ashley: that's exactly the one i went for. how about you, susan? >> 2.5 million since we know the population growth has grown on the greatest country on the planet. ashley: it has. guess what, susan li gets the door prize. 2.5 million. today, almost, yes, donuts on the way, almost 330 million today. it has grown a lot since 1776. neil cavuto, it's your time, take it away and happy 4th my friend. neil: to you as well. i was there for the first census count, the 2.5 million. one of the first stories i was ever assigned. um, thank you very much, ashley, have a wonderful weekend. let's get right to it here, corner of wall and broad we're starting things off kind of the way we ended the last quarter and the last half year we're down but here is what's remarkable and today is the taker on all of the stats we're getting look at the yield on a 10 year note so much is pegged, its gone down to 2.87%. remember less than two weeks ago this was north of 3.5%.

the betting in the market seems to be all these interest rate hikes that are coming on the horizon and the declining consumer confidence and the slowing retail sales. it's going to tap the economy. it's going to lead to a slowdown it will actually potentially i guess lead to a recession. now, the flip side of that, if you were trying to look at the half full glass of this and that's out there as well that it limits exactly how many hikes the federal reserve would have to have to control inflation, because the inflation rate would obviously go down in such an environment, the economy flows enough, the delicate balance, of course is to make sure it doesn't slowdown so much that you're in the , you know, pretty bad economic recession here, but again, that's something that we're following very closely. it's weighing on stocks right now especially economically sensitive stocks. although i should say growth stocks, technology stocks, they are all getting hit hard on this , but for now, it's the great escape going on across the country. a lot of americans actually started this earlier this week, but it's in full throttle now,

as americans are dealing with flight delays and cancellations by the thousands here, if you combine above its been pretty much the world since memorial day weekend. picked up steam father's day weekend a couple weeks ago and it's on and on we go. madison alworth at newark's liberty international airport with more on how things are looking. madison? reporter: hey, neil. so this weekend, we're expecting over 3.5 million americans to take to the sky and travel, and like you said, unfortunately, many of them are going to face delays or even worse, cancellations . this has been a problem ongoing i want to take a look at the past five days. taking a look there, over the past five days, on average, 21% of flights have been delayed take a second and think about that. that means almost one in four flights have been delayed. part of the problem is staffing issues. airlines are struggling to get pilots and they likely will struggle for a while. >> we lost far more pilots than

normal in 2020 and 2021 because a lot of airlines gave more senior pilots incentives to leave early in order to bring down their payroll, even after they got money from the government for wage subsidy ies. reporter: and of course, caught in the crosshairs are the americans just trying to get to their friends and family. >> we were here past midnight and we just went through all kinds of really a lot of hassles it was horrendous. it was really bad. >> we're just crossing our fingers and hoping for the best. reporter: so, something, neil, we've been covering on the network is the idea that there has been airlines scheduling flights that don't have pilots assigned. right? so what i learned from henry, the atmosphere research group is that that's not new. typically airlines have done this and they have those flights and they expect open pilots to

jump on those flights to make extra money. it's something that the industry has been doing for a while. what is new is that pilots have been timing out, because of their hectic schedule they have already been hitting their max capacity and then also, if you will, emotionally have been timing out. because of the stress and quick turnaround some are opting to not take the flights they would have jumped on in the past. to be clear this doesn't mean pilots are protesting and not going on flights they were assigned to. these are flights that don't have pilots assigned that in the past maybe would have had a pilot jump on and now we're see ing because of all of the stress and chaos they aren't , so if you're flying this weekend, be prepared, unfortunately, one in four, for delays, and maybe for cancellations. it's going to be a rough weekend of travel. neil? neil: i see what you're talking about. madison thank you very much. madison following all that, we are joined by the former media co-president here. you see all this and its chaos

and concern that i always wonder too, of people watching this that say you know what i'm not going to do this , i'm going to drive. now of course then of course how far would you have to drive but they were going to reassess this what do you see happening? >> well, we know that traditionally, americans have always driven more than they've flown. if you have a family of four it's simply going to be more cost effective to drive, but with the problems that the airlines are having, i think more and more people maybe hopping into their cars for longer drives. to me it's very frustrating, because the federal government gave the airlines millions of dollars and they pushed a lot of people into early retirement, even after they took that money with the promise that they would keep staffing levels high. it's baggage handlers, it's also people who work at the call centers, it's also people who

work in catering. i'm actually in france right now my flight was delayed for an hour because it took so plan to cater and clean the the t we e re.here. wasew washere. le wasm wasmm p p p the iosactiosa iil:ust wr it gohoughhough and'reou'reeeuite 4 billion annd l a a ah o off of tt, ittasn't their fault much like it wasn't after 9/11 where their business was ground to a halt, it's the same with covid, but we thought with the money we are giving them we would support their structure, we would support their workers, we would prevent the kind of thing we're seeing now. i almost want taxpayer money back, it's too late for that i guess but how did they get this so wrong? >> i don't think anybody really understood how fast travel would gear up again. also, i don't think anybody understood how bad the climate was getting. i mean, a lot of the problems we're having now days is theres

never a gentle storm anymore. when the rain comes down, it's torrential and people don't think about this , but actually, there are more flight delays because of weather in the summer months than there are in the winter, because you can see a snowstorm coming, and move planes out of the way. with lightning storms, with summer storms, there's much less predictability with them, and so with this more violent weather, and the short staffing, it's just a recipe for chaos. neil: and it continues. pauline, thank you very much enjoy france. in the meantime, i want to go to kelly o'grady, stateside in los angeles and what drivers are certainly facing right now. gas taxes, you know, they continue to go up. forget about the price of gas itself. it's the taxes combined with all of that just making life hell for drivers. she has the very latest in los angeles.

