, the president also called for deficit reduction. he is trying for example save money through the prescription drug program that would reduce demand in the economy and slow the cost growth in prescription drugs. yeah, i don't think we should be spending money. i think we should be saving money. he has some ideas there. neil: personal question for you, we know that the president has spoken to larry summers, a frequent critic, of his handling of this economy. if the president called you if he hasn't already, said, i could really use you here, jason, what would you say? >> oh, i love being here in cambridge, massachusetts. i love teaching, writing research. no way i would go back to washington but of course i would, advised many people in the administration that when it comes to inflation, respect the independence of the fed, appoint

good people there help them out a bit with deficit reduction. neil: what if he said pretty please? >> no way i'm leaving here. i get to do your show. it's fun. neil: there you go. i hope you would do the show if you were in the biden white house. jason, good to see you. thank you very much. jason furman, former council of economic chair under one barack obama. we pared a little bit of losses. housing under pressure. backed up interest rates under pressure. even gold not benefiting from the idea that queer trying to punish the russians by limiting their supply. would you think that would lift things up. unfortunately a strong dollar is putting the kibosh on that. stay with us. you're watching fox business. ♪ trelegy for copd. ♪ birds flyin' high ♪ ♪ you know how i feel ♪ (coughing) ♪ breeze driftin' on by ♪ ♪ you know how i feel ♪ copd may have gotten you here,

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surprise january 6th hear something ready to get underway at the top of the hour here and the key star witness is someone you might be familiar with. her name is cassidy hutchinson. she was a senior aide to mark meadows when he served as chief of staff to former president trump. if you've been watching these hearings, you might have seen clips of her taped testimony. she said that mark meadows had been warned about the potential for violence on january 6. she has described a call between meadows and members of congress that involved the idea of encouraging protesters to march to the capitol. she also told the committee which republican lawmakers were asking the former president for pardons. >> are you aware of any members of congress asking for pardons? >> mr.-- and mr. brooks both advocated for a pardon for their involvement in that meeting.

>> mr. biggs. he never asked me for one. miss boebert asked for one as well. i'm sorry. reporter: hutchinson may be the next best thing to mark meadows since he has not agreed to come in for any interviews or testify in person. he has previously though provided a number of documents to the committee. now, neil, this hearing was thrown together very last minute, which is raising questions about what miss hutchinson plight bring to the table that might do and different from the taped testimony that you just saw. there are reports circulating that she has fired her original lawyer and that she has a new one. so she might actually say something brand new, that could change changes. neil? neil: thank you. ashiah, thank you. hans, what will she say if she

is the one who is saying? >> there's a lot of reporting she is expected to be in-person. she is not expected -- remember the committee already heard a lot of her through deposition. she is not expected to say anything new. the committee reserves the right to spring some surprises. so what you're seeing from the committee, they're building this public case. they want to have an emotional connection with the audience which is one of the reasons why they're having people testify in person after they give depositions. something similar to a courtroom, when someone is there on the stand the jury can assess their validity, how accurate, honest there being in person. we've seen that from the committee all along. they're gathering up a bunch of evidence. they're packaging it, producing it. this is part of the production side where they're trying to make their case in a very public way. neil: did they build up expectations though, hans? in other words, there weren't supposed to be hearings this week or next from what i

understand. obviously they upended a schedule here to make this happen. did they put too much you know, on expectation front here? >> that is a good question. i don't he know the answer to that. i haven't seen a lot of polling on that. take a giant step back, look at history of the trump presidency and the post-presidency. it is one of high expectations for an indictment, for something, some sort smoking gun. then there is disappointment. left of the center viewers, left-of-center americans this is the moment that may prove it. they may be disappointed. we'll see what she says in the testimony. expectations are high. they are only high among those people who are really dialed in to this story, who are glued to cable news and who are watching he have turn of the screw, not necessarily the broader public. that is really the question, right? is the broader public following

these as closely as some of those in washington are? i don't think we really know the answer to that. >> yeah, we'll see. thank you very much. my friend hans nichols of "axios" fame. look at crypto. you think stocks have been hit hard. crypto hit hard but not as nearly as hard. after this. ♪ my little family is me, aria, and jade. just the three of us girls. i never thought twice about feeding her kibble. but about two years ago, i realized she was overweight. she was always out of breath. that's when i decided to introduce the farmer's dog to her diet. it's just so fresh that she literally gets bubbles in her mouth. now she's a lot more active she's able to join us on our adventures. and we're all able to do things as a family. ♪♪ get started at longlivedogs.com

