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 problem but hopefully a

containable problem. whenever i hear remarks like this, so it's a problem, we think it's a containable problem, you don't want to sound like you're panicking, right? there are no jarring fox alerts coming out of this, other than the fed chairman says inflation can come down quickly as demand subsides. the reason that is a important caveat here, the whole idea is, you want to get your rate increase to kind of match whatever the retail inflation rate is. we're averaging about 8.6% inflation rate. you don't want to go that high. mr. tepper, with stuart varney, about the fact it could go to 5% or better. a lot of people are saying three, 3 1/2 percent. if we're to take jerome powell at his word here, at least his hope, he says, activity will subside to the point you don't have to go willy-nilly, crazy. the backdrop of that, to look as

positive developments, seeing techland illustrating some of the slowdown that the fed chairman is talking about. let's get the lay off the land with kelly o'grady following all of this. reporter: we're seeing a big selloff in tech stocks as the market trades on fears of a recession. now more layoffs are here. this is impacting private and tech companies alike especially those that benefited from a pandemic boom. according to one tech tracker, 23,000 people have been laid off since the beginning of the year. coin banks some of notable names laying off in the hundreds. the news comes from tesla, laying off 200 autopilot workers and closing the the san mateo office. employees are going to twitter and linkedin for the abrupt nature of the layoffs. the company is facing challenges

at its china factory given the zero covid policy and supply chain crunch. earlier this month elon musk telling top managers that he has a super bad feeling about the economy, that tesla needs to cut salary workers by 10% but hourly numbers were expected to grow. tesla announcing a big layoff last week, 300 workers following may's cut of 150 employees as well. this statement from netflix very telling i thought. quote, while we continue significantly in the business we made adjustments so our costs are growing in line with our slower revenue growth. i highlight the statement, because it speaks to the broader trends of tech. all citing fears of a recession. getting ahead after slow down in consumer spending. we're about to enter earnings season with already a major selloff in tech stocks they want to show they're addressing the headwinds. such a swift turn, we talked about the great resignation, the power has swung back to the

employers her. neil: it always swings back. you don't want to get cocky on the upside and too depressed on the downside. we need to find middle ground for employees. kelly o'grady. thank you. before i get my guest to talk on the topic, justice stephen breyer as expected will retire noon tomorrow. he wanted to see through this supreme court session this year. he will step down at noon. that means ketanji brown jackson who president biden picked to replace him will take office soon thereafter. but again this was widely telegraphed. justice breyer wanted to finish out the supreme court session and the year and last few, i believe four remaining decisions that will be wrapped up forwarded to the public tomorrow. all right. let's go right to susan li on these developments on the wage front, on the labor front. we're going to start laying off workers front. susan joined by ray wang,

constellation research ceo. susan, you've been reporting on this, ahead of this for quite some time but what is interesting here is to, you know kelly's point how the pendulum has swung away from workers who were getting kind of cocky. now from the so much. what do you make of it. >> that is the next shoe to fall because we know the tech workers get paid a lot of money, pretty high salaries for the silicon valley jobs. it is not just the jobs cuts reverberating across the entire industry but the freeze we're seeing across the entire valley. whether you look at spotify, even this morning meta is freezing hiring. also stock which sells the expensive secondhand yeezy shoes, the michael jordan rare ones, they're cutting jobs as well. you're seeing the fact there is this new bifurcation taking place in the market where private enterprise, which i found very surprising, i think a sign of the times here, neil, private enterprise started cutting jobs, freezing hiring

first before the public markets and also saw the downturn coming. what does that tell you? it tells you venture capital, private funds really dominate the markets these days. neil: it was interesting, when they started taking away job guarranties to college graduates left those graduates scrambling, that was probably a preview of coming attractions you mentioned susan. twitter led the field. that is surprising given the drama around that company. separately, ray, jpmorgan chase is downgrading a slew of big tech names, i think about 26 of them. that includes apple and a host of others but what is interesting is they do like amazon and uber and some other names that might not be top of mind but it is certainly the case of amazon really gotten hit hard. what do you make of that? >> yeah. i think we've kind of seen where the tech bottom is on valuations. these companies are still growing much more quickly than other companies, there is

double-digit growth there. there is memo what susan saying from the vcs, sequoia put out to founders, stop hiring, conserve, hunker down. you're seeing that across the board. these tech companies jpmorgan put on the list there, is still a lot of potential and a lot of growth and despite interest rates and where we are in inflation and these are seen value stocks now at some level growth but not at the same level. neil: i remember too, susan, before you were born, the meltdown, the last financial meltdown, one of the things i remember when we had the big tech correction and the dot-com became the dot bust, some names trumpeted to survive that were ebay and amazon and apple and microsoft and sure enough they thrive to this day. there are a lot of new entrants post-that. wondering in this crowded field now, there are a lot of big technology stocks, to a company they make money. it is not exactly devil-may-care

attitude of the dot bubble, i'm just wondering what you make of this next act that plays out? >> we've been discussing this. who is going to emerge out of this tech wreck because that is kind of what it is. companies that paid for growth at all costs. i mean those stocks are down 70, 80, 90%. there are concerns about whether or not some of these names might survive. like ui path is one of those names that said they will have a rethink on their best model and how much cash burn can a lot of these companies to rate when there is no money out there as we talked about. the vc funds are not doling out that much cash anymore. who are going to be the big winners? ones already cashed up whether by luck or by strategy but we're seeing that also in cryptocurrency space where ftx now is exactly the funder of choice for a lot of those that can't seem to find any money in the pipeline. neil: how do you play these days, ray, just the crypto arena, particularly bitcoin in and out of $20,000 a coin?

