>> how many pepto bismol bottles downed on july 5th. 100 million. number two. stuart: me too. hundred million. 150 million, enough hotdogs to stretch from d.c. to l.a., 150 million, can you believe it. incredible. my time is up. but i believe neil cavuto eat as few hotdogs himself. what have you got, neil? neil: i could take offense to that. stuart: you could. neil: but i do know a thing or two about hotdogs. you don't strike me as a hot dog either. stuart: no. neil: has to be try triangle shaped sandwiches with the crust cut off. stuart: do i have a show to do? , i do. thank you, stuart, very, very much. we have selloff on corner of wall and broad. middle of a trading day, wrap up

a quarter, a month, half a year. i don't have to tell it has been a iffy month. it has been a really lousy quarter, a horrific half year but we still have another half year to go. when you look at this, in across the board selling, not as bad as it was earlier, always a battle how high interest rates go. how high tensions go globally and how much federal reserve, this federal reserve acts central bankers around the world act. we're seeing a concerted effort on the part of the last week, bank of switzerland, european central bank, bank of canada all doing the interest rate hiking thing to sort of try to calm the storm. the battle as i always stress here, we'll continue to follow it here, how markets respond. 10-year note briefly going under 3% right now. the expectations are it will slow this momentum. that might not be welcome news but as i have always said on this show and elsewhere the

solution to higher prices, higher prices so you don't have to lift interest rates as much. half full glass, half empty glass, who knows how it will read when the trading day is done. would take herculean lift what we've seen so far the first half of the year. luke lloyd, larry glazer as well, of mayflower advisors. larry, begin with you, end with you, on what the first half of this year has taught us? i would imagine at a minimum thing this inflation thing isn't, wasn't, transitory, what do you think? >> neil, it has been a horrific first six months of the year. most people's lifetime the worst we've seen in 50 years and i think what is really interesting when we talk about inflation, none of us have been alive, navigated worked through markets with inflation. so we have to have an open mind about strategies. what we've been doing in washington hasn't been working. when we come to inflation most

of us look at the idea of cpi, gas food, there is so much to the story. today with the pce, fed coming out looking at this as a preferred method, we have to recognize in six months we might be talking about recession and deflation and not inflation which is how people are positioning today. learn anything from the last six months is that you've got to change your investment strategy, you've got to keep an open mind and the fed didn't do that. that is why we're in a world of hurt. it is the most expensive 4th of july ever and that is not how we want to spend independence day. neil: you talked about the federal reserve, bouncing out of multi-decade highs 4.6, 4.7% who do you believe, some look annualized it is something growing at 8.6% clip, in you look at retail inflation. no matter how you sort of flit the hairs here, luke lloyd, that is not a good environment for consumers. some are getting record pay

increase this is year, some are being eaten up by higher costs. that is not a great combination. >> all you need to do is look at the housing market which is slowing down and automobile sales which are slowing down as well. all of these big-ticket items people are not buying because of the cost to finance them. people can't afford them anymore. it is not about the big-ticket items. it is about what goes into the big ticket items, right? furniture correlates into housing. think about materials that go into housing and automobiles. all the technology like semiconductors that go into cars. it's a domino effect when people stop buying all of these things. all of that will get reflected into earnings of companies in the stock market. that will be reflected in stock earnings in q3, q4. i wouldn't be surprised guidance of q2 comes down a lot. i've been having this conversation a lot recently. you have to remember the stock market consistent stable growth. right now we don't have any kind of stable growth or consistent growth at all and growth might even be negative for the

foreseeable future. all the growth was pulled forward when politicians printed trillions of dollars. we reaped the benefits for year-and-a-half. all that pull forward growth. you're paying price for when that growth can't sustain itself and people can't afford to live the lifestyle. neil: it really does come back, if you think about it, gentlemen. you both sort of said this in different ways to the consumer, how he or she feels going forward. we do know from consumer sentiment surveys, larry, that confidence is as low as it has been in recorded history. that recorded history is limited to three decades i grant but it does tell you something about moving forward beyond the, you know the busy vacation plans. everyone wants to get out to celebrate, do something, i get that from the whole covid experience. but after that, larry, i'm beginning to wonder. what do you think? >> neil, when you think about bad news, bad news in the economy was good news for the stock market. that was good news during covid.

government would provide stimulus. been the case in the financial crisis. been so many sometimes but this time. bad news in the market is actually bad news. when the when the consumer looks ahead, they are slowing down, bookings for hotels, cruise lines, all things are coming down. it is predicated on housing, if they he will feel the biggest asset holds value they will spend. wells fargo came out said mortgage activity is falling off a cliff. that is indication of a canary in the coal mine, weakening. that will drive consumer behavior. if they restench -- neil: interrupting you there. i want to take your attention to washington. ketanji brown jackson the president's choice to replace justice stephen breyer is now taking in effect. dip into this, guys. >> so help me god. >> so help me god. >> thank you very much. i will turn things over to

justice breyer. >> the judicial oath, will you raise your right hand please? thank you. i ketanji brown jackson. >> i ketanji brown jackson,. >> do solemnly swear. >> do solemnly swear. >> that i will administer justice. >> that i will administer justice. >> without respect to persons. >> without respect to persons. >> and do equal right. >> and do equal right. >> to the poor and too to the rich. >> to the poor and to the rich. >> and that i will fifth fully and impartially. >> that i will faithfully and impacterly. >> discharge and perform. >> discharge and perform. >> all the duties. >> all the duties. >> incumbent upon me. >> incumbent upon me. >> as an associate justice of the supreme court of the united states. >> as an associate justice of the supreme court of the united states. >> under the constitution. >> under the countstution. >> and laws of the united states. >> and laws of the united states. >> so help me god. >> so help me god.