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privacy, simplified. ♪. neil: all right. crypto not exactly doing boffo but doing a lot better than the stocke market of late. they take turns sometimes on all of this. the money ceo. i love to talk to adam because he gives us a good lay of the land. help us to understand where crypto stands. people say bitcoin has to hold the 20,000 level. i don't know if that is crucial to you but how do you see it? >> as i mentioned i think last time we spoke if you bought bitcoin two years ago you more than doubled your money. certainly did better there than the stock market. people need to appreciate what this asset class is and just how nascent and volatile it is. whether or not there is a floor of 20,000 that is sustainable over time given the broader macro trends is, you know, something to be determined over time. i don't think there is a crystal ball that anybody has but there

are certainly number of institutional holders of btc would like that to be the base. neil: there is issue where you can trade. coinbase still in a world of hurt. celsius, i don't know where it stands right now. there was that pause where you couldn't trade it, sell it, do anything about it. so investors lost confidence in the institutions around crypto. how is that going now? >> well, your point is well-taken. it is so important that this industry mature and regulation is an important step in that maturation. there are a number of platforms out there that are engaged in activity that is highly speculative and the underlying investors isn't as familiar with those risks. and that is a dangerous combination. you know, celsius was holding itself out as a better alternative to a bank but it was

doing many of the things that banks who overleverred themselves were doing themselves. and so, you know, it is important that investors appreciate the risks associated with this asset class. you know, at domain money where we offer portfolios for both stocks and cryptos we encourage our investors to think clearly about the speculative nature of this particular asset class. while returns can be spectacular there is risk associated with that. neil: it's a good word of advice no matter what your investment strategy. adam, i apologize for the truncated nation of this. we're waiting for the hearing to kick off in washington. adam dell. domain money. crypto at 20,000 bucks a coin. as he pointed out what you were looking at couple years ago but a third of what you were looking at in november.

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neil: fox was just playing this song. she is a gifted singer and the kind of stuff mentioned right there that we are worried about, with this economy of ours and the fact economy is raining on our parade but not

dissuading people from traveling this holiday weekend, with all the headaches they are in. other issues include higher prices the point to 4 july bbq. >> reporter: consumers are worried about inflation. the consumer confidence index came out more than expected to the lowest level since february of last year, dropping to 98.7. rising interest rates and the cost of food going to celebrate the july 4th holiday this weekend. a 17% increase over last year's july 4th party. >> the largest increase doing a

survey for the past ten years. >> reporter: you see the popular items at the cookout, 16%, ground beef, 11, 12, 36%, boneless chicken breasts $8.99, potato salad. other items, and other issues, the high price of gases. action circulated on social media for a gas boycott, to avoid buying gas between july 3rd and fifth, prices down, comparisons being drawn to 2008 during the recession.

gas prices in 2008 declined after the lehman brothers wall street collapse. in 2007 and 2012, gas boycott calls, on may 15, 2007, $3.08 but in the days after, the price of gas continued to climb. in 2012 we saw calls for a gas boycott on april 16th and after that in the days that followed the price is near flat declining not even a fool penny so it is easy to understand why americans looking for relief at the pump. the cold, hard truth is a boycott is not going to work. we have high gas prices now. neil: here's a question i could ask. what would you do if you are