a lot of people say well it is at least above the 17,000 it was flirting with a couple weeks ago but it's a long way from the $60,000 plus it was looking at last november. where are you on this? >> we've seen trillions taken out of the crypto market and a few cryptocurrencies will survive what you're looking for is the use. what developers are using it? what utility tokens are, built off it? what companies are out there? bitcoin 19 five as the support level, 20-k, hopefully stablizes there. there seems to be a correlation between coin and nasdaq. it is somewhere .8 correlation it is equally speculative in terms of growth. people in growth are also investing in cryptocurrencies, but the cryptocurrencies like solano,cadano. polka dot using a lot by developers, 99% of those cryptocurrencies will be gone next five years and a few will emerge as ones people transact

against. neil: thank you very much. you add a little spark to technology stocks. not all. i will give you kind of like a b on that. thank you, guys, very, very much. we do have the formal letter, stephen breyer, the outgoing supreme court justice wrote to the president of the united states saying dear, mr. president, this past january i wrote you my intent to retire from regular active service as an associate justice of the supreme court of the united states. goes on to say that the court announced beginning tomorrow 10:00 a.m. it will hand down all remaining opinions ready during the term. there are four more to come. accordingly my retirement from active service under this provision, it's a long number provision, will be effective on thursday, june 30th, at noon. talked about i was looking forward to see the honorable ketanji brown jackson to succeed him in office, also expected tomorrow. stay with us.

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duckduckgo: privacy, simplified. neil: all right. we are hearing that justice stephen breyer as expected is ready to step down formally at noon tomorrow at which time the supreme court will wrap up this session with four more decisions we're expecting. ketanji brown jackson, the president's pick to replace breyer will assume that ninth spot shortly thereafter. are is sort of page entry to all

of this. i don't know how they will sort through all that. when i think of pafentry i think of david spunt. reporter: you were two kind, neil. no page entry for final day of stephen breyer's term. remaining opinions we'll get tomorrow. one we did not get today called west virginia versus the environmental protection agency. it may sound like a mouthful but it is actually a very important case about power and power of agencies on the executive level a coalition of gop-led states are suing the biden administration over its authority to regulate power emissions from power plants. the states and power plant officials say the epa is overreaching. if the justices rule in the epa favor. the epa retakens power.

if the justice decide in favor of west virginia, that means the epa power could didnt minish significantly. it could be a massive blow against the president's climate agenda. it could also prevent other agencies regulate hot bottom fun issues, work place safety, public health and covid vaccine mandates a decision favorable to west virginia. it would be welcome by those who don't believe the appointed bureaucrats in washington, d.c. should make decisions by millions of americans instead of congress who are put there by vote. the department of justice argues that the clean air act gives epa broad powers. it may sound like a little bit after complicated case. ultimately if the justice rule in waiver of west virginia, it harms epa authority, but other federal agencies too. that is it why this case is significant. neil. neil: this era of rocketing energy prices timely decision at that. we look forward to that.

david, thank you very much. david spunt. >> you're welcome. neil: with us, scott brown. you might remember that name, former massachusetts senator took ted kennedy's seat. shocked the world. went on to become ambassador to new zealand, samoa. now the competitive coalition chairman. senator, very good to have you. ambassador, i don't know what to call you. man, oh, man, what a resume'. >> thank you, neal. neil: first off what you're saying this administration is risking a lot by sort of dismissing fossil fuels and doing very little to boost production. obviously we're looking at, you know going hat in hand to the saudis to do it. there is something more intrinsically anti-traditional energy out of this white house that worries me, right? >> yes, first of all, neil, great to see you. great to be on again. i missed you obviously being in new zealand. we communicated a little bit. neil: rub it in. rub it in. >> yeah, thank you.

these are hard-working americans that create great jobs who keep us energy independent and safe and don't have to rely on energy from foreign entities that don't like us or want to kill us. you see what he said. he said a terrible administration, nothing has really gone right. you look at the porous border. lack of energy independence. fentanyl coming in. you saw the migrant crisis. allies don't trust us. our foes don't fear us. with regard to energy he kind of fulfilled that promise of basically crushing the oil and gas industry and not being dependent on it or using fossil fuels and that's a huge mistake. look at germany, they're back to coal as a result of what russia did. we need to have all tools in the tool box, wind, solar, nuclear, hydro, geothermal, all the tools, this president has taken the biggest tool, the biggest sledgehammer to keep us safe and independent at a time we need it out of that tool box and it's wrong. instead of going over instead

cooking up new green new deal with europe, he should be ad home looking to energy producers to see what we can do. they say you have all the leases. they will not work on leases because there is no certainty and stability. they're being demonized and overregulated, long hand of biden administration, granholm, secretary granholm, no offense, way in over her head. by the way, couple weeks, end of the summer gas will be down to 4.80. thank you very much. bargain from the 5.11 i paid. i paid a buck 72. when i got home. here we are. neil: this meeting, the administration is going to have with the oil giants, the energy secretary had it with them at the energy department, which is only you know, a brief walk away from the white house. so the president never met with them. he has been chastising them, whether you like the oil guys or not, that is not a way to you know conduct energy policy by

just ignoring the guys who are responsible for the energy. >> listen, they want to produce. we were energy independent two years ago, exporting energy. they want, we should be, we're the greatest country in the world, we have the greatest natural resources. take the gloves off. we do it most responsibly than anybody else in the world. our oil and gas is cleaner, more effective than any place else in the world. you shut down the pipeline, put more regulation. you put in energy secretary has no idea what she is doing. you don't even meet with the energy producers to try to solve this problem? neil, thank goodness, i say this with all my heart, thank goodness it is not middle of the winter because if we're paying that type of a price it is going to be food or fuel. that is the decision. some people will be very, very scared and potentially their health and lives could be at risk. look it, same thing with baby formula. why didn't they bring in the people immediately? they knew about this thing months ago. bring them in, what can we do to

help? we all know that they tried to reach out to the government agencies to get help and cut through the red tape t was like crickets. it has got to stop. the american people have to come first. neil: meantime here there is a lot of tension obviously in the midterms. republicans are expected to back the house, maybe even the senate. a lot of attention already going to 2024, but the january 6 committee hearings, senator, prompted no less than "the washington examiner," a more conservative newspaper, to say that donald trump is politically dead after all of this damning testimony. do you think he is politically dead? >> before i answer that to say, kevin mccarthy really screwed this one up. he should have put people on the committee to do cross-examination and bring in witnesses to bring both sides of the story. is he politically dead? really up to the people that will vote. he will be vetted. these are facts that will go towards whether they vote for