kelly? reporter: hey, neil. yeah if you didn't think gas prices were high enough, they boss react to get worse. just in time for the holiday weekend a number of states are hiking their gas tax. now the increase takes place today, ranging roughly from 3 cents to 9 cents, on diesel in connecticut, and this comes as other states like illinois and kentucky are taking a pause on those expected hikes. now in california high gas taxes are nothing new. today's increase is just 2.8 cents a gallon to keep up with inflation but that brings the state tax to near 54 cents, the highest in the nation. neil we spoke to drivers at their witts end with surging prices and that tax increase. >> i'm barely getting by, you know what i'm saying? working one day for traveling so far for one day really doesn't add up to the money that i'm making. >> you can't afford the gas, can't afford to fly, can't afford to buy food that we need to eat. >> ridiculous that we spend this much money. reporter: now, this increase comes as president biden urges states to suspend the gas tax but california addressing things

differently. governor newsom refusing to suspend the tax as he doesn't trust big oil to pass savings on instead he approved a tax rebate ranging from 200 to 350, likely arrive in october. now getting a check is a nice optic, when though curious timing right before voters hit the poll, some argue though another stimulus check may make inflation worse. >> it's a lot of money to inject into the california economy at a time when we have a lot of dollars already chasing after scarce goods. reporter: now, regardless, this won't help drivers hitting the road this weekend with that tax increase. by the way i thought this was interesting that gas tax is supposed to help repair the road s. it's something that drivers are able to avoid in many areas even though they use the road just as much. neil? neil: all right, thank you for that kelly o'grady in los angeles. so, it's a situation with gas taxes then, gas in general, that's probably going to get worse before it gets better, and that's the big worry, but it's what the president is

saying about this conundrum for american drivers that worried a lot of folks. this is from yesterday. take a look. >> how long is it fair to expect american drivers and drivers around the world to pay that premium for this war? >> as long as it takes, so russia cannot, in fact, defeat ukraine and move beyond ukraine. neil: all right so then regardless how you feel about the war in ukraine, whether you support or reject it or get along with the help and support the world has been providing that is sort of secondary to what the president was saying there, that the gas situation won't improve until the russians have been defeated. that could happen soon but more likely it's going to take a while that if it happens at all so this then drags on for quite a while. steven shorck on the significance of that. that's a big open-ended kind of prediction there. i think what he's saying is just get used to this. should we get used to this? >> well, given the energy policy, neil, or the lack of

energy policy that this administration, yes, we should get used to it. the 4th of july last year compared to the previous 4th of july, now i'm not going to compare it to 2020 because that was covid. i'll compare it to 2019, and by the 4th of july and president biden's first term, gasoline prices at the pump were up 15%. by labor day, of president biden 's first term compared to 2019, those prices were up 25% and that's exactly when president biden first started going to saudi arabia to ask them to increase output. six months prior to ukraine, then by thanksgiving gasoline prices in november were 60% higher. this is right about the same time that our secretary of energy, jennifer granholm, was asked a question when gasoline prices were $2.40, what is her plan to increase oil production. she laughed off the question literally and told the interviewer her question was hilarious. neil, i want to read two quotes, because these are the people that we have now in our

administration dictating our energy policy. this quote from jennifer granholm in december 2020. we are giving you everything we possibly can to keep fossil fuels energy in the ground and developing the renewable side so there we go. it's binary, it's a zero green agenda. and better one neil, november last year, again when gasoline prices were $3.40, we want them, oil & gas companies, to go bankrupt. the way we basically get rid of these carbon finances is we starve them of their capital. that was said by a nominee of president biden for the comptroller of the currency. so, this administration is just stocked with people that want to kill this industry and now, we are paying the dividends. so yes, get used to it. we have no energy policy. we refuse. president biden is going to saudi arabia, a country he called a pariah state when he was on the campaign trail, going to go over now and ask them to increase production.

he has yet to go to houston, and in fact the last week, when there was a congressional meeting with oil executives, biden blew it off and talked to the wind industry. so clearly, there was a rift. get used to it, because there is a casm, a long term structural c asm between supply and demand that this administration refuses to address and prices are going to remain higher, regardless of what goes on in ukraine. prices are set to remain high, neil. neil: all right, steven, i'll just go ahead and take the leap and put you as a maybe on the president and his role in all this but let me ask you a little bit about what we talked about at the outset of the show. interest rates going down a 10 year note now down almost three- quarters of a point from where it was a little more than what two weeks ago, and now, at 2.87%, you could interpret that to mean the markets think we're heading for a slowdown or a recession, which would bring down energy prices, presumably. this could be the third week in a row we've seen oil prices

decline, and i'm certainly still from very very lofty levels i get your point. i'm just wondering how you see a slowing economy potentially jarring this. >> yeah, absolutely . that's it and i've been calling and beating, neil, the recession drum for the past three months because we've never seen food and energy costs rise the way we have and have avoided a recession. so we already know the economy contracted in the first quarter. the federal reserve bank of atlanta just came out with their initial estimate on q 2. they're calling for contraction, so if the federal reserve bank of atlanta is correct, we are in recession now, and i'm saying if we're not now we're certainly being recession by the end of the year, so there are two ways to retract to address inflation. either on the supply side or the demand side. on the supply side you simply get more supply to the market to bring prices down but given that we don't have an energy policy, supply is not going to be forthcoming. so the only way to address it otherwise is demand destruction

and it's exactly what we did, jay powell is going to have to pull a paul volcker and continue to raise interest rates to kill the economy, to kill inflation. it's the only way out of this mess right now, neil. neil: yeah, higher prices or higher prices, higher rates that's what you hope to avoid but it rarely happens. we'll watch it very closely, thank you very very much. and to sort of amplify a little bit of what steven said and it's not a political statement one way or the other but when the president assumed off a gallon of unleaded gasoline in this country cost about $2.30. it had gone up to $3.39 again up about 50%, around november 2021. i use that time because that's when russia's buildup, the troop buildup near ukraine started to happen and we still had another couple of months to go, before russian soldiers actually enter ed ukraine in the so-called war there began, but up and to that point we were already at 50

%. if you include the extra $0.20 a gallon we got to leading up to the war itself, we were already up about 55-60% in gasoline prices, and not one shot had yet been fired. so you can blame this on putin and the gas hike and inflation and all of that, but so much of this , more than half of this , was prior to any of that. all right, in the meantime, letting you know just the sign of the times here, mcdonald's, we understand, at least some locations, are going to be dropping this $1 drink deal that they've been featuring here that you could go ahead and get soda and other beverages of any size for a buck. that ends, right now. some of these, you know, wholly-owned stores are saying enough. we can't afford that with inflation and the cost of everything going up we're going to end it. so the $1 soda deal, hate to break it to you and i don't know if it happened at your

mcdonald's but it's not happening anymore. sign of the times, we'll have more after this. ♪