planning a vacation in july or august, triple your pay if you just work these otherwise busy months. to triple pay if they work july and august, superbusy months. gerri willis has this and others, sounds like a tempting offer. >> the largest regional carrier called envoy is offering triple painted pickup troops during the big travel season, the offer applies to open trips between july 2nd, july 30th one, and flight cancellations soar ahead of the july 4th holiday weekend. american regional subsidiaries from a 50% pay increase, airlines and regulators struggling to prevent a repeat of father's day weekend, 3000

flights were canceled, 19,000 flights delayed, 3 million americans expected to travel for the july 4th weekend. they were delayed today, 532 canceled, lots of trouble in the skies, shares of american up 5%. now 1.66. spirit airlines rejecting a sweetened merger are for from jetblue, accepting an offer, the latest offer from jetblue did nothing to address the board's concern that they would fail to get regulatory approval. jetblue is in a bidding war with frontier for the budget airline and the sweetened offer was of this and a breakup fee

if regulators block the merger. and on friday spirit saying the frontier been saying that today but an update to this story just coming in. iss institutional shareholders, with these kinds of deals, saying the new jetblue offer will be more favorable for shareholders, they are not changing their official recommendation. lot of debate continuing on this deal, through the thursday. neil: i appreciate that. could things be so busy at work? mitch rochelle, they don't need triple pay at the jobs because they love them so much. i found out other anchors, and

dilemma airlines are in. with strong demand, pay triple for their pilots, to carry the burden and they are having a devil of a time. >> a similar story, they are localized supply chain issue. and to expect to see inflationary pressure while we hear about the pent-up demand and so when we hear these stories for months to come. neil: a lot of tech companies

taking back job offers to college graduates, twitter spending a lot of job offers, these are reminders, not entirely. what do you think? >> if you remember what it was like last time we had inflation it was met with high degrees of unemployment but we don't have as much of the union workforce in the united states with cost-of-living or coal adjustments which drove those layoffs entire unemployment but companies are pumping the brakes a little bit, the growth over the last several years was probably unsustainable and future quarters worth of earnings and let's not get ahead of our skis in terms of hiring workers. the only problem is the labor market is so incredibly disruptive, if they don't hire them it is possible someone else will. it is difficult thing to

reconcile this difference between the number of job openings in this country, the number of unemployed and the fact that companies are starting to say we are going to slow our hiring. neil: everything is in pairs or 3s but the same time california will hand out inflation checks for residents. and giving around the idea of dropping the federal gas tax, an uphill battle in and of itself. do these measures were? what do you think? >> adding more money to the system is actually bad, while people feel happy briefly, the stimulus makes sense. to bring the demand down and prices down.

certainly reducing taxes on gas, with the direct and effective way, for the holiday weekend, but in time for july 4th. neil: jason furman, the council of economics chair, the underlying economy itself, this was the argument, it seems relatively strong which would explain this persistent spending we are seeing, plans for the july 4th weekend, traveling by ground or air. that will hold us above water, i get the gist of what you said. >> that is true on the surface but i don't know how long that will continue. if you look at what happened, americans saved a term it is a lot of money during the lockdown period, during a period when the stimulus was floating around, but starting to burn through those savings

and we see credit card balances on the rise. what is happening psychologically, all this pent-up demand, held back from indulging and they want to continue to do so. when credit bills and savings accounts dwindle, your savings account even if you don't buy it down is less valuable every day because of inflation. if you look at consumer sentiment last week, consumer confidence that came out today, they are signaling the consumer is getting frustrated at least when responding to service. neil: that got us near session lows today, 313 points and a tug-of-war between those who think it is doing a good job trying to get ahead of inflation. the choices are not great. where do you see this going.