him or not. that being said i think the committee is important. i think they're coming out with good information. we heard testimony yesterday, the bombshell testimony that immediately the secret service agent who were there, not hearsay there, there, saying that is not true. we'll come and testify. let's have it. let's have nancy pelosi answer why on january 4 and 6 did you not accept the 20,000 national guard troops. how about the d.a. mayor, the fbi, capitol police chief. i want to know everything, neil. you want to know why? not that i don't believe what happened, i believe obviously joe biden is the president what is the issue is we need to make sure this never happens again. where was the breakdown? neil: are you surprised, scott, that it looks like, it might be other factors, the rise of people like ron desantis and others competitive doing better than donald trump in states like new hampshire, in florida, that is his home state after all but also donald trump's home state, this chipped away at donald trump's invincibility, so much so others are contemplating

running against him whether he runs or not? >> i don't think he is frozen the field if that is what you're asking. it is what people focused on as you reference is the upcoming midterms. ply wife gail is running for con mess. she is sew up the. you have a lot of other great candidates because they're upset. here is the problem you said, there will be a red wave? is there? if we screw up it again and don't actually unify after the primaries and put forth a candidate may not be perfect candidate for everybody. ronald reagan says, 70% friend versus 100% enemy, guess what we'll be fighting for one or two seats to determine the senate or the house again. that's unacceptable. we need to take back the house, have a check and balance on this out of control administration. we need to take back the senate. hopely we'll have fortitude and ideas. we'll stop everything. no, we need to have solutions because the american people are hurting. neil: we learned from people and

parties that change positions sometimes, they repeat the sins of the prior. so you don't want to go do that. >> amen, scott brown, always good seeing you. thank you very much. >> i miss you man. i miss you a lot. congratulations. keep up the great work. neil: thanks for reminding me how cool it was in new zealand. but i did take a trip to the poconos. that is level. poconos is beautiful. the new zealand of the united states. we have a lot more coming up here, including push on the part of nato to get pretty serious and get russia pretty nervous. i will explain after this. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done.

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neil: you know nato is gathering right now in spain in madrid, spain, more to the point and the idea is to send a clear warning to vladmir putin that his invasion of ukraine has changed the emergency preparedness of the world, particularly of the

western world. nato committed tohundred thousand troops from 40,000. that the number would be on what they call high readiness. in other words, ready for anything. emannuel macron of france called it a war footing. let's get the read from edward lawrence in madrid on all of that. hey, head ward. reporter: yeah, hey. it is the largest overhaul of nato since the cold war. this is a very big moment for this summit. in fact other nations not involved in nato are also here and represented. the president is finishing up a meeting with the president of turkey. turkey removed their objection to finland and sweden joining nato. this dominated the conversation. not just the physical threat but also the economic threat because russian president vladmir putin has weaponized food and energy here. putin will not let ukraine ship grain around the world, creating shortages in some places and pressure on prices. putin reduced the amount of natural gas flowing through the

nord stream pipeline. some believe that is a precursor to shutting it off this winter. the importance of this summit as the non-nato members attended and met with president biden. president biden: for the first time includes indopacific partners of australia, japan, new zealand and the korean republic, excuse me, the republic of korea. the attendance of all four leaders highlights the global resolve of against russia and its brutal war in ukraine. reporter: there is another war waging here not just ukraine, the policies from the biden administration. the battle between the administration's policies and the oil companies in the united states and around the globe. president biden's energy, top energy advisor tells me that there is no reason for the administration to change regulations or restrictions on the energy industry in the u.s. >> there is nothing the industry

needs, literally the industry needs to increase production in the united states of additional oil. they have all the permits they need. they have all the equipment. they don't need anything else from the federal government. reporter: and he says they have everything they need to pump more oil. the oil executives are saying wait a minute, we would long to see a long-term commitment, when we invest the money we get return 10 years more or out. back to you, neil. neil: what i notice, edward, you have one stunning backdrop. madrid right now. enyou have the dracula shroud fogged scene. you're in front of a green screen. you haven't left washington. reporter: we're actually in the poconos. neil: i thought so. i recognized it right away. there is wally's world. absolutely. people, no, he is in madrid, cavuto! good job, my friend. great sense of humor. or at least he indulges mine which is none.

nile gardiner also very gifted guy with a good sense of humor, former foreign policy advisor under one maggie thatcher. nile, always great to have you. let me ask you a little bit about the issue edward is getting into, nato is getting into, upping the ante versus vladmir putin and particularly hearing from nato countries saying look east, young man, that is what we're looking at. what do you make of it? >> well, neil, thank you very much for having me on the show today. this nato summit in madrid certainly i think has been one of the most effective, successful nato summits for many, many years. it is a very unified nato. it is sending a very clear message to the russians that nato is prepared to stand up to russian aggression. it is going to strengthen its deterrents capability with 300,000 troops ready to be deployed if necessary against any russian attack on nato territory but also, most significantly without a doubt,

the further expansion of the nato alliance include finland and sweden, which i think is a tremendous move. it sends a signal to the russians that nato is serious about the russian threat. finland and sweden will significantly increase as well. i think the overall military capability of the nato alliance especially with regards to threat to the baltic states and so, i do think, this is been a very good nato summit so far. robust policies adopted, the right message sent to the russians and i think the next thing of course what needs to be done is increase defense spending by all of the nato allies and partners because some of these countries are still dragging their feet behind but otherwise i think a strong, strong nato today, a united nato, not a very good day for vladmir putin and russia. neil: but you know vladmir putin is counting on some of the weaker members they're in

economic hardships with the run-up in prices inflation, you name it, they're getting a little tired of this ukraine needs more aid, ukraine needs this, ukraine needs that it is all understandable, i'm not dismissing it but he is sensing from them that nato is not on the same page or will be for very long. what are you hearing on that front? >> so certainly undoubtedly as you point out the russians are hoping for divisions within the nato alliance, divisions within the western alliance and the russians are hopeful of course. because if you look at some signals being sent by emannuel macron, the french president, who basically has been calling for a negotiated settlement between ukraine and russia, you know, the russians are hopeful you're going to see the french and the germans pressing for this negotiated deal. that is going to benefit the russians basically. what the french do best, which

