boils down to the two e's of earnings and employment versus the two r's of rates and recession. i'm probably one of the more bullish people at the table, and certainly the most bullish of the guests today, but yeah, i think we've gotten way too negative. maria: well that's what makes the market we'll be watching that lee carter, and adam johnson its been great having you today. thank you so much have a great day, everybody we'll see you again tomorrow "varney" & company begins right now stu take it away. stuart: all right, good morning, maria, and good morning, everyone. an outrageous statement from the white house following the horrific death of 51 migrants locked inside a truck in texas. the border is closed and no it's not if it were 51 people would not be dead. the governor of texas said these deaths are "on the president." biden says governor abbott is grandstanding. i'm going to leave it at that for now, but we're on this thing , throughout the show. promise. to the primaries. a convincing win for trump's

candidate in the illinois republican primary, darren bailey won. he faces democrat governor j. b. pritzker who had helped bailey because he wanted to go up against a trump guy. he got his wish. trump scored another victory in illinois when mary miller beat rodney davis who voted for the january 6 investigation, but trump's candidate in mississippi michael cassidy lost to michael guest. guest had voted for the investigation and still won. in new york, lee zeldin came out on top. he goes on to face kathy hochul in the governor's race in november. trump was not really a factor in that race. all right, let's get to the markets. not no real impact that i can see from the move this morning. 1.6% decline in gdp for the first quarter. that came out about 30 minutes ago. no impact on stocks. in fact, they show very little change in the very early going. the dow industrial average is up maybe 60, s&p up maybe 3, nasdaq down a fraction. that's not much movement after

yesterday's big loss. bitcoin, dropped below 20,000 earlier. cryptos under pressure again. quoted now at just over 20,000 bucks. the yield on the 10 year treasury, below 3.2% you're at 3.17 to be precise. as for gas, same story. falling very very slowly. regular now average is 4.86. as for diesel, you're at 5.78. the markets relatively quiet, but remember, it was like this yesterday before the selling began. it is high anxiety time for travelers this july 4th weekend with airports and airlines in disarray a lot of people have to decide, drive, or fly? our own travel expert says this weekend is going to be bad. and we'll show you what some amazon employees are demanding, this is their demands. how about time at work paid by the company to grieve the abortion decision? and they want amazon to stop

doing business at any state that bans abortion. this story is really all about a new generation of workers who want to turn their employer into a welfare operation. that's the way i see it. it is wednesday, june 29, 2022. "varney" & company is about to begin. ♪ stuart: all right, it's a really beautiful day coming up in new york and that is sixth avenue remember, please, it is a wednesday, therefore you'll see some traffic. if it were a monday or friday, ain't no traffic. people come to work three days a week in midtown. all right let's get to it what do they do? >> that's true. stuart: that's very true. welcome back, lauren. primaries in seven states yesterday. run me through the winners. did trump-backed candidates -- lauren: that was the theme. let's start in the illinois

governor's race. the gop governor race this could be the most expensive governor's race yet. that board is wrong. the trump-backed state senator darren bailey beat richard irvine 54-18. not sullivan, why am i talking about this? the current governor, the democrat j. b. pritzker and the democrat governor's association spent millions to help bailey win. they spent money to help trump- backed republican win over more moderate republican because they think they will have a better chance of beating a trump -backed. stuart: pritzker spent money to let bailey win thinking a trump guy, he could beat him. i wonder if he's right about that. lauren: all takes work. let's go to another one the congressional district 15 in illinois you have trump-backed mary miller beat rodney davis 57 -42 and she faces democrat paul lang in november. oklahoma, the governor's race there, the trump-backed incumbent kevin stit beat joel k insel by a very wide margin facing republican who

actually just switched two of the democratic party, her name is joy hoffmeister in november. and then could a more moderate democrat win in oklahoma. stuart: a moderate democrat win in oklahoma? lauren: yeah. stuart: probably not. lauren: but that seems to be another theme that's emerging. okay, in utah you had all four republican incumbents winning in congressional district 4 which you're looking at. that's the senate race, we're doing the house race burgess owens beat jake hun sicker which is a newcomer, and there you go, lauren bovert won by a lot 65-34 trump was not a factor in new york in the governors race, lee zeldin, whose actually mike pence-backed beat out three other opponents including look, rudy's son. andrew guiliani and zeldin will face governor hochul in november stuart: all right, thank you

very much, indeed, lauren. a good roundup there. we've got it right in the end. all right, congressman mike waltz republican from the state of florida joins me now. congressman? let's get a little testy here. former president trump did well in the primaries. people like his policies, but in my opinion, they don't like his behavior after the election. what's your response to that, congressman? that's a tricky subject, i know it. >> yeah, sure. look, i think the american people are ready to look forward they want to get out of this absolute in terms of inflation, crime, border, and a mess overseas, and i think that's what the president should be talking about. his vision to dig this country out of the hole and get us back to where we were pre-pandemic, which is a roaring economy and strength abroad, and i think that's what the president should be focused on. i think that's what the american people are looking for , and when we have candidates that talk about an america-first agenda that gets us out of this progressive left mess, they

win. stuart: don't look back. look forward is your message i think. okay. i want to get back to this dreadful tragedy in texas. the 51 migrants found dead in the truck in san antonio. three people are in custody there. now, the president of mexico ripped the "lack of control" at his country's borders with the u.s. and the border is closed. congressman this is a real mess. is there any change that's going to come out of this dreadful tragedy? >> well that's a bit rich from the mexican government and from biden's press spokeswoman. the fact is the cartels control the u.s. border and the mexican side of the border and they are increasingly operating on our side so as you know, i've called for military action against these cartels that are armed at the teeth, that are taking on the mexican army, making tens of millions of dollars a week on human smuggling, including this

absolute tragedy, and they're pumping fentanyl, chinese-made fentanyl throughout our country, killing our people and destabilizing a number of states and inner cities, so this is an absolute dereliction of duty on biden's part, on mayorkas' part and they should be ashamed of themselves and for lying to the american people not only the deaths from fentanyl, the deaths from human migration and smuggling, the sexual assaults that are happening, to young girls, to people that are coming from over a hundred countries including now some from afghanistan, taliban-controlled afghanistan. this is an absolute crisis and enough is enough and we're see seeing american people have had it as well. it's right up there with the economy in terms of what they care about and what they are upset about. stuart: if the republicans take control of the house and/or the senate in november, somebody is going to be held accountable for this. congressman thanks very much for joining us this morning

we'll see you again later. now, if you've been watching the show you may have seen somewhat we call a wide shot. that's where you see the whole studio. you may have seen a gentleman sitting between lauren and i. this is the famous eddie ghabour who is joining us in new york today. the man who has been consistently right about this market for the last six months. it's great to see you, eddie. >> it's great to be here, stuart. stuart: okay, you've been telling us for a long time, sell any rally, and you expect big declines later this year. have you changed your position at all? >> no, actually we've gotten even more bearish, really. we raised more cash during this last run-up, the highest level we've had ever in my career for clients, because the credit markets right now are flashing real warning signs. the high yield spreads are really starting to widen. that's very problematic for cost of capital, for businesses, and the bottom line is i think investors need to be prepared for a recession. if your portfolio is not ready for a recession, then you're going to need to expect in our

opinion much more downside because second quarter earnings are going to be a doosey to the downside. stuart: we're almost into high summer for investors. you're expecting a really bumpy ride this summer? >> absolutely july and august you'll see a lot of volatility and these earnings are going to be very very problematic. stuart: eddie stay there, please i know you're with us for the hour we appreciate that. thanks a lot. now this. tesla, they're cutting more jobs how many jobs and where? lauren: 200, autopilot jobs in san mateo, california because they are closing that office so these are workers who look at thousands of hours of video and they label it. it's the video taken from the autopilot feature. some of them have been reassigned others losing their job but we've heard from musk recently who said look if you look at berlin, austin, they are money furnaces, bleeding money and job cuts are a result of that. stuart: but does that imply the autopilot project has some trouble? lauren: i wouldn't go that far. usually, those types of jobs are contracted and in this case, tesla just leased office space

and had real employees. stuart: okay. lauren: they weren't contractual workers. stuart: they are closing down office in california? another california closure. all right, check futures, please we've got 20 minutes to go before we open the market. dow up maybe 80, nasdaq down maybe three. coming up, hillary clinton has not completely ruled out a run in 2024. watch this. >> there's no scenario in 2024 that you would even remotely consider? >> you know, i can't imagine it i really can't, but what i -- >> you gotta know. stuart: yeah, that's not a no isn't it? peter wrote the book on the clintons and he will react later in the show. better pack your patience if traveling july 4 weekend. delta already encouraging passengers to change their flights. i'm talking to a travel expert who says the weekend is going to be bad. he's next. the man on the run, the man on