>> people need to be prepared for that. the consumer confidence number coming down, people spending, they may have their plans for this weekend, for the summer holidays as we go farther into the fall back to school, it is very low sentiment. they cut back on spending and china reopening, it helps with the supply chain on that side. it is a balancing act, how that will act with energy being another thing.

neil: thank you very much. we are keeping an eye on the worst level yet. 2 hours and 40 minutes to go. robin hood stock also falling right now, no online broker combination talks that they were considering to buy them, they thought it was in the works. that is extended to the technology stocks taking it on the chin and the meme stocks which are big beneficiaries from the same run up. this is now. more after this. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates

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neil: the supreme court decisions, how the high court, remain in mexico policy. david spend has more from the justice department. >> reporter: the justices have four more opinions to release before the end of the term but there are significant ones still there including this remain in mexico policy. it's a good bet we could get that tomorrow when opinions

come out tomorrow at 10:00 am. there is a good bet we will get this at that point. this remain in mexico policy began under donald trump's administration in 2019. it is officially called the mpp, the migrant protocol program. the purpose was to send thousands who want to seek asylum in the united states back to mexico to wait for those united states hearings to open up because there is a backlog. the trump administration sent 70,000 people back to mexico. the biden administration not even 7000 since the program restarted last december. it was put on hold because of litigation. it was supposed to help with a backlog. thousands went to mexico, part of the program, homeland security official see a record number of people coming across the border. the biden administered in wants to get rid of remain in mexico,

they took a do the supreme court. the administration wants to overturn the policy as soon as possible. the question, will the court do it? the biden administration also wanted to get rid of title 42 which was used to expel migrant citing the covid pandemic. say the supreme court does overturn the policy? all those migrants that were in mexico, coming to the united states on top of the backlog. i spoke to a retired immigration judge, 1.4 million cases in the pipeline waiting to be heard. they are not enough judges, that is why she says more judges need to be hired. the court could issue a ruling on this as soon as tomorrow morning. neil: pat fallon, pretty good idea what you would like to hear out of the court.

made the you could spell it out. >> we had biden essentially, doctor group to in front of the oversight committee testified, the border was sick your, had a record number of illegal border crossings in april, 244,000, it was almost 240,000, 107,000 americans die of drug overdoses. that is his definition of a secure border. that is remarkable, complete and utter gross negligence. neil: what if the supreme court did not support the remaining mexico policy? what would be your fear? >> pretty much utter chaos. we didn't think it could get from last year, let's run

through numbers, roughly speaking a quarter million people crossing the border illegally every month and 70,000 known got aways. that's what we know about, 320,000 a month already. if you take away weight in mexico, we have a they facto open border. migrate illegally into the country, to claim asylum. looking at 5 to 10 million illegals, that is unsustainable. neil: tragic story the 48 migrants suffocated in the heat, semi truck in texas, the more desperate they become. >> of these fine folks are commodities, not human beings to the drug cartels, just a means to us legal.

if you don't pay, they harm you or kill you. people pay up because these people are vicious and this is what president biden's administration has done, let the drug cartels dictate immigration policy and border policy to the united states. we had a million pounds of narcotics on the border in the biden administration and 7,000 tons of fentanyl which is enough to kill every american multiple times over. neil: if i could switch gears, china appears to be coming back from strict covid restrictions. a lot of people, it is going to improve global trade and we come out of the supply chain disruption but the biden administration is entertaining using tariffs to help americans afford products from china more readily than they could otherwise. what do you think of this?

>> we wouldn't have the inflation we do if not for president biden injecting trillions of dollars into the money supply. we want to solve issues we should look at route causes. neil: removing tariffs in this case because americans paid that and paying a lot more for that. what do you think? >> that is a band-aid on an arterial wound and it is rewarding china for bad behavior vis-à-vis russia and ukraine. i don't want to strengthen china and we can the united states and that move send the wrong signal. neil: when the chinese do a lot of saber rattling, if china were to invade taiwan, taking a leap, we would and should maryland -- militarily get involved to help taiwan.