>> now on behalf of all the members of the court, i'm pleased to welcome justice jackson to the court and to our common calling. [applause] neil: all right. a little bit of history is made right there i didn't realize the swearing-in process for an associate justice or any justice is longer than that we give to the president of the united states. so ketanji brown jackson becomes a supreme court associate justice replacing stephen breyer who wanted to finish this supreme court's term down to the last few cases which were released today. i think about four of them.

david spunt was following all of that, is following all of this. give us the latest. david. reporter: he'll hi, neil, what we witnessed is literally the transfer of power between outgoing, now retired justice stephen buyer, the newest justice on the supreme court. associate justice ketanji brown jackson. a win for the biden administration on the immigration front, a loss on the environmental front dealing with power plants. also the environmental protection agency, how much power goes there. the first is a loss to the biden administration. the supreme court in the ruling today, first ruling ruled 6-3. the epa does not have the power to unilaterally cap emissions from power plants this case was out of west virginia. it is a blow to the epa enforcement authority and the president's climate agenda. neil, this case goes far beyond the epa. it puts into question the power of other federal age is. think about work place safety,

osha, vaccine mandates, mask mandates. the administration believed the clean air act that the supreme court affirmed time and again would be the reason the justices keep things status quo. they did not. the other ruling was a win for the biden administration, a 5-4 ruling with chief justice john roberts and brett kavanaugh siding with the liberal justices getting rid of controversial remain in mexico policy put in 2019 by the trump administration t forced certain migrants to wait in mexico until court dates were set in the united states t was a mechanism to delay some influx of migrants into the united states. >> disappointed in the decision today that roberts and another one of the conservative justice sided with the liberals on this. this is devastating for the state of texas and the united states of america. reporter: i reached out but no comment from attorney general merrick garland on this. the attorney general and the department of justice oversees the immigration courts, neil. these immigration courts, i

spoke to a retired judge of the immigration court system. she tells me are backing up three, four, some cases five years for people just to go to their first hearing. neil? neil: now they can be here as they await the process out. david spunt, process developments. tom dupree, former assistant attorney general. always learn a lot to have tom on. these last cases tom, with maybe the exception of the remain in mexico one were clear conservative rulings and defeats for the biden administration, from the epa, you can say tangentially the decision on roe v. wade but this was the only one i would think that this white house would celebrate. the others not so much. what do you think of it? >> i think that's right, neil. i think the white house is celebrating this immigration ruling. as we heard the justices are allowing president biden to repeal trump's remain in mexico policy. the environmental case is very

different. in there what we saw the supreme court do this morning similar to what it did when it struck down osha's test or vaccinate mandate. the supreme court basically said the agency just doesn't have the authority to regulate in such a sweeping fashion as it is trying to do. neil: so what are we looking at here? now with judge jackson coming in for the new term in the fall, i'm wondering what you expect? i don't want to trivialize it, swapping out a liberal for a liberal. so it is still a 6-3 court, conservatives more liberally-minded justice, what do you expect from this court now? >> i expect that continuation where they're going. they will be controlled by a conservative majority to your point. to your point there will not be a great idealogical shift when replacing one liberal vote with another liberal vote. at the same time justices over history anytime you have single member added to the court, given

a nine-person body it's a new court. the interpersonal dynamics are different, the negotiations behind the scenes are different and you can never anticipate how this ultimately might play out. for future we will see the conservative majority control out comes in most big ticket cases. neil: you follow the supreme court, i'm just wondering how it looks all the decisions in this case about against the administration in power, do they stack them up, guys, everyone of these goes against this administration's grain or do they, assume above that but they have to be cognizant of that, don't they? >> i think they're aware of that, neil, but i don't think it really after feats their decisions too much one way or the other. i think at the end of the day they're looking what the law says. they're looking what the constitution says. they're doing their god-given best to reach the correct outcome. in a particular administration,

one administration might rack up a lot of wins before the supreme court. another administration might face a lot of losses. but at the end of the day the supreme court is not keeping track. it is doing best to give the right out come in all thief cases. neil: i assume that is the case. leave me to be cynical and petty. i wonder what how you make that the president responded particularly to the roe v. wade decision? one thing to be against what the justices did, but he took it one step further, just today, being against what this court is all about. this is from president biden. president biden: this decision, conservative majority of the supreme court shows how extreme it is, how far removed they are from the majority of this country. they made the united states an outlyer among developed nations in the world. it is realization of an extreme ideology and a tragic error of the supreme court in my view. neil: all right. i apologize. that was not at all -- i thought we were going to show. the president just besmirching

the supreme court itself. they're not up to the job. this is horrendous, blah, blah, that is not a surprise his point of view, but the fact he keeps pounding it they take great exception to president trump questioning the validity, propriety of the last presidential election yet here they are questioning a major institution that goes beyond just opposing a decision to maybe making a mockery of the court itself, what do you make of that? >> and that's the dividing line, neil. it is all well and good to criticize particular decisions about the supreme court where you disagree. lord knows i do that all the time, people do that all the time but another thing entirely you're calling into question the very legitimatety of the supreme court and somehow suggesting that it is illegitimate or that the justices are not acting in good faith or are acting to implement a extreme conservative agenda, that sort of thing. i think that is wrong, i think

harmful and destructive to our country because people have to have faith the supreme court, these justices are doing the absolute best to interpret the constitution fairly and impartially. neil: one thing the president indicated in madrid, wrapping up this nato meeting he supports an exception to the filibuster to essentially codify roe v. wade into law. what did you make of that, and that approach to this? >> well i'm not quite sure that works. i guess one problem i have is that anytime they start creating exceptions to this or that, exceptions to the filibuster, they did that with judges, they did that with justices. at some point you're almost abolishing the filibuster because you're creating so many exceptions. i'm not sure they have the votes in congress to do that. frankly the administration is in a tough spot. they're doing best to deal with the new dobbs decision overturning roe v. wade but i think at this point their options are fairly limited what the administration can do. neil: finally i want to remind

you what the president said, you know better than i, sort of crystallize, how big of a deal this was for the leader of one branch of government to say this about another. america's better positioned to lead the world than we ever have been. he goes on to say with a very big but there that right now the message of this court is just the opposite. i just want to make sure i want to have the full quote here. he was saying that this decision is destablizing and the outrageous waive i don't remember of the supreme court of the united states overruling not only roe v. wade essentially challenging the right to privacy is something that he could understand why the american people are frustrated because of what this court did. that is a little over the top, don't you think? >> i agree, neil. and look, it is all fine if the president wants to criticize a particular decision but when he is starts launching these attacks at the integrity of the court i think that has very harmful, long-term

ramifications. i don't think it is good for the nays. would you hope in the future he will confine his criticism to particular decisions rather than going after the legitimacy of the supreme court itself. neil: thank you, my friend, very, very much. i want to remind you what he said there because it is unusual for one branch to rip the other and even question its effectiveness. again, if the shoe were on the other foot not too long ago it was, with many people targeting president trump at the time for how he repudiated the last election, that was an insult to our system of government and here they take a move when it comes to questioning even the validity of the supreme court here. what is goose good for the goose is good for the gander. i neverred into that expression. we have worries for investors but flyers. if you're tempted to do something fun this july 4th weekend, hurry up and wait,