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don't touch my piano. kick pain in the aspercreme. stuart: pure chaos at the airports. if your flights not canceled it may well have been delayed. 3.5 million people expected to fly this upcoming holiday weekend. delta's trying to get ahead of the trouble, what are they doing lauren: whatever they can. they say look if you are flying between friday and monday that's the first of july until the 4th, you can rebook, no fees, no fare difference, as long as you travel by july 8. so they are basically giving you an extra week of wiggle room, because they need the wiggle room. they need to alleviate pressure on the system. let me show you how many flights have been canceled and and delay

ed already today. it's 9:30 in the morning, 460 canceled. did you see yesterday more than 4,500 flights out of the u.s. were delayed. i mean, this is nuts. so if you have some flexibility, at delta at least, around the 4th of july you might want to raise your hand and say okay put me on another flighted. stuart: take the first flight out. never check bags, and take a direct flight, never change. if you do that, you got a half chance of getting where you want to go. lauren: that's the problem. a half chance. stuart: let's bring in real travel expert, that be jeff hoffman with us now. lay it out, jeff. how bad is this july 4 going to be? >> stu, it's bad. as you just, well if you think about this , american airlines and delta alone each laid off 30,000 workers during the pandemic. they laid off one-third of their entire workforce, and not nowhere near that number of people have come back. granted they don't need them all but we are just short-staffed everywhere including the control

tower, the faa is having serious staff shortages, so they're slowing planes down, they can't take as many flights. the big issue we know is the pilot shortage and i saw an alarming thing yesterday. it's like near-record highs in pilots reporting fatigue and when a pilot reports fatigue they have to pull them. they can't fly. i talked to a pilot yesterday toehold me, he said you know what, i don't want to deal with the craziness in the holiday weekend i'm going to call in sick again. what are they going to do fire me? they need pilots. it's a scary time right now. stuart: it seems like there's an ugly national mood emerging here. a lot of us want to get out and move and go some place this jule got problem with gas prices, obvious problem with planes, we had a train accident the other day. i mean, do you think that's a nasty, ugly, national mood this weekend? >> i think there is everywhere, just like you said. people want to drive those 47 million people, but

with the gas prices high, a lot of people are reporting they just aren't going to go far but they want to go somewhere. they want to get out. this is a traditional weekend to spend outdoors, like you said three and a half million people plan to fly. somehow, they always all seem to be on my flight wherever i'm going, seems like there are a million people, but you gave a good piece of advice. fly before 8:00 a.m., if you can , and after 7:00 p.m. i looked at the numbers this morning, and your odds are much-higher. there's less cancellations before 8:00 a.m. and after 7:00 p.m. if you can do that, do it. stuart: one quick question. is there any hope of real improvement this summer? >> not that i can see. i've been talking to a lot of the airlines, pilots. i don't see them catching up in summer. it's just too much lead time to bring staff back, training, certification. summers not even that many weeks left so i don't think we're going to see anything much better throughout the rest of the summer, unfortunately. stuart: well it was great to

have you on the show, jeff. i mean, you know, just really set us up for a great old day! but you told us the way you see it and we appreciate that. jeff hoffman. see you again soon, i hope thanks a lot. carnival cruise lines is down 8% but i'm told that that has nothing to do, the stock decline has nothing to do with a huge brawl on one of their ships. lauren: isn't that crazy? we just did the roads, airports and now there's violence on the ocean. so this happened on the carnival magic. it was pulling in from an eight day trip to the caribbean. it was on the dance floor of the nightclub. they were pulling into new york harbor on tuesday morning, and authorities say 40-60 people were involved involved in an altercation that got out of hand. no weapons, no serious injuries, but it was bad enough that the coast guard had to escort the ship and the new york police are now investigating. stuart: the coast guard has to pull them into port? lauren: yup. they weren't sure exactly what they were dealing with, and it seems like the security staff on the cruise were a little bit

overwhelmed. stuart: you know, this block is becoming an ugly travel weekend block. listen to this story. you've got it by the way. we've got a new study and it ranks the stage with the most irresponsible drivers. which state comes first? lauren: i would have said new york, but it's mississippi. that surprised me. followed by tennessee and california, florida is number 10 anybody know why? stuart: go ahead. lauren: why is florida in the top 10 for the most irresponsible drivers? stuart: lots of old people. come on, let's be honest. like me. lauren: so there's another reason. only one in five people have car insurance. so there's a lot of hit-and-runs why don't they have car insurance? apparently it's the most expensive state to buy auto insurance then. stuart: you have to have car insurance to drive don't you? you get stopped by the cops and they want to see your license and insurance? lauren: well some drivers apparently don't have it. now you know. stuart: i've got a question -- lauren: and the old people. stuart: right.

is there any kind of travel company that you would ever invest in? airlines, cruise lines, anything >> ever is a long time so i'll talk about right now. right now, these companies, my biggest fear for this sector is going to be burning through cash this disruption in travel is going to be very problematic for them, and this is as the economy slows you'll see the consumer really clamp down on discretionary spending, so as you say, i wouldn't touch it right now with a 10-foot pole stuart: this is because i, i tell everybody this , i once invested in people express, the airline. you don't remember it, you're too young, but i lost my shirt. absolutely lost my shirt on it. should have seen it coming. all right, let's have a look at futures, please, because we're going up not much, but going up this wednesday morning. dow is back above 31,000. s&p is up about eight, nasdaq up about seven, modest price movement, we'll take you to the opening bell on wall street, next. love the one you're with, love the one you're with ♪

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stuart: i'm going to start looking at the market, which opens in a couple minutes. we've got to be on the upside for the dow but downside for the nasdaq, probably. show me amazon, please. i want to bring in greg smith here. i believe greg smith thinks that amazon is the best recession indicator. is that accurate? hey, good morning, stuart. well, the big question lately is is a recession inevitable. i think as you look around the landscape and amazon's earnings release in a months time is going to be very telling of what's going on in the world today, so it all feels like we're standing on the deck of the titanic, in the dark, wearing our life preservers on lookout for a recession or iceberg called recession, and i think amazon's earnings release is going to give us an interesting perview into the consumer, what's happening with consumer spend. their amazon web services business aws hads which is 60 plus billion dollar behemoth which is going to tell us what's happening with corporate spend, are we seeing companies dialing back on their spend and look to

cut cost and certainly their massive media business which does in excess of $30 billion in revenues as well too. what's happening from the enterprise in the corporate customer in terms of dialing back spend? stuart: it's a key skate indicator. if it really disappoints i don't know what they are forecasting but if it really really disappoints could that take the whole market down? >> i don't know if it takes the market down but it'll continue to give us more cues in addition to fedex's investor day today these are very interesting things to watch and amazon's dialogue and what they tell investors in about a months time will be very telling of what's happening with the economy. stuart: well what do you think? are we going to a recession? are we in a recession? are we going into one, what do you think? >> look i'm a venture investor and i look across my portfolio of more than 200 private companies and there's a very big difference in what the they hear and what they see. many are seeing incredible business. particularly the ones that deal with the consumer that have consumer businesses, their businesses are very strong, but what they're hearing is they are

hearing rhetoric from the media, hearing rattling from some of the large venture capital firms that winter is coming, get defensive and prepare. so that's leading to preemptive layoffs. they are eliminating projects that they are working on. they are shedding real estate and getting smaller footprints so all that is putting pressure on the economy as they get defensive and get a new defensive position. stuart: they have been listening to eddie ghabour whose been on this program for months who say the market is going down, winter is coming. >> yes, i think that's right. stuart: okay, a lot of these guys though, big companies are playing defense right now aren't they? >> very defensive position. look, historically even though there's 145 million americans that own stocks in general, times, there's somewhat of a disconnect between what happens on wall street and what happens on main street. with the downdraft in the market this year it's certainly bleeding in the main street and people are scared. stuart: wait a minute 145 million americans own stocks is that through mutual funds?