>> don't think we have any choice. we should guarantee taiwanese sovereignty. taiwan is so critical to the global economy in the united states economy, with making the semiconductor chips. looking at the chinese cornering the market on it and holding the world economically hostage for two or three years, to use that as a deterrent to say if you try to take that island, you are facing the might of the united states military. neil: we are watching closely. the issue of china is a front and center issue with nato leaders meeting in spain as we speak. the g7 announced a plan of better than half a trillion dollars to counter what china has been doing specifically in the south china sea where they militarize all these islands. the impact of this get tough approach with china just as we

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neil: the irony with the dow down 278 points, started in triple digits on the news the china cases right now have dramatically fallen with covid, removing a lot of strict covid protocols, as soon as china turns are round, the senate supply chain problem can turn around, there's a reassessment, maybe it is not all at, but fact of the matter is china is stumbling, and a militant

posture against the chinese, enough for the g7 to unveil have $1 trillion to counter across the world. edward lawrence has more joining us in austria. >> reporter: into what you were saying when china reopened they start using more oil, that could put upward pressure on gas prices again. in an hour, president biden will have dinner with the king of spain. the administration official telling me china's seem to counter china was a theme throughout this entire trip, after the president met with the prime minister of spain as he left germany this morning the president faced reporters for the first time since sunday but took no questions. >> president biden: we reaffirmed our joint commitment to work together on the biggest challenges that affect people around the world from covid 19

to climate change. and releasing a joint declaration that reaffirms our shared values, reflects the breadth of our cooperation. >> reporter: china was in that affirmation with spain on china, the g7 leaders said they would work together to counter china's manipulation of the market. and china should pressure russia to end the invasion ukraine and asking china to abide by the agreements made over hong kong injuring life, freedom and autonomy to counter the initiative, g7 members announced $6 billion investment through 2027 to help developing nations with infrastructure. the author of the 100 year war michael pillsbury says china calls this announcement a complement to their program. >> some sort of competition or replacement, in a way the

chinese are laughing. it has been up and going for tween 9 years. it is over 1 trillion donors easily. that's a much bigger program than what president biden proposed in the g7. >> reporter: what the g7 communiqué do is shows world leaders see china as an economic threat and willing to work together to counter the threat. neil: thank you very much. the former white house director in the office of management and budget. as the number cruncher, dropping the tariffs with china, the administration argument is something to the effect it will ease inflationary for americans, the flipside is it helps the

chinese and there is the conundrum. >> reporter: it would be damaging to do that. one thing the covid crisis showed us is how reliant we are on our adversary, to the extent we have trade practices in place, section 301, in response to unfair trade practices to the extent we are fundamentally controlled by the whims of the chinese dictator, a huge win for the nation and the economy itself. if there was some small, minimal impact in the short-term, it would be over the long-term detrimental to consumers, and the federal government take strong action against their adversary. it would be damaging to get rid of these tariffs when we need geopolitical leverage. neil: what do you make of the fact that china, getting them ticked off is something, with

this commitment. and it will be double jeopardy for the men boomerang on them. >> we need to bring european allies to the table and one of the areas american leadership is required is the area of the military, expanding, and not making trade-offs that are necessary to prepare for china and the fact that we are so focused in the ukraine, much of the g7's time was spent coming up with weird oil price caps and that gets to the point instead of having time and energy of leaders focused on what is necessary to prepare for fight that i don't think has to happen because of

strength and deterrence, providing minimalist policies, making it harder for them to come with us down the road. neil: what should our response be? china is the number one customer for all the russian oil and no punishments meted out for china buying that oil. i doubt many are coming. there might be some in this communiqué. china isn't hurting. what do you make of that? >> the $600 billion communiqué will have very few details. it is largely illusory in terms of the things the biden administration doesn't have this money to communicate given where we are fiscally, congress will be loath to give this money and rightfully so but we've got to do a lot in terms of pulling away decoupling over

time, fewer companies are going and investing in china. we can't have this level of integration with the geopolitical adversary. it is not wise and it puts our consumers, our countrymen at a disadvantage and we have learned that over the last two neil: great catching up with you, former white house omb director, these pressure points with russia and china, down 290 points on the dow, how far this impact is on the global economy. for now the sentiment seems to be not a positive one to which many an analyst said -- a little more after this. ♪♪