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neil: all right, welcome back, everybody. as the sell-off continues right now picking up where we left off a lot of the concern seems to be all right what is the federal reserve going to do in an environment where interest rates over which it has no control are going down, as the interest rates over which it has direct control are going up. that gap is narrowing a little bit right now, with the 10 year, now at around 2.89% had been about 3.5% not all that long ago a couple weeks ago and the overnight bank lending rate that's expected to match whatever the inflation rate is, or that's the hope but if you wanted to get up to that, of course you'd have to go all the way up to 8.6%. now a lot of folks don't think that's going to happen and in fact, the slowing economy will be able to ease the pressure on the federal reserve. now, the difference there is you don't want it slowing to the point that it gets to a recession, so it's a delicate

balance and once rarely achieved in the past. we are joined right now, that should be very familiar to him, to all of the former device chair of the federal reserve the founder and the head of the group, randall, it's a pleasure to have you and thank you for taking the time. >> thank you, neil, good to be here. neil: how closely, randall, when you were at the fed and taking a look at this , did you focus on the markets and focus on what market-rates were doing or how stocks were doing, how much did it influence you and your colleagues views? >> well, those are elements of the financial conditions that determine what financing environment of the real economy is going to be at any particular time, so those were not measures that we targeted at all, but they fit into our assessment of how the real economy be performing which was something that we looked at closely. neil: all right, so if you were in a, let's say an environment like this where we're raising

interest rates you don't know how high they can go and you're seeing a 10 year note go down to around 2.88%, 2.89% the market seems to be telegraphing slowdown and the federal reserve doesn't have to hike as much as some fear. i don't know if the slowing economy potentially going to a recession is such a bargain, but what do you make of that? >> so i look at that and i say that that's an indication that the fed policy is working. i've said for sometime that i think that the effect of the long period of time that we have had very low interest rates in the economy extended period of time at effectively zero interest rate is going to change some of the traditional macroeconomic relationships that have obtained during tightening cycles in the past, and as a consequence you're not going to

need to have as large of an absolute increase in interest rates as again some of the traditional macroeconomic formulas would suggest, as you indicated, some would suggest that we ought to have now interest rates that are reasonably close to the level of inflation, and i don't think that's going to be necessary, i think that again, a given nominal increase in interest rates is a huge percentage increase in the cost of debt service, which will inevitably have a slowing effect, probably a greater slowing effect than even the fed is modeling, and i think that's some of the performance of longer term interest rates indicate that the markets are also beginning to believe that that's the same effect that we're going to see. neil: you talk about debt service of course and i'm thinking about our $33 trillion debtor whatever it is right now and then the cost of going up to maintain that, so the fed is very cognizant of that and not pushing us to the brink.

i think the interest rate hike we've seen and you could correct me have already added about $150 billion to $180 billion in interest cost to that, so does that influence their decision-making process? >> again, not something that's going to prevent the fed from doing what's necessary to address inflation. now, i do think that what is necessary to address inflation, while it's not as dramatic as some have thought might be necessary, is still going to have a very consequential effect on the cost of debt service throughout the economy and particularly for the federal government. my montra as this whole cycle has been going on is that inflation ultimately is not really going to be the problem because the fed will get on top of inflation. they were a little slow to begin but they have the tools for this type of inflation and they will do it. the real problem is going to be the increase in the cost of debt

service particularly for the federal government, particularly for some of the financial disruption that that could cause because people have grown so used to low interest rates in such a long period of time, in managing inflation. neil: so where are we going here i mean, if you had to step back and look at the feds attempts to hit inflation hard, i wouldn't say necessarily like paul volcker that back in the early 80s but maybe close. i mean, expectations are that we're going to see another three -quarter point hike later this month. are you in that camp? how high do you suspect the federal funds rate or the bank lending rate will go? >> so i'm in the camp which is i think the consensus camp at least at the moment. i think that interest rates at 3.5, between 3.5 and 4% will be more than enough to contain inflation. it's a delayed process.

we all remember the montra that monetary policy acts with long and variable lags. again it's a process that should have started last fall. neil: but that process you're saying 3.5-4% be about double than we have now, a little more than double, would that be by the end of the year, or how do you see it? >> no. i think by the spring of next year. neil: got it. you get to the terminal rate for the fed. they will proceed solidly, but deliberately and they will also be conscience of the fact that their actions will be having effects that have significantly longer lags. i do think that because interest rate policy is going to be more effective than has traditionally been the case in past tightening cycles, i think the odds are pretty good that the fed will over do it. they're obviously trying to engineer a soft landing. i don't think that's likely. it's rarely happened in the past i think as you noted in your

previous segment so there's no particular reason to expect it to happen now, but i don't expect that recession to be deep i don't think we're entering into anything like a stagflation of the 1970s where you had the current imbalance that had built up and lasted for a decade this is an entirely different environment. neil: yeah, i think even jerome powell has said as much. the president is the one thing they do agree on. the underpinnings are pretty sound, job growth remains relatively strong. it's obviously coming off of its highs, but we are seeing a slowing in retail sales increases. we are seeing consumer confidence getting walloped here so is this almost like a self- fulfilling prophecy, consumers will retrench? >> yeah, well, i think so. i think the economy will slow. that is a feature. it's not a bug for this type of inflation. i think its been clear since last fall that this is much more an over-stimulated demand driven inflation than it is a supply

chain disruption-driven inflation. both are elements, both have their effects, but the u.s. inflation, you know, as opposed to the european inflation, is much more driven by our over stimulated demand so you'll have to slow that demand. that means slowing the economy. that is the purpose of what the fed is doing. neil: all right randal, thank you, is this your office that we're looking at behind you? >> it is. neil: it's stunning. it's like mine is your couch, just your couch. but very good seeing you i hope you have a safe 4th weekend. he's like why is he talking about my office? the former vice chair of the federal reserve. we have a lot more coming up not on people's offices, but more to the point the president of the united states ripping the supreme court of the united states on foreign soil. whatever his beef is with obviously some key decisions out of the nations highest court is