>> they may or may not even know they own stocks through employee 401 (k) plans, but everybody has got exposure to the markets, but this year in particular, people know what's going on. they feel it, they see it, and people are getting in the defensive mode. stuart: and the wealth destruction has some impact too. >> [opening bell ringing] stuart: we're about to open the market in fact we have now opened the market. it is 9:30 eastern time, june 29 , we're off, we're running, we're expecting a little bit of green, especially in the early going. that's what we're seeing. dow is open with a gain of about 100 points, as at least three- quarters of the dow 30 are in the green so there's buying this morning not a lot but some buying dow is back above 31,000. s&p 500 also on the upside this morning but not by much. you're looking at a gain of .06% i'll call that flat to ever so slightly higher. nasdaq down, not much, .02%. i call that flat, to ever so slightly lower. big tech mixed bag.

apple 137, amazon is down, meta is up, alphabet down, microsoft up. mixed picture. i want to, did you know that today is the iphone birthday? susan is with us. >> well i knew that. stuart: yeah, i know. i didn't know until today. i remember seeing my first iphone. >> oh, really was that on june 29, 2007 like everybody else? stuart: it's about june 30 i think, pretty soon afterwards. >> it took you a while to buy the iphone, correct? stuart: oh, i kicked and screamed i wanted my blackberry. great which by the way with had the plastic keyboard in the world and era of e-mail was still dominating in 2007 but as you know the world changes, the evolution, revolution when it comes to the smartphone and that's exactly what the iphone did, changing the way that we live our lives. almost two and a half billion have been sold in 15 years, more than a billion still in used to. what we call the install base, and why apple is the most

valuable company on the planet. they sell $300 billion plus each and every year. they make $100 billion in profit , and why it's a single largest stock on the planet most widely held worth 4% of the s&p 500 and that's the most influence on the s&p in close to 40 years you have to go back to the 1980s. now wedbush, dan ives, actually put out a note saying sales are doing better-than-expected, despite the fact that china covid factory disruptions that we saw to start off this year, so he thinks we'll have a better quarter and a better rest end of year than the markets are anticipating. stuart: eddie ghabour i was talking to him a second ago, he thinks if apple disappoints with their earnings all hell breaks loose. 10 seconds on that. >> that's the biggest date of this july. they are so widely-owned if they disappoint because they don't give guidance you'll see selling across-the-board. >> i want to know also i've been watching apple for so many years they give very conservative guidance and if

they do plan to miss or they unexpectedly will miss, they will pre-announce and that hasn't happened yet. so i don't think they are going to miss to be honest. stuart: let's go to the anxiety- ridden crypto world. what's the latest on that? >> so this morning we have liquidation already being enforced by three arrows, you'll mention that. stuart: i was just going to get to that, yes you jumped on me. what's the story? >> i was looking at the bitcoin prices we were sub-20,000 miss morning, and that's because the liquidation has now been enforced by the british virgin island court. so you know three arrows one of the largest crypto hedge funds out there. they hold as much as $10 billion in assets. over leverage, of course and really caught up in that luna stablecoin $40 billion collapse, as a result, think ev been, they haven't been able to payback loans including $600 million in bitcoins, and usdc, which is another stablecoin to the crypto exchange voyager digital, which is also on the brink of possibly going under as well. stuart: if i was a crypto kind

of guy i would not want to see bitcoin drop much below 20,000, because i think it might stay there if it goes down again >> again, i would caution though, if you think about at the end of 2019, you had bitcoin trading at 6,000, so depends on when you bought in, you're still up if you bought in early. if you're one of the fomo traders that bought in after 20,000 yes you're under water. stuart: you're an expert on cryptos, also an expert on electric vehicles. you are indeed and i'm told that a lot of investors are betting against ev's they are shorting them. is that accurate? >> well okay so we have one short seller putting out a note grizzly research and they are accusing the chinese electric car maker nio of being like the drugmaker of valiant beings remember overinflating their sales to make profits look bigger and according to grizzly, nio is booking sales to third party that haven't been realized and according to them those numbers look suspicious so nio has been surprisingly reporting strong numbers according to grizzly and also by the way i should point out that

we do have nio putting out a note saying that report without merit contains numerous errors, still though, you sell first and then ask questions later and that's kind of what the market reaction is. also i think that tesla news cutting 200 jobs and shutting down san mateo was not good this morning. stuart: can you show me pinterest please? i know the ceo is out. i want to know whose in and why i should care. >> let me ask you this because i think we're in this era of these fast-growing companies. we talked about pinterest, your ideas board, which actually boomed during the covid lockdown s when you're going to get your recipes on pinterest. but you know, we've seen a slow down recently and the co-founder is stepping down. he's going to transition to newly created post of executive chairman but that's kind of the trend we've been seeing in a lot of these fast-growing start ups right? think of also the number one disrupt or on the planet right now, and just hired dave clark from amazon. flex port. it's the number one disruptor

on the planet, supply chain, they do logistics and they just hired amazon's former ceo of commerce, dave clark. stuart: if it's the number one disruptor on the planet how come i've never heard of it? is it just because i'm old? >> well, maybe, i don't know. that's a question for you to answer, but i think a lot of people would tell you that a $9 billion startup like flexport , people have heard of it just to get back to pinterest , bill ready who is the head of commerce at google is stepping in there. stuart: woopty-doo. that'll make all the difference will it not? >> i think social media is going through a change in this non-covid lockdown. stuart: i'm not riddled with all this angst about these new up and coming companies. >> because you already made your money that's why. stuart: what else we got here, anything else? >> i think we should talk about bed, bath and beyond speaking of transitions because that's a big stock mover, again that is ceo leaving the mark triton is leaving the company because look , he's been missing the mark when it comes to business. this morning they also reported

a $358 million loss. sales came in below estimates, and they really are being caught up in the supply chain concerns because bed, bath and beyond, which by the way is overseen by the gamestop chairman, the man ignited the whole gamestop saga, ryan cohen which owns a 10% stake in bed, bath and beyond, a lot of people have lack of foot traffic, first of all, lack of foot traffic and also the fact you've been transitioning to making your own private labels when there's a supply chain crisis out there so you aren't getting the right products in the stores. stuart: it wasn't quite the saviour expected. >> no. that's the problem. stuart: eddie is with us. i remember, eddie ghabour, a couple months ago we saying look what's wrong with me buying a two year treasury, milking 2% interest, sitting back, sleeping well at night, losing nothing if i hold it to maturity. i was right then and i think i'm right now. >> look i agree with you. i think in the near term cash is king. there's a reason why that saying is here, because we are heading into a steep slowdown here and

we've never slowed this fast and we've never had a fed tighten this fast into a slowdown, and i don't think most investors are really prepared or even understand how bad this can get and i'm not the doom and gloom person. stuart: yes you are. >> i'm just speaking the truth. i'm speaking the truth. that's where we are right now and the numbers will speak for themselves in the coming months. stuart: let's wrap this up thank you very much everybody. susan we'll see you later. elmo, wait a minute, the cdc, the centers for disease control, teaming up with elmo, yeah, that elmo to sell covid jabs to kids. watch this. >> elmo getting vaccinated is the best way to keep himself, our friends, neighbors and everyone else healthy and enjoying the things they love. stuart: okay, but i really like to know, what proportion of parents will vaccination their six-month old baby. that to me is the big question. companies are spending more on private jets than they have in the last decade. oh, they're spending big. we're going to tell you which

ceo is the biggest spender. i bet you can guess. rents going up across the country. democrats sallets got nothing to do with inflation. we'll tell you who they are blaming after this. ♪

♪ wow i feel good ♪ stuart: wait a minute this is the second day in a row we played this. i know i like it and the producers know i like it. i sure like that view. clearwater beach in florida, 80 degrees wednesday mourn, man, can't beat that now can you? james brown, palm beach guns, it's in florida and it has been named one of the best small cities for small business in the country. guess what? ashley's there. all right, ash. what's so special about palm

beach guns? ashley: well other than the palm trees and beautiful warm weather , stu, how about the lack of red tape when it comes to business? how about lower tax rates? how about a business-friendly atmosphere? put those things together and you've got a pretty good idea of how business is thriving here. i want to show you a map. this is verizon's ranking they do this every year, the top 10 small cities in america to do business. take a look at that map and you can see p&l gardens all the way down in florida, in fact the only one on the entire east coast, no new york, you may notice, no new jersey, no connecticut, no california. so bottom line is why is it so fruitful, if you like to do business in palm beach gardens? let me bring in the owner of the store here. i'm in a store called "nothing bunt cake" and the owner by the way is pure coincidence that i love bunt cakes. stephanie, thank you so much for

joining us today. stephanie, you've been in business now three years. just before covid hit, how have you done? how's business? >> it's great. we're thriving here in the community. we have an amazing group of people that want to work and want to spend money, and we also have an amazing government that's really helped us through the hard times and amazing team where that connects us with people that want to be apart of us. ashley: so this city handed out grants, did it not, to businesses to help them get through covid. did you benefit from that? >> yes, we were the recipient of a grant, we had a couple really tough months but the grant really helped us get through that and the city and the chamber really worked hard to kind of adapt to what our needs were, going through covid and helping us get through that. ashley: very good. a lot of small businesses say right now they are struggling with inflation. how do i handle this and not pass it on to consumer, how are you doing that? >> we're actually doing a couple different things a small piece of that is obviously raising our prices slightly, like we had to, but we've really just adapted and the cities really helped us connect with

more people, because the more revenue we have the less we have to raise prices, and the more we can sell, the better off we do, so the city and the chamber really are integral in that for us. ashley: very good stephanie thank you very much so there you have it, stu. it's not really brain surgery. you give businesses the best opportunity to thrive and they do. it's remarkable. that's why thousands of people are moving to this very tax- friendly business-friendly state. stuart: it's fine for you to say that when you're in florida. what about us poor people who are up in new jersey and new york? it's all very different up here. thanks, florida, sorry, thanks, ashley. we'll see you later. thanks, lauren, back on the money, it turned south all across-the-board. not much but the nasdaq is down 100 points. john lonski with us this morning , see that on the screen? that's the final first quarter reading of the gdp. we're down 1.6%. john? i know you think we're in a recession already. i've got that because you've been on the show many times. what will get us out of the