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♪. neil: when i was coming to the studio i think we were just closing in on about 1000 flights either delayed or canceled. now it has been averaging about 2000 a day since father's day weekend. so here we go again. in the middle of this we're getting word right now that things could get worse because pilots are not happy with this, or fingers pointed at them for the reason, it is not quite that simple. let's go to lydia hu in queens, new york, what pilots, particularly at delta are protesting. lydia. reporter: neil, that's right. pilots for delta are protesting across the country. around 1200 of them are expected to leave the cockpit, take to the picket line today. the protest at jfk will happen later this afternoon. take a look at this the protest in atlanta, hartsfield international airport happened early this morning. 400 pilots picketed there. the pilots are calling out delta

for mass flight cancellations and staffing shortages and demanding a new contract with more pay. watch here. >> we have warned the company, we warned delta management for a long time they were not properly staffed to fly this summer. unfortunately we're seeing results of that. reporter: now delta pilots protests are not expected to impact operations for today. that is because the pilots participating are off-duty. so not impacting any schedules here but we are tracking mounting cancellations and delays across the country regardless. i checked flightaware. we're up over 1800 for the day already. since the month since memorial day weekend 23,000 flights have been canceled. neil, that is more than doubled the amount of canceled flights over the same period last year. travelers are losing patience, especially airlines received billions of dollars in pandemic relief funding.

watch. >> where is that $54 billion going? it is certainly not going to the airports. it is certainly not going, infrastructure we're supposed to be doing. certainly americans are not feeling the relief. reporter: and now while delta previously said operational challenges are expected over the weekend, the airline sent an email to customers just a little while ago, signed by ceo ed bastian, apologizing for cancellations and delays, calling them unacceptable and promising improvements. neil, back to you. neil: lydia, thank you for that, very, very much up shot for travelers, be advised bring a book, maybe two books. maybe entire encyclopedia britannica. it is on a disk. easy to pack. supreme court term is done. we're getting wind of what the court wants to hear in the next term. this is a doozy, court. the supreme court will hear a case that would radically

reshape how elections are conducted, giving legislatures one in north carolina was rejected by the north carolina supreme court. republicans in the state argued that democrats are trying to gerrymander the districts to their detriment t didn't reflect what was going on. in other states and locales democrats complaining about this behavior on the part of republicans. republican charge democrats are not being fair in north carolina. the justices are weighing into this. this is a sticky wicket. they're taking it up in the fall terms. could they rule before the midterms that is in november, the court convenience for new term in october. anyone's guess. after all the controversies this year, they are jumping in to a very deep pool to say, water is just fine. we'll have at it. more after this. ♪

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>> the war has pushed prices up. they could go as high as $200 a barrel some analysts think. how long is it fair to expect american drivers, drivers around the world to pay that premium for this war? president biden: as long as it takes so russia cannot in fact defeat ukraine and we're behind ukraine. neil: all right, the president today, wrapping up the nato summit, taking some questions from reporters in madrid. that is where you will find our edward lawrence. well as long as it takes means it could be a long time, right? reporter: yeah, that is what we're looking at. the president in that news conference it only lasted 26 minutes. he took questions from just five reporters but not fox. in that conference he was also asked about his inability to get inflation under control, gas prices under control as well as getting major parts of his agenda through a democratic congress leaving to grumblings

moaning world leaders that america might be broken dedomestically. president biden said he didn't hear a one leader saying america is going backwards. the american people should be patient in paying more. president biden: i can understand why the american people are frustrated with inflation. inflation is higher almost every other country and prices are higher than other countries. we have a ways to go. reporter: that is not true of the countries president visited on this trip and in july, only spain has higher year-over-year increase. japan, india, china all have lower inflation rates. in an interview i did in the past hour, some democrats are breaking with the president. listen. >> i am one democrat speaking for myself who would support some streamlining of regulations, both to help with transmission lines that are critical for transition to

cleaner energy economy, citing of renewable projects and pipelines. we need all of the above energy strategy to meet this critical global strategic moment and to make sure putin's aggression is ultimately defeated. reporter: wanting to see some regulations rolled back. still president biden blaming putin. president biden: i think there is a lot of things we can do, and will do but the bottom line ultimately the reason why gas prices are up is because of russia, russia, russia, russia. the reason why the food crisis exists is because of russia. russia not allowing grain to get out of ukraine. reporter: but prices have been rising since almost the meant that president biden took office long before the invasion of ukraine. neil? neil: maybe between sightings like that, edward, and of course that handy map of questioning the president's argument that inflation is, you know, higher

almost everywhere else, why you don't get called on. this is why precisely you don't get called on. reporter: yeah. neil: keep that up. reporter: it is probably true. they don't want to hear what we have to say. neil: lawrence, move on, move on. thank you, my friend. general keith kellogg with us right now. genuine american hero in his own right. he hates when i say that i believe that to be the case and he is kind enough to join us. general, as long as it takes, that is what president biden is saying, that americans will deal with that, but as you and i discussed in our last interview here vladmir putin thinks that not we specifically, but that the west will blink before he does because we're feeling the pain more than he is now. what do you make of that? >> yeah. you know, neil, i think you're right. i think that's the way he feels. i don't think he is feeling that much pressure even though we like to think he is because we haven't given i believe ukraine all the arms they really needed.