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neil: i want to bring attention to capitol hill. we are monitoring this on the business network. we are getting word from donald trump's former chief of staff, mark meadows. his assistant at the time testifying before cassidy hutchison, her boss told her, this was days before the riot, things might get bad on january 6th. the significance of that would be this was not an event that mushroomed and became a big deal that day. it was also the day the electors were going to be formerly announced on capitol hill, vice president mike pence would write off on that number and confirm the election of joe

biden to be the next president of the united states. hutchinson heard there were general plans for a rally at the time, tentative movements of the president possibly going to the capital but after hearing rudy giuliani's comments and mark meadows's response, that was the first moment i remember feeling scared and nervous for what could happen on january 6th. you can see congressman cheney, one of two republicans, congressman kinzer good or of illinois, laying the groundwork of an administration greasing the skids for trouble on january 6th and the top aid of mark meadows, the chief of staff saying days beforehand that was in the works and fears were building what would transpire that they could the ominous. a little more after this. meet . jessica was born to care. she always had your back... like the time she spotted the neighbor kid,

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so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now, there's golo. golo helps with insulin resistance, getting rid of sugar cravings, helps control stress and emotional eating, and losing weight. go to golo.com and see how golo can change your life. that's g-o-l-o.com. neil: a big primary a, 7 states having crucial primaries deciding who will be the next governor of their respective state to big issues, new york front and center.

>> reporter: there are two front runners on the democratic side, current governor kathy huchul, and for the republican race, republican congressman lee selden who cast his ballot this morning in suffolk county alongside his family, he is a four term congressman touting his experience and electability, he has won twee 7 elections in a row, some against democrats and he is best position to win against huchul. governor huchul is facing two democratic challengers, former lieutenant governor, replaced governor cuomo after he resigned in august and huchul pledged to protect abortion rights following the supreme court decision. the selden who is pro-life think new yorkers could get behind some limitations like banning late-term abortions. >> this is not the issue kathy huchul is desperately hoping it would be. she is trying so hard to create

any enthusiasm whatsoever behind a candidacy people are not enthusiastic about. she is in over her head, not doing a good job. >> reporter: huchul's approval ratings are underwater on crime and the economy, they promised a fire alvan bragg, smeal cashless bail, end covid 19 mandate and enact tax cuts. the stiffest competition is andrew giuliani, the son of former mayor rudy giuliani. he has name recognition associated with fighting back crime and donald trump. giuliani positioned himself as the trumpest of all the candidates. turnout in new york is expected to be very low, polls close at 9:00 pm. neil: thank you very much. the judicial crisis network president, former clerk of

justice clarence thomas, good to have you back, the left is hoping to galvanize their base based on the supreme court decision. to reintroduce the idea of packing the court, adding more justices. where do you think this is going? >> reporter: they are hoping anything would be a good way of changing the subject. people are concerned about the economy, gas prices and trying to push justice jackson's confirmation through. how can we push the topic? packing the court is a bad idea, don't know who think that will motivate voters, if you look at the average american including democrats they recognize this as a bad idea. people who are really pushing it are the deep pocket in the dark many groups on the left, maybe they want to please those people before the election but clearly a horrible idea, bad for the court, even people like

ruth bader ginsburg said it should be a nonstarter. if they want to keep pushing it go ahead but that will turn more people off the radicalism we are seeing on the part of the democrat party. neil: they are zeroing in comments clarence thomas made about revisiting same-sex marriage, even birth control. what did you make of that and how they are pounding on that? >> they are trying to talk about what the decision does which is focus on abortion and the decision, the majority opinion which justice thomas signed is very clear, this open is about abortion, it is only about abortion. has to do with not making the court the decision-maker but let the american people be the decision-maker in the constitution originally intended, until the court invented the right in 1973, now we are back to having our own say in what our abortion policy