is appease the enemies of the free world. appeasing towards russia is an art form for emannuel macron, no doubt about it. so they are banking on this divide within europe. we haven't seen that division at all in the nato madrid summit. my concern once the summit is over, paris, madrid will press for negotiated terms. ukrainians are 100% against this. british government led by boris johnson warning against this approach. cannot -- neil: i'm sorry, my friend, just to illustrate that point, how accurate you are, poll out 89% of ukrainians reject idea of ceding any land to russia. ukrainians are opposed to it. >> ukrainians are fighting for their sovereignty, self-determination for their freedom. they do not want to give in to the russians to cede territory. the russians think they can get away with murder through a

negotiated peace deal. just as the nazis did in the days of nazi germany in 1930s. we have to stop this approach, appeacement, weakness invites only more aggression from russia. you can always rely upon the french, germans, euro elites, always to seek the easy way out here, to seek the path of appeasement towards the enemies of the free world. so we have to be on our guard. and boris johnson emphasized this point absolutely earlier at the g7, also the nato summit. there can be no concessions made to the russians. there can be no peace deals done with vladmir putin's brutal, barbaric regime. we have to stand tall in confronting russia and make sure they don't get away with their bullying, intimidation, the outright savagery. putin is a thug, dictator. he has to be defeated. there cannot be any concessions

given to the russians. neil: i can see that old connection to maggie thatcher. nile, thank you very, very much. >> my pleasure, neil. neil: nile gardiner, former policy advisor to maggie thatcher. a little bit of tension there with some of the nato countries, how far you go to get to the peace table, what you give up at the peace table. ukrainians say don't think of giving up land. that will not happen. mean time here is how bad things are getting in new york. just new york. i'm not talking crime, demand for 10 million-dollar plus homes. a lot of people are balking saying, i'm not going to pay more than $10 million. after this.

neil: all right. the great exodus continues. at least there does seem took theme here, keep up with me. chevron is selling california headquarters, moving a lost jobs to texas. we're hearing since covid hit

around early 2020, better than 300,000 new yorkers have fled new york, largely the greater metropolitan area, like right outside of here or here. and taking about 21 billion bucks with them. that is a lot of money. lydia hu on a trend that continues to be no friend of big cities and particularly big high-taxed cities and states. lydia. reporter: yeah, hi, there, neil. we're learning more about the impact of that lost tax revenue with more than 300,000 new yorkers fleeing the big apple, taking $21 billion in income with them. now this is according to a "new york times" report that is just out. they say that $21 billion, it's double the average amount of those who had departed over the previous decade. now this could mean a huge loss with long-term effects because this city, new york, relies heaviest on taxes from

wealthiest residents to support schools, law enforcement and other public services. top 1% of earners, people who make more than $804,000 a year, they contributed 41% of this city's personal income taxes in 2019 and about 1/3 of the people who left the big apple moved from the borough of manhattan. they had an average income of about $214,000 a year. no other large american county had a similar exodus of wealth according to "the times." right now it is not possible to calculate exactly how much tax revenue was lost because of those people who moved because they could be working remotely for a new york city based companies and still paying city income tax but the concern is that their relocation is permanent. this could signal more reluctance from others to move to the city as the big apple grapples with crime, high taxes, the cost of living. neil, we can look to other data

that those continued flight. public school enrollment is down almost 6 1/2% this year compared to before the pandemic. private school enrollment down 3% according to state data. so fewer families here with kids. that means also diminished workforce now. and into the future. the neil, the concern this is going to have a compounding effect, neil. neil: we'll see how it plays out. to your point, lydia, it has been playing out for better than a couple of years on this. let's go to susan miller on this, empire state founder and president. uncanny read of real estate market. she was looking at the promise of times square when people were afraid of times square. she offers reminders you can get too negative on this. suzanne, very good to have you. crime is one thing. >> thanks for having me back, neil. neil: post-covid environment is another. high taxes maybe that's another. a lot of people are thinking, you know, maybe this is showing up in the latest real estate

data, or at least pricey end of the market, new york, hard as it is for a lot of people to believe, $10 million and over is not considered necessarily pricey below 10 million range. it is what it is. now we're seeing a lot of sales in that area slowing. is this a real trend that has real traction? how would you describe it? >> okay. so i would describe it as the cities are doing very well seen bin the rental frenzy going on in new york and other cities. we're really like seeing rents so high but on sales is more of a leveling out. i think that right now it is just a bit of a correction but i wouldn't, people are still buying. you have to remember prices went up 30% last year. now we're down to about 20 but deals are still happening, yes. neil: so the rental arena is fascinating to me. i'm wondering what that is telling you? because remember a lot of people

have left new york period and a lot of landlords were stuck with apartments they couldn't rent out period. now the pendulum has swung back to the landlords. they are the ones who have all the cards. >> yes. neil: explain what that is doing for average rents because they're rocketing, right? >> they're rocketing. average rental in new york city right now is about $4900 for a one bedroom in new york city. you could see that just pandemic has brought people back to new york. people don't want to be remote. they get much better results from the working environment, morale is better. gas is high. they want to work, live where they work and i think that the landlords are doing very well because people are flocking back to the city big time. neil: what about the crime issue and a big issue in the city, particularly, in fact i talked to more people are worried about that than anything having to do with covid? >> yeah. i understand that.