i think what happened recently when they were talking about withdrawal from snake island, that island just south of odesa, i think putin is sending a signal, i hope he is is, the signal he is sending i will take donetsk province, luhantsk province, donbas region. with land bridge to crimea. that i won't go further than that. will he press towards kherson to the southwest he is going after odesa or lets it sit. if he does this, a strategic signal. i don't think we're prepared to actually react to that signal. i think what he has done is -- neil: if you can get through my thick skull, sir, the region where we saw the russians just give up and retreat and leave. are you thinking that is a calculated strategy on his part, a way to settle this with some lands that he claims are his,

keep those lands? nine out of 10 ukrainians in a recent poll are opposed to any settlement that would involve them giving up land? >> yeah. neil, i think it is. at least i hope it is. i think maybe that is a signal. we're going to have to find out. he will not give up. one thing about putin. that is in russian as dna. once they occupy territory like that, that will be a very, very long war, somebody will have to sit down to say how do we negotiate our way through this, because wars eventually have to end. ukraine cannot keep this up. they are taking punishment, so are the russians. ukrainians as well. people will have to figure this out going forward. russia will remain a major power. we have to deal with it in real realpolitik. i don't like it but it's a fact. see if he sends a signal and we pick up on the signal. i think i'm right obviously. we'll see how it goes. neil: you've been right on the course of this war. general, let me ask you a little bit about china, it and russia

responded to the nato expansion that will soon involve sweden and finland and called it a provocative act. i don't believe it was a joint statement as much as they both agreed with what nato is doing is bad. they don't like it and they're not pleased but they're kind of joined at the hip now. i'm just mentioning that with president xi's visit to hong kong to celebrate 25 years under chinese rule there from britain and his bellicose behavior around taiwan. what do you make of all this? >> they are joined at the hip, two autocratic nations. xi going to hong kong to celebrate the 25th anniversary of transference of power. remember when they signed that agreement they agreed to keep 50 years of traditional government in hong kong which means all the protocals would remain the same. they have abrogated that. carrie lam leaving. as chief executive. john li comes in.

very autocratic, aligned with xi. they have taken 25 years off of that. we're looking at two autocratic powers. we should be very, very concerned about taiwan. this is what they try to reach to next. a period of time, two or three years, when they're prepared to do it. we'll have to be very, very resolute making sure they don't go there. you're looking at two autocratic powers trying to have life their way. they're not friends to the united states. we should all understand that. they're adversaries. neil: we sort of tire of this after a while. we'll see how this goes. general keith kellogg. great catching up with you my friend. have a great july 4th weekend. general keith kellogg on these developments. i'm not making any news. first half of this year gas prices going up, up and away. what you're probably not used to the idea that people found all sorts of novel ways to steal it, to steal gas, after this. ♪

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greenfields projects. talisker resources. neil: a a lot of people ask, neal you covered business for decades. what is the greatest invention you know of? we were focusing on 15th anniversary of the i pod. i think when they started building convenience stores next to gas stations. i will tell you why. you fill up for gas, get a hot dog, groceries and one-stop shopping thing. it is convenient, good. if you have munchies, which is my 24/7 condition. it was a great invention. i think one of the unheralded landmark developments, what is happening with higher gas prices. not as many people are frequenting gas stations to avoid them as high cost. not as many are going to the convenience stores. jeff lenard, is a key player at

national association of convenience stores. kind enough to join us now. jeff, that has gotten to be a real problem, hasn't it? now amplified by people trying to steal gas. >> first of all you will put me out of a job with those kind words. you're talking about the stock market had a tough six months. it has been a tough sick months at the pump, obviously for customers with higher prices. the higher prices don't help the retailers. their margins tend to shrink because they're fighting for customers. their expenses are up, especially credit card fees. their sales are down, people don't haves after money. we're seeing an uptick in theft. what we're typically seeing it is evolved. used to be somebody would peel out with a couple gallons in their own gas tank. now what they're looking to do, see how they can take from the underground storage tank that has hundreds of gallons. neil: really? >> or maybe resetting, rejiggering the pump so multiple people can go through at the same free price.

neil: how do they know how to do that, jeff? at first when i heard this story i was thinking well, maybe, because prices keep going up, whatever you buy today, you can sell later to make a buck or so actually it is much worse than that, could you explain what they do? >> well, with the underground storagetation, first off i'm not going to give them ideas for anybody that is not doing it. but generally, they try to rejigger a truck and try to pull from the underground storage tank, fill up a couple hundred gallons. try to find somebody to resell it to. sometimes a fleet. sometimes it is individual customers. if you're buying gas from a guy it is probably going to mess up your engine. it is a bad idea all around. the other solution or way that some criminals are looking is, how do they bypass the system and get multiple people to go through. certain things, devices are being used. in both cases, it has increased this year and the difference --

neil: aren't there cameras on this, jeff? can't you see, or the operators see what is happening out there? they watch this. they're hovering for a while and they have big ol' stick? >> there are certain things we advise retailers to look out for. certainly nibblingerring too long, if you see a really long line, when there isn't really a long line, there could be something going on. those are key things to look for. some larger facilities, the pumps are a little more out of the way. it may get busy inside of the store. you may not notice. neil: too busy watching me with bakery products. that is wild. wishing your industry well. that is a great convenience, no pun intended. now it is maybe being threatened going forward. jeff lenard, word to the wise, a guy named vinnie opens up his jacket, you need gas, be very suspicious, very, very suspicious. we'll have more after this.

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from watching you, by downloading the app today. duckduckgo: privacy, simplified. this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. ♪. neil: all right. you think it has been a bad quarter, a half year for stocks, what about bitcoin, what about crypto in general? as bad as it gets. susan li with more on this. susan. reporter: looking at the worst quarter for bitcoin in a decade, decade plus, down 60%.