recession? where's the stimulus coming from to get us out? >> well, the stimulus is not going to come from fiscal policy we're not going to see tax cuts, so the only option is going to be lower interest rates, which tells me that everybody has it wrong about the federal funds rate moving well-above 3%, going into 2023, 10 year treasury yield heading up to 3.5%. we may see the exact opposite. stuart: really? >> yeah, really. stuart: you think interest rates are going to fall? >> the fed is going to have reverse course. if we have a recession, if the economy is contracting, unemployment is rising, they will have to forget about inflation for the time being, and cut interest rates. restimulate the economy. stuart: they think the only way to beat inflation is unstimulate the economy. put them into a recession just like volcker. >> well, you know what happened in the early 1980s we had a double dip recession. we had a recession in 1980

brought on by higher interest rates. the fed became concerned. we had some stimulus applied to the economy. it recovered briefly. inflation came roaring back 81- 82 and then we had an even more severe recession, so we could be in for some very tough times if we're finally going to go ahead and get rid of this problem with rapid price inflation. stuart: all right, now talk to me about cryptos because they come way down, $2 trillion taken out of the crypto market. i've got bitcoin right now below $20,000. that, to me, is wealth destruction. my question to you as an economist is, what impact on the economy, from this kind of wealth destruction? >> its got to be negative. we did have a number of younger households finance the purchase of a home with the money that they made from bitcoin. they aren't able to do that any more, as you say bitcoin is down 67% from its high, and all of this brings attention back to why didn't we have this rally in bitcoin in the first place?

i think it was because of the very rapid money growth that came about because of covid. you know, we had since the end of 2019, pre covid, we've had after-tax personal income rise by just under $2 trillion, but liquid assets held by households , currency, deposits, money-market funds rose by 5 trillion. it's that $3 trillion difference that helped the fund this reality, the old reality we had in bitcoin, and distort economic activity and financial markets. stuart: and a wall of money is not coming back. john, thanks for joining us. >> thank you, stu. stuart: let's get to the i'll call this the real estate market i guess, because rents, rents are rising all across the country. now, the democrats are pointing the finger, blaming somebody. blaming who, lauren? lauren: um, the private equity landlords and corporate greed. >> this predatory purchasing contributes to our nations shortage of affordable housing

and exacerbates the racial wealth gap. lauren: so you just heard it. democrats really wasting no time in these corporations for being greedy as you heard at the end there racist. they say they're to blame for sky high rent and it's true. in new york, some private equity landlords came in and bought some of the apartment buildings but a lot of landlords are mom and pop. so they face higher costs for maintenance and taxes and all that. should they be criticized for passing some of that on to the tenant? right? stuart: you're asking? lauren: should democrats say well maybe our spending is the prime reason for inflation, so they are always looking to shift the blame. stuart: of course they are, that's right. lauren thanks very much indeed. here is what we have coming up on this programmed to. can you believe this? a california community voted to defund the sheriffs department, just as that community experienced a 130% rise in crime how about that? not a joke. howard stern says, to make real

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mulling his political future thinking about running in 2024? lauren: yup, yup, he says if donald trump runs again, he's going to run, and what is the first thing he does, end the electoral college, the second thing, at five justices to the supreme court. he ran for new york governor back in the 90s as a libertarian , do you remember that? and he dropped out, do you remember why? he had to, well, show his personal finances. he had to disclose that information. stuart: eddie, before you leave us, i hope howard stern does run as a democrat for the presidency. >> you know, maybe we could pay off the deficit by selling tickets for a trump-stern debate they could sell like hot cakes, we could pay off the debt and the fed could stop raising rates stuart: that's for sure. quick check of the markets, please. dow is now up 170 points, and i just saw, up 170, nasdaq is up five, show me oil, please. i think it just hit $113 a barrel yes it did. there's a markup for you and please, bitcoin.

moments ago it was at 19,000, just struggled back to 20, 010. i want to thank eddie ghabour for being with us. and still ahead on the show today. martha maccallum, peter shweitze r, liz peek and dr. marty makary. 10:00 hour, next on "varney". ♪ ♪♪ my relationship with my credit cards wasn't good. i got into debt in college and, no matter how much i paid, it followed me everywhere. between the high interest, the fees...

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stuart: this is a nice day in new york city. the dow industrials up 100, not that much price movement for yesterday's big losses. it is 3.14%. and 11374 now.

bitcoin at 20,000. $20,015. that is the market action. a modern corporation has seen a welfare operation. employees have to be looked after. their every need must be met. it is all politics. this is what some employees want following that row v wade reversal. cease operations in states that criminalize abortion. you must not like the politics of red states, you, amazon, pool out completely. employees must be given time to grieve over the court's decision would how long does the grieving last and why does amazon have to pay for it? finally, amazon must jump into the political fray and denounce the ruling. sounds almost tongue-in-cheek,

doesn't it? but they are serious. it shows what a new generation of employees expects from their employer. the left did this. it started in the universities. remember the demand for safe spaces where students could run to avoid the horrors of free speech? it has infected our corporations. look at disney, woke employees can't bear to work in conservative florida but at space x elon musk fired employees who called his behavior and embarrassment. that is what will take for managers to take back control of their companies, get a backbone. second hour of varney just getting started. let's get straight at it. liz peak, the workplace is not a welfare state, is it? >> reporter: no, it is not and

bravo to elon musk who summarily fired employees who dared to come out and attack him on social media. what were they thinking? what a lot of young employees are thinking, that the labor market is so tight that they can get away with anything, that they are irreplaceable. there is a huge sense of entitlement among younger employees who feel no matter what they do management is too scared to fire them which raises the second issue, corporate america is terrified of social media because that generation isn't comfortable with social media and they know they are vulnerable to being attacked on social media, they will do anything not to provoke the younger cadre of people who work for them. ever since the george floyd right yet, but silences violent. not only are they skewing to every cry of their employees

but swarming onto every progressive issue in a way that prevents them from being silenced or slammed on social media but doesn't work, they are vulnerable anyway. stuart: i know you as a fierce critic of president biden, i am pretty sure you wouldn't want him to run into thousand 24. republicans seem to like trump's policies but don't like his behavior after the election. is that a legitimate stance to take for republicans, they like his policies and don't want him to run. >> that is where we are headed. most of the republicans i know is supported trump in both elections. on his policies were amazing, would love to have had him once, when in 2020. the truth is now he cannot let

go of the 2020 election, some of the revelations from the january 6th committee have been troubling. they don't want anymore of the drama and the point is if there is someone else who will carry the trump banner and that is someone who looks like ron desantis who has an incredible resume and been an excellent governor and follows the trump policymaking closely. that's heresy to a lot of trump supporters but trump can't move on, voters and particularly republican voters are ready to move on. stuart: that is a good sense of play. i don't think we got the decision from the supreme court but it will be a blockbuster. this is the decision about the

west virginia versus the epa. this is all about the regulatory state, the power of regulation over legislation, which side are you on? >> i hope and i think it is possible the court will decide that americans should not be ruled by faceless bureaucrat run agencies but rather by the elected officials elected to make laws. congress has abdicated responsibility on issue after issue to this alphabet soup of agencies in dc and no wonder most americans feel like the government is not working for them but are distant from the government because they don't elect these people in the power of these agencies is extraordinary. what is on trial here is the epa trying to change the power grid the way the country produces electric power with

the stroke of a pen. it happened under obama, felt they were being put out of business not because voters wanted to go that direction but the epa was given too much authority by president obama. it is about balance of power and separation of power. stuart: could be a blockbuster decision, we will jump on it. let's - thanks for being with us, appreciate it. companies like facebook and amazon cracking down on a set of abortion pills, plan b. what sparked that. lauren: they don't allow you to buy, sell or trade pharmaceuticals. that is the reason. the abortion pill taken within ten weeks of pregnancy if you

want to abort your pregnancy. amazon is limiting to three units a week of plan b, the morning after pill, and by over-the-counter. they saw huge demand, spike in demand after the roe versus wade ruling. other pharmacies put limits in place, they rolled them back so when demand jumps you say pharmacies say we have to limit your purchases. stuart: there could be some hoarding of plan b on the grounds you might need it whether you like abortion or not. we like some green, dowser 120, nasdaq up 120 points. good to see you again. stocks are down, cryptos are down, inflation is at 8%. %. the economy is slowing. tell me what that is doing to america's middle-class.