it's a great question, neil, but keep in mind september 11 just didn't affect new york, it affected entire country and new york did better. so the whole country rebounded. i think new york is still the financial capital of the world and i would not get against new york. neil: traffic we're seeing in the city, seeing it in this building, more people than ever, you see that continuing, right? >> i see that continuing. i see it, new york is becoming like the tech center. you got amazon, you got facebook, you got google. it is tech center of the world right now. they're taking up a lot of the inventory. so i think that the landlords are doing very well. it is an interesting fact because the pandemic brought people into new york that could never have felt that could live in new york before. they signed all these leases and they're here now and, we're going to see what happens with that. a lot of these leases are due to expire in the fall. so there might be a little bit

of loosening up but the inventory is still very scarce. we're only at 1.4%, down from 11.7 last year. neil: i'm sorry i didn't understand that? down 1.4%, versus, what are we talking about? >> 1.4% vacancy right now down from 11.7 last year on rentals. there is no inventory. neil: there you go. that is a classic supply and demand conundrum there. susan, thank you very much. great having you on. suzanne miller following all of this. by the way we're getting word out of ukraine right now that a prisoner exchange is in the works with russia. it would call for 144 ukrainian soldiers returned including dozens who defended mariupol. we don't understand the degree with which the ukrainians are swapping those ukrainian soldiers coming back to them with russian soldiers they will send back to russia. promising development on that front with 144 ukrainian

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getting ready for a big press conference, governor abbott, go to the drone camera, just to my left, you can see the texas dps vehicles lining that river bank. this is where they will be having this press conference with governor abbott, who for the 17 months since president biden took office has been running operation lonestar to try to get a surging migrant crisis under control. this comes on the heels of this tragedy which sadly we can update that story, the death toll has now risen to 53. this morning it was 51. two additional migrants have succumbed to their injuries. that leaves nine still fighting for their lives. it comes that we're learning from three individuals arrested in conjunction with this case, two that are mexican nationals have been charged by u.s. prosecutors. meanwhile as president biden overseas vows to crack down on the billion dollar human smuggling in this country, his

press secretary karine jean-pierre maintains the border is not open. listen here. >> the fact of the matter here the border is closed. that is why you see people trying to make the dangerous journey using smuggling that works. we will stay focused on the facts, and making sure that we hold these smugglers accountable. reporter: but if you look at the pictures and the numbers, they tell a very different story. groups of three to 400 coming across every single day here in eagle pass. the five-days i've been here, neil, 7688 encounters. they have more than 130,000 got-aways just in this sector alone. earn earlier this morning lieutenant governor dan patrick had this to say by the biden administration. >> totally agree, dana, i hear jean-pierre make the statement that the border is closed i can't say anything other than

this, that is flat-out lie. these 51 people that died are on their hands. reporter: as far as migrant deaths border wide we don't know, here in the del rio sector, 474 deaths, 71 due to exposure. most if not due to the heat, at temperatures here in eagle pass hit triple digits again. it is summer and dangerous journey, neil. neil: daniel garza, libre initiative president. we'll here tomorrow whether the supreme court will decide keeping migrants on mexico side of the border. it is hypothetical, but what if they don't rule in favor of that, what happens? >> neil, keep in mind a couple things, untitle 42, you're right the border agents can deport immediately but also under title 42, it allows migrants to cross the border repeatedly. because under title 42 there are

no immigration related consequences for expelled migrant, no penalties, no fees for violating the law, federal law. you're actually restricted from reentry for 10 years no matter what. under title 42 that doesn't happen. a person crossing the border, as many times as they want, of course they're rolling the dice each time they do that, because they're putting their lives literally in the hands of the cartel organizations. as we now know this could lead to very tragic ends neil. neil: so you think tragically what we saw with this truck and the 51 plus who died, that we could see more of that? >> we could see more of that because of the 53 migrants that died, because, one, three cretins who were indifferent to the conditions they actually were transporting these folks in. two, migrant take their lives into their own hands when they place them in the control of the cartel members to cross the

border illegally. >> three. biden administration is putting out a welcome sign by ending moratoriums, trying to end remain in mexico and of course trying to undo -- neil: we'll see what happens tomorrow, dan. sorry to jump on you, my friend. all the breaking news. we'll see what happens when the supreme court weighs in on this. three other decisions expected as they wrap up the session. fore i came to this country. i got some of my gold before you passed the bread. encourage one another... i can buy gold for this?! you can buy gold for this. .. t not responsibly cooked. because at the end of the day, nothing keeps it all together quite like - gold. visit invest.gold to see how gold is everyone's asset.

neil: even there, you are going to run into a lot of troubles. a lot of issues. right now a lot of waiting. i think for ten days running, we have had better than 2000 flights canceled or delayed each day and every day, we are not up to the july 4th travel weekend itself. gerri willis is here to spell it out. >> reporter: we are almost to 2,000 today. how brutal will travel be this july 4th weekend? delta, pardon me, delta is offering free rebooking to

minimize the ripple effect of disruptions, the airline telling fox business some operational challenges are expected. the new waiver applies, july 4th and 4 july, with no fair difference or change fees. full disclosure you have to fly into and out of the site you originally planned. it is a sign of the turmoil expected in the air and on the highways. aaa saying 47. 9 million people will travel, 42 million hitting the roads, skyhigh gas prices. those numbers similar to the pre-pandemic level. the flightmayor has begun with 17704 flights delayed, 537 cancellations, and the us

airport, 9% of flights delayed. 30% of heathrow flights were delayed and this is made more difficult by inflation, airfares up 45% to 2019, according to the travel booking apps topper, gas prices are 58% year over year. don't you want the airlines to apologize when they cancel your flights? wisconsin is doing that and sending out thousands of apology letters to people who had their flights canceled. neil: the apology letter would be nice but i want to get to where i am going. thank you for screwing up my life, thank you very much. mark murphy doesn't need a letter apology. he takes action on his own. a lot of people are saying wait a minute.

we are not technically into the july 4th holiday, this is going on for the better part of ten days. i'm wondering what we are in for. >> reporter: you've got to put an m in front of days, months, go back to last fall when we saw the biggest hit, the initial wave, they were not walking out of anything, the vaccine mandates causing the slowdown and massive cancellations and the domino effect that takes days and in some cases with staff issues weeks to get back on track. neil: can't get a pie in the door or find enough help. is it that bad? >> you and i go back and look at some videos, over a decade ago you and i were talking

pilot shortages and issues of recruiting violence. it is coming and then you have that knee-jerk reaction to let pilots go and offer them early retirement and many took it and walked away as a result with early retirement instead of facing the jab that was required for so long and the airline pilots association and others tried to fight back, different group started up and that had an impact but this was baked in long ago, we didn't expect this resurgence. it has been two years. it is called bad management, bad planning, not getting in front of something. they lose billions of dollars and get bailed out and make billions of dollars and vilified for charging fees, and send you a letter of apology.