worst month since third quarter of 2011. banks and exchanges are halting withdrawals. we know crypto hedge funds are collapsing and liquidating assets. latest reports, ftx, one of the largest crypto exchanges, the funder of source, they passed on buying troubled lender celsius for $2 billion. goldman sachs is reportedly interested trying to raise funds. multibillion-dollar hedge fund three arrows, they have been ordered to start selling any remains assets to repay hundreds of millions of dollars of loans to crypto exchangeses like gem nye. the exchanges have lost 2/3 of their value and million wallets lost their millionaire status according to market cap. that is 75% wipeout ahead of billion dollars worth of bitcoin in them. only 26,000 still hold more than

seven figures worth. you have to remember a lot of new investors bought bitcoin during the two-year rally. 13,000 new bitcoin buyers. analysts say a small number of bitcoin holders own nearly 40% of the 19 million bitcoin in circulation. the what's actually control the market -- the whales. after a high-profile lawsuit, some call it a counterlawsuit by grayscale which operates two of the most popular crypto trusts, xp tv, that has been easier way for average investors to buy into crypto. grey scale sued the sec after the sec rejected their application for a spot bitcoin etf. grayscale argues that their trust, look they're essentially spot bitcoin etf they offer investors to buy into ownership of 100,000 plus bitcoins they own. the gbtc trust has been heavily discounted 30% of the actual

value of bitcoins they hold, because of that, they lack the status. the sec needs to protect consumers, guardrails need to be in place. they are not ready to make the designation yet. we are looking at a pretty immature market. that is the argument and takeaway. neil: susanly, talking about that. speaking about consumers and we're in a funk, average folks are very much questioning where they're going to go go from here, especially with is froms still higher and expectations at least on the part of consumers they can't afford what is happening which could explain why we're seeing a number of americans, record number ordering credit cards. let's get a read on what is going on here with david steinberg global is the company he runs. good to have you, david. you connect businesses in this environment particularly with customers but both are hurting right now so how do you deal with that? >> it's tough. i mean we haven't seen inflation like this since 1981.

we're seeing people, and you can look at all of the data, all of the numbers, they're just philosophically getting nervous. and, when people get nervous, companies have to react and we're starting to see, even though a lot of sort of the high level unemployment data still looks good, we're starting to see pretty negative indicators underneath the surface of the data. neil: so how is it affecting, we know they have pent-up desire, maybe after covid, it is understandable, to fly, to have fun, go on a trip, even this july weekend, even with everything they have to put up in the airports, they want to splurge, want to treat themselves? i guess the bigger question, you studied this, what they do after that? what do your charts tell you, your data tell you? >> it is not good. what we're seeing is a real bifurcation between things people missed during the

pandemic, like, travel. we're seeing travel very, very high. we're seeing visiting casinos very, very high. we're seeing movie theater traffic very high. we're seeing luxury retail traffic down almost .6 of a percent last month. to put it in perspective, yeah, it is now below where it was at the height of the covid pandemic. so these are -- neil: that is unique? that is a well-to do audience saying we can do without? >> well, your last person talked about. we're seeing a lot of people losing a lot of money in a lot of asset classes across the board, right? we're seeing slowdowns. we're also seeing inside of the unemployment numbers. people are starting to research jobs people are very nervous about losing their job. for example, we saw a massive uptick in research around financial planning. so data we're looking at about

235 million americans who have opted into our data cloud. we're looking what their behaviors are and indicators for what's coming where most of the consumer price data and the government data is looking in a rear view mirror. neil: wow. that kind of bums me out. at least in the near term, encourages me to think there is some good news before the fall here. david steinberg, zeta global. ceo there. we'll keep an eye on the downward draft. not as bad as it was. we were over 500 points turning south here. this is the last trading day of the month of june as we wrap up the sixth month of the year and quarter, half year, where we are. i don't have to remind you. this is hardly a "fox business alert." it has been a rough half year. ♪

..

neil: we have three trading hours left of this first half of the year, trading in the markets, been a rough year, the dow jones industrials adding half of the year, trading in the markets, been a rough year, the dow jones industrials adding to the selling pressure but not as much to the selling pressure but as before but as we put this context it is an

interesting reminder where our heads are, very few thought the russian built up of troops on the ukrainian border would result in russian troops going into ukraine and just at the border and there would be no war. they were wrong on that. the battle back and forth as to inflation, early signs of. would be something we have to worry about? powers that be sadist transitory, so much for consensus predictions. i remind people whatever the consensus is on any given day or month it doesn't hurt you to question see where we are going from there. having said all that 6 months into this we look at an awful year for the markets and the s&p, 50 plus years making sense of where we are and where we could be going, madison allworth is here. >> reporter: stocks not in good standing on the final day of

the month which is the final day of the quarter and the final day of the first half of 2022 first half. the dow, s&p and nasdaq down as inflation and recession fears loom, you alluded to this, the s&p is on pace for its worst first half since 1962, crude stocks think after morgan stanley cut its price target on carnival in wednesday. it could go 0, not just stocks seeing inflation, consumers are feeling. consumer spending rose by 0.2% below the estimated 0.4% forecast and the lukewarm growth in consumer spending added to recession worries, job cuts potentially doing the same. novartis could set of 2 like tech companies that have been rescinding offers, 8000 jobs worldwide equaling 7% of its global workforce with the majority, 1400 layoffs, hitting

its operations in switzerland. unlike tech companies that have been rescinding offers, these are layoffs these are. they plan to save $1 billion by 2024. the ceo is under pressure to improve performance, drug 7 failing trials and the company missed out on covid 19 vaccine profits. shares of novartis are down 4.4% over last year and fell 1% after the news was announced tuesday. neil: thank you for that. we have the chief economist under donald trump, economist now for public policy foundation. good to have you. we now know that inflation wasn't transitory and will go on for some time. we do know the lift in interest rates could go higher than we thought we 6 months ago. i will put you, that has grown to be the scary consensus.

a lot of rate hikes and recession. is that in the cards? >> that is in the cards and we are seeing from the bad policies out of washington when you over regulate something like the biden administer and it is done you overspent by congress has done, these are results, this could be the worst first half of the year for the s&p since 1962, the same time we are seeing of the highest inflation rate, and a time we are separating our freedom, americans are feeling this pain around them because high inflation and the stagflation period we are in. neil: the question is are we through the worst of it? we just had a read, not a final stamp on the first quarter down 1.6%, looking at numbers now that show personal spending

barely budging so the first signs rates have increased and slowed measurably. i am wondering how that plays. if we are in a contraction this quarter that does meet the definition a recession. do you think we are in one? >> i believe we are. there was a downgrade first quarter gdp-1.6% and the atlanta fed has the estimate of q to his flat, 0.3% and the latest never for consumer spending you adjust for inflation it is down, it is negative. we are seeing this contractionary situation happening and if interest rates keep going up which i believe they should, to get inflation rates to go down you have to have interest rates above the rate of inflation and if inflation by cpi, we have a long ways to go in interest rates before things get better. neil: a lot of different monthly data, looking at inflation, the consumer way of