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neil: all right, by now you know the president and a good deal of progressives are not really pleased with the supreme court of late. roe v. wade, limiting the epa's authority yet another sort of proverbial legal ointment there but rarely do you see a president of the united states d issing the pro pry" of the court itself, forget about here on foreign soil, mark meredith has more on that from the white house. mark? reporter: neil, good afternoon to you. like you said the president is making it very clear. he is not happy with the supreme court over these recent rulings. one being the limits to the epa 's authority the other being the option to allow the states to decide what should happen when it comes to abortion

we know the president has been talking at length about this and he's doing it again just a little while from now. the president is looking to see what else that can be done both on a federal as well as state level but it was while he was overseas the president was asked specifically about abortion. he's vowing to take action to reign in what he says has been unacceptable behavior with the conservative majority on the court. >> one thing that has been destabilizing is the outrageous behavior of the supreme court of the united states and overruling not only roe v. wade but essentially, challenging the right to privacy. we've been a leader in the world in terms of personal rights and privacy rights and it is a mistake, in my view, for the supreme court to do what it did. reporter: the president's decision to call the courts behavior outrageous maybe the beginning of many rallying cries to voters in about 30 minutes, he'll be speaking with some of the people on the front lines, it's going to be some of the governors from places like connecticut as well as new mexico, california, new york, illinois and oregon urging these

governor toss do more to protect access to reproductive care. today republicans are pushing back against the presidents comments calling his war of words with the court unacceptable. we're hearing from senator mike lee of utah who says he's shock ed president biden would take a stance against another branch of government. >> i guess he would go while on foreign soil, and attack the supreme court of the united states to undermine it and to de legitimize it is unpatriotic. i've never seen anything quite like it. reporter: we'll be looking to see if the president doubles down on his attacks when he meets with those governors here in the next few minutes or so, and we just found out that the president is going to be hitting the road not just camp david this weekend but also, neil, heading to the battleground state of ohio next week. why is that so important? he's going to be talking about economy, talking about what's happening with inflation. something you spend a lot of time talking about but clearly these issues not only happening with the supreme court and economy remain top of mind with the white house. neil? neil: got it, thank you, sir, mark meredith at the white house want to go to noel nickport, much much more, very good read

of the political environment. noel long time no see. great to see you back. i'll ask you first before we get into what's happening on the republican side the president and his musings on the supreme court. everything else i can understand not liking a decision, although there are many decisions the court has made that the republicans haven't liked but betweening questioning the propriety of the court, combined with a push to pack the court, or punish the court. i mean, it's getting a little crazy. >> well, i mean, neil, he's the president of the united states of america. he's on foreign soil, and he's acting like a tourist. he's acting like he's upset with a decision and calling out the supreme justice. who does this? he's representing the united states of america and he's doing this on foreign soil, basically, like he's going over there and he just doesn't like this and

he's going to speak out against it like he is detached from it, so i thought it was a real dis service to our country. i mean, he could have come out with some different sayings rather than attacking them. i thought that was a real big eye opener and it's going to be very interesting when he has this call with these democratic governors to discuss how to get around it and one of the things that i heard that was in a recent article, that he is going to first of all make sure they have access to the medical pills. he's also, they're looking at exploring having abortions on federal land, so i mean, this is going to be very interesting to see what he's going to be discussing with these seven governors. neil: you know, go ahead and call the courts bluff on that, and say all right, the court take it at face value is trying to put this back into the states and let them decide if people in

the states decide, doing something like that would circumvent the very thing he's appealing, but let me get your thought then now on how this affects the mid-terms and specifically, noel, your thoughts on how it's also affect ing post the mid-terms and the lineup for those who want to run for president. the one big change i've seen over the last few weeks and you know this far better than i is that there are quite a few people who are open to challeng ing donald trump whether he runs or not. what do you make first of all? >> well, you know, i've been on this program for a long time and i always speak very bluntly. i'm hearing from mainly the donors because i raise money for super pack so i mainly am connected with the donors and neil, what i'm hearing, is this. desantis, desantis, desantis. whether trump runs or trump does not, you are looking at

first of all, donor fatigue with donald trump. a lot of people, basically, every republican that i've spoken with, they like trump's policies. they really did, in every area, from energy, education, to taxes , to regulation, less regulations. they really liked his policies. it was the personality, the bom bastic, the tweets, the everything, and desantis which is very interesting, and this is what i'm hearing for the 2024. this is a dream person and he's also policy, this guy is very educated, harvard, yale, he served in the military, navy, i mean he's got a great record, great what he's done for the state of florida, so in the 2024, you also have people, there's some rumblings of senator tom cotton from my home state of arkansas. there is also talks of governor

asa hutchinson doing a run. there are a lot of people that are going to be coming out. what i'm hearing from republican s on the 2024 shape-up is i hope that we don't have 16 people getting out there. i hope that they narrow the field and really concentrate on getting the best candidate, because we have got an unbelievable shot. neil: so very very quickly on that. do you think the january 6 committee hearings have dented the former president to the point that many people are saying like him, like his policies, but we gotta look for new blood. >> well, you know, january 6 is certainly not helping anything but i think it's just the fatigue of donald trump. i think they are just exhausted with it, from getting involved and a lot of primaries whereas a fundraiser, that's a lot of money that is being wasted on

primaries when we really need to combine our moneys for a basically primaries to beat the democrat. the name of the game is to beat the other party, not to have in fighting so i think a lot of people are just fatigued overall , neil, with him. neil: got it. always following the money, noel and we appreciate that and early signs of that a lot of that money is following ron desantis. following these developments closely at the corner of wall and broad the sell-off has been paired a little bit here. we had an awful first half of the year. a lot of people say technically it be nice to start a holiday weekend and the second half of the year on a better note here. they might achieve that. we'll have more after this.

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neil: all right, you're not imagining it, the number of migrants at the border has been soaring, ever since october 1, especially lately.

let's get the latest from claudia cowen following it all from los angeles. reporter: well neil the administration hasn't officially released any death toll figures from the border since 2020, but fox news has learned a number of people who have died trying to sneak into this country is way up. sources with u.s. customs and border protection tell fox, there have been 518 migrant deaths along the southern border this fiscal year, and 566 last year. that is a huge jump from the last publicly-reported number of just 247 deaths in fiscal year 2020, and this year 's numbers don't include the 53 migrants who were found dead in the back of a sweltering tractor trailer on monday in san antonio. it's still unclear how long they had been in there. the smugglers had confiscated their cell phones so they couldn't call for help. just heartbreaking to think about that. new audio of police officers who found the truck suggest a scene of total chaos, and a frantic

search for the driver. >> all we have right now is maybe wearing a brown shirt going south from that location, along the railroad tracks or towards a mechanics shop right there near the highway. >> i have so many bodies here. reporter: sources tell the associated press that truck had already passed through an in land border patrol checkpoint in laredo, texas and that raised questions about whether checkpoints along highways between mexico and canada more than 100 of them are effectively able to catch people in cars and trucks, entering the united states illegally. border patrol officials say those checkpoints are an imperfect but important second line of defense after the border. even so, texas state troopers will now operate their own inland checkpoints, and take a more aggressive stance on inspections. this , on the orders of texas governor greg abbott. neil: claudia thank you very

much for that. in the meantime you aren't imagining this either. the number of covid cases is speaking, in fact it's harder these days to find someone who hasn't tested positive for covid over the last couple of years of this thing. now blessedly a lot of the latest cases are relatively minor but they're also relatively high, after this. [whistling] when you have technology that's easier to control... that can scale across all your clouds... we got that right? yeah, we got that. it's easier to be an innovator. so you can do more incredible things.