is. they want to change the subject, justice thomas has had a long-standing concern about modes of interpretation, not the results. sometimes he thinks some rights might be protected through one clause but not another. he doesn't like the substantive due process way of interpreting the constitution. they are trying to parlay that into changing the subject from what dobbs does to say the sky is falling, look what is going to happen. that was one justice making one opinion, let's focus on what the majority of the court said rather than trying to fear mongering about these cases. neil: you know justice thomas better than i. do you think he meant what he said? whether he is one justice saying it or not, that this was an opportunity to revisit these issues? >> he frequently calls for the court to revisit questions he think were decided incorrectly. the method of interpretation, substantive due process and

points out, very bad precedents they relied on like dred scott versus sanford that said there is a right to property right to own other human beings and that is not a foundation to build anything on. in certain cases in the second amendment he rejected using substantive due process and said there are other rights, the immunity clause the do protect those rights, with constitutional means to shoehorn things over the constitution. if i wasn't serious about it, what he's focused on, what the constitution itself is saying. not someone who is out there saying i want to put my thumb on the scale for one result or another and the likelihood any of those cases would even be brought to the court is low

because there isn't a lot of national interest in outlying contraception. unless some state was like this is what we want to do the court couldn't consider anyway. take it for what it is, one justice as he frequent he does saying there are underlying theoretical problems i want to look at but certainly this is not the court making any of those decisions. neil: the judicial crisis network, we are focusing on a downdraft in the market and then some. what happened with robin hood, the ones mean favored and then non-mean favorite at all.

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♪. neil: you know there was a time when planned parenthood was a meme sort of manic craze. it had gotten as high as 70 bucks a share almost a year ago during the frothy wave. not quite near there. more like under nine bucks a share. charlie gasparino has been following this. what a fall from grace, huh? >> this stock is indicative where the market is now, retail withdrawn from the market. robinhood is no cost trading. traded meme stocks at no cost. it ipo'd almost exactly a year ago at $38 a share. now it is trading $8 a share.

people are talking about takeover. here is what we know. there is a guy that run as crypto exchange ftx, his name, sam bankman freid is interested in this for weeks. what is impediment i am buying 8-dollar stock, almost a penny stock, it has positives, people trade on it, trades crypto and everything else. what is preventing him from doing it immediately, price is a big thing. and financing. he has to get financing for it. also the price. they will not sell for zero. you were saying how high it was at some point. went as high as $70 a share? is that the number? neil: right. >> that is up there. they will not sell less than 20, from what i understand. that is the word on the street. they have cash available on hand. if you look at enterprise value this is at least a 20-dollar stock, they believe. markets are looking at it

differently. they're looking at it as a 9-dollar stock. can he get financing for something that will go 20, $25 a share, when markets essentially saying it is a 9-dollar stock. there are not a lot of buyers out there. i can't imagine big brokerage firms will step up to the plate. that is too retail for them. they usually go for high net worth people. that is where we are, good indication of the market and this stock, the saga where no, no one wants to marry them. neil: you think of coinbase and it is troubles, celsius and its troubles, certainly robinhood and its troubles, these were frenetic magnets for novice investors. >> the fed is not printing money. all bets are off on this stuff. neil: well-said, my friend, thank you very much. charlie gasparino following

those developments. we're following corner of wall and broad, down 288 points. the recession fears are real. again this is the same market that welcomes slowdown in activity and interest rates going up, up and away. interest rates still go up, up and away. the slowdown might turn out something worries than they fearedded, it is compounding to hit selling a lot. charles payne to get you through all of that hey, charles. charles: try my best, my friend. thank you. good afternoon, i'm charles payne this is "making money." after a strong start to the session everything was dashed, right? more signs the economy is slowing down. as neil talking about the recession debate is raging. we have ed yardeni on manufacturing signals. we have sam did i by ahnky on housing boom that may be a bust. kristin bentz on the health of the consumer. the question whether this will help fight inflation. which know it won't. maybe it is an attempt to buy votes. the free money experiment