>> america's middle-class is in a place they've not seen in a long time, with consumer sentiment numbers. consumer sentiment is in the place they were in the lowest place in 2008. we are in the early innings of a long baseball game and that is concerning as we look at last mayor, $60 billion on credit cards in one month as the globe lookout is going on here we can identify $35 trillion have been wiped out over the last five months, 14% of all global wealth. we had 19% at our lowest point in 2,008. house the consumer doing? not great. interest rates rising, harder to get home right now.

not keeping up with inflation, taxes not going up, we find ourselves a new bracket and squeezed at the pump. stuart: looking at the point of view as an investor, look at the market as a backdrop. can't see any huge rally anytime soon. can you? >> i bet it goes up forever. if it goes up 10% that would be phenomenal. a lot of people have to be more cautious especially given the head wind we are seeing, the estimates from analysts which is hard to do when times are normal. it is difficult to determine where to go and what to do, great organizations like microsoft, have real earnings to report, it is very difficult to look at the market and say i can put together a grateful market. stuart: any fresh money i get i

keep in cash, 20 seconds to tell me if i'm right or wrong. >> we need to get defensive, that positions us with more cash to deploy when opportunities are there. people need to look at their budgets, those who can say about not spending a huge way are in better shape. stuart: thanks for being here, i know we will see you again soon. looking at the movers, micro strategy. they bought more bitcoin. lauren: he bought 480 bitcoin's for $10 million between may and yesterday. when we see the price come down dramatically, the company holds one hundred 30,000 bitcoins value to. to $0.6 billion, he is doubling down but a lot of people are liquidating. stuart: how much are the holdings worth with bitcoin at 20 grand?

lauren: around 40 unless you do the math to see what the average would be at that point. b1 no wonder the stock is down 3.1%. car novel down 14%. this is not the brawl. lauren: this has to do with morgan stanley cutting the price target in have to $7 and saying the bear case scenario is it goes to 0. week pricing, high fuel costs. we one who said that? lauren: morgan stanley. stuart: when morgan stanley says that, it goes down. snap on the upside, 11/4%. lauren: snap was lower down 3%. it turned because they launched snapchat plus, there since kitchen plan, $3.99 a month. the reason it hasn't lowered is jpmorgan cut their price inte inet companies, snap was one of thee . chancecef recession in the next

s and add spendinndg ll ano snap wsnn't doing n ll oe jpmorgmoan news but since concern service turned around to. stuart: snap is up $14. the fcc commissioner wants tiktok to be banned from apps stores. we have details on that? explain it. white house press secretary karine jean-pierre defending the administration border policies, she insists the border is closed. roll tape. >> we are focused on continuing historic action to disrupt dangerous smuggling. the fact of the matter is the border is closed. stuart: the fact of the matter is the border is closed, i don't think so. the former acting ice director is on the show later and will take that on. the report says biden officials doubt ukraine can win the war and should give some of its territory to russia. edward lawrence has the story from madrid, side of the summit. he is next.

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don't touch my piano. kick pain in the aspercreme. stuart: president biden is meeting with nato leaders discussing the war in ukraine. edward lawrence is in madrid. will we see any new war policy come out of this meeting? >> the president made big announcements of this morning. more troops to nato making this the largest nato overhaul since the cold war. the president send two more squadrons of f 35s into nato

countries to increase the presence and adding to the 1000 troops we already have. to make that announcement. >> president biden: and reaffirm the unity and determination to our alliance to defend every inch of nato territory. article 5 is sacrosanct. every inch. >> reporter: a putin already slowed down the natural gas flowing through the nordstream pipeline. the international energy agency warned that could be a precursor to shutting off the natural gas this winter, ukraine's president calling on the west to supply enough weapons to push the russians out by winter but the head of nato said this war could last years, president biden's top

security aide say the us can build back without changing energy policies or removing additional regulations. >> you can talk about regulatory reforms with increased capacity. there was a fire at one of our export facilities, at maximum capacity. >> reporter: the full alliance will welcome him into nato. and a minute the president will meet with the president of south korea and the prime minister of japan, non-nato members, the expanded summit they are doing. stuart: a new report says biden officials doubt ukraine can win

the war and should ukrainians have some of their territory to russia. rebecca copper is with us, former intelligence agency. that assumes we are not going to get the russians out completely. are you happy with that? >> we are very unlikely. i mean the alliance, ukraine, with the help of the west will not make russia give up his territory in the viability of the military path is becoming less and less, it is very confident and the closer we get to winter, the more confident he is going to become, because he's going to wage energy strikes on ukraine and on europe to compel the alliance to stop supporting ukraine. stuart: as long as he has

troops on the ground in ukraine, and has access and capability, he can't really lose. >> can't really lose in the sense, put next definition of victory, from that definition. whether he prevents ukraine from winning or becoming part of nato which was the original reason of the invasion, and and targeting civilian infrastructure, to abandon the fight to end the suffering of his population. stuart: as former intelligence officer, the americans and

europeans are thinking. they want to cease fire and peace talks in place. >> our military officials understand that putin has a trump card is nuclear forces, pruden placed on high alert his nuclear forces in the very beginning of the operation, because of the fear that nato and the united states could intervene on behalf of ukraine, calibrating his strategy, not to trigger our intervention but also wondering in the back of his mind how much pain can ukraine tolerate and how much of his destruction of civilians we are going to tolerate and we

are working behind the scenes to make zelenskyy accept the territory. we when i can see that coming a mile -- not good in my opinion. thanks for being with us. turkey has lifted its veto over finland and sweden joining nato. when could that happen? >> good question. it is unclear, 30 current nato member countries have to ratify finland and sweden's applications. it could take years, maybe months but the big deal is, they are hold out threatening to veto these applications because they said sweden harbored terrorists that threatened turkey but the trio addressed those concerns and finland and sweden were committed to neutrality for decades. they are the newest members and this strengthens the western

alliance. stuart: absolutely weakens pruden and changes the baltic sea into a lake. and anti-pruden lake. a very big deal regardless when they get into nato. we are buying more rvs as in recreational vehicles, they are building more units than ever before. madison allworth has the story. the president of an oil and gas company says waving regulations for small refineries is the fastest way to give consumers relief at the pump. how soon could relief come if we did this? the president of king corporation is next. ♪♪ ♪♪

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stuart: one hour into the trading session, we are looking at the movers, what do we have

on mcdonald's? lauren: higher atlantic equities, overweight because they are recession recently and over if the gears. many would agree with that. stuart: general mills. lauren: sales rose 8% not because they are selling more cheerios or betty crocker but able to charge more. stuart: sob again, 5.5%. who do we have? lauren: they are down 4%. first i thought it was a sneaker company. bank of america, by $15 to 65, still up from here. semiconductor downturns, she could be due for another one. stuart: stuart: i said recreational sales are booming. i got it wrong.

madison allworth, our sales of rvs up or down? >> i am in an rv right now by winnebago, sales are down. this is not a necessity. even though it is down 15% from last year, we've not seen numbers like this since before the pandemic, people investing in travel. winnebago is up from 2018-19 for the first part of the year compared to last year sales were crazy high. you might think gas is contributing, the grand manager for winnebago, not just slowing sales this year but what are you seeing driving that change?

>> as far as the numbers, the economy as well but people are looking to travel shorter distances but still demand for the outdoors is very high and remains to be that for the rest of the year. >> reporter: people are changing how they are spending their money. not just retirees. what are you seeing in terms of change? over the past couple years in terms of sales growing? >> demographics, we are seeing more of the gen x and millennials getting out of the home and work from anywhere, sales for the rv sector will remain strong for the rest of the year. lauren: we've been talking about supply chain a lot. rvs have been hit by this, you are looking at them now. they are on this lot because you purchased these in september 2021.

tokyo and a took a year and 1/2 to get here before supply chain problems. how long did it take to get an rv like this? >> normally any particular model from 60 to 90 days, we are ordered in the fall of 2020. >> reporter: gas will cost you with these things. if you drive diesel in the car, so much less. i am your girl. stuart: you are on your own, you are all right. j young is the president of the texas oil and gas, king operating corporation. straight off the top question, if president biden waived regulations for small refineries, how soon could we refine more interleaved

consumers at the pump? >> refineries in the world, no big ones and not any new oneness, never have a new refinery but haven't built one in 46 years. when we became a net exporter, the reason we have a net exporter, to satisfy our appetite it wasn't because the refineries were full. relating 13.8, 14.2 million barrels a day. neil: i've got it.

to get more out of small refineries, do we build them from scratch? >> increasing the capacity of this refinery. stuart: is the stopping you from increasing production from an existing refineries? >> absolutely. the amount of capital -- stuart: do you expect president biden to change regulations or you could produce more? >> i don't expect president biden to do anything to help, hasn't done anything yet. stuart: if he did -- just suppose he did change the regulations how soon do you produce more? how long would it take? >> a year or two, the drop of a

hat. i'm not going to do anything to help the drilling of federal land, so many things not going our way in regards to the consumer in price of gasoline going down anytime soon. j younger, thanks, appreciate it. new report from the biden administration shows a number of job losses in the fossil fuel industry. lauren: people will lose their jobs in the industry. if you look at fossil fuels, 29,000 jobs are lost, if you look at oil extraction, drilling jobs, 31,000 last day one, biden killed keystone. make sense, what is interesting is we are using fossil fuel

more and employing fewer people in that industry, that's what the administration wants. stuart: that is what is happening. have you ever wanted to live like dolly parton? you can. dolly awould offering fans the chance to stay in her tour bus overnight if you are interested. we will tell you how much it will cost. the national average for a gallon of regular gas is $4.86, we are told some people are canceling summer road trips. is that true? we will find out after this. ♪♪