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golo's a lifestyle change and you make the change and it stays off. (soft music) neil: well, you're not imagining it and we've been reporting on this a great deal the number of covid and covid-related cases with the new variantb 4, b 5 whatever they sound like vitamins to me but just a lot more of these cases and mostly very very minor and mild, but they are speaking across the globe right now, better than 110 countries where they are increasing. how significant is this? should we be worried about this? the guy who always calms me down is dr. frank condaseffo, he's a very smart guy. doctor, always good to see you. should we worry about what's going on? >> well, hello, neil and it's nice to be back with you and thanks for the kind words. so listen, yes, cases are going up. we're certainly seeing it here in the office but as you said, they are by and large very mild

cases. i have not admitted anybody to the hospital with covid-related symptoms in probably eight or nine months. even higher risk people. really not seeing serious cases. i'm able to treat them as an outpatient and that's really good news, so the answer to your question is, no. i do not want people to panic about this. don't be nervous when you see cases, the case numbers rise what we're not seeing is a rise in hospitalizations and deaths. they've really become decoupled. in the beginning you used to see them kind of rise and fall together and now what we see is that they decoupled from each other so even though cases are going up the hospitalizations and deaths are not. neil: to play it safe, doctor, i just walk around in a giant bubble myself, just to be very safe, but what is causing this? why is this happening? or is it just this is to be expected? >> it's just to be expected to some degree, neil. the mass vaccination effort that we've been doing for the last

two years, to some degree may have accelerated the development of the variant, because the natural course of evolution is that the virus wants to evade whatever we throw at it. it's an arms race, right? and so we're trying to stay ahead of the virus, and the virus is trying to change itself to get ahead of us, so this is natural. whether this would have happened anyway, so what you're seeing is these variants develop, but the good news is they tend to become milder as we go. now, interestingly, the b 4 and b 5 seem to be going back down towards the lungs, whereas b 1 and b 2, of omicron really were more sinus infection , runny nose, kind of symptom symptoms. now we're seeing lower respiratory symptoms but the severity hasn't gone up and that's good. neil: finally what is your recommendation? what do you tell patients that, you know, the number of vaccine shots, boosters, what is it these days?

>> sure, and you know, this is a great question, neil. we've kind of addressed this together once or twice before, and the situation is different for everybody. as i said i've told you if you were sitting in front of me with immunocompromised i would say take every precaution. you should be careful in crowded places. you should wear an n-95 mask if you're in public but for most people it's really time to get back to normal. i tell people to treat this as if it's the flu season. would you alter your behavior terribly during flu season? you'd be a little bit more careful, you'd wash your hands. i'm a little skeptical, so far, of the new vaccines coming out. they're not being well-tested. matter of fact the fda panel has waived the committee to look at data to accept these new vaccines. i'm hopeful they are going to be effective. neil: all right >> just be cautious. neil: thank you very much all wise words i appreciate it, doctor. we'll have more after this including the travel delays having nothing to do with covid.

..

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i just made that up. we started in the 3 q, the third quarter, second half of the year, we had an awful first half, the worst if you are an s&p investor, if you focus on the dow 30 stocks, the worst since 1962, when jfk was president, just a horrible first half, no matter what average you were involved in and now we are trying to bounce back, having a double time doing that, laying on these markets, the same thing that was weighing on them throughout the year going into today and that is how high interest rates have to go without risking necessarily a recession and no shortage on that. one thing we do focus on it is what has been happening with the 10 year note if you will and that yield isn't coming down, the price has been going up on the vetting here, things will slow down and that will limit the half-full gaffe of that view, the hit that we have

to see from a lot more hikes, get more interest rate hikes, not as many but the price of that is a slowdown in the economy and possibly worse. let's go to lauren seminary. lauren: they say less demand for chips and phones for instance and we heard from meta. they are not hiring as many workers in the engineering department. that is the bad news. the new half of the year looking like the first half. us stocks lost $11.1 trillion setting records but not the record you want to see. to get you up to speed, the dow is down 15.3%, its worst performance since 1962, the s&p down 20%, the worst since 1970 on the nasdaq's worst ever down

30%. the first day of the new half it could be worse but we are not seeing a bounce back, trading is choppy. we keep getting the data that the economy is slowing down, manufacturing data for june the worst in two years. micron cut their guidance on less demand for computers and smart phones. what was the best performing stock? gas prices are high so chevron is up 20%, disney is the worst performer down 39% and corresponding sectors, the consumer discretionary the best and worst performing sectors so the s&p is key here because it hits people at home the most, so many portfolios track it and so many retirement accounts have seen $3 trillion a rate this year.

we have less money, spending less money and paying more for things. one other thing i want to point out, assets like crypto currencys have plummeted this year. we've seen related companies lay off workers, one crypto hedge fund has liquidated but look here, bitcoin is up, 19,300, ether up as well. may be bitcoin found its bottom starting the second half of the year in the green and to leave on when you're positive, history shows there have been five occasions when the s&p has fallen 15 or more%, in the second half of the year, on all those five occasions it rallied back every time, for a gain of 23.6%, trying to be positive with that. ashley: a couple of those cases that mayor market ensued. thank you i think.

much appreciated, good to see you. what do you see in the second half. i will begin with you. >> i think we will see a lot of the same because i believe a lot of the problems we are having do not relate to the fed. it relates to policy, specifically energy policies. we are not seeing any change or movement, president biden is more interested in talking to opec or south american countries, about producing more fossil to your, not speaking to people in texas so to me all the signs relate to a mirror half of the first to. stuart: if that is the case, doing the math in my head i don't know if a lot of tech investors would look forward to another 30% cut in stocks. what do you see?