looking it, an annual clip of 8.6%, something called core personal expenditures which the fed fall those running at 4.8% clip. either way, overnight bank lending rates have to match that inflation rate whether you are looking at 4.8% or 8.6% we have a long way to go in rates. how high do they go? >> we are at 1.5 to 1.75% for the federal funds rate, between banks, substantially higher to go. what you see is the inflation-adjusted rate is negative so that is expansionary and if you look at the federal reserve balance sheet more than doubled since 2020, $9 trillion, a lot of money around economy so asset

prices, with stock prices, the housing market starts to drop and they are dropping jobs and that is one of these things to drop, what i call the zombie economy we have right now. neil: do you think the number of rate increases or the degree to which rates go up will not be as severe because it is having the effect of bringing down market rates over which the federal reserve have no control, the treasury is under 3% and that could reflect the market view that things are slowing down, will slow down and putting money it and the fed isn't going to have to be too aggressive. that's not tonic for a lot of people. implications are a slow down and worse but what do you think? >> expectations matter. we expect interest rates to keep going up, so it will have

some influence, but we have regulating the private-sector too much money chasing too few goods more long way to go. when you look at the overall economy increase in demand, the money supply from buying the treasury debt that increased by $6 trillion in the last two years and the biden administration over regulating the private-sector too much money chasing too few goods more inflation and don't understand why so many thought this inflation and don't understand why so many would be transitory. it was clear this would be persistent inflation, the fed is behind the curve and biden and the current congress are not going to look at progrowth supply-side measures that grow the economy. neil: the debt was growing under the trump administration too. >> this is true, something we need to get a handle on because ultimately this debt is unsustainable, $30.5 trillion now. in the last two years of 25% increase in the national debt. we've got to get control over it. neil: the higher interest

rates, $130 billion in interest rate costs alone and that is a look at the few increases. thank you very much. aishah hasnie with another developer that has nothing to do with supreme court, everything to do with january 6th committee and what could come next as democrats try to get resident's former top counsel and what is the latest? >> reporter: a lot of talk about different things like abortion and the january 6th committee hearings, some folks are saying time is running out to get something done on inflation. something you talk a lot about. the committee a responsible budget suggests lawmakers look to offset from the house past build back better act to fight rising prices from inflation and reduce the deficit.

bbb's prescript and drug savings and internal revenue service those tax enforcement policies alone would generate $400 billion savings through 2031, $500 billion through 2032 without raising taxes and reducing out-of-pocket healthcare costs. last year senator joe manchin killed build back better because of concerns about spending and inflation but there are renewed talks about a slimmer version but there is a very narrow window of opportunity to get something done. the house budget committee chief says democrats need to pass a package like this through reconciliation before the august break in case both of these chambers flip november. >> republicans will oppose it, most republicans in the house, depends on democratic votes. the only way it passes is

budget reconciliation which requires every democrat to vote for it. neil: senate republicans most likely filibuster something like this saying irs audits would hurt those americans who are hurting most because inflation. neil: you do great work but a lot of our problems started when we were lucky enough to hire you. all of the stuff going with inflation -- >> where you want me to go? should i come back to new york? neil: may be more money. great job and see if things calm down. we are talking higher pressures on both parties but it is the midterm election year, what is happening on the energy front and the president said to go saudi arabia we are told to get a break.

on the energy side of all this, the president said something interesting, he's not going there hat in hand, to big for them to open up production. there is no indication saudis will or opec will, if he leaves saudi arabia without them significant increasing reduction, then what? >> why would they increase production? they love the position they are in, they are in a stronger position of leverage worldwide, saudis are buying the world's top golfers with newfound revenue so no indication they are inclined to change the current status quo, the president is going without any conditions and anything certain

that he will return as a total and abject failure. rather than stop in dc what if he kept air force one going straight to the energy capital of the world, houston, and talked to those oil and gas executive? they were dc last week but he refused to meet with them. neil: these ceos, industry giants because he wanted them to come but they gather at the energy department, not the white house, the energy sector, the energy secretary, not president and the energy department. the department of energy's relationship to the white house. is a 20 minute walk, we don't want the president walking, he could take the limo, a 12 minute drive or bike it. he had problems with the bike lately but that is 8 minutes but the bottom line to illustrate the point they were right there around a few blocks from them and he doesn't meet them. that can't be productive.

>> these are the same executives that during the campaign he threatened to put in jail because of their role in climate change and democrats in congress are calling them before the committee to make campaign videos. neil: a lot of representatives from big oil, almost responding, how do they are should they present themselves? they are not keen on the idea of bernie sanders or the president with windfall profit tax and all that, how to get in his good graces because like you do beyond that on both sides, what should they do? they came out with a 10 point plan but if they were given more federal lands on which to

drill for oil would that make a big difference in your eyes? >> i talked to energy executives who talk about right-of-way permitting saying they are waiting the paperwork to come through and we are waiting months and months. how could they come to terms? if they sit down person to person and explain these issues, we would love to drill on 9000 leases but the next stage of drilling -- rw's right of way permitting, land access but now you need permission to drill and they don't have that because department of interior, bureau of land management is holding it up so they are slow walking, because they don't want more oil and gas, they want unreliable wind and solar. neil: when you bid on a permit or lease, not that you have a

gusher there, this one won't be as productive as we thought. it is a tense situation. are they looking higher from here? neil: >> i have a little hope on the horizon, i have a rosy disposition. the epa ruling, the great state of west virginia right now this is a great step for the fossil fuel industry, great step for freedom that we are reining in government overreach and hopefully a warning shot to other agencies up in icing their charters to attack fossil fuel, the sec, this is a big step towards keeping government limited and letting the free market do what it does. neil: thank you very much, have a good weekend. there is a way to be