neil: they got $60 billion, a lot of travel ground to a halt much as we bail them out out of 9/11. >> great question. the idea was they were supposed to keep the employees in place as opposed to cutting employees and creating an issue for the airline industry and that's not what happened. throwing money left and right and pick the winners and losers. airlines are critical for the economy, so many things but you can't say it is okay to fly or these cruise ships to sail or any of these other factors and it is so hit and miss it is hard to track. one of the reasons i tell people it's a crazy time to travel. if you ever thought of using a

travel agent, use one. if you are on your own you are on your own, i hope somebody at home helps you out. should you get stranded, it won't be a day are couple hours. it will be days. and -- we got availability. neil: wherever he is going, i am going. they found all of this. and lauren seminary with us with the headline. >> i'm bringing you three losing stocks. i can do it with a smile. they cut earnings estimate and

price targets on 26 internet companies including snape, hurting consumer spending and advertising dependent companies like snap under the greatest pressure as at agencies start to pull back, they are trying to diversify away from advertising as a may revenue stream and just launched the pay version of snap jet. being able to see, watched and we write -- rewatch to your story. number 2 for losers, car novel, they are down 15%. morgan stanley says the worst case scenario for the stock, shares going to 0 if recession triggers a demand shock, they pooled their deposits. morgan stanley, for right now,

cutting price target in have to $7 citing weak demand, week pricing, not looking much better is bed, bath, and beyond. sales by 1/4, their loss widened, down 21%. their ceo, out after three years, from target to turn things around, that just didn't happen. the activist investor you know from chewy, ryan cohen says i am sick of seeing failed executive to make millions in free compensation while shareholders are left holding the bag while bed, bath, and beyond is 55% this year and investors, the companies turning off the air conditioner to save money. bank of america visited a couple stores, that is what they noticed, bed, bath, and beyond said that changed, it didn't come from corporate.

maybe some of those decided to make everybody sweat. >> not a conducive environment for buying, you talk about shareholders left holding the bag. a lot of states like new jersey don't offer a bag. >> reporter: i keep a bunch of the t.j. maxx type of bag in the car and forget to bring them in. i forget the bags and buy a new one. neil: i walk out with one and this -- thank you very much for that. some good news there. medium rare. to jonathan schwartz, different environments, workers in particular not just ceos, or a

senior reporter, a good perspective where it is meeting the workers. always good to have you. this battle for consumers or workers, they are kind of pushed to get back to work. they like the hybrid schedule but beggars can't be choosers. where is this pendulum going? >> both ways. the recession, we are probably in a recession, accelerating fundamental changes in the workplace, two schools of thought, from elon musk, agree to the ceo, given the fact that companies cut back if not outright doing layoffs, telling workers to do the unused office space. companies like yelp and startups, they want to stay at work because they are so

comfortable they will fight that idea so they might switch to a company like that so there are two divergent thoughts, whether employees have more power or employees. employees who do have more power would be limited number of employees the highly skilled, can go anywhere they want to go. neil: saved this for the real performing men and women, not just like the convenience of it. >> for workers, and the great forced resignation. two significant layoffs in recent weeks, slowing down the hires, shifts the power to some of those larger companies that make use of millions of square

feet of unused office space, google, meta and apple, imposing themselves, inevitably tip in their favor, a most employees can pick and choose where they go. a number of people looking for jobs in a close shutting window before options go out. neil: to deal with this reality than others, some might say hell with it, can't go back to the office at all. companies made a lot of money.

they don't like the hybrid thing, particularly ceos with the exception of google or whatever they value the interpersonal thing. >> a lot of them think it is face-to-face collaboration, then coming in two times a week. all this open space, in april 4th. 4 million people quit their jobs, the same as march, that will go down. some people say screw it, i will work from home and jump from company to company. neil: the whole telling number, the pendulum has swung, you wrote about it more eloquently than i stated it, takes a good picture view of the world, thank you very much. we talk about life after the

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>> voting in regards in ukraine which is unprovoked and simply colonialist on the part of russia. i urge you to deprive the terrorist state of its powers in the un general assembly. neil: president zelenskyy making a pitch that there is no compromise with russia, and russia, as the germans lead an effort in europe to provide a martial type plan to rebuild ukraine. a lot of people say how much would that cost? some taken over $1 trillion, to put pen to paper, a riveting column in the wall street journal asking whether russia will pay for ukraine's war damage.

thinking here which is always a miracle about what russia could do. i know you cited the fact tildings ildi $103 onil bthat doesn doe d in ude cludr damage europe eur s s ld see russian tsts b is easier said than done and the war is still going on. what happened? >> looking at the one hundred 3. $9 billion figure what is the out taking into consideration is the loss of livelihood or lost work, people who are injured. destruction and damage piling up here and it will be difficult to make russia pay for this. there are two avenues, you could go through oligarchs and their wealth but because of the us's due process protection it will take years if not decades provided it is successful and

you still need authorization through legislation to put that money to ukraine and you could go after russian state assets and questions about the legality of that whether it violates foreign sovereign immunity and on top of that, questions about the precedents of the safe harbor for foreign assets, delicate balance here and you want to detour wars of aggression the really brutal. on the other hand a lot of unintended consequences and this is politically and legally forney. neil: what is wild about it is 89% of ukrainians who reject seating any land with russia. ukrainians, if they seek a deal with russia to get them the hell out which is a leap to assume the russians just leave like nothing happened and it was off or not and not pay a penny for the rebuilding