>> we remain in a big big downtrend and the worry now is very simple on the earnings front which defines things, go back to mid-may at target, a well-run retail company dropped 25% on a gargantuan earnings miss and the lower numbers two weeks later, micron today six weeks after being confident how things lower guidance for this quarter, sales 21% earnings, 37%, i think demand has fallen off a ledge over the last 6 to 8 weeks. i think it will be noted with a lot of companies as we move forward and the question, is it baked in the cake yet? i don't think so and i think there's more pain before we come out of this, the only good news which is kind of sort of bad news is interest rates on the tenure went -- 209 right

now, that has got to be a help but that is presaging what i thought would come from all the inflation, that is a recession, we are in one right now and most central bankers throughout this week are saying we think the economy is fine and the consumers strong even though savings rates have plummeted and credit card usage has skyrocketed, so fingers crossed it gets better but all numbers coming in and reality are not very good right now. stuart: that micron news did wallop the whole chip sector, nasdaq itself, a lot of people looking at this, i don't even want to look at my 401(k) if you are lucky to have one, don't want to look at my stock statement or anything here. are we close to the point where people say we are at capitulation? there is a contrarian view that is a market turning moment.

>> it would be but i don't know if anybody has the crystal ball to say we 've hit the bottom and now there's going to be a light at the end of the tunnel more things will get better. i simply don't see it and i wouldn't predict it right now and i want to make another point related to what gary said on supply and demand, demand is falling off a we are not improving on the supply side, look at general motors, they are holding back on 95,000 cars because they simply can't get the chips so when we have trends like that going, how much demand are we going to knock off. we are plummeting ourselves into a recession on purpose to get away from inflation. the dark clouds are all around us. neil: maybe it is a slow down

and nothing worse, certainly telegraph the worries, thank you very much. in the meantime, if your near-term concerns are more immediate like getting out of town, to have a good vacation or fourth of july holiday, whatever it is, but hurry up and wait because that does seem to be the problem at airports across the country, that has been a trend as you know, we have more on that. >> is the long weekends but you are also going to be seeing a really long line so it's not only because 3.5 million americans are expected to fly this weekend but also because airlines are saying you should be expecting delays and even cancellations. this is continuing a pattern of airport frustration americans have been seeing all year. staff shortages across the airline travel industry are

causing a lot of these problems, delta pilots protesting yesterday about hours and pay and at newark we met some of the people who have felt the repercussions of those problems. don is traveling with his family to greece for a wedding, had two flights to get him to greece, when operated by delta, the other by a partner. the second leg was outright canceled, he was rebooked on a flight at newark yesterday, this is all happening yesterday after driving over an hour, going through security, he faced even more challenges. >> we were online to get on the plane and we were told we had no seat, we've been here, this was yesterday, we were here past midnight. >> reporter: don is here now, hoping to get out on a 2:forty five flight. secretary of transportation

buddha judge says exorbitant delays and cancellations, we are not sure what they are planning on doing and doesn't help people who are dealing with those delays and cancellations. neil: we go to kurt the cyber guy. any debate he brilliantly laid out, he is savvy with this stuff, with technology, a leap above anything i know. there are ways you can shield your self or arm your self with information. can you go a couple things average folks can do while they are waiting because many are watching this right now, so they have some sign, maybe you can help us here. >> reporter: we are talking about you are at the airport experiencing a delay and as i refresh, to get our updated

numbers we are at 18,481 flights globally that are experiencing delays in the us, 2374. already in the us your flight may have been canceled yesterday or prior but new cancellations stacking up to 289 flights already and we are just after one:00 on the east coast. jumping to what you do when you are there which you are asking me amazing tools, if you download them and you have them on your phone and are ready at the airport, having that information, being able to respond quickly to get rebooked on another flight is a real real gods in. any of these things. flightboardapps is one of them, the ability to see what flights are at the very airport as you are standing there, which ones are taking off, you can sort by the airline, the destination, may be a different airline you will rebook on and on that one

what you want to do is not check your bags. if you can bolt from that airline to another, hope they will be able to sell you a ticket and get a refund on the first one and hope it is at a reasonable level, some airlines when you push them will endorse another ticket even though they are not partners, that is a wish and it rarely comes through. expert flyer, another one. this is just that total geek site, a subscription base, i would not say subscribe to it but haven't there and what it does is it will give you the raw data the airlines see operating from that inventory, there are four seats for sale on the next flight to where you are wanting to go. what happens is you might find an agent at the airport after waiting in line, you went into a club, paid that extra fee to get into a club if you are not a member, you get much better service there, you are showing

them i've got another way to get to san jose, how about this when? didn't see that, here's your ticket and that is why geeks fly first. out of the airport and in recovery. another one, ita matrix, google about this company some time ago, the backbone data travel agents and airlines use. what this does is you put in a variety of parameters, you're flying out of new york today, say you are at jfk, there are at least two other airports nearby, you don't want to go to another airport but this would open the possibility and show you who will sell me a ticket to where i want to go right now and its operator and that is a great resource to just see it, they don't sell tickets are there but it is a great resource to see what is there so you know what you are working with and finally if you are on board the plane and it is sitting on the tarmac, wait a minute, what is going on, they are not talking to you,

why -- one of the best apps, i like to hear what is going on but this is a godsend and that moment because you will hear the interactions with the flight deck with air traffic control team and you will hear how far they are to progressing where they are going or if they have been rerouted or if the company as they call it is pulling them back to the gate. that is the moment you start rebooking because all the other passengers are in the dark, you are not, you get a little leap ahead on that one. that is -- those are great tools and in terms of tips, dealing with canceled flights, one thing i noticed, heard this advice about take the first flight of the morning, if you look at yesterday's data that would not have worked, many of the cancellations were the first flights but what is

working is if you are on one of the major care years going from a larger city to a large city, they have a big plane going on that route, one of the wide-bodys they use for international routes chances are they will not mess with that and the plane will take off on time because it has a cascading costly effect for the airline so book your ticket on a big plane for an extra safety measure and avoid the connections even if it is a few bucks more. airline lounges obviously, you can rebook on the apps, otherwise try the lounge, they are the nicest people when the sour stuff starts happening and that is how to do it. neil: i like the one where you can hear what is going on on the flight deck. kurt the cyber guy -- >> i don't think they do that but i just want to fly your

private jet one time. neil: absolutely brilliant and that is news people can use especially now in these times. i'm just following you at an airport because wherever you are going i know you are going. thank you, have a safe weekend. >> cyberguide.com is the website. neil: he does walk his talk, amazing the angles he can find so it is a headache out there, but kurt is out there, navigating through it. stay with us. new projects means new project managers. you need to hire.