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>> i think ron desantis, what he's done for florida has been admirable. what he did for florida a lot of people gave him a lot of grief but ultimately he was correct when it comes to like death. he was correct when it comes to protecting our vulnerable populations. stand up for freedom. neil: i don't know what rogan sees himself as an influencer but one of the most popular podcasts on the planet. when he put his name it weight and popularity behind the possibility of a president ron

desantis a week and 1/2 after we heard elon musk thinking president desantis would be an interesting develop and you wonder what is going on. national polls show donald trump has lead among possible republican presidential candidates, it is getting slimmer by the day, 8 to 9 points between these two gentlemen, donald trump and ron desantis and in key states like new hampshire and florida desantis has the edge. it is still early, anything can and will happen. it is interesting. what do you make of it? >> the elephant in the room, keep with 2020, no one cares,

inflation is 8.6%, gas double since the start of the presidency, people don't feel like relitigating january 6, 2020, but the real elephant in the room's age and energy. donald trump has extraordinary amount of energy for a man of age somehow but people are tired of boomer supremacy. technically donald trump joe biden are so old, they are not even boomers. ron desantis has energy and some people say he has time on the side but momentum on side. he is at the vanguard of if you kind of conservatism where it is not proactive but speaks intelligently and knows how to push back, the new culture war is not the socially conservative of the past, not about gay marriage, not about abortion because that is a state issue. ron desantis --

neil: your audio keeps going in and out, nothing to do with you, if donald trump is controlling your audio, we apologize for that but following it closely. the polls are not worth more than the paper they're printed on for the time being but a significant develop that it could be a horse race for the republican nomination. it used to be if donald trump were running none of these other guys would entertain the notion, now half a dozen still our whether he runs or not. more after this. ♪♪ like many families, the auburns value time spent together. to share wisdom... i got some of my gold before i came to this country.

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neil: the real estate market has been hit hard to. it is early in process and a lot of people don't think it will get worse but there are coming investors who try to taken advantage of this and scoop up what they can where they can. may be the same with rental properties. let's get the read on all this with kelly o'grady. >> reporter: private equity firms are accused of stealing american dream. institutional investors by up single family homes and rent them out for high prices and housing supply becomes more limited. congress held a hearing to probe mass predatory purchasing. the 5 biggest firms gain 76,000 homes equating to a 27% increase, q3 of 2021 show the biggest increase in corporate homeownership in 16 years and with this hot housing market liquid investors can swoop in with above listing price

all-cash offer and edge out the first time homebuyers who don't have the simplex ability, high demand low supply business is a prime target for pe firms. >> the mission is to acquire wealth, acquire assets which is what they are doing, following nature of their business but there's fallout to that, this is their competition. >> reporter: they have to rent. when your landlord is a pe firm it is about profits for them. industry experts argue that leads to rental price increases come outside fees and poor management resulting in increased quality of living but the issue is not their business model but the market, the home rental industry rep asserting the answer to the question posed in the title of this week's hearing where have all the houses gone, simply stated the supply of housing in the united states has not kept pace with demand and the concern is this will impact generational

wealth building, allow it to improve investors rather own american families and with families over indexing on purchasing homes in minority and low-income areas it could be hurting those who will feel it most. neil: these events are not unusual, and getting the very homes they are looking for. i want to take you to jfk international airport where a delta pilot strike is going on. more a protest. they have been urging flexibility in hiring to keep pilots on the job longer 65. many of them argued delta has been dragging its feet on this and not enough for pilots. many asking what a lot of customers are asking of airlines.

if you have $60 billion from the government, what are you doing with it? we will keep an eye on these protests that are happening around the country. when i watch these guys, who was on the plains with the traffic, nobody. charlie gasparino is always knee-deep in a story, ahead of the curve and ahead of everyone else following it. on the whole crypto currency thing and where we are, to your point, stocks horrific but worse for crypto investors. charles: we are down on bitcoin below 20,000. it is a massive correction, 60% correction. the notion of increased regulation there is stuff afoot for the security exchange

commission, commodities futures, trading commission, on and on how to get their hands around this industry. regulators believe a lot of these coins are not worth what they say they are worth and people get brought into this and buying tulips that are going to correct. one indication that it looks like that massive new regulation is in the cards in the short term. if there is a change in congress, all bets are off, republicans are more pro, and high regulation. one indication is a crackdown, a company named greystone, they were offering crypto etf, straight crypto etf involving futures and the sec approved that one a year ago. that was approved on the grounds that it was tailored to more sophisticated investors in trade futures which a broker

would recommend that or couldn't put it into a first time client, who would have to be a sophisticated person with a few bucks. straight etf is different, you could buy it online. they said no to greystone's etf and that is a big thing because everybody thought this was going to get approved. the company has sued the fcc for that but the bigger story and my view is this is an indication of pretty significant regulation, the sec has real problems with this business. they think coins have been

divorced from the underlying technology. all this buying of crypto, not a lot of innovation on the block chain. when you have that the sec believes there is a bubble and putting breaks on retail. we should point out retail took a huge bet in all these cryptos because they were in it so much. this became mainstream and if it goes down further it will take more hits so this has gary gansler and the sec concerned. one way to prevent this from going on make consequences to your risk-taking. i don't understand when sec takes consequences out for risktakers. neil: i was looking up the email i just received last night, fellow, tyrone, something tells me, charlie is a very in your face guy but very rude to anyone. can you tell us if that is so?

i said yes, is true but i always add, he is just the way he is on the air so if you don't like the way he is on the air you will not like him. charles: i got the greatest component, someone called me -- charles: neil: you got my email. charles: i am the of satan or the son of the most popular character in paradise lost. neil: that is something to walk in on. you are what you are. a lot more after this. they cola 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. i'm okay.