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stuart: that is a gyp shot, the floating camera around the studio. you are looking at the "varney and company" camera crew. that is frank and you are taking a look at tim, the camera that i'm looking at. all good stuff. this is national camera day. this holiday, summer its cameras and photographer, we use to carry around those big clunky cameras. my question is printing out pictures from your phone, nobody does it. lauren: i miss that. how fun is it to go into the

closet and take out the old dusty albums and go through the pictures and captions that you right underneath him you can't do that on a phone. it's not the same. stuart: a lost art, we should invest in photo albums. i'm just old-fashioned. there is a new building california that could allow the state to sue social media platforms for addicting teens. kelly o'grady in los angeles, details please. >> reporter: social media giants facing more trouble. company government employees sue platforms that allegedly harm children with addiction. at the federal level, assembly bill 2048 is an example of bipartisan state legislation going after big tech. unlike other content moderation proposals it doesn't shield children for offensive content but protect children from social media itself. proponent of the bill argue the sites are structured in ways that cost ~ to become dependent

on them. for disclosure purposes fox corporate is lobbying for this bill. found guilty tech company like meta, twitter and snapple face penalties up to $25,000 for a violation or $250,000 if shown to have knowingly employed harmful features. it is limited to social media companies that make one hundred million dollars or more in gross revenue. this is in response to revelations of how social forms impact mental health in teens. and and and tech companies have been lobbying against the when with parents with potential plaintiffs. some businesses are pushing back as well in a letter to lawmakers and industry trade group arguing, this would punish a company for having a platform kids can access and do little to improve safety.

some argue the measure would do nothing to encourage big tech to make meaningful change opening companies to hundreds of millions of dollars in liability but there's a lot of bipartisan support. stuart: back to the market because i see a nice gain for the dow, not huge but up 150 points, nasdaq up 27. let's get to the dolly parton tour bus, used it for 13 years, how much will cost? >> don't show a picture yet. hot pink, looks from the pictures. stuart: how much? lauren: two people two nights. the gypsy wagon, she has a closet dedicated to our different hairstyles. stuart: she wears a wig? lauren: she does. that's the same question. i always remember her hair being consistent but boosted by

a wig. we really don't know. and she has a bathtub. that was very cool. if i had my own gypsy wagon. we one not a bathtub. lauren: if that is how i get to work every day. stuart: it wouldn't be bad. there is more, the price of gas $4.86 for a gallon of regular down $0.09 for the past week and one dollar and 76 more than it was last year. are people taking fewer summer road trips? lauren: what you say you are going to do might be different from what you actually do in the conference board ask people do you plan on taking a road trip, 22%, they drive in the next 6 months. no one went anywhere because you couldn't go anywhere. the worst numbers 36%, to take a vacation in the next 6 months, is also a low number,

the lowest on record. stuart: we presume the high price of gas is discouraging people from driving a lot. lauren: talking about frank, frank, i'm sorry, the jib operator, changed the fourth of july disney plans because they keep canceling his flight. you add that worry on top of everything. stuart: not going to drive from here to florida. while talking about next case the governor of california sending checks to residents in his state to deal with inflation. experts warn it could send higher prices even higher. our california guy larry elder would be with us shortly. west hollywood, california cutting funding for law enforcement, increased its

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stuart: west hollywood city council voted to defund the sheriff's department but lauren, crime is soaring. lauren: that is an understatement, it is up 137% in the past year. it is illogical the upscale west hollywood city council voted to ask for sheriff deputies, six officers instead of 60 and an armed security ambassadors to control the area and money will go $50,000 in all to a russian arts festival. there mayor who is a democrat even said this is completely nuts. doing that in the middle of a crime wave. stuart: that spike in crime,

actuated assault, murder, violent crime. lauren: likely getting worse as we are in summer. stuart: they need a russian arts festival. governor of california gavin newsom sending residents inflation roof leif checks up to $1050. larry elder with it this morning. what do you think of that? inflation relief checks? >> it is called buying votes. we have the highest paid income taxes, regulation, talking to her finery expert, my brother used to work at a refinery, you should see some of the regulations that jack up the price of fuel, highest gasoline tax in the nation, relief checks on top of federal checks, the cost of labor has gone up and after they jack up the economy, money to deal with adverse consequences of what they've done to jack up the economy. honestly, beam me up.

i will become a piece ambassador. stuart: suppose president biden does not run for election in 2,024 and stays out of the race, do you think democrats will dump kamala harris? >> look at me, my baby brown libertarian eyebrows. i bet my house they will not dump kamala hearst, black females are the most loyal part of the democratic base and they will have a meltdown can with a won't vote republican, they won't vote. they will be so angry. whenever kamala harris is criticized, they believe the criticism is sexist and racist and if they dropkick her, like people to judge, they are stuck with her. if biden doesn't run in 2024, kamala harris is the standardbearer. mark my words. stuart: gavin newsom wants to be the president and making

noises is if he's going to run in 2024. don't think there's any way a california liberal can win a national election. >> you are right about that but gavin newsom will be president ever since the third grade. of course he wants to be president but he knows what i know. if he is perceived at pushing aside the first black female vice president in favor of another white man he cannot win. he knows what i know. and >> he knows better. kamala harris could win. >> i do not but that is irrelevant. what do black female think, he's thing, he's raging popular among black females. she is underwater in the nation, black female voters love her lover love her, if

they perceive are to be disrespected and pushed aside they will set on their hands and not come out to vote. stuart: one of the most interesting interviews we ever had, larry elder. here's what we got still ahead was martha mccallum, retired acting ice director. doctor marty makary. generational change coming for aging leadership, the biological clock is ticking i can't reset that. biden versus trump in 2024. that will be "my take". ♪♪

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watch your stress, wear sunscreen... but to live to 150, we're developing solutions that help doctors listen to your heartbeat while they're miles away, or ai that knows what your body will do before you do. cool. introducing elevance health. where health can go. >> the american people are ready to look forward. the president should talk about his vision to dig the country out of the hole and get back to where we were pre-pandemic. >> investors need to be prepared for a recession, a lot of volatility and earnings are problematic. >> 200 private companies, they are hearing saber rattling from firms that winter the mesh winter is coming leading to preemptive layoffs.

all that is putting pressure on the economy. >> of the economy is contracting, forget about inflation for the time being. and cut interest rates, stimulate the economy. >> trump can't move on, voters and particularly republican voters are ready to move on. ♪♪ want to rock and roll all night ♪♪ stuart: it is 11:00 eastern. a lovely shot. don't forget that. >> a little side chat going on. stuart: 11:00 eastern time, wednesday, june 29th. markets are mixed, not much price movement, thousand 100 points. the price of oil, 113 back to 112. the 10 year treasury yield was below 320, it is below 320, it is at 312.

generational change coming to our politics. you can't reset that was i can't see a rematch of biden versus trump in 2024. president biden will be 82, he says he will run but he has to say that but he didn't. he confirmed his lame-duck status 18 months in. the influential atlantic magazine stated clearly he's too old and real clear politics puts his approval rating all the way down to 38%. a dangerous time. the backup for the sailing president is kamala harris who does not inspire confidence. on the other side donald trump is as energetic as ever but he will be 78 in 2024 and he is taking a beating for his behavior after the 2020 election.

the january 6th hearings painted an ugly picture of white house goings-on. there are plenty of republicans who don't see that come up. to challenge the socialists. to keep trump successful policies without trump's style. those who enjoy politics, this is fascinating and exciting and glad you're watching and sharing. third hour of varney just getting started. stuart: there you go. martha mccallum. glad to hear that. people like mr. trump's policies. lauren: we see a lot of that.

of the president or donald trump watched that intro they would say not sell fast. we live in a world, society where people live longer, work longer, things are shifting. kids grow up later. we get serious about what they are going to do later. i don't know if there is an overall trend towards older presidents. president biden keep saying he will run again, don't know if his heart is in it, watching jack keane talk about the strength required to pool the wait for ukraine in terms of the seriousness of what we are facing in russia. liberation and strength to pull everyone with him on this front so these are the moments it really tests the age factor.

the january 6th hearings clearly are fodder for democrats who want to push the former president aside and convince him that running would be untenable for him. whether or not that is the same 12 months from now is too soon to say but it does remind people of his behavior but i wonder, you've got a group of people 30% republicans who really want him to run and if somebody runs who they don't feel that way about they are probably going to stay home. other republicans have a huge stay-at-home problems of the battle between the so-called rhinos and trump supporters will be a serious element to watch and could be very divisive and destructive for republicans in the next election. stuart: you are right. biden's approval rating down to an all-time low, 38%. that is the approval rating, very low and the president cracking jokes about not

returning home from his trip to spain. listen to this. >> president biden: the old expression in hometown delaware, a steel town, like poor relatives, we show up when we are invited and stay longer than we should so be careful, i may not go back. stuart: i do not see our president running again in 2024. he won't admit it but don't see how he can do it. >> and low energy environments, watch a soundbite like that and you wonder if he has the stamina to keep going and the atlantic, a lot of people questioning this. it is a fair question. these are the same people who said i wouldn't win the nomination last time around. he's been around a long time. we will see what happens. 82 was a tough turtle. we want do you agree the generational changes coming to politics?