effort, the ukrainians would seem to welcome to that and who fills the gap in the meantime? >> great question. on why they are hesitant to give up any territory, it is because we have seen putin declare his intentions. he is not satisfied with a little bit of ukrainian territory, he wants to take the entire country and they feel if there are any concessions here, that intention to take over ukraine has not changed, it is putting putin in position to rest and recover and make another attempt. even in the best case scenario we are looking at where ukraine gets the territory it held before february 24th, this dates back to 2014. even in the best case scenario that ukraine get back its territory and is able to put russia back it can't coerce russia, doesn't have the power to go after russian assets in russia. neil: it is like the end of world war ii where there was a

clear winner and clear loser, unlike world war ii, there is no plausible scenario for ukrainian victory that would give reparations for moscow, the onus would fall on us to help ukraine win more quickly. that again puts the us front and center. >> the pf school of economics institute, he put it really well, there are three options, ukraine will pay to rebuild, the world and paid to rebuild, any of those have a lot of problems. i certainly think we should be holding russia accountable acknowledging the damage is not just to ukraine and infrastructure and ruin lives, the global order but this damage is so overwhelming and the war is only in its fourth month. what we need to do a supply ukraine with the weaponry it needs to win, put a end to this

because it is truly horrific and we are seeing russia targeting not just military strategic objects but look at the -- they are going after civilians. neil: the irony to your piece is in the spiegel even if russia goes, and get nothing forward horrific efforts, scott free from any accountability to the ukrainian people to make them whole again or share at making them whole again, they give us a russian finger on the way out. >> we need to be giving ukraine the weaponry it needs to win and i am concerned that is not happening, 1 to 10, 1 to 20, they are getting shelled and the civilians are bearing the brunt of this, the west needs to help ukraine limit the damage. neil: a dire situation. always good seeing you.

we are following another country and its influence over developments raising concerns, talking china, tiktok, what if i told you china is scrutinizing each and every video each and every day down to their likes, dislikes, where they live, what they like to buy, so the next time you are sending in some funny little video, someone in china is watching. meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care,

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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. neil: one of the more social media sites, tiktok is a chinese company. keep that in mind, it owes everything to chinese government control so much so the sec and commissioner saying

apple and google should drop the tiktok apps from their stores. let's get a reading on this from charlie gasparino. >> i'm watching neil cavuto breakdancing on tiktok and i was amazed. you are one talented s ob but the tiktok story is the gift that keeps on giving particularly at the end he sought to ban tiktok because he believes its parent company is owned, run by the chinese communist party which runs most chinese companies and he was worried they were stealing data. the biden administration has not gone so far as to ban it but they are looking at it. in all of this comes brandon carr and sec commissioner who says the information could be misused and he is recommending and put this out in a tweet

that google and apple apps take it off their platform. that is unlikely to happen at least now but here's what could happen. i have to check my congressional sources about the possibility that tiktok could become another major issue if the republicans gain control of congress and it is likely it will, likely to be hearings on the misuse of data where the bike dance, the user data, the neil cavuto, the specifics you put in your tiktok account, have that secured so it is not given to the chinese for espionage uses. that was the worry and the trump years and they are still worried and brandon carr renewed this debate. this is an issue of bipartisan, people on both sides of the aisle, chuck schumer, senate

majority leader, worried about the chinese misusing data from big tech. something could happen. maybe not now, maybe when republicans get control of congress but both sides kind of agree. enjoyed your video. neil: thank you for not dancing around that issue. now brandon carr with us, senior republican on the commission. good to have you. what do you think of this and how suspicious, maybe rightly so, should we be of china and how much it knows on every tiktok use? >> we talk about huawei, people understood the net various ways they could -- against our national interests. with tiktok it is less clear, they say i don't get it. the funny dance videos or memes, that is the sheep's clothing.

if you look beyond that they are pulling your search history, browsing history, keystroke patterns, biometric data from face prints that could be used for facial recognition technology down the road, voice prints, in some cases draft messages that are saved on your clipboard. we are talking a vast trove of data. this is a sophisticated surveillance tool and engineers in beijing are getting access to this data and that surreptitious access is a problem. national security, i encourage the biden administration to accelerate their review, and it strikes me we can take action now, the misuse of data runs contrary to the representation that tiktok needs to get into the google and apple apps store. i focused on google and apple. apply your policies to the misuse of data and boot them

from the platform and there is precedent. neil: what changed in a couple years since you and i were talking about it is this example, how tiktok has entrenched itself among young people. they won't give up the ghost that easily. >> it takes action from google, from apple. it has been an addictive service and i have concerns along those lines about foreign influence campaigns, but narrowly focusing on that data there is a report that said everything is seen in beijing, that is a quote from a leaked audio from a tiktok official and you had policy officials going to congress and testifying all the data is stored here in the us but that is laid of hand, it is being accessed in beijing. neil: i've always been cynical

on this, makes a big difference with china doing all of the snooping versus an american company but it is pervasive. this is china doing it but how do we know we are moving tiktok from an apps store doesn't shift to another player with just as much influence? >> there is a baseline level of concern we should have with the amount of data, there are conversations in congress along those lines, there are plus factors when you look at net various intent of the ccp, they use this for business, industrial espionage, blackmail activity. tiktok said at the end of the day some data goes back to beijing but only, quote, as needed and there is no end to the need for data than entity beholden to the ccp will find. neil: hats off to you on that

but has to take down my dance videos, don't know whether to thank you or be angry at you. good seeing you again. you know gas prices are rocketing and it cost an arm and a leg to get to work. a lot of companies are helping with that by picking up your gas tab. not a lot but more than before. not even a majority. not even a healthy plurality but a bit more after this. ♪♪ you say ♪♪ i only hear what i want to ♪♪ i don't listen hard ♪♪ don't pay attention to the distance you are running for anyone anywhere ♪♪ i don't understand if you really care ♪♪ no no no ♪♪ the moment you become an expedia member, you can instantly start saving on your travels. so you can go and see all those,