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stuart: neil: to sit is out of control is an understatement, talking about crime in the nation's major cities, new york, chicago where on a percentage basis it is the most worrisome of all across the country, doesn't mike tobin know what she's in chicago with more. >> reporter: the holiday weekend is not underway in chicago was already violent, a police officer fighting for his life having been shot earlier today and two people dead following mass shooting, that police officer is a 15 year veteran of the force, he was responding to a domestic call in little italy neighborhood. he was ambushed as he got off

in a later. he was shot in the arm and abdomen, he's in serious condition. the superintendent says the gunman was a convicted felon with speculation that he tried to slit his wrists. the suspect is being treated for some kind of injury to his wrists. >> this unbelievable increase in domestic violence related homicides and shootings, it is a huge public health and public safety issue which we are working diligently to address, but we have a long way to go as a society and understanding the danger. >> the mass shooting was on the west side of the business district, not an area known for gun violence. 5 guys walked out of the building, got into an argument with an unknown man who opened fire. one of the people leaving the building was shot in the head and died, another was shot in the chest, he also died, three others were shot and wounded for that incident alone but if you start counting at 8:00 pm

last night, the official record shows 15 people were shot, 7 people in chicago died of gunshot wounds, businesses complain about the upsurge in crime and regulations and taxes in illinois so they are leaving chicago illinois, dozens of small businesses have left and big companies like boeing moving its headquarters out of chicago and the richest man in illinois, ken griffin just announced last week that he's moving his citadel hedge fund from chicago to miami, he is long complained about the upsurge in crime and regulations and taxes. neil: meanwhile for more people in this country, more reminders that this will be an expensive holiday weekend even if you are not flying anywhere, if your heating up the grill is grady trimble is in illinois you will pay dearly for that privilege as well. what is going on? >> reporter: red-hot inflation scorching your wallet, your

coca is going to cost quite a bit more. we are firing up the grill and digging in to the numbers coming up. ♪♪

neil: kurt the cyber guy helping with those long lines and soaring prices, now we have grady trimble helping with that barbecue and how you can absorb the higher costs, grady. >> reporter: last year the white house tweeted your fourth of july cookout was $0.16 less then the year before and touted the biden economic policies for that?

they are not talking this year because the american farm bureau federation says your cookout is going to be 10 bucks more than it was last year, total of 70 bucks if you are feeding 10 people. we have our producer who used to work on your show till you ran him out of town, ground beef up 30% from last year, same for chicken breast, they only trust me for pork and beans, those are up 33% from a year ago, our side table full of all the fixings and spared no expenses on the graphics to show how much more everything will cost you. fresh squeezed lemonade, $4.43, up 22% from a year ago. hamburger buns a must-have, up 16% for a pack of tweeight and potato salad up 19% from a year

ago and chocolate chip cookies, got to have dessert, 7% more than they were last year. your attention to the side of the table, we put sliced cheese, potato chips and strawberries together, the only items that will be less than they were last year. if you want to figure cookout guests only cheaper items from a year ago it will be a pretty sad cookout. we got all these decorations for our table at dollar tree yesterday, last year dollar tree hiked their prices. everything used to be a dollar, now everything is $1.25 or $1.50 so even plates cost more this year. unfortunately kind of a tough year for a fourth of july cookout. neil: i just got phil's expense report on this and he claims he spent $4800. i've done the rough math,

$4,800 worth of food there, maybe you can ask him about that waiter. >> reporter: i can't answer for that. neil: i don't see that are the peppers and all. thank you very much. that doesn't count. good seeing you again. the two of them together are very dangerous. the morton williams supermarket co-owner, we were kidding about these prices, you have to deal with that as customers every day. i wonder what you are noticing, people pivoted cheaper cuts of meat, the ones that go vegetarians -- that is the reality today. what are you seeing?

>> happy fourth of july. americans will consume 150 million hot dogs this fourth of july. americans are the most resilient people in the world and we will get through this. we are seeing a perfect storm across every category. you know about inflation and labor constraints and political unrest and it is affecting everything. typical urban store has 20,000 skus. last week we got 3000 price increases. last week we got 1500 price increases. we are seeing the dramatic shift in consumer behavior moving towards private labels. private labels become one of the most important categories in the marketplace. it used to be private labels were a budget type of product.

today private labels are at the same quality or better than the national brand and consumers are trying them out and i believe once they try it out they will stick with that and it will help them out. neil: milk is up 13%, eggs 32%, meet 23%. even in the meat category is a wide variation depending on the type of meat. what do you notice that people can 't do without no matter the price? stubbornly resistant to people just passing up on these items? >> consumers don't pass up on -- they need protein, they need bread, they need eggs but they try to find a lower cost alternative. for example you mentioned ground meat before. the cost of chicken might shock you, just over the past four months has tripled, the cost is gone from one dollar $0.19 a

pound a pound to $3.55 a pound, similar with eggs compared to the price the year and 1/2 ago and the reason as you know is the avian flu which will take time to go through the system. after that, everything else, transportation, the two biggest items in produce are bananas and avocados and both of those are up tremendously. you mentioned strawberries. the reason strawberries are less expensive is the heat wave in california and the poor quality of the strawberries. if americans want to have what they are used to this fourth of july, not just the fourth of july but living 4 july but living the day before fourth of july or the day after fourth of july feeding their kids or families they will be paying more in the foreseeable future. neil: do you see any of this

easing up? our customers at the point they are barking or not buying certain items? cutting back on the overall number of groceries that they by? >> you are seeing that and it puts pressure on retailers across the united states, when the price of items become so expensive, the retailer cannot go above a certain level. for example many americans enjoy rotisserie chickens. for rotisserie chicken used to paying $7.89 or $8.99 for one, now with the price increases the new price should be $10.99 but retailers can't go above $9.99 because consumers will stop buying these products and it will take time. many are saying the country may be heading towards a recession and i hope that doesn't happen.

americans have suffered enough through the pandemic and that is the last thing we need but the good news is americans, we live in a country that is bountiful. you go to a typical supermarket and you have private label brands, consumers have choice and that makes a special. neil: people need to look at that. i look at ukraine and store shelves that are virtually empty, what has been playing out in latin america with hyperinflation, as bad as it is to your point it could be a lot worse. thank you, hope you have a safe july 4th holiday, morton williams, supermarkets co-owner. continuing to look at how the markets are faring as we go to the second half of the year, the dow erased all the earlier losses, money slightly up and even some of the crypto players are seeing a bit of a comeback,

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neil: taking a look at key crypto plays. bitcoin had sunk under $19,000 bouncing back, 19,055. a long way from the 60,000 plus last november, 73% from its highs leading at these levels but consolidation takes sway, we are seeing up close and personal right now.