>> i do agree. a lot of people are craving that. whether or not, look at the last democrat nomination process, people saying however the nominee is going to be a lot of people said buttigieg because people are craving that. what is the right age for president? lauren: stuart: 73, seventy four. >> you should think of running. stuart: i wasn't born in america. >> a little bit of a hurdle. stuart: there is generational change. thank you for being with us today. we always watch you at 3:00 eastern, fox news channel. thanks for being here. back to the markets, we have mark tepper sitting here this morning. not much price movement. what happens if the affect of the economy, the fed keeps

hiking rates as they said they will. >> the recession outcome is a foregone conclusion. i think we are in the first and second inning. what consensus is pricing in, the fed fund rate going to 3. 5% but when you go through history, when you stop hiking and exceed the cpi rate. i think we will go up to 5% and it will be a recession that is longer and deeper than people are expecting. stuart: that implies not a positive stock outlook. >> this investor optimism rebound and it is short-lived. it lasted longer than i expected. you see bear market rallies.

the market drift lower. stuart: you stay right there. you get more tv time than i do. stuart: you want my job. why is everybody laughing at that. some of the movers including airbnb. >> down 4.5%. they cut their price target to one hundred 85 and separately airbnb band house parties everywhere forever, good news for the homeowner and the locals. blue one i am surprised they did that. peloton is up. neil: don't think investors are keeping track. jpmorgan, still giving it $20 a

share. what peloton is doing is lowering their spending. if you're a customer, bike or treadmill, they will not service them anymore. stuart: still waiting for someone to buy them. >> i'm one of the buyers, bought a treadmill, four or five months ago, delivered it a month ago. i've got to wait another 2 or 3 months to deliver one that works assuming they are still in business. lauren: that told the story. stuart: it is a peloton treadmill. >> this last they discontinued for safety reasons but they had the basic treadmill. blue when you bought it. but you didn't buy the stock. stuart: you did by the stock. >> not at all. stuart: what do we have on

nvidia? it is moving. i brought you three losers. bank of america lower their price target to 220, semiconductor in the last hour, downturns and chips happen every three or four years and looks like it is happening now, consumer weakness is likely to pressure demand for chips in the second half of this you're going into 2,023. stuart: quite a drop for nvidia, 39%. with the dow up 80 points look at this. this is a childhood home of one of the most famous singers in history and it could be yours for $30,000. we will tell you who it belonged to and how to place a bid. hillary clinton sparking 2024 rumors. watch this. >> no scenario in 2024 even

remotely consider -- i can't imagine it. i really can't. stuart: that is not a know. peter schweitzer is the author of clinton cash. border crossings at record high, the white house insists our border is closed. border border patrol chief taking it on next. ♪♪

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stuart: white house press secretary karine jean-pierre claims the border is closed. >> focused on continuing historic action to disrupt dangerous smuggling networks but the fact is the border is closed. stuart: the border is closed, the for border patrol chief and retired acting ice director, the border is closed. respond to that please. >> reporter: good to be on "varney and company". this is the don't believe your own eyes administration. somebody needs to tell the cartels what is going on. if it is close no one told them. thousands of people coming to the border every 24 hours, border patrol that is completely overwhelmed. dhs invites resources complete the overwhelmed. the border is closed to anybody except the cartels, except the

thousands of people coming every night. stuart: more than 14,000 unaccompanied minors found in one month. they are going to be spread across the country. the administration found a deal to house those children and this is an abandoned school in north carolina. you can't have the mass movement of people and expect us to pay for it. this is simply wrong. >> they removed any policy, any attempt to add integrity to the immigration system. we have an out-of-control border and this is result of that. you need to have migrant shelters required under the law. where they go, how they are operated, who operates them. none of that has been transparent inside this administration. we have a search at the border

because of their policies and heart and prayers go to those 50 people who died in a horrific way in san francisco because of this administration that we have is unimaginable surge on the southwest border to having these shelters as a necessity because the root cause of the problem is the policies of this administration and them recklessly taking over any controlled measures or policies to make it better. this makes it worse necessitating the use of this campus. where they are going and what happens to them. stuart: dream on, they will never come clean but let me update something. it is 53 people who died in that sealed truck in san antonio. if that tara, that awful thing happened during the trump administration, what do you think the media reaction would

be? >> you have to look back a couple years, we had some unfortunate deaths of people in the hospital or in custody several years ago when the trump administration was in charge. they called people to the hill, the media and politicians wagged their finger at the president and administration. my colleagues in the department, 50 people died in a horror for quay in san antonio and all we hear about his smugglers and the border is closed. the us-mexico border and mexico is helping us before this administration before they put exec at borders in place recklessly removing any control we have at the border, inherited the lowest numbers at the southwest border that existed in the last couple decades and we are seeing the worst surge in the border at the history of the border.

stuart: a totally unprofessional media we've got here in america. please don't be a stranger, come back soon. thanks a lot. the markets this morning, the dow is up 40 points, i see some silica nasdaq is down, the s&p is down. the sec commissioner brendan carr calling on tiktok to be banned from apple and google apps stores due to data privacy concerns. he even called the platform a wolf in sheep's clothing. mark tepper, do you think tiktok should be banned from those apps? >> if banning tiktok would win me back my daughter's attention then i would say yes, i'm all for it. in all honesty all kidding aside tiktok is without a doubt a national security threat. i expected they would know your browsing history, that is how they drop cookies on everyone

but the fact that have access to your biometrics, your face, your voice, that is disturbing, national security threat if they have access to that and apparently they do. that's what the story called out. that to me i do think it should be banned if that is the case. stuart: i don't know technical details of this but the baiting communist party have an outline of everyone on tiktok, biometrics and all the rest of it. >> i think they do. >> that is why i avoid setting up my tiktok account. so i stayed away from it. i think the ccp has their fingers in it. stuart: that is a dangerous thing entirely. this might be for you. a big company spend $30 million on private jets for their

executive in 2021, the highest spending in a decade. mark zuckerberg spent $1.6 billion on private airfare, the most of any country. many companies cite so -- covid concerns as the reason for higher cost, the best part possible for any executive. show me the airlines, 3 million people expected to fly in the upcoming holiday weekend. all the airlines are down because a mess is predicted, delta offering travel waivers for anyone flying between friday and monday to get ahead of the trouble. you had some trouble recently. >> my flight got canceled going home from newark to cleveland so i ended up flying home thursday. what did i do thursday kick you i spent time googling how to get my pilots license. we need more pilots, one of the biggest issues. the younger generation interested in pursuing that

career path, maybe top gun maverick, maybe that inspires the younger generations to pursue that career path because we've seen kids forgoing college and instead go into the trade like plumbing or pipe fitting over the last two years. stuart: cancellations -- this is today. 608 flights canceled, really? 4000 canceled on 1000 delayed, some very high numbers to me. i want to look at air new zealand and bunkbeds on new dreamliner planes starting in 2024. economy customers will book a sky nest pod for four hours at a time. the beds will be cleaned between each sleep session.

what do you make of that? >> we are talking about beds the clean themselves. always good to get into a clean bed. you feel great, you sleep better, i like it. stuart: new zealand won the contest for the best service on long-haul flights. they came out number one. singapore -- >> you can stay in a pod like that, the only way to do it. stuart: i've done it myself. are you've got to do is pay for it. the fda reckons a booster that targets the omicron variant. is it time to roll up our sleeves for another jab? seems like a flu shot virtually like a blue shot every year. doctor marty makary's next. a report claims president biden inadvertently helped his son hunter pay for escorts with links to russia. we will talk about it with peter schweitzer who was on the

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stuart: the weekend, can't feel my face, the finger is about to kick off the first ever wait for it, crypto powered world tour a partnership with crypto exchange, nfts, what do you think of crypto power consonants? >> i'm a big fan of the weekend. i like his music. he might be the next michael jackson, great voice. as far as crypto, no idea what that means. i'm weird out by nfts overall, somebody offered me an nft. i had to do was my phone, scan a qr code and he let slip that he would know my location wherever i went and i am like no, sir, no, thank you.