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the nose for higher gas prices. greg ainslie runs driftwood garden center. picking up their gas tab. good to have you. that is a nice gesture, and expensive gesture, it beats the alternative if workers are unable to come in or work. >> we had to do something to get employees right now, don't want to lose existing ones we have. neil: a lot of workers, how many are you doing this for? >> we have 104 employees. neil: they have all different types of vehicles i am sure you pick up the entire cost? >> we started at the end of february, we gave full-time employees $50 pay period and part-time 30,000 pay period to review salaries and wages and

at the end of april, 20% to 30% on wages. neil: every week? every other week? >> every two weeks. we have two stores so it alters every week. neil: does that put a crimp on how much money you are making? >> definitely affects the bottom line but it was something we had to give up. neil: gas prices continue to climb. how long can you do this? >> as long as we need to i guess. neil: do you think some of those workers if you were not doing this, i can't come in, i can't work? >> that is why we decided to do it. to come to work every day, it definitely affects them. neil: where are you located? >> we have a story naples, florida. southwest.

neil: hi area and high gas price area. have you seen this push the president has had to take the federal gas tax, an uphill battle. how would you feel about that? >> anything could help. pennies on the dollar, across the whole thing. neil: keep us posted. a very generous, helps your bottom line. you are helping a lot of people's bottom line in the process. everyone will be paying this forward. craig hazlett, trying to entice workers to keep showing up by picking up the gas tab or a chunk of it, nice thing to do. don't know if other companies are hearing that. in the meantime, and tone in scalia, i wonder what he would make of rove you weighed being

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neil: you know the supreme court overturned rovio wade enshrined in law, for the better part of 50 years, 6-3 vote. what that relates, christopher scully a joins us now, reflections on law and life, a life well lived. lessons from an american believer. i was thinking of your dad as you were when this decision, what do you think that is? >> proud and gratified. not just dobbs but a number of

opinions, endorsed ideas, that my father had written over the course of his career. dobbs and overturning roe, built on ideas my father wrote, planned parenthood versus casey in 1992. the majority opinion cites a number of times. the majority decision from 2008 case and a couple religious liberty cases built on my father's ideas. new york times headline, scalia

stating legacy, very proud of him, which he were here to have seen it, would be gratified and the wise and courageous justices who saw these opinions through. neil: what he ever have envisioned when alito's draft got out, the marches and protests and even threats in justice kavanaugh's life? >> the threat to brett kavanaugh's life would have surprised my father, the protests would not have been a surprise, one of the things he pointed out in his planned parenthood versus casey distant was as long as justices usurp the rights of the people to vote on important moral issues like abortion people will treat the supreme court as if it were the legislature it was acting like.

the extent of the protests would have surprised him but the basics of the protests wouldn't have. what would have surprised him was the leak itself, that would have astounded him. my father new clerks talk to reporters but leaking a draft of an opinion showed such disrespect for the integrity of the court and the justices themselves, that would have been unconscionable. neil: your dad would have hunted that person down. much has been said that your father agreed with samuel alito's position the supreme court should never have weighed in on this issue in 1973 and this should be put in the hands of the american people, elected representatives. liberals have come out to say we are going to have a country that will allow abortions and half that won't. is this a simpler or freer

system? >> democracy isn't supposed to be neat and simple and there are difficult issues that make for chaotic votes and lack of continuity. the important thing, voters are making these decisions, there are some decisions about voters should not weigh in on and those are enshrined in the constitution. abortion isn't one of those. we have various laws according to the beliefs, morals from people in other states. people upset about this decision, people who complain about our democracy being on the brink and threatened, this is a case where we are becoming

more democratic and they don't like that. neil: the notion of be careful what you wish for because now abortion has gotten so sophisticated you can take these pills to handle the whole thing and in states that have these triggers, they are weighing what to do about those pills and tracking who gets what. what your father have envisioned that and how would he have handled that? >> i am not sure about that. you did identify it as intrastate commerce issue and in some of these issues where these abortion policies and birth control policies go a lot of it will be about different issues than we had in dobbs and intrastate commerce.

the senate and congress vote on a federal bill mandate making abortion legal throughout the united states would come under scrutiny for intrastate commerce. i don't know what, how he would have voted on that or how conservative justice is currently on the court but it would be a different set of questions. neil: and it would be eloquently written. thank you, good seeing you again. >> great seeing you. neil: let's go to make a manual. the administration is doing what it can to protect reproductive health care. what is the latest? >> reporter: they've year becerra trying to reassure pro-choice americans the biden administration is looking at every legal abortion access option but says he's not interested in going rogue. but if providing abortions on federal lands, an idea floated

by major progressives is an option. >> we've made no decisions yet. we have conversation with the president to make sure we and plumbing his directives to us in trying to protect women's reproductive health care services but as i said every option is on the table. >> the biden administration is not looking at that option. vice president kamala harris said abortion on federal lands is not under consideration. >> it is not what we are discussing but when i think of what is happening in terms of mistakes we have to recognize we are 130 days away from an election which is going to include senate races. >> conservatives are worried what the biden administration is doing in response to threats or possible violence at pro-life centers and churches, the top republican chuck grassley of iowa has written

chris ray, quote, i request a briefing from the fbi on preparedness, another summer of riots and your efforts to combat this wave of abortion related violence. it is similar to the summer of 2020 and calling from law enforcement to be ready. neil: take a quick break. to charles payne, the dow up 120 points, stay with us. if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. shipgo.com the smart, fast, easy way to travel. [whistling]

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neil: all right. i leave you with the dow up 132 points. we're talking to chris scalia, son of antonin scalia about the remaining four decisions due out tomorrow. one could be a market mover, what to do with migrants in mexico. we want to keep them in mexico a decision that reverses that, that could be a market moving event. we'll simply have to see. to charles payne right now. charles: thank you, neil. thank you very much. good afternoon, everyone, i'm charles payne. this is "making money." breaking now, this feels like a day of introspection for investors. they are coming to grips with the reality of the moment and struggles for tomorrow. the federal reserve see as strong economy that has to be brought to its knees. they are vowing to blunt demand on consumer stops high expectations. who can ignore the cost of gasoline and food. should they be punished for it? the folly of going hat