charles: even with the bounce back you are getting a lot of comparisons with crypto watchers between what is going on in the industry, down 70% and it could go down a lot further. they are comparing this to what happened in the 2008 financial crisis. the 2008 financial crisis didn't happen all at once with lehman brothers going under. it began the year before but there was bear sterns going under earlier in the year in march 2008 and it was a slow burn, fannie and freddie, lehman brothers led to the broader collapse. what you are hearing from major crypto players, and certain moments, bear sterns moment,

the collapse of terror, the warning sign that led most people to think we have problems and the collapse of terror led to a broader collapse and things stabilize and that is where people are worried that we could get another lead down when you have a lehman brothers moment, something that falls apart, names being thrown out, the celsius the drama which is interesting, in talks for potential bailouts. obviously we are haggling over price. the former ceo of lehman including warren buffett. looking to get us at basement points.

it waited too late but that lit the fire on everybody else, forests every analyst and investor to mark down the value of risky assets on books with big banks that are mortgage related and every major bank except jpmorgan, but who knows? needing a bailout in major ways and insurance companies that were involved in risky financial products. interesting parallels. history often doesn't repeat itself but sometimes it does. one of the interesting things about crypto is it doesn't have much inherent wealth, what is backed up by other things, mortgage-backed security was backed up by an asset even

though they were devalued and did come back. neil: it gets scary when you can't trade it or sell it and that got people a little unnerved. hope you have luck with the char broiling, charlie gasparino. where they are going, yesterday, we are looking at the ukraine factor that will go on as long as it takes for ukraine to defeat russia. it could take some time and what are we in for after this?

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yes, you can. i can do better, too. break free from the big three and switch to xfinity mobile. every search you make, every click you take, every move you make, every step you take, i'll be watching you. the internet doesn't have to be duckduckgo is a free all in one privacy app with a built in search engine, web browser, one click data clearing and more stop companies like google from watching you, by downloading the app today. duckduckgo: privacy, simplified. neil: how long do we put up with higher energy prices? the president is blaming this on the vladimir putin invasion of ukraine, as long as it takes

for ukrainians to defeat russia, only then will the president come down and facing the entire prices to quote the president again as long as it takes. my fallout from this, edward lawrence. >> reporter: president biden struggled to find new solutions for near record gas prices at the nato summit meeting. to abandon the plan to ban russian oil on the global market but to add a price to it, no details on how many countries will sign on to the price and how much the will be. china is buying a record amount of oil from russia, india also buying russian oil, president biden preparing americans for higher gas prices for a much longer period. >> president biden: as long as it takes, russia cannot defeat ukraine.

this is a critical critical position for the world. here we are. >> reporter: the republicans say it doesn't have to be that way, you can have both a transition and lower gas prices. >> we all want to transition to renewable environment, renewable energy environment but the fact is we are not there yet. why don't we use every tool in the toolbox to have the glide path, a transition to energy independent renewable environment but not because the pain we've seen this administration because with what i think our irresponsible decisions? >> reporter: senator tom tillis says we need to rollback regulations that make sense. according to the top energy advisor that is not going to happen. >> nothing the industry needs to increase production in the united states but they have all the permits they need, they don't need anything else from the federal government.

>> reporter: natural gas association says that claim is ridiculous. neil: edward in madrid, the automotive sector analyst, and kenny from the auto industry. good luck if you can get a car. sales have been hurting. people paying for any sale they can get. where do things stand? >> reporter: sales are down dramatically, 19.2% loss this month. that is a lot. if we are looking at average sales right now you are looking at 13 million sales instead of 17 million sales. if you are losing $4 million in sales, average earnings her car from the manufacturer, $10,000 in profits, do the math, billions of dollars of lost revenue has to do with

expansion, increasing technology, getting off the old legacy chips, new technology, electric vehicles making a more reasonable. the cost of everything is expensive. what they can get is a challenge. i have a truck on order and they moved it from may to august. i'm waiting too. neil: what dealing you are waiting? there are a lot of people pushing electric vehicles in this environment. the argument is they are more expensive than traditional gas powered cars, but that gas is narrowing a little bit. lauren: general motors delivered hummers and other electric vehicles and only 370 some this past month. they will sell all the hummers they make and lightning trucks

but you have to understand if they are not making profits they will not make a limited quantities of the. if they make more of those vehicles it will not reduce the price of rare earth minerals and the batteries. we have a chip shortage, wiring harnesses, tires. the supply chain is broken. they are correcting it by bringing everything to the us trying to have more controls on the supply chain. the problem remains this doesn't happen overnight and we are looking at lost sales and revenues, we are looking at maybe 2024. neil: when i hear the automakers, although promising to have its whole line ev in a number of years and don't know what the others were but they want to beef up the ev presence. the timetable i imagine has been pushed back. lauren: absolutely pushed back. a lot of countries say we can't make 2035, not even possible.

new york state, kathy huchul said all electric vehicles by 2035, most people can't afford the. double the insurance cost, you have to have a charger, no place to charge in any areas of the state level on the country. there are high-speed chargers, the flyover states as they call it in politics, they don't have high-speed chargers so this is a problem for everyone, look at california. they know if they shut down their last nuclear power plant, newsom says rolling blackouts. that' s a problem for a big state like california. this is not going to end soon, the grid cannot support everyone going electric, they can push all the cars they want but if there is no place to charge, the grid can't support it, people can't afford it, it will not get quick attention to the average consumer, they will keep what they have. neil: when do you expect supply pressure to ease or be with us a while?

lauren: i spoke with a couple ceos and they don't see until the end of 2023 or 2024. i was shocked to hear it. i questioned them further as the journalist that we are, not just the supply chain but where the raw materials come from and guess who owns them all, china. neil: thank you, have a good july 4th weekend. you follow the industry so well. the dow is up 100 points. battle back and forth whether we can kick off the second half better than we ended the first. so far so good but a couple hours to go. ♪♪

neil: all right, charles, i didn't offer you something. we've got an up market, it's up to you to keep it going. charles: this was like a lazy, summer day, you said, not on my watch. neil: you got it. charles: good afternoon, everyone. breaking right now, you know, really so far it's a new quarter, maybe the same story. we've got a little green on the screen, but stocks are viewing thing for real traction as brow-beaten investors are reluctant to buy. these days good muse is bad news and bad news is also bad news, and at this point it might be time to start cheering for a recession so we