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neil: sometimes crime stories mean seem numbing but even for jaded new york this story of a young 20-year-old woman getting shot and killed that point blank range, pushing her baby

on lexington avenue just jarred everyone and reminded folks yet again why new york is a problem for a lot of people who aren't conserved about covid but very much about crime. david lee miller has more on this fast evolving story. >> reporter: based on what we now know this does appear to be a random shooting. charles:'s treating this as a domestic violence incident and identified a person of interest who at this hour is still being sought. the shooting of the 20-year-old woman in the back of the head as she was pushing her 3-month-old in a stroller, this occurred in the upper eastside, an area considered one of the safest and most affluent in new york, child was not injured. took place at dusk near a playground, the victim as

mother told fox news digital her daughter was involved in lengthy domestic dispute and earlier calls to police for help gone unanswered. the shootaround the that is on the run wearing black pants and a black hooded sweatshirt. the mayor's official resident only a few blocks from where it took place. mayor eric adams at the scene repeated his vow to bring the killer justice. >> it was not a random shooting, the victim was targeted. we will catch the person responsible this action. the exact location of the child we don't want to put out right now but we are in communication with family members. >> reporter: the mayor talked about analyzing evidence from shootings and according to the latest data from the nypd

compared to last year the city murder rate is down. the number of people shot and the number of shootings decreased am about rape, robbery and felony assault on the rise, the overall crime rate is up 38% of across the country other cities including chicago, miami-dade, la and atlanta see a surge in crime and back here in new york city fighting crime is going to become more difficult. there are in our record number of new york city police officers either retiring redesigning, thought up with what they considered to be revolving door justice. neil: ted williams, defense attorney, the real deal, mayor adams saying it is part of a problem. what did you think of that? >> there is some validity that

what took place last night in new york, a mother walking her 3-month-old child in a stroller is shot and as we've been reporting, possibly a domestic violence scenario but the problem this is necessary in the sense of saying crime is off the chart in new york and other metropolitan cities and they have to get control it and the way to get control is hiring more police officers. there is a need for more law enforcement officers and the sad commentary david lee miller reported law enforcement officers are leaving these departments and when they leave the experience of those officers leave a void in these cities.

neil: mayor adams like a number mayors and governors have been questioning the other supreme court, so many in the past couple weeks the will allow concealed weapons in the same places. it will make the crime situation much worse. what do you think? >> to some degree that may be true. law-abiding citizens are not a problem, it is these crooks who have access to guns and are as you know, in new york, you have the most stringent gun regulations and but more in place. i am more concerned about catching law-abiding citizens in these gun regulations rather crooks on the street. they have to and handcuff police officers, let police

officers go after crooks on street, gun carrying crooks. neil: listen to a lot of things you say, ted williams, former homicide detectives, anything new on this crime that seems to have caught so many off guard, we will keep you posted and keeping you posted on remaining mexico thing, it is no longer remain in mexico. after this. ♪♪ welcome to allstate where anyone who bundles their home and auto insurance saves. isn't that right phil? sorry, i'm a little busy. what in the world are you doing? i'm in the metaverse, bundling my home and auto insurance. why don't you just do that in the real world?

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neil: not all of the supreme court's decisions have unnerved the biden white house. one hit wanted see the court granted letting the president end remaining mexico policy but some worry at the border it will make things a lot worse griff jenkins joins us with more. >> reporter: the practical

impact of the supreme court's ruling, that's legal to remain in mexico policy would be migrants. i can just show you some crossed here, to claim asylum, they cannot be forced to wait in mexico in those camps that cut down on the number of migrants coming because they didn't want to claim asylum, they can across and wait in the us. that is the practical take away and why lieutenant governor dan patrick is very upset this is what we have to say. >> disappointed in the decision roberts and another of the conservative justices sided with the liberals on this, this is devastating for that state of texas and the united states of america. >> reporter: this is the migrant groups, take a look at

our drone camara, migrants pouring over the border in the del rio sector. another group just like across the hour after governor abbott finished his press conference, they die from heat exhaustion. >> they checked her pulse and it was really low and by the time they brought her out she was gone. >> died from exposure? >> i am assuming it is heat exposure. >> reporter: in san antonio the driver of that tractor-trailer making a court appearance, resulting in death and facing life in prison or death penalty if convicted and they charged a 28-year-old man who has a court appearance. i have been keeping track of

the numbers, 9141 encounters in six days. border officials, and unprecedented migrant crisis they've never seen the likes of before. neil: thank you for reporting on this. the vice president -- this could change everything. what do you think? >> is a game changer but other laws in the books this administration has to concentrate. stop having a magnet in front. other laws need to take place, immigration is down there, asylum officers. instead saying i will talk to you twee 7 years from now when they don't show up but that caused the number of

individuals coming across that are going to claim asylum. the number is less than 10%. less than 10%, why not send judges to stop it now. 42 is big deal, not trying to downplay it but other laws on the books are failing to be addressed. the best administration for other countries that are anti-american. neil: your case is litigated and all that, you wait 5 to 7 years. where are they, if they don't have to remain in mexico, that is a long time. not sure anyone is being followed here. >> not only are they not being followed but when their case comes up they are not going to show up.

they are not going to show up. remember when we had the other company juveniles during the obama administration, they are now adults. ask anybody where are the juveniles that are now adults, no one can give you a straight answer, these people will not show up. i am 100% for legal immigration, however opening the floodgates and allowing anyone and everyone to claim asylum, knowing fully well they are not going to show up and knowing fully well a huge percentage, asylum cases, something the american public is going to suffer, future generations are going to suffer and it doesn't matter which side of the aisle you are at. you need to realize this is a humongous problem. a big win for this administration but a huge loss for the american public and future generations. neil: men and women trying to deal with this onslaught. thank you very much. keep monitoring and thank you

for taking the time. they simply don't have a personnel to deal with this and that was before this court decision. the dow's losses down 100. we have been close to 500 lose more after this. ♪♪ trading isn't just a hobby. it's your future. so you don't lose sight of the big picture, even when you're focused on what's happening right now. and thinkorswim® is right there with you. to help you become a smarter investor. with an innovative trading platform full of customizable tools. dedicated trade desk pros and a passionate trader community sharing strategies right on the platform. .us .

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neil: all right. the final day of trading on the first half of the year. if you're looking at s&p 500, we're looking at worst first half since 1970 when richard nixon was president. for the dow the worst first half since 1962 when john f. kennedy was president. either way some big losses. we'll see how we end the day. now here is charles. charles: neil, thank you so much. we have so much to cover my friend. good afternoon, everyone, i'm charles payne, this is "making money." breaking right now we stumbled out the gate. economic data shocking, major earnings warnings, shocking, odd admission from the chairman of the federal reserve, whoa, wait until you hear about that. breaking news for you. more signs we're perhaps already in a recession. atlanta fed second quarter flashing economic contraction. that is two in a row.