stuart: susan has been pulling a face throughout. lauren: susan: from an investment perspective some of those cartoon monkeys that a celebrity obsessed were only $300, the springtime of 2020. worth 50,000, $500,000, they come down but you are still up and it depends what you bought in. we want glad you got that in. let's check the markets. susan: i thought we were talking the investment that mark tepper prefers. >> i am terrible. stuart: the market is up to the dow, down for the nasdaq and down for the s&p, checking on the cruise lines. lauren: carnival could go to 0, 0 for carnival because it

carries three times, more debt than before covid. and for carnival, carnival carries $30 billion in debt, really bad downturned that could get a lot worse and likely to report 1/3 straight year of losses. everybody accepting cruise line shares whether it is norwegian royal caribbean. stuart: social media pivoting to us obstruction model. susan: this is what elon musk wants to change twitter, snap introduced snap plus which will cost $3.99 a month giving exclusive access to experimental filters et cetera. this is part of the pivot and the push by elon musk if you wants to buy twitter and wants everybody to pay to use twitter, only one dollar month. stuart: tell me about bed, bath, and beyond. i miss the blue cards with 20%

off. susan: they will send you a steeper discount to get you back in the stores. big ceo changes moving stocks this one. we know mark triton is down as ceo after a dismal tenure reporting lower loss and wider sales in stock trading at a 2-year low and also kc francisco sent me a story about bed and bath coming down on costs so badly they are shutting down the ac in bookstores. stuart: shutting the ac? susan: or according to the new york post. pinterest and google, they are ready and that indicates to me a big push towards e-commerce for the idea board you love to talk about. stuart: not that i understand it but you are right. susan: recipes and renovation

ideas. stuart: in a report from the washington examiner shows president biden inadvertently helped his son hunter pay for a russia linked escort ring. peter schweitzer joins me. bring us up to speed on the latest hunter biden news. >> reporter: demonstrate something we've known for a while, that money is fungible and they moved it around. president biden was transferring money to hunter, going on this escapade and drug-induced binge, when president biden was vice president and hunter was bringing money from overseas he was transferring money to his dad and also got transferred to james biden. what it demonstrates again is in this family, when money flows into the family it tends to slosh around to the benefit

of everyone and demonstrates why these foreign deals hunter biden was involved in was so relevant because they directly impact president biden himself. >> he did not discuss them with his son. is that true. >> there's plenty of evidence from hunter biden that that is not true. look at hunter biden laptop, there are text messages and hunter is texting to his business partner say i talked to my dad about the pitch to carlos slim. and where president biden is leaving a message on hunter biden's telephone. it looks good but clearly the

message indicate they had talked about this but poor. the vice president of the united states met with hunter biden's business business partners. i've never seen a media based on all this evidence. and nobody asks him about that. stuart: might ask him about that. and pressed her on 2024. >> no scenario in 2024 that is remotely considered. i can't imagine it. what i can't imagine is stay active and outspoken as i can. the countries on the precipice scale. stuart: you wrote clinton cash.

do you think she's going to run? >> i think she's going to run because it is part of the clinton family business model, the fact that they made hundreds of millions of dollars based on speaking fees. and hillary became secretary. and raising 25% of what they used to. and rest on the perception they may be back in power again. the footsteps if i were joe biden i would be worried about in the democratic primary are not hillary clinton, and to gavin newsom. he has to appear the most. stuart: thanks for being with us this morning. come back soon.

changing the subject completely, and are some people hoarding. we are on it. the president signed his trillion dollar infrastructure plan months ago with record inflation and might not be enough money. construction costs are skyrocketing. we are lower this story. ♪♪ ♪♪

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stuart: that is elvis. we are playing the song because elvis pressley's childhood home is going up for option. it hits the auction block in august. the starting price looks like and in poor shape home is between 30, and $50,000. it is elvis's childhood home. >> that's not a very nice house at all. based on the last algia of elvis it will fetch more than that. stuart: inflation is taking a bite out of the trillion dollar infrastructure plan which is just now kicking in, projects are costlier than anticipated. how much more of these projects costing? >> 20% to 30%. publicly funded transportation project.

what this means is we as taxpayers are buying fewer bridges, 7 months ago the president signed the $1 trillion infrastructure law, skyrocketing cost of labor is a particular problem. construction company suffering high turnover, competing with other industries for workers. even as the average hourly wage for a construction job is $30.19. much higher than the average hourly earnings across the private-sector coming in at $27. hiring is happening, nowhere near what is needed. 455,000 people last month. and prices for materials, associated builders and contractors.

and they are forced to delay or project deadlines. >> driving up backlogs. and it is on a macro basis. lauren: taxpayers getting less bang for our buck. they are not getting as much done with the infrastructure. stuart: those are astonishing numbers, inflation hitting people, astonishing stuff. one in 10 homes sold during the first quarter of the year. went to flippers. i don't think there's much more flipping going on. >> they are late to the game. the last few quarters went from 4% to 6% to 10%. it is really easy for everyone

to be a real estate guru when you can buy house, not put a dollar into it and then it is worth 25% more money. it is going to be more difficult to make that money in the flipping business when houses aren't appreciating that fast. i am not calling for a real estate crash by any means but i think we will experience a much cooler housing market going forward. stuart: flipping, don't think you can make any money. >> i wouldn't enter that business. stuart: unless you flip elvis's childhood home. show me that screen so we get a sense of the market, the dow 30 stocks pretty evenly distributed, half winners, have loses, the dow is up 50 points. that elmo got his first covid shot, part of a new public service announcement encouraging parents together toddlers vaccinated. doctor marty makary takes on toddler vaccination next.

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stuart: not much price movement, 60 points, the nasdaq flip the, flat and mixed. show me novartis, they are cutting 50,000 jobs, part of a restructuring program announced earlier. by 2024, stock is up. a public service announcement from sesame street, elmo urging parents together toddlers vaccinated. >> i had a lot of questions about elmo getting a covid vaccine. was it the right decision? i talked to our pediatrician so i could make the right choice. i learned that elmo getting vaccinated is the best way to keep himself come our friends, neighbors and everyone else healthy and enjoying the things they love. stuart: and fda panel recommends a new round of covid

boosters that are redesigned to target the omicron variant. with me is doctor marty peloton - doctor marty makary. this seems like the annual flu shot. is this what it is developing into? every year you get another shot? >> that is the plan. the question is does it have any benefit? we are bypassing the standard trial mechanism to allow through this mechanism that has been identified, get a new vaccine each year without data. the elmo example, the data isn't there for children. that is the concern here. we don't have enough data to look at myocarditis and other side effects. stuart: i can't see parents of babies actually going for the jab to children that young. i would be surprised if 10% of

children did it for children of that age. what do you say? >> 18% of parents preparing to get their child under 5 vaccinated. there is no statistical significance, one cdc official told me privately people don't realize how bad the underlying data is? we are an international outlier, finland is saying only high risk children and denmark apologized after making recommendations for vaccinating young children. stuart: next case, amazon, cvs, how many morning after pills customers can by preventing shortages following the roe v wade decision, people seem to be hoarding these pills, is there danger here? >> any time there is fear there could be a scarce supply we see hoarding in medicine, with -- plan b and acttara are two

medications known as the morning after pill they will limit the number of sales, right aid and other pharmacies said they have no plans to do so. stuart: plan b you don't need a prescription of any kind. it is an over-the-counter thing. i their dangers there? >> it is considered safe medication, you are talking about termination of a pregnancy after the time of conception. stuart: are their dangers to the woman? >> these are considered safe medications. on a larger scale people are concerned about the hazard of medication. if it is easily and freely accessible is it going to change the perception of risk, getting pregnant or someone who might not want to pregnancy. >> any comment on covid? seems to be a wave that has

gone past us. am i right? >> we are seeing a new variant of, crime called ba 5, the health department issued concerns they could see a bump in cases, this is the band flow of covid we are going to see, we had 5 major variants of oma crime, we don't see a rush of hospitalizations. stuart: doesn't see to be front and center on the public's mind, we are past it. last word to you. >> if you think a prior generation dealt with typhoid, syphilis and polio we are dealing with different elements of omicron it is a different scenario. stuart: thanks for being on the show today, always appreciate it. time for the wednesday trivia question. which town is known for the oldest july 4th parade? philadelphia, plymouth, plymouth, massachusetts, that is, bring bristol, rhode

island, or chester, pennsylvania. the oldest july 4th parade. that is a good one. don't google it. tepper thinks he's got the answer and we will be back after this. some like strategic diversification. some like a little comfort, . . visit invest.gold to see why gold is everyone's asset.

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i christer. stuart: i will go with chester. the answer is bristol, rhode island, they held the first celebration in 1785. thank you, tepper. you have got energy and life. >> i try to bring it. stuart: i'm envious. time is up for me literally, neil, it is yours. neil: thank you very much, stuart. market attention, comments at central banker conference going on in portugal right now. a lot of people are honing in obviously what jerome powell has to say, the federal reserve chairman here. he says the economy is in strong shape. that he can still avert a recession. there was comment that we can avert recession that turned the market mildly. the central bank and their policy-makers globally inflation is a problem, and will